40 Burst results for "Bulls"
A highlight from The Chopping Block: Which DeFi Metrics Are Still Useful in a Bear Market? - Ep. 550
"Token economics can do way less than the industry on the whole has claimed that it's able to do and so for the most part I Sort of consider token economics to be a little bit of a dirty word today compared to how I saw it two years ago It's a tale of two fun. Now. Your losses are on someone else's balance generally speaking aircrafts are kind of pointless Anyways, I'm into trading firms who are very involved DeFi protocols are the antidote to this problem Hello everybody Welcome to the chopping block every couple weeks the four of us get together and give the industry insiders perspective on the crypto topics of the day So quick intros first we got Tom the DeFi Maven and master of beams Next we got Robert the crypto connoisseur and czar of superstate then we've got to ruin the giga brain and grand poobah at gauntlet And finally, I'm a seed that had high mana dragonfly So we're early stage investors in crypto But I want to caveat that nothing we say here is investment advice legal advice or even life advice Please see chopping blocks at XYZ for more disclosures Alright, so it's been a crazy couple weeks. There's been a lot of conferencing going on I think most of us minus Robert were at token 2049 in Asia I guess Tom and to ruin you guys are back in the States. There was also main net in New York What's been the vibe? Give me give me the brain dump of what conferencing has felt like in the last few weeks The u .s. Is dead as a doorknob for crypto It seemed like the u .s. Conferences had less attendance than they normally do amongst other things Whereas the Asia conferences were crazy like I just didn't think there were 12 ,000 people who wanted to go to a crypto conference in 2023 and clearly there was much more in Singapore Singapore was insane Yeah, I think token 2049 had more people than East Denver. Like it was it was pretty wild I mean it is like the premier event in Asia and it's sold out. Yeah It was gigantic venue, right? One of the I mean obviously if Denver was a very large venue as well, but it was it was it was absolutely massive Robert you were at permissionless. How did permissionless feel? I mean compared to prior years permissionless Felt, you know pretty quiet really high quality group of people, you know The conference goers that were showing up to a conference in Austin, Texas during a relatively hot week in September We're not totally like broad retail audiences. Most of people that were closer to industry closer to Happening in this space and a little bit more informed than you know, I've seen elsewhere so Small like token 2049 pulled a lot of people last -minute from permissionless I think a lot of people were planning to go and then decided like oh shit This seems like there's so much happening in Asia. I gotta I gotta go out there So I think the timing was a little unfortunate for permissionless, but there was a clip of Eric Voorhees Giving I guess what was like the keynote. It was pretty amazing. If you haven't seen it, I would strongly recommend watching it It's got like a couple million views or something and it's essentially just like a rallying cry Just sort of a credo of hey, you know screw the government Like we're trying to build a decentralized alternative financial system and it really kind of plucked to the heartstrings I don't know. Do you see that live? I did not see that live I actually had to take off right before that speech, but I was able to watch it online afterwards It reminded me a little bit of a his debate with SPF. I think like a year ago It was almost like it was like a month right before FTX collapsed and it was similarly kind of getting back to kind of the core Religion ethos of crypto is very we gotta get him on the show at some point He's definitely he's a very good bear market in a bull market I always feel like Eric is a little too centered and like too grounded bull markets They kind of demand a bit more craziness and levity but in a bear market I feel like he's got this gravity that is very clarifying You know, I really I really appreciate the role that he's come to play as like the elder statesman of the industry Any other takeaways from token 2049? I mean we were out in Asia for a couple weeks the videos have just started going up for token 2049 and I did one panel that I moderated with a bunch of l1s and It was actually probably the most entertaining panel I did I did I did several panels while I was out there But most of them were you know, they were great but this one we had it was Aptos we Avalanche and near all of whom were on stage and Goon who's been on the show a couple times Goon was just like he just basically was ready to pick a fight and so they just got on say they were scrapping they were like interrupting each other and getting super aggressive and It was honestly the most entertaining panel. I think I've ever moderated just from how angry everyone was on stage So any other any other highlights or anything that stood out to you guys while you were giving talks or or moderating? How about being on stage but I'll say there was a bit of a bizarro world moment with them token for 2049 too Where obviously a lot of high quality projects a lot of good representation throughout the industry and then there were a lot of random products I'd never heard of that had these like massive, you know Sort of neon lit up boots that they clearly spent a bunch of money on I believe Islamic coin was one of the large sponsors I am a not an Islamic coin expert, but there was another sort of meme floating around They're doing a public crowd sale for Islamic coin at reportedly a 30 billion dollar f .d .v I think it's like 60 million dollars raise a million dollars wait, so it's Yes, but they went on on Twitter to explain that this is a 100 year f .d .v And so in reality the the near -term f .d .v. They're nothing into is not near -term f .d .v So, um, you're the more than the near -term market cap I think we need we add we need to add some extra f .d .v Numbers in into coin gecko just so we can start the near -term f .d .v long -term f .d .v You know, I think an interesting thing related to this That's a tiny deviation but important to note is the history of finance Actually has had a lot of things where the introduction of a new met financial metric as a form of reporting Completely changes company structure like EBITDA, right? like why does EBITDA exists like earnings before income tax depreciation depreciation amortization and it's like Because it was this some company that was losing money and they started reporting EBITDA instead of like true profits But that kept them afloat for long enough to raise financing and then EBITDA now became like the accounting standard over time Right, so I kind of think that these f .d .v games We're gonna just see this like war of all these metrics and whichever metric is like the market wants will eventually be the standard and everyone Will just try to optimize that. Yeah, this is 100 % what happened to TVL Yeah TVL in principle makes sense as a number right, but how do you count TVL? Do you count your own token? Do you count wrap versions of your token if somebody wraps your token and puts it back in your protocol? Is that double the TVL like, you know? DeFi llama just decided how TVL gets counted and then the rest of the world just warped around the way that you know These metrics decided to get reported and you of course you saw that on Solana where like all these people were recursively Kind of putting TVL from one protocol back in another one back in another one Now I think we've gotten better at not double counting triple counting But you know back in in 2021 when DeFi was in full thrust It was just whatever goes like that's TVL the other chart crime that exists is that I really irks me is when people show cumulative charts instead of like instantaneous charts it I just like kills me I Will say as a VC let this be like a little one -on -one lesson as a VC. We absolutely hate cumulative charts We understand that cumulative charts look good So for those who don't understand a cumulative chart normally when you have a chart you look at look Here are the number of transactions every day, right? cumulative chart is here is the total number of Transaction volume ever if you add it all together and the nice thing about cumulative charts is that they look like they're going up Into the right always no matter what because they're adding, you know It's like the number of how many trades have been acting positive number. Yeah, exactly The problem is that it is useless to look at as a VC We as a VC and you look at a cumulative chart What I assume is that your actual chart looks like dogshit and that's why you're showing the accumulative chart So in general don't show cumulative chart. However, if it's a chart with multiple dimensions shown if it's a cumulative chart and a daily or time period flow Together then it's cool. Is it? You know, I'm already doing the first derivative Okay, let's say let's say you have a daily chart and it's like net inflows We're like some days are positive. Some days are negative. Some days are positive. Some days are negative You don't know the total you find that that's a net chart not a cumulative chart So if you're netting, you know gains and losses and you're getting like P &L or something like that We're net inflows and flows that's not a cumulative chart. That's very different because that does not go up into the right I agree. No, no, I think Then it's well Complimented with a cumulative on the other access behind it. I Net and cumulative are two different things. I did see it. I agree. That's just a U .M. We should have a chart crime episode The truest of VC true crime it was inflows prefer for friend tech, but they didn't take out the outflows So it was literally just any deposits in a friend tech added to the chart And so of course you assume you're gonna be looking at a net chart And in fact, it's any sort of deposit, you know adds to the overall chart, which is kind of a useless metric chart crime chart crime Any other any other chart crimes that come to my lungs are on the topic? I think these like feed accumulated ones where they're like people who are like trying to annualize I think people annualizing certain types of fee accrual and crypto sometimes makes no fucking sense because it's very event driven like oh Like there's a ton of fees from one event and then like zero forever But they always like choose the right time scale so that they can say like we have at least X of fees Like I understand how integrals and derivatives work and you're just trying to play with the boundary conditions Yeah, I mean I saw a lot of this in 2021 when a bunch of people like a bunch of businesses that had a bunch of random core businesses but almost all of them had tokens on the balance sheet and those tokens went up and they counted that as revenue and So they're just like, oh, you know, I had 50 million of revenue this year And if you charge that forward, you know another 50 next year and it's gonna ramp this much I'm like dude your core business made like 3 million and 50 million just came from tokens going up on your balance sheet. Like that's not your business, you know, so that I mean It's kind of charty. I don't know if it's a sharp crime per se but it's like EBITDA, right? Like I think crypto still is so nascent and the idea of like what should count and what shouldn't and what flows are it's still Kind of an open thing of like what the accounting should be, right? So I kind of think I'm kind of curious what EBITDA like the thing that becomes a like meme that sticks That's not TVL and that that's not just like fees What do you think you guys think it is because I do feel like this bear market My prediction is this bear market will end when we have invented what that is like the last bear market ended when TVL started becoming a metric and then people started monitoring it and like not gaming it as much and It was just kind of going up slowly. I feel like the Solana stuff came to even more where it was like, oh Here's the metric that everything's measured on So what if we come up with these crazy ways to like that's usually the end of a bubble, right? Like like once when it goes not the creation of a little baby That was like that was like the kickoff of the book I know I don't know but my point is like once you start getting kind of a shelling point around a particular metric It doesn't get gamed for a little while Like there's like a certain amount of time where it like it becomes a good real standard bearer But then someone eventually realizes that it's the thing to game and then you get this like kind of capital bubble around that So like AI you're having that happen with tokens per second right now Which is also a fucking useless meaningless thing because like the choice of architecture means the tokens aren't really the same There's not fungibility of them. Sure. I think it feels like right now There's a more and more fixation on revenue. And so you're seeing like, you know token terminal if you're looking at there's just revenue There's annualized revenue. There's price to sales price to earnings. So it does feel like we're sort of Morphing more closer to traditional revenue and underwriting metrics, which is a good sign However, these metrics aren't totally normalized in the sense that you know, for example for Uniswap Does Uniswap have revenue like obviously the token holders aren't capturing anything so the revenue is flowing entirely to You could say like cost of goods sold is like 100 % because all the revenue is going to the liquidity providers I would say, you know One of the biggest issues is that you have like protocols that are not businesses and people are trying to strap like business metrics or accounting metrics on them and they're just not like Ethereum Bitcoin like people are like, oh like, you know fees paid like is that revenue? No, it's not revenue, right? Like I don't think anyone thinks that like the transaction fees on Bitcoin or revenue. Are they on a theorem? No, but like I've seen platforms that like talk about That alongside something like Uniswap and it's like none of these really makes sense It's just like someone trying to build not to knock anyone particular company But someone trying to build a company about standardizing data is like, oh great Let's like standardize how we look at everything and I don't think it fits personally I don't think these protocols living on top of blockchains are necessarily businesses or need business metrics. I don't think it's that helpful I think like projects and For success like how many people are you know doing X Y & Z and like it won't always translate to the thing What do you think are metrics that should be adopted in lieu of? You know revenue or price of sales or whatever all the stuff that people are doing to try to account for You know particularly in defy I think for layer ones. It's a little more nebulous I think it comes down to exactly like what the protocol is, right? So like a great example is even taking two things that like seem like there's the same Let's say like Uniswap first like synthetics Well, both of them are for trading like, you know, one of them, you know is for trading spot tokens And one of them is more like derivatives, right? So like would you say like total notional traded like that might look crazy, you know to use that as comparison like I guess my point is like even two things that look the same are gonna be vastly different when you think about how you judge them or measure them and so All I'm trying to say is like, you know, let's slow down and not trying to come up with one size fits all metrics I don't think there is some like EBIT type But they will love defy broadly it trying and and when people get any shelling point on one of those That's when you see capital formation happen because it's like hey look there's this metric we can optimize it we see the growth curve right like growth implies you have a number or a set of numbers and a derivative like a gradient and The gradient can go up and you're like, yes or more money in it and I do feel like there's like a Psychological human behavior element to this and crypto somehow plays with that in a lot of ways and that that's some of its beauty Is that the fact that it kind of plays with these I think the revenue thing also is like a good I agree like it's really difficult to sort of compare across different types of companies, but generally it's a good heuristic for Understanding like product market fit and desirability just showing willingness to pay right like you can't fudge it because I'm literally burning money I'm spending money to use this this protocol saying something with like, you know net dollar retention at revenue retention overall It's like user retention Like yeah like it I think that's generally sort of a good heuristic because it's showing that if people are actually using these things consistently because they want to use it not because ideally you sort of you're tying out the I'm inclined to agree with this is that although it is an abuse of nomenclature I think you're better off thinking of protocols as products and thinking about like if you can just applying very kind of dumb Simplistic like yeah, they don't work perfectly, but they're way better than just like finger in the air What's TVL and kind of how do I feel like the vibes are trending for this particular protocol? I think it at the very least it keeps you honest if you look at the era Pre when people had concrete metrics that they were looking at like protocol revenue and things like that There were just a lot of things that had you know, take for example, then you have and you had 4chan economics Whatever was posted on 4chan was the truth totally totally and also like not looking at like net of emissions Looking at like willingness to pay net of emissions Like you just end up with this crazy town where it's like Oh, there's basically like a negative cycle where people are making money by using your product You're like, wow, I've parked my good fit There was basically an entire year where every hot product in crypto was that it was people it was being like wow Look how much adoption this is getting when it's really just people clicking a button that pays them every second to be very fair That is it's like it's so funny enterprise SAS bubble also had the same thing It was just the way the capital is distributed.
A highlight from BREAKING First U.S. Ethereum ETF APPROVED! (Altcoin Pump Coming?)
"The future is so bright for crypto, folks. I just had to wear the shades. Thank you for joining today. Good morning. It's time to discover crypto. It's Friday, September 29. I'm getting ready to go to Vegas for the CNFTCON, now called NFT -LV. Jeremiah's going to be there. No, no. Sawtooth is going to be there. Jeremiah, just happy he bought some Chainlink. Guys, we got a great show today. We're talking about the ETH futures. We're breaking that down. Also, we're talking about Bitcoin. Tim has something special to show you on the charts. Circle listing. And my fiancé might pop up on camera, and she's going to tell a story how I was the world's worst fiancé ever this morning. So she might come on camera and tell the tale. You know, I am a family -oriented man. And you know what? I'm bringing my one and only woman here on camera. Alright, guys, make sure you are sub to the channel here. Discover crypto. Check out all the other channels. Nothing but love for Frankie. Frankie had a big announcement yesterday. We still love Frankie. There's no hard feelings. And we're applauding and celebrating Frankie here at Discover Crypto. Still going to be collabing with him. Still going to be working with him. He's still working in the building. Yeah, we're going to see him literally every day. Well, I didn't want to tell that much. But yeah, he's still here, folks. Yeah. He's literally still here. Tony, Tony, Tony. I think he's like, he's still in the candle mafia house, though. He's still in the basement. Well, he shoots certain videos from home and certain videos from here. Like literally, his schedule will not change whatsoever. But the difference, and we're very excited for him, is he will completely own everything he does. Everyone here is excited for him. Shout out to Frankie Candles. I still predict, Deezy. There's a lot of, I want to make sure I preface this right, because even I do TA. There's a lot of good technical analysts out there. I still predict Frankie Candles will be the number one crypto TA channel in 2025. I would, I will say I would agree with that with maybe one person still going to be beating him, still going to be putting out a lot of content. And we all love him. Frankie loves him. I've talked to him, you know, MM Crypto. And there's something about that guy. When the bull market hits, I mean, guys, you might see some strong thumbnails now. Wait till the bull market. If you haven't been through a bull market with MM Crypto thumbnails, you haven't really experienced a bull market, folks. And I also love how he has 17 exclamation points on MM Crypto's titles. He has a very interesting title selection there. Well, folks, let's get right into the show. All right, first, should we lead with the world's worst fiance? Let's do it after Crypto Market Cap. Yeah. All right, we're gonna go ahead, show the prices, and I'll tell you why I was the world's worst fiance. Kat, are you okay? Just briefly telling the short section of that story in about two minutes. All right, first, let's get into the crypto market cap here. I just refreshed and we are moving up, folks. We are still above 1 .1 trillion. We are up 0 .8%. 24 -hour volume was right around 50 yesterday. I think it was like 54. Today, it's 48. So, largely the same. Bitcoin dominance has fallen, however. We went from 47 .1. We were hanging out there forever, jumped up to 47 .4, and now we're down to 47 .0. And strangely, gas is only 14 Gwei. I don't get how gas is so low right now. I was swapping some alts the other day. We have Bitcoin down 0 .1 % and Ethereum up 1 .8%. And that is the large reason why you're seeing the dominance change here. Just the two biggest cryptos moving in opposite direction, albeit slightly. We have BNB 0 .5 % to the upside. But I think who's really celebrating today is the XRP community. XRP is up 5 % today. Is it anticipation for XRP's party in New York City tonight, you think? What are your thoughts? Was it a TA level? It was just bound to happen? Or are people really excited about partying in the Big Apple? Well, not me. I'm not that big of a party person. And shout out to New York. But I don't really like going to New York. You don't like going to New York? If you had one reason why you avoid New York, what is that one reason? There's many a reason. I just don't like city life like that. I like being out, not the middle of nowhere, but like the middle of somewhere rather than the middle of everywhere. I like being in the middle of nowhere near somewhere. All right, we have Cardano up 2 .8%. Another big pump for the top 10 here. We have Solana. Solana is up 4 .5%. It is now above $20. Looking like it might turn $20 into support. It likes hanging around that psychological level. Tron is also up 3 .5%. We do have something moving down. And that is TonCoin. TonCoin, the hottest coin last month, two months ago. Now it's a little bit as maybe Chainlink's taken some of its juice. And you can see Chainlink flat for the day. But if you look at the weekly there, you can see 16%. And that is higher than every single coin above it. In fact, no coin has even gotten to the double digits, except for Bitcoin Cash. And Bitcoin Cash, you know, kind of an asterisk next to that coin as far as price movement. Shiba is also moving to the upside. But now it is time to look at the biggest gainers. The biggest gainers in the world is going to be me at the blackjack table. It's going to be a cat at the slots. All right, the world's biggest gainers. What do we have? We have Sweet.
Fresh update on "bulls" discussed on Spellcaster: The Fall of Sam Bankman-Fried
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A highlight from 1272. BlackRock CEO Hints at DeFi & Bull-Run! | FULL BREAKDOWN
"All right, so let's drill down into Larry Fink's brain today. We're going to do this. He did a big interview at a Bloomberg event, and it breaks down a lot of not only his ideas of where the markets is going, but also some of the technologies within crypto that are going to affect all of this. I'll break it down for you guys today. My name is Paul Bearer. Welcome back into Tech Path. All right, let's get into our first clip. And this first clip is breaking down interest rates over the next few years, what it looks like from the man himself. Larry Fink, listen it. You have Jamie Dimon, for example, saying rates in the U .S. could go to 7%, and we're not ready for it. Is he right? Look, we all have opinions. I mean, I've been saying for over a year - I want to know your opinion. My opinion is we're going to have 10 -year rates at least at 5 % or higher. All right, so you heard it, higher, longer 10 -year rates holding on to that, but yet still very optimistic in terms of the overall position, so a little bit more hopeful. Rick Ryder, who is one of the key investment guys there at BlackRock, who manages like almost $3 trillion in assets, he also came in on this clip. Listen in to what he had to say. So I think there's a couple of things that are going to happen. I think when the Fed starts, and I think they'll start cutting rates in the second half of the year. I don't think they're in any rush that they need to do it. Second half of this year? Second half next year. Okay. Just wanted to make sure. Thank you for that clarification. I would have been buying stocks. Yeah, yeah, yeah. All right, so he's looking toward the third quarter next year. We talked about that before, is that that most likely will be the case with this higher for longer approach that goes into this. Now, the key here is, is what is causing this? Now, what are we seeing this in terms of the market disarray, the pushback, the consumer spending that's been holding inflation high? They get into it a little bit here around wages being too high. Listen in. The whole idea about restricting immigration. And in the United States, we've had close to a trillion dollars of fiscal stimulus just beginning its J curve. These are huge job creators and at the same time we have restricted immigration and as a result of it, you know, we see more wage pressure. So at what cost? We have in the United States, a very protracted strike between the auto workers and the auto companies. It has been reported that the union is asking for a 40 % increase. So at what cost? What do you do with a problem like that? Right now, I think in our mega trends, right now we are under invested in China. Under invested in China. That's interesting. OK, so a couple of points here to make and also to kind of references the framework of why these strikes are occurring, especially with the United Auto Workers strike. You look at it and it really boils down to corporate greed. I mean, at the essence, you've got all these car companies who have been feasting on American consumers for quite some time, for the last couple of years. Here's Stellantis as an example all the way back to 2016 when they were kind of flat and then right there 2018 blows up. Obviously, we saw the impact on the markets and then just this continued climb of Stellantis stock price. Now, part of that has been just because obviously car sales have continued. So his point of that wages are too high, that this is causing a lot of disarray within the market, there's an alternative to that as well. Let's go to this next clip, because Biden, actually, it's an article here, Biden actually responded to a little bit of this issue around the UAW. Remember, he's very pro -union, but his statement was he asked if he supported the 40 percent increase on the union and asked for it. He said, hey, listen, it's it's really more of a bargaining chip, really, than anything. And I would agree, you know, because it's kind of you ask for the highest amount you can and then you settle in with where it may end up. And I think that's what Stellantis is going to end up doing here as we go further. Remember, the key here with think is if you are very pro and I'm pro capitalist guys, don't get me wrong, but if you're a super capitalist, meaning you are absolutely just wanting to run amok within corporate greed, then you do want a lot of immigrants coming into the country and you want these kinds of mainly from just an optics standpoint, because it does start to put pressure on American workers. And I think that's the thing that everybody is looking at is how do we keep job wages low? And when I say everyone, meaning these capitalists that are really pushing at this. So this gets into some pretty big issues right here, even though he's asking for more immigration. I want to play this next clip to show you just kind of where immigration currently is. Let's listen in. In just one week, they came by the thousands, group after group after group of migrants streaming into Eagle Pass, Texas, prompting the border town to declare a state of emergency and straining the nation's immigration system. Again, the Border Patrol encountered a record two point two million people crossing the border illegally. The numbers went down a bit in the fiscal year ending this month, but are still high. Anybody that thinks this is a secure border is delusional. And this is something you see every day. All right. So as you can see there, does it look like we're restricting immigration at all? I think his point is really, really more toward the whole idea of, you know, higher wages being pressured, getting into that side of it. All right. So let's get into this next clip that talks about the recession and whether or not it's going to be bad, good, all that good stuff. Listen to what he had to say. Does that mean we are headed for a recession right now? I think we're going to see some economies enter recessions early. Which ones would that be? Well, I think Europe is more sensitive to the ones that are more sensitive to this elevated interest rates. Whatever the recessions we're going to have, they're going to be quite modest. So I'm not even that fearful. In many areas, you may need a recession to bring down labor demand. All right, so again, back to the point he's talking about, that's profitability and a lot of companies, once you bring down labor demand, that's one of the biggest issues there. He also gets into the point of what could be the catalyst to cause longer, a longer recession play into this. Here's what he had to say. So throughout history of U .S. growth slowdowns, we have underestimated every single one of them. Are you confident we're not making that same mistake again? If fear becomes worse, then consumers pull back and the recessions are going to become more protracted. We have elections in so many places in the world. We are going to have many political candidates who are going to provide a lot of fear. I think the political winner is the one who provides the most hope for the future or what people believe with the hope of the future. Do you see that, though? Do you see anyone projecting hope? I dearly hope so. I'm projecting hope. Larry for president? I don't know. No, I'm too young. I love that. All right, so I want to get into an area around reimagining bank lending, and this is where it starts to get into crypto or at least the underlying efforts of what he's thinking about crypto, because this is going to be kind of that format of how crypto will start to integrate into the banking system. Let's know what he had to say. We need to reimagine finance because of Dodd -Frank in the United States. Banks can't lend. And more of that, you know, the world doesn't want to get to the developing countries. They lend well, but clearly. All right, so obviously that's where, you know, stablecoins, DeFi, this starts to solve all those problems that we're going to be looking at around tokenized assets. I want to go to a clip here from Bankless asking really what's holding this back. Listen in to what they had to say in this interview. What you're buying today when you buy a stablecoin on the back end, it's cash and cash equivalents. That's an accounting term to say treasuries, repos and some cash in banks. The thing that is not like flowing through is the yield component. So you're getting a zero percent yield on your stablecoins today. So I started looking at someone has to have built something that solves this problem and no one had. The big challenge here is how do you bridge these two worlds, giving clarity on the real world asset side? So someone has to hold a treasury, a treasury bill, and that person was buying those treasury bills. At small scale, you can buy, but if you're starting to buy anything at meaningful scale, you have to show where the money came from and that where the money came from, the compliance AMLKYC component was hard to do. So we said, OK, if we want to offer this, you have to be regulated to do this at scale. And that is the biggest challenge that everyone in this industry faces is how do you answer that regulatory or legal structure in question? It sounds like what you're trying to build is the largest pipe possible between the government, United States government, risk free rate and DeFi. And right now you're saying that this pipe is actually constrained by our current stablecoin paradigm, the current meta of stablecoins, because you go through it vanilla dollars first when really you can just go more, let's get right to the punchline of this whole thing, which is like, let's take the yield of the risk free rate and get it into DeFi.
Fresh update on "bulls" discussed on Spellcaster: The Fall of Sam Bankman-Fried
"Fink made the comment at the Berlin Global Dialogue Forum. We're have going to 10 -year rates at least at 5 % or higher because of this embedded in inflation. This structural inflation is unlike anything and I think business risk. BlackRock's Larry Fink. So with the 10 -year now at about 4 .5 %, what about Dana the outlook? Dioria is Co -Chief Investment Officer at InvestNet Solutions. Is it really that surprising where 10 years are given where two years are given all the economists the newly minted bulls that we've had we've had in the last few months. Even the Fed itself saying hey we're we think going to stick the landing there's no recession here. You can hear more of the conversation with Dana Dioria on the Surveillance Podcast and you can download it wherever you get your podcasts. Another headwind for the inflation outlook has been rising energy prices Stephen Shork is the president of the Shork Group. I'm afraid now with the situation we're seeing in supplies crude oil supplies at the NYMEX delivery hub in Oklahoma we're at very low supplies there's going to be a tremendous strain on the market already is. Shork Stephen of the Shork Group you can hear more of that conversation on the Surveillance Podcast you download can it wherever you get your podcasts and even with higher oil prices Mark Haefeli of UBS says energy stocks have yet to capture all of their upside potential. Well we think that that they haven't really seen the earnings catch up with these higher prices and we think that there can be some persistence in these higher oil prices. Mark Haefeli of UBS stocks end of the day mixed the Dow was down 158 points down five tenths of one percent S &P down for a fourth week it fell 11 points today down three tenths of one percent then stack up one tenth of one percent. Global news power by more than 2700 journalists and analysts in over 120 countries. I'm Charlie This is the Spellcaster Takeover on Bloomberg Radio As Sam Bankman -Fried appears in court this week listen to the podcast that chronicles the rise and fall of the FTX founder. Brought to you by Bloomberg and Wondery Spellcaster takes you inside the story of how nerdy a gamer became the world's richest 29 year old. Listen ad free on Wondery Plus on Apple Podcasts and Amazon Music and right here on Bloomberg Radio. I'm Hannah Miller and this is Spellcaster the fall of Sam Bankman -Fried It was late October of 2022 when Goldberg Mike got the email I clicked on it looked at it and then yeah I honestly I laughed
A highlight from ROLLUP: Coinbase Crashes DC | Gary Grilled By Congress | Vitalik Deepfakes
"Miss Wagner is like, yo, MIT version of Gary was pro -blockchain, but SEC Gary is anti -blockchain. And then Richie Torres is like, yo, it's a Pokemon card of security? These people are listening to crypto Twitter. They are like, these are our things. The power of crypto Twitter is like getting into Congress. Well, it's because it's distilled logic. I mean, Bankless Nation, it is the last Friday of September. David, what time is it? It's the Bankless Friday Weekly Rollup Ryan where we cover the entire weekly news in crypto, which is always an ambitious endeavor, yet we persevere nonetheless into the frontier this week with a bunch of clips of Gary getting grilled. So everyone, everyone prepare for that one. If you're not listening to this with coffee, because it's too late in the day, well then you should get your popcorn, because that is what you will need. I mean, this is a catharsis, I think, for many of you in this episode. You'll enjoy this very much. Also, crypto was present in Washington this week. Yeah, Coinbase's stand with crypto day was held at Capitol Hill the same day that Gensler was giving testimony in front of Congress. Convenient. What about the timing of that? David, what else we got? After that, we'll talk about pudgy penguins in Walmart landing a huge deal, a ton of distribution for pudgy penguins, also with each toy purchase having an on -chain identity on ZKSync. So we'll talk about that. And then after, also not only are penguins getting identity, but citizens of Buenos Aires perhaps also getting some on -chain presence as well. We'll talk about that. And then, of course, we're going to do the PSA of deepfakes and phishing attacks that are out there. We got a Vitalik deepfake that we want to show you. It's pretty hilarious, but not if you believe it. Notable VC Fred Wilson got phished for 40 NFTs this week. So if Fred Wilson can get phished, so can you. We will talk about this and more. What else we got, Ryan? You know, the usual Bitcoin ETF stuff. ETH might be getting futures. There's a ton to talk about every week. This is a bullish week, I think. I'm declaring it such, David. It is a bullish week. And we got some green candles when we get to the markets. But before we get in, David, we got a message from our friends and sponsors over at Layer Zero. What do they want the folks at home to know? They want you to know that after a year, over a year of combined effort, Layer Zero and Google Cloud have announced their partnership, and they are ready to build the interoperable cross -chain apps of the future. What is Layer Zero? Of course, Layer Zero is a set of smart contracts that are deployed on every single chain. These smart contracts connect to each other. How do they connect to each other? Well, they need some Oracle service in the center to be the chatterboxes, the passing messages between all of the Layer Zero smart contracts across all of the 50 different chains. Google Cloud is that new default Oracle. That is the partnership that they have created. So there is a link in the show notes for you to go explore more if you're a builder who wants to build on Layer Zero. LayerZero .network is also the URL. Well, you know what I want to learn more about this week, David, is markets. Tell me about the old markets. I think, I think, I haven't looked at this yet, but I think we got some green on the week. We got some green, dude. Let's look at the Bitcoin charts first. What's Bitcoin showing us? Some single digit green. Look at that green right on the right. That's your dose of dopamine for this week. It's like, whoo, Bitcoin up 2%, whopping 2%. Started the week at 26 ,600, ending the week at, well, Thursday morning, if you call it the end of the week. It's not the end of the week. 27 ,150, up 2%. Ether price up a little bit more, starting the week at 1660, up 4 .5 % to the current price, excuse me, starting the week at 1560, ending the week at right around 1660, where we are right now. 1660. I mean, it's still low. That is a low price. We are getting excited about very little right now. Yeah. It's up such a small degree, you shouldn't even be excited about this. And yet we are. Yeah, we are. 4 .5 % on the week, I'll tell you. It's better than flat. When's the last time we had a double digit week, man? Double digit up or down? Up. I can't remember either, actually. We've been in the flatlands for so long. It's just like kind of a little bit of a bleed out all the way from 1900. Weren't we over 2000 a few weeks ago? Yeah, we have touched over 2000 in this bear market, but man, it certainly doesn't feel like it. Last time we were at 2K was July. In July, briefly. We weren't at 2K. Yeah, I can't remember July. Well, I was in the mountains. It's been downhill ever since I caught back for the mountains. Yeah, it really was. It's been all downhill since you guys. The only thing you can do, David, is go to the mountains. Bad things happen to Gary Gensler when you go to the mountains. Although, I guess nothing bad happened to him this week. Anyway, I'm skipping too far ahead. We'll have our Gary later in the episode. ETH, Bitcoin, up 2%. Total crypto market cap, $1 .11 trillion. Layer 2 scaling factor, touched 6 % this week, down to 5 .5%. Still at all -time highs. Layer 0. Wait, what touched 6 %? Excuse me, not 6%. Total value loss? 6x. 6x is what I meant. Oh, activity. That's what you like to look at. Yes, layer 2 activity touched 6x of Ethereum, but now it's at 5 .69. Nice. 60 transactions per second, 64 transactions per second. Yeah, that's where we get the 6x. We got more transactions per second left in this tank, I think. Oh, yeah. David, you want to talk about the general markets, like all the TradFi markets? You want to talk about macro really quick, because it's been super confusing to me. It's been super confusing. And then I read this tweet. We're also doing a macro show on Tuesday as well. So a macro show, so talking about the state of macro from a crypto person, so it's a crypto person who understands macro, so I'm really excited for that show. Are you a crypto person that understands macro, David? Do you understand macro? When I have a smarter macro person with me, then yes, I understand macro. My question to you is, does anybody really understand macro, particularly right now? Oh, you mean current snapshot? Definitely not. Yeah, all right. So here's the tweet. Current situation. One, stocks are falling like a recession is coming. Two, oil prices are rising like there's no recession in sight. That's contradictory. Three, interest rates are rising like we have 10 % inflation. Yes, they are. Four, gold is falling like inflation is gone. Five, housing prices are rising like rates are falling. And six, commercial real estate is falling like it's 2008. Nothing adds up here. That's the way I feel about macro right now. It's very confusing. There is a confusing set of signals going on, and it's not adding up in my head. What do you think about this? Yeah, they follow through, and they say it's beginning to feel like a pivot point in sentiment. I don't know if I'm about to say what I think they are meaning by this, but when there's a bunch of confusion, people, I think, brace for something, brace for clarity, and then whatever that clarity is will define sentiment. Where are we going? We don't know. As soon as we find out, we'll know how we feel about it. But we know it's going to be different from here. Different good or different bad? Those are the only two directions. Yeah, I guess that's the reductive take about it. But it's basically like we don't really know. That's why I'm very interested in doing this macro episode next week to see what the newest macro person kind of knows. I will say one thing, though. I think volatility is back on the menu. I think that's what this means. Because when the market doesn't know what direction it's going to go in, then it can kind of lurch in one direction or the other. So weird macro climate right now. On the back of stimulus, on the back of money printing, like what's going on here? And just to be clear about something, we've previously talked about stocks being at all time highs. That's been kind of the theme of the last two months, I would say. Well, so from looking at the SPY, you don't have the chart up, but it has declined by 7 % since July. So the SPY is down 7%, which is more. That goes to the first bullet point. Stocks are falling like a recession is coming up. I don't know. It's down 7%, just doesn't feel like a lot to me. Well, in the trade market, 7 % is a lot historically, but not recently. 7 % in the trade market is actually, that's just like, trade markets are also volatile. OK, well, we'll try to make sense of this, but let's get back to crypto. This is a negative report from JP Morgan, who said, Ethereum's activity post -Shanghai that was the last hard fork back in March, has been disappointing. JP Morgan calling Ethereum's progress disappointing. They've got some reasons for this. While the shift from proof of work to proof of stake meant that the energy consumption from Ethereum collapsed by 99%, the Ethereum supply is shrinking and staking rose sharply by 50 % since the Shanghai upgrade. While that happened, the increase in network activity has been rather disappointing. Ethereum's daily transactions, daily active addresses, and total value locked on DeFi protocols on the network have all experienced declines since the last hard fork. So JP Morgan, their analysts expressing some bearishness here over the last six months or so. Yes. I'm not mad, just disappointed with that activity. My response to that is, who the hell are you? JP Morgan doesn't know how to analyze these things. Well, I don't know. Ethereum post -Shanghai activity, it's just the broader crypto downturn. And also, they're just wrong, JP Morgan, he is wrong. They say layer twos have displayed mixed results. Well, no, TVL and economic activity on layer twos across the board are all up. I don't know where the hell they're getting their data from, but not only is their data wrong, but their analysis is poor. Well, let's go to the actual numbers, Stephen. Layer two beat provides a good source for value locked on layer twos. What are we looking at? At the 180 -day time frame, it's basically flat. It's marginally up, it's basically flat. It's a flat TVL, $10 .5 billion. Activity is up, it's up so much. It's unequivocally up by a lot. I'm disappointed in JP Morgan. Wow. Have you ever been not disappointed with JP Morgan, David? I'm generally disappointed by banking in general. Really? You should start a podcast called Bankless, David, about escaping your bank over time, slowly. I think Vance Spencer put that tweet in perspective as well. Actually, I don't think he was responding to that tweet in particular. But we are. We got some perspective here from Vance Spencer. This is Ethereum, if you chart it against some of the fastest growing tech companies in human history, companies like Alphabet was Google, of course, and Meta or Zoom or Microsoft, and how quickly, over time, it took them to surpass $10 billion in revenue. How long did it take them? It took Ethereum seven years. When charted against these other tech companies, there's only one that did that faster, and that is Google. Yeah. Ethereum really did all of its $10 billion of revenue inside of 2020 to 2023. I mean, so look at this line. It's just kind of like a slope line up. So I mean, doing pretty well, all things considered, JP Morgan. Not disappointing. I'm not disappointed by this. And I'm not disappointed. Also, long -term perspective, not disappointed in the price of ETH over the last seven years either. And we can keep going. Uniswap this week hit 300 million in swaps. 300 unique million trades, swaps, has happened on Uniswap. Uniswap was invented in 2019. 300 million swaps since 2019. Is that disappointing? Is that disappointing? I'm not disappointed by that in the slightest. I feel great about that. Maintain my disappointment about JP Morgan. You know, I think it's part of a broader crypto sentiment, and I've seen a lot of takes just in general in news, but even in financial analyst news like JP Morgan research, that sort of thing. It comes back down to this, David. Mainstream thinks that crypto is dead, again, like always. This always happens. And this is what makes this a buying opportunity, as with previous cycles. And when crypto 10x's the next cycle, don't let anybody tell you you didn't earn it. Because if you're buying here, when everyone is saying crypto is dead, it's never coming back. That they're disappointed. That's how you earn. It's so easy. The signals are just being laid at our feet right now. They really are. I tweeted something like that out, and somebody responded with this life cycle. What are we looking at here? Yeah, just like the cycle of the bull bear market. So in the top of the bull market, some crypto friend of you will tell you, a bankless listener, you're so lucky. I wish that I bought two. And then the crypto market will go down and be like, you're an idiot. I told you crypto was a scam. Yeah, so especially when they say the words disappointing, it's such an emotional word. It's kind of just playing into the readership. I don't know if JP Morgan is about that game. I mean, we're in the stage of the cycle where everyone thinks you're an idiot. And they told you it was a scam. And you can't talk about crypto at your family events or parties because you're just the crypto moron who knows nothing. And ha, ha, ha, SPF, FTX, that's so stupid. Scams, frauds, NFTs are such a joke. Well, granted, some of those things are actually true. Sure, sure. But if you're still in crypto and you know why you're here. And you're no longer buying the scams because you can identify them. And then you'll swing back to like, I am a genius. I am amazing. I am lucky. Or third parties will say you're lucky when that happens and you'll feel like a genius. You've been chewing glass for three years, but you know, you got lucky, though. You got lucky. How about the Bitcoin ETF, David? Here's a tweet from James Seyfert. What's this about? He just says that the SEC has come out super early and delayed the ARK Invest and 21 shares Bitcoin ETF filing. There wasn't a decision due until November 11th. And typically up until recently, the SEC has always gone up right up until the buzzer. But they decided to delay their decision on this earlier than usual. You know why? Partially? It's some speculation. It's because the government's about to shut down. The U .S. government's about to shut down. That's on Monday, right? On Monday? Yeah. So apparently if by Sunday night, this Sunday night, Congress doesn't reach some sort of compromise resolution, whatever agreement to keep the government running, then it shuts down yet again. I mean, how many times have we been through this? And so this is the SEC just getting ahead of that so that the stuff doesn't expire while the government shut down. And I guess, I don't know what would happen if the government shut down and these deadlines were missed. But maybe they would de facto be approved. I think that could be how it works. Is this some sort of pseudo oracle about how the SEC thinks that if we do go for a shutdown, we'll get shut down all the way until at least November 11th? I have no idea. I have no idea what this could mean. I do know this is good news. So Congress, both Democrats and Republican lawmakers, sent a letter to Gary Gensler pleading that he approve a spot Bitcoin ETF.
Fresh update on "bulls" discussed on Spellcaster: The Fall of Sam Bankman-Fried
"JP Morgan Chase says we are driving and flying less Clorox, Pine, Saul and Kingsford charcoal may be a little easier to find in stores again. Clorox, which owns all those brands, says its manufacturing sites are back in operation after a cyber attack in august forced it to stop some of its production. Now Clorox says it's ramping back up and working to restock inventories. On Wall Street, the S &P and Dow fell a quarter to a half percent. The Nasdaq added a tenth of a percent, the Dow down 159, the Nasdaq up 18, the S &P down 12. For the quarter, three all averages fell at least two and a half to more than four percent. Joan Doniger, Bloomberg Radio. And I'm Charlie Pellet at Bloomberg World headquarters. It is on to the trading month of October, a losing week, a losing month and a losing quarter. Michael Sheldon is chief investment officer at Hightower RDM Financial. I think September has lived up to its reputation as being a difficult month for the markets. And we had a pretty good first few months of the year, but things have sort of tailed off here recently. And you can hear more of that conversation with Michael Sheldon on the Bloomberg Businessweek podcast. You can download it wherever you get your podcasts. Well, certainly rising bond yields are one concern for equity investors. BlackRock's CEO Larry Fink is expecting 10 -year Treasury yields to top 5 % as Shifts in geopolitics and supply chains make inflation more persistent. Fink made the comment at the Berlin Global Dialogue Forum. We're going to have 10 -year rates at least at 5 % or because of this embedded inflation. This structural inflation is like anything and I think business leaders and politicians are not providing the foundation to help explain this. BlackRock's Larry Fink sold the 10 -year now at about 4 .5 %. What about the outlook? Dana Dioria is Co -Chief Investment Officer at the Global Berlin Dialogue Forum where 10 years are given where 2 years are BlackRock .com. in all the economists, the newly minted bulls that we've given. You can hear more of the conversation with Dana Dioria on the surveillance podcast and you can download it wherever you get your podcasts. Another headwind for the inflation outlook has been rising energy prices. Stephen Shorke is the president investment advice. I'm afraid now with the situation we're seeing in supplies, crude oil of BlackRock .com. Thanks for watching. Thank you. a Mediterranean on the market already is. Stephen Shorke of the Shorke Group. You can hear more of that conversation on the surveillance podcast. You can download it wherever you get your podcasts and even with higher oil prices. Mark Haefeli of UBS says energy stocks have yet to capture all of their upside potential. Well we think that they haven't really seen the earnings catch up with these higher prices and we think that there can be some persistence in these higher oil prices. Mark Haefeli of UBS. Stocks end of the day mixed. The Dow was down 158 points down five tenths of one percent. S &P down for a fourth week. It fell 11 points today down three tenths of one percent. NASDAQ up 18 up one tenth of one percent. Global News powered by more than 2 ,700 journalists and analysts in over 120 countries. I'm Charlie Pallet and this is Bloomberg. It's time for today's... Access a vast selection of global fixed income securities at Interactive Brokers Bond Marketplace. Search their deep availability of over 1 million bonds globally. IBKR has no markups or built in spreads and low fully transparent commissions on bonds. IBKR AR displays the highest bids and lowest offers received from the electronic venues they access. In addition, clients can interact other with each by placing bids and offers online to execute their trades. Learn more at bonds. Today with tools like Nanome's virtual reality lab, students can use the metaverse to study complex subjects. They can manipulate molecular structures in 3D, paving a way for a deeper understanding. Learn more at meta .com slash metaverse impact. Do you need to let your field agents turn voice calls into video to get help from experts who can actually see what they're seeing? Vonage does that. With Vonage Video API, that's just the start. Get one -on -one and group video meetings on desktop, mobile, embed everything from video meetings to large -scale broadcasts on your website and even help developers without video expertise build live video apps. With Vonage Video API, live video works harder for
A highlight from 1415: Bitcoin Will Soon Hit $500,000 - Winklevoss Twins
"Welcome everybody to Crypto News Alerts, the number one daily Bitcoin pod. In today's show, I'll be breaking down the latest Bitcoin technical analysis as Bitcoin recaptures $27 ,000 and quoting Max Keiser, the high priest of Bitcoin, Bitcoin is the North Star guiding to the only safe haven asset in the world that protects against inflation, confiscation and censorship preach. Also in today's show, Ethereum futures ETFs can start trading as early as next week. According to top Bloomberg analysts, we'll also be discussing the SEC pushing back the deadline for spot Bitcoin ETF apps, definitely not a good look. And speaking of ETF apps, I'm also going to be sharing the five highlights of Gary Gensler's evasive testimony before Congress quoting Senator Warren Davidson. Gary Gensler's tenure at the SEC highlights two key problems. Number one, Gary Gensler's problem and number two, the SEC's structural problem. That's why I introduced the SEC Stabilization Act to fire Gary Gensler and restructure the SEC. Let's freaking go. Also in today's show, crypto analyst Michal van de Poppe predicts a very positive quarter four for 2023. I'll be sharing his targets in which he outlines. We're also going to be discussing the SEC's inaction on the spot Bitcoin ETF is a complete and utter disaster, according to the Winklevoss twins. And speaking of the Winklevoss twins, I'm also going to be sharing with you their $500 ,000 Bitcoin price prediction, which they say is coming soon. 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 1415. I'm your host JV. Today is September 28, 2023 and Bitcoin is finally back above 27 ,000 as we're pumping right when I hit the live button. We're currently above 27 ,100 up over 300 % today and we continue climbing. Welcome everyone in the live chat. I gracefully appreciate y 'all. Yeah, who knows? Maybe we'll hit 28 ,000 by the time today's live stream is over. Let's see. And make sure to let me know where you're tuning in from in that live chat as I'll be giving everyone a shout out towards the end of the show. And with that being shared, fam, now let's dive into today's market watch. As you can see here, every major crypto back in the green. Bitcoin above 27 G's. We got Ether up three and a half percent trading at $1 ,655 BNB, XRP, Cardano, you name it. And checking out coinmarketcap .com, we're currently sitting above $1 .07 trillion with about $26 billion in volume in the past 24 hours, Bitcoin dominance at 49 .1 % and even the Ether dominance on the rise today at 18 .5 % and checking out the top 100 crypto gainers of the past 24 hours, holy moly, compound up 20 % trading under 49 bucks, followed by Thor chain up 13 % trading at $1 .94, followed by Lido Dow up 8 % trading at $1 .59 and checking out the top 100 crypto gainers of the past week, massive gains, which we love to see, especially after a pretty bearish altcoin season to say the least. We got CompLead in the pack here as well up 20 % and Rune up 13 .4 % and RLB up 13 % and checking out the crypto greed and fear index, we're currently rated a 46 in fear yesterday at 44 last week, a 47 and last month, a 39 in fear. So there you have it, fam. How many of you are currently bullish on Bitcoin and how many of you took advantage of the recent dip? If so, let me know. It's good to see we pump in once again. So hopefully those positions are now in the green. Now let's break down today's Bitcoin technical analysis, check out the charts and why specifically the market is pumping right now. Here we go. Let's get it. Bitcoin hit new weekly highs after the September 28th Wall Street open as markets awaited fresh cues from the US Federal Reserve. And here you can see in the Bitcoin one hour Campbell chart, pretty freaking bullish to say the least. Data from Cointelegraph and TradingView showed Bitcoin price strength staging a comeback, having delivered what some referred to as a classic pump and dump 24 hours prior during the performance. Bitcoin hit a high of 26 .8, which appeared on Bitstamp as a result of 2 % daily gains before Bitcoin retraced all of its progress, then a slower grind higher than took hold with the bulls edging closer to 27 ,000, which we finally just recaptured here a few moments ago. Now GDP for quarter two grew by 1 .7 % year on year below the projected 2%, while the PCE index data for August came in in line with the expectations, quoting analyst Keith Allen, bring on the volatility. Now meanwhile, data from Binance's order book uploaded by Allen showed little by way of resistance standing in the way of the spot price under the 27 ,000 mark. So as you can see, just more bullishness for the king crypto, the macro data constituted just the prelude of the day's main event. Meanwhile, Jerome Powell, the chairman of the Federal Reserve due to the comment later on today, Powell, whose recent words failed to deliver noticeable volatility to the crypto markets was due to speak at the Fed's conversation with the chairman, a teacher town hall meeting event in Washington DC at 4 p .m. Eastern today. Now commenting on the state of play on Bitcoin markets, popular trader Dan crypto trades was a little more optimistic around the strength of the day's move compared to yesterday, September 27th, quoting him here back to yesterday's highs, but with considerably less open interests. No doubt there is longs chase in here, but it is less frothy than it was yesterday. Would still like to see longs chill out and not get to a full retrace later on. So there you have it. Let me know if you agree or disagree with the analysts. Meanwhile, quoting another analyst, right, capital Bitcoin is right back at the bull market support band cluster of moving averages, challenging to break out beyond them. Let's freaking go. Now, elsewhere in the day's analysis, he acknowledged that 29 ,000 could make a reappearance and still form a part of a broader come down for BTC. As he shares here, it's important to remember the Bitcoin could technically rally even as high as 29 ,000 to form a new lower high, which would be phase A and B. He explained alongside this chart. So there you have it. Let me know if you are currently more bullish or bearish on the King crypto and quoting the high priest of Bitcoin, Max Kaiser, Bitcoin is the North star guiding to the only safe haven asset in the world that protects against inflation confiscation and censorship preach. Now welcome to y 'all just joining us in today's podcast. As always, I appreciate everyone's daily support and means the world. And now let's discuss our next story of the day as Bitcoin continues to pump, shall we? We're going to be discussing the Ethereum futures ETFs, which can get approval. They say potentially as early as next week. So let's break this one down, shall we? Ether futures ETFs could start trading for the first time in the United States as early as next week. According to top Bloomberg analysts on September 28th, which is today, Bloomberg intelligence analyst, James Safart said in an ex post, it was looking like the sec is going to let a bunch of Ethereum futures ETFs go next week. Potentially. His comments were in response to fellow ETF analyst, Eric Balchunes, who said he was hearing that the U S SCC wanted to accelerate the launch of Ethereum future ETFs quitting him here. They want it off their plate before the shutdown, he said, adding that he's heard various filers updates on their documents by Friday afternoon so they can start trading as early as Tuesday next week. As outlined here on X. Now the U S S government's expected to shut down at 1201 a .m. Eastern on October 1st. If Congress fails to agree on or provide funding for the new fiscal year, which is expected to impact the country's financial regulators amongst federal agencies. Now neither specified their sources for the latest update on the long list of crypto ETFs in the queue. There are currently 15 ether futures ETFs from nine issuers currently awaiting approval. According to the analysts in a September 27th note, which is yesterday, companies proposing an Ethereum futures or hybrid ETF product include VanEck pro shares, grayscale volatility shares bitwise direction, as well as round Hill. The analysts gave ether future ETFs a 90 % chance of launching in October with Valkyrie's ether exposure on October 3rd, quoting them here. We expect pure Ethereum futures ETFs to start trading the following week, thanks to volatility shares actions. However, we don't expect all of them to launch. So do note that now as previously reported that ether futures ETFs may be approved in October causing the 11 % spike in ether prices and probably why the Ethereum dominance is up as it's been stagnant and down for quite some time. Ether prices are on the gain, currently just under $1 ,700 and we'll see how high we continue to pump, but do note crypto future products aren't as hotly as anticipated as their spot based alternatives. There are already been Bitcoin futures ETFs approved in the United States since 2021, which is a fact, which leads us to the million dollar question. Why have they approved a futures ETFs, but continue to deny and delay all the spot ETFs? We're going to be getting to that a little later as I share with you the highlights from Congress pressing the chairman of the SEC, Gary Gensler. It's going to get very interesting here in a little bit, but now let's dive a little deeper and discuss specifically the spot Bitcoin ETFs and what is happening and why they're being pushed back and the latest updates of where we're currently at. So here we go and welcome y 'all just tuning in. Make sure to smash that like fam. The US SEC has delayed deciding whether to approve or disapprove spot Ether ETFs. And like I said, we're going to be getting in October potentially get some approvals, but in separate notices filed September 27th, the SEC said it would designate a longer period on whether to approve or disapprove these proposed changes. The commission finds it inappropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised there within. The delay came the same day as the NASDAQ market filed the proposed rule change with the SEC for listing its mix ETH basically ETF, a combination of Ether holdings and futures contracts and also proposed rule changes with the New York Stock Exchange, ARCA for the Grayscale Ethereum Futures Trust, hashtag Bitcoin Futures ETF and the CBOE BXE exchange for the Franklin Bitcoin ETF were all filed. September 27th, that's right. If you're not familiar with Franklin Templeton, there are one and a half trillion dollar asset manager. They're also applying for an ETF. Now the SEC announced September 26th, it would designate a longer period to decide on these spot ETF applications. And as James Safart shares here, here's VanEx delay as expected. So another one, I mean, exactly what we were expecting from the SEC. Now in August, ARK investment manager, founder and CEO Kathy Wood speculated that should the SEC move forward with the spot ETF approvals, it would allow multiple listings simultaneously to avoid giving any single company an advantage over another in the market. Her remarks came before Grayscale Investments won a court battle with the SEC over its spot Bitcoin ETF app, which will likely be reviewed in which they're trying to turn their GBTC product into a spot ETF. So hopefully it happens. To date, the SEC has never approved the spot crypto ETF in the United States, but has allowed the listing of crypto linked futures ETFs and a leveraged Bitcoin futures ETF. Manipulation, fam. The next deadlines for the spot crypto ETF apps from firms, which include the largest asset manager in the world, BlackRock, Wisdom Tree, Invesco, Galaxy, Valkyrie, Bitwise and Fidelity are all scheduled for October. So we'll see how this is likely to play out considering October is now only three days away. Are we going to get some ETF approvals by then? Who knows? I think more than likely they're going to push it back again. However, Congress right now is pressing Gary Gensler to approve a spot Bitcoin ETF and ETPs immediately. So now let's break this down. If you missed Gensler, he was pressed by Congress just yesterday. And I know it's on everyone's mind. So let's break down some of the highlights from this recent hearing with Congress and the chairman of the SEC, Gary Gensler. Let's break it down, shall we? Here we go. Blame for kneecapping capital markets in the U .S. and slam for dodging questions around Bitcoin and Pokemon cards. SEC chair Gensler appears to have had one hell of a grilling from Congress this week. September 27th, the U .S. SEC chief again found himself in front of lawmakers in a scheduled hearing to discuss his agency's oversight of the markets. Here are some of the highlights. First and foremost, you are the Tonya Harding of security regulations. We should create a Gary Gensler diss track, right? One of the more colorful analogies came from U .S. Representative Andy Barr, who accused Gensler of kneecapping the U .S. capital markets with regulatory red tape. Barr referred to the old testimony from Gensler where Gensler argued that the U .S. is the largest, most sophisticated and innovative capital market in the world and that shouldn't have been taken for granted as even gold medalists must keep training. With all due respect, Mr. Chairman, if the U .S. capital markets are gold medalists, you are the Tonya Harding of securities regulations. Ouch. You are kneecapping the U .S. capital markets with an avalanche of red tape coming out of your commission. Preach. Barr is presumably referring to a scandal where U .S. ice skater Tonya Harding, I'm sure you all remember the story, I was a kid when this happened, and an assailant to attack her rival Nancy Kerrigan in the lead up to the 94 U .S. Figure Skating Championships and Winter Olympics. Kerrigan ended up not competing in the U .S. Championships and here is John Dickens who shared it here. Mr. Barr to Gensler, it's hilarious, you gotta watch these clips for yourself if you haven't seen them. So the next highlight, I wish the Biden administration would say, you are fired. That's right, shout out to Warren Davidson who also ripped into Gensler saying he hoped that the Biden administration would fire him. Powerful words. Davidson accused Gensler of pushing a woke political and social agenda and abusing his role as the SEC chairman. Preach. Massive shout out to the senators here doing their job. Damn good job. The U .S. Representative added that he hopes that the SEC Stabilization Act he introduced with fellow representative Tom Emmer could make it happen. Quoting him here, you're making the case for this bill, which is the SEC Stabilization Act. Every day you're acting as a chairman, he concluded, and Gensler wasn't even given a chance to respond. Now next highlight, Gensler reiterates Bitcoin isn't a security. That's right. When asked by U .S. House Committee Financial Services Chair Patrick McHenry whether Bitcoin is a security, Gensler eventually relented stating the Bitcoin didn't meet the Howie test. Quoting him here, it does not meet the Howie test, which is the law of the land. Then McHenry suggested Bitcoin must be a commodity, which Gensler avoided answering. Mr. No Clarity Gary, hence how he got the nickname, saying the test for that is outside the scope of U .S. security laws. Mr. Gensler, we're living in a clown world with this guy. Henry also suggested that Gensler try to choke off the digital asset ecosystem facts and refuse to be transparent with Congress about the SEC's connections with the FTX and former CEO SBF facts. Gensler also wasn't given the chance to respond to the claims made by McHenry. Next highlight, are Pokemon trading card securities? Gensler says it depends. Can't make this stuff up. Quoting Representative Richie Torres, I cross -examine SEC Chair Gensler about the term investment contract, which is key to determining his authority over crypto. Gensler struggled to answer basic questions like whether an investment contract requires a contract. His evasions are defeating and damning. Suppose I was to purchase Pokemon card. Would you constitute a security for this transaction? Gensler responded, well, I don't know the context before eventually concluding it isn't a security if you purchased it in a store. And then Torres asked if I were to purchase a tokenized Pokemon card on a digital exchange via the blockchain. Is that then a transaction? And then Mr. No Clarity Gary said, I'd have to know more because I don't know anything. Yeah, you can't make this stuff up. Gensler then explained to it when it's investing the public can anticipate profits based upon the efforts of others. Then the core of the Howie test, which it is, Torres called Gensler's evasions as damning to say the least. And the next highlight, a sign of defiance. Meanwhile, amongst the back and forth cross examinations between Gensler and representatives, the eagle eyed observers noticed a Coinbase stand with crypto logo behind the SEC chairman. Isn't that interesting? The Coinbase led initiative is a 14 month long campaign that launched back in August aiming to push crypto legislation in the United States. Coinbase also ran a stand with crypto day, which took place in Washington, D .C. September 27th to advocate for better cryptocurrency innovation and policy. So again, shout out to Warren Davidson, Tom Emmer, all the senators for holding Gary Gensler accountable. Hopefully they do something about it. What's your thoughts, fam? Do you think Gary is likely to listen to them and follow their instructions and approve a Bitcoin ETF immediately? Or do you think he'll continue kicking the can down the road as long as possible until he leaves his position as the chairman of the SEC? Let me know your honest thoughts in the comments right down below. Now let's break down the latest prediction coming from crypto analyst Michael Vanay Pop for some price actions for Bitcoin for the fourth quarter, which we are currently in for 2023. Then we'll break down the latest from the Winklevoss twins and their five hundred thousand dollar Bitcoin price action as the price action of Bitcoin continues to pump, baby. Let's go. Here we go. Let's break this baby down. Crypto trader Michael Vanay Pop is expressing bullish sentiment on Bitcoin in the coming months. Despite the recent struggles in a new video, he says that Bitcoin is on the cusp of reaching levels that offer accumulation opportunities per inch. According to the analyst, the trader Bitcoin could subsequently start an uptrend. Ultimately, Bitcoin is into an area of consolidation here, which makes it very likely we're going to have to retest here at twenty five, six and twenty five eight. If we are having a recess in that region, then there is this zone where I want to start buying my entries because of the recess, which is the ultimate recess. And if we're not going to get that, the flip to twenty six thousand five hundred, that is going to be the area where I think I want to activate my positions as well. And then we can start targeting twenty eight thousand. And then we can also start targeting the higher numbers, thirty thousand dollars plus or even more in the projection of quarter four. That is going to be very positive overall. Let me know if you agree that we'll have an overall positive quarter as we about to enter October. Let's go. Vanay Pop also says Bitcoin's current price action is similar to what was witnessed in the prior pre halving year, quitting him again. As long as we stay above the 200 week exponential moving average, we most likely are going to continue to the upside. And it starts to be very comparable to the period that we witnessed in 2015 and 2016. In this case, we needed it, but we started to consolidate and start to trend up afterwards. It is very likely to this period to slowly but surely the price starts to crawl up. And then we are going to have a case of the upside in the markets overall. And to watch this video analysis, the analyst did check the show notes below the video in the description. It's entitled Bitcoin price. I am looking to buy. So there you have it. And let me know if you agree or disagree with the analysts and are you currently bullish on the King crypto or do you think we're going to dip and test the lower levels? Let me know your honest thoughts, fam. And now let's break down our next story of the day. And the Winklevoss twins on the spot, Bitcoin ETF continuously being basically denied and kicked back and pushed back for the past decade. And then we're going to dive into their half a million dollar Bitcoin price prediction and why they're so confident that the Bitcoin price is going to hit their big target. So here we go. Let's discuss them with the SEC first. This was a story which was, let's see when their tweet was actually, let's scroll down. This is Cameron Winklevoss. This was actually on July 1st, it got 1 .1 million views. Now let me read the tweet. Today marks 10 years since Tyler and I filed for the first spot Bitcoin ETF. That's right. Over a decade ago, the SEC governor's refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator. Here's why. They protected investors from the best performing asset of the last decade. They pushed investors into toxic products like the Grayscale Bitcoin Trust, GBTC, which trades at a massive discount to NAV and charges astronomical fees. They pushed spot Bitcoin activity offshore to unlicensed and unregulated venues. They pushed investors into the arms of FTX, subjecting them to one of the largest financial frauds in modern history. Preach. Maybe the SEC will reflect on its dismal record and instead of overstepping a statutory power and trying to act like a gatekeeper of economic life, it'll focus on fulfilling its mandate of investor protection, fostering fair and orderly markets and facilitating capital formation. This would have led to much better outcomes for US investors. Preach. In the meantime, best of luck to all those fighting the good fight to bring the US spot Bitcoin ETFs to life onwards. So much respect. I mean, 10 years of denying this ETF. I mean, you can't make this stuff up. I think they shared perfectly some of the reasoning. It's to hurt the investors and keep you poor and keep you wrecked and keep you desolate and dependent upon a broken government that threw us overboard so frickin long ago. So much respect to the Winklevoss twins. If you didn't know, they're the owners of the Gemini exchange and they were the very first ever to submit the spot Bitcoin ETF app to the SEC over a decade ago. And obviously they're sick and tired of Gary Gensler, his no clarity and his shenanigans. Just like the rest of us, it's time to fire Gensler. If you think Gensler should be investigated and potentially fired, let me know in the comments right down below and I'll be reading your comments out loud here in a little bit. Now for our breaking story of the day, let's discuss the Winklevoss twins and their case for a $500 ,000 Bitcoin price, which they believe is coming soon. So let's break this down, shall we? And welcome to y 'all just joining us in the live chat. Much love and much respect. So here we go. Winklevoss twins' prediction, Bitcoin will soon hit $500 ,000 per coin. And why? And again, shout out to Tyler and Cameron. Let's get, we already know their background, early Bitcoin investors, OGs, early investors as well with Facebook. Some claim that they're the real creators of Facebook and Zuckerberg stole it. But nonetheless, in a recent interview with the National News, the twins explained they remain convinced of the future of crypto. The main reason is the revolutionary and technical properties as well as the potential of Bitcoin to act as a store of value similar to gold. And in addition, crypto has many other advantages, mainly through programmability. Hence, the Winklevoss brothers believe that Bitcoin could even replace the precious metal. In the long term, Tyler Winklevoss shared the following. If you look at the properties that make gold valuable, Bitcoin matches each attribute or does better. The gold disruption story of Bitcoin is super powerful. We believe in it. Tyler Winklevoss explained his reasoning for the $500 ,000 Bitcoin price action, quitting him here. If you do the math, 21 million in the supply of Bitcoin, the market cap of gold, let's say it's 10 trillion, maybe it's 11 trillion, somewhere in that ballpark, that puts one Bitcoin if it disrupts gold and gets that market cap at $500 ,000 per coin. The two brothers did not want to give specific investment tips. However, Cameron reveals the strategy that they use, which is generally the simplest, which is simply HODL. Hold on for dear life, quitting him here. Generally speaking, if you subscribe to Bitcoin being a store of value type investment, then that strategy is HODL. The same way you would HODL gold is you buy and HODL long term investments. So according to the Winklevoss twins predicting the Bitcoin price will hit $500 ,000, they say predictions are difficult, but they believe that Bitcoin will hit the milestone within a decade. And when they were more recently interviewed and asked, where do you see Bitcoin in five years time? Here's what Cameron Winklevoss responded. We usually take a decade view on it. When we wrote a piece on the value that predicted it being $500 ,000 Bitcoin, we said within the decade. And I believe they wrote that in 2020. So they're basically saying by the year 2030, they're anticipating a $500 ,000 plus Bitcoin price with Bitcoin overtaking that of gold as far as the market cap. Now is that in three years from now or nine years? The timing part is hard, but I think the Bitcoin created $1 trillion worth of value in under a decade. That is fact. I believe back in November of 2021, Bitcoin's market cap surpassed a trillion dollar milestone and the total crypto market cap surpassed $3 trillion. But as of today, we're closer to a $500 billion Bitcoin market cap with the entire crypto market cap down to a trillion. Now, it also spawned many huge productions such as Ethereum and the entire asset class. He continues. If you look at the value increases in Bitcoin, it is this punctuated equilibrium where it is steady, steady, steady, and then boom, it reaches a new price level. This is the new normal. So it can happen very quickly. So there you have it, fam. Ultimately saying when Bitcoin takes off, it explodes quick and vast. And especially considering that two of the most bullish catalysts in Bitcoin history were on the cusp of. Six months away from a Bitcoin halving, we all know the Bitcoin cycles every four years, it drives the Bitcoin price up as it increases the scarcity as well as increase demand, basic stock to flow, numbers must go up. And we also have the approval of a Bitcoin ETF likely to take place in 2024, especially with Congress on Gensler's. But we also have the ETF experts such as Eric Balchunes given a 95 % chance probability that a spot Bitcoin ETF likely get approved in 2024. Those two catalysts will absolutely make Bitcoin rip to new all time highs entering price discovery mode like we have never seen before. So how high do you think the Bitcoin price will likely climb by the time of this next halving? Roughly six months out, scheduled to take place sometime in April of next year. Let me know your thoughts in the comments right down below. And don't forget to check out cryptonewsalerts .net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
Fresh update on "bulls" discussed on Spellcaster: The Fall of Sam Bankman-Fried
"Bloomberg Broadcasting Radio. wondering. 24 hours I'm Hannah a Miller, day at Bloomberg .com President Diane and Biden the is Bloomberg Feinstein. honoring Business the Act. late California During remarks Senator in Arlington today, Biden said Feinstein was a trailblazer for Women and a great friend and made her mark on everything from national security to the environment gun to protecting civil liberties. Country is going to miss her dearly. Feinstein passed away at the age of 90. Lately, she's been battling health issues, but there's no word yet on an official cause of death. A suspect has been arrested in the 1996 murder of rapper Tupac Shakur. Las Vegas police announced Dwayne Kefi D. Davis has been charged with murder with use a of deadly weapon. Before today, no one had ever been arrested in the 27 years since Shakur's murder. The clock continues to countdown to the deadline to avoid a government shutdown. The House failed to pass a Republican -led short -term funding bill this afternoon. The government is set to shut down at midnight Saturday if lawmakers fail to make a deal. A Michigan judge is ruling the teen who shot seven people killed and four at Oxford High School in November 2021 can be sentenced to life without parole. Lisa Taylor reports Judge Kwame Rowe made the announcement Friday morning that Ethan Crumbly has a slim chance of rehabilitation. He said the teen is obsessed with violence even while being held in jail. The hearing and ruling are required as the U .S. Supreme Court ruled that underage defendants could not be given a life without parole sentence without a separate hearing following a conviction. Crumbly is scheduled to be sentenced in December. I'm Lisa Taylor. More than 20 million people in the Northeast are under a flood watch. New York subway lines are shut down and several people had to rescued be from their cars when streets became overwhelmed with water. The United Auto Workers are once again expanding their strike. UAW President Sean Fain said his announcement was delayed Friday morning after a flurry of activity. I'm Brian Shook. An Illinois judge is acquitting two Chicago police officers accused of shooting unarmed an man last year and lying about it. Perry Williams reports Cook County State's Attorney Kim Fox says she respected the decision but was obligated to charge the officers. When we don't hold them accountable, when we don't bring the charge where we believe the charge is sufficient, that flies in the face of the credibility of our entire justice system. And that's why we brought those charges. The judge ruled Sergeant Christopher Leah Coppolais and Officer Ruben Noso were within their rights to protect themselves. The officers were in an unmarked squad car when they opened fire at Miguel Medina in Pilsen in July 2022. I'm Perry Williams. Elon Musk is wading into the migrant situation at the southern border. So here we are at Eagle Pass, and we're going to be meeting with the major officials and law enforcement responsible for the border. Musk posted on X that he arrived at the city that borders Mexico on Thursday with Republican Texas Congressman Tony Gonzalez. He addressed members of the public in a live video. Musk said the US should have an expedited legal approval for migrants but shouldn't let people in if they're breaking the law. He added that if New York is having issues handling the influx of migrants pretty much no part of the country can. Half of shoppers plan to begin their holiday shopping by Halloween this year. That's according to a recent bank rate report. Retail me not found that as many as 54 % of shoppers are kicking off the season in October up from 53 % last year With more shoppers getting an early start on the season holiday retail sales are likely to increase between 3 .5 and 4 .6 % according to Deloitte's annual forecast. When it comes to consumer spending the biggest factor is usually whether people have a job and we are near full employment. I'm Brian Shuck. And I'm Charlie Pellet at Bloomberg World headquarters. It is on to the trading month of October a losing week a losing month and a losing quarter. Michael Sheldon is chief investment officer at Hightower RDM Financial. I think September has lived up to its reputation as being a difficult month for the markets. And we a had pretty good first few months of the year but things have sort of tailed off here recently. And you can hear more of that conversation with Michael Sheldon on the Bloomberg Business Week podcast. You can download it wherever you get your podcasts. Well, certainly rising bond yields are one concern for equity investors. BlackRock CEO Larry Fink is expecting 10 -year Treasury yields to top 5%. Shifts in geopolitics and supply chains make inflation more persistent. Fink made the comment at the Berlin Global Dialogue Forum. We're going to have 10 -year rates at least at 5 % or higher because of some better inflation. This structural inflation is unlike anything and I think business leaders and politicians are not providing the foundation to help explain this. BlackRock's Larry Fink so with the 10 -year now at about 4 .5%. What about the outlook? Dana Dioria is Co -Chief Investment Officer at InvestNet Solutions. Is it really that surprising where 10 years are given where 2 years are given all the minted newly bulls that we've had in the last few months? Even the Fed itself saying hey we think we're going to stick the landing there's no recession here. You can hear more of the conversation with Dana Dioria on the surveillance podcast and you can download it wherever you get your podcasts another headwind for the inflation outlook has been rising energy prices Stephen Shork is the president of the now with the situation we're seeing in supplies crude oil supplies economics delivery hub in in we're Oklahoma at very low supplies there's going to be a tremendous strain on the market already is Stephen Shork of the short group you can hear more of that conversation on the surveillance podcast you can download it wherever you get your podcasts and even with higher oil prices Mark faithfully of UBS says energy stocks have yet to capture all of their upside potential we think that well they haven't really uh... seen earnings catch up with these higher prices and we think that uh... there can be some persistence in these higher oil prices mark faithfully of stocks end of the day mixed the dow was down one hundred fifty eight points down five tenths of one percent s &p down for a fourth week it fell eleven points today down three tenths of one percent then stack up up eighteen up one tenth of one percent global news power by more than twenty seven hundred journalists listen and over one hundred twenty countries i'm charlie pallet and this is bloomberg uh... this is the spellcaster takeover on bloomberg radio as sam bankman fried appears in court this week listen to the podcast that chronicles the rise and fall of the f t x founder brought to you by bloomberg and wondery spellcaster takes you inside the story of how a nerdy gamer became the world's richest twenty nine gold listen ad -free on one three plus on apple podcast and amazon music and right here on bloomberg radio i'm Miller hannah and this is spellcaster the and an from early age sam bankman fried stood out from other kids i wasn't served like really into kid things sam was into big ideas which you might expect from the house he grew up in if you were to go for dinner at the bankman freeds he walked into the gray craftsman house that's it's literally on the stanford university campus there you find sam his brother gabe and his two professor parents his father professor of tax law his mom barbara is a philosophy scholar at the bankman freed house the dinner conversations were about as heady as you might expect before he was a teenager sam spending was
A highlight from Chokepoint Across the Pond: Chase UK Says No Crypto Transactions
"We've got election season coming up, remember? And if the Dems win and Gensler comes back to the same office, he doesn't care because he has the wind at his sails. And if he loses, he also doesn't care because he's out of the job. I would expect, in other words, for every court decision that goes against the SEC to be answered not with a rational shift in policy and approach, but instead two blazing middle fingers from a bureaucrat potentially on his way out the door. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Wednesday, September 27th, and today we are talking about this crazy, strange Chase UK letter banning people from accessing crypto from their bank accounts. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find the link in the show notes or go to bit .ly slash breakdown pod. Well, friends, I have to start the show by eating some crow. In the morning yesterday, a letter started going around that people were, of course, breathlessly posting as fact long before it was confirmed, and it just did not read right to me. So much so that as more and more people started tweeting about it, I actually posted it saying, I think this letter is fake. Let me just read the whole thing to you. So it's not long, so you have a sense of why I was skeptical. The header says Chase, and it says our policy around crypto is changing. Here's what it means for you. Hi. To help keep your money safe from fraud and scams, we're changing the type of payments you can make from Chase. From 16th of October, 2023, if we think you're making a payment related to crypto assets, we'll decline it. If you'd still like to invest in crypto assets, you can try using a different bank or provider instead, but please be cautious as you may not be able to get the money back if the payment ends up being related to fraud or a scam. Please head to our website for more info about how to protect your money. We've made this decision because fraudsters are increasingly using crypto assets to steal large sums of money from people. Declining these payments is one of the ways we're help keeping you and your money safe. All the best, the Chase team. So a couple of things that really stood out to me. One was the tone in general non -professionalism of the letter. The use of the word fraudsters seemed very, very strange from an official corporate communication. This is obviously quite a colloquialism and so the idea that it was being used as a formal explanation for why a bank would be denying an entire category of payments options to its users seemed a little crazy. Continuing that questionable tone was the ending, all the best. That's how I sign off my emails. That's not how a major bank signs off its emails. Now, of course, there was also the general grossness of the policy if it were to become real, but that really wasn't even what I was thinking about initially. And yet, shockingly, it was confirmed to be real. I was wrong and somehow a bank associated with Chase had sent out that letter. Now, later in the day, it became clear that the policy was for Chase UK rather than the broader US or international banks. But even if it was only a domestic UK policy, the aggressive move still rubbed many people, perhaps most people, I would say, in the industry the wrong way. Coinbase CEO Brian Armstrong tweeted, Now, Andrew Griffith is the UK Economic Secretary to the Treasury and Minister for the City of London and Rishi Sunak is, of course, the Prime Minister who was formerly the Chancellor of the Exchequer who said while he was at that post that he wanted to make the UK a crypto hub. LightSpark CEO and former head of the Libra project at Meta, David Marcus, added, Now, UK commenters were surprisingly quiet and that's perhaps because Chase is a relatively minor player in the UK despite being a major global banking brand. Chase has, in fact, only had a presence in the UK for around two years and has less than two million customers. They're also limited to offering online services, so are, in practice, a lot closer to a fintech platform than a traditional bank. Just by way of comparison, relative to the population, Chase UK has a similar footprint to Huntington National Bank in the US. Now, if Huntington banned crypto transactions in the US, you can bet we would be chattering about it, but it wouldn't ultimately be seen as that big of a deal which perhaps explains the lack of outrage from UK crypto investors. That said, of course, Chase isn't Huntington. Regardless of whether they have a large customer base, Chase UK is still a subsidiary of the largest western bank in the world and because of that, the important part of the policy change is unpacking whether this is an idiosyncratic decision of an insignificant bank or speaks to a broader policy outlook at JPMorgan Chase. Now, the reason given in the letter for this policy change was, of course, to prevent fraud. When fielding questions from media throughout the day, a Chase spokesperson doubled down, saying, Austin Campbell rightly points out, quote, Bitcoin attorney Crypto Hat responded, Austin, eminently reasonable as he always is, responded, and other financial institutions to fight said fraud, not turtling. Now, of course, even if this policy change only affects a couple of million Brits, it still matters in the broader fight to ensure crypto investors and firms have fair access to banking services. This has, of course, been one of the biggest themes throughout this year. The pushback from the US crypto community matters in order to ensure that banks can see that these sort of blanket bans are simply not an acceptable way to deal with issues around fraudulent transactions. And for a place that said it wants to be a crypto hub, the UK in particular has had a string of larger banks rejecting crypto payments over the past year. In February, a group of CEOs from major UK banks appeared at a parliamentary hearing. Multiple CEOs said their banks were blocking crypto payments, and although they listed fraud as a major concern, they also mentioned the volatility of crypto investments. The problem became so large that the UK's Financial Conduct Authority published a report on de -banking earlier this month. The report stated that the regulator had facilitated conversations between banks and crypto firms to ensure that they would be able to open and maintain accounts. Still, some large UK banks, including NatWest, are currently refusing to service crypto firms across the board. Now, one alternative opinion came from Francis Pulio, the founder at Bull Bitcoin. He said, via video chat, and essentially interrogate them to make sure they aren't being sucked into a yield, cloud mining, or other crypto ponzis. Still, as you might imagine, even among Bitcoiners who share Francis's disgust with crypto scams, this wasn't the primary opinion out there. Indeed, by and large, the sentiment was, and this is the end -then -they -fight -you phase. So what to do? Well, some, like dGen Spartan, basically say vote with your feet. They write, but getting banks to open accounts for crypto individuals and companies is another. Just vote with your money. My crypto -friendly banks get my highest share of account. The others? Meh. Now, another response is the entrepreneurial opportunity. Rama Lawalia, the CEO of Lumida Wealth, said, Although, indeed, later he tweeted, I don't know, man. All in all, it feels a little choke pointy to me. Remember, the whole point of Operation Choke Point and why it's problematic is that it creates a scenario where government and regulators don't have to ban anything because they just make it so economically untenable and politically risky for big service providers like banks to work with crypto companies that a de facto ban is the natural response. And speaking of de facto bans, let's turn now to the intransigent SEC, a bipartisan group of House Financial Service Committee members have written to SEC chair Gary Gensler calling for the regulator to immediately approve spot Bitcoin ETF applications. Mike Flood, Tom Emmer, Willie Nickel and Richie Torres penned the letter, which asserted that, The SEC's current posture is untenable moving forward. Following the Court of Appeals decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards.
Fresh update on "bulls" discussed on Bloomberg Wall Street Week
"Are positively correlated. It's a new world. I want to talk and I'm fired up this morning because I got great and worthies running around the world spouting economics and it just drives me absolutely nuts. Let's to get back common sense. You work for the most famous market economist in the world. Edward S. Heiman invented the game. I want to get from Ed Heiman to Julian Emanuel. What does that linkage across the Heiman predicted disinflation. So Ed's call again inflation. It has been very consistent. And what's interesting about the current environment is it's very clear that you see oil prices ratcheting higher the way they have whereas copper prices have been going lower. That tells you that what's going on is more geopolitical than an entrenched inflation Psychology that's going to continue to unwind. Hear the full conversation on the latest edition of Bloomberg the surveillance podcast subscribe on Apple Spotify and anywhere else you get your podcasts plus Let's listen anytime on the Bloomberg Business App and Bloomberg .com And I'm Charlie pellet at Bloomberg World headquarters. It is on to the trading month of October a losing Week a losing month and a losing quarter Michael Sheldon is chief investment officer at RDM Hightower Financial. I think September has lived up to its reputation as being a difficult month for the markets And we had a pretty good first few months of the year, but things have sort of tailed off here recently and you can can hear more of that conversation with Michael Sheldon on the Bloomberg Business Week podcast. You can download it wherever You get your podcasts. Well, certainly rising bond yields are one concern for equity investors BlackRock CEO Larry Fink is expecting tenured Treasury yields to top 5 % as shifts in politics and supply chains make inflation more persistent. Fink made the comment at the Berlin Global Dialogue Forum. We're going to have 10 year rates at least at 5 % or higher because of this embedded inflation. This structural inflation is unlike anything. and I And think business leaders and politicians are not providing the foundation to help explain this. BlackRock's Larry Fink so with the tenure now at about 4 .5 %. What about the outlook? Dana Dioria is co -chief investment officer at % solutions. VESNET Is it really that surprising where ten years are given where two years are given you know all the economists the newly minted bulls that we've had we've had in the last few months even the Fed itself saying hey we think we're gonna stick the landing there's no recession here. You can hear more of the conversation with Dana Dioria on the surveillance podcast and you can download it wherever you get your podcasts. Another headwind for the inflation outlook has been rising energy prices Stephen Shork is the president of short the group. I'm afraid now that the situation we're seeing in supplies crude oil supplies economics delivery hub in Oklahoma we're at very low supplies there's going to be a tremendous on the market already is. Stephen Shork of the short group you can hear more of that conversation on surveillance the podcast you can download it wherever you get your podcasts and even with higher prices oil Mark Haefeli of UBS says energy stocks have yet to capture all of their upside potential. Well we think that they haven't really seen the earnings catch up with these higher prices and we think that there can be some persistence in these higher oil prices. Mark Haefeli of UBS stocks end of the day mixed the Dow was down 158 points down five -tenths of one percent S &P down for a fourth week it fell 11 points today down three -tenths of one percent and then stack up 18 up one -tenth of one percent. Global news powered by more than 700 journalists and analysts in over 120 countries. I'm Charlie Bloomberg. You're listening to the Big Take podcast on radio. I'm Wes Kosova. Today we're talking about whether big companies have made good on pledges to increase workplace diversity. More brands and businesses are becoming vocal in the movement for racial justice and equity. Some are taking it a step further pledging donations and changes in their own practices to address workforce inequity. Adidas which also owns Reebok is pledging to increase the number of black and Latino employees it hires by the end of next year. Think of is America pledging to address racial and economic inequalities by partnering with community colleges and universities. Microsoft CEO Satya Nadella has now outlined some plans to double the number of black managers and senior leaders in the U .S. of that company over the next five years. In 2020 after the murder of George Floyd in Minneapolis led to protests across America many U .S. corporations pledged to address racial imbalances in their workplaces. They promised to hire and to promote more black people and others from underrepresented groups. Now three years later we're able to see some of the early results. Bloomberg's Jeff Green and Rebecca Greenfield are here to talk about a new analysis by a big team here in our newsroom. It shows for the first time how some of prominent the most U .S. companies did in making good on those promises. Where they've made gains across 88 companies 94 percent of those net new people were people of color. It's the kind of number when you see it you go back and you check all your data because you must have done something wrong and we've done that again and again and it's correct. And where they still fall short. More than a quarter of companies in our data set had fewer black executives in 2021 than 2020s. And the question we're talking about right now is did it continue? Jeff, you've been following these numbers for three years now. We're trying to find a way to measure diversity. And as Becca knows it's really frustrating the lack of data that's available that you can compare apples to apples.
A highlight from Bitcoin Bull Market Will Start When (THIS) Happens!
"Good morning, everybody. It's time to discover crypto. It's Tuesday, September 26. It's 11 .31am. Probably just a minute late, guys. You know what? I had to button up the top. I wanted to try a little bit professional. Actually, I'll tell you what the real deal is. I was going to wear a button -up, and I didn't have any zip -up jackets. And I said, why not just wear a jacket? Quit being a DJ and dress like a man for once. So I'm wearing the jacket today. We got Drew and Tim on the ones and twos. And then there's me in my normal hoodie. Ain't nothing wrong with the Federman gear. I rock the Federman gear, too. True. Yeah. Yeah, there's nothing wrong with it, guys. We're going to talk about why we think Bitcoin bull run is going to start, when it's going to start. Kelly's going to break that down. Also, we got some big, big news. The government shutdown. We're going to break down exactly what happens if the government shuts down. What gets turned off? What doesn't get turned off? Guys, this is less than a week ago. We don't think it's going to happen, but it's good to be prepared just in case. Also, we're going to talk about NASA. Do you know the NASA story? What is the NASA story? They're going to hire blockchain and then pair them with Hollywood to create the second landing on the moon coming your way very, very soon. All right. All right. Stanley Kubrick, you know, rising up like Skeletor. All right. That ought to be a good one. Also, we're going to talk some XRP news, some Microsoft stuff with Xbox and crypto. That could be potentially gigantic and also just some world global stuff. It's going to be interesting. All right. Let's, guys, make sure you are subbed to the channel if you're not already. Hey, maybe even hit that like button on that one video. If you want to check out our other channels, please do. We're always putting out great, great content. Frankie around the blockchain, BitLab Academy, The Basement, NFT alpha, last but not least. All right. Let's look at the crypto market cap here. What is going on with the crypto prices? We're going to go ahead and refresh. I want that freshest Chainlink oracle data. Looks like we're up 0 .3%. So we're up a third of a percent. The market cap is coming in above 1 trillion. We're 1 .08 trillion for the market cap. 24 -hour volume is slightly muted at $28 billion. Bitcoin dominance coming in at 47 .1. Gas is low again. Isn't as low as 11, what we saw, I believe, on Friday, but down to 23 gwei. Pretty low right there. So if you want to get in and out of some alts, now is potentially a good time. Bitcoin is down right in line with the market. The market's down 0 .3%. Bitcoin is down 0 .3%. Ethereum down 0 .1%, down 0 .2 % just for the past hour. However, BNB moving up however slightly. Also, XRP. XRP community in the chat hit that like button. You were up 0 .6%. It's time to celebrate. Also, we have, hey, Cardano's flat when Bitcoin's down. I'm just going to take that as a victory. I'm going to go ahead pat myself on the back for that one. But we are below 25 cents. Cardano coming in at 24 .4. What is up with Cardano at this 25 -cent level? Tim, you're Mr. TA. It loves being right out of quarter. Yeah, well, and before it loved being at 30 cents and then... Hey, don't remind me. And before that, it loved being at I think 50. Before that, it loved being at a dollar. I love Cardano. It's my largest altcoin bag still, and I'm not giving up that conviction of it. Now, it's setting lower highs and lower lows. What do we call that? A bear trend. I'm going to continue to hold to the call that I've made now for over a month. I believe, oh, actually, it's been like two months now. I think we're going to be seeing an 18 -cent Cardano. I called that back even as we were pumping up to 38 cents here not too long ago. I still believed that 18 cents was coming in. And if you're looking at this bear trend, lower highs, lower lows, I think it's going to happen. All right. Speaking of lower lows, a lot of people talking about the truck and how they want to back up the truck and then just buy a lot of these cheap alts. That's what I would do. That's the positive side of this. I wouldn't do weird things with it. People hear bearish price predictions or bearish prices being talked about. And their first thought is to be like, oh, no, that's not going to happen. I can't lose the money. I was like, well, you don't lose unless you sell. And also, if it goes that far, you had an amazing opportunity to buy again. So stay positive. It's a great idea. It's it. I'm rooting for Cardano to get 18 cents and Bitcoin down to 19, 900, 700. You stop that blasphemy. That's yeah. Well, we got right the blockchain. 24 cents is the floor, guys. Just be careful because it is until it isn't. And then it will be, you know, we got that little spike off 21 cents. So I expect a little bit of pressure. And then the psychological level of 20 cents if we fall below this. But I believe we would need to see Bitcoin at 2322 for that to happen. Alright, in the rest of the alt realm here, we have Dogecoin down 1%, Solana down almost 2%. Tron moving on up. Good job, Justin Sun. We have Polkadot down 1 .4%. So nothing really is moving too hard. Even Chainlink's barely moving here. Wait a minute. Did we see some in the 3 %? Law enforcement officer? No, no, no. Why is Leo token down? Hey, you know what we're talking about here. Let's talk about the big gainers though, folks. Looks like Maker is leading the way. It's not much of a pump, folks. 4 .3%. We have FRAC shares up 3 .2%. And then after that, very, very muted. It is right at 1 % for Optimism, Avalanche, and then BNB. So we're really not seeing anything jump too much here. Do you have any of these coins in the top? You have any FRACs? What is up with FRACs? Always moving. Crazy. Avalanche is the first one on that list that I have. I don't have any BNB. I have some XRP, obviously.
A highlight from Top 3 Crypto Sectors for MASSIVE Profits In 2024! (Accumulate Now)
"There are three crypto sectors which I believe are going to be the pillars of next cycle and thus I am positioning my portfolio concentrated around these three sectors. In front of you on the screen right now, you can see the historical snapshot of the market during the peak of the 2017 bull run. Take a look around, look at the top 50. How many coins here didn't end up featuring in the 2021 bull run? You've got Lisk, you've got Omizgo, you've got Stratus, BitShares, Ardor, Hyper Cash, Bytecoin etc. All these ancient relics ended up fading into oblivion come the 2021 cycle where we saw coins like Polkadot, coins like Terra, Avalanche, Solana all outperform and exhibit massive gains versus their old counterparts. So if you go into this next cycle investing in the old relics of last cycle and not addressing the current problems we have in crypto right now, I think you are in for a rude awakening come the next bull run. So instead, why not focus on the biggest problems of next cycle? Be preemptive here and start anticipating what some of the biggest upcoming trends are going to be. Then you can reverse engineer that process and start building the foundational blocks of your portfolio now setting yourself up for success in next cycle. So today I want to talk about three major verticals that I am eyeing in crypto and I'm three of the biggest sectors next cycle. I'm also going to give you coin picks from each of these sectors and give you my strategy with each individual category. Without further ado, let's get straight into the video. Now the first major sector in crypto that I think is undeniable as the driving force behind crypto's price performance and also the lifeblood of a lot of the market is simply speculation. I mean just think about it, humans are innately gamblers. The entire premise of stock market's growth over the last century has essentially been people speculating on asset prices going up in the future. Crypto is the biggest and most accessible casino in the world so when it comes to human speculation it is definitely well positioned for significant upside. Now as long as humans exist I believe that their desire to speculate will exist because humans are innately gamblers and for that reason I'm bullish on human greed. So when it comes to crypto how can you position yourself on the premise that humans will want to speculate next cycle? Well in my opinion there are really two growth verticals here when it comes to human speculation. Yes it is the most basic of the three narratives of today's video but it is also the most obvious one. Crypto's use case whether we like it or not is gambling and is speculation and for that reason you can divide this up into a gambling platforms that facilitate people's ability to speculate and two platforms like DEXs that allow people to speculate on the market specifically. So when it comes to gambling platforms I think it's undeniable like rollbit for example has been a major prominent pillar of this sector given the fact that it's been able to do over 25 million dollars of 30 -day casino revenue and as a result has burnt 5 .3 million dollars worth of rollbit tokens. This is an example of a protocol that is really primed to capture that human greed factor considering it offers a casino product, a crypto futures product and a sports revenue product. I haven't seen many other great gambling platforms in crypto launch so for today's video I think rollbit is the obvious selection here but as they start to launch and as some better products start to come out in this niche definitely gambling platforms is something I have on my horizon because as I said I'm bullish on human greed. Now if you look at rollbit's fees you can also see that comparatively it stacks up pretty well to the rest of the market with it actually generating more in the past 30 days than the blockchain Tron, the biggest DEX on Ethereum Uniswap, the Bitcoin network, it's only behind ETH and Lido in terms of revenue generation so that's a super interesting vertical. Now the other vertical in terms of capturing speculation next cycle is of course the DEXs because if you view crypto as the ultimate casino then in this world the exchanges by default become the house. Now when retail comes back volume returns, volatility returns and more importantly risk appetite returns which in my opinion it inevitably will then the DEXs and the centralized exchanges are going to be the biggest beneficiaries but due to the recent regulations surrounding centralized exchanges and due to the transformative shift we have seen over the last few months from centralized exchange trading to DEX trading I think DEXs considering this environment are going to be some of the major beneficiaries when it comes to capturing revenue from what we call the crypto casino. So I am looking to position myself in the top DEXs in the market, the top -notch products which have a clean and intuitive UI because I believe that stickiness comes from a great user experience, a diverse range of trading pairs and prompt listings of the new hottest crypto coins and products, competitive fees and strong referral programs because we know exchanges like Bybit were built around really strong referral programs and a DEX is going to need to capture that in order to fully harness its growth potential. So at the end of the day it comes down to user experience when we can get a centralized exchange like experience on a DEX then I think there is really an incentive considering crypto regulation for people to actually use these DEXs. Now what are some of the products I'm looking at? GMX clearly has been one of the leaders in this sector, it's also heavily discounted in price since its highs, this is definitely one that I've got on my list. Gains network as well is another one that I've got on my list considering the fact that it supports 64 trading pairs, they've also got forex and commodities so it's not just crypto that you can speculate on on the blockchain and there's also a bunch of other features that they offer. They give up to 150x leverage, I mean that by definition appeals to the degens, they give 250x leverage on commodities and 1000x on forex in some cases, they also support collateral deposits up to 250k and DAI is also a stablecoin supported as collateral. They also have a few interesting features like lookbacks for better execution, one click trading for a better trading experience. So in terms of current trading products that are on the market right now in the DEX form, I think G -Trade and more broadly the Gains network team are doing a really good job at pioneering this space. Now of course Gains is a partner of the show, if you do want to trade on G -Trade there is a link in the description. If you haven't yet, I think you are missing out because it's an amazing trading experience and for those that are looking for a new trading home, I think this is one of the best products on the market right now. Another DEX that I'm looking at is DYDX. These guys are going for a really novel and pretty ambitious approach to solving the DEX problem with their own chain. They did decide to leave Ethereum and launch their own chain on Cosmos, that's super bold. If it fails, it could fail spectacularly but if it pays off, it could really pay off spectacularly due to the additional composability that deploying on Cosmos gives you over deploying an EVM application. So this could be a massive success, we don't know yet but if it is, it's definitely something that I'm interested in getting exposure to. Just keep in mind that there is a big token unlock coming. I am expecting DYDX to issue some sort of big announcement to try and offset some of the sell pressure but just keep in mind that there is a bunch of sell pressure coming and you're probably going to want to DCA slowly into this one as not to take on any unnecessary risk during a bear market. Now I've got one more option for you if you're interested in this whole speculation DEX narrative and that's say network. So you don't just have to bet on the specific DEXs, you can bet on the infrastructure, the platforms that are facilitating speculation and say by default is a layer one blockchain that is specifically being built for traders because they're offering fast finality which is very important when it comes to executing trading, a twin turbo consensus mechanism which is very important for the overall performance of the network, they have a native matching engine that allows exchange teams to leverage that to build their own exchange products and also they have front running protection built into the layer one blockchain. So pretty much what you need to know is say is a blockchain built specifically for trading applications and if you want exposure to this narrative this is definitely an interesting one. Price wise it's essentially been down only since its launch but this is one that I'm looking at accumulating maybe let's say over the next six months to a year slowly accumulating to position myself in this narrative I think say is a super interesting unique bet. Okay now let's get into sector number two and that is real world assets. DeFi has a big problem right now, the interest rates across the world have increased significantly since 2021 so there's less of an incentive to stake money in DeFi yield farms. I mean back in 2021 when interest rates were essentially zero people were desperate and they were starved for yield so they were parking capital in DeFi where you could get 10 to 20 percent of your stable coins, 20 to 30 percent on your ethereum. It was amazing right? Well those days are over and now for DeFi to succeed and become sustainable it's going to need avenues to attract capital into the ecosystem and I think the number one vertical for this is real world assets so that's essentially tokenizing assets like real estate gold collectibles cars and intangible assets like equities bonds carbon credits and trade finance and bringing it on chain in the form of a token and enabling users on chain to deposit into vaults to earn yield on real life assets so if that is a property it can be divisible into a bunch of tokens offered on chain so you can essentially invest into a property instead of going through the rigmarole of investing it in real life with big barriers to entry you can take a lesser barrier to entry and divide it up into a bunch of fractions to allow people to invest and earn yield on that property on chain but bonds are another example instead of having to go through a traditional trading house and centralized entities which take huge transaction and management fees you can go straight peer -to -peer on a DeFi or crypto product which allows you to invest in things like bonds and treasury bonds so it's super interesting the real world asset space and as you can see the boston consulting group expects this space to 26x from 0 .6 trillion dollars to 16 trillion dollars by the year 2030 with their high case so their bullish case being 68 trillion dollars which is 113 x from the current market cap of real world assets so this could potentially be a whole lot of money coming into the crypto ecosystem so clearly real world assets are a massive growth vertical and this is one that i'm interested in positioning myself towards because if we do see a massive influx of tokenized assets coming on chain this could be a huge attraction for new tbl to come into the crypto market now in terms of positioning myself for real world assets there's a few ways you can do it the first way is essentially betting on individual real world asset protocols and this is probably your most direct way but it's also the riskier because even if real world assets succeed if a specific protocol fails then your investment could still go to zero the safer way but the less upside way would simply to be to invest in the blockchains the l1s the l2s that you believe in and you think are going to be home to the tokenization of assets because at the end of the day these blockchains make sequencer fees and revenue which in some cases are paid back to holders so the overall value of the chain increases however as you guys know you're not getting as much upside of course so you've kind of got to decide whether you want to go for a protocol based approach or an infrastructure based approach i like to do a little bit of both because then i can capture some of the massive upside but i can also have some safer bets to hedge against some of the protocol specific bets in terms of protocol specific players my favorite ones fracks i've talked about this a lot in the past but they're doing a lot with their v3 they've got fracks lend they're not just a real world asset protocol they've got exposure to other niches as well to hedge as well so i do like fracks as a play this is my personal favorite one in the sector make it also interesting i don't own any and i'm not planning on buying any anytime soon but this has definitely been the the leader of this narrative considering that they've been able to accrue over 600 million dollars worth of vault value thanks to their importation of treasury yields on chain so this has been a really successful one but i'm also seeing many different real estate products collectibles marketplaces and super interesting products starting to launch in the real world asset space so this is definitely one where you want to keep some capital aside and look to position yourself in this one uh over the next few months this is definitely one of the biggest growth verticals next cycle especially if we can get anywhere close to that 68 trillion dollar figure that bcg did suggest as a potential growth target by the year 2030.
A highlight from Fidelity's Bull Case For Ethereum
"Are the institutions serious about Ether the asset? That is the question today. So Fidelity, the multi -trillion dollar asset company just recently released an investment report. It was entitled Ethereum Investment Thesis. This is their case for why Ether the asset. The question on today's episode is, are the institutions really serious about Ether? Has Ether the asset passed through the institutional gauntlet the way Bitcoin has? This is the investment thesis from Fidelity. We bring on the researchers who wrote it and I gotta say, they pretty much get it right. We talk about value accrual for Ether the asset. We talk about whether Ether is money or whether it's a capital asset or maybe a bit of both. We talk about this concept of blue chip block space and maybe Ether block space is emerging as that. So stay tuned for this episode if you want to get more bullish on Ether with some conviction. David, before we get in, there's a message from our friends and sponsors over at Layer Zero. What do they want people to know? Yeah, Layer Zero is teaming up with Google Cloud. I did a panel at Permissionless with Raz from Layer Zero and Rich from Google Cloud talking about all about their partnership, their integration. Layer Zero of course is a messaging network. Layer Zero has smart contracts on 15 different chains across the crypto world and Google Cloud is the oracle that passes messages between these chains. It's the default oracle and so it's pretty cool that we're getting Google as a large player to come support this industry getting over some of our biggest hurdles, the hurdle of course of getting from chain to chain. But can you provide better infra than Google Cloud? Probably not. But if you can, you can run your own oracle too, weaving together 15 chains, hopefully more securely than the last bull market. So there's a link in the show notes, layerzero .network to find out more. All right, let me ask the question before we begin. Why was this episode significant? Why did we do it with Fidelity? Fidelity is a amplifier of some of the core analysis that has gone on in this industry to much more capital than that is currently in this industry. How many AUM does Fidelity have, Ryan? How much would you say? Something like four to five trillion. Four to five trillion? What is the market cap of our industry right now? One trillion? One trillion. Okay. So think about that leverage, right? Yes. They are putting in work to understand Ether. One of the lines that we've said frequently, and you'll hear it in this podcast, is the most bullish thing for Ether is to be understood. And there are some tailwinds behind this. Ether, unlike Bitcoin, has metrics. It has staking yields. It has burn rate. It has all of these different metrics that help kind of define the contours of what Ether is. And these are being put into an investment report by Fidelity. And so we go through the authors of this report and kind of unpack the investment thesis behind Ether. But also, I would say, it's also a framework for general crypto networks who are interested in following in Ether's footsteps. Do you want an investment report written by Fidelity to broadcast the merits of your network to the broader trad five, five trillion dollar asset under management Fidelity world? We talk about what it takes to join the ranks of Bitcoin, because now there are two. Two blue chips, Bitcoin and Ether. So we narrowly get to talk about Ether and its properties, but also kind of provide a framework follow for on crypto assets to join in the ranks, because, I mean, the bullish case for crypto is that we get more blue chips than just Bitcoin and Ether. And so that's why I would say this is significant and why it's worth listening to. Yeah. For me, it's not as much what they're saying, it's who's saying it. And that's what makes the impact and the difference. And this is a message that goes directly to institutions. So you'll get a flavor of how the institutions think about Ether, the asset in this episode, I think. Long time bankless listeners will probably, this is review content from them, but I mean, it's different when that content first came in the form of like medium articles and sub sec posts. Now it is in the form of professional PDFs from Fidelity. And so it's always nice to see the expansion of the narrative take on new forms. You got to check the footnotes in this white paper as well. They footnote ultrasound money, which is really cool. And guys, before we get into this episode, of course, first we disclose both David and I hold Ether. We are long term investors. We are not journalists. We don't do paid content. There's always a link to all bankless disclosures in the show notes. All right, let's get to our episode on the Ethereum investment thesis with Chris and Jack. But before we do, we want to thank the sponsors that made this possible, including our number one recommended crypto exchange, Kraken. Go check them out. Kraken Pro has easily become the best crypto trading platform in the industry. The place I use to check the charts and the crypto prices, even when I'm not looking to place a trade. On Kraken Pro, you'll have access to advanced charting tools, real time market data and outside their spiffy new modular interface. Kraken's new customizable modular layout lets you tailor your trading experience to suit your needs. Pick and choose your favorite modules and place them anywhere you want in your screen. With Kraken Pro, you have that power. Whether you are a seasoned pro or just starting out, join thousands of traders who trust Kraken Pro for their crypto trading needs. Visit pro .kraken .com to get started today. Metamask Portfolio is your one stop shop to manage your crypto assets and to tap into DeFi all in one place. And the most important part of that experience? Buying crypto, obviously. Metamask Portfolio's buy feature enables you to purchase crypto easily without going through centralized exchanges. Designed with you in mind, you can fund your wallet directly in just a few clicks with convenience and simplicity. What happens when you press the buy button? Rather than being limited to a single payment provider, Metamask brings together a bunch of vetted trustworthy providers to present you with customized quotes for your crypto purchase. Once you've funded your wallet, you'll be able to plug into DeFi with all the money and verbs like swapping, bridging and staking. But first things first, you need skin in the game. Head over to metamask .io slash portfolio to buy crypto the easy way.
A highlight from DAIM - The Investment Advisor Dedicated to Crypto
"Hi everyone, Andy Pickering here, I'm your host and welcome to the Crypto Conversation, a Brave New Coin podcast where we talk to the people building the future in the Bitcoin, blockchain and cryptocurrency space. Hey team, we have a new sponsor here at the Crypto Conversation, BitGet, one of the world's leading copy trading cryptocurrency exchanges, yes indeed. What happens if you've got the funds to invest but you don't have the time to keep track of the market? You still want to make smart money moves? What do you do? Well, copy trading is a popular choice for beginner traders. You can shorten your learning curve by uncovering tips and strategies from more experienced traders. BitGet's copy trading platform has over 80 ,000 elite traders to choose from and 380 ,000 followers just like yourself who are already using the BitGet copy trading platform as a potential passive income stream. All it takes is one click, you can subscribe to an elite profitable strategist, set your limits, automate your orders and monitor their trades. I've got some links in the show notes below, one link will take you through to the BitGet sign up page, give you a VIP discount. So learn all about it for yourself, thanks to BitGet. And now it is on with the show. My guest today is Brian Courchene. Brian is the founder of the Newport Beach based DAIM. I believe it's one of the first US registered investment advisors dedicated to crypto. I will learn more about this today. Welcome to the show, Brian. Hey, thanks for having me, Andy. Glad to be here. Glad to have you here, Brian. Let's do what we do at the beginning of the show. Big, good if you could please introduce yourself, I really love to hear a little bit about your personal and professional backstory and the lead up to founding DAIM. Yeah, yeah. So we're here in the United States in California, specifically in Newport Beach. And where I come from in the background is I got my start on Wall Street, actually on the floor of the New York Stock Exchange. I got with a guy and started writing paper tickets and backing up their floor traders. And then I went on to be a trader in the pit there on the options side. So I was there for 13 months. And then from there, I worked at different broker dealers in New York City, specifically as a vol sales specialist. And that was great. And in 2014, I came across Bitcoin on my own research. October, I made an allocation to it. It was the first one. And from then on, I was kind of the go -to guy. Maybe nobody had a position on the floor, nobody had a position in the building. And I was a guy that people came to when they had questions about the space and this grew and grew and grew. And then in 2017, in the early part of the year, pre -ICO run -up, I had realized that there was a need for a properly licensed advisor and asset manager in the space. Everything that was out there was self -directed. Coinbase, for example, you go on Coinbase, it's all up to you to move your own money, decide what to buy, when and how, and people just needed a human help to this. And so what I realized was that there was also a larger allocation that people wanted to make to the space and they wanted to do it with someone that maybe had some kind of licensing that they could fall back on or recourse. And so I left the firm that I was working at in New York City and moved here to Newport Beach to start building this business to be the first of its kind licensed registered investment advisor in the United States to advise and manage assets for individuals. And so as fast track as that sounded, as simple as it was, it was a bit more of a challenge than that at the time when we were dealing with the regulators and getting the business approved, it took us into 2018 and for people who know prices, the price of Bitcoin had come off from the all -time highs in 2017. January 1st, it was $13 ,500. And then by the time we got into May, it was sub $10 ,000. And so the regulators kicked back a little bit saying they didn't want to license the first of its kind advisor in the space. That was kind of defeating because I'd spent quite a bit of money in my own Bitcoin to build this and get it going. But I didn't stop there. And I basically made a case with them saying, look, you got to approve this business. There's nothing like it out there that can actually help people. And I'm probably the most qualified thing you can get right now. I had the Series 4, which is an options principle. I had the Series 24, which is a compliance officer. I had owned Bitcoin again since 2014. I had the Series 65 and I said, people need help in this space. And we ended up getting the license. It was actually the next day after that phone call. May 31st, 2018. And since then now, yeah, we advise and manage crypto positions for individuals in the United States and corporations. Yeah, fantastic. So DAIM, of course, just stands for Digital Asset Investment Management. You say then that you are helping individuals with their crypto positions and allocations and maybe even their decision making. Just talk us through a little bit more about what that means, Brian. Who are the kind of different target markets or customer segments that your firm services? Yeah, so a typical client for us is generally a business owner in the United States, quite busy with what he's got going on, but wants to have an allocation to the space. Generally, something much larger than a few thousand bucks or 10 grand that somebody would on typical a exchange, Coinbase, Gemini, Kraken, they want to make a larger allocation, maybe something in the hundreds of thousands or even millions to the space. And so they get with us. Things look very familiar from kind of an onboarding standpoint to what their traditional investment advisor might look like. And then we have the license check where they can look us up on the SEC's website. And then we take them through a new client profile where we get to learn a little bit about and them we can then go with them about, okay, this is the allocation we think you should make. Maybe sometimes we've got to walk them back from being too big. And then this is the portfolio we want to put you in. And then from there, it leads to usually a transfer of some sorts from like a traditional investment management firm, Schwab, Fidelity, stuff like that. So we handle the transfer, the funds land, and then we put in place our model portfolio, which is our best thesis on the space. And then we manage their assets according to that. And we actually run that across all of our discretionary clients. So our clients, not only do they get an advisor and a manager sitting on top with a license, but also a portfolio that gets professionally managed, kind of like a fund. The difference is that we run a flat fee and we don't add the performance fee on top of it. And so from there, once they're onboarded and invested, they get 24 seven view access into the account. They get regular statements. If it's a taxable account here in the United States, we work on things like tax loss harvesting. Should that be needed? 10 99 beneficiaries. And then we go into the tax advantage accounts. So we can do things like IRAs, traditional IRAs, Roth IRAs, SEP IRAs, Roth 401ks. And then we even do a corporate 401k where a business can put in place a plan for their employees that gives them the ability to have up to 10 % in pure Bitcoin alongside traditional mutual funds. And this is something actually we're really excited about coming out of like a pilot program. And it's something we want to expand into market. Yeah, I mean, but to jump into their first thing, Brian, I guess, yeah, the idea of having a even a small allocation into people's 401k funds would be obviously a good thing for Bitcoin and presumably a good thing for individuals that do have Bitcoin in their 401ks if over time Bitcoin does appreciate. But do you see, is there a demand for this and you can see this growing over time? Yeah, so the 401k market is quite large. The addressable market is just massive and there's just nothing servicing really alternative investments. And that's where Bitcoin comes into being kind of like a liquid easier alternative investment instead of something like real estate or VC funds. And so when we put the plan out and we went and looked for pilots for this, we thought that it was going to come from mostly crypto native companies or tech startups. But what we found was quite different. We found that interest came from traditional businesses, law firms, construction companies. And when we put the plan in place, when you look at like who wants to participate and who elects for Bitcoin and how much, you actually see it's kind of the crowd that's over 40 and professional and people that you wouldn't think would be so technology native, but it's people that kind of understand like you got to take a little bit of risk and Bitcoin's been around for a while and why not go for that? Because it actually does improve the Sharpe ratio of these portfolios. And so, yeah, it's been surprising to us, which is actually a good thing, because eventually the people that are in the younger generations that are in tech startup or crypto events will get older. They'll have more money in their 401Ks and eventually they'll have the option when they're ready to participate in this. Yeah, very well said. So you said also, Brian, that you almost manage like kind of like a fund, which is DAIM's, I guess, crypto portfolio thesis. Right. So that's correct. I wonder how much of that you're prepared to talk about in terms of, I guess, what that portfolio fund breakdown in terms of crypto assets would look like. And it's notoriously hard, obviously, to beat Bitcoin just with a buy and hold strategy over a kind of long time zone. What's your approach to trying to, I guess, beat the market on behalf of your clients? Yeah, I can talk about this quite a bit. So on the structure side of it, it's set up as SMA here in the United States. Separately managed accounts. So all of our clients actually have their own accounts and the assets are not co -mingled, but we do manage them with an overlay. And that way we can get the trades done and rebalancing as needed. And the great thing about that is it gets back to us being liquid at any time, unlike having a lockup period with a fund. And so when we have that structure, then we move into being able to manage these assets quite easily and then offer our clients the liquidity that's needed. And then as the thesis, when I first started the business and we were running our model portfolio back in 2018, it was Bitcoin only. And we looked at the space as we want to have low turnover. We don't want to incur a lot of trading fees. We don't want to incur a lot of taxes in these accounts, but we also understand that being long crypto in itself is the best way to get multiples on your return. And then when you go to allocate away from Bitcoin and go to seek alpha, you got to see if you're going to have a strategic outperformance. And then what seems easy to say now, in the beginning of 2020, we had done our research on Ethereum and the upgrades that were to come, and we decided to make a 20 % allocation to Ethereum at that time from the book, which worked out really well for us. And it got to a point to where we've allocated away and Bitcoin shrunk to be a little less 60 % of our portfolio. And then we allow these assets to take course. We look at everything from a fundamental standpoint. When we do use technicals, it's really on just deploying and pulling out of positions. And so at the position we're at now, I should back up. Last year, we had closed out a majority of the Ethereum position into the upgrade and went into cash for a while, which helped us through a bit of the downturn last year and gave us capital to start redeploying at the beginning of this year. And so in our search for alpha, we haven't quite found what we like outside of Bitcoin and Ethereum. So we redeployed into Bitcoin, balanced the book 90 % Bitcoin, 10 % ETH. And now we're looking to make some strategic allocations away from both of those as we see us kind of being in the trough zone here, coming out of the bear market and entering a bull market. Yeah, fascinating. And it's interesting, Brian, that you say it's very difficult to find compelling crypto asset allocations outside of Bitcoin and Ethereum. And I suppose being so heavily overweight Bitcoin at the moment looking forward, I suppose that is probably due to the two big catalysts, two big narratives that are around Bitcoin at the moment. I'm talking, of course, of the fourth Bitcoin halving coming around March, April next year. And of course, the BlackRock's Spot Bitcoin application. So yeah, I'd love to understand just how you think about those two data points and perhaps their potential to make Bitcoin interesting again. Yeah. And there's something to touch on, too. What you started off with is looking at all the other investments outside of Bitcoin and Ethereum. And so I'll hop into that in the second half of this answer. But when it comes to the halving and the BlackRock ETF, the halving is an event that's always on the radar. And that has tend to seem price appreciation somewhat after the event. And this stuff has become well known. But what really changed was seeing BlackRock come into the space. And that was further affirmation to us that we are entering a bull market. And there are some very big players that think that there's going to be severe demand and drastic price increases in the space. And so that's another data set to us that says, okay, we don't want to be in cash anymore. We do need to be invested even though we cannot find something at the moment outside of Bitcoin and ETH. We at least want to participate in the market and be in Bitcoin because the narrative can change very quickly in this space. And so it comes to things like this, too. If you look at like key figureheads in the space and their price predictions, you got Arthur Hayes at $70 ,000. Guy Kiyosaki at $100 ,000. You've got Novogratz at $500 ,000. Kathy Woods is at $1 million. I think she might have revised her to like $1 .3 million, but the end of 2023. And so that narrative, micro strategy, acquiring more, there's just little things on the back end. And then you could see something drastic happening. And you got to be ready for that. In the next month, there could be some sort of approval for one of the Bitcoin ETFs. If that doesn't happen in January, there's actually talk that maybe multiple Bitcoin spot ETFs in the United States could get approved all at once. You have things that maybe Gary Gensler gets recalled. Like these events could happen. What we think is that the bad events have already happened. We went through that last year. We went with that with Luna. We had FTX and we had Celsius. The bad actors have been weeded out. And so any kind of regulatory stuff that comes in, we think won't have that drastic of an impact. We saw XRP do well in its case. And we think that the setup for new news and better news is on the horizon. And then you look at the liquidity on it. It's something that can vacuum very quickly to the upside. And then all that takes is the news agencies to just flip and go from doom and gloom to price appreciation. And it will show in Google and it will start to result in prices. So, yeah, that's our thoughts. And those are two big catalysts. I'd say more so the Bitcoin ETF over the halving at this point. Yeah, very well said. And yeah, you're exactly right. I mean, Bitcoin is, it doesn't seem like it now because Bitcoin really has been kind of trading in the range that it's in at the moment, just somewhere between $26 ,000 and $30 ,000, shall we say, for well, for months, really. And so it does feel like, you can call it what you want, the sort of extended bear market, the accumulation zone of the next bull market. But it is very... There's also, there's two known sellers in the market almost at a regular basis. The US government's still selling Bitcoin. And you have FTX that's starting to unload some of their Bitcoin. And so you're getting matched up with, you know, that's why you see this almost sideways slide, you know, and it's disconnect and lack of correlation is because you got these two just unloading and acquiring and just trimming. And then any news could just set this off. But the other thing is that it's possible that our government stops selling at the end of this year and takes a break. They could continue, but if they take a break, well, there's one less seller in the market. And then who knows, maybe what needs to be done in this tranche for FTX also completes as they're projected to. And then now you're relieving sell pressure. You get a Bitcoin approval in Q1 and this thing turns into a vacuum to the upside. Do you, I mean, I wonder what it's like, Brian, to be in your position, like perhaps for, I'm sure you have clients who came in perhaps during the bull market of 2021. And, you know, it's hard for people who experience their first crypto bear market. And, you know, as much as the velocity is intense on the upside, it's also pretty disquieting on the downside. What do you say to people who have sort of started with you in the good times, but now you've got to manage not only their assets through the bear market, but I suppose, you know, their expectations and emotions as well. Yeah, great question, Andy. And it brings me back to the second half of last year and just the many conversations we had with a lot of our clients and, you know, talking about the space and reassuring about our business partners and how well they're here and how good standing they're in and us. And when we onboard clients from the beginning five years ago, even through the bull market in 2021, we go over downside slides with them and we talk about, you know, bad scenarios. You know, hey, you know, how do you feel if this is going to be down 80%, right? And we have those conversations early on when there's no money at play and there's no emotions. And we make that plan and you tend to find that most people can handle it. There could be a few that say, you know, I want to exit and close out. But, you know, now that you have that conversation and it's kind of like out of the way, you can reflect back to, hey, this is the plan we put in place and this is what we're going to do. And for some of those, you know, we can do, if they're a brokerage account, I mentioned earlier, we can do tax loss harvesting. So that's a way to, you know, take these losses and offset it, you know, against future tax payments. And there's an advantage to that. And now when they stay in the game, they allow us to tax loss harvest and prices come back, you get to see some of these get back into the green and they just had a nice, you know, discount to what they're going to be paying in future taxes. And so we try to find things like that. Other things that we do too is, you know, for IRAs, we do stuff unique. We're able to stake in those. In our model portfolios performance, we've actually outperformed Bitcoin by about 30 % by strategically allocating away and pulling back. So that helps as well too, adding units to the account. And we look at this space and can say like, hey, you know, in a year where asset prices came off drastically, we had some cash because we sold earlier. So we're waiting to deploy that. We can tax loss harvest what was down and around. And we're keeping up regular communications with you guys. You know, we're tapping the street to get, you know, insight and affirmation that everybody's in good standing. And that's what really comes to good customer services, just trying to be in front of everybody and open for human communication. Because that's something that most of the businesses in the space really self -directed. I mean, there's no one to talk to in DeFi, right? You can't call any of the businesses. And even in the typical exchanges, it can be hard to have a human to talk to. And that's where we pride ourselves in being available for our clients alongside running the model portfolio. Fantastic. And talk to us, Brian, in terms of I guess the success of DAIM, your business. I'd love to understand any sort of metrics that you watch in terms of the growth in your user base, your clients, your assets under management. I assume things are ticking along and growing over time. Yeah, so when we started the business in 2018, we started off with zero clients. That's the way the regulators wanted to do it. No assets under management. And then a few regulatory audits in 2019, because they liked that we put crypto advisor and manager on there. So that slowed some growth. But then coming into the back half of 2020, we definitely caught a groove. We were able to develop some narrative and marketing in the confines of still Facebook and stuff, not allowing to have crypto advertising, but through our word of mouth and in our network and hand -to -hand discussions. And so we grew the business to over 200 accounts. And really when we look back and we analyze the business today and we look at the AUM and how it fluctuated and the number of clients, I think a lot of companies will see a drastic drawdown in AUM and they will also see a drastic drawdown in number of accounts. Now their accounts might still have a dollar value, but I mean, meaningful accounts, anything over 10 grand. Whereas we'll see that we've trimmed flat through the back half of 2021 and now are slowly increasing. And I think the temperature changed. It felt like right around March that individuals were open to getting back in the space, kind of that really bad hangover from November was behind them. And so I think things are going to get even more favorable for us.
A highlight from Huobi Changes Name to HTX and Almost Immediately Gets Hacked
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Tuesday, September 22nd, and today we are talking hacks, hacks, hacks. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Well, friends, today we start this show talking about Ben Armstrong, better known as BitBoy, who was arrested last night after he won, posted to his YouTube that he was going to confront a former business partner about the Lamborghini that he said was his, two, went to said person's door and rang the doorbell, three, did this with a gun and illegal narcotics in the back of his car, along with another business and affair partner to boot, and then four live streamed himself getting arrested. Just kidding. I'm not going to talk about that ever at all. In fact, I will only say this. The crypto space gets exactly the level of influencers it deserves. So perhaps as we think about where we want to be heading into the next bull market, we might want to choose who we listen to with just a hint more discernment. Now, what we're actually going to be talking about today is the plague of this bear market. Well, outside of Gensler, of course, and that is hacks. A wave of hacks impacted crypto firms starting over the weekend. On Friday, Nansen disclosed a security breach at a third party software vendor. The attacker was able to gain access to admin rights of a Nansen account in charge of facilitating client access to the platform. Nansen claims it, quote, managed to stop the unauthorized access shortly after learning about it and launched an immediate investigation. According to Nansen, wallet funds were unaffected. All affected users had email addresses exposed, while smaller user cohorts had password hashes accessed and wallet addresses revealed. Nansen urged all users to double check emails claiming to be coming from the company and be vigilant for phishing attempts. So that was Friday. Then on Saturday, OpenSea disclosed that one of its third party vendors, quote, experienced a security incident that may have exposed information. They warned that user API keys were compromised. The company noted that the incident was not expected to impact any programs which use an OpenSea API key, but that external parties using exposed keys could experience rate and usage limits. OpenSea plans on shutting down existing keys by next Monday and asked users to rotate their keys. A third exploit was disclosed early on Monday morning. Mixin Network, which is a nominally decentralized wallet service, said it lost $200 million in customer assets during an attack early on Saturday morning. Crypto developer Lawrence Day at Function Zero writes, Also, respectfully, how are you losing $200 million from a cloud breach? So this company Mixin was founded in 2017 and had nearly $400 million in protocol funds across 48 chains. The service allows users to send digital assets assigned to phone numbers and its biggest market appears to be Hong Kong. Now the firm said that it can guarantee the safety of around half of user assets, but that guarantee seems to be in the form of a corporate backstop rather than the product of successful threat mitigation. During a livestream on Monday addressing the attack, Mixin founder Feng Xiaodong said, No matter what your assets are, whether it's Bitcoin or Ethereum, we will ensure that half of it is unaffected. We're trying to find a way to recover the compromised money, but that is very difficult. For the other half of the assets, Mixin is considering offering what they are calling bond tokens for users to claim. The firm would later buy back the tokens, making them similar to other token -based recovery schemes seen in the past during events like the Bitfinex hack. A security firm called Slowmist is involved in the investigation and stated that the incident occurred when a cloud service provider database was attacked. Now if this feels like just the latest in a string of big hacks, that's because it is. In 2022, we had the record of $3 .1 billion in funds lost from hacks. And estimates this year include TRMLab saying that $400 million was stolen in Q1, Immunify saying that $700 million was lost in the first half of the year, and then just in Q3 we've had a 126 multi -chain hack in July, a $61 .7 million market -based protocol exploit of Curve Finance in July, $41 .3 million hacked from Stake .com in September, and another July hack of $37 million at CoinsPaid. So from estimates, it looks like this might be the largest hack of the year, roughly the same size as Euler in March. Still, even though it wasn't the biggest, the most high -profile hack of the weekend was disclosed on Monday as well, and that was from HTX. HTX, formerly known as Huobi, suffered the loss of 5 ,000 ETH worth around $8 million on Sunday evening. Justin Sun claimed in a Twitter thread that, quote, HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. Sun added that, quote, all user assets are SAFU and the platform is operating completely normally. Now, in addition to disclosing the loss, Sun downplayed the impact of the attack, stating that, quote, $8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks of revenue for the HTX platform. Sun disclosed the wallet address of the hacker and added, We are willing to offer 5 % of the stolen amount, $400 ,000 USD, as a white hat reward to encourage the hacker to return the stolen funds. If the hacker returns the funds, we will also hire them as a security white hat advisor for HTX. However, they said, if the funds are not returned within seven days, we will transfer the information to law enforcement authorities for further action and to prosecute the hacker. In an on -chain message to the hacker, HTX claimed to have discovered their, quote, true identity. Now, according to Arkham Analytics, the attack affected an HTX hot wallet, which was created in March. Since then, the wallet has received $500 million in deposits from Binance, and on -chain analysts confirmed that funds have now been migrated to a new wallet. Now, there were a lot of comments relating to the name change of this exchange. Crypto Kaleo writes, Huobi changes its name to HTX and gets hacked for $8 million in the first month? Coincidence or tempting fate? Lawrence Day again said, I'm sorry, but renaming Huobi to HTX and then immediately losing millions of dollars is so effing funny that I might have a stroke. Even Binance's CZ said, A week after you rename your exchange after FTX... Jokes aside, our security team will help in tracking hacker funds in all cases where we can. Now, in addition to just the jokes about the HTX name, there are lots of questions floating around about Huobi solvency. To get a sense of some of those theories, go check out Adam Cochran's account. It's a little bit out of the scope of this particular episode, but it's obviously something that we're watching closely. Now it's unclear at this stage whether these attacks had any sort of links, but the small amount of detail available does show some common features. The first three hacks all blamed a third party service provider. While the provider was not named, Nansen did urge them to disclose the security breach. These attacks come just weeks after crypto custody firm Fortress Trust suffered a $15 million attack, which was also related to a security failure at a third party cloud provider called Retool. In that attack, an employee at the software provider was the victim of a phishing attack. The attacker used an AI -synthesized voice clone of an IT support worker to replicate the employee's credentials to access Retool's systems. In their write -up of that attack, Retool said that 27 customer accounts were compromised. All 27 were crypto companies. So the method of attack here, which uses a combination of social engineering and a bypassing of security measures, also bears a striking resemblance to the write -ups of the recent cyber attack on MGM and Caesars casinos. The casino's systems were hacked two weeks ago with customer and corporate data compromised. Postmortems of the attack claimed that hackers used a voice replication of IT workers to gain access. Identity management firm Okta confirmed that the casinos had been using their systems to credential employees. In an August blog post, Okta said that their customers were seeing, quote, consistent pattern of social engineering attacks against their IT service desk personnel, in which the caller's strategy was to convince service desk personnel to reset all multi -factor authentication factors enrolled by highly privileged users. The casino attacks were attributed to a threat actor known as Scattered Spider using malicious software developed by Alfie or Black Cat. Now if these attacks are all part of the same cybercrime spree, it could speak to a group of hackers going after high -value targets like crypto firms. The vulnerability seems hard to address as it involves security training for employees at third -party software providers. And one of the implications is, if these kind of attacks become a systemic threat to the industry, it could mean more crypto firms need to bring sensitive software in -house. That higher barrier to secure operations could make it more difficult for smaller startups to compete in the industry. Now of course for any of you who are listening to the AI breakdown, you'll also recognize that this is not going to be a problem that's unique to the crypto industry. The casino attacks speak to that as well, but the reality is that voice cloning technology is incredibly advanced and just getting more so all the time. Individuals and companies are going to need to develop entirely different modes of operation that recognize the fact that you simply can't trust a voice on the other line of a call anymore. Now when it comes to the impact of these hacks on the industry outside of just the ramifications for the people who lost money themselves, it's hard exactly to know what the real impact is. On the one hand, it certainly lends to a perception of immaturity overall, but at the same time, when it comes to the geopolitics and regulation of crypto, the hacks that are most important to keep an eye on are those that have some sort of geostrategic ramifications, particularly those emanating from the Lazarus Group in North Korea. Still, being this deep into a bear market and trying to match all -time records for hacks is not necessarily the place we want to be overall. The one other story that I wanted to cover on today's show is a bit of a dust -up around the Celsius restructuring. In short, the Celsius bankruptcy could be coming to a close after creditors have voted in favor of the current recovery plan. 98 % of creditors gave the thumbs up to a plan which would see the sale of assets to crypto consortium Fahrenheit Holdings. The acquiring group includes Errington Capital and miner US Bitcoin Corp. Fahrenheit plans to retain and operate mining equipment owned by Celsius under a new corporate structure. The new company also plans to stake Ethereum and monetize other Celsius assets. Some large creditors will receive equity in this new company. And in addition, another $2 billion in liquid crypto will be distributed to creditors. Overall, the plan is projected to provide a 76 -85 % recovery. Now one remaining snag in the plan is an objection from the SEC. The regulator filed its objection last Friday to express concerns with Coinbase's involvement in the process. Celsius receivers plan to use Coinbase as an intermediary to distribute crypto to creditors. The SEC claimed the agreement could require Coinbase to The SEC filing claimed that However, this court should not be asked to approve a deal where their material terms are missing or inconsistent. The regulator also appears concerned about an additional agreement with Coinbase, which Celsius have attempted to file under seal and have not yet disclosed. Coinbase's Chief Legal Officer Paul Grewal hit back at the SEC's objection in a Twitter post stating, Now, Wayne Vaughn had a very simple explanation, saying, And of course, this isn't the first time we've seen the SEC stand in the way of a bankruptcy distribution agreed to by creditors. In March, the SEC objected to Voyager using Binance US to distribute crypto to its creditors, which was of course months before the regulator had filed its lawsuit against Binance but still based their objections on claims that the exchange was an unregistered securities brokerage. A very unimpressed judge in the Voyager case called it This time around, of course, the SEC at least does have an ongoing lawsuit that they can point to regarding Coinbase's brokerage services, but the objection does still seem odd given that the regulator didn't seek an injunction to prevent Coinbase from operating as normal in the interim. The Celsius case will return to court next Thursday to hear the SEC's argument and see if the judge is inclined to allow the plan to go ahead. Now one interesting line of discussion are the implications for the spot ETF applications that are outstanding. Adam Cochrane writes, Now, speaking of ETFs, Bitwise filed an amendment to its spot Bitcoin ETF application on Monday, adding 40 pages of research on Bitcoin market structure. The research aimed to preempt arguments from the SEC, which could be used to reject the current batch of ETF applications. Bitwise claimed to show that Bitcoin futures are the primary market for price discovery with spot prices following futures. According to Bitwise, this would mean that the well -regulated CME futures market should be the primary consideration when looking for evidence of market manipulation. They argued that this trading venue should count as a regulated market of significant size for market surveillance purposes. As part of their argument, Bitwise also cited a previous study from 2019, which suggested that Bitcoin's spot market mainly consisted of fake volume, making the relative size of the regulated futures market much larger in comparison. Regarding the price impact of futures, Bitwise found in 2021 that futures markets accounted for between 52 .97 % and 68 .03 % of Bitcoin's price discovery. Now this isn't the first time Bitwise have dropped large amounts of Bitcoin research on the SEC to dispute their claims. They have produced at least two 100 -page -plus reports in support of previous Bitcoin ETF applications. Bitwise Chief Investment Officer Matt Hogan explained his firm's strategy in a Twitter thread stating, That's the happy case. The question is, what happens if the SEC appeals the court decision? In short, we return to the status quo. We're back to needing to prove that the CME Bitcoin futures market leads price discovery over the spot market such that it can serve as a regulated market of significant size for the purpose of surveillance. Unfortunately, existing filings do not include substantively new arguments or research addressing this question head on. Until now, today's amendment aims to address point by point each of the major objections the SEC has raised in prior disapprovals for spot Bitcoin ETFs. In particular, we try to clear up the significant confusion around the growing body of academic literature on price discovery in the Bitcoin market and demonstrate that every well -designed academic study supports the finding that the CME is significant. So friends, there you have it, a little bit of hacks, a little bit of the SEC objecting to something that seems reasonable from the outside. In other words, a quintessential 2023 crypto day. Appreciate you guys listening, as always. And until next time. Peace.
A highlight from Saylor Now Own's Almost 1% of All Bitcoin, BUYS MORE | EP 831
"Yo intro first You're against freedom Yeah, we're gonna salute Bitcoin live we're your number one source for the peaceful Bitcoin revolution for breaking news culture manic warfare We will be your guide through The separation of money and state. I hope everyone had an amazing effing weekend I did I got to chill, you know everyone on the weekends like man like like what'd you do? What like, you know, what did you do anything crazy news, whatever? No, man I stayed home and I chilled and I relaxed because the week, you know, it's the Bitcoin rollercoaster making Bitcoin media You know, it's a grind. I'm not gonna lie It's very purposeful and I'm very very grateful and privileged Opti and I are and the rest of the simply Bitcoin crew But but it is it is quite a bit of a grind. So on weekends, I get to chill. Anyways enough of that breaking news Michael Saylor buys Even more Bitcoin the man or micro strategy better said now owns almost 1 % of all Bitcoin sky talk about Conviction this is conviction Michael Saylor is proving to the world and this is something that I've been saying guys in the next two or three years it is going to be Undeniable, it's gonna be an undeniable fact that naim bukele's Bitcoin strategy and Michael sailors strategy on the public company level is Going to be an alternative than holding fiat currencies on their balance sheets Especially with the FASB rule changes, especially with the Bitcoin ETF around the corner there They're gonna they're trying to do whatever it takes and I believe it's politically motivated I'm not the only Bitcoin or that has said this by the way That they're you know, they're trying to slow this down But it's gonna be undeniable and they're gonna have a very hard time Debunking this that Bitcoin Itself, it's just a better money It's just better money and governments are gonna have a hard time disputing that and the reason they're gonna have a hard time Disputing that number one is because they're always going to do they're always gonna want to debase their currency They can't afford the endless wars. They can't afford sending billions of dollars to Ukraine If they didn't have the money printer, so they're gonna have a really hard time explaining that away and number two Censorship, of course, right and the control on money itself, right? A lot of the reasons that the BRIC nations have sought alternatives to the US dollar Not only because the US government is printing a ridiculous amount of money but also because they've politicized the money they've weaponized the money against their political opponents and Fine, you could you can make the argument. I'm not gonna I'm not gonna make those judgments the government of North Korea are bad Okay, and the government of Russia is bad the government of Cuba is bad. I'm not gonna get into those arguments, right? but let's talk about The vast majority of people that live in those countries that are not have nothing to do with the government They're just like you and you and me. They're just trying to get by they get caught in those sanctions they have nothing to do with it and The system that they want you to live in is if you live in a certain if you were if you happen to be born in a certain country You happen to have certain political beliefs. You are not entitled to have to open a bank account You are a danger. You're a risk. Well Bitcoin is for you Bitcoin is your money it works. So they're gonna have a hard time and this is why we call it the separation of money and state This is why we bring up the book the sovereign individuals so much because it absolutely Hit the nail on the head this what we're living through right now, but it's not only money It's also the disintermediation of information which is happening at the same time. You're seeing it with the Russell Brand stuff You're seeing it with the Tucker stuff Independent content creators are now getting more views and more traction than the legacy corporate media of which they cannot control and that freaks them out too, so After we got over this hill after we endure this this this bumpy transitionary period and if we win the race to avoid the war I Agree with Corey Clifton from swan I think that there's a bright orange future ahead of us and I've never been so pumped about it But I got to say one last thing before I bring up my legendary co -host Michael sailor Please leave some Bitcoin for the rest of us. Anyways Opti. How you doing, brother? I'm doing great man doing great. I also unplugged this weekend. It felt good I was literally joking with everyone in the spaces. I literally lived the meme. Did you guys catch the game this weekend? I unplugged completely what game did he catch? I caught all the games. I didn't do anything yesterday I literally did not a thing yesterday, but watch football Throw tomatoes all you want, but it was it's a great weekend It's good to be a big corner and then also guys mad sailor leave some Bitcoin for the rest of us she It's almost like you taking it all it's almost like you trying to buy all the Bitcoin. Yeah. No, he definitely is bro He he owns 1 % he almost owns 1 % of every Bitcoin. We're at that point. We're at that point in the movie, dude Well, I think this is the PSA where we tell everyone to stop selling your Bitcoin to Michael sailor and huddle onto them coins We're in the dark it actually I saw a good tweet before we go on Nico I saw a good tweet this weekend and it was something on the lines of like Dang, I wish I could remember but it was something like Willy. Woo is bearish Someone there is another part and then it's like and Bitcoin maxis are watching d3 football like if you can't tell that this is the deepest parts of a bear market Like are you even watching there? It was a great tweet I wish I could say it off the top of my head But as you can tell we're in the deep parts of the bear market I hope you guys are stacked and I hope you guys are getting your cash flows up and Just you know getting your body right mine, right? This is the time to get your UTXOs in order to make sure that everything is copa static as we move into a crazy Bull run. Anyways, Nico, we were gonna have a guest today But I'm kind of glad that they didn't show up because I wrote an article for once guys And I'm actually really hyped on this one so I'm gonna read it for you I'm gonna do my best guy Swan impersonation today, and I I think you guys are gonna really like this one So, I don't know it. It's got a lot of soul. It's got some spirit in it It gets me hyped up and maybe I'll give you context for it. I'll just read it and see what Nico thinks He I don't even think Nico seen this yet So I'm excited to get his response his reaction to we're gonna do a reaction video on today's simply Bitcoin Anyway, you go let's get into the show. Are we gonna get a Nico Jones take today? Are we gonna get a wild Nico John? I think so. We got something spicy for the numbers, bro. Let's jump in today. I bet The Bitcoin numbers is your Bitcoin in cold storage really secure is your seed phrase Really secure stamped seeds do -it -yourself kit has everything you need to hammer your seed words into commercial grade Titanium plates instead of just writing them on paper Don't store your generational wealth on paper papers prone to water damage fire damage You want to put your generational wealth on one of the strongest metals on planet Earth? titanium your words are actually stamped into this metal plate with this hammer and these letter stamps and once your words are in they Aren't going anywhere. No risk of the plate breaking apart and pieces falling everywhere Titanium stamped seeds will survive nearly triple the heat produced by a house fire They're also crush proof waterproof non -corrosive and time proof all things that paper is not allowing you to huddle your Bitcoin with peace of mind for The long haul stamp your seed on stamped seed. All right, everybody. I literally made it super frickin easy Don't put yourself in a situation while you lost Why you have to explain to your grandchildren while you lost your generational wealth because you stored your seed on paper store it on Titanium scan the QR code on your screen use promo code simply get 15 % off anything on the stamp seed website anyways at the time of recording The Bitcoin price is twenty six thousand three hundred and forty sats per dollar three thousand seven hundred ninety seven block height eight hundred nine thousand three hundred and three blocks to having Thirty thousand six hundred ninety seven having estimate April 21st 2024 total lightning network capacity four thousand six hundred seventy three Bitcoin Capacity value one hundred twenty three million u .s. Dollars realized monetary inflation one point seven five percent the market capitalization of Bitcoin 513 billion dollars with the B Bitcoin verse gold market cap three point nine nine percent All right, everybody so Opti said Nico Jones ran potential Nico Jones rant What what is this potential Nico Jones rant gonna be about? Well, we've talked about the you know It comes from like the political front this this this saying but I'm gonna apply it to Central bankers, I'm gonna apply to politicians Right, and there is something in the in the political Rhetoric recently and it's called the iron law of something projection, right? So we're gonna take away the political rhetoric because we believe on simply bitcoins not left versus right, right? It's a party of orange versus party of green party of central bank digital currencies nihilism poverty slavery versus a party of freedom Bitcoin Prosperity opportunity optimism, right? So that's really what it's about But I'm gonna take that rhetoric because it is very very powerful rhetoric and I'm gonna say the iron law of central bank Politicians projection never fails it never frickin fails let me introduce you to senator Mendez of New Jersey and let's take a look at what he has to say about Naeem Bukele of El Salvador We have an increasing challenging situation in El Salvador one that threatens both the future democracy in the country and bilateral relations of the United States Over the last two years president Bukele has presided over a number a number of alarming setbacks for democratic governance undermining judicial independence intimidating opposition lawmakers by using security forces to occupy the legislature negotiating political pacts with gangs regularly attacking journalists and media outlets and In addition to these actions Bukele has also repeatedly used his network of Twitter trolls to attract and to attack And threaten not only government critics within El Salvador, but also United States officials We have an increasing challenging situation in El Salvador one So this is just internalize everything everything that this guy said right, you know senator meant You know, he sounded so legitimate.
A highlight from ByBit Vacates United Kingdom as "Crypto Hub" Dreams Falter
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Monday, September 25th, and today we are updating ourselves on the geopolitical landscape of crypto. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Hope you had a great weekend. There are lots of interesting things to catch up on. And today, a slight theme in some of these stories is where different countries are positioning themselves vis -a -vis crypto. Now, the UK has had an interesting relationship with the industry. They were for a time very harsh. The Financial Conduct Authority in the UK has never seemingly been that into the whole space. But then when Rishi Sunak became chancellor of the exchequer, he declared that the UK would be open for crypto business. He wanted to make the UK the most crypto friendly jurisdiction in the world. Well, of course, over the next few months, through a variety of weird ups and downs, Rishi eventually ended up the prime minister. And of course, it might be reasonable then to ask, is the UK getting friendlier for crypto companies? Well, on that front, Bybit have announced that they will suspend service to UK customers next week in response to regulatory changes. The UK's Financial Conduct Authority, or FCA, will begin enforcement of new marketing regulations starting on October 8. The regulations require crypto firms to ensure advertising is clear, fair, and not misleading, as well as presented alongside a risk warning. Advertisements are required to be certified by firms, but this process requires crypto firms to be registered in the UK. So far, UK licenses have been difficult to obtain for non -domestic exchanges. The rules also require a number of technical changes to exchange business operations around new customers. For example, exchanges need to implement a 24 -hour cooling -off period before a new customer is allowed to make transactions. They are also required to put in place client appropriateness testing and client categorization features. These measures could involve limiting the size, for example, of crypto investments based on the customer's net worth. Now, penalties for non -compliance in these new rules are harsh, with unlimited fines and even criminal charges available as punishments. As you might imagine, the crypto industry has been highly critical of these elements, especially those that require technical changes to platforms. In response to those critiques, the FCA said that they would provide a transition period for firms that request it, potentially giving exchanges until January to come into compliance. Last week, however, the regulators said that they are alarmed at the lack of engagement with foreign firms. Only 24 firms have responded to a survey sent to over 150 companies. In response, the FCA wrote, "...this lack of engagement gives us serious concerns about unregistered firms' readiness to comply with the new regime." Now, in their announcement that UK services would be suspended, Bybit claimed their "...primary objective is to operate our business in compliance with all relevant rules and regulations in the UK." Bybit said that they were making "...a choice to embrace the regulation proactively and pause our services in this market." They said that the "...suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future." Practically, this means that from Sunday, Bybit will no longer be accepting new accounts from UK users. Existing users would be barred from making new deposits or increasing existing positions from October 8th. They will have until January to manage and wind down their existing positions. Bybit, as you might imagine, is not currently registered in the UK and is based in Dubai. Importantly, Bybit is not the only firm suspending service to UK customers in light of the new regulations. Last month, PayPal announced that it would temporarily pause crypto services in the country until next year. On top of that, crypto exchange LUNO said that it would be restricting some customer accounts from being able to invest on the platform until further notice. Bybit CEO Ben Zhao had flagged the firm's exit earlier in September warning of how overly broad the regulations are. He said, "...FCA has explicitly contacted all the major players — us, OKEx, Binance, everyone — and asked what our plan is to deal with this new law. And the new law is that if you use English as a language, they will see you as trying to solicit their users, so you cannot claim that you are in reverse solicitation. Everyone is in trouble. So everyone is thinking of plans of how to deal with this new law." George Morris, a partner at Simmons & Simmons, explained that the marketing regulations had been enforced for securities firms for decades but were now being expanded to cover the crypto industry. He said, "...the rules are extremely complicated and they're quite wide -ranging. It's not just UK firms that are subject to these rules. Anyone with a website that can be accessed in the UK is subject to these requirements." So there are a lot of different elements of this. One challenge is, yes, these advertising standards. But the bigger issue is this whole need to evaluate client suitability and potentially restrict investments. Practically, that either means a ton of financial disclosures from customers that they would have to manage and verify, or there's simply some self -attestation checkbox, which might not be that effective. Basically, with a set of marketing regulations, the FCA have figured out how to limit small retail's ability to buy crypto in the country. Now, one thing that is notable is that we haven't heard anything from the really big international exchanges yet in terms of how they're dealing with this. But in any case, it seems like a big detriment for UK crypto. As Leon TK put it, so much for the UK being a crypto hub, failing already. Now, speaking of places where there is more optimism, last week was, of course, the token 2049 conference in Singapore. And that led to a lot of different discussion around how different the Asian environment for crypto felt as compared to the US and European environments. Indeed, while Western jurisdictions seem to be bogged down with regulations that are unclear at best or hostile at worst, the vibes in Asia are reportedly immaculate. Major conferences around Asia during September saw an uptick in attendance, and regulatory regimes across South Korea, Singapore, Hong Kong and Japan appear to be giving the crypto industry a clear set of workable rules to allow firms to re -establish themselves coming out of crypto winter. The block's Frank Shapiro spoke with some conference attendees and reported on an optimism emerging in the East. One conference attendee said that South Korean retail is flocking back to crypto. They argued that young investors in particular view real estate and equities as massively overvalued and out of reach, so are instead opting to buy cryptocurrency. They said they don't buy houses, but they can buy tokens every week. There is a huge market. Another attendee spoke about the difficulty of accessing the Korean market due to South Korea's notoriously tough corporate climate for international firms. They said the liquidity is insane, but it is siloed and protectionist. You have to speak Korean. On that front, crypto custodian BitGo recently partnered with domestic juggernaut Hana Bank due to the difficulty in accessing the market without a local connection. What's more, one anonymous trading firm said they had been waiting five years to operate as a liquidity provider on domestic exchanges in South Korea. They said when they open up, we can be first in line. It's a great retail market. To get a sense of scale, the largest Korean exchange, Upbit, regularly outperforms Coinbase in terms of spot trading volumes. Then there is of course Hong Kong. Their new regulatory regime is off to a tough start in some ways with fraud investigations into crypto exchange JPX becoming public earlier this month. The most recent update is that there have been 11 suspects brought in for questioning and losses have been estimated at 178 million across 2 ,265 victims. Local police have said that the ringleaders of the operation are still at large and have enlisted the help of Interpol. Some are referring to JPX as the largest financial fraud to ever hit the city. Yet despite the major investigation, there are currently no signs that Hong Kong regulators are seeking to reverse course on unexpectedly open crypto regulations. Indeed, on Monday, the Hong Kong Securities and Futures Commission said that it would be releasing the full list of current applicants to ensure that users are able to identify false claims from exchanges. The theme appears to be the same across multiple Asian jurisdictions. Basically, that individual incidents of fraud and malpractice haven't tarnished enthusiasm for the industry as a whole. Another conference attendee told Chiparo, This Asia trip blew my mind. The excitement in Korea and Singapore is the polar opposite of what's going on in the U .S. Alex Vannevik of Nansen wrote, Vannek portfolio manager Pranav Kannadi added some color around how local investors are thinking about the space as well. On September 14, Pranav tweeted, Conversations were mostly positive and a key question was, We're in a crypto winter right now, but when should we expect the next bull run? Not a single convo mentioned the merits of the tech or whether the space survives, feeling optimistic. Now, hopping from Asia over to Europe again for a moment. According to a report from Fortune, Coinbase considered acquiring FTX's European business in the wake of FTX's November bankruptcy. Apparently talks never progressed to a late stage, but the preliminary interest highlights how important international expansion is to Coinbase, particularly regarding its derivatives products. Before the bankruptcy, FTX Europe was the only European firm registered to provide perpetual futures trading. And while derivatives trading remains heavily restricted in the U .S., both Coinbase and Gemini have launched offshore trading venues this year to provide derivatives markets to international customers with a keen eye on Asian regions. For Coinbase, the pivot to derivatives could provide a much needed boost to flagging spot volumes. According to Kiko Research, derivatives volumes in Quarter 2 of this year were six times large than spot. Now, the entity that became FTX Europe was originally acquired in late 2021 for 376 million. The firm was already licensed in Cyprus at the time, which allowed it to access European markets. Since the bankruptcy, the entity, along with its valuable license, have attracted interest from Crypto .com and Trek Labs as well. According to documents viewed by Fortune, Coinbase expressed interest immediately after the FTX bankruptcy and again as recently as last month. That said, FTX Europe has also been in the crosshairs of the U .S.-based FTX bankruptcy team for clawbacks. The estate launched a lawsuit against FTX Europe executives claiming that the original acquisition was a horrendous business decision, arguing that FTX effectively paid 376 million for a $2 million operating license, and on top of this, the sale of FTX Europe seems like a difficult task with active litigation surrounding the firm. In July, the U .S.-based FTX estate said, The FTX debtors' professional advisors have concluded that there is no realistic possibility of a sale. However, last Thursday, they said, The FTX debtors are committed to maximizing the value of FTX's assets to drive customer recoveries. As such, the FTX debtors are continuing to evaluate whether there are viable options for the sale of some or all of the assets of the FTX Europe business. Now one small aside on Coinbase. Arkham Intelligence claimed to have mapped Coinbase's bitcoin wallets and according to Arkham, Coinbase holds almost 1 million bitcoin worth around $25 billion at current market prices. This would amount to almost 5 % of the bitcoin in circulation, similar to the amount held in wallets believed to be owned by Satoshi Nakamoto. Arkham's report showed that Coinbase's largest cold wallet holds around 10 ,000 bitcoin, and the firm believes that Coinbase has additional bitcoin holdings which are not yet labeled and could not be identified. According to data published by CoinGecko, Coinbase only owns around $200 million worth of this gigantic bitcoin stash, with the rest attributable to client custody. However, staying on the Europe question and how valuable this Cyprus license actually is, with Europe's MICA regulations coming into force from June of next year, some firms are beginning to warn that a clear lack of guidance could lead to disruption. The MICA rules were intended to provide a comprehensive framework, but there are still numerous grey areas. One of the major problems surrounds stablecoins. There is currently no guidance on how MICA stablecoin regulations will apply to foreign and decentralized issuers. The default scenario seems to be a ban in Europe unless these issuers can obtain the appropriate licensing, with no arrangement to recognize approvals in other jurisdictions. The European Banking Authority has warned that there will be no grace period for coins already on the market. The EBA and its sister agency, the European Securities and Markets Authority, ESMA, are currently taking public consultation on how the MICA regulations should be implemented. Relatedly last week, the head of legal at Binance France said during a public hearing hosted by the EBA, we are heading towards a delisting of all stablecoins in Europe on June 30th. This could have a significant impact on the market in Europe compared to the rest of the world. Now, Binance CEO CZ quickly walked back the comments claiming, it was a question taken out of context. In fact, we have a couple of partners launching Euro and other stablecoins in fully compliant manners of course. A blog post from Binance explained further, stating that they would be required to delist stablecoins that fail to gain registration in Europe and that no licenses have been granted to stablecoin issuers currently. Binance wrote, While we are confident that there will be constructive solutions in place before the mid -2024 deadline, if left as is, this could have an impact on the European crypto market and the competitiveness of European crypto exchanges in the global market. Now the requirement that stablecoin issuers are EU -based could cause further problems for decentralized organizations. Thomas Vogel, a partner at law firm Latham & Watkins said, So, this is sort of the challenge with MICA. As comprehensive as the regulations are written, how they get implemented is still fairly up in the air. There was commentary around the time that MICA was being voted upon that it could either be a big step in giving the crypto industry a clear set of rules to function, or work as a de facto crypto ban depending on how it was implemented and whether enough licenses were granted. Now, with a little over nine months until MICA comes into force, there is still time to ensure that rules are workable for existing firms, but it appears that there is a lot of work left to do in that regard. Anyways, it's definitely a story to keep an eye on, as something that was seen as largely positive could become quite bad quite quickly. However, friends, that is where we're going to wrap for today. Lots going on in this fascinating world of crypto. Wherever you are enjoying it from, I appreciate you listening. And until next time, be safe and take care of each other.
A highlight from Rate Pause
"Hello and welcome to Ledgercast. My name is Brian Crossguard here, as always, with one and only Josh Olsowich. Hey Josh. Mr. Brian. How you doing? How are you? I'm good. I'm happy to be with you today. You're already cards pulled up, ready to go. I got my best podcast hoodie on, you know. Only the best Ledgercast family. Getting the hoodie season, depending on what part of the country you're in. For sure. My dear Alabama, I mean, this is the weather that you live here for. Like, most of the year is incredibly humid, but September, October, November, that's when it's the good stuff. Well, people didn't come on this podcast to hear about the weather. They came to hear about head and shoulders. We always start with the weather. I know. It's like a podcast faux pas, but we do it anyway. It's the human experience. There's a head and shoulders on like every market on all timeframes. Like, you can't not see it. ETH, Bitcoin, S &P, Qs, any risk market, we'll put it like that, any risk market looks very, very toppy still to me. What are your thoughts on, you know, as we enter our 37th week as macro LARPing traders? Yeah, well, this continues to tell a story, right? Dollar legitimately been up only on a weekly basis for more than two months. Hold on, hold on. Jeff in the chat said. Jeff, were you listening for your show? We were just discussing the accelerated aging of Ryan in the show. I feel like I feel like the bear market is hitting me in every possible way right now. Sorry, continue. Yeah, I'm I'm going to be very gray and old and wrinkly if I make it through another cycle. Anyway, the Dixie is up. Yield. You know what I realized this week? Back to the Dixie for a sec. I realized that the Euro chart, Euro USD is basically the Bitcoin chart. So if you're rooting for Bitcoin, you're basically rooting for the Euro chart. I don't know how that's going to work out. It's not the team I want to be on right now. No, I agree. I don't know how that's going to work out for us because that Euro chart looks bad, quite awful. Yeah, that's bad. So I keep that in mind generally for people, you know, if you see some good news or positive news in Euro land, which I think is rare these days, it should generally signal wellness for Bitcoin. Yeah. Well, it's mostly that dollar strength. It's just not. Yeah, it's all it's all just the same thing. Right. Yeah, exactly. We titled the show Rate Pause because rate hikes were paused. So this is the first time in quite some time that we've gone into FOMC with no change. The result of that was you start to see the 30 year kind of catching up to the two year because they also said that they are planning on staying high for longer. So we're not going to do the thing where we just immediately start going into cuts. And so, yeah, it may not have the desired effect that people might expect by a rate pause. At this point, holding rates at this level is restrictive eventually, right? It gets more and more restrictive as the lower interest rate that like rolls into this new environment, you know? Right. But I think it's honestly, I agree with the Fed. I think keeping it here and doing a wait and see type attitude makes more sense than keep raising and then panic cutting when the time comes. I think you have a potential to break a little less in this regard. I think they should have paused a while back and should have started way before they did. But nevertheless, the idea of pausing but not committing to a cut, I think is reasonable. Well, the markets didn't get angry at pausing. The markets got angry because they hinted at two more hikes still. So if that actually happens, I don't think it will. Look, I'm a chaos agent. I say go all the way, right? Pedal to the metal, no half measures. If you want to kill the economy, go for it. So yeah, let's do two more. Let's do one in November, one in February, whatever. I don't know. I think the consensus, though, is that markets aren't going to last that long. Markets being the economy, I guess. But the economy just isn't going to last and hold up through that. So unemployment is going to tick up considerably. That's the expectation. You're not going to get your soft landing. And Paul basically said as much that that wasn't his base case during the meeting. So you got to keep that in mind when you're looking at risk markets like crypto and alts especially are just still obliterated and continue to look terrible. Two -year looks like it wants more. The three -month yields look like, all the yields look like they want more. Yeah, they're all acting like it. Especially if you take today out of the picture, which I'm not sure I'm going to read too much into what's happening on a Friday. Well, we had, so yesterday we had a negative 1 .6 % day on S &P. And there were already legacy analysts coming out saying, oh man, Paul's going to have to cut this year. It's been one day. You people are so soft, so pathetic. Pillsbury Doughboy over here asking for cuts after a down day. Give me a break. Just absurd. The chart on the S &P does look like it has room for more downside like that. Oh, for sure. Pretty clean breakdown, but it's not in panic mode. It's in the middle. It's in the chop zone. 4200 makes all the sense in the world based on some basic technical analysis. Look at the 200 -day moving average. All this is just meaner version. You have people panicking that the number is going down instead of up and they're pathetic. I mean, that's legacy for you. Even when you look at non -technical analysis, if we were in price discovery for the stock market right now, it would not make sense. It just does not make sense relative to the economy. But ledger, price is in the forward future. It doesn't look at what's happening now. We're not going to get a recession. We're going to get a huge GDP print, man. Forward future looks like we got another year or two of grinding. Like grinding economically, trying to figure out this balance of wage inflation, commodities inflation, cost of goods. There's a balance that has to exist there. Life is more expensive for people. Their homes are more expensive and their business loans are more expensive. are Their wages up, but they're not caught up to that. And so the economy needs to figure itself out. It needs to find its Zen zone. I agree. That could take time. But that's not the S &P. The S &P is eight companies who have billions of dollars, don't need to borrow, don't need debt at this interest level. But now the problem, I think Apple especially, I don't expect their new phone to sell gangbusters because the economy is... It's one of the easiest things to not upgrade. Right. Well, that as well. But USB -C, right? Welcome to the 21st century, everybody. So I'm expecting those numbers to be soft. The Nvidia story seems to be softening, even though it's hard to really know what's going on there. There's still lots of lots of demand for those checking news. Yeah. But I guess the point is, who cares about the rest of the S &P, the 493, right? It's all about the top seven right now. And if those are weak, which they are, just in the charts, the markets are going to turn lower because you're not getting any help from the other 493. All right. I want some of what Andre is drinking in the chat. I'm just going to plop this onto the show. Here we go, Andre. This is your moment. Fed waits another year to lower rates than the BTC happening. The presidential election and lower interest rates are all going to be happening at the same time as we go into the next bull run. Space exclamation point, which is another way of saying triple exclamation point. Where do you put that space in front? Andre, I'm with you. I hope you're right. I think people believe that if they cut, then that will be bullish, but they won't cut until things look terrible. So if they're cutting, then we have a different problem, right? We have a recession if they're cutting, right? It's over if they're cutting. We just have to dodge a recession. You just have to dodge a recession. Around halving, whatever. And then there's this other school of thought, which is kind of what Andre is hinting at. Maybe the halving doesn't matter. Maybe it's just a coincidence that we've been in these four -year business cycles, and it's just lined up perfectly. I've seen that narrative growing recently, which is surprising to me, but it makes sense. Look, if you look at the data and you just don't pay attention to halving, I agree. But I think the halving brings eyeballs. It brings people understanding the asset a little differently because they're like, oh, wait, what do you mean? The supply is going to be cut in half or whatever, the daily emissions. Anyway. And meanwhile, Bitcoin and ETH both basically at their 200 -week moving average. This was okay. So that's the tweet you have up. This was my engagement bait last night. This is if anybody was paying attention. It's comparing the 200 -week and the 200 -day moving averages on Bitcoin. The last time... They're converging. Yeah. So they're converging. And the last time it looked like this was 2015 for a bull cross. It technically didn't cross bearish in 2015. I just want to highlight, though, Josh. We are both getting rejected by that right now, if you look at this weekly. Yeah, but that's okay. It's September. It's key three. I don't care. But yes. They're just winding around in there. They're meandering. It's not good. Also, one other comment. Yeah. Gotta work on this hashtag. 250k or bust. Gotta work on that. Well, that's the target. We need some ideas. That's the 8000 % target from here is 250k. That's where that came from. Yeah, we gotta do better. 250 by 25 is too much of a mouthful. I feel like the phrase millie needs to be in there. Millie? Quarter millie? Quarter millie. Maybe just full millie. Look, I've been on the record. 250k is the target for the next run. Okay. Even before this tweet, the stars are aligning. Yeah. People are saying what's happened to me. I'm using a different camera. I'm in a different place. And I got a haircut today. And everyone says you look old. I look weird and old. I am old. Here, I was I was puffing you up early. You're telling me I look good. And I was telling you how old I felt. And now the whole chat's like, hey, you look old. You look terrible. I think you look fine. But you know, maybe it's the rates, you know, the rates are just killing everybody. It is the rates. I'm gonna go ahead and go out on a limb and say that I'm affected by that. Sure. So yeah, if we look at if we look at Bitcoin, also, We've also got if you don't like the head and shoulders, at the very least, you have to admit there's some sort of double top there. Yeah, double top, lower, lower low by a smidge. Rejected by the fast and long moving averages potentially. There's a there's reason to be concerned here. If we're above 28, at any point Q4, I think we're good for move higher, which doesn't like logically make sense based on what's going on in the world with rates and everything. So if this then that if we get above 28, we're good. Until then, I expect lower lows, ETH especially. What's going on with ETH, man? You're the ETH fanboy, the ETH cheerleader. What's happening? It's even better than BTC in terms of rejection off the 200. That's clean. It's nice and clean. That's a dump it. Let me translate that for everybody. That means it's even more bearish. I think this tells some of the story like there's not many people in the ecosystem that don't consider pair trades, you know, like opportunity cost or a risk profile of being in one thing versus the other. And a lot of people are dancing on like long tail of altcoins. Like they'll play on those playgrounds. But the people that are in big assets are looking at this where ETH BTC is breaking down further. It looks like it might be escalating. It looks like it might be going from breakdown to a steady progression to the downside. And I don't know, maybe that also looks double toppy to me. Yeah, but maybe another 10 -15 % on ETH is on that relative to BTC and people just don't see the upside as worthwhile. I get it. I understand. I like 05. And if 05 doesn't survive around the ETF stuff, assuming the ETF stuff is going to be bullish, I like 03. I think a 200 week tap at a minimum would make sense. So, you know, you're looking at another 10 % relative in that scenario. And that would probably be a bullish bottom. Bullish, she says. A bullish bottom if it maintains that. I'm sure, I don't know harmonics well enough to just like eyeball it, but I'm sure there's some sort of harmonic. Batwing harmonic, yeah. Yeah, there's something there where you could draw like a crab or something. If this one's a 0 .03, that would be concerning. Well, what's the breakout level of the head and shoulders? Like 0 .035, 0 .036? Yeah, I think that's reasonable. I think that would put ETH people, myself included, just in Jordan tier mode. Look, if ETH doesn't get an ETF and Bitcoin does and it actually sees flows. It could happen. It could happen. That's all I'm saying. That's all I'm saying. Hit your targets, Josh. 0 .053 before 0 .035. That's true. I mean, we need to spot ETF first, which... That's just math, just so you know. And dyslexia. It's just kind of interesting that it has not made a higher high since going proof of stake. Kind of weird, right? The Real Dangles asks, can we do a mini series on learning macro fundamentals? I've only ever looked at crypto, so half of what you guys talk about is foreign to me. No, but there's some people that you can learn from. One of the best, in my opinion, and I was... Jeebus was giving me crap about this, but Ray Dalio is, I think, the greatest macro mind that actually takes their information and then shares it. Big Debt Crises is a book. It's a study of cycles, basically. It's a study of deflationary, inflationary cycles, and they're very good. I would read that. That's a great start. Like, that'll be good. That could teach you more than I ever could. There's many, many other things, in addition to what he talked about, that go into what he talks about. But at the end of the day, it's all about cycles. And that's a terrific book. I would listen to a bunch of podcasts on macro stuff. Blockworks does a billion of them. Yeah, but don't worry. If you listen to those, you'll end up a bear. So you gotta know that going in so that you don't end up a bear. I don't care if you're bullish or bearish, but being able to form your own opinion, that's the end goal. But people that do nothing but talk macro are all bears. They're all dirty bears, Josh. I agree with you. They're doomer macro people. But just knowing the language and knowing what people are looking at definitely helps you understand what the hell is going on. If you listen to them, just know that you need to protect your beautiful, bullish beauty. Don't take their advice, air quotes here. Don't take their advice. Your beautiful, bullish innocence needs to be protected when you listen to the doomer bears. You'll learn all about the SPR and why it's the end of the world. What is it about macro that makes people perma bears? I don't know. I think all this cyclical stuff, the raining down of potential for bad makes you think it's imminent. Yeah, they're very pro -commodity, pro -being anti -market. That's their whole personality and identity. Now I'm thinking of Sven specifically, for those of you who know who that is. But the macro people will be wrong for years and years and years. And then we'll finally get a down move. And they'll be like, yes, I told you so. Now I've lost all my money and the market 10xed at that time. But I told you so. We would get a correction. But I like that about them. The macro people also generally don't like Bitcoin. Some of them do, certainly. But most of them don't. So that tells me we still got time. It's still early. There are very few Lynn Alden's of the world where I simultaneously massively respect their macro analysis. And they don't discount crypto. She does discount everything but Bitcoin. But I'll forgive her for that. Because she's already really good at two things. That most people can't combine their goodness of that. Yeah, she's great. That's another easy listen as far as trying to pick up. She just wrote a book about money, too. I'm sure it's got some good macro stuff in there. There you go. So we'll stop that. Rate's up. Murray, I don't know what we're saying is like Michael Murray. But if he's a doomer bear, then yes. Yeah, this is a doomer bear that he was right at the right time on the right cycle as the media fell in love with such characters. So that carries a lot of weight. Like he can now be wrong for the rest of his life, but he was still right in 2008. But I respect people that have these opinions. I just think it's a lot easier to make money if you're a bull over the long period of time. I agree. Tripsy says he thinks the TA makes a better bear case than macro. I agree. I pay attention to the macro because it's kind of interesting. And having the ability to discuss it is powerful. But if all I do is pay attention to the TA, then I'd be fine. If you see the macro and you make this great bear case and then you see the chart and the chart looks like it wants to explode to the upside, don't make the trade. Not financial advice, but don't sell everything in that scenario. I wouldn't. But if the chart looks like doo -doo and the macro looks like doo -doo, then maybe it's just doo -doo. Well, knowing yields and rates helps you understand the DeFi angle a little bit. Knowing risk premium helps you understand like if I'm not getting paid an insane amount in DeFi right now, it's just not worth participating. You know? Yeah. Assuming a risk -free rate in U .S. government bonds, treasuries, whatever, you're not getting paid that differential in DeFi. Typically, you are seeking yield growth balance, right? There's some combination or you're looking for either or, but there's a balance of yield and growth. If your available yield today is high, so let's say you can earn 5 % in a money market or something like that, then two years ago, you could only earn 1%. Then your need for growth is even higher to make up for your annualized compounding year -on -year returns because when you're seeking growth, you're compounding that growth to make up for the lack of yield. So when the yield is higher, you need even more growth so people get less interested in the growth because the growth needs to be so severe to replace easy yield that's available today. So that's why risk assets that focus on growth look less attractive when yield is high. That's a general concept that can be useful. I always like to think about the extremes. So they used to say, Tina, there is nothing else when you're talking about allocating capital. So if there was no yield before, you get all this crazy VC shit and altcoins and NFTs. Because it's growth at all costs. Because that's it. That's the whole game, right? Now that there's a balance, it'd be much harder to create something like FTX in this environment where you can get a yield, you know? Yeah, there is demand for return on those dollars that's not just growth, that's not just bring it back to me more valuable. Did you hear that NFT story? The NFTs are 95 % worthless thing? Yeah. Yeah, there's some really good replies from NFT people that I thought were worthy. I've retweeted one of them. I don't remember who it was. I think it was the punk person that works, that does the streams all the time. Pink haired punk. You know, most of them always have been worthless is what they mentioned. And I think that they're doing a classic throw the baby out with the bathwater thing. Like the speculation on JPEGs was always going to pop. The underlying technology does have inherent value, it's just who's going to win from that. Like, will all the current market participants, collections, companies, whatever, will they all go away and then somebody will rise from the ashes and win the technology emergence where game the underlying technology can be taken advantage of to create real business value? I think that's what will happen, but which of us will be there to survive it? And then some stuff will get Lindy effects of art, digital art. There was product market fit, there is product market fit for that. But like, you can't just mint 10 ,000 pineapples and expect to make millions of dollars now when there's nothing else. If your denominator is infinity, then yeah, 95 % are useless.
A highlight from Bitcoin Bull Market: What No Ones Telling You!
"Anytime you start making paper Bitcoin, or paper silver, or paper gold, and what do I mean by that? Futures, ETFs, stuff like that, that creates paper version. That's not actual spot, right? So anytime you do that, yes, the same money that comes in to buy it, so that they can actually short it, and they could keep it down with unlimited money and unlimited leverage, they could keep it down indefinitely, or until they scoop up as much as they want, when everyone loses interest, and then it takes off. What's up, everybody? Good morning, good afternoon, and good night wherever you're tuned in from. Welcome to another Saturday edition of the Alpha series here on Discover Crypto. My name is Kelly Kellum. Welcome to the show. If this is your first time, and I hope to guarantee that it's not going to be your last time, we've got an excellent guest lined up for you today. Mr. Jesse Olson is going to be breaking down what it means to cut the noise out of all these narratives from FUD and HOPE. Look at the chart, let the chart do the talking for you. So without any further ado, let's go ahead and dive in right to our guest. And I want to ask him a question right up front. Jesse, first off, thank you for being here, but do you think we're still going to get another bull run, bull runs like we've seen in the past, or do you think all these new institutions coming in and big money players coming into the market are going to change the dynamic of what a bull run is in Bitcoin? What's your thoughts? What's up, Kelly? Thanks for having me on. I appreciate it. And we should have some fun here. Coming from a trading standpoint, right? I'm going to come from a trading standpoint and a point of view. When I first got the first bull run, right, 2020, 2021, I was still learning. And yes, I was doing pretty good 2021, really good. But the whole time I was saying this, I was like, please give me one more bull run after this, right? Please give me one more. I'm not 100 % certain that we get another bull run like we did on the last one. And I'm not as optimistic with the big institutions coming in. And I wasn't back in 2020 and I wasn't in 2021. Because coming from options, I know that manipulation is in there because they want to make money. They have billions, if not trillions of dollars. They've had algorithms for, I don't know, 12, 15 years or longer that are probably where us retail folk are at now, right? And they have the money behind it, right? So when futures were created end of 2017, I think Bitcoin started to become more correlated. Then there's trusts like GBTC. And if there's ETFs and stuff like that, I think it will become more correlated. I think it's amazing for traders, right? I just don't think that if I'm wrong, I hope I'm wrong because I will do much better, right? I will do much better if we get a massive bull run. But if we don't, it's because it will become more of a trading thing than it will be a long -term great. I just, you know, it can't be that easy. And if it is great, we'll all be there, right? I'm trading Bitcoin. I'm trading it with leverage. I welcome that. I make way more money on a long position with leverage than I do on a short position because, A, the leverage you're gaining profit and the coin value is going up. But on the short side, the coin value isn't going up, it's going down. So I collect more coins, but the coin value isn't going up. So first and foremost, I do want another bull run and I beg for another bull run so all my snipers can participate and they can make money as well and change their lives. But I'm not certain that it's going to happen. And I would be surprised if they allow it to happen. If big companies are coming in, you know, I don't know. We'll see. It'll be interesting to see. But we'll be there if it does and we won't be surprised if it doesn't. Put it that way. Now, Jesse, I have to say how much I appreciate people that are in this space that bring a balanced view because everybody thinks it's just going to go up, up and away, especially considering the fact that we have the halving right around the corner. Do you think the halving is going to be the primary driver of if we do get a bull run? Do you think the halving really truly is going to have an impact on price action? What's your thoughts on this? I have a couple of thoughts on it. So one, I think the halving will still play a factor, right? If all things are the same, if the same, you know, if the one there's a couple of things that could hurt it. Right. So Bitcoin has never Bitcoin came out after the 2008 crash. Right. So it's never experienced a dot com bubble crash. It never experienced 2008 crash. I have. I went back to zero. I lost everything. So for me, the up only left me a long time ago. Right. Like, I know it's not up only when I thought it was up only in my mid 20s. Right. So for me, a couple of those things. I do have hope for Bitcoin. I do believe on some level they'll be able to manipulate it and suppress it. If you look at gold and silver. Right. Gold and silver should probably be $30 ,000 an ounce by now for gold. And silver should probably be $1 ,000 per ounce by now. And because of paper, silver and gold should probably suppress it. Right. So I believe those are probably should be worth a lot more. The one positive with Bitcoin is anyone can go buy spot Bitcoin much easier than silver and gold. Right. I've bought silver and gold and they deliver it to you in a weird package and it's heavy. Right. It's not easily transportable and all that stuff. So there are some positive about Bitcoin. Right. So, you know, who knows what the agendas are? I don't. That's why I stick hyper focus to the charts, because I don't know what the backroom deals are happening. I don't know the narratives. I don't know any of that stuff. I'm not a top point one percenter making those decisions. So the only thing I can do is trade the charts. But, you know, going back, if we do get this bull run, I do have some reasons why, you know, like you said, you brought up one hundred fifty thousand. I do have a couple of reasons why that I could see Bitcoin hit one hundred and ten, one twenty five and maybe even top would be like one hundred forty thousand dollars. But that's a lot of what ifs. So, you know, we will take it level by level and swing trade the heck out of it all the way all the way up in the bull run. If we get another bull run, that's kind of like the topping that I would see price it. So now I appreciate that answer. And I'd like to shift gears here for a second, because you've been trading for years, years before Bitcoin was even around. And I'd like to dive into that experience a little bit and throw it back to the beginners out there, because we do have beginners that are out there still right now. But disproportionately, as we get new bullish impulses, especially in Bitcoin or the rest of the altcoin markets, we're going to have a huge number, a huge influx of new people into the space. So what would you say if you had that? Maybe not a secret sauce, but a beginner's pack, a beginner's sort of encouragement and the need to knows and the need to uses for people that are starting from scratch. Maybe they don't have a pro trading view account. Maybe they're not buying one of our indicators of one of your indicators or some of the many paid indicators out there. There's a lot of free tools. So what would you say for beginners getting started today or at any point in the future? Where do they start? How do they dive into this? Yeah, definitely. I mean, you know, first and foremost, like before this, I would say salvage as much capital at first as possible. I feel like the faster you want to jump in to make money, the faster you are going to lose money. So it sounds generic that, you know, learn first. Right. But say you already passed, you're going down discovery road and you're trying to learn and develop your own strategy. Right. Well, if you're on trading view, for example, you can get a relative strength indicator for free. If you're on trading view, free platform, you can get the MACD indicator. I think that's the most commonly used for beginners is the MACD indicator. And just before you do anything else, just study it and study it some more and then back test it and develop a strategy based off of your back test. There's an amazing replay button on trading view that you can go back and kind of after you develop a strategy, you can easily go back and hit the replay video and see what that, you know, how that kind of plays out in the past. It doesn't mean it's going to happen in the future, but you can get an idea over time of back testing with the replay button. That's probably number one. And then paper trade. I know it's not exciting. I know I didn't do it. I jumped head head first. I would have five digit wins followed by five digit losses. And it was brutal. Right. And I've never had a six digit loss, but I've had six digit wins. But I've had five digit losses and it wasn't until the five digit losses that made me like I made five digit wins with basically hardly any strategy whatsoever. And that was probably the worst thing that could happen. The best thing that could happen is that I had the five digit win loss and it made me go back to the drawing board. It made me reevaluate my whole life. What am I doing in trading type of thing? That aha moment. And that's when I really went obsessive on the charts and developing my own strategy. I saw other people's strategies out there. And when I would back test it, I went through a phase where I back tested so many other people's strategies. I would just say, didn't work. This doesn't work for me. This doesn't work for me. And every strategy could work differently for different people, especially on different timeframes. So develop something that works for you. Find a timeframe that works for you and your lifestyle. Some of our snipers, they can't do swing trading on the daily chart. They don't have the patience for it. They're scalpers. They're day traders. So you got to know yourself too. And then at that point, as you're graduating from paper trading and back testing, the next level is maybe risk some lunch money. The amount of money you and I would go off for like a nice lunch. And if I were to buy your lunch, I don't even think twice about it. Like something that I'm not even going to lose sleep over. Then I talk about doing lunch money. Then maybe you do lunch money with leverage or blah, blah, blah, or a little bit more money with spot, right? So you got to take it in levels and kind of make it a systematic approach. And if you treat it like a business in those levels, that's when you're going to have a better chance of making it. Otherwise, if you jump straight in and you want to go 50 X leverage, no strategy, no experience, no back testing. I guarantee you blow up account. I guarantee it. One of the things I say is like, if you're, if you're trying to double down, like you were doing well, right? So a couple of things that I've talked about in coaching is that, and by the way, I don't do live coaching anymore. I have recorded coaching, but I don't do live coaching. It's just too much time and energy. But when I was doing those live coaching calls, we talked about this and we talked about that. You know, every time you win a trade, if you're treating it like a business, you pull out, for example, I pull out my personal strategies. I pull out 50 % out of that trading kill and I take it out of the digital world and then go maybe put it in the physical world or diversify in some other way. Right? So you're always taking a piece off, always taking a piece off. And one of them, one of the students is like extremely young. Right. And, uh, I, I said, Hey, what are you gonna do with your winnings? Right. He crushed it. And I was actually jealous of his trade. He, he actually nailed it on high leverage. And I'm like, I'm like, go buy your mom something nice. Right. So not only take like money off the table, but it's the whole mindset. If you're not taking money off the table on each trade, what happens is you're up. Like you were say, you know, $50 ,000, $100 ,000, $10 ,000, $1 ,000. Maybe you're brand new. You're up $1 ,000. And that's the most you've ever had. You want to flip that into $10 ,000, right? Then you want to flip that into a million dollars. And that's, and that's what you just fell into that same example you just gave you fell into that mindset. And you only can do that by learning the hard way. So what you have to do is be more systematic about it. And after a win, fighting the urge of going back in and instead of going all back in, you're, you're pulling some out and then you're, you're, you're going at the new, every trade you have to treat as brand new and instead of jumping in and out is everything lining up on the charts, just like it did the first one, you nailed the first trade. And a lot of times this happens when you're, I talk about it, you'll have like nine winning trades in a row and we're human. We're not robots. I'm not a robot. I know I'm most likely to have a bad trade after I've had nine in a row. Why? Because my confidence is so high. I've skipped steps, right? So if you skip steps because your confidence is so high, that's when you're most likely going to have your next loss. And if you forget to put, and if you make a mistake on that, you forget to put in a stop loss. You do too high of leverage. Next thing you know, you're having a major setback and a change. It sets you back not only on financially, but mentally. So be cautious. Once you are making the wins and you are winning like nine times in a row, you're going to have a loss. And usually it's because your confidence is so high, not because you're, you've been on a losing streak, right? So just want to point that out. And it was based off what you're kind of talking about. You're winning. It was the bull run. And then all of a sudden you went all in with more leverage and took a $70 ,000 loss. So you learn from your mistakes, right? Yeah. Well, I got to say, I couldn't agree more with you on all those great places to start for beginners and how utilizing a lot of those free tools that are available to you to get started, to understand the mechanisms of all these tools that you're going to be utilizing when you're doing price analysis and trying to figure out when to buy and when to sell. It's not just about looking at price action. It's about looking at those underlying data sets that can give you an edge as to when trends are going to shift. So with that being said, I have to say, Jesse, thank you so much for being here. Thank you for taking your time to share your thoughts with us and your lens on this market. And everybody, if you want to see more of Jesse, throw one in chat, comment down below, hit that like button, hit that subscribe button, ding the bell. And if you would make sure you head over to Jesse J -E -S -S -E -O -L -S -O -N, find out so much more about him here, all kinds of different content he shares on a daily basis, really breaking down charts. He even has his own Market Sniper Academy right here at MarketSniper .Pro. You can also find out more information on BitLab Academy right here at Academy BitLab. Follow me, of course, at Kelly Kellum, K -E -L -L -Y, K -E -L -L -A -M. Make sure you check out bitlabacademy .com. We have all the tools and courses and strategies and the community that can really help you dive into this space and understand what is going on. Self -custody, trading fundamentals, psychology of trading, on -chain analysis, candles, candle patterns, indicators. There's so much in here as a point. Join us here in BitLab Academy. You can still use our coupon code GIVEME30 for an additional 30 % off your first month. I hope to see you in there in the Discord and over on the BitLab Academy daily YouTube stream right here at youtube .com forward slash at BitLab Academy. I'll see you there. I hope you all have a wonderful day. Have a wonderful weekend. Get out of the charts and we'll see you in the next video. Adios.
A highlight from Pack Wisely, Hunt Confidently: A Two-Part Series with Mike Kentner and David Merrell
"This episode of RadCast Outdoors is brought to you by P .K. Lures, Bow Spider, and High Mountain Seasonings. Fish on! Hey, RadCast is on! Hunting, fishing, and everything in between. This is RadCast Outdoors. Here are David Merrill and Patrick Edwards. Well hello and welcome everybody. Back to the RadCast Outdoors podcast. I'm David Merrill. We'll have to excuse Patrick Edwards today. He is traveling on the road and I am home between hunts for a momentary break in time. I actually was out trying to fill an elk tag this morning and was rather unsuccessful at filling a tag but had a great morning anyways. Fall is in the air guys. It's definitely time to get your gear, get out of the woods, and go enjoy it whether you're fishing, hunting, hiking, or backpacking. I've asked a former guest and another guest to come join us today. I've got Mr. Mike Kentner with me. Hello Mike. Hello. Glad to be here. Yeah, we were out looking for a few elk this morning and hiking around and I twisted his arm and said let's talk about what's in Mike's backpack. As you guys know I like to go hunting and over the years gear has changed dramatically from when I first started in the mid 90s and certainly from when you first started, right? Absolutely. In the early days we carried a fanny pack, nobody carried a backpack. Nobody had the idea Everly stock came out with I think to coin the phrase go in light come out heavy to be able to pack out when you went in. The early days we never did that. It's all kind of a newer concept in my world anyway. And I started in the scouting industry doing 50 milers and that kind of stuff so I had a pretty good grasp on what you should and what weight should be on how to navigate through the mountains. I had some orienteering, some compass, some basic survival under my belt, some first aid and some safety. But you have to put all that together and then you've got to start putting your backpack together and there is so many options now compared to when I first bought a $10 book bag from Walmart and put a few things in it and went hiking around saying man this and when we harvested stuff for the most part I threw a quarter on my shoulder and went hiking down the trail or I went and got horses or a dirt bike or a quad or a four wheeler but for the most part western style stuff it was I remember getting one of the very first real hunting backpacks I got was a fanny pack style. Yeah that's what we all started with back then we carried just the basic essentials maybe something to light a fire with, stuff to take care of your game if you put something down and then if you shot anything you walked all the way back to camp empty changed out for a metal frame and went back in for your meat. Yes and those metal frames have pretty much gone the wayside. A few guys still have them there's some companies making some really cool ones now and what you mean by metal is an external just a frame pack no bag attached nothing. It had a load shelf on it you set the shelf on tight most time they didn't have straps you had to use paracord or some kind of cord to tie your meat onto the pack. Now backpacks have obviously evolved the idea of backpack hunting has evolved and we're discussing a little bit today you know when I'm going on an expedition style Everest climb style hunt I'm taking a completely different kit than I am day hunting elk from the truck. Right everything down to I may use the same frame the same base frame but my bag load will be different I use a very small bag for my day hunts like today I use a 2800 inch bag for my day hunts and you go over a 6000 for a long hunt if you're going in for five or six days or more. Now day hunting what is your backpack in a way versus when the difference between a four day hunt and a ten day hunt you only have food difference you've got the same spotting scope the same shelter the same clothes for this kind of discussion a little bit we're basically going to talk day hunt or multi day now if you're talking four day or ten day that the only difference there is you're adding six extra days of food realistically same if I'm only going two nights then I might do something different but if I'm going for four to five nights I'm doing the same thing I would be doing if I'm doing ten to twelve nights. Yeah as far as your overnight gear still is pretty much the same. So that leads me to this first question is and I used to the first year or two elk hunting here in Wyoming I took my 7000 cubic inch bag just compressed it all the way down ran it empty and hunted with that but it stuck up so much higher than my head every time I duck under something I'm getting hung up so I switched to a 1850 Icon Pro from QU years ago I'm now running the Stryker XL from Kefaru that's my day bag and it's inch and then I throw a Sherman pocket and a guide lid and a claymore so now I'm like 3000 cubic inch but I don't have that completely full and we discuss this how full do you run your 2800 in day hunt mode? My day in day hunt mode is less than half full of what I pack and then I have plenty of room for jackets clothing depending on the weather any of that kind of stuff I'm gonna have in it but my base bag with my everything to take care of game and everything is less than halfway full. So some of the things that are in mind that I can think of is I always have a small first aid kit right nicks cuts scrapes burns some aspirin and then I have a kill kit usually involves I actually really like to use rubber gloves I grew up not doing it but when you're doing multi day multi hunt multi tags it's really nice to have a pair of rubber gloves to keep a little bit cleaner while you're processing but you definitely need those game bags I run six game bags how many do you run? Usually five I keep five in there for elk and big stuff it's always five and the reason guys I'm why running more than four quarter bags is well you've got neck meat back straps tenderloins I like to keep those two separate and what I've found is when we're doing either llamas or horses it's really easy even if we're backpacking and we've got to hang the meat away from bears I like to have all four of those quarters in their own bag and then I need two more for the rest of the stuff and sometimes I even like to grab another bag to put capes in. Yeah it's nice to have one for your cape if you're in the backcountry and you think you're going to have an animal mounted it's nice to have a cape a bag for your cape go as well so I usually carry like when I shot my bull this year I had six bags in me with me at the time so I have my five I primarily put meat in and then I have one backup one for the cape to bag it in so you need a good quality bags and quite a few of them. I don't typically pack water filtration in day hunt mode sometimes I like to run an algae and a bladder bag and I just fill that up in the morning and typically that's four liters of water I can pretty much make it through a day on that much water yeah I'm starting out a little heavier but I don't have to stop and pump during the day so do you what do you do for water in typical day hunt mode? I run bladder bags two liter bladder bags and so I usually run either one and a half or one liter and a two liter or two two liter bags so I'm running three to four liters and but I do carry the small Sawyer water filtration pretty much everywhere weighs under four ounces does about a pint at a time you got to refill the bag but it is a good way to get some extra water if you need it.
A highlight from 1411: Bitcoin Will Hit $1,000,000 By This Date - Max Keiser
"Say goodbye to your credit card rewards. Big -box retailers led by Walmart and Target are pushing for a bill in Congress to take away your hard -earned cash back and travel points to line their pockets. Senate Bill 1838 would enact harmful credit card routing mandates that would end credit card rewards as we know it. If you love your credit card rewards, visit HandsOffMyRewards .com and tell them to oppose credit card routing legislation paid for by the Electronic Payments Coalition. And here's your prescription. I know just the pharmacy to get this filled. Who are you? A pharmacy benefit manager. A middleman your insurer uses to decide which medicines you can get, what you pay, and sometimes even which pharmacy you should go to. Why can't I go to a pharmacy in my neighborhood? Because I make more money when you go to a pharmacy I own. No one should stand between you and your medicine. Visit PHRMA .org slash middleman to learn more. Paid for by pharma. Welcome to the entire crypto fam. This is the number one daily Bitcoin pod. In today's show, Bitcoin price tracks $26 ,500 as Bitcoin speculator supply hits a 12 -year low. Also breaking news, Coinbase secures an AML registration from the Bank of Spain as well as analyst Willy Woo says this enemy of Bitcoin is rearing its ugly head. Once again, we'll also be discussing a classic Bitcoin indicator suggesting a 2024 bull run, says trader who called May 2021 collapse, Dave the Wave. Also, Max Kaiser slams crypto influencer Ben Armstrong, formerly known as BitBoy Crypto, after he raises $80 ,000 in donations to fund his legal campaign. Max says get off the ish coin crack pipe as soon as you can. Max also says that XRP and ETH are both centralized ish. This is why they are both verboten in El Salvador, which virtually means forbidden. I'll also be sharing with you Max Kaiser's one million dollar Bitcoin price prediction as he says Bitcoin will be gold by a factor of 100 X as the altcoins will get shut down and go to zero. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show.
A highlight from 1410: Bitcoin Will Hit $10,000,000 Per Coin - Binance CEO CZ
"In today's show, I'll be breaking down the latest technical analysis. And also I'm going to be sharing with you a 48 ,700 Bitcoin price target, pre halving according to a top analyst. Also did you know it was exactly six years ago today, China tried and failed to ban Bitcoin for the second time and ever since the Bitcoin price action is up 600 % and the mining hash rate is back at all time highs. Also quitting Max Kaiser, Bukele has restored the human rights to 7 million Salvadorians that have been taken away by murderous runts, the British and American state, a 93 % approval rating tells the story of the most popular leader in the world. And now Bukele -nomics is being copied around the world as a blueprint for freedom and justice preach. Also in today's show, Mt. Gox repayments delayed yet again. Creditors are waiting on Bitcoin, Bitcoin cash and Yen payments until next year in 2024. We'll also be discussing, according to this latest report, Coinbase currently holds 5 % of the entire Bitcoin supply in existence. That's right. While Coinbase holds 25 billion in BTC, the exchange only owns around 200 million in Bitcoin and its wallets. We'll also be discussing the catalyst, which will catapult the Bitcoin price action. According to skybridge capitals, Anthony Scaramucci will also be discussing the latest with the Binance CEO CZ setting the record straight on $250 million loan claims. That's right. The US court had recently denied an inspection plea by the SEC. I'll be breaking down this latest FUD and speaking of CZ, the Binance CEO predicts the Bitcoin price will reach $10 million per coin. In fact, a couple of years back in an interview, he said, if all of the major institutions allocate 1 % Bitcoin, we're going to see 1000 X or more growth of the Bitcoin price. And if you run the math, 1000 times today's price action is 26 to $27 million per BTC. 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 crypto news alerts .net. Again, that's crypto news alerts .net and welcome everyone just joining us. This is podcast episode number 1410. I'm your host JV and today is September 23rd, 2023. So welcome to another sat stacking Saturday. Let's kick it off with our market watch as we do here each and every day, seven days a week. We can see Bitcoin back in the green trading above 26 .6 and we also have ether back in the green trading at roughly $1 ,600. The market cap is sitting at 1 .06 trillion with roughly 17 billion in volume. In the past 24 hours, we've got Bitcoin dominance at 49 .1 % and the ether dominance at 18 .2 % as Bitcoin continues outpacing Ethereum and checking out the top 100 crypto gainers of the past 24 hours, we've got theta lead in the pack up 7 % trading just under 64 cents followed by rocket pool up 4 % trading at $21 .63, followed by chain link up 4 % trading at $7 .18 and checking out the top 100 crypto gainers of the past week, we have WeMix leading this pack up 15%. We have PLS up 8 .2 % and XRD up 11, I mean 7 .4 % and checking out the crypto greed and fear index, we're currently rated a 47, which is neutral. Yesterday was a 43 in fear, last week also a 43 and last month a 41 in fear. So there you have it. How many of you have been stacking M -Sats and taking advantage of the recent dip in dollar cost averaging? Let me know. And how many of you are anticipating Bitcoin price action to maybe dip a little further south before packing some new positions? Let me know how you feel with the current status. And also just quick reminder, we're almost at the end of September historically, September is the worst month out of the entire year for the Bitcoin price action, but it's always followed by up tober, which is historically one of the most bullish months for Bitcoin. So we only have another week until we get out of September. So we'll see how this is likely to play out. Let's break down today's Bitcoin technical analysis. Bitcoin failed to reclaim 27 ,000, though we came close. It stalled at 26 ,500 as of right now. Meanwhile, the altcoins are in no better shape with minor losses coming from most of the larger cap ones. With Chainlink, the only one with a notable price increase. So last week was expectedly less volatile, aside from the brief spike on Saturday that pushed Bitcoin then to the multi -day peak of 26 ,400. But after failing to continue upwards, Bitcoin retraced at 26 ,000 and spent the rest of the weekend there. Then Monday didn't start all that positively either, but finished the way. Bitcoin went on the offensive and soared above 27 ,000 for the first time in weeks, but then shortly dumped after. But the bulls kept the pressure on and pushed Bitcoin to a new 20 -day peak at 27 ,500 on Tuesday. The next few days were rather calm with Bitcoin maintaining 27 G's, even after the US Fed's decision to stop raising the interest rates. Yet Bitcoin's momentum disappeared by Friday as it fell to 26 ,400. It even tried to bounce off the end of the day, but failed and currently stands at 26 ,500. Its market cap is south of 520 billion, while its dominance over the alts still just inches shy of 49%. So there you have it. And as we mentioned a little earlier, the altcoins, a lot of them are also in the red with the exception of Chainlink, which seems to be outpacing the rest of the major alts. Now for a prediction from Titan of Crypto, here's what he shared on X. Bitcoin 48 ,700 before the halving rocket ship to the moon. You might want to bookmark this one. Fam, never in history the halving occurred without Bitcoin reaching the 78 .6 % Fibonacci retracement level. So first off, first cycle price reached this four months before the halving, and the second cycle it was two months before, and then on the third cycle it was 12 months before. The next halving is now roughly six months away. Bitcoin might reach the 78 .6 % Fibonacci level within this period as it currently lies at 48 ,700, but the million dollar question remains, will this time be different? So as we enter this fourth halving, let me know where you feel the Bitcoin price action is likely to hit before we have liftoff. I mean, obviously that would be a bullish scenario setting us up for a perfect price discovery in 2024 post halving. So I cannot wait. I hope the analyst is right. And if you didn't know, it was exactly six years ago. China tried and failed to ban Bitcoin for the second time because guess what? You can't ban Bitcoin. You can try. Good luck with that. And ever since the price action on the King Crypto is up 600 % and the mining hash rate continues to hit all time highs. And as you know, hash rate is a good indicator for the strength of the network, meaning the market cap is just north of only $500 billion. And as Max points out here, referring to Bukele, he has restored the human rights of 7 million Salvadorans that have been taken away by murderous runts. The British and American state, a 93 % approval rating tells the story, the most popular leader in the world. And now Bukele Nomics is being copied around the world as a blueprint for freedom and justice. Massive shout out to Najib Bukele and the people of El Salvador. Which country do you feel is likely to adopt Bitcoin as a legal tender next? Let me know your honest thoughts in the comments below. I feel it's going to be another Latin American country. I'd say a great candidate for that is Argentina, which has hundreds of millions of people. We have Javier Malay, the pro presidential candidate. There is a 70 % chance plus that he is elected as the president. And we already know the likelihood he could make Bitcoin a legal tender, especially being orange -pilled by Max Keiser, who is the senior Bitcoin advisor for President Bukele. As Max has already announced, he can't wait to touch down in Buenos Aires to orange pill Javier Malay. Then we also have Mexico. We have people like Ricardo Salinas, the third richest man in Mexico, very pro Bitcoin, claiming Bitcoin has been his best investment ever because, again, Max orange -pilled him back in 2014. Then we have Brazil and so many other countries that make Bitcoin a potential to become legal tender. And we all know that's going to be a game changer. And that's just another catalyst on top of the Bitcoin halving scheduled in six months in 2024, plus the approval of a spot Bitcoin ETF in the United States. So can you say fireworks lays ahead? Let's go. Now let's discuss the latest more bullish news, meaning Mt. Gox is going to be delaying these payments, which means no crypto is going to be dumped onto the open market anytime soon, which again is good for the hodlers. Check it out. Now we got Nobuaki, the Mt. Gox trustee in charge of the funds owed to the exchange creditors, updated the public on September 21st, two days ago, according to the trustee, because of the lengthy discussions with specific payment providers, he could not make the October 31st deadline. That was the initial deadline, fam. And because of this reason, the repayments will start next year. And so they say, quitting him here. Therefore, with the permission of the Tokyo district court, the rehabilitation trustee changed the deadline of the base repayment, the early lump sum repayment and the intermediate repayment from October 31st, 2023 Japan time to October 31st, 2024 Japan time, respectively. By the letter of the Kobashi details, the Mt. Gox creditors waited nine years for payments. Good Lord. Currently, they're owed one hundred and forty one thousand six hundred and eighty six BTC plus one hundred and forty two thousand eight hundred and forty six Bitcoin cash and sixty nine is that billion yen. Good Lord. I'd love to know what that equates to in dollars anyways, though the delay has been extended. The creditors who have completed their claims might receive the payment by year's end, quoting them again. Rehabilitation creditors who have provided the necessary info to the rehabilitation trustee will see the payments made in a sequence as early as the end of this year, according to the letter. However, this schedule could change. Kobashi also said that due to the high volume of inquiries regarding the process, the rehabilitation team might not respond promptly. Well, that doesn't sound so promising, but I guess it's a good sign that most of this cash is not going to be dumped off any time soon, as there's a lot of FUD that's always circulating. The Mt. Gox, you know, sell off is going to crash the entire market. I think that is very unlikely and is nothing more than FUD. And again, we're gearing up for the most bullish sentiment in the four year cyclical cycle amongst us in twenty twenty four. So versus being in fear, I would be very optimistic about what's to come for the king crypto and the crypto market as a whole. But what are your thoughts, fam? Let me know in the comments right down below. Now let's discuss the largest crypto exchange in the United States. Clearly, it is Coinbase. The CEO is Brian Armstrong. But did you know, according to this latest report, they currently control and own over five percent of the Bitcoin in circulation. That's pretty hefty. And let's break this one down. And how many of you have used the Coinbase crypto exchange before? Let me know in the comments below. Here we go. Blockchain intelligence platform ARKAM recently identified the crypto exchange Coinbase holds almost one million Bitcoin in its wallets like, whoa, the coins are worth more than twenty five billion dollars at the current prices. Now, according to ARKAM, the exchanges holdings amount to almost five percent of all the existing Bitcoin. ARKAM said Coinbase holds a total of nine hundred forty seven thousand seven hundred and fifty five BTC. And at the moment, Bitcoin circulating supply is around nineteen million four hundred ninety three thousand five hundred thirty seven, according to coin info on CoinGecko. And as ARKAM shared here on X, ARKAM now identified twenty five billion of Bitcoin's Coinbase reserves with one million, approximately Bitcoin on chain. This makes Coinbase the largest Bitcoin entity in the world on ARKAM, with almost five percent of all the Bitcoin in existence, almost as much as Satoshi Nakamoto. Crazy, right? Furthermore, ARKAM noted that it has tagged and identified thirty six million Bitcoin deposits and holding addresses used by the exchange. And according to ARKAM, Coinbase's largest cold wallet holds around ten thousand BTC. And based on the exchanges financial reports, the intelligence company believes that Coinbase has more Bitcoin than are yet labeled and could not be identified. And while Coinbase holds over twenty five billion worth of Bitcoin in its wallets, the exchange only owns around ten thousand of all the Bitcoin in which it holds, which is roughly two hundred million dollars, according to the recent data. Meanwhile, community members express varying reactions to the news about the amount of Bitcoin on the centralized exchange in which they hold. Some believe it's a sign to withdraw their Bitcoin from the exchanges, warning hodlers not to wait until the exchanges start to halt withdrawals. Others say that since there are legitimate concerns over cold wallets, there is no good way to store your assets. I'd like to chime in real quick. Obviously, if it's not your keys, it's not your coins. So while a custodian such as Coinbase can hold your crypto, you've got to also note that it's not yours. So if something were to happen, hypothetically, like we've seen with FTX and the collapse last year, then not your keys, not your coins, they don't belong to you at the end of the day. So you've got to start to weigh the risk reward with having a custodian such as Coinbase or a centralized exchange hold your coins versus taking the responsibility for yourself and learning how to self custody your own crypto and call storage such as with a Bitcoin cold wallet, such as a treasure. So I just wanted to point that out. There's no right or wrong way to hold your crypto. You've got to do what's in your best interest, of course. So, you know, I mean, just want to keep it real at the end of the day. So check it when it comes to Bitcoin ownership by companies, business intelligence for MicroStrategy still owns most Bitcoin. I believe it's over one hundred and fifty two thousand eight hundred BTC, to be exact, worth over four billion dollars at the time of this recording, making them the largest publicly traded company to have Bitcoin on their balance sheet. Now, another major company that controls over six hundred thousand BTC is Grayscale in their GBTC product, the Grayscale Bitcoin Trust, which they just recently had a lawsuit against the SEC with the plan to convert their trust into a spot Bitcoin ETF. So considering they already control the underlying asset in the sum of over six hundred thousand BTC makes them a pretty strong contender. Wouldn't you agree? Let me know your thoughts, fam. And now let's break down our next story of the day and discuss the Bitcoin price likely to catapult along with the altcoin to coin to SkyBridge Capital, Anthony Scaramucci. Let's break this down. Shout out to the Mooch, SkyBridge Capital founder Scaramucci is detailing how one catalyst could have a bullish impact on Bitcoin, as well as the alt. In an interview with the Wolf of Wall Street, Scott Melker Scaramucci says that a spot Bitcoin ETF could be approved in the first quarter of twenty twenty four, which seems to be a ninety five percent likelihood, according to top ETF analyst at Bloomberg, Eric Balchunes. So according to SkyBridge Capital founder, the approval of the spot Bitcoin ETF and the Bitcoin halving, which is expected to occur in April of twenty twenty four, could combine to ignite a crypto bull market. No, it's not. It could combine. It will combine. Just saying. Quitting him here as Wall Street or products on Wall Street are sold, they are not bought. And so there is going to be tens of thousands, if not one hundred thousand plus people at these Wall Street firms selling these products to their traditional investors. So people that are in Bitcoin understand the finite supply of Bitcoin, right? We all know there's a finite limited supply, 21 million, and they understand the nature and the quality the Bitcoin has. This will push Bitcoin up. Of course, it will have a dramatically positive effect on the altcoin market because it will lead to more capital into digital properties so people can think whatever they want. They can think short term about the near term volatility of Bitcoin. But these macro positive factors are overwhelming. And according to Scaramucci, the potential approval of a spot Bitcoin ETF filed by giant asset managers such as BlackRock, who controls over 10 trillion in assets under management and Fidelity, that controls over four and a half trillion in assets under management, can see Bitcoin increasing its market cap by roughly 24 times from the current level. We'll send it. Let's go quoting the Mooch here. It is important that now the largest asset manager in the world who started out with some level of skepticism related to digital assets and Bitcoin is now willing to adopt Bitcoin. I mean, I guess they mean BlackRock is willing to adopt Bitcoin, but even more important than that, they're willing to explain to their clients. I think BlackRock now has 13 trillion dollars in assets under management. So for them, seven trillion for Fidelity. While these numbers are higher than I even imagine, while their clients need exposure to digital property like Bitcoin. And so we have a five hundred billion dollar plus market for Bitcoin. So you and I know gold is at 12 trillion ish, depending on where it's trading. But yes, 12 trillion. There is no reason why Bitcoin couldn't get gold. So there you have it. And to watch this video interview he did with Scott Melker entitled 37000 Bitcoin. Can it skyrocket 35 percent? Check the show notes below the video in the description. And I think we all could agree it's only a matter of time before Bitcoin returns to price discovery mode, virtually meaning entering new all time highs. My personal prediction is sometime in 2024, considering the two biggest catalysts, which we just covered, the Bitcoin halving and Bitcoin ETF approval, which we know is going to be a given, especially considering the SEC is not going to be able to push it back and push back that deadline any longer because, you know, they just they have been pushing it back now for 10 years while they continue to approve futures ETFs, which can allow them to spoof and manipulate the market, which is all by design. At the end of the day, there's not new under the sun and three things cannot be long hidden. The sun, the moon and the truth. But just saying. Anyways, fam, now let's discuss the ongoing fight against CZ, the finance CEO with this 250 million dollar loan. And then I'll be breaking down his 10 million dollar price prediction and in fact sharing a transcription of him claiming that Bitcoin can thousand X from the current price, which would ultimately mean not 10 million, but we're talking twenty six to twenty seven million dollars per coin. Let's break this down. So here we go. First, with the FUD, the Binance CEO, CZ Shangping Zhao had refuted a recent report alleging that he received the 250 million dollar loan from BAM Management, the company that serves as the holding entity for Binance US. Now, how many of you have used Binance US or Binance before as the exchange? Let me know, fam. The development comes amidst Binance's struggles with plunging trading volume as the world's largest crypto exchange faces mounting lawsuits and increased scrutiny, regulatory which seems to all be by design by the SEC and the regulators. Right. The report published by Decrypt September 19th drew its conclusions from court documents associated with the ongoing lawsuit involving Binance and the United States. SEC, according to the news agency's interpretation, the Binance US legal representatives asserted in the documents that BAM Management US Holdings had issued a quarter billion dollar convertible note to CZ back in December. CZ, however, challenged the accuracy of the report when he tweeted the following. The amount of wrong information is just they got the direction wrong. I loaned 250 million dollars to BAM a while back, not the other way around, and have not taken it back. The Binance CEO clarified that the loan arrangement was, in fact, the opposite of what was reported in the post. The exec explained that he had extended a 250 million dollar loan to BAM Management and asserted that he had not yet received the payment. So there's nothing new under the sun. Just more FUD, it seems like, fam. The legal battle has taken a toll on Binance US, which saw a flurry of employee departures. The US SEC alleged that Binance was not cooperating in the ongoing probe and even claimed that BAM refused to make essential witnesses available for deposition. Concerns were also raised on CEFFU, which happens to be a custody service offered by Binance's international arm, Binance Holdings Ltd. The SEC's filing claimed that the platform appeared to be in violation of a previous agreement designed to prevent the transfer of the assets abroad. And despite the scathing attacks by the financial regulator, Binance scored a small win this week. The SEC's motion to approve an inspection into Binance US was denied by the USDC District Judge, Zia Farokhia. So there you have it. I mean, the ongoing FUD will more than likely continue, as obviously Binance is the largest crypto exchange in the world and regulators seem to have a problem with them and want to go after them for whatever apparent reason. So, like I said, hopefully in the end, you know, truth is revealed and the real story versus all the FUD and, you know, the manipulation of the price action and all the shenanigans we continue to witness in the market. And with that being shared, now let's dive into the Binance CEO, CZ and his 10 million dollar price prediction, as well as him predicting that Bitcoin price action could even a thousand X from here, sending the Bitcoin price parabolic to 26 or even 27 million dollars per coin. Let's break this baby down, shall we? Here we go. JV, have you ever heard of him? A crypto YouTube influencer from Crypto News Alerts remembered CZ's prediction. You're damn right I did. The Bitcoin would reach 10 million per coin. JV referred to the statement in a recent video uploaded on YouTube where he analyzes various aspects of the Bitcoin market development. Now, JV looked back at CZ's Bitcoin prediction while analyzing the Bitcoin CEO's recent Twitter comments. And in a Q &A session on July 5th, CZ addressed several issues, including Binance's reaction to the ongoing regulatory scrutiny. He also spoke about the rising interest of institutional investors in crypto currencies, as well as the proposed BlackRock spot Bitcoin ETF. CZ made the 10 million dollar price prediction back in 2021. In fact, I have the article already pulled up and I'm going to be reading word for word what he shared. Following MicroStrategy's announcement, allocating Bitcoin for the corporate strategy, CZ based his analysis on the possibility of several corporate companies, major institutions across the world, allocating just one percent of their corporate treasury into Bitcoin. And according to CZ, that would lead to a thousand X growth in the value of BTC. JV highlighted CZ's welcoming approach to institutional investors in the Bitcoin ecosystem, and CZ noted that advantages in traditional finance firms they bring to the crypto industry, despite concerns about their intentions clashing with Bitcoin's decentralized nature. And according to JV, CZ identified two key factors driving Binance's strategy for the next 18 months. They include the upcoming Bitcoin halving event now less than six months out, as well as, you know, we could be seeing a Bitcoin ETF here in the near future. The Bitcoin community expects the next halving to occur in April of 2024. Now quoting CZ word for word from the initial interview he made on Bloomberg Radio predicting a potential 1000 X increase in the Bitcoin price action. So here's what he had to say. Right now, I think only 11 companies again, this is right around the time that MicroStrategy announced putting Bitcoin on its balance sheet. They announced having allocating some talking about Bitcoin, like usually less than one percent of their corporate treasury to Bitcoin. And we think that it is most likely what caused the initial price rise. I think MicroStrategy's Michael Saylor started it first, but there are six hundred and fifty thousand companies in the world, like relatively established companies in the world, and their treasury is huge. Preach. So if all of them talking about these major institutions only allocated just one percent to Bitcoin, we are going to see, I don't know, 1000 X more growth in the Bitcoin price. And if they allocate more than one percent, then it's going to be even bigger. So I think people don't quite get the magnitude of the wave that is about to hit us. Now, let's run that math one more time. Fam, today's price is roughly twenty six thousand five hundred times that by one thousand. He's talking about a twenty six and a half million dollar Bitcoin price action. The potential if they only put one percent of their strategic reserves into Bitcoin, you do the math. If it's five X and five percent, what are we talking? One hundred and twenty million dollar Bitcoin price. Just saying this is coming from CZ, the world's richest man in crypto. So very powerful words indeed. Let's get back to this prediction of what he shared. So the finance CEO estimates that the flagship crypto can go up anywhere from nineteen hundred percent to twenty thousand percent from the current price levels from the time he made the prediction. And he goes on to share with price predictions. It is really, really difficult. I think it can go to, I don't know, one million dollars, ten million dollars. It is very hard to tell. And again, if we literally did a thousand X from today's price, we're talking twenty six and a half million per BTZ. So CZ also reveals that the exchange is onboarding new users as an at an unprecedented sustained rate during the bull run, outpacing its user growth during the twenty seventeen bull run. So again, this was during the twenty twenty one bull run. Here's what he had to share. Just to give people the idea, in twenty seventeen, when Bitcoin hit the peak of about 20 G's, we were seeing three hundred thousand new registered users per day. And that only happened for a couple of days. And that kind of trailed off and became slower. Now we're seeing sustained new user registrations above the peak and sustained like for over two to three months. So could you imagine running the world's largest crypto exchange and having over three hundred thousand new registered users every single day for like 90 days straight? That is insanity. And that's the previous market. I think twenty twenty four is likely going to outpace the previous market as Bitcoin becomes a common household name and as Bitcoin game theory continues in full effect. You have presidential candidates making Bitcoin a big determining factor. We have people like Ron DeSantis, Kennedy Jr., Javier Malay over in Argentina. So naturally, it's just going to create more commotion and positive catalysts for Bitcoin as we move forward into twenty twenty four. So, I mean, fireworks are ahead. Let me know how you feel. We're likely to finish out this year by December of twenty twenty three. Where do you feel the Bitcoin price action is likely to be? And don't forget to check out CryptoNewsAlerts .net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
"bulls" Discussed on The Garden Report | Boston Celtics Post Game Show from TD Garden
"Brooklyn, you just never know what the hell you're going to deal with. Kyrie on the road and all that other kerfuffle. And B, why I don't want to see Philly. Listen, Derozan's a great player. If he's your best player, that's who I want to see on the other side. He's not your best player. He's not the best player. That's exactly what is your best player. And he's playing in a higher level than both Tatum and Brown and he has been for over a year. And they have a big man who can stretch the floor. He thought he's not a defensive end. They have, they have four high end talents. They're a great team. But with often, I'm not knocking Chicago. I'm saying they're not the nets that they lost. They gave up a $40 reason they're not is because they're new. And they haven't fully arrived yet. But because you're not used to them there yet, they might be. Maybe they don't do it this year. But they could. They don't have the kind of talent of those other teams, but I do believe that's going to be more of a team than those other teams. These guys are more of a team. I think we're going to pick the kid the summer who's really good. They are. This is the brutal position you're in when we talk about China win. You in the first round is the 7 or 8 seat because this is gonna be a play in team. So you're the 7 or 8 seed, you're picking between Chicago and Brooklyn and you look at those two teams when they're fully loaded and it's not even close. You step in there a series against Brooklyn and you are not even sniffing a lot. I think the nets and the bucks are on a different level, but I think the Chicago is much closer. Chicago is much closer to the top than they are to the middle of the pack..
"bulls" Discussed on The Garden Report | Boston Celtics Post Game Show from TD Garden
"Comes to fruition, they have to continue to show that they can make guys around them better. They can enhance players that wouldn't be enhanced elsewhere. And I think that's just something that we still have to figure out that they can do consistently, you know? Regardless of who did around them, enhance their team. And they haven't even scratched the surface of that. But they're not supposed to be elevating their game, you know? But what's funny is we're not even asking when we talk about moving the ball and making quicker decisions, no one's actually asking Tatum to get 8 to ten assists a game. They're just simply saying, move the ball more, get into some actions, move off the ball, and when you get the ball back, you might be in a more advantageous position to score than if the point guard hands it to you at half court when he crosses half court and then you set up deliberate and everyone clears out in every single defense sets and is sitting there waiting for you. They're waiting to double their waiting to collapse. There's people that they're packing the paint. That sucks. That offense sucks. So commit to moving it and moving your body and getting to places. So when you get it back, you're in a better position than isoing 50 feet away from the basket, which makes no sense to me. That's all people are asking. They're not asking them. But then point forwards, right? I think that's what drives us crazy, especially in that first half. Look at the second quarter. I felt like the bulls made their adjustments and the Celtics were trying to pick up their office, which I thought that helped them throughout the first. But you're losing something on the defensive end, you know? Like this whole fast break style and update when it's rocking it looks good, which is exactly what we saw in that first quarter throughout that run. And then you see that slippage on the defensive end. And then they can't defend it in transition. You know, they start to they're like a step behind. And maybe that's the result of this being on the second night of a back to back, you know, coming from the road, but you know, and that fourth quarter, they showed the mental of mental toughness to get through it to power through and make the right decision. So we know it's there, you know? I like what you both said to getting off the ball to get it back to yourself..
"bulls" Discussed on The Garden Report | Boston Celtics Post Game Show from TD Garden
"That's a good thing. That's a very good thing. Particularly against a team like Chicago Bulls tonight who were so undermined and just so right to get that asshole. And you have to get these wins. Every game matters, but these games really matter. Not only in terms of improving your win loss record, but also just kind of give us some of these guys confidence. I thought you had a good game. I thought he did a lot of really good things out there. Not just shot making. I know you had the one three ball that he hit that put them up for when they had just had the one point lead. But I just thought that his confidence his confidence overall looked on. He takes some tough shots. He takes tough shots and I'm not as concerned about whether he makes them or not. I just want him to get comfortable taking those shots. And it seems that he's trending in the right direction in regards to that. And again, this was, again, Celtics did a lot of great things down the stretch. I just wish that they could figure out a way to bring that elite level of competition in the face of attrition the way they Chicago Bulls that because the polls, when you look at their roster, and you look at just who they had available in who they didn't, they should have got that asshole by 20. This should have been a 20 point loss. But I don't blame it so much necessarily with the selfies. They knew by blame it more on the fact that Chicago came ready to compete. And they weren't just given lip service. And again, I rigid that quote from Billy Donovan before the game. Clearly, the message that he sent to his guys was like, I don't really give a damn what we want to loss, but you dare will better compete. I don't know if that message is getting through in that of the green team's locker room. I don't know if they're hearing that. I don't know if they're feeling that. We may not win or lose a game, but damn, we need to at least be ready to compete from beginning to end. Because we don't see them. We just don't see that. And I think that's a big reason why he didn't sort of bail these guys out, right? He didn't go deep into his bench. He didn't go pull the guys when he didn't like what they were. He was like, no, you guys need to figure this out on that fourth quarter, you know? And I think a lot of that has to do with the fact that a lot of which Rogers said, you know, a lot of the all stars in this team weren't available. You know, guys were out for the Chicago Bulls and here you are, yeah, you held a steady throughout the first three three quarters or so, but it still wasn't comfortable enough for you to hold onto it, right? They had to really fight. And you may want them to fight. I feel like, you know, especially in the last three minutes, okay, here you go. It's a cool position game. You're down by 6. How are you going to handle this? Because it's going to take you two, three consecutive stops, just to even give yourself a fighting chance. This did that in more and more going forward for four from the free throw line with all that pressure and this crowd..
"bulls" Discussed on The Garden Report | Boston Celtics Post Game Show from TD Garden
"And I don't know how you felt about his kind of time out run stopping this year, but it was the 32nd mark of the third quarter, right? That was the best time I was called all year. That was such a part of it. Well, I think they just given up a basketball and I think he was sensing that that was going to be the most, but then they were in their offensive. They were running an action it looked like. And then there was it looked like two, three people were in the same area. It must not just liked how the play looked or something. They were just disorganized, or it just was, it looked like they were out of sync. And I think but I wasn't sure if anybody knew for sure. Just looked like they were maybe a little out of sorts and he's like, no, no, no, no, no. I was so happy to see that time out call, because again, this is a ten, we've seen him do this time and time again where you can almost sense when they're about to be on the short end of a run. And I thought he made it a good job of nipping that in the bud before it could get going. Again, you had a team in Chicago in Chicago that really there was stretches where you could clearly tell that they didn't know what the hell they were doing. At one point in the second half, you had all 5 Chicago Bulls flares on one side of the floor. All 5. And Derozan had the ball top of the key. And he looked to his left and there was no one. And on the other side, all four guys are there. That's the kind of stuff that happens when you have a bunch of guys who aren't used to playing together, and all of a sudden having to play major minutes together. But again, I go back to the Celtics did what they needed to do to get the win, but they really need to take a page out of the Chicago Bulls playbook and understand that you need to come with elite effort so that you can compete at times of attrition, which is what they are going through to some extent in the book, certainly, to a much larger extent. Damn, is that the final 47 17? Is that the final? That's what I said. That's what I said. Damn. I was like, they want to put on 50? You know what though? It was this close to surpassing what I thought was going to be the greatest indignity ever suffered by a patriots team in a playoff game, which was the Super Bowl 20 versus the bears. I'm dating myself, obviously, but back in 85, well actually the year 86, but the 85 season 46 to ten, they were down 47 to ten in this one before that late touchdown..
"bulls" Discussed on The Garden Report | Boston Celtics Post Game Show from TD Garden
"Like I do think if rob like has these the therapy session? No, no, no, no, no. When he's doing the debate thing. It's like, oh, what happened? You know, like rob has these moments where he does this stuff and you're like, where did that come from? You know, like, even early in the first quarter, he had that little, you know, that he catches a pass and he's like, okay, dribble and like a little floater in the lane. That's a crazy touch shot and that takes a lot of feel. And it's just not something every big can pull out of their bag. I think he's got stuff there. He just hasn't really harnessed it, you know? And so it's a matter of just unlocking some of that stuff, but he was great. When he comes up high at the great backdoor to Jalen, you know, nobody gets him going the other way, right? When he has his back to the basket and he rather he has he's facing the basket and he'll turn, you know, that was definitely crazy a month ago. This time a little bit. It was the first personal file where he caught it, gathered himself, and he didn't turn his back to look to make a pass. He went straight up with it and got into the free throw line and earned that the hard way. You know, I think that was part of his game. His offensive game that was driving me crazy this past month, but he didn't even hesitate on that in that play. On that play, you know, within a minute left in the game, that's a huge spot. You want to see more of that, you know, from rob, you know, late in games. And having the bonus there on the fowl is them going downhill a ton in this game, shooting almost all their first shot baskets at the rim. They got away from that a little bit in the second half. But overall they were pretty aggressive in this game going at the smaller Chicago wings. The bulls were pretty much out all of their defensive wings and certainly the two good players the size there in ball and Levine. So they were missing a ton defensively in the Celtics took advantage of it. They went to the rim time and time again. It was a great game to do the splits. The big men and had the ball in their hands. So you got a ton out of that. You suddenly took it to them early and set a tone in this game. You held a lead for large stretches like Joe sway said they were going to make their run. They shoot 8 to 13 for that stretch where they took the lead from three. They were just knocking down everything. I would do suma was unbelievable. So this is a good win. This is a rock solid win, even though you're supposed to beat this team and blah, blah, blah, blah. You played well for most of it. You nearly blew it with some key miscues and the fourth, but you got up on your feet, you had that bonus late and you take advantage of a big break there on the file call and walk out of here without even needing to run away game set. And they had to get a pair of stops there after that too. A good one on vujovic, you got a decent look. And then you get the follow on to rose in there. So execution just getting better, a win like the pacers one a week ago, a win like this one when you're getting the practice situations. Again, again, John, it's great, right?.
"bulls" Discussed on The Garden Report | Boston Celtics Post Game Show from TD Garden
"In guys, Joseph pavon at the garden Bobby Manning doing Bobby Manning things and I am here done watching the Patriots game because why bother? I have jumped on the Celtics bandwagon. Welcome aboard. That's crazy that that ended up being a fun game tonight. Oh my God. So I'll let you guys take this away. I've been watching as well, but like, I mean, you know, good to hold off the bulls. They were short. This was almost a loss, but they made clutch plays in the fourth, late, played good defense in the fourth late, which is something you can't say of a lot of other games that they've had this year. So they didn't wilt. This was kind of the opposite. They let it slip away from them a little bit. But they made the plays late so you gotta give them credit for that. That was big. That was the big the way they closed it. Yeah, you know what, I think you just nailed it, John, you know, for Celtics fans out there. I mean, this is progress. It doesn't feel like it. I'm sure it doesn't because you're like, oh, deja vu. Here we go in that fourth quarter, but at least if you compare this win to the others, it was one of the biggest things that I took away from me was that they didn't have to play uphill, you know? Sure, the bulls hung around, you know, sure, it wasn't comfortable throughout. It was essentially the entire game. But the state ahead. And if not, you know, yeah, they lost the lead for a little bit there in a second half, and then they came right back. Teetered back and forth, but they grind this one out, you know? For this one and the fourth quarter, you know? It had the makings of a really of a game that was going to piss you off, right? The bulls are down a ton of players and this is a game you should have handily. And. You're down 6, you know, late in the fourth, and you're like, uh oh, you know, and again, it almost slipped away here for a team that should not have hung with you tonight..
"bulls" Discussed on Lakers Nation Podcast
"So for a rep to see if coming from ADM is being like, oh, this is way more serious. Like, hey, you need to relax. And so I think, you know, from a referee standpoint, it's that difference of what kind of player am I dealing with normally? So, you know, if I'm a player that normally picks up technicals and some of the stuff I say. Because referees don't just referee a one game, and that's it for the rest of the season. They know this thing is pretty well. Yeah, they officiate multiple games throughout the season. So for those referees that clear that called the technical, I don't know who it was. But they're probably like, yeah, I'm not used to saying AD like this. He seems pretty upset and he's saying a lot of things I'm not accustomed to hearing. So I'm going to call him for a tech. But again, if it's a DeMarcus cousins type, draymond green, one of those kinds of players is known for getting technical files. They get away with a little bit more because they say a lot worse things. Is it fair? Absolutely not. That's not very consistent. The leak should crack down on that. I think that's another thing they should look at. Because technical files are kind of arbitrary. They think about it. Depends on that. It's how they interpret something ahead of that. And how long has that player been barking at me throughout the game? What have they been saying, et cetera? There's not a lot of set criteria for it. It's just, you know, if you complain too much and it's two, and it's like too foul or too too much, then yeah, you call them for it. But it's kind of an inconsistency in the rule book, but basically what I'm trying to say is that I don't think that it was fair for Anthony Davis to get tossed, especially because it was a psychic technical vow. And it's a superstar. They are very well aware that the person they're tossing out. Well, that's my thing. It's not good for the NBA to see their star players get thrown out like that, especially when it's a call that most people would probably argue is not the right one to make in that moment. But, you know, it happened and it wasn't good. And I think it killed literally any chance of the Lakers coming back. Not to say that there was much of it at that point in the game, because it was toward the end of the third quarter and they were already down by 20 big picture. But I just hope it helped Anthony Davis. It gives him some load management. Yeah. We were joking our Lakers nation group chat, and I didn't want to jinx it at the time, but we were joking about we need a days without incident with Anthony Davis. Oh, yeah. And that's more of a reference to like him falling, getting nicked up, et cetera, he's been okay in the past two games. Yeah. It's been two days. Yep. That's true. You were joking that we would just need a zero. Yeah. We were joking, we would just need a zero, but it's been two days. So so far, so good. And, you know, him getting thrown out means that he didn't have to play a meeting with fourth quarter where he could have got hurt. Well, so that's the upside. The glass is half full. All right. I think we can really call it a night at that. Yeah, I think we're sure. Are you sure? Appreciate everybody coming in and joining us. Make sure that you do subscribe to the Lakers nation YouTube channel if you're not already turn on those notifications so you get notified whenever we go live..
"bulls" Discussed on Lakers Nation Podcast
"I think it was last year because the oh man, now I'm having trouble remembering too. Because there was one year where LeBron had a turnaround jumper over jaylen Brown that essentially said that I think that was after, they got blown out in Boston, and then the Celtics came and saw them at Staples and the Lakers kind of got even by winning that game. That was the game that JSON came and went nuts. I remember future Laker JSON, by the way. They did that. But anyway, you look good in purple and gold. You know what's funny for Lakers nation dot com. I have that article written and then they had decided to take it out of the video so that it's kind of awesome to eat right now. But anyway, yes, road trip. I think three and two is good. I only really care about the Lakers go one in four, but they beat the Celtics. I won't be that upset. I would still be upset. But again, I'm sure you would be upset, but like for me as a fan against the Celtics. All right, guys. Yeah. I appreciate everybody coming in. Obviously, there was a lot to talk about tonight. It was a frustrating game, certainly, and I know a lot of people were able to vent. Hopefully you all feel a little bit better after after this. Sometimes it's nice to talk through some of these things when we have a difficult losing this one. Again, not a great showing by the Lakers losing to the Chicago Bulls. The only thing they can do now is try to bounce back and they'll get an opportunity to do that on the road Wednesday. Sometimes long road trips can serve to bond a team to help them really come together because you're away from family away from friends. Everything else that you have at home and you really only have the other guys on the team to hang out with. So maybe this will be a bonding experience for the Lakers, but will be a long 5 game road trip, and we'll see what they can do with it. Matt, thanks for coming on here. And helping me get through this and at least I feel a little bit better having talked this much about what just happened. No, I feel a lot better, you know, these post game shows like we said earlier. They're banking. I completely forgot to talk about the Anthony Davis and ejection. Thank you. Ken Ken Jiang. Thank you from YouTube. I guess I got to talk about that. Okay. Sorry. And we can't go without having talked about that. Oh my goodness. So Anthony Davis, his shoe comes off, right? I thought he just, it looked like he just crumbled to the ground for no reason..
"bulls" Discussed on Lakers Nation Podcast
"They just need to go on like a three or four heaven forbid a 5 game winning streak where I'd have some quality wins. Sprinkled it in there. And I think that way you'll start to see the confidence back. Because I think that's another thing too. The Lake is we haven't really talked about too much. There doesn't seem to be a lot of confidence in the team right now as a group. And I think that's just coming from a place of when we get down like who's really going to step up. We're not really too sure yet. We don't really know how we want to play yet either, especially with LeBron James off the floor. I think those are all factors that we need to consider here. But again, for the alms time now, if the Lakers are healthy and they've actually had time to practice and get to know each other better on the court. I think you'll start to see them playing a lot better. I mean, of course, they're still going to have losses here and there. But I don't think the losses will be this egregious. At least I hope not. Jesse Taylor said, you guys helped me through a lot. Thanks for everything while you're welcome. Thank you for the super chat. We appreciate it. You're welcome. And this is an opportunity look at. I don't take the stuff you guys say in the chat to personally or anything like that. I know a lot of I know a lot of it is people coming in inventing and hopefully by the end of the night, we all feel a little bit better. I gets a vent a little bit, Matt, the optimist, even gets to vent. So his optimism meter gets to refill just a bit. So this is if you guys don't know. This show first started. The first year we did this was when the Lakers had Lonzo and BI and all those guys. Like back then, when the Lakers were getting just annihilated. And it started off as a way to kind of vent after games and really just let loose a little bit and commiserate and it was a rough season and they lost a lot of games. And so that gave us a lot of opportunity to do just that. As the years have gone by, obviously they've gotten better. We've spent more time celebrating wins and things like that. But this still holds that purpose as well. It gives everybody an opportunity to kind of vent a little bit after a tough loss and get out some of their frustration and then hopefully feel a little bit better. By the end of the whole thing. So that's definitely part of this here too..
"bulls" Discussed on Lakers Nation Podcast
"Of ten from the free throw line. 90%. Russ has been shooting 65% for a while, so that's a nice night from him. 6 boards Ada says, 25 points. Four turnovers. So kept the turnovers down part of that due to what happened with Taylor Horton Tucker and we'll get into that in just a minute here. But what did you think? I thought Russ was pretty much the only guy to actually capitalize on what the bulls were doing to taking Anthony Davis out of the game. Yeah, you know, I don't think it's surprising that the two best Lakers tonight were the physical guards in THT and Russell Westbrook. Because, you know, for all the things that look, I love Lonzo, I love Cruz. So those guys are, I don't know if you want to go this far, but I think they might be the best defensive backcourt in the NBA right now. I can't think of one off the top of my head better than those two. But those guys are great. But they're also not the biggest guys. They're quick. They have good anticipation skills. You know, high basketball IQs. But when it comes to raw physical talent and physicality, I think THT and Russ have them beat. So I don't think it's a surprise that those two guys were able to put their head down like you said and get to the rim and force the issue a little bit. I think that was pretty crucial when the bulls were schematically taking Anthony Davis out of the game. They basically were like, hey, beat us off the dribble for your shots over the rim and then. As well. And they gave up the open threes, right, exactly. So you know, as far as the 360 is words concerned, I definitely think it has to go to rest. I thought, you know, he was a pretty big. He was a he was one of the few bright spots I thought in stretches for the Lakers tonight, especially for a team that seemed once they got punched in the mouth, it was hard to conjure up any energy for the rest of the team for the rest of the night. So it was good to see us in THC taking it upon themselves to do that. So I'm going to go with the rest, but I think it's almost by default. It felt like every time the Lakers would start to make a run, the bulls did a great job countering and coming right back. And that's and look, that's not anything new. I had bulls fans so mad at me during this game because I tweeted out something. I said I said, if you think that teams don't get up to the play the Lakers, you need to think again, or something like that. And people took that as a shot against the bulls. No, I was more referring to the fact that clearly the bulls were fired up to play against the Lakers, not saying they're normally a bad team. They're very good team. They've been great all season long. But they were extra focused tonight. And we saw that with their three point shooting was absolutely locked in. Every time the Lakers went to make a run, next thing you know, it would be like Lonzo and Levine back to back threes and then the Lakers have scored two quick baskets on their end and you're still losing 6 to four in that exchange. And that was what we saw in night long. They did it against the clippers, too. Last night, the bulls, actually, the clippers came all the way back and took the lead late in their game. And the bulls just came right back and put the lead right back up to like 7 or 8..
"bulls" Discussed on Lakers Nation Podcast
"Do that tonight against the bulls, and a decent amount of that falls a part of it is the shooting part of it is poor shooting from three, and no doubt. But a decent chunk of that falls on Frank Vogel. Yeah, you know, I thought this was the most glaring thing, and you saw it right from the tip. Is that anytime Anthony Davis caught the ball no matter where he was on the floor, the bulls were happy to send another helper, defender toward his way forcing him to get rid of the ball and then rotate behind the action. Honestly, I'm surprised that teams haven't seen it. But they're going to get a lot more now. Well, I think right now, particularly, and I made this point to you on Twitter is that I said the teams can get away with this right now because you don't have LeBron James on the floor to counteract that and punish teams like you said for their choices here. Because once Anthony Davis swings the ball out and he gets the ball to LeBron James or someone else, he's able to make the next play and find the open man. And hopefully you're not going to open shot down. But I think historically with Anthony Davis on the Lakers in particular, what I've noticed, and I'm sure you've noticed this too, is that he's not as fast passing out of double teams. He kind of waits a beat and then passes the ball out. But at that point, you know, the defense behind him has already rotated over. They kind of zone up behind it, but they're able to cover the other four guys on the floor. Ideally, once AD gets the ball and he sees the double coming, he should pass that ball instantly and then keep the ball moving that way. But we didn't see that a lot tonight. And then I think the other frustrating thing and then I think this is where you can probably blame Vogel a little bit here is that they didn't get Anthony Davis in the lower block where he could do more damage. I thought that they had him catching the ball too often from the free throw line extended, where there's more help that way. That's just not, and it was frustrated because you saw what happened over and over and over again. It was like watching a broken clock, like nothing changed. And so it was basically forcing 80 to make tough shots over two defenders or scrambling and having someone else on before make a play. And that's just not good. It was crazy. It would drove me a little bit nuts, Matt, because it was like the Lakers said, well, we're struggling to get the ball to Anthony Davis in the post. So let's just not post him up anymore. But he's playing against a bunch of dudes that are 6 6. And the solution was, oh, well, let's give in to what they want and let's not have our dominant interior presence in the paint anymore. That's madness. It's a swing swing attack off the dribble, force the defense to collapse, and then you're either getting the ball up on the rim and letting AD feast on the offensive glass or you've got a drop off past to him and we didn't see that much at all..
"bulls" Discussed on Lakers Nation Podcast
"If we've ever seen one. So Matt, I guess let's get into the heart of this here. I've got a lot of fans in the chat that are not happy with the way the game was coached by from the Lakers side of things. Sure. And we do need to dive into that. In fact, let's just hear I've got a super chat just came in. Landon Archie let I said, how long do you guys really think Vogel's going to last, not saying it's all his faults? Is Vogel on the hot seat at this point? I don't want to say he's on the hot seat per se, but I do think that it's getting pretty warm in there. Just because I think that the losses have it's one thing to lose games, but it's another to lose games in the way that the Lakers have lost them. They've been so up and down. It's been a roller coaster. Like we said, it's one day. Things look pretty good. And then the next day it comes crashing down. And today they crashed very poorly. I don't know if you can crash well, but they just crash if they crash bad. You know, without the without the Portland game was hello? We got the okay. We're alone. We're lows. And then lo and behold, they got to Minnesota. That was bad. They responded well yesterday. And then you have today. Granted that the Chicago Bulls are a very good team. They're now 9 and four. I think between them and the wizards, they have to be considered the surprise teams of the season so far. Sure, given how well they've outdated outdone expectations. All with former Lakers, I think oh, man. I can't wait till the Lake is play the wizards because I'm sure that'll be the next theme for the season. But as far as the question is concerned, I don't think vulgar is necessarily on the hot seat, but I do think that he and the coaching staff have to be feeling some sort of pressure to get this team back to what they can be. I know that no one wants to hear this. And honestly, I'm sick of even mentioning it at this point as well. But injuries are indeed a factor. It's hard to coach a team when you don't have your best players available. And one of them just happens to be LeBron James, who covers a lot a lot and a lot of the stakes here. I made this analogy a couple shows ago. But the broad is kind of the makeup that makes the Lakers look pretty without that. This is the team that you're going to be seeing for the foreseeable future. Dave mcmenamin, fortunately, did say LeBron, he thinks that LeBron could make his return during the road trip. So that's good..
"bulls" Discussed on Lakers Nation Podcast
"Make sure if you're not doing so already that you do follow us over on YouTube. Make sure you turn on notifications as well. Oh, we've got a game to dive into for this one. Can we just skip it? Matt the optimist Peralta. Can we just skip talking about this game? This is not going to be a pleasant experience dive into this one. The Lakers absolutely demolished by the Chicago Bulls rough outing Alex Caruso. Not really a revenge game, but Lonzo Ball certainly had one. I don't know Matt. What do we do here? Can we just forget about this one? Trevor, you are the host of this show. I am just your casual guest here. So whatever you want to do, my man, it's up to you. But obviously we're not going to just cancel tonight show because of the loss. But I'm going to tell you right now, I don't have too many takeaways other than the bulls played a lot better than the Lakers tonight. Did that was that was a rough one. The bulls shot ridiculously well, in fact, Lonzo Ball by himself. Get this. So Lonzo Ball. 27 points on the night 7 boards, 8 it says two steals. A new season high for him. Because of course, and loans are shot 7 for ten from three. The Lakers shot 6 of 32 from three. Lonzo made more threes than the Lakers on 22 less attempts. That tells you how I'm not good at math remember, but that's definitely not a good thing. Zach lavine dropped 26, and both of those pale in comparison to demar Derozan. Who dropped 38 plus 6 assists on 15 of 23 shooting the bullshot 55% on the night, 44% from deep, and that was actually with some misses and garbage time. They were above 50% from three for a good chunk of the night and the bulls are not a three point shooting team. Dead last in the NBA in three point attempts and tonight they were red, hot from behind the arc unbelievable. Meanwhile, for the Lakers side of things, you had Anthony Davis with 20 and 6 and the night ended early for him. An ejection, which we're going to talk about. I thought it was very bad, bad piece of refereeing, but we'll dive into why..
"bulls" Discussed on The Crossover NBA Show with Chris Mannix
"They do. They've got several problems. One of them is a chemistry problem and other is as you say the lack of a traditional playmaker which i said over and over again before the start of the season like kemba walker may have been damaged goods but for the better part of the last decade. The celtics have had a lead point guard in place. Isaiah kyri kemba last. Couple of years marcus. Smart is tremendously good at many things. But he's never been that lead playmaker and as a valuable position to have. And when you don't have that guy. You need tatum brown to be playmakers. And to this point they have not been that. That's number one other thing. I look at with the celtics. They're twenty seventh in the nba. In defense how is that possible. Look at that team. That is a team with some very very good individual. Marcus smart is a perennial member of the all defensive team dennis schroder i get some lakers fans tweeting at me when i say that but dennis schroder is a good defensive player. He is a good defensive player. Josh richardson has been a good defensive player over his career. Jalen brown has been a good defensive player. Jason tatum last couple of years has taken strides on the defensive end especially when it comes to deflection steals things like that. That's been an improvement for him. Al horford has been part of very good. Defensive teams rob williams before his injury issue was leading the nba shot-blocking. So you have all these individual players who are good defensive players and your twenty seventh in the league in defense. I don't get that. I don't get how how that's possible so whether that's schemes. Whether that's energy effort which are all kind of interconnected that is one of not the biggest problem the celtics. Now let me turn to yoga for a second. And i don't think a coach should be judged on seven gains to his first season. Like we gotta give the guy some time especially as a rookie head. Coach is one hundred percents right. You gotta give them some time to figure it out if i'm going to make one critique of email you daca right now is that. He is way to overall overly reliant on his veteran players and not giving a shot to his younger players. Now maybe that comes from a guy. That's come up the ranks in san antonio where they were very veteran heavy brooklyn last year. Of course veteran heavy didn't have that time in philadelphia a lot of young guys there but he is leaning heavily on his veteran players. I look at the minutes played howard of some of the young guys on this team. You've got romeo lankford. Seventeen minutes a game. Peyton pritchard thirteen minutes a game. Aaron knee smith whose only played in four games. Excuse me seven minutes a game. These guys gotta play. I mean there was the game in washington on saturday where i think. The celtics didn't make a three to like the third quarter and aaron these the stable to the bench. Like that's a guy that can make shots. Maybe give him a world. And don't play josh. Richardson quite as many minutes. It just doesn't seem like you as comfortable going with young players. Probably because young players have a habit of making mistakes but in my mind you can tell me what you think. This is the time to get those mistakes out of their system..
"bulls" Discussed on The Crossover NBA Show with Chris Mannix
"Kinda fun try hard. Bull's team on heinrich gordon dang no sioni etcetera etcetera. And so you know. John had a during where he was just as aggressive as as our tourists being a terrorist and But you're you're reads absolutely and to me. It's just. I mean obviously ownership wants to win but they hire this guy gave a long term contract to do what he wants and my take on. It was like this. Ain't this ain't working. So let's let's let's do and you can see what i like about. Their plan is If you look at two they address specific needs so rich. Gave them not only another all star player. All-star caliber player kabul score. But a very good passer unselfish player can run offense. Threw him makes light better and catch and shoot situations takes. You know responsibilities off his plate. Okay then you get to the off season. The bulls were last in the league in free-throw attempts last year twenty seven turnovers. Boom here comes on rosa. What does he do he gets to. The line doesn't turn the ball over caruso doesn't turn the ball were much ball you know. It's like they address specific as of today their third league turnovers per game. I didn't check their turnover rate. But i know it's good. And i believe tied for eighth and free throw attempts per game. So they like they're aggressive but they're aggressively targeting specific. Needs this team has had over the last couple years. Do you think the lakers would take alex. Caruso right now Who would think so. I would that would think they could use a player like that. What's your read casey. On zach levine. And this team via free agent next year. Do you look at as a kind of foregone conclusion or is how this plays this year going to be impactful for a player. Who before this season hasn't won anything really. I mean that's questioned mannix fossil your first but i try i. I don't think that last one. As as much i just you guys like you guys have been around long enough. You never say never i. I don't know foregone conclusion is the right thing..
"bulls" Discussed on The Crossover NBA Show with Chris Mannix
"On zoom. So it's just kind of had the right vibe going into preseason and then you saw like right from the job there undersized billy donovan own that right right from the start as well. But they just are very tenacious. Defensively they get in passing lanes blocked shots they swarmed the ball get steals and then offensively. You know i've been one zach. Levine's negus defenders for a long time because i've seen the growth is shown and also i've never bought into his empty calories score label because i think he's a very Selfless player in heart. Wants to win. And you you you add Nicola vuckovich to that mix very unselfish score. You had to marta rose in the next variant selfish scarf. You had lonzo ball next. Are you be one of the most unselfish players in the entire league along with his brother. It's just a good collection of guy so the style play is not surprising me the fact that there are ten to preseason i. Yeah you're right. No one saw that. Come and could be undefeated if not for gagging against the knicks should have won that game arguably so there As we speak seventh overall off efficiency six over on defensive efficiency profiles to contender if that were to sustain but we are very very early in this a small sample size theater. Which of those do you think is more likely to sustain at close to that level. The top ten offense or the top ten defense know it's funny because I did never. I never bought into the theory that there is going to be massive defensive struggle. Just because if you if you look at billy donovan coach teams. He always gets his seems to defend and he did it with very disparate and different personnel in oklahoma city. I mean that team that he had his fifth year obviously was completely different from the team. He got his first year. Get four top ten defenses in his five seasons with thunder so that obviously days to his dominance on college Is while he gets. He gets teams defendable since twelve last year with a bunch of young unproven players and disjointed nece and a midseason trade etcetera etcetera so I mean i'm not sure y- you got you. You guys aren't always me Are oldish so i am. It's like it's like i do. I'm a traditional like size. Right in the bull's don't have any. I mean although getting tony bradley or maybe enough time in the party voted for absolutely although twenty breads podium game. I just want to point out. So but they don't have a lot of size so that does concern me but he. Billy just gets teams. He shapes his defense around his personality. Gift seems to defend I do think that offensively. If i had to pick one that's probably gonna sustained is because you've got real star scores But billy also said like look. I'm not surprised defensively. We're ahead of where we are offensively because when you have a bunch of new players who are in different roles all these guys were you know the number one option on teams and now they're coming together to to try to form their new identity. That's why he's not surprised that the defense has been the offense the offense they've got some great individuals scores. Of course zach levine headlines. I'm with you to case. I i kinda hate a lot of times..
"bulls" Discussed on Open Floor: SI's NBA Show
"And james borrego just hasn't playing just a beautiful brand of basketball from his days with the spurs like they're just so much fun to watch They're very athletic If you go to basketball reference right now there's You're aware of this. Chris the mvp tracker on basketball reference dot com. It's obviously very early in the season to be checking this stuff out but i did because maseko and number one on the mvp tracker is nicole. Yokich number two is rudy. Gobert number three is steph. Curry number four miles. Bridges your boy so They just got everything humming right now and they're hitting outside shots or at least mouse purchases. they're attacking the basket Defensively they play these like sticking go small they can play plumlee big now they actually have a big man who can Really who really fits well in their offensive system a big man who who can rebound set screens dive and pass the ball from the elbows. So i get that the hornets are just kind of like the the easy answer here For the sake of Devil's advocate i. Wanna talk about the bulls for a second. 'cause watch a bunch of bulls games. There are a little bit of you through their games over to. Yeah you wrote this fantastic piece About the chicago bulls is the most interesting team in the league. Everyone should go check that out. Ns calm and i'll say this just to interrupt you really quickly. The team that. I did that with last year. That i thought was most interesting and intriguing. Last year was atlanta. Now was not really really high on them. I had questions about them but they were the team that i thought was like the most fascinating team. Just based off their off season last year was atlanta. So i am intrigued by the bulls like in the same sort of way where it's like. I think teams that. Make these big bets in the middle of kind of like all right. Well we're kinda young but now we're gonna try to throw some vets in the mix and just see what happens It's been a while since we've been relevant. Let's see what happens. The bulls are i think like an atlanta light version of that a little bit. I don't think those quite as all in is atlanta went. And they didn't have as i don't know i think trey was a little bit. More of a star than levine was But but it's interesting for exactly the same reasons. Yes i i. I hear everything that you're saying. I i i agree. I mean the the bulls are just coming in. I think you relate the two highest people in all of media on this team when you watch them play like even with just not. He doesn't look very good right now. And i think he'll figure it out because he's just a really talented smart basketball player preseason. It looked bad. He was like one of sixteen from three or something like that. Yeah so we'll see about that. We'll monitor that situation. But you have all these offense of offencive options that are really like already kind of figuring out how to coexist at the same time like you watch their offense function. It's like zach levine. In virtual run like side pick and roll and then the ball will get swung too Derozen if they trap levin And derozen just..