4 Burst results for "Galois Capital"
The Bitboy Crypto Podcast
"galois capital" Discussed on The Bitboy Crypto Podcast
"It really is. So no, he's not keeping. Say I'm out of prison. Okay, there's understand that for sure. He has unlimited funding as the problem. I agree with that. Definitely a 100%. The funding for the SEC is a joke as well. But let me tell you, when our Bill hits and the power is taken away from the SEC toward crypto enforcement, what are they going to be left with? Who are they going to go after to keep their unlimited funding alive when they're not allowed to legislate crypto anymore? What you'll see, that is coming. Okay. All right, I'm done. He has a pencil neck. I agree with that. 100%. Okay. All right. Crypto hedge fund galois capital shuts down after losing 40 million to FTX, not the only one, of course. Plenty of companies lost a lot of money due to FTX. Let's see a Supreme Court weighs YouTube's algorithms, litigation, minefield looms, and of course, did you hear about the, you know, Susan, what would he sign in 7 down? We have a new web three friendly guy who stepping up to be the new leader of YouTube in 2021 in California, state court throughout a feminist bloggers lawsuit accusing Twitter of unlawfully borrowing hateful conduct, post criticizing transgender people in 2022. Federal court of California talks to lawsuit by LGBT plaintiffs accusing YouTube and Google a restricting content posted by gay and transgender people. In a major case, to be argued in the Supreme Court on Tuesday, the 9 justices will address the scope of section two 30 for the first time. Wow, this is huge. A ruling weakening it could expose Internet companies to litigation from every direction. A ruling against company could create a litigation minefield. Now, this is probably why let's see here. Section two 30, what it does is it protects the platforms. It allows the platforms to not be responsible for the things that individual users say on their platforms. But that has to be, they have to have a set of rules and guidelines that are a followed by everyone and applied to everyone. So when you have these actual platforms playing the role of God by choosing, if someone is a liberal and they make a vilified post of Donald Trump and someone's a Republican and they make a vilified post of Joe Biden, those two things must be applied equally. You can't show favoritism to one set of people over another and yet we saw it time after time after time on Twitter during the presidential campaign and in the Twitter files have exposed all that to be a 100% accurate. Everything you thought was happening was happening. So in my opinion, section two 30 needs to be revealed or repealed on every level and there needs to be new protections put in place that will more specifically define what a moderator is and is not to actually keep these platforms accountable and to where they're not just buying the hip making decisions on every individual basis. That's not what they're supposed to be doing. So we'll have to watch that ruling. It could be absolutely massive if it were to get repealed.
Daily Crypto Report
"galois capital" Discussed on Daily Crypto Report
"It's 8 a.m. eastern February 19th and this is your daily crypto report Bitcoin is down slightly at $24,848 Ethereum is down slightly at $1708 and binance coin is down slightly at $317. Listeners of daily crypto report know that we live in a world that's more digital than ever with nearly every want or need just a tap away. So many of our favorite digital services seamlessly meet the physical world when they're delivered to your front door. Until now that hasn't necessarily been true for crypto, digital currencies are online native and Fiat on and off ramps are difficult. That's why we're sharing that you can now cash in and out of select digital wallets and participating money gram locations without a bank, credit card, or debit card. Convert your digital currency to cash and back again using digital wallets with real cash access, activated by money gram. Learn more at money gram dot com slash stellar wallets. Hong Kong's regulator has set forth a proposal that we'll see rules, relax, that previously banned retail investors from buying crypto tokens, city legislature officials had debated the retail ban across the year as investors were simply offshoring to place trades in a great move for the city, new efforts will be made by the regulator to move residents into local regulated exchanges. With the FSB has addressed the G 20 finance ministers and Central Bank governors in an open letter saying most stablecoins won't meet its high standards, although it's not immediately clear which stablecoins will meet their standards. Zip max is set to restart customer withdrawals after closing on a takeover deal, all eligible creditors are required to fill out a form with the amount owed by February 21st. Apparently a rescue deal which dates to November has been signed. Well, okay X is February report shows 8.6 billion in clean assets and their proof of reserves, the exchange says that over a 175,000 unique users have visited their proof of reserves page since it launched the initiative late last year. Okay, X is token okay B is up 28% on the week. Well, galois capital is shuttering in the wake of losing $40 million to FTX, formerly one of the world's largest crypto focused funds with cofounder zoo saying this entire tragic saga started from the Luna collapse to the three AC credit crisis to the FTX Alameda failure has certainly set the crypto space back significantly. The Financial Times reported that galois sold its bankruptcy claims for 16 cents on the dollar, according to the FT report, galois will return the remaining money to its investors. And finally, bitmain's partner bit fufu has started a marketplace for crypto mining rig coupons that discount coupons are useful because miners don't necessarily have cash on hand to spend on new equipment, clean sparks that it used some coupons to lower the price of 20,000 machines by 26%. Well, that's all for us today, visit us at daily crypto report dot IO for sources and links and listen to us everywhere else you podcast, under daily crypto report. Hello everyone. This is Jack Wilson. If you're looking for more good content, you might want to try the history of literature podcast, where we dive into everything from ancient epics to contemporary classics. Twice a week, we explore that special magic between an author, their words, and us. We've got some great guests lined up and our archives are plump, so feel free to check us out wherever you get your podcasts. That's the history of literature, a podcast for people who love books. Hey there, I'm Taylor Lautner, joined by my husband and co host, Taylor Lautner. Each week, Tay and I will welcome well-known guests and industry experts to further the conversation on.
Unchained
Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion
"Today, we have a conversation between an exchange owner and an institutional trader who are going to be discussing the collapse of FTX. Here to discuss our Jesse Powell, cofounder of kraken, which disclosure is a former sponsor of the show and Kevin so, cofounder of galois capital. Welcome Kevin and Jesse. Hey, thanks for having us. Yeah, thanks for having us. The crypto industry has been absolutely rocked by the seemingly never ending saga of FTX, which every day seems to reveal even deeper levels of incompetence, malfeasance, perhaps fraud, Jesse, since you're an exchange owner, I wanted to get your opinion on what exactly happened here. What do you think the root of the issue was? Yeah, I think these guys, first of all, didn't really know what they were doing when it came to running what should be like a Fort Knox type of operation. I think they were traders. First and foremost, I think they are very inexperienced operators. And they took on a lot. I think a huge amount of work for the number of people that they had on the team, you know, like our whole security team is like a hundred plus people and they were doing what the whole company is doing with like 50 people at one point. So they wouldn't have been able to do all the things that you would normally do and build. And from the outside, we figured that this was going to catch up with them at some point. That they were accumulating a lot of technical debt. We didn't anticipate that it was as bad as it is. It seems like they hadn't done any kind of accounting or reconciliation in like three, three years, and that they basically had no controls in place and very few people knew what was actually going on there. Yeah, and Kevin, what about you? I know you're approaching more from the trader perspective, but I was interested to hear what you thought the core problem was. Yeah, no, I definitely agree with Jesse. And actually, you know, before starting the firm, I used to work two years each at two different exchanges. One of them being kraken. So I'm pretty familiar with some of the operations that go on within exchanges. And like Jesse said, there's a lot that goes into it. And with a small team, it's very difficult to run because there's so many different divisions. It's a full fledged business, right? If you look at a trading operation, I mean, you don't have to do any marketing. There's very little BD. There's not too much legal overhead. There's a lot of these divisions that aren't fully fledged, but in exchange the full fledged business. So you have all these different divisions. And then I think on top of that, some of these guys from FTX from Alameda, they were coming in from the tried 5 world. And they weren't super crypto native at the time. And there were a lot of lessons I think that were learned in history, you know, everything from like gawk to bitfinex. To some extent, like Bitcoin. I mean, there are so many lessons along the way, crypt C with big vern. All of these pieces of history that I think folks that had lived through it really internalized and folks that just came by later. They knew about it. They understood intellectually, but they hadn't gone through the experience, the harrowing experience of what it was like to see collapse or all of these major hacks or exploits happen
Bloomberg Radio New York
"galois capital" Discussed on Bloomberg Radio New York
"For that update Charlie pellet Well we spent a lot of time last week talking about the collapse of the tarot ecosystem and it's a stablecoin As our next guest writes quote it's a dramatic reversal for all the coins involved at its peak in early April the market cap of all Luna That's the tokens that back the Terra stablecoin was a stunning $41 billion plus according to coin gecko placing it firmly in the top ten cryptocurrencies until just a few days ago there was almost $19 billion worth of UST So we are talking serious money here Tracy alloy is executive editor of Bloomberg news She's also the co host of the odd lots of podcasts Tracy I want to get to your conversation that you had with Kevin Zoe of galois capital in just a minute First though because it is the most recent addition of the odd lots podcast and I got to listen to it last night and it's a great conversation I do want to go take a step back and really have you bring us into this What exactly happened with the collapse of the tarot ecus Tara ecosystem and its U.S. stablecoin Yeah Well thank you so much for the kind words about all the first of all And I mean where to begin on the collapse I mean I would start with where we were just a month ago in April which was really the peak of the Luna slash Terra ecosystem And at that point in time the whole thing was basically a top ten cryptocurrency with some of the biggest names in the space actually supporting it People like Mike novogratz at galaxy capital he actually got a Luna tattoo which I think everyone has probably heard about and seen at this point in time And the reason the project was considered important and interesting in the space was because it was an attempt to create a new type of stablecoin one that wouldn't be reliant on things like U.S. treasuries or cash reserves or basically Fiat currencies in order to back it So everyone was interested in this project At the same time there were a lot of people who were highlighting inherent vulnerabilities in the whole thing And just in the past week it seems like a critics have really seen their criticism of the whole thing borne out Tracy for novices like myself and I want to say Tim Can you explain to our audience How dare you I'm sorry but you did just say you don't understand how critics table points Can you explain the difference between say a regular stablecoin and an algorithmic stablecoin Sure so maybe I'll just simplify it to centralize stablecoins versus algorithmic stablecoins So if you have a centralized stablecoin it's usually something issued by ironically you know a specific entity think of something like tether And the idea here is we're going to issue a token We're going to try to make it worse one for one with the U.S. dollar So one of these tokens is equivalent to one U.S. dollar And the way we're going to do that is we're going to try to back it up with specific things And typically what they say it is are things like U.S. securities like treasuries cash reserves sometimes people will over collateralize these things with additional cryptocurrencies And then when it comes to algorithmic stablecoins the innovation there was that you weren't really using anything to back it instead you were using an arbitrage mechanism between the stablecoin itself which was called USP and then another cryptocurrency which was called Luna And the innovation there was you keep the relationship between those two stable at all times or I should say you burn a certain amount of Luna in order to support the peg and those two are sort of changing at all times but it's the arbitrage mechanism that is supposed to back up Just stablecoin Tracy this is something that Kevin Cho of galwa capital in your podcast called a perpetual motion machine What did he recognize that so many others didn't So I think what he was able to latch on to was really what was attracting people into the entire care ecosystem in the first place So people tend to focus on the relationship between UST and Luna and say that well with the arbitrage mechanism people are always going to come into Luna and they're always going to come into USB and sort of dip in and out of those positions But the problem is what happens when no one wants to be in either of those things And that's really what we saw last week So the important thing to remember is that Tara labs the company behind this whole thing was offering incredibly juicy yields in order to get people into the space Something like 20% And then what happened last week is suddenly supply starts overwhelming demand You get a stampede towards the exits the yield seam in doubt because Tara labs is burning through its own reserves And this is one of the big ironies of the project was that they did have some Bitcoin reserves even though they claimed that the entire thing was back just by the algorithm and the arbitrage mechanism And then at that point you don't really have a natural circuit breaker in the process There's no price level which will attract people back into a cryptocurrency that is basically predicating its entire value on people wanting to be in that cryptocurrency At that point you get a downward dust spiral and as we've seen over the past week you get the arbitrage mechanism again the irony here is the arbitrage mechanism is technically still working which means that the supply of Luna is just increasing exponentially So here's my question tracing we only have 30 seconds left Does this mean that all algorithmic stablecoins are doomed Because just this afternoon we're getting news that another one is losing its peg So I think we're basically seeing a run on a lot of these especially the ones that are deemed of less quality than other ones and we can have a whole hour long discussion over how you make that judgment But I think we are seeing a shakeout in the space I do think however you know people are going to keep trying this And in fact what.