36 Burst results for "Hundreds Of Millions Of Dollars"
NewsRadio WIOD
"hundreds millions dollars" Discussed on NewsRadio WIOD
"To try to counter it that is inserting you don't usually want to hear about government monitoring of speech to make sure that they're there to counter the speech not only the job of government no matter what the speech in terms of the content may be but uh... in new york you have one of the least capable governors in the entire country and kathy hokal and there she is saying that that's what they are doing we also have uh... some moments in the exchanges over the israel -hamas war including piers morgan asking left -wing a british politician jeremy corbin whether hamas terror group you want to hear how that goes down and ao c demanding a ceasefire of course we're also gonna have in the third hour uh... congressman tim burch it who he got elbowed by kevin mccarthy in the back right now i'm not saying this writer in my mind i get the details right here this is just coming in yeah i have him join us to talk about way that have we congressman literally throwing elbows not not just metaphorically speaking uh... so we shall discuss that but all right so click on through you know he he want to finish up the discussion of those interesting yeah there's two things in the world of all a few things in the world of entertainment better catching people's attention one is that the is woke remake looking like it's gonna cost three hundred million dollars and is a total master and they have delayed the release for a year a three hundred million dollar movie everybody that is almost certainly going to be cracked right i mean i i would put we've got more for me on this note and i going was just to say yes that is that one is uh the disney thing you mentioned the marvels i've got the data on that give you give me that data from this article okay so they have made this is the 33rd superhero movie and i bet i have seen the travis family has seen all 33 collectively because my boys go see all these superhero movies uh this one no buck is called the marvels and it's about a trio of female superheroes whose powers become entangled uh yeah uh brie larson tiona paris and iman valani uh it's a white woman black woman and like asian woman i mean it is the most clearly cloyingly diverse and not story movie that marvel has made it cost 300 million dollars to make it made 47 million dollars in ticket sales this past weekend the lowest ever opening for a marvel release uh this guy who is a film consultant and ticket sales expert quoted here says this opening is an unprecedented marvel box office collapse until now the incredible hulk which was released in 2008 was the studio's worst debut it did almost double what the marvels did and i think that incredible hulk movie was leaked online if i remember before it actually hit the theaters do you remember this is back when online piracy was this oh yeah i remember that yeah i watched that incredible hulk right well that was the ed norden one i'm thinking the eric bana one that came out oh maybe i screwed it up i'm not sure which one it was but the point on this is to your building snow white is a disaster worst pixar movie opening ever and now that they had to stop doing star wars movies because they got so woke everybody was like screw this they just had the the funny south park thing where kathleen kennedy who was in charge of all these movies got ridiculed and they in they did a diverse version of south park where all of the south park characters many of whom white are are replaced by like transgender women like in the in the south park show which is really really a funny concept but that's basically what's going on this woke reinvention of popular film has now blown up in disney space well here's the thing if if your primary uh if your primary mission is to entertain people that is challenging to do really well i mean to write a good story and execute on it and and has you know otherwise there'd be nothing but successful tv shows most tv shows bomb and what you don't even realize for for most folks i've been kind of involved in the very early stage of one or two projects in my life like scripted tv shows um most tv shows don't even get passed or don't even get made into pilots right or if they get made into a pilot they don't get beyond the pilot phase or if they get beyond the palette phase they don't get picked up after season one i mean it's very difficult to get shows made and yet when you add on top of it a political mission not just what is going to entertain the largest audience possible that we're seeking to entertain when you decide that it's going to be what will make other executives at my company think that i'm good because person you know i i want to cast the most diverse version of you you know fill in the blank whatever the show is going to be ever made and the remakes also another thing you see is there's a lot of you know why not if you're going to make these diverse films or diverse movies diverse movies um you would think that way one to way do it would just be create something new but there's this desire to always go back i think and make the diverse like the snow white thing is a perfect example make the diverse version of snow white um and
Masters in Business
Fresh update on "hundreds millions dollars" discussed on Masters in Business
"Pulling an Israel pushed impasse negotiators for resumed another with from ceasefire hamas its Qatar, attack previous israel on he made negotiations Gaza the move Friday, today, reportedly resulted but President knew calling off about in Biden, hostage a hamas week -long ceasefire plot Arab deadly negotiations allies, to that October start freed a and war even seventh nearly some three and attack Israeli three saying months hundred officials before according fifty to the people the New York Times an Israeli military analyst alerted her superiors to the threat only to have those concerns dismissed the Times based the story in a forty page document which outlined the entire strategy but senior Israeli intelligence officials felt the plan was an imaginary scenario beyond hamas capabilities a serial killer targeting homeless people is on the loose in Los Angeles Ryan Baker has more three homeless homeless people have been killed in the last week LAPD chief Michael Moore says they have mobilized a task force we're bringing additional investigators from specialized posts and we have placed our forensic science on division ready the killings happen in the early morning hours and in all cases the victims were alone mayor Karen bass sending out a message do not sleep alone tonight seek shelter seek stay services together seek support and we need your help to get the out word the US tsunami warning center says a threat of a tsunami is passed following a major earthquake in the southern Philippines coastal areas as far away as Japan had expected waves up to three feet high after a 7 .6 magnitude earthquake struck near the island of Mindana late Saturday local time a series of powerful aftershocks hit southern the Philippines overnight but there were no reports of major damage or casualties the 2023 Atlantic hurricane season wrapped up this week in the National Oceanic and Atmospheric Administration is calling it an above normal season the named 20 storms ranked as high as fourth highest since 1950 New York City is once again the worst city in America to drive in according to a report from circuit New Yorkers spend an average of 236 hours in rush hour traffic every year the city also second ranks worst for money spent on fuel because of congestion and number eight for fatal crashes New York takes the number one spot followed by Chicago then LA the study also found that New York and Honolulu are the worst cities to be a delivery driver in Apple Music is having an interactive Taylor Swift experience to commemorate its artist of the year Swifties can now register for the Taylor Swift eras the experience in New York City on December 8th and 9th the singer be won't in attendance but the experience takes fans through the 10 Taylor Swift eras that led her to her history making Apple year Music says only registrations from the Greater New York City area are eligible and registration Saturday closes at 11 a .m. Eastern details are being announced about a new kid focused theme park that's being built in Dallas the area Universal Parks and Resorts chairman and CEO Mark Woodbury says it'll be called Universal Kids Resort no feature or immersive and distinct brand of storytelling adventures only imagine you can and characters that come from our rich heritage and great stories the theme park is being built north of Dallas in Frisco Texas and will be about a quarter of the size of Universal's main theme parks in Florida and California it'll be Universal's first destination park designed specifically for children it is expected to open by 2026 Beyonce is hoping to be queen of the box this office weekend Renaissance a film by Beyonce earned 5 .1 million dollars from preview showings the concert film is on track to earn somewhere between 17 and 20 million bucks during its debut weekend that will put it in a tight race for first place with hunger games the ballad of songbirds and snakes and in music history news on this date back in 1983 MTV aired the full 14 -minute version of Michael Jackson's thriller video for the first time here are some of the stories we're watching while speaking at the Reagan National Defense Forum in Simi Valley California earlier today Commerce I'm her secretary Gina Raimondo said that her department needed more money to stop China from catching up to the US on cutting -edge semiconductor technology the secretary says that currently her budget is two hundred million dollars which is not enough to deny China the tech
The Charlie Kirk Show
A highlight from What Separates "Gaza" from Hamas? with Alan Dershowitz and Harmeet Dhillon
"Turbulent times call for clear -headed insight that's hard to come by these days, especially on TV. That's where we come in. Salem News Channel has the greatest collection of conservative minds all in one place. People you know and trust, like Dennis Prager, Eric Metaxas, Charlie Kirk, and more. Unfiltered, unapologetic truth. Find what you're searching for at snc .tv and on Local Now Channel 525. Hey everybody, today on The Charlie Kirk Show, Harmeet Dillon joins the program as we talk about the election results and what can be done to fix and change the RNC. Alan Dershowitz also joins us to talk about the War Against the Jews, very important book. Email me as always, freedom at charliekirk .com. Get your tickets to America Fest at amfest .com, that is a -m -f -e -s -t dot com, amfest .com. Get involved with Turning Point USA at tpusa .com, that is tpusa .com. Start a high school or college chapter today at tpusa .com. Buckle up everybody, here we go. Charlie what you've done is incredible here. Maybe Charlie Kirk is on the college campus. I want you to know we are lucky to have Charlie Kirk. Charlie Kirk's running the White House folks. I want to thank Charlie, he's an incredible guy. His spirit, his love of this country, he's done an amazing job building one of the most powerful youth organizations ever created, Turning Point USA. We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country. That's why we are here. Brought to you by the loan experts I trust, Andrew and Todd at Sierra Pacific Mortgage at andrewandtodd .com. Do we want to win? That's such an obvious question. The great rush Limbaugh taught us that establishment Republicans deep down don't want to win. They want to be controlled opposition, have the media to cover fire for them, be invited to cocktail parties, go on codels, do debates with NBC News. Winning requires responsibility and deep down Republicans would rather be attachés, they would rather be puppets and controlled by the Democrats. This is why Donald Trump was such a threat to them. When Donald Trump actually won it was shock and awe throughout of Washington D .C. Wait, we actually won something? Donald Trump's insistence on winning is not something the Republican establishment wants. They would rather lose all throughout. The RNC leadership does not want to win. They have a track record of losing. Do I get any sort of, did you guys see Ronna or any of those cabal members get upset today? No, they're too busy doing a debate with NBC News because they hate you. Joining us now is Harmeet Dillon. Harmeet, welcome to the program. Harmeet, you sent out a tweet of you just with your hands up. What do you think? Yeah, I mean, I'm, look, I'm trying to be diplomatic here, I'm a member of the RNC, but in reality what I and all the other 156, 168 members of the RNC expect is that we are going to be going strong and doing the blocking and tackling for our candidates and creating the best situation for our candidates to win. And what happened yesterday was not that. Now, the RNC is not the only body whose job it is to elect a publicist. In fact, our main focus is supposed to be electing a president. I'll get to that in a minute. But we ought to be providing guidance and sort of a playbook for state parties to be able to get it right. For a while, to be frank, state parties have also not necessarily done their jobs in raising the money necessarily, but you know, you look at Kentucky, the Republican Governors Association's job is to raise the money and spend it so that our candidate does not outspend three or four to one. We need help with messaging. We need to update our playbook to make sure that we're gathering the ballots and getting those local density ballots in early, like the Democrats are doing, and that's not a volunteer activity anymore. Democrats are spending billions of dollars doing that over the last few election cycles, and we're just not even doing a drop in the bucket compared to that. So, you know, RNC's competence is necessary but not sufficient to win these elections. And I hope yesterday was a wake up call to all Republicans that we have less than one year to really get our act together and immediately engage and get this right. Otherwise, we are going to be looking at years of war and misery like we're suffering right now. So, Harmeet, just there's a debate tonight. It's kind of perplexing to do a debate with NBC News. Are other members of the RNC equally as confused? People are pretty puzzled by some of these choices to be frank, but most of us have no input in it. I used to be on the executive committee of the RNC. I'm not right now. We have a debate committee. I have a couple of friends on the debate committee and, you know, frankly even some of them are surprised by some of these choices, not just the venues that we're doing them for the platforms but also the specific moderators have been selected. It seems almost pointless or like fiddling while Rome is burning to be engaging with the far left here and letting them dictate the terms of our candidate selection. I'm not paying attention to that, to be honest with you. I'm really worried about what's happening in our country, what happened yesterday and figuring out how we can work around our national effort and make sure this gets done in the states or we're doing them. So, I'm going to ask a hypothetical that isn't so hypothetical. Hypothetical for you, not hypothetical for me. Is there a way to recall or remove an RNC chair this far into the game? You know, in the past, hypothetically, where there have been chairs who have failed completely, the executive committee of the Republican National Committee can certainly step in and, let's say, tighten the purse strings, set some boundaries, and make it very difficult. But, you know, Ronna got a mandate in January. She won pretty decisively. People ask me, are you going to confess that? No, I'm not going to confess. She definitely won the election with a significant percentage of the votes and there were major political operatives in our country on the Republican side whipping votes for her and there are many, many political consultants who really run the party who are very invested in the way it is. So, I don't really see that happening. So, you know, while it's convenient to pick a scapegoat we RNC for what happened yesterday, we got to get it together and not just complain on Twitter. We actually have to just understand this is the situation that we have and work around it. There are state parties. It is the job of state parties to get money and get it together and get a game play. Election laws vary by state. Some states have voter ID. Some states have 45 days of early voting. Whatever the situation is in your state, if you can't change it by election day, figure it out and learn how to master it. We've done that in California, for example. You know, we hate the system, but we've learned to figure out where we can win elections, ballot harvest, ballot cure, and get it done. And we do win those targeted elections. Yeah, Harmeet, I have a serious concern that we don't have the infrastructure necessary to win coming into next November. We are running out of time. You sent a tweet, you sent a tweet out some of this and you said this, which is the infrastructure is just not there. You know, we're not seeing the sort of consolidation of resources. And Harmeet, I know you have to be diplomatic because you're colleagues, all these people. But I'm going to say something I'm sure you're hearing. This is not just a grassroots concern. High level donors, the richest people, are actually saying very similar things as the grassroots as far as why do why are we not placing these investments? This is an unprecedented chapter where the rank and file precinct committeeman, the plumber, the electrician, the welder, the teacher, the mom is saying the same thing as the person worth a couple hundred million dollars. Are you hearing that too, Harmeet? I am hearing it. I spoke to some donor representatives just earlier this week of billionaire donors, reliable conservative donors. Quite a few of those folks supported change with the RNC. They didn't see it. And they're sitting on their hands right now. And that's unfortunate because these investments can't happen in October next year. They can't happen and they can't there can't be like, OK, let's call up some volunteer lawyers in September and hopefully they'll put down their laptops and go into the field and stuff. That's not how the Democrats do it. And since 2004, Democrat billionaires and big donors have been systematically and in a disciplined way, investing in legal warfare, investing in ballot harvesting, investing in smart tactical development of ballot measures and other bait, if you will, to get their voters to the polls, the high propensity voters. They have the money to pay the mules, gather these ballots and get them in. We are 20 years behind now. And, you know, I feel like watching a debate tonight is like fiddling while home is burning. It is not relevant to winning the election next year. Now, it has to be done. We can't skip this process. But, you know, I wonder why we're doing it with unfriendly moderators and platforms. It seems like a lost opportunity. Bottom line, if we have been investing in lawfare and in the army of ballot gatherers that we need, like, by the way, Turn Point Action is doing. Tyler's been out there doing that work. It's inspiring and it's important. There need to be a hundred Tyler's and a hundred Turn Point Actions out there doing this work in different states. There's, you know, some party patriots and other groups are doing it, but we just aren't doing enough of it. We have to have more. And yesterday needs to be a five alarm fire wake up call. Do not expect largesse from D .C. to save our butts. OK. Organize at the state and local level and find the local lawyers. And I can help with that. Find the people necessary and prepare the ground. Because if we don't, I mean, literally as we speak, my partners are flying around the country defending the right of President Trump to be on the ballot. This is extraordinary that the banana republics, that the regime tries to prevent the most popular opposition candidate from being free or from being on the ballot. That's what's happening in America right now. So, you know, that's that's what's at stake. And if you get, you know, let's not just use Twitter as a sport and get on there. Oh, you know, it's X person's fault. It's Y person's fault. That doesn't move the needle. What moves the needle is putting on your big girl in boy pants, getting out there, helping raise the money and helping be the person who organizes the precincts, finds out which neighbors aren't voting and why and persuade them. And if they're not even going to do that, then find a way to persuade them to turn their ballot over and you get it in for them. That's what it's going to take. Harmeet Dillon, wish you were RNC chair. We'd be in a much better spot. Thank you so much. See you soon. My pleasure. Thanks for having me.
Mike Gallagher Podcast
A highlight from The Mike and Mark Davis Daily Chat - 11/7/23
"The United States Border Patrol has exciting and rewarding career opportunities with the nation's largest law enforcement organization. Earn great pay with outstanding federal benefits and up to $20 ,000 in recruitment incentives. Learn more online at cbp .gov slash careers slash USBP. No more annoying figure politically, but there's Barbra Streisand news that has nothing to do with her weird politics. Did you catch this yesterday? Barbra Streisand. Go ahead. I know the news. Well, I think I know the news that she's being interviewed by Howard Stern. Oh, Lord. OK, well, that'll be something. No, this is a much tinier thing that nonetheless I got it kind of a kick out of. If you ask here, hang on a sec. Let's see if they fix this. Hang on a sec. If it wasn't it wasn't it was Siri. Who is married to James Brolin? Hang on. My phone's not on anyway. It pronounced her name wrong. It gave it a soft S. It would say James Brolin is married to Barbra Streisand. Get it? Streisand. Streisand. Right. Exactly. It's not. Her point was it's not a Z. It's an S. It needs to be Streisand. So guess what she did? She sued them. Much, much simpler. She called Tim Cook. Oh, well, yeah. And he fixed it. You know, there was a there was a have you ever studied the Streisand effect? You know what the Streisand effect is? It's fascinating. And this is something that has become kind of part of the it's sort of the lexicon. The Streisand effect means she was once livid that somebody took pictures of her Malibu estate. And of course, she lives in a palatial mansion right on the water. You know, she's got more money than Fort Knox. Incidentally, speaking of people with more money than Fort Knox, can I share what it's like to rub elbows to somebody with a lot of money? By all means. Don't worry. It's like me. Focus, focus, focus. I'll go back. If Streisand is going to be interviewed by Stern, she has a memoir coming out called My Name is Barbara, I believe. So I think that's why she'll be interviewed all over the place, probably. And that's an interview I'd listen to because, you know, he's a master interviewer. He is an absolute master into the guy is brilliant at that. I mean, if he could lose all the filthy stuff that he does in the you know, the idiocy and lose the covid idiocy. He's gone hard left. independent The fiercely rule breaker, bold Howard Stern is dead, but he remains a very good interviewer. A hundred million dollars a year might do that to you or whatever he gets. He gets some crazy amount of money. And as I was rubbing shoulders with, I'm just going to say, somebody we all know who's got a very familiar face, I rubbed elbows with them at the Job Creators Network event. And this particular person was, I was told, lived in Palm Beach, which I didn't know. And I've known this person for a while. I'm not going to mention the name because I don't want to embarrass anybody. But I said to this person, I'll have this figured out by 830. I said, well, you probably know now if you think about it, if you do the math, I told you who was there. But anyway, I said to this particular person who I love, I said, hey, I didn't know you lived here in Palm Beach. The answer was, well, I don't actually live here. I do have a home here. And I thought, now that's money. Just one of many. That's money. And Palm Beach. Listen, it ain't a double wide. I mean, there's nothing in Palm Beach under about 10 mil. Anyway, so the Streisand effect is that Barbara Streisand sued somebody because she was upset that the pictures they took of her estate weren't authorized, because she's a notorious control freak, and she didn't want people to know where she lived. She sued based on the pretense of security measures, right? Okay. I understand that wish, but go ahead, all right, go ahead. Here's the Streisand effect. So the Streisand effect is the lawsuit had the opposite effect of what she intended, because after she sued, then it was very public where she lives, then the whole world knew. And so there's something in the legal jargon now that has become known as the Streisand effect that sometimes litigation, you know, emphasizes or puts an unwanted spotlight on something you're trying to quelch, to quelch, to quelch. So anyway, that's that. But I would love it. I am. I'm going to try to listen to the stern Streisand interview. I can't wait. And speaking of South Florida, aren't you packing for South Florida as we speak? Indeed. On the stage, DeSantis, Haley, Scott, Ramaswamy, Christie, oh my gosh, poor Chris Christie. I know. Gosh. I played that clip yesterday. Me too. Do you feel sorry for him a little bit? No, I do not, because he is an absolute virulent idiot. This is a willful thing that he's doing. It is a, as I said on Twitter, if he's just on a speaking tour and trying out some Trump hatred as a thought experiment to see how it works and what is still Trump's GOP, whatever, free country, free speech. But in an attempt to supposedly win votes in a campaign for president, it is an act of stunning malice, stunning idiocy. He is a self -absorbed fool and I have zero, zero empathy for that. I can't see him. I can't even picture him without the image of like a pro wrestling mask on his head. He's like a wrestler now. He's become to me a cartoon caricature. Do you hear what he said? Your aversion to the truth is not deplorable. Your aversion to the truth, as if I'm the sole arbiter of truth, is reprehensible. And then he said, you know, your cat calls, you're booing. That doesn't make anything better. That doesn't solve problems. But in an indirect way, yes, it does, because it is a crowd showing disapproval for him in their approval of Trump, who will make multiple things better if he were president again. Well, he's clearly rattled at this stage of the game. He's not liking any of this. He really is very unhappy with the – and what did you think was going to happen? What did you think was going to happen? What in the world did he think was going to be the end result of his vicious attacks on Trump? Look at what's happening to Trump right now. I was reading an article. I just talked about this, what he stands to lose in this New York civil fraud trial. He's at the risk of losing his entire New York empire that his whole life, his whole career was built on. This vicious Soros attorney general, who's trolling him regularly on social media, who's taunting him, who's strutting around like a peacock, bragging about how they've got him, and incidentally, that's how she campaigned. She said – she campaigned on it. I'm going to take him down. I'm going to get him. We're going to get Trump. That was her campaign promise and she thinks she's got him down. She's got this – they got this whack job judge. The judge literally said in the courtroom yesterday, I don't want to hear what you have to say. Also said, control your client or I will. Or I will. But I don't want to hear what you have to say. Well, then what's he on the stand for? You got him on the witness stand ostensibly to hear what he has to say. But they don't want to hear what he has to say. Of course, that was a revealing moment. This is so reprehensible and – but here's the thing, Letitia James could lose by winning. If Trump does lose his business empire, and he could, I mean they – and what he stands – I mean, for example, permanent disbarment of Trump being able to serve as officers or directors in any business headquartered, registered or licensed in New York, Mark, that's the goal here is to crush him financially. Of course it is. Financially, politically, reputationally, and in the midst of us talking about this courtroom appearance. And of course I've become fairly intrigued and amused by the various courtroom sketch artists. I mean, are they doing him a favor or not a favor? But I take you to a larger issue for just a moment because I don't know what your thought is on this. It was a bit of a debate yesterday. Speaking of things that are an outrage, it is an outrage that we didn't get to see this for ourselves, that we have to rely on reporters and courtroom sketch artists. Every courtroom in America contains the public's business being done. There should be cameras in every courtroom. Are you with me? A hundred percent. If we could see what is actually happening in this particular trial, it would only elevate his standing.
Crypto Banter
A highlight from PEPE Coin Is Back! New All-Time Highs Incoming?
"Pepe is once again one of the strongest performers in the market, rising over 82 .43 % over the past week. So what does this mean for the crypto market and is Pepe officially back? Should you long? Let's talk about Pepe in today's video because something is definitely happening here and I think there's actually a really interesting trade around Pepe and the meme coins at the moment that I want to get into. But firstly let's talk about actually how Pepe rose to prominence. We know that it was essentially just this random meme coin that seemingly came out of nowhere and took the internet and of course the crypto world by storm when it launched. I mean just look at its website it's a pretty janky looking website not so professional but they had the power of community behind them and they became quickly a fan favorite on twitter which resulted in the price of Pepe absolutely skyrocketing capitalizing at a 1 .5 billion dollar valuation. This made it the third most valuable meme coin in all of crypto after Doge and Shiba for a brief period of time. This made early buyers extremely rich. In front of you you can see the top 10 biggest profitors from the Pepe trade with the number one place making 14 million, number two making 14, 14, 11, 4, 3, 3, 4 people made absolutely crazy money on Pepe and it wasn't just the team and the insiders and these sort of people that made money off Pepe it was your normies as well. I mean even myself if you remember back into the earlier of the year Pepe was actually my best trade of the entire year. Hustle as well called a 10x on Pepe and did really well. Even David from the trading competition actually shorted Pepe and made a bunch of money there and actually ended up winning the Bybit trading competition a 100k prize. So there was definitely a lot of trading opportunities around it and it made a lot of people rich at the time and it was one of the most explosive and powerful trades of the year. But ever since then things have just seemed to be getting worse and worse for Pepe. Things really took a turn on the 25th of August where we saw some weird movement in terms of the changes to the Pepe multisig. You can see this user here pointing out that the Pepe multisig wallet changed the threshold to make transactions to just two out of eight signatures which was of course a red flag and then the Pepe coin official twitter came out and said that they were actually experiencing internal conflict and essentially some of the team members were being led by big egos and greed and they had to get rid of them and make a bunch of changes in the process. So this obviously resulted in the token absolutely crashing in price and things were made a lot worse by just a couple weeks later their official telegram being hacked. So it seemed like things were just getting worse and worse and worse for Pepe and as you can see the chart did not respond well. From its retest of the range high it dropped over 56 % so despite it being one of the best performing coins at the time and actually relative strength wise versus bitcoin and a lot of the other altcoins it took an absolute nosedive and smashed through its lower support band. So that's the recap but what is happening now? Well of course bitcoin is absolutely pumping and there's more interest on the crypto market at the moment. Now meme coins in general are generally your crypto retail pulse that indicate retail's proclivity to investing crypto and interest in crypto and although I don't think retail's fully come back to crypto I do think that it's some sort of measure that the market is coming back to crypto. So that's one thing to observe but bitcoin of course performing super strongly is still leading most of the altcoins. So although there are some outliers like Pepe as you can see here that are performing really well bitcoin is still overall leading the altcoin market as you would expect at this stage in the crypto cycle. But there's a reason why Pepe is leading it's because of a couple really powerful announcements that have started to garner hype back in the crypto community. So of course Pepe is some sort of retail pulse for crypto when retail comes back they like to speculate they buy things like Doge, Pepe you know all your favorite meme coins but it's not just that being the reason why Pepe is rising in price it's the fact that there's been a couple major announcements. The first one happened on the 24th of October which was three days ago where the team announced that seven trillion Pepe were burnt which is around six million dollars worth and they also announced that they brought on a new team of advisors to guide Pepe forward uses for the remaining 3 .79 trillion tokens attributed to the original team for strategic partnerships and marketing opportunities are currently being explored. Then it was revealed that 169 billion Pepe from the team worth 200k was converted to USDT and is being transferred to cover the cost of strategic partnerships and integrations that we look forward to announcing in the coming weeks. So pretty much this original wallet that held a lot of the Pepe which was one of the reasons why people were becoming extremely skeptical of the project is essentially being sold off slowly or burnt in order to benefit the project. I think the burn was a leap of good faith at least in terms of extending an olive branch to the community after some of the hardship that they have experienced this year which no doubt took a knock on the fundamentals of Pepe and I think this announcement just goes to show the power of announcements at the moment given the fact that bitcoin is now starting to exhibit more positive price momentum. Typically when you get positive price momentum in crypto this tends to lift all ships in terms of projects starting to become a bit more comfortable with making major announcements that they may have been delaying due to market conditions. So as market conditions improve typically you see more announcements the projects that have good announcements clearly can create a positive effect for the token price as you can get some hype back into the narrative and this is something that Pepe is clearly doing right now but it's also logic that you can apply to many other projects in crypto to try and time these announcement pumps or at least trade around major announcements going to be lots of opportunities I think especially if bitcoin holds up over the next few months to trade altcoin news and altcoin announcements. So what's happening with Pepe now in terms of price and where do I think it's going next? Well firstly the fact that they are willing to be strategic with their treasury here and the fact that they're also willing to come out with major announcements I think is a bullish thing for the token no doubt justifies to some extent why the token is pumped in price and I would actually be interested here if bitcoin holds up to maybe take some long positions on major pullbacks I never think it's wise aping into a major pump like this especially when you're in the mid range of a trend and Pepe has really clearly defined trends that it tends to stick to but if you get any major pullbacks into key zones and you could mark out this 110651 level here as a key zone in the mid range and then your next key zone for me is actually the range low at 84. If you do get consolidation around these zones or you see the price starting to reverse I don't think it actually is a bad play considering there's some hype coming back if bitcoin holds in price big caveat on the if because of course you don't want to buy into the hype and then bitcoin sells off and then you're stuck with a Pepe bag which ends up retracing. I also think there are a few bag holders that are underwater and are probably going to start taking profit in this zone so I don't think you're going to miss out on the trade if you don't long today but I do think it's an interesting one with some of the hype coming back the announcements for Pepe I'm certainly not shorting this I'd more be leaning towards the long side of course not financial advice do your own research of course but for me that's where I'm leaning and actually for Pepe this demonstrated a really important thing one of the doubts and skepticism that I had over the past couple months was the fact that a lot of the FUD impacted the project what would the community then think of Pepe because it's all community driven right the entire project is based on sentiment it's a meme coin if sentiment turns for a meme coin then it becomes not sustainable as a trade and it can end up dying off we've seen a lot of meme coins come and a lot of meme coins go due to FUD and due to the narrative just dying off and of course this runs the risk of happening with Pepe considering the FUD that it's experienced but the fact that it's responded so well to positive news and positive announcements being teased actually gives me a positive sign that maybe the market is still respecting Pepe as a genuine meme coin alongside other meme coins like Doge and I had a thesis back earlier in the year that Pepe could actually outperform Doge next cycle this was back in June 2023 and the logic I used was Pepe has less underwater bag holders people are a bit fatigued by the Doge meme there's more of a discrepancy in market caps so thinner liquidity so it's easy to pump the token price a few good reasons but over the past few months I was reconsidering that stance because I have started to acknowledge that Doge has a really strong narrative behind it the Elon factor it has more staying power retail knows Doge more so when retail is getting back into crypto they tend to know what Doge is whereas Pepe is more of like an on -chain thing that was born this year amongst the crypto degens right so I've come around on this thesis to a relatively neutral territory but I've kind of come to the conclusion that both I think can become bonafide plays Pepe front runs Doge because it's more of a crypto community play whereas Doge is probably better for your general retail entry into crypto which you haven't really seen yet I know at the start of the video I said retail is coming back into crypto but that's happening in very small amounts and that that kind of retail is the retail that was already in crypto to some extent the retail that I'm talking about with Dogecoin that could come in later next cycle those participants maybe haven't ever used crypto before or only dabbled with crypto during the bull run so I think Doge appeals more to those guys so now just an update on this thesis I kind of sit in the middle here I think Pepe is over the past few days at least exhibiting that it is willing to respond which is obviously a great sign for the fundamentals of Pepe and the burn has gone a long way to justifying this repricing because obviously there are less tokens in supply now but I think that's also gotten some hype back for the token which is great because meme coins are built on community and meme coins are built on hype but I also certainly respect the Doge trade and that's why I'm saying I'm sitting more neutral in this trade now because I just think Doge as a DCA spot hold is not a terrible bet to be honest going to next cycle so that's my opinion on Doge so in terms of trading Pepe now I did mark out some of the key levels before but I just want to acknowledge once again how well Pepe has kept structure I mean pretty much bounced perfectly of this level at the 147 zone had nice bounces had a pretty clean rejection retest rejected again tagged range this low and has actually reclaimed and also tagged on the way up in the form of a retest so pretty much Pepe gives perfect retest I don't know what it is but for some reason this obeys market structure really well and it becomes really easy to trade around these key range high and range low levels if you want to take the technical peak of Pepe then this becomes mid -range and this becomes range high but in the lower time frame so the one hour and the four hour these become your range low and mid -range but it's mainly just semantics easier three zones that you want to take major trades off both to the short side and the long side for me right now though as I mentioned before leaning more towards the long side in terms of Pepe as a long -term bet I actually don't mind it it's a risky one it's a speculative one I fully acknowledge that Doge is the safer play it's hiring market cap retail knows it Pepe has some inherent risk given the fact that it went through what it went through with the internal team conflict that's never a good sign for a project so clearly some red flags but due to the market cap being a lot less we know what happens when it pumps it pumps harder and this was very clear on on the first week that it launched what it ended up doing in terms of price so that's something to keep in mind in terms of the fundamentals in terms of centralized exchange data a few interesting data points to look at here you can see Pepe volume been spiking over the past few days if you look on the monthly chart we've seen a lot of interest coming back as well open interest for Pepe also starting to peak here at a hundred million dollars which is quite a lot I mean for recent times but I don't think Pepe's hit that since inception really since it first launched on exchanges so open interest starting to come back meaning people are starting to trade it more obviously that involves some leverage as well more liquidations which involves more general trading activity so the metrics are starting to doge but I actually want to look at how it could potentially affect the crypto market this isn't necessarily some insightful observation but I mean it gives you a little bit of a look into what happened last time Pepe obviously pumped during May it hit its peak roughly on May 5th you can actually see when Pepe started to peak Bitcoin started to actually have its huge sell -off and I don't know if you remember back in May but all the on -chain alts started to tank after Pepe started tanking so it's interesting that Pepe actually marked the local top back then a lot of the time market tops in the short term are indicated by crazy meme coin blow -off tops and although Pepe isn't indicating that it's had a blow -off top yet it's something to keep note of given the fact that Bitcoin dipped last time it's not an indicator I would get super bearish off the back of but it is just something to note definitely watch Bitcoin here and when Pepe starts pumping you definitely have to take note but it's also a sign that some of those guys that were on the sidelines those retail guys are getting interested again but one plausible explanation for the pump is not just that it's the fact that they had a major burn which obviously impacts price because when you cut off a large amount of the supply it's got a reprice to the upside although it still wasn't a burn that was in it was six million dollars it's not in line with the market cap of Pepe which is currently sitting at what is it 500 million dollars substantially more right so that's something to look at as well something that I've been doing in terms of trading on all -chain altcoins but also a coin like Pepe which is on a lot of the DEXs and not on all centralized exchanges is using an application like Kyber AI to actually get data based on the bullishness or bearishness of the coin using on -chain analytics so if you haven't tried this out there's a link in the description below to Kyber AI you'll actually be able to see when Pepe shifts from bullish to bearish or bearish to bullish territory which can help you get for confluence your trade entries alongside TA so if you haven't already link in the description below to Kyber AI it's completely free search up the Pepe token and you'll be able to get a lot of really interesting data that's AI generated from Kyberswap's machine learning algorithm to get information on the on -chain data price analysis of Pepe and one more reminder before I go if you want to win half a bitcoin all you need to do is go onto Bantle Bubbles which is an amazing application and enter in your UID your price prediction for bitcoin on January 1st and the closest person will win half a bitcoin all you need to do is have a Banta account to Bybit or Bitgett or Coindw there's a link in the description below to Bybit or Bitgett if you want to sign up claim those bonuses you'll need to enter your UID once you enter your UID you can put in your price prediction and you can submit your prediction and if you're closest you win half a bitcoin you can see most people here guessing that bitcoin is going to be bullish by the time January 1st rolls around you can see a lot of green predictions here so enter your prediction do you think bitcoin is going to be hitting some of these targets like 52k like some of these people are suggesting super interesting stuff I'm going to leave a link in the description below to Banta Bubbles and the links you'll need to sign up if you don't have one of those exchange accounts already as well as of course Kyber AI as well are you bullish on Pepe long term let me know in the comments below and I'll see you in the next one.
Bloomberg Radio New York
"hundreds millions dollars" Discussed on Bloomberg Radio New York
"Company said that that hack alone Carol is is going to reduce third quarter profit by about a hundred million dollars. That's real money here. Absolutely. So cybercrime and protecting data in the cloud is something our next guest knows a lot about. Sanjay Poonen is the CEO at Cohesity. It's a data security and data management platform. He's also the former CEO at the cloud computing and visualization or virtualization tech company, VMware. How are you? Thank you Tim and Carol for having me on. Hey listen before we get into kind of security, cybercrime, all that good stuff. It's interesting times for anybody who's running a company. Whether it's the focus on geopolitical and the unrest and the concerns, obviously first and foremost the impact act on lives, but also the uncertainty that also creates about kind of the global outlook. There's also concerns about certainly here in the U .S. about the rate environment, the economy. From your vantage point, you how would describe the global outlook right now? I think it's a tremendous opportunity for leadership. I was COO of VMware. We had 35 ,000 employees. I was president of SAP. 100 ,000 employees. were Both global companies. My company here is smaller, 2 ,000 employees, but an important company in cybersecurity. It's a time for leaders to lead with empathy. I have employees who are Israeli, friends who are in Israel, and I think in Israel everybody knows somebody who knows somebody who's affected, either who's hostage or died or somebody infected. And the other side of the debate's also being affected now in Gaza, if you look what's happening. So this is a time where we get to lead, first off, condemning terrorism, but also leading with empathy. It's a tremendous opportunity for us to be, as leaders, empathetic, listening to our employees. And I've always believed the greatest companies the are ones who take care of their employees and take care of their customers. That's what I seek to do as CEO. It's also a business story, and we're so we got to talk about the business side of this. We spent a lot of last week talking about Israel being a hub for cybersecurity. They made a lot of advances there, and there are a lot of tech companies in Israel, prominent ones that have been bought by U .S. companies. Do you have any exposure to Israel? Do you work with any Israeli companies right now? Oh, absolutely. We a lot of them. In fact, a big part of our cybersecurity strategy is partnership with many Israeli Israeli companies, Big ID, Digg, Saira, Sentra, folks in the cybersecurity, Davis Security. There are companies who are located physically there. I talk to them. I talk to many CEOs. I've sent them messages, checked to how see they're doing, the heart of innovation and security. It's not a very big country in terms of population, a few million people, but they have an intense program by which people who've served in the Israeli defensive forces are often focused on security and then start companies. So we're working very closely with them. Every one of them, this is a tough time for them, and their attention is first to their families, but I do believe that Israel will be resilient. The innovation will continue to grow, and many of them do business with companies like us. We partner with them, so I expect it to be something that will be resilient over time. Sanjay, I mean they are used to instability in the region, no doubt about it. it to This takes a whole other level and another scale, and that's certainly what we've heard the feedback in terms of this latest conflict between Israel and Hamas. Having said that, when you had those conversations, were leaders there saying we expect this this, is something different, this is going to be a longer period of instability, or what are they saying? It's a 9 -11 type moment. It's not anything close to anything they expected, whether it was the first in the feather and so on. But I think, listen, if you think about the threat, cyber security threat, it's from different some of the ways in which we're seeing nation -state actors. I think this is a focus on physical security. So if we come back to some of the stats you led the show off with, that will continue. I don't see cyber criminals, the nation -state actors, which are by the way from a different set of countries. This isn't Hamas, it's Russia, it's China, it's North Korea in the past. What is the biggest threat? I mean the nation -state actors are the biggest threat to cyber security. So Russia, China? Yeah, those countries are the ones. Mostly Russia, in fact, in the past. And we haven't seen an uptick in that signal of those just because of the Hamas. Hamas is much more of a low, it's not like Hamas is doing cyber security threats against the U .S., their focus is much more low -tech, you know, sort of missiles and things of that kind. But I think we have to always stay vigilant, because the bad guys are going to look for any moment for us. They just have to be successful once. I'm talking about cybercrime now. We have to be successful all the time. Yeah, you hear that over and over again from cyber security experts. I mean, they're talking about, hey, you always have to be vigilant because they only have to be successful once. Switching geographies a little bit to talk about Russia -Ukraine, Russia the source of much cybercrime. What do you see on your platform from attempts at hacking from Russia? Yeah, there's 20 ransomware attempts every second. You talked about a few of the hotel chains that have been affected recently. I think every organization needs to build a prevention and detection mechanism and a recovery mechanism. I'll give you example. an There's a lot of analogies between fighting cybercrime and fighting disease. If someone told you, Tim, I'll never get a cold. You'll be like, well, give me some of your DNA. The more important question is how quickly can you recover from a cold? So what we advise our clients is to ensure that you have the best detection prevention. That's basically detecting the of other a cold. But then in our case, if you are one of those hotels that got affected, you want to recover really quickly.
Dennis Prager Podcasts
A highlight from Rush to Equivocation
"Cable news, noisy, boring, out of touch. That's why Salem News Channel is different. We keep you in the know. Streaming 24 -7 for free. Home to the greatest collection of conservative voices like Dennis Prager, Jay Sekulow, Mike Gallagher, and more. Salem News Channel is unfiltered and unapologetic. Like, watch, anytime, on any screen at SNC .TV and local now channel 525. Hi there everybody, welcome to the Dennis Prager Show. You wonder, you should wonder if you don't wonder actually, at what point do universities lose their credibility? At what point does the media lose its credibility? There has to be a breaking point for most people. This should offer one example. The headlines in the Los Angeles Times and New York Times. I have the physical papers in front of me. We subscribe here. It's painful, but we do. So, the New York Times is, US backs Israel as cause of blast remains disputed. The evidence is rather overwhelming that Israel did not send a missile at a hospital. The evidence is overwhelming that it was in fact an Islamic terrorist organization whose rocket did not detonate properly. Los Angeles Times, this is the front page, both cases, dueling narratives fan conflict, finger pointing, ire as in anger, after Gaza hospital blast highlight risk of wider, wider war. Well, here's a dueling narrative that the New York Times reported in the 1930s. Dueling narrative. The Soviet Union is starving millions of Ukrainians to death deliberately. Ukrainians say they are and Stalin says they're not. Right? Is that a dueling narrative in the 1930s, 1932, or 1933? By the way, you've got to think in the many single years that were particularly awful in the 20th century, that was one of them. Hitler and the Nazis elected in Germany, or at least gained power, and the Ukrainian famine, Holodomor as they call it, their version of the Holocaust. If you read Red Famine, you understand what the Soviets did. You understand that starving to death is a form of torture. Starvation is torture. Waterboarding is terror. Starvation is torture. Dueling narratives. So, you have a free society with various battles among its citizens and its news media, and you have a totalitarian state. If you deviate, we kill you, probably torture you first. There is no freedom of speech in Gaza. There is no freedom of press in Gaza. There is no freedom of assembly in Gaza. There's no freedom for any other religion other than Islam in Gaza. But dueling narratives. Well, I've got to keep these headlines, you know. They're really, I think I will, I'm going to keep the physical paper. The New York Times is subtle, more subtle than the LA Times. The US backs Israel as cause of blast remains disputed. So, in other words, the United States is not backing Israel because what Israel claims is true. The United States is backing Israel because Israel is our ally, and the lowlifes known as Hamas, the Nazis of our day, well, we don't back them. did So, we just pledge a hundred million dollars to them? Is that correct? What is that? Palestinian aid. I know. Well, where is it going, the Palestinian aid? Well, that's what I said. Yeah, I mean, that's not how they're phrasing it. That's not how they're phrasing it. Well, if Hamas is not Palestinian, you are. Well, maybe it's going to you. A hundred million. Yeah, no, no. have And you deeper roots in Palestine than they do. Yours goes back 2 ,000 years, 3 ,000 years. By the way, in your case, it really is true because you are a descendant of Aaron. That's genetically provable because you're a kohane, you're a priest in English terms in the Jewish religion. So this is our media at this time. Ami Horowitz apparently went, I didn't get to see it, but we're going to have him on. So where did he go? To the village, Greenwich Village in Manhattan? And he asked people if they support Hamas? Well, what was the actual question? Because it's hard to believe, even for me, I do find that a bit hard to believe, that people would acknowledge that people do it. I mean, that people, of course, it has nothing to do with Hamas, it has to do with if you support Israel for the left, that is supporting colonialism and apartheid and whites versus blacks and rich versus poor and strong versus weak. The left doesn't ask who is right, they ask who is white, which is ironic because most Israelis or half of Israel is not white. They're as white as the average Palestinian, if you will. They're indistinguishable racially for most Palestinians. Who is this latest? What are you with the New York Times? Sixty -five police injured in Berlin as pro -Palestinian activists riot set fires during banned protests. Well, you know my phrase, Germany is always wrong since Bismarck, a lot of individual fine, fine Germans, but Germany is always wrong, is a fair guide to modern history. Angela Merkel led the crusade to enable millions of people from the Middle East, most of whom share none of the average Europeans' values into Europe. And I was a pretty lonely voice in the West, I mean there were voices like mine, clearly I was not alone, but lonely because you sounded like you were mean -spirited if you said what I said. They're bringing in, for the most part, alien values to Western civilization, among them hatred of Jews, I mean genocidal hatred of Jews. I can't say that Angela Merkel was a regular listener to my show, she should have been. So now here are the consequences. You know my guideline, one of my guidelines, I have many. The moment you ask, what is the price, you become someone who has left the left. The left does not ask because they're children. Among the many awful virtues of leftists is that they are immature. This doesn't bother them because they never think in terms of maturity, but it's a fact. When you don't ask what is the price, you do what feels good at the moment. That is what children do. It feels good. The candy bar feels good at the moment. It felt good to bring in all of these people. I am virtuous, that's what's called virtue signaling. By the way, the signaling is not just to others, it is to oneself. People like to feel good about themselves and nobody has mastered that art greater than people on the left. That's why they developed the self -esteem movement, because they are into self -esteem for themselves. Chaos in Berlin, 65 police officers injured as pro -Palestine activists riot and set fires during banned protests. Now, why are they setting fire to parts of the country that extended a staggering goodness to them by letting them in? Because, like the left, they're in great. That's why. We'll be back. When you buy precious metals, it's imperative that you buy from a trustworthy and transparent dealer that protects your best interests. So many companies use gimmicks to take advantage of inexperienced gold and silver buyers. Be cautious of brokers offering free gold and silver or brokers that want to sell you overpriced collectible coins, claiming they appreciate more than gold and silver. What about hidden commissions and huge markups? Nick Grovitch and his team at AmFed always have your back. I trust this man. That's why I mentioned him by name. Nick's been in this industry over 42 years, and he's proud of providing transparency and fair pricing to build trusted relationships. If you're interested in buying or selling, call Nick Grovitch and his team at AmFed Coin and Bullion, 800 -221 -7694, americanfederal .com, americanfederal .com.
Unchained
A highlight from SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender
"Apple Card is the credit card created by Apple. You earn 3 % daily cash back up front when you use it to buy a new iPhone 15, AirPods, or any products at Apple. And you can automatically grow your daily cash at 4 .15 % annual percentage yield when you open a high -yield savings account. Apply for Apple Card in the Wallet app on iPhone. Apple Card is subject to credit approval. Savings is available to Apple Card owners subject to eligibility. Savings accounts by Goldman Sachs Bank USA. Member FDIC. Terms apply. Hi, everyone. Thanks for tuning in to the Unchained Recap for Day 9 of the criminal trial for Sam Bigman -Fried. In devastating testimony for the defense, former FTX head of engineering Nishad Singh detailed instances of bullying behavior from ex -CEO Sam Bigman -Fried and numerous times when SPF used customer funds to fuel his spending spree. Singh described an organization that allegedly defrauded FTX customers by freely spending customer assets on ill -advised investments, sponsorships, and political action, all at Bankman -Fried's direction, and a leadership style that browbeat and belittled anyone who disagreed with him or expressed concerns. Singh's testimony echoed comments by the prosecution's other two star witnesses during the first two weeks, former Alameda CEO Caroline Ellison and former FTX chief technology officer Gary Wong. I was blindsided and horrified. I felt really betrayed. That five years of blood, sweat, and tears from me and so many employees driving towards something that I thought was a beautiful force for good had turned out to be so evil, Singh said. I knew that customers were betrayed. So many customers had to put their trust in us. Singh, who came across as earnest and is having a strong conscience, told jurors that SPF continued to spend excessively even after learning of an $8 billion hole in Alameda's balance sheet that mushroomed as the crypto market slumped following the collapse of the I deficit. learned of the hole and even after that, implicitly and explicitly, I greenlit transactions that I knew must have been digging the hole deeper and therefore coming from customer funds, Singh said. Singh, who was Bankman -Fried's younger brother's friend and had known SPF since high school, was initially intimidated by the defendant after joining Alameda in 2017. But he lost faith in SPF amid his dismissiveness and seeming dishonesty to where company's financial management. I had a lot of admiration and respect for him, Singh said. Over time, I think a lot of that eroded, and I grew distrustful. Singh described his increasing concern about Bankman -Fried's spending even as the company sank deeper into debt. I'd frequently go to Sam and express that I thought that the spend was too large or that it didn't make sense, in essence, a bad business decision. And I also would express that I felt kind of embarrassed and ashamed of how much it all reeked of excess and flashiness. It didn't align with what I thought we were building a company for. Some examples of the excess were that Alameda had invested $1 .5 billion into Bitcoin miner Genesis digital assets in early 2022, as well as $500 million into AI startup Anthropic and $200 million into incubation firm K5, founded by Michael Kives. The K5 deal accelerated after SPF attended a Super Bowl -related party in Los Angeles with several top A -list celebrities. Hillary Clinton, Doug Emhoff, Katy Perry, Orlando Bloom, Kate Hudson, Leonardo DiCaprio, Jeff Bezos, Netflix CEO Ted Sarandos, Kendall Jenner, Kris Jenner, and Corey Gamble. Singh said SPF described the event as, quote, the most impressive collection of people he had ever seen in one location, adding that the FTX co -founder told him that if asked, K5 could probably arrange an FTX dinner with Elon Musk, former President Barack Obama, Rihanna, and Mark Zuckerberg in a month. When Singh saw the term sheet with K5, which proposed hundreds of millions of dollars in bonuses to Kives and his partner Brian Baum, as well as $1 billion for their VC firm, he was shocked. Quote, I was worried that partnering with K5 and giving them this much money would be really toxic to FTX and Alameda culture, that every day I was actively trying to espouse, I felt we all were, that politicking and social climbing was not going to be rewarded. And here we were rewarding people in exorbitant amounts, Singh said. He added that he asked SPF to use his own personal money for the deal so that it wouldn't affect the culture of FTX. Singh also detailed his shock at the $1 .1 billion FTX spent on sponsorships, such as the naming rights for the Miami Heat basketball arena and endorsements from top celebrities, including Steph Curry, Tom Brady, Gisele Bundchen, and Larry David. He was also uncomfortable with the spending on real estate. For instance, before they moved into their luxury penthouse apartment, Bigman Fried and his future roommates argued over where to live. The group had initially chosen a more modest apartment, but SPF wanted to check out the penthouse. Quote, Sam really liked this one, Singh said. Sam's a fan of views, and there was substantial disagreement about if we should go with it, in part because it was really expensive, in part because it's super ostentatious. When discussing it with SPF, Singh said, quote, Sam said that he would pay $100 million for the drama to just be done with and go away, which I took as a pretty clear sign that I should shut up. In September 2022, Singh had a discussion with the defendant about the lack of collateral Alameda had to support its futures trading. Singh determined that Alameda was short $10 billion of what was needed to support its trading positions and relied on its $65 billion line of credit to make up for this multi -billion dollar deficit. Bigman Fried instructed Singh to transfer SPF's Ellison's and Wong's personal SRM tokens, which were locked, and therefore illiquid, into Alameda's main trading account. Singh said the transfer was meant to fool the CFTC, or US Commodity Futures Trading Commission, by making it seem as if Alameda had posted more collateral than it had. Singh did not execute the transfer, saying that it felt wrong. He said, quote, I was fine giving up my personal assets. I'd taken on debts and given up my assets for the company countless times. But I understood the purpose of this exercise was to be, you know, to fool a US regulator and to fool employees of the company. And I wasn't comfortable doing that. Singh, who was freaking out about the possibility that FTX would be unable to meet customer withdrawals, had an evening talk with the defendant in the fall of 2022 on the palatial balcony of their luxurious apartment, which featured a swimming pool and several lounge chairs. In this talk, Singh said he was worried about Alameda's NAV, which was his euphemism for the hole, and Bigman Fried responded, quote, I'm not sure what there is to worry about. NAV is fantastic by almost any measure. When Singh asked how much Alameda was short by, SPF said, quote, that is the wrong question to be asking, and then proceeded to talk about how much he could deliver within various timeframes. Around $5 billion in 24 hours, substantially more in several weeks. And after that, quote, again, substantially more. At some point, Singh said, Jesus fucking Christ. And Bigman Fried said that his shortcoming of several billion dollars had been taxing him about 5 to 10 percent of his productivity. While Singh responded, he thought it would hit him a lot harder. The prosecutor asked Singh why he didn't leave FTX. He said he considered leaving the company every day, but added, quote, how could I live with myself if my departure precipitated a fall that might have been unavoidable? Singh details how he tried to cut costs of the company and said that at first he was, quote, pleasantly surprised and felt he was able to cut a couple hundred million dollars in spend. But further conversations with SPF made him realize that what Singh felt was, quote, an obligation was, quote, not being taken seriously since SPF was unwilling to cut endorsement and sponsorship deals that meant another $1 billion was, quote, headed out the door. After SPF returned from his Middle East fundraising trip, Singh, who so rarely met with a former FTX CEO one -on -one, said that it was an annual occurrence, met with him privately again, this time in one of Sam's apartments. After beginning by stating he was not doing well and thinking of quitting, Singh asked SPF how it was going with NAV. SPF, who was standing in the kitchen with his back against the fridge, said he could raise anywhere from $0 to $5 billion. He told Singh the main plan was to make FTX a success and said to Singh, quote, that depends a huge part on you. You're one of the few people, Nishad, that can take that kind of work off my plate so I can focus on the rest of this. Singh admitted he had been afraid to ask SPF for the meeting and said that he felt the defendant was, quote, very mad and that the meeting was tense with, quote, long periods of silence. Then he listed some of what he called Sam's tells for when he's upset and how SPF showed them in this conversation. Quote, puffed out his chest, hands back. He was grinding his finger, closing his eyes, grinding his teeth or tongue in his mouth. And when he opened them to respond, he would sort of glare at me with some intensity. I ended up apologizing to him at the end for asking for the meeting because I could tell it was so unwelcome. Singh pleaded guilty to charges related to violating campaign finance laws, which involved letting donations be made at his name even though they were funded from Alameda or as a borrower from FTX. Some of these loans were used for Bank One Three's political donation campaign and to fund his brother's political action committee, guarding against pandemics. Additionally, he said he participated in falsifying and backdating FTX's 2021 revenue numbers for auditors. SPF wanted FTX's revenue, which stood at 950 million dollars for the year, to be one billion dollars because FTX's revenue would show up on a spreadsheet that would be presented to investors. SPF proposed creating fake revenue backdated throughout the year from charging for offering staking services of serum. When withdrawals began to accelerate on November 5th, Singh became, quote, concerned that this might spell doom and the end of our fraud. Since he knew customers who expected full access to their assets did not know that they were not backed. Although Singh seemed to have a strong sense of right and wrong, even he ended up doing things he wasn't proud of. Around this time, he sent SPF a signal message asking if he could, quote, make some fictitious transactions that it looks like I had paid off this amount that I owed. Singh explained that he meant backdated transactions, which was, quote, something I knew could be done because Sam had proposed it once to me in other contexts. Singh acknowledged this, quote, felt wrong and said he wasn't trying to excuse himself, but said, quote, I was in different levels of having a right mind throughout these days. On November 6th, he said a war room meeting gathered in one of Bankman -Fried's apartments. It was attended by Singh, SPF, Ellison, Wong, Romnick Aurora, and by phone, head of FTX Digital Markets, Ryan Salem, who all were workshopping a draft tweet thread by Bankman -Fried. Quote, there was a point when they were discussing whether or not to characterize FTX as solvent or well -capitalized. I felt very uncomfortable with both definitions, Singh said. I felt neither was true. Singh leaned over the couch to say something like, quote, I'm not comfortable with this. I'm recusing myself. He testified. They acknowledged in a kind of annoyed way and proceeded. Singh had wanted to halt withdrawals rather than make a statement about FTX's strength. He said, quote, I'd overheard in the conversation opinions that these tweets should be really strong, which I understood to be a euphemism for particularly misleading in such a way that will quell fears definitively. On November 8th, via signal chat, Singh and Bankman -Fried discussed the fact that lawyer Dan Friedberg was angry and that Salem might resign. Singh then wrote, quote, they may need to know that it wasn't a ton of people orchestrating it. In testimony, Singh explained, quote, I really wanted Sam to clarify what everyone's role in this fraud was. I wanted him to clarify that I wasn't orchestrating it and that I learned about it really late. I wanted Sam to clarify that he was orchestrating it. I was certainly guilty for participating in it since September, but don't feel I made the whole. And secondly, I wanted the state of my relationship with these people I loved and tried to do right by, to remain intact and for them to not hate me. It was during this part of his testimony that Singh revealed he had been, quote, suicidal for days shortly after his direct testimony ended, meaning that Tuesday morning he will face his cross -examination. Unchained will be back for more recaps tomorrow. And if you like, you can also get real -time updates on my Twitter feed at Laura Shin at around lunchtime and after 4 .30 PM when court lets out. Thanks and see you tomorrow.
Bloomberg Radio New York
"hundreds millions dollars" Discussed on Bloomberg Radio New York
"Because you're making these long term decisions and getting very little feedback from your actions until years and years down the road. So it draws people in. So they'll have big wins. They'll buy a stock, it'll go up. I can do this. And they keep going, they keep playing, they keep going. so it And is a field that drives a lot of inefficiency. And I think that inefficiency is sustainable. And so that's one of the reasons that drew me in. The other reason that drew me in was, I think the relationship we, you and I, everybody has with money is heavily dictated by their upbringing. And so if you You have spent your childhood making compromises because you're always bumping up against the barrier of not having enough money, it changes the way you look at money. And so I didn't want to spend my life in academia where the money's not bad, depending on what you do. But I would always be in that situation of sort of bumping up against barrier. that It limits your choices in life if you don't, if you have that constraint. No doubt about that. So I love where you've taken this, and I want to stay with the idea of poker and casino and certainty. Some people look at a casino as entertainment and, hey, we're going to spend X dollars, pick a number, 500, 2 ,000, whatever it is. And that's what a night out at a Broadway play would cost. Here's what I'm going to spend that night. I think that's a percentage small of people. And other people, it's not a coincidence that the one -armed bandits, those machines that pay out the most with the lights and the bells are right by the entrances there to capture people. Lotto is kind of fascinating because to me it's like you pay $2 and you get to fantasize about what you would do with a couple hundred million dollars. That's the $2 that the lottery is worth. For me, I don't think the average person who's plunking down 20 or 100 bucks every week thinks of it the same I way. think they're just junkies at this point and very addictive manipulation of dopamine I think that's absolutely right. It's two sides of the same coin you're really because paying your $2 and you're dreaming of the big jackpot. There's an element of that in your pulling the lever. I used to go to when I was in college and I would see people, they would have these cards and it would be the membership card for the casino and it would be attached to their belt and it would be plugged in to the slot machine and it would look like they were one and the same, right? They were connected and they would sit there all day, zombified. That's an addiction. That's absolutely an addiction. But it's the same of mentality that little buzz you get when you win something or the dreaming of the big payout. Right. Coming up, we continue our conversation with Graham Foster, partner and portfolio manager at Corbis Holdings, discussing what makes the firm so unique. I'm Barry Ritholtz. You're listening to Masters in exactly In response to the Pulse nightclub shooting that affected the LGBTQ community, Barbara PoMa, owner of Pulse, the right direction. out there are more of us together than apart. It is the power of love in its rawest form. Join the fight for LGBTQ acceptance. Learn how at LoveHasNoLabels .com. Brought to you by the latest sound on podcasts. I talk with James Jeffrey, former U .S. ambassador to Iraq and Turkey on fallout from the conflicts in Israel. If Hamas is destroyed, believe me, Saudis the will be happy. These are Saudi enemies. The Gulf states will be happy as well. And if United the States has shown that it stands by its partner, be it Israel today or Saudi Arabia tomorrow, believe me, that is extremely valuable currency in the
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1428: Bitcoin Will Soar 18x to $500,000 - Winklevoss Twins
"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. In today's show I'm gonna be breaking down the latest Bitcoin technical analysis as Bitcoin hits two -week low on the back of US inflation data. That's right, I'm also gonna be sharing with you an indicator suggesting the Bitcoin price is likely to hit. $48 ,000 next as a short -term target. And quoting Max Kaiser, since they made Bitcoin legal tender, we wanted to live in the country that had Bitcoin as legal tender because we were always on the vanguard and trying to push the envelope and be where the action is for Bitcoin. And so that's where it is. The Bitcoin Citadel is El Salvador and El Salvador is kind of the capital of Bitcoin per H. Also in today's show, Bitcoin lightning network growth jumps 1200 % in just two years. I'm also going to be sharing with you the latest update with the former FTX CEO Sam Bankman -Fried as the trial commenced today. Day six, some of the highlights. Bankman -Fried aspired to become US president, says Caroline Ellison. Also ex -girlfriend Caroline and Bankman -Fried conspired to keep Bitcoin under $20 ,000 by selling customer BTC. Also Caroline Ellison admits that Sam bribed Chinese officials with a hundred million dollars to unfreeze their assets, purposely tied to scam Saudi investors in the final days of FTX and intentionally tried to sic regulators on Binance to destroy his competition. We're also going to be discussing breaking news. JP Morgan debuts tokenization platform with BlackRock amongst the key clients. I'll be breaking down this report and speaking of BlackRock, Arthur Hayes issues a BlackRock warning says the multi -trillion dollar giant may gain the power to change Bitcoin. We're also going to be discussing Arthur Hayes's target of a million dollars per Bitcoin by the year 2026. Also breaking news, Winklevoss twins secretly withdrew $280 million in assets before their crypto firm collapse, Gemini Earn. I'm also going to be sharing with you their infamous case for a $500 ,000 Bitcoin price action. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1425: Bitcoin ETF Will Send BTC to $1,500,000 - Cathie Wood
"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. In today's show I'll be breaking down the latest technical analysis as Bitcoin circles around $28 ,000. I'm also going to be sharing with you a $41 ,000 intermediate target for the king crypto and quoting Max Keiser, war mongers can't confiscate your Bitcoin and buy guns and kill people with it preach. He also says that no nation once adopting Bitcoin as a legal tender has ever gone to war. If you want peace, go Bitcoin. Fiat money always leads to war and violence, capiche, unconfiscatable Bitcoin monetizes peace and love. Also in today's show pro XRP lawyer John Deaton slams Sam Bankman -Fried sympathizers. We'll also be discussing Bitcoin about to head north as several indicators are lining up for the king crypto according to top crypto analysts. I'm also going to be sharing with you Max Keiser's $220 ,000 short -term Bitcoin price prediction. I'm also going to be sharing Arthur Hayes. He says that AI, artificial intelligence and historic money printing will create the most epic bull market for crypto. In fact he's predicting a $750 ,000 to $1 million Bitcoin price by the year 2026. I'm also going to be sharing with you Kathy Wood of ARK Invest. She says the odds are she also says she is confident in the Bitcoin price reaching $1 .5 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 Cryptonewsalerts .net. Again that's Cryptonewsalerts .net. Welcome everyone happy Sunday today is October 8 2023. I'm your host JV and this is podcast episode number 1425. We have lots to discuss so without further ado let's dive into today's Bitcoin market watch. As you can see here on coin 360 many of the top cryptos are correcting and in the red including Bitcoin hovering just under 28 ,000 along with BNB XRP and Cardano while Ethereum and Solana are breaking out but barely in the green and checking out coinmarketcap .com the current crypto market cap sits at 1 .09 trillion dollars with roughly 17 and a half billion in volume at the past 24 hours Bitcoin dominance still on the climb on the cusp of hitting 50 % we're literally at 49 .9 % according to coin market cap with the ether dominance which has been on the decline at 18 percent even how high do you think this Bitcoin dominance is likely to climb against the altcoin market for this cycle please let me know in the chat and at the end of the show I'll read everyone's comments out loud and checking out the top 100 crypto gainers at the past 24 hours we got basic attention token leading the pack of 5 % trading above 18 cents followed by Lido Dow up 3 % trading at a dollar 61 followed by Clayton up 3 % trading just north of 12 cents and checking out the top 100 crypto gainers for the past week you can see we got to see a green but also a mixture of bloodshed we got Lido Dow and clay look like to be the top gainers for the week and checking out the crypto greed and fear index we're dead in the middle with a 50 which is neutral yesterday was a 49 last week a 48 and last month a 46 in fear so there you have it fam how many of you are bullish for the king crypto now that we're in October let me know in the comments below and now let's dive into our Bitcoin technical analysis as we do each and each and every day here on the channel let's break this baby down Bitcoin kept up renewed pressure on $28 ,000 into the October 8th weekly close as geopolitical uncertainty entered the traders radar here you're looking at the Bitcoin one -hour candle chart data from Cointelegraph and trading view showed Bitcoin price performance avoiding a downside of volatility over the weekend we had Bitcoin slash USD recovering from a snap retest of 27 ,000 a couple of days ago on October 6 thanks to the surprise United States employment data which diverged policy tweaks by the Federal Reserve now the 28 ,000 resistance formed the main point of interest for market participants going into the new week and in the lower timeframes analysis of exchange order books popular trader skew said the major bidding power was still required in order to flip $28 ,000 into support quitting the analysts here so on the long timeframes we can see clearly the market is still trading 28 ,000 as resistance going to require a big spot buyer to crack that area in my opinion perps are shorting every low timeframe bounce into 28 ,000 as well say goodbye to your credit card rewards big -box retailers led by Walmart and 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 hands off my rewards calm and tell them to oppose credit card routing legislation paid for by the electronic payments coalition and fellow trader Dan crypto trades caution the ongoing short Bitcoin should a sudden breakout occur as this might form the start of further upside quitting him here I will say that what Bitcoin sitting around this big 28 ,000 level which has the daily weekly 200 moving average sitting there I am personally not very keen on shorting any deviations above in the past we have often seen a weekend breakout at these kind of spots which tends to not retrace as easily as they otherwise would and we also have an accompanying chart showing around the CME price is best practiced during a ranging and choppy environment we are still in such an environment but that would likely change upon a strong break above this region hence me not being too eager to short immediately in case we'd see a weekend pump I also think you got to be crazy to be shorting Bitcoin at a time like this but that's just me now in the wake of new events in Israel others meanwhile flagged geopolitical instability as a potential Bitcoin price catalyst to come quoting crypto analyst me Cal van de pop now market perspective is going to be a volatile week my idea is that Bitcoin continues the upward grind and potentially reaches $30 ,000 as worldwide uncertainty grows and I am sure you have all seen the devastation of what's happening between Israel and Palestine right now van de pop previously forecasted a trip beyond the 30 ,000 mark in October traditionally Bitcoin strongest calendar month hence why we call it up tober yeah I mean and check out this analysis from Titan a crypto he says Bitcoin 41 ,000 intermediate target in play a bull flag is forming on the two -weekly chart if it were to play out it would catapult the Bitcoin price the $41 ,000 imagine the smell in an environment of gloom and doom announcements well we got to consider Bitcoin is on its own vector anything is possible the current high for this cycle I should say for this year thus far is just south of $32 ,000 I feel once we can recapture that we can head on up to 40 ,000 above and beyond now let's break down some information max Kaiser shared over on X which I'll read out loud here he wrote warmongers can't confiscate your Bitcoin and buy guns and kill people with it that's a fact max also says that no nation once adopting Bitcoin as the legal tender referring to El Salvador has ever gone to war if you want peace go Bitcoin Fiat money always leads to war and violence capisce on confiscate a bull Bitcoin monetizes peace and love facts so shut out to the high priest the Bitcoin max Kaiser so there you have it fam let me know how many of you are currently bullish on that King crypto and now let's break down our next story of the day and that's XRP pro attorney John SPF Deaton slamming sympathizers which is quite interesting as you know the ongoing lawsuit continues and trial in court with SPF attorney and crypto advocate John Deaton criticizes supporters of former C FTX CEO Bankman freed during his ongoing trial related to the crypto collapse FTX in a post Eaton says that those characterizing SPF as a well -intentioned individual who made errors are unfit to manage people's finances facts he suggested that such sympathizers should not be considered for interviews with prominent television shows like CBS's 60 minutes a divide has emerged within the crypto community with some deeply concerned about SPF's alleged investor fraud charges while others attempt to portray him positively in the media very interesting the same media that once called Bankman freed the Michael Jordan of crypto even after FTX is bankruptcy filing SPF continued to participate in interviews and was often depicted as a crypto hero sparking backlash from the web3 community here's the actual tweet from Deaton people who believe SPF fraud is a good guy who made mistakes and FTX grew too fast and it got away from him should never be in charge of other people's money and certainly should never be interviewed by 60 minutes or any other news outlets and yes his parents are 100 % complicit let me know if you agree or disagree with that statement by Deaton I agree 100 % I think his parents knows what's good FTX had successfully recovered over seven billion dollars worth of assets however there is a growing call for SPF his sentences to act as a deterrent for other industry innovators Deaton is also resolute and holding Joseph Bankman and Barbara freed SPF's parents accountable despite FTX's present leadership pursuing a legal case against them no regulatory agency has initiated legal action against SPF's parents I wonder why maybe they're all interconnected Deaton believes that Bankman and freed share full responsibility for their son's alleged crimes a view shared by others in the industry that's why I want to know your thoughts fam let me know in that chat and according to Bloomberg Stanford University decided to return the entirety of donations received by FTX amounting to roughly five point five million dollars and here's your 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 ph RMA org slash middleman to learn more paid for by pharma and I read yesterday that Stephen Curry considered the greatest basketball player of our generation definitely the greatest shooter of all time he was paid he disclosed 35 million dollars from FTX to be an ambassador and in return all he had to do was put in 20 hours worth of promotion over the course of so many years so you can see they were handing out money hand over fist because they can print unlimited amounts of their scam token FTT so it's a damn tragedy we'll see how this plays out a big week ahead in the courts as Caroline Ellison is gonna be testifying against Bankman Freed and we know they also dated I think she is going to throw SPF under the bus because SPF already threw her and Gary Wang under the bus and just the other day Gary Wang also testified against Bankman Freed said he knew damn well what he was doing so there you have it fam how do you think it'll play out for SPF let me know in the comments right down below now let's discuss some more bullish technicals for the king crypto and why a bull run is amongst you know I mean the corner we're about the climb and go parabolic while he followed crypto analysts as the number of high time frame indicators are currently suggesting the bitcoins bear market is over in an expansion upward is imminent send it and let's go I also agree that we likely when we hit that bottom of fifteen thousand seven hundred in the fourth quarter of last year I felt like the bull market started and commenced since then and this year already we're up pretty substantially still up like I don't know something like 60 % or something like that so let's see if we continue to climb higher fam anyways anonymous analyst tech dev tells his followers that Bitcoin is in the same situation now which it was before the 2016 and 2020 bull market kicked off and how many of you were around for the 2016 and 2020 bull markets let me know fam tech dev shares a chart with the monthly candles Bollinger bands and an additional indicator showing the logarithmic width between the bands relative to the 200 months moving average the chart which you can see here in your screen appears to suggest the bitcoins Bollinger bands which measures the relative volatility compressed enough to foreshadow a likely breakout to the upside send it let's go quitting the analysts here what Bitcoin has looked like before heading north can you say deja vu you see those three yellow arrows on your screen you already know the closely followed analyst says that both Bitcoin and the altcoin market are simultaneously jockeying for breakouts he compares Bitcoin with others a chart that measures a market cap of all the crypto assets except for Bitcoin and aetherium and according to the trader Bitcoin established support at the beginning of the long -term bullish impulse while others have broken a downward resistance as outlined in these charts Bitcoin and alts are lining up let's go now earlier in the year tech dev said the Bitcoin had checked the three prong signal which proceeded each of bitcoins for all -time high runs so there you have it fam how many of you are anticipating a new all -time high for the king crypto let me know and how hot do you think we're likely to climb for this cycle peak next up we're gonna be discussing a prediction from the one and only high priest of Bitcoin and that's Max Kaiser projecting his short -term target for Bitcoin of 220 thousand dollars per coin let's break this down and again shut out to the one and only high priest max is a Bitcoin enthusiast and crypto advisor to the president of El Salvador Najee Bokele and recently made the bold prediction of where the Bitcoin price could be heading joining other experts and making some eye -popping guesses in the tweet made on X Kaiser confidently stated he thinks bitcoins price will go up a lot reaching an impressive two hundred and twenty thousand dollars per Bitcoin meanwhile his statement came after reading a CNBC article about the current financial market which is facing some challenges due to worries about the economy and rising prices however he didn't say exactly when this target will happen but eventually Kaiser has had been a big supporter of Bitcoin for quite some time in 2011 he called it the currency of the resistance and one of the biggest stories of the decade so he's ultimately been telling you to buy Bitcoin back since when it was like a dollar insane right how many millionaires are responsible for being created due to Max and Stacy in the Kaiser report let me know fam if you're one of them his recent prediction seems to be based on the idea that the central banks worldwide will print lots of money not surprising right leading to a massive increase in the supply of money that's where Bitcoin comes in it's seen as a way to protect your money from losing value when the prices go up that's right Bitcoin is the ultimate hedge against inflation so apparently not everyone agrees with Max's rosy outlook when it comes to the Bitcoin price action and inflation Nicholas Merton who I would consider a Bitcoin permeable and other experts so -called experts on crypto think the rise in prices could actually be a problem for BTC he suggests that people who control the money might need to do something about it like raising the interest rates which could make it harder for the Bitcoin price to go up we also have Bloomberg analyst Mike McGlone who has shared some concerns he says that if interest rates go up the Bitcoin price might go down and one last thing to keep in mind Bitcoin isn't all by itself it's connected to other things happening in the financial world and when big things happen in regular money or stocks it can affect Bitcoin too so even a Bitcoin is digital and fancy it's still a part of the bigger picture but if you actually do the math what's the alternative where can you park cash right now and not lose 20 % of its value due to inflation or hyper inflation the alternative is gold but gold is a terrible alternative because the gold prices are also manipulated hence why JP Morgan Chase got caught spoofing the precious metal markets and had to pay north of a nine hundred million dollar fine they literally got caught with their hands in the cookie jar so you can't make this stuff up when do you feel that Max Kaiser's 220 ,000 Bitcoin price prediction is likely to come a reality let me know in the comments right down below now let's discuss a 750 to 1 million dollar price prediction and the latest from the bit max co -founder Arthur Hayes and then we'll dive into the latest from Kathy wood of ARK Invest and her one and a half million dollar price target and then we'll wrap up the show with our live Q &A as we do each and every day so here's the latest from Arthur Hayes he says that two key catalysts will spark an epic bull market for the digital asset industry how many of you are ready for this bull run fam make some noise in a new interview with crypto banter Hayes says that the commercialization of artificial intelligence better known as AI and historic money printing by the Federal Reserve better known as money printer go will lead to a massive bull run for the crypto assets quoting Arthur here so I had this thesis I presented at token called 2049 double happiness and it was all about the bull market we are about to experience that we're on the cusp of and it's a combination of the most amount of money ever printed in human history in a two to three year period and the commercialization of AI and how that relates to crypto as the most transformative technological development that has ever happened in human history these two things combined are going to produce the most epic bull market in crypto and just about everything else that's sort of a risky asset around the world and according to Arthur Hayes the economic powerhouses such as the US Europe and China are going to be issuing ridiculous amounts of debt which will work in the favor of digital assets quoting him again I did the research and to how much debt is actually going to be issued by the US China Europe and Japan and it surprised me to the upside it's just so ridiculous how much money is going to be printed over the next two to three years while the central banks try to save the government bond markets that I guess I am just so bullish on Bitcoin certain crypto stocks and so bearish on fiat just because there's going to be an umpteenth more trillions of dollars of it so there you have it fam let me know if you agree or disagree with Arthur Hayes and to watch this video he recently did in this interview check the show notes below the video in the description now let's dive a step deeper as he recently made a very bold prediction as well that the Bitcoin price is likely to soar up to as much as a million dollars within the next three years by the year 2026 that's right in a recent interview Arthur Hayes boldly projected the mind -boggling price range of a 750 to 1 million dollar Bitcoin price by the year 2026 known for his unapologetic and often controversial statements Hayes says once again he caught the attention of the crypto community and when asked about his rationale behind such a staggering forecast he confidently stated the following I think it'll be the biggest boom in financial markets we have ever seen in human history very bold words such a statement may sound hyperbolic to some but considering the meteoric rise Bitcoin over the past decade it is not entirely implausible fact from the bottom 14 years ago to the top of 69 ,000 Bitcoin already appreciated 69 million percent so let's not forget that Hayes pointed out the bitcoins limited supply cap to 21 million coins combined with increase in global demand will inevitably drive his price to unprecedented heights he emphasized that as more institutional investors and corporations enter the space the scarcity of Bitcoin will become even more pronounced leading to a surge and its valuation basic stock to flow supply demand and can you say supply shock incoming there's currently less than 2 million Bitcoin sitting on the exchanges and next year we have two major catalysts which we know are incoming Bitcoin having scheduled to take place in April of 2024 and also the approval of a spot Bitcoin ETF so let's freaking go and our next story that day with Kathy wood we're gonna be diving a little deeper into what that looks like and what it equates to for the price action now while some septics argue the bitcoins skeptics argue the bitcoins volatility and regulatory uncertainties could hinder the growth Hayes remains unfazed he believes that the crypto ecosystem matures and regulatory clarity improves Bitcoin will become a staple investment for retail and institutional investors and as the Bitcoin industry continues to evolve and gain mainstream recognition many experts and analysts have offered their projections for the future price of the crypto while authors projection of 750 thousand to 1 million dollars per Bitcoin by the time of 2026 has garnered attention it is essential to consider other general trends and projections in the industry one common trend that experts highlight is the increasing institutional adoption of Bitcoin over the past years major institutions like PayPal square and Tesla have embraced Bitcoin as the legitimate asset class this institutional interest has put as seen a significant driver for the Bitcoin price growth bringing in more liquidity and credibility to the market and of course we now have a dozen applications for major institutions for a spot Bitcoin ETF and another factor that experts consider on the ongoing narrative a Bitcoin is a store value against a hedge for inflation as governments worldwide continue to print fiat currencies at unprecedented rates many individuals and institutions see Bitcoin as a way to protect their wealth from the potential devaluation as Michael Saylor once called it the melting ice cube keeping your hard -earned cash in the bank is no different than watching a melting ice cube melt preach however it's important to note that projecting the Bitcoin price accurately is challenging due to various factors including market volatility regulatory developments technological advancements and macroeconomic conditions which all shape the crypto's future price trajectory therefore it is crucial to cautiously approach any price predictions and projections and consider multiple perspectives when making an investment decision so there you have it now let's break down our featured story of the day and the latest from Kathy wood of arc invest projecting the Bitcoin price is likely to hit one and break this baby down shall we welcome those just joining us and tuning in make sure to say hello in the live chat and at the end of the show I'll read everyone's comments out loud so as you can see here on your screen this is the one and only Kathy wood early Bitcoin adopter and very savvy investor and now u .s. base arc invest last month announced its entry into Europe and said the odds are going up that the Securities and Exchange Commission better known as the SEC will approve her firm's application for the spot Bitcoin ETF let's go now arc invest which last month announced it had acquired the UK base rise ETF to assist with its push into Europe filed an application with the US regulators in April to launch a spot Bitcoin ETF with Switzerland base 21 shares the SEC has yet to approve a string of spot Bitcoin ETF apps that it had received from asset managers including the likes of BlackRock the world's largest invest go fidelity and Vanek we're talking about behemoths last month the SEC delayed its decision on our spot Bitcoin ETF and now has until January 10th of next year to make up its mind quoting her here we're partnering with 21 shares in the United States hoping to launch a Bitcoin ETF and if it's ever approved by the SEC we think the odds are going to go up and that it will be approved wood said during a media a media call three days ago on October 5th the acquisition of rise which manages 450 million dollars across 11 European ETFs gives arc invest directly entry into the European market and a platform from which to launch and distribute products globally the deal which was brokered in just a few months also raised the prospect of arc launching crypto focused products over in Europe UK let's go in the US meanwhile Woods flagship 8 billion dollar arc innovation ETF includes coinbase and block amongst its top 10 holdings what is also one of the biggest Bitcoin champions let's go champs she has previously predicted the Bitcoin price can top 1 million dollars by 2030 and it's currently trading as we know just shy of 28 ,000 there are already several crypto exchange traded products on offering the European investors with firms such as wisdom tree fidelity invest going global X among some of the providers that offer them would say that any crypto focused products would probably see arc invest relying on their expertise a 21 shares rather than trying to create products from scratch however would said she did not anticipate any problems including indirect crypto plays within any product arc invest Europe might roll out in Europe quitting her here my senses there won't be any issue but we are still working through this with our partners who are speaking with the regulators now Stuart Forbes the co -founder of rise ETF said the firm was looking at arcs existing fun lineup into the u .s.
Unchained
A highlight from SBF Trial, Day 4: SBF's Lawyers Annoy Judge Kaplan, While Wang Reveals Alamedas Special Privileges
"Hi everyone, Laura here. This is the Unchained Recap for Day 4, October 6th of the criminal trial of Sam Bankman -Fried. Quick note before we start, the original version of yesterday's recap had two errors, which we corrected later, and since some people may have listened to the inaccurate version, I'll just state those corrections here. I initially said that the fiat ad account was money in a bank called North Dimension. It was, however, an account at Silver Gate Bank, controlled by Alameda Research, but under the name North Dimension. Second, at the time the bug was discovered, it's not that it said that Alameda owed $500 million to FTX customers, but that it said that it owed $500 million more than it actually owed. Okay, now for the most recent update. In continued testimony Friday, Gary Wong, the co -founder of both Alameda Research and FTX, who faces a maximum sentence of 50 years in prison, described Alameda's special privileges that were programmed into FTX's code as early as July 31st, 2019, a few months after the exchange launched. Prosecutors presented evidence to the court, including previously deleted messages, tweets, and GitHub code documents. Wong, who is cooperating with the government in hopes to preserve, quote, ideally no prison time, noted that these advantages were not disclosed to the public, FTX customers, or investors. According to Wong, one privilege included Alameda's ability to have a negative balance on its FTX account. This meant that Alameda was able to transfer and withdraw more funds than it had, essentially, quote, borrowing from the exchange. In July 2019, shortly after launch, Bankman -Fried allegedly asked Wong and Neshad Singh, FTX's head of engineering, to pay for various FTX -related expenses from Alameda's accounts and other bookkeeping accounts on FTX. In particular, the expenses were those related to FTT, the cryptocurrency created by FTX. The, quote, allow negative feature, which was something that was built into the code, was then enabled for Alameda's account. According to Wong, because Alameda's account was allowed to hold a negative balance, it withdrew more funds than it had on the site. Those funds, Wong said, belonged to FTX customers and at the time that FTX declared bankruptcy, Alameda had borrowed $8 billion from the exchange. Other FTX customers that veered into negative territory would be liquidated and closed, Wong said, to protect FTX and customers from losing money. But Alameda's account was immune to being liquidated because of this allow negative code. According to Wong, SPF had told him to make sure Alameda's account was never to be liquidated on FTX. On the very same day that Wong and Singh had instituted Alameda's ability to go negative on FTX, he tweeted at a user who was concerned about the relationship between the two companies, quote, Alameda is a liquidity provider on FTX, but their account is just like everyone else's. At some point, in response to a question from an Alameda trader, the defendant said that the max amount Alameda would be able to withdraw from FTX was the equivalent of its revenues. However, at the end of 2019 or early 2020, Wong said he checked Alameda's balance on FTX and discovered that it was negative by around $200 million, more than FTX's $150 million in trading revenue at the time. Wong, surprised about the situation, said he talked to Bankman Fried, who said to recalculate the values by including all the FTT held in all of Alameda's accounts on FTX. Wong indicated in his testimony today what he believed were two problems with Bankman Fried's approach. One, Alameda was withdrawing U .S. dollars and other cryptocurrencies, not FTT. Second, if Alameda sold an equal amount of FTT to offset its withdrawals, the price of FTT would crash so severely that the selling, quote, might not be enough to cover how much Alameda was withdrawing. Additionally, Wong explained that FTT collateral was worth less than, say, BTC collateral because Bitcoin is less volatile and more liquid. Wong said Alameda had a $65 billion line of credit, far higher than any other customer on the exchange had, and originally it actually started at a few million dollars but gradually increased because the trading firm wouldn't have enough collateral to place large orders needed for its market -making duties. Wong said, quote, initially, it was just a few million dollars, then a few hundred million dollars, and then this kept happening, so then to prevent this from continuing to be an issue, Sam asked us to take a large number. I took it up to a billion dollars, and then the issue happened again, and then he asked me to take it up even further, and I told him I am taking it up to $65 billion.
Telecom Reseller
A highlight from AIQ goes the distance in knocking down costs, delivering actual savings to IT spend, Podcast
"This is Doug Greenspan, Telecom Reseller. We are at Mobile World Congress and I'm with Blake Wetzel, who's the Chief Executive Officer at AIQ. Blake, thank you for joining me today. Thanks for having me. Well, I'm very pleased that we're able to do this here at this major event. And I think we're just going to get right into it. We're going to talk about AIQ. But you said something just now a few minutes ago where you saved a major company, many people know of, IP telephony company, 18 million dollars. And I want to hear about that story. Yeah. And it's 18 million dollars a year. 18 million dollars every year. Every year. So our process with a lot of companies involved in that particular company is on its third year of AIQ and helping them reduce unnecessary expenses. But what we do is go in and work with the finance organization, the criminal organization, and that particular company. We're looking across everything they're buying to deliver their services. That could be everything from the underlying technologies to equipment to actually things like how do they issue their goods. So we look constantly across these innovations. And because of our patented process, we can see they're buying things that the market maybe has shifted from an expense perspective. And we want to bring the best technologies to our clients. So in that particular case, we actually brought this was actually international. And we were able to reduce that client's expense by 18 million dollars on an annual basis. And we get rewarded out of that client success. And so it's pretty it's pretty phenomenal to see that with the client. And the great thing is, is because of that, the clients like that particular company come back to us year after year because there's always a cycle of being able to revisit certain expenses inside the IT infrastructure. So, Blake, let's let's start there because it's interesting how your business is structured. A lot of consultancies start with very big promises. Maybe that does happen. But I understand you actually don't get paid until results occur. Is that is that how this works? For the most part, we do a heavy evaluation prior to actually getting paid by anything. Which is very different. Yeah. Right. So you're already getting as a customer, potential customer, a good amount of insight even before we've done anything. Correct. And we do that for a couple of reasons. Number one, we want to make sure that we're going to bring value to it. There is no sense in us going to evaluate expenses that they might be buying in their key space if they're buying things at market. And there's many times we actually know a client say, you're three percent off of the market, so you're actually pretty good. You've done a good job procurement. That might be one category. There might be other areas where there's something wrong. We feel that we owe it to our clients to make sure they're honest with them. We don't want to go and just collect fees to do a bunch of analysis. That's that's where we're first differentiated as an organization is we don't want to get paid if there's no real savings. The other thing that I think differentiates us is two more things. One is actually we actually can touch their entire IT infrastructure over 100 categories. A lot of organizations have a very narrow perspective of what their expertise is. We've been doing this for over 20 years. So we have a very broad experience with the market, at least from the perspective of the market. We're constantly using options for clients, so we get to see what the market is like. The last thing that's really unique, which I don't know if I've heard of anybody, is we go all the way to helping the clients and negotiate their contracts for them. So they're going all the way to the end. This is not just advice. This is not your advice. We are actually committed. We actually will engage with their suppliers for them. We will actually help advise their internal employees and communicate with the suppliers. But we will also negotiate. We'll work with the legal departments, the finance departments to make sure all not just the typical terms you adhere to, but the business terms. And that's a very differentiating service because we know that today's enterprise doesn't have the resources to do a broad approach inside of their enterprise to create savings. So if we can be trusted advisor to them, then we can add value and they can get the highest. Who's your typical client? It's really enterprises. We've said a hundred million dollars in annual revenue and above.
Unchained
A highlight from Heres How Sam Bankman-Frieds High-Stakes Trial Could Play Out - Ep 549
"Even though each of these charges, if you look at the DOJ press release says, oh, it contains a maximum sentence of 20 years or five years, whatever, it's not going to be consecutive. It'll be concurrent. So the estimate I'm getting from various attorneys that I've spoken to over the past few weeks is it'll probably be somewhere in the, you know, 10 to 20 year range. Hi everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago, and as a senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency full time. This is the September 29th, 2023 episode of Unchained. Thinking of launching your own stable coin? Start with the open source stable coin studio toolkit on Hedera. Start your journey at Hedera .com slash Unchained. Shape tomorrow today. With the crypto .com app, you can buy, trade and spend crypto in one place. Download and get $25 with the code Laura. Link in the description. Arbitrum's leading layer two scaling solution offers you ultra cheap and lightning fast transactions, all with security rooted on Ethereum. Visit arbitrum .io today. Toku makes implementing global token compensation and incentive awards simple. With Toku, you get unmatched legal and tax tech support to grant and administer your global team's tokens. Make it simple today with Toku. Today's guest is Nick Day, Coindesk's managing editor for global policy and regulation. Welcome, Nick. Thanks for having me. The trial for former FTX CEO Sam Bankman -Fried starts next Tuesday, October 3rd. There's been a lot happening pre -trial. For instance, Sam has requested release from jail multiple times and repeatedly been denied, including as recently as Thursday morning. My personal thought was that it seemed like all these requests that the defense was putting in at this critical juncture right before the trial was supposed to begin was maybe not the best use of their time, but that's just my personal opinion. I'm not a lawyer. Why do you think they made this such a point of focus in the last few days? Yeah, so I'm actually coming, you know, I was in the courthouse just a few hours ago where this very issue was brought up and the defense's arguments were, well, the first time we asked, it was for pre -trial release. You know, this was right after Bankman -Fried was remanded into custody in mid -August. The second time was, you know, they were asking the appeals court to overrule the judge's decision to remand him. And they lost that as well. In court today, the defense said, well, you know, now we want to ask for during trial, which is why we waited until this week to make that request. And they say that they want to, you know, the circumstances are different. They're not asking for Bankman -Fried to be released from jail in the weeks leading up to trial. Now they're saying, well, you know, during the trial, we're going to have to talk to him and check with him about defense witness testimony and cross -examination and things like that. So that's why we're making this request. And the judge didn't really find that compelling. And why do you think the judge has stuck to this position of keeping Bankman -Fried in jail? So in the judge's words, there's a couple of different reasons. One being that Bankman -Fried has had ample time to look at the defense materials. You know, one of the arguments was there are something like 1300 exhibits expected over the course of the trial. And the judge asked today, you know, were these all prepared and shared with you before, I think he said September 8th, so earlier this month. And the defense, they said, yes, we've seen all of this. We've had access to all of this. Bankman -Fried was out on bail for about seven and a half months. And so the judge's argument is, well, he's had time to look at this. You know, there's no surprises here. And he said that the defense has the chance to talk with Bankman -Fried in the Metropolitan Detention Center, where he's currently being housed weekends during days that there are no trials. So, you know, the trial is not every weekday. It's going to be most weekdays. And he said, you know, you have the time, you have the opportunity, you are able to talk to your client. You're not really losing a whole lot. But he added kind of a, you know, made this ruling where Bankman -Fried will even be presented to the courthouse early on trial days where there's certain witness testimony that has to be discussed and let the attorneys just talk to him before the trial begins on those days. So he's saying basically, you know, you have opportunities to talk to your client and I'm going to give you, you know, more time to do so, but I'm not going to let Bankman -Fried out of jail. So the main focus next week as the trial begins will be jury selection. Tell us what you think that process will be like. It definitely will be interesting. I think it's probably going to be very boring from just kind of an observer perspective because it's a long process and we're going to be just sitting there watching this judge ask each individual, you know, have you heard of FTX? Have you heard of Bankman -Fried? What do you think about cryptocurrencies? But it's going to be very interesting because this is the part where we're 12 or so people who are going to determine whether or not Bankman -Fried spends the next, you know, 10 to 20 years of his life behind bars. And so I'm expecting to see maybe as mixed selection. I think if you pluck a random group of New Yorkers off the streets, some of them may have heard of cryptocurrency, most of them probably will not have, and they're going to be tasked with deciding whether or not one of the biggest figures in crypto committed fraud on the way up and on the way down. Something that was interesting to me was the prosecution said that they expected jury selection to take the better part of a day. I've seen some legal opinions that it will take longer than that. What do you think could potentially happen there and why do you think some analysts are saying that it would take longer? Yeah, no, I've spoken to a number of lawyers as well ahead of the trial, you know, where at Coindes we're trying to do a lot of kind of preview coverage, basically saying here's how it might go down. Everyone I spoke to said it will probably take a couple of days. Part of that is because this is a fairly notorious case. A lot of people will have heard about Bankman Fried and presumably formed some kind of opinion that would, you know, disqualify them from being a juror on the trial. I'm not sure where the DOJ is getting their estimate from. It's very possible that, you know, through the questionnaires that the jury pool is sent through the, you know, the kind of the mass selection process or deselection process that the judge engages in, maybe that streamlines a big part of it by kind of, you know, reducing or like immediately filtering out the people who are most blatantly, you know, either knowledgeable or biased or otherwise have their own preformed viewpoints about the case. And so the jury selection might just be focused on, you know, those individuals who have made it through those initial filtering processes. But that's speculation on my part. I honestly am not sure if it is a better part of the day that we could see opening statements as soon as, you know, next Wednesday, October 4th, which would be a pretty rapid start to the trial. And Coindesk did some work to try to suss out what it is that lower Manhattan New Yorkers might say if they were randomly picked for a jury. What did you discover there? Yeah, no, so Coindesk's Dylan and Victor went to Manhattan, downtown Manhattan to the financial district, and literally just went up to people and said, hey, we're with Coindesk. Have you heard of FTX? Have you heard of Sam Bankman -Fried? And a fairly large part of this group just hadn't heard about it. You know, they weren't familiar with it. They weren't comfortable talking about crypto. They weren't familiar with crypto. And of those who were, you know, I think they found a fairly even mix. There were some individuals who had heard about Bankman -Fried, some individuals who had only heard about crypto, some individuals who were very knowledgeable. They actually found a, you know, a Yahoo anchor who was the most knowledgeable about it naturally as, you know, order covering the financial space. But they also found people who were looking for jobs in crypto, people who were investors in the space. By and large, it seems to, you know, a lot of the people they spoke to just weren't interested or talking, interested in talking about crypto or in, you know, being part of this, being part of crypto. So if that is a representative sample of who we'll see next week at the jury pool, it'll be interesting because we'll see a large, potentially large, jury pool of people who aren't familiar with crypto. Again, on one of the biggest, you know, bang in on one of the biggest figures in the space. Recently, the defense proposed certain questions that it would ask the jurors and the government said that they felt these were quote unquote intrusive. What were some of the questions that were proposed and what was the government's response? Yeah. So, you know, the background here is both the DOJ and the defense team filed their proposed jury questions to help filter potential jurors. The defense team in particular had a number of questions about, you know, how these potential jurors felt about things like effective altruism, about political donations, about ADHD and people who have ADHD. And the DOJ response was really, you know, they felt that some of these questions, for example, about effective altruism and about political donations seemed kind of primed to, or designed to prime the potential jurors to think, oh, well, Bankman Fried was trying to do all of this in service of this effective altruism philosophy. Therefore, he was trying to raise money to donate to better the world or designed to try and prime the jury to think, okay, well, you know, political donations is fine. So these allegations about breaking the law in the way he tried to donate funds maybe is, you know, overreach or whatever. And in the intrusive part, you know, treating just kind of this question of ADHD and whether or not people were, you know, involved with individuals who had it or the DOJ just felt that these questions were really designed to try and shape how the jury would see Bankman Fried as opposed to just kind of gauge their existing biases. And so the DOJ opposed these questions and I think we're still waiting to see for sure if there's any public response on the judge prior to jury selection on Tuesday. All right. So in a moment, we're going to talk about different legal strategies that the defense might pursue. But first, a quick word from the sponsors who make this show possible. 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Recently, the defense did propose a number of witnesses, but the judge denied most of them. Who were these proposed witnesses and why were they denied? Yeah, so the DOJ and defense both had a number of proposed expert witnesses. The defense in particular had a number of individuals that they said could speak to everything from the terms of service that FTX operated under to the FTX software to just rebutting certain DOJ witnesses. The judge basically said he agreed with the DOJ in rejecting all of these proposed witnesses. There were seven. He did allow the defense to call for four of them later on, but they have to meet certain requirements and fill out certain disclosure forms first. A big part of the judge's reasoning was the witnesses had just not adequately explained what they wanted to testify about or what they would say, and so they didn't have or he didn't have enough information to allow them to testify, which was functionally the DOJ's argument as well. That being said, some of these proposed witnesses are intended to act as rebuttal witnesses to DOJ's witnesses. I know we're saying the word witnesses a lot, but that's what it comes down to is four of these witnesses could come back and respond to, you know, either FTX intercircle members who are testifying on behalf of the DOJ. One of the potential witnesses that the defense can call forward is someone who can speak to the actual technical software underlying the, you know, FTX program, again, in response to DOJ witnesses. The judge did completely ban, for example, a British barrister who was supposed to explain the FTX terms of service as well as someone who was supposed to speak to kind of the crypto industry at large, saying that, you know, those witnesses and that proposed testimony seemed a bit too far afield from what the case would be about and could probably do more to confuse the jury than to clarify anything. And SPF's team also wanted to block a proposed government witness that was also denied. Who was that and why did the judge deny that motion? The DOJ proposed a University of Notre Dame professor to testify about some forensic analysis he did on FTX financials. The defense objected. They said that this witness would basically just reiterate the DOJ's claims, the allegations, but the DOJ argued that he was doing his own analysis of the data he had access to. And so it wouldn't just be stating the DOJ's claim. He would be providing his own expert insight based on his own work, you know, examining the databases that he had access to. And the judge agreed with that and said that based on what he'd saw and based on what the witness disclosure had provided, the witness was likely just speaking to his own expertise and looking at actual data as a third -party expert witness might do. And so those witnesses are allowed right now. We're still waiting on the full and final witness list, but we now know that there are probably at least a dozen witnesses that we're going to hear from over the next six weeks. And who are the ones that stick out to you on that list? I think the cooperating witnesses, so the FTX inner circle, that's former Alameda Research CEO Carolyn Ellison, former FTX director for engineering Nishat Singh and Gary Wang. I forget which one of them was the director of engineering. The other one was a fellow executive, but you know, these are the three individuals I think we're going to hear from probably first, maybe. Might hear from them as soon as next week, not certainly the week after. They're the ones who were in it, right? They were involved in this. They were part of FTX. They were part of the highs. I think we're going to probably hear from them, you know, how FTX might've fallen apart. I know from court filings, we know that DOJ wants to ask Carolyn Ellison about the FTT token and allegations that Sandbank and Freed was directly involved in trying to argue for Alameda to take a large sum of it and to potentially allegedly manipulate the price. So I think that testimony is going to be really interesting just because, again, it's the firsthand account of what happened. We're also probably going to see the defense try and discredit these witnesses to the extent possible, right? Straight out of the gate saying, well, you know, you weren't threatened with jail if you didn't testify in turn against your former boss. So I imagine we're just going to hear arguments like that from the defense during cross -examination, but either way, I think this is going to, you know, those are the three witnesses I think we're looking forward to most right now. And then once we're past that kind of initial surge of FTX insiders, that's when we'll get to kind of more, I don't because I don't think that is the right word for it, but, you know, people who are looking at it from kind of the, you know, again, forensic analysis perspective, people who are going to be able to kind of dig through and say, all right, well, you know, we've looked through the smoking remains and here's what we found. And I think that will also be interesting because it'll be really a third -party perspective on, you know, here's how this thing was set up and here's where things may have gone wrong or here's where things may have fallen apart. And getting a third -party perspective on that I think is going to be really fascinating because there'll be, I assume, a bit more objective about it than, you know, people who built it and worked on it maybe could be. One other kind of motion that happened this week that was pretty interesting or development, I should say, is that the judge did allow SPF's team to ask some of the witnesses about their drug use. What do you think will be the significance of that line of questioning? I think that goes back to, you know, a witness, cooperating FTX inner circle member saying, while we were at FTX, Sam directed us to manipulate FTT, whatever, you know, just speculating what someone could say. And the defense comes back and says, well, you know, are you sure that's what he said? Were you high at the time of these conversations or were you engaged in recreational drug use during the time you were running this company? You know, if I'm a member of the jury and I hear, okay, well, everyone was partying and on drugs and doing weird stuff or, you know, potentially, you know, in an altered state of mind, that might shape how I view the, you know, the defendant, the verdict, the whole case. So the judge did say that prior to making those, you know, kind of questions, the defense has to notify the prosecution and the judge about it. So it's not going to be a case of like they'll blindside the witnesses about this, but I imagine that's going to kind of go back to this effort to try and say like, okay, you know, Bankman Fried wasn't doing something wrong on his own or intentionally, it's just that things fell apart, but they were well -intentioned. The defense is going to attempt to, I think, pin some of the blame on legal advice that Bankman Fried received. How effective do you think that argument will be at trial? That's a really hard question to answer. I think the problem that the defense has is there's really no denying that FTX fell apart and it fell apart in like a very dramatic fashion, right? The day it filed for bankruptcy that evening, what, a couple hundred million dollars or tens of millions of dollars worth of crypto was stolen, I think. I forgot the exact amount, but you know, it was a pretty dramatic way to cap off what was already a chaotic week. So the problem the defense has is they can't say, well, FTX is fine. And so they're leaning on this advice of counsel defense. Their argument is going to be, you know, Bankman Fried was well -intentioned. He told his lawyers everything he wanted to do, and he did everything they told him to do. And so because it all fell apart, you can't really pin that on Bankman Fried. You have to look at the advice he was given and the information he was acting on. And so I guess part of the problem that the defense might have here is did they share or did Bankman Fried share everything he wanted to do with his attorneys? Did the attorneys have all the information and did he do exactly everything the way his attorneys told him to? And I don't know, you know, I'm sure we'll see answers to those questions over the next, you know, six weeks or so, but that seems to be kind of how that might play out. And it's going to be an interesting argument for sure. But again, I think it goes down to the central problem of FTX for sure collapsed and how you respond to that. One other issue is that the judge did rule that the prosecution could mention SPF's political donations. And there are charges specifically related to that that will be tried in a separate trial next year. So why were those allowed in this case? So this is where we get into what has become one of the new fun parts of being a court reporter in this case is Bahamas extradition treaties. So the original indictment that Bankman Fried was charged with back in December of 2022 did include campaign finance violations as one of the charges. But because it did not appear in the charging document that the Bahamas Police Department had, there's a Bahamas National Police, something like that, Bankman Fried's defense team successfully argued that they could not bring that charge right now because he had agreed to be extradited on the first seven charges, which were wire fraud and conspiracy to commit wire fraud and conspiracy to commit securities and bodies fraud, et cetera. So what it seems like is going to happen is the prosecution is going to try and fold all of that into all the political donation stuff into the other charges, into the wire fraud charges, and say, well, you know, we have the evidence, we have the allegations, and here's what you have to look at what that means for the next trial. And, you know, you're absolutely correct. There is another trial currently tentatively scheduled for either March or April 2024, next spring, either way, where we will be going through all of this again. But a lot of that is dependent on the Bahamas. And yeah, we could probably talk about that for another hour if you wanted to. All right. Well, we'll leave that for another episode. But one thing I did want to ask about is earlier in this interview, you said that his sentence was likely to be in the range of 10 to 20 years. And obviously, you know, there's many charges and we don't know which ones he'll be found guilty of and which ones he won't. But how are you coming up with that estimate? So yeah, I should definitely be more precise there. So I personally am not a lawyer or an expert in this. I have spoken to a number of lawyers about this. And what they said is, if you have a defendant who is found guilty, so these assumption here is that he is convicted on at least one of these charges. But if he's found guilty on even several of the charges, because all of the conduct is similar, because it's all kind of identical conduct at the core, a judge, when making a sentencing determination, will basically fold all the charges into each other, right? All the conduct. And so even though each of these charges, if you look at the DOJ, press release says, oh, it contains a maximum sentence of 20 years or five years, whatever. It's not going to be consecutive. It'll be concurrent. So the estimate I'm getting from various attorneys that I've spoken to over the past few weeks is probably be somewhere in the, you know, 10 to 20 year range. Some estimates came down as low as five years, some as many as 36 years. But they all seem to base that on just kind of the allegations, the charges themselves combined with the amount of money allegedly lost, which is more than 50 million, combined with the severity and all of that. Yeah. And so 50 million is sort of like some thresholds because I think it goes in levels of severity. Yeah. And the higher the number goes, the longer the sentence. However, that's the largest threshold, obviously. Yeah. I literally looked up the federal sentencing guidelines, which by the way, is a very confusing document. I did not understand it. So I asked someone else to explain it to me, but yeah, it's the different thresholds that you mentioned. And it starts with the, I think the thousands range and then just kind of escalates up and 50 million seems to have been the uppermost that they had. So it's 50 million plus. I think the allegation is something like 10 billion loss from FTX. So 10 billions, a hair more than 50 million. Just as many multiples. So that will probably be kind of the way they calculate it, probably. And again, this is dependent on if he's convicted on one or more charges and all sorts of stuff. Yeah. Okay. Well, we will have to see how all that plays out. Thank you so much for explaining all of this on Unchained. Thanks for having me again. Always great to talk to you. Yes. Same here. Don't forget next up is the weekly news recap today presented by veteran crypto reporter and Columbia University night budget fellow, Michael Del Castillo. Stick around for this week in crypto after this short break. Join over 80 million people using crypto .com. One of the easiest places to buy, trade and spend over 250 cryptocurrencies.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
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.
Bloomberg Radio New York - Recording Feed
Monitor Show 15:00 09-19-2023 15:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. 35 laying in a field. There goes a hundred million dollars. That's right. A rounding error at the Pentagon. Thanks for the time, Kaley. We'll meet you back here tomorrow. I'm Joe Matthew in Washington. Bloomberg Business Week starts right now. Live from the Bloomberg Interactive Brokers Studio, we're streaming on YouTube. And on Bloomberg Originals, it's Tuesday, September 19th, 2023. I'm Tim Stenebeck here. Terrell Masser will be joining me shortly here in Hurstead for just a few minutes. We got Charlie Pellet. Hey, Charlie. Hello there and good afternoon. We're looking at a down market right now, but I tell you, we have got a lot coming up right here on Bloomberg Business Week. Not only are we covering the markets, but also too, we've got a conversation about the new world order, the new economic world order, what a Bloomberg economics analysis of foreign direct investment tells us about the geopolitical bets that companies are making. Yeah, that's right. It's today's The Big Take. You can read that story on the Bloomberg Terminal at Bloomberg .com slash The Big Take. Charlie, you mentioned that stocks are falling, bond yields are higher. This on the eve of the Federal Reserve decision, we've got higher oil prices too, Brent topping $95 a barrel. That adds to the concern that interest rates are going to be higher for longer to prevent a flare up of inflation.
Bloomberg Radio New York
"hundreds millions dollars" Discussed on Bloomberg Radio New York
"Jet? One of these jets costs anywhere between seventy to a hundred twenty million dollars. It's the most sophisticated jet program in the United States. And I spoke to someone who actually is a pilot on one of these. And he says sometimes when these mishaps happen and the plane goes missing, you know this is a stealth plane, it is hard to find, but sometimes it just crashes in marshland and the quote earth eats it up. That's where your hundred million dollars is. In the earth. Potentially. It's like Yoda. You know, the plane, the starship lands on the water and sinks and loops there and Yoda does the thing. I see where we're going And brings the airplane up. What's going on with Washington, Tom? One day it's like no suits in the senate. And then at the same we're time losing F -35s. This is what happens when you start wearing hoodies to work, Bramo. Start making mistakes. Absolutely. Is that basically if you don't dress nicely, forget it. You lose expensive things. Just get scruffy and make mistakes. Jane Foley of Rabobank FX up on next. Fox .com. Thanks Thank Thank you. At the Bloomberg New Economy Forum, we help make this possibility a reality by cultivating new connections among global leaders that transcend geographies, industries and ideologies. Because when global leaders work together, the outcomes benefit all of us. Learn and more at BloombergNewEconomy .com. When you get your news from Bloomberg, you don't just get the story, you get the story behind the story. How your EVs battery may not be as green as it seems. Why a decrease in global birth rates could send countries scrambling to increase immigration. You get context and context changes in just how you see things, how you change things. Because context changes everything. Go to Bloomberg to get context. With no fees or minimums and no overdraft fees, banking with Capital One is the easiest decision in the history of decisions. Kind of like choosing Derek Jeter as the pinch hitter for your baseball team. Jeter, you're in. We need a home run. I'll give it a try. I've swung a bat once or twice. That's out of here.
Thinking Crypto News & Interviews
A highlight from GARY GENSLER ATTACKS STONER CATS NFTS & RIPPLE XRP WILL FIGHT SEC, HEDERA HBAR STABLECOIN STUDIO!
"Welcome back to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, I want to start off with the SEC versus NFTs. Stoner Cats agrees to pay a one million dollar fine to settle SEC charges. The Hollywood superstar backed Stoner Cats NFTs has neither admitted nor denied the SEC's allegation that it issued an unregistered security. So once again, folks, we see regulation by enforcement by scumbag regulator Gary Gensler. They're not putting out the clear rules of the road. And we even have two commissioners that dissented from this enforcement action. So we see even folks within the SEC don't agree. But we know Gary Gensler has been running around with a false narrative saying everything in the crypto industry is a security and that it's breaking securities laws. But of course, he's not providing any guidance. And we saw even members of Congress question him. Tell us what is it, which crypto coins and tokens are securities? Is Ethereum a security? Is XRP is a security? He can't answer. Right. So we are dealing with nonsense. And, you know, the challenging part here is that he takes these settlements here because these companies don't have the capital to fight the government, to fight the SEC. You saw Ripple. It's they spent one hundred million dollars to fight the SEC. So many of these companies don't have that type of capital. So they settle just to get the SEC off their back. But unfortunately, you know, Gary adds this to his wins list. Now, the good thing is that Stoner Cats is not some major brand, you know, well -known. The defeat that the SEC took with Grayscale and Ripple and I think soon Coinbase, those are big names and well -known. So they carry more weight when, you know, Gary takes the loss. So let me give you the details here, guys. The U .S. Securities and Exchange has charged and settled with NFT issuer Stoner Cats, too, for allegedly offering an unregistered security. Without denying or admitting to the SEC's allegations, Stoner Cats, too, has agreed to cease and desist from offering the NFTs and pay a one million dollar fine. Stoner Cats, too, also agreed to destroy all NFTs in its possession and issue a notice of order on its website and social media channels, the SEC said. Now Stoner Cats, if you're wondering who is the Hollywood backers, it was issued by actors Ashton Kutcher and Mila Kunis. They released 10 ,000 NFTs in a highly anticipated drop in July 2021. The drop raised eight million dollars. Now, folks, you see how ridiculous this is, you know? So what does that make any artwork that's put out there on the Web, right? Let's say it's not in NFT format. Let's say it's baseball cards or sports cards. This is just ridiculous. The SEC is completely overreaching here. And don't get me wrong, they have a job to do to monitor these NFT prices and crypto projects because there are bad actors. But clearly they're going after the good actors and they're leaving many bad actors to do their thing. So this really sucks. Now, SEC Commissioners Hester Peirce and Mark Ueda issued a dissenting opinion Wednesday arguing the Howey test cannot be met. So clearly, clearly the SEC is divided here and we know the entire industry and even members of Congress are not on board with this nonsense. But Congress has to act. The onus is on them to get the rules in place because Gary is just going to continue his nonsense and he's trying to get that Treasury job. So he's just trying to rack up wins here to say, see, look at all the enforcement actions I took. Look at all the capital I got. And he won't give the details to say, hey, these guys were just trying to issue NFTs. He'll say, you know, they're scammers, they're hucksters, they're doing all kinds of bad activity. Right. So that's his narrative. So we got to fight, folks. And this is why we use social media to our advantage, contact your representatives and much more. Here's what Mark Ueda had to say. Analyzing investment contracts in this way carries implications for creators of all kinds. We're to apply these securities laws to physical collectibles in the same way we applied them to NFTs. Artist creativity would wither in the shadow of legal ambiguity. Mark summed it up really well there. This is really, really insane what the SEC is doing. And we got to keep fighting, folks. But scumbag regulator Gary Gensler continues. Now, interestingly enough, yesterday, some folks from Ripple were interviewed by CNBC. And here's the headline from CNBC. Ripple says it will fight the SEC lawsuit all the way through. Ripple said it plans to fight the ongoing lawsuit with the U .S. Securities Exchange Commission all the way through its president, Monica Long, told CNBC. Ripple is among the crypto companies such as Binance and Coinbase, which are being sued by the SEC for violating laws. So Ripple is going to continue fighting. You guys know there's going to be even the proper party at the end of the month of September. And I'm looking forward to that in New York City. I will be attending. I know some people are down on it because the prices are down. But look, if you have to understand the market cycles, right, what's playing out, everything's down. Bitcoin is down. Even a large, large part of the markets out there because of the macroeconomic factors of inflation, rate hikes and much more. So I'm glad to see that Ripple is going to continue fighting and I'm sure they're going to push for some sort of settlement. And we know the SEC is trying to appeal, but, you know, Ripple took the bigger slice of the pie from a victory standpoint where XRP token was intrinsically stated as not being a security. And I think the judge got it right there. It goes back to how we test the orange groves and the oranges that we get at our supermarket or orange trees in general are not securities by themselves, but rather it's the packaging. So that's the key. So the tokens themselves, not securities is just how are they being packaged? And don't get me wrong, NFTs could be, and I say could be in certain circumstances, securities, right? If they're packaged in a certain way. But we know if you just simply issue artwork and NFTs on the blockchain, that does not make them intrinsically a security. But Gary Gensler, we know he doesn't. He's trying to muddy the waters and cause confusion and just saying everything that's issued is a security. We know it's nonsense. Now, moving ahead, Flare, many of you hold the Flare tokens. If you're an XRP holder who participated in the Flare snapshot, you got a distribution of your Flare tokens. You continue to get that. I personally am doing that and I delegate my Flare tokens and I'm earning rewards. I'm doing the same thing for Songbird. You can of course invest in the Flare token if you want. Well, Flare is going to be moving to a staking model and they provided an update here saying we will soon enter phase two of three in Flare's transition to a staking model, opening new opportunities to delegate stake to validators and earn rewards. The date when staking can commence will be announced in the coming weeks. So if you're a Flare token holder, this is great news and I'm looking forward to this. If I can stake and earn more rewards, that'll be great. And you know, I'm not selling any of the earnings I get from delegation because we're in a bear market. I am just delegating, earning more tokens, and then when the bull market comes, I will be looking to take profits as the prices rise. Now speaking of prices rising and selling, a great platform to do so is on Uphold, which is a great platform. I've been using them since 2018. They're one of my go -to exchanges. They have 10 plus million users, 250 plus cryptocurrencies, and they're available in 150 countries. You can also trade precious metals and equities and 37 national currencies. So that's different Fiat currencies, and you can swap easily between precious metals, cryptocurrencies, and these different 37 national currencies. So if you'd like to learn more about Uphold, please visit the link in the description. All right, folks, we got some very big Hedera HBAR news. So recently I interviewed Leemon Beard, who's one of the co -founders of Hedera. They're doing great things. I think this is going to be one of the blockchain projects that can really come out of this speculative crypto bubble and be one of the winners, right? If you look at the speculative bubble of the dot -com boom, you had your Googles, your Ebays, your Amazons, and a few others that came out that did really well. I think Hedera is one of them. And part of their governing council includes Google, Dell, IBM, Boeing, some of the biggest names. And just recently, Hyundai and Kia started building on the Hedera network. So huge news. So they tweeted out, we're excited to announce the Hedera stablecoin studio, the all -in -one stablecoin configuration issuance and management toolkit tailored for Web3 platforms, institutional issuers, enterprises, and payment providers alike. By leveraging Hedera, the network, and in collaboration with our partners, the stablecoin studio delivers a highly performant, seamless, and end -to -end stablecoin solution with proof of reserve, dedicated custodians, and network native KYC slash AML flagging. So this is pretty big. They said with Hedera, predictable fees, high programmability, and robust network of ecosystem partners, stablecoin issuance and management have never been simpler. Everything you need to build and configure stablecoins with ease. So this is a really great feature. Obviously, stablecoins are going to be a big part of the token economy and the ability to have your blockchain utilized for tokenization, whether it be CBDCs, stablecoins, NFTs, tokenization of real -world assets, and much more is going to be key to adoption because that's the future. So Hedera is ahead of the curve in many ways. And if you haven't seen my interview with Lehman Abir, be sure to check it out because we talk about the Hyundai -Kia situation. We talk about Xinhan Bank with their stablecoin on the Hedera blockchain being used to improve cross -border payments. So it's really, really big things happening here. I'm very bullish on HBAR. Now moving ahead, Coinbase, to integrate the Bitcoin Lightning Network in a bid to drive adoption, Coinbase CEO labeled Bitcoin the most important asset Tuesday following an announcement his company would integrate Lightning. Now Coinbase is a little bit late to the game here. There have been other exchanges like OKEx that integrated the Lightning Network. But more and more, I think, platforms are going to leverage the Lightning Network to help boost Bitcoin's ability to scale. Look, I don't think the Lightning Network is even there yet. We know the folks at Lightspark are trying to do something, Jack Mahler's strike, but it's not there. Look, Bitcoin is a great store of value, great hard money, great digital goal. I view it from that standpoint. And that's why I hold it in my portfolio. It has made me money. But for payments, not great. Not great at all. Now there could be great improvements to the Lightning Network where it gets global adoption and people start using it. But we are far from that. And we'll have to see what guys like Jack Dorsey's Cash App, David Marcus's Lightspark, Jack Mahler's strike, and these guys do because they've done it in small increments and small markets. But there's no major global adoption here where people are like, I'm going to go spend some sats. Don't get me wrong, it may be happening in, once again, small scenarios in El Salvador. But what about the rest of the world? People are opting more for stablecoins. So this is something that the folks who are building the Lightning Network have to figure out how to scale this thing and make it easy for people to onboard. So Coinbase looking to make a push here and get more adoption around Bitcoin, and it certainly makes sense. Bitcoin is definitely the brand that's well known. A lot of people come into the market via the Bitcoin asset, and then they usually go to altcoins after that. Now speaking of altcoins, Vitalik Buterin was speaking at Permissionless, the crypto conference in Austin. It's actually held by Blockworks. And he talked a bit about what's in the future for Ethereum. Now, some people listening to this may be very upset at Vitalik, Joe Lubin, Bill Hinman and so forth. And that's fine. You know, I understand I'm not the biggest fans of these folks as well. I do respect Vitalik as a coder and what he has built. I think folks can't ignore that. He did build a great platform. First mover advantage, the EVM is used by many other different blockchains. And there's been a lot of building on Ethereum. You can't deny that regardless if you hate it or you don't hold it. The facts are there from DeFi to NFTs and much more. And a lot of smart contract tech is being used and built around Ethereum. And he made some interesting statements as to what Ethereum is going to target next. So he said DeFi is cool. NFTs are a new primitive, but an extension of something that has a history and using crypto for payments is good, but also familiar. These are individual pieces that are designed to fit it into an ecosystem that's otherwise the same as before, Buterin said. He said what he's excited about is decentralized social, repeatedly name dropping Faircaster, a Twitter like protocol on the OP mainnet with a companion warp cast mobile app that is currently invite only alpha release. Along with Lens developed by Aave founder Stani Kulichov and running on Polygon's proof of stake chain, Faircaster and similar social experiences are using crypto tools to complete with centralized platforms. Let's see how far we can push things in that direction, Buterin said. But where I see the longer term feature here is it really can plug into all the other stuff that we've been doing as a space. So it sounds like he's trying to build like some sort of decentralized social platform that will include the tokenization, the entities, the DeFi and so forth. That makes sense. And as we head into Web3, just as people transition from Web1 to Web2 and even earlier versions of Web2 social platforms like Myspace and Friendster to eventually Facebook, Twitter and so on, we're going to see a transition from the Web2 social platforms into Web3 social platforms, especially as they become more easy to onboard and use. And there's a layer of rewards of tokens. And if people can legitimately earn tokens and get paid for their activity and it's on the block chain, it's verifiable, it's hard to hack and things like that. They will come folks. They will come. People will come, especially as data breaches continue with social platforms mainstream and other platforms as well. So interesting statements here from Vitalik. And I think we want to watch this closely because look, like I said, Ethereum has the adoption, has a lot of developers, has a lot of capital behind a lot of resources. So if there's any token that comes with these social platforms, I'm going to be looking into that and be looking into these platforms and seeing how I can capitalize on it to make a nice return. Well, folks, that's the news. Let me know what you think. Leave your thoughts and comments below. Hit the thumbs up button. Hit the five star rating on the podcast platforms. Don't forget to check out the merchandise store. Link will be in the description where you can buy the podcast branded gear as well as fire Gary Gensler T -shirts and hats and much more. Thank you for your support. And I'll talk to you all later. Bye bye.
The Breakdown
A highlight from Visa Goes Deeper on Stablecoin Settlement
"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 6th, and today we're talking about big news from Visa. 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. So yesterday's episode started with a very brief discussion of a nominally big thing for Solana that didn't push the price at all. What we're going to do today is talk about that thing, which is much bigger than just Solana, and also talk about what it says about the general state of the cycle that we're in. The specific news was that Visa has announced an expansion of their stablecoin settlement to include the Solana network. Visa will now settle some cross -border payments using USDC on Solana. The payments company began experimenting with USDC for treasury operations in 2021. The pilot began with Crypto .com's crypto -linked Visa cards issued in Australia. Visa set up a cross -border settlement channel with Crypto .com, which allowed the exchange to finalize customer purchases using USDC over Ethereum. The expansion of the USDC settlement pilot is being done in collaboration with merchant acquirers WorldPay and Nuvei. This will allow merchant customers to select USDC stablecoin settlement as an option instead of receiving fiat currencies. Now the upgrade to Visa's systems is entirely a back -end improvement, and it's designed to cut settlement times and costs. In a statement, they explained that at the moment, quote, But what they don't see is that the funds used for their purchases need to move between their bank, the issuer, and the merchant's bank, the acquirer. This is where Visa's treasury and settlement systems enable the clearing, settlement, and movement of billions in transactions a day, making sure the correct amount in the preferred currency is received from the issuer and sent to the acquirer, end quote. Now currently cross -border card payments rely on the SWIFT system, which can take several days to finalize. By switching to crypto rails, merchants can receive cleared payments much faster, which is obviously a huge boon when it comes to cash flow management. Visa head of crypto Kai Sheffield said in a Twitter thread, WorldPay and Nuvei enable card acceptance for a diverse set of merchants across the world, including a growing number of merchants interacting with the blockchain and crypto economy who may prefer to use USDC within their corporate treasuries over traditional fiat banking. Visa can now settle these payments to WorldPay and USDC, enabling WorldPay to more flexibly manage their own treasury infrastructure and route the USDC directly to their merchants with less worry about wire cutoff times and bank holidays. It's still early days, but Visa has already settled millions of dollars of USDC over the Ethereum and Solana blockchains between our clients. We are committed to continuing to innovate around how we move money and provide our clients modern options for settlement, end quote. Circle CEO Jeremy Allaire noted that the paradigm shift enabled by using USDC as a settlement currency and not just a payments currency. Also on Twitter, he wrote, One of the things that I am most excited about regarding this new expanded use of USDC by Visa is the fact that USDC is being used as a core settlement layer within the Visa network, a more real -time, global alternative to traversing SWIFT and various ACH rails. More often than not, everyone focuses on the purely retail uses like the Shopify USDC plugin. When in reality, USDC is a generic digital dollar protocol that spans from retail to wholesale across commerce and finance. Our existing mental models for payment systems are dated. An internet -native digital dollar and stablecoin network protocol scales from tiny micropayments in P2P transactions to multi -hundred million dollar capital market transactions, end quote. Now, while Visa has been experimenting with faster USDC settlement on the card issuer side of the business for some time, this pilot extends that functionality over to the merchant settlement side. Now, to bulls, this move seems like a significant step forward in the adoption of crypto networks as a global public and neutral end -to -end value transfer system. Visa currently settles $11 .6 trillion in global payments annually and this settlement use case is precisely what research firm Bernstein envisioned when they made their call in August that stablecoins could become a $2 .8 trillion market over the next five years. So in terms of community reactions, obviously for the Solana bulls, this was a huge deal. Anatoly Yakovenko, the founder at Solana Labs said, I want Solana to be so cheap that it saves Visa money to use it over its own in -house infrastructure. And I want Solana to be so fast that it improves the user experience as well. Lily Lu, president of the Solana Foundation said, We've had a long -standing thesis around payments being only possible on Solana. Fifteen years into the conception of cryptocurrencies and the gradual progression of this use case from forum post to proof of concept to DeFi adoption, Solana meets users where they are today. Click a button, something happens immediately and with infinitesimal cost. This is going to be demonstrated at scale with Visa building on Solana. Now, others focused on the significance from the Visa side of things. Terry Angelos, who formerly worked on crypto at Visa said, Visa is an authorization network and not a payment network. Merchants pay for real -time authorization, security and guaranteed payment. Settlement post -transaction is when Visa moves dollars from issuers to merchants and that can happen on Wires, ACH and now crypto rails. Nick Carter writes, This is a huge deal. Writing on the wall, stables would become de facto interbank settlement solution via card networks. Even my non -crypto fintech friends are fired up about this. This is one of the most important news items of the year. Caitlin Long puts it even more catchily saying, Visa debanks the banks by going around them to settle US dollar payments outside the US banking system and outside traditional USD payment rails. Pilot programs for now, but… Dennis Porter, the CEO of the Satoshi Action Fund wrote, Bitcoin -only people will hate this but it needs to be said. Stablecoins will play an important role in the next wave of financial technology. The dollar isn't going anywhere anytime soon. In fact, stables will strengthen the dollar. Banks will adopt quickly. Now I could and maybe will at some point do an entire show about why Bitcoin and stablecoins aren't at least in the short term competitive. One offers an improvement on the system that exists. The other offers an opt -out of the system as it exists. In other words, they are far from incompatible. Finally, Mert, the CEO at Helios Labs says, The Visa news today isn't just good for Solana, it's awesome news for all of crypto. Slowly the Overton window is shifting and more financial activity is moving on chain. So this must have caused a huge price run up, right? I mean, this is big news. Nick Carter called it one of the biggest pieces of news of the year. Alas, Solana was up just 2%. Crypto trader Gumshoe wrote, In a bull market, Solana would have jumped over 100 % with all the crazy news of the past two weeks lol. The other news that he's referring to was Solana Pay integrating with Shopify two weeks ago. Trader Horse writes, The sole response is a good indication of the current market environment. Imagine what this post would lead to during any other point. Instead, price is listless. This is not a supply issue. We just don't have any buyers. The news should excite long -term investors, however. Teams that are still grinding in the bear get rewarded in the bull. Now I weighed in on this yesterday as well, tweeting, People looking for prices to move up on good news right now are totally missing the part of the cycle we're in. Until new buyers come in, it's sideways or down only. Doesn't mean good news isn't still good. It's just not going to show up in price. Now in the particular case of Solana, there is a general and specific context. The general is what we just talked about and where we are in the cycle. The specific is that Solana is dealing with the overhang of the FTX estate having $1 .1 billion worth of Solana in their coffers right now. That's something like 13 % of the total supply. Reinforcing the contrast between news and energy, even as all this was happening, Solana's daily active addresses fell to around 204 ,000 at the end of August. That's the lowest level for the metric since the block began tracking it in late 2020. Rebecca Stevens, data analyst at The Block Research, put the reasons pretty crisply saying, The Solana ecosystem was already seeing a decline in active users prior to the collapse of FTX, but the fact that the blockchain had such strong ties to the exchange and Alameda Research hurt its reputation a bit. The SEC alleging that Sol is a security also hurt the token's price and has caused it to be delisted in the U .S. on several platforms like eToro and Robinhood. Now overall, the block's monthly exchange volume measurement hit its lowest point so far during this cycle in August. Just $423 billion in volume was moved through centralized exchanges last month, falling below other recent low points in May and December. The lack of trading on exchanges was punctuated by Binance falling below $200 billion in monthly volume for the first time since November 2020. Now this lack of activity extends to Bitcoin as well. Dylan LeClair tweeted, As a percentage of circulating supply, Bitcoin moved in the last 30 days is at an all -time low of 5 .4%. Meanwhile, spot volumes are at levels not seen since 2019. Saying this market is thin currently is an understatement. Reflexivity Research co -founder Will Clemente writes, Crypto aggregated trading volume is the lowest that it's been since 2020. Google's search trends for Bitcoin and crypto at multi -year lows. Realized volatility, implied volatility, weekly Bollinger Bands, all near record lows. This is exactly what apathy looks like. Now Kaleo pointed out that although this is brutal, it's not necessarily out of sync with the cycle. He wrote, Centralized exchange volumes haven't been this low since December 2020. Daily average volume is down from $164 billion at peak to around $13 billion now, a 92 % decline. For reference, the peak in the 2017 bull market was around $28 billion, with an average of $2 .5 billion per day six months prior to the 2020 halving, a 91 % decline. So after all of the centralized exchange trauma we've seen over the past year, we're still in line with a similar trend to what we saw last cycle, despite how rough it may feel. Still, I think it's worth noting comments from Kobe given during the height of the bull market. On the Up Only show, he said quote, You need to have the same level of interest when everything is really boring. The main way you have to make it is to try to perpetuate your interest through the boring bit. The boring bit is where the opportunity is. Now of course, one of the things that people anticipate could bring some new blood in is that fabled Bitcoin spot ETF. So an update on that front as well. After winning a comprehensive victory in court last week, lawyers for Grayscale have written to the SEC to ask them to get moving. According to Grayscale, the court ruling was so comprehensive that the SEC has quote no grounds for treating the Grayscale Bitcoin trust differently to Bitcoin futures ETFs. They wrote quote, Now the letter anticipates a change in tactics from the SEC who may choose to introduce new reasons to prevent Grayscale from converting GBTC into an ETF. The letter stated that quote, Grayscale pressed home the importance of resolving this conversion in a timely manner given the number of rival products clamoring for approval. The letter noted that the SEC may have now exceeded the time allowed to refuse an application, reserving their right to argue in court that the conversion should now be deemed approved. Grayscale argued that quote, Finally, they requested to meet with the SEC as soon as possible to discuss the path forward. James Safart, ETF analyst at Bloomberg said, Now even as the ETF situation works to be resolved, there is clearly some jockeying for positioning as it relates to renewed or new institutional interest in the crypto space. As a for example, Coinbase has launched a new crypto lending service aimed at U .S. institutional clients. The service looks to fill in the gap left by the Genesis and BlockFi bankruptcies. An under -the -radar SEC filing made last week disclosed the program already has $57 million in client funds. According to a person familiar with the service, clients can lend out their crypto assets on an over collateralized basis to Coinbase. The firm can then extend those crypto assets as loans to institutional trading firms. This is essentially the same business as prime brokerage in the traditional finance space. Now, unlike the canceled Coinbase Lend program, retail customers are explicitly excluded from this service. By catering exclusively to accredited and institutional clients, Coinbase is able to offer the service under less onerous regulatory requirements. Honestly, one of the big takeaways is just what a big gap has been left by Genesis in the U .S. institutional environment. However, as you'll hear in an interview coming out later this week or maybe even later today with Hani Rashwan from 21Shares, that institutional interest may be far less gone than it might currently seem. However, that is going to do it for today's episode. I appreciate you listening as always, and until tomorrow, be safe and take care of each other.
Capstone Conversation
Councilwoman Chris Kelley Has Big Plans for the City of Hercules
"Tell me within your city, you have something pretty exciting going on that you've been working your whole tenure on and will continue to be a focus of the cities for the next 10 years. Can you talk to us about the Hercules transportation hub and what's going on there? Yeah, so the Hercules hub is located. It's an area of our city down by the waterfront many years ago, 50, 60 years ago. That's where the dynamite factory was. And about 20 years ago, some housing, single family housing was built. But the city also has had a plan to bring in multifamily housing, which we're doing now with a Canadian developer led core and to develop our Hercules hub, which is walkable with bus train, the capital corridor stopping and hopefully the ferry. So three modes of transportation located next to multifamily housing, up to 1400 units, and then some other single family home neighborhoods in the area. So that's pretty exciting. And right now we are in the process of trying to get enough funding, about 12 million dollars total, to finish our complete design. We've been through all the environmental review and so forth, but we've got the backing of the capital corridor and we've just gotten two point four million from a transit intercity rail grant from the state of California. And we've got an application in for a federal grant. So if we can get that 12 million, then we can completely finish the design and we will be what's called shovel ready, which means when that happens, we can go out and construct and to build the train station will probably take about 100 million total, depending on when we do that. And once we build the train stop, then we will have access to the other side of the railroad tracks, which run right along the bayfront. And then we would hopefully get the ferry because we could have access out there and access out to the Hercules Point where the ferry could come in. We've already got bus service here now, so I'm just going around and making people aware of and getting folks interested in the Hercules hub. And we've had a number of officials from MTC, from WETA, the ferry, from a whole bunch of housing people. And when they come here, they say, oh, my gosh, I never knew that this existed. This is gorgeous. This is beautiful. You folks are actually building housing and with transportation. A lot of people talk about it, but we're actually going to do it. So I'm really excited about this. And that's great. And you sent me a good video earlier today about that, and we will put that in the show notes. It's a short video. It gives you some good images of what they're doing there. So I'll encourage listeners to go check that out. So I love it. Do you have water, land, rail in the plans? But you're one hundred million dollars short after you get the twelve million. Right. So that's a big round number. How do you get to that? First, we get the money for design. And then when we do that and we start to go through design and become shovel ready, then our consultants will help us go after actual grants for construction. And there are a number of grants that they have identified, federal grants, some state grants. And of course, the city will also supply some money for that. So it's just kind of piecing everything together. I've spoken with our congressperson, John Garamendi, also with Congressman Mark DeSaulnier, Congressman Mike Thompson, Assembly member Buffy Wicks, state senator Nancy Skinner. They're all on board and they're very helpful for us, as is Contra Costa Transportation Authority. They've already given us some money for this. And I have to say that several officials from MTC have come out and they're very excited and supported. So it's just a matter of working on that. But once we're shovel ready, then that will be a huge move forward.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1379: Bitcoin Will Reach $400,000 Next Halving Epoch
"In today's show, we're going to be discussing Bitcoin analysts eyeing a V -shape Bitcoin price bounce as the RSI hits a five -year low. I'm also going to be sharing with you a new Bitcoin bull cycle metric, which bought them before 70 % gains. We'll also be discussing mysterious Bitcoin wallet becomes the third largest Bitcoin hodler in under three months, now at over $3 billion. We'll also be discussing the trader who nailed the 2018 Bitcoin price floor predicts the bear market bottom for crypto. I'll be breaking down his outlook. We'll also be discussing Guggenheim predicts a $400 ,000 Bitcoin price prediction, as well as Blockware. They share that the Bitcoin price can reach $400 ,000 during the next halving epoch. I'll be breaking this down for you. 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. Just joining us. This is podcast episode number thirteen hundred and seventy nine. I'm your host, JV. And today is August twenty second, twenty twenty three. And naturally, we have lots to cover. Unfortunately, the market is continuing on its downward spiral. We just broke that twenty six K resistance, as you can see here. And our market watch, we've got Bitcoin currently hovering just above twenty five thousand eight hundred dollars. We have Ether barely holding on to sixteen hundred. So the million dollar question becomes, how low will she go? And checking out CoinMarketCap .com, the crypto market cap barely holding on to that trillion dollar milestone, with about twenty eight billion in volume. In the past twenty four hours, we have the Bitcoin dominance at forty eight point four percent and the Ether dominance at eighteen point nine percent. And checking out the top one hundred crypto gainers for the past week, virtually nothing, and maybe just a handful, just a sea of losses, very unfortunate for the entire crypto market and checking out the crypto greed and fear index. Of course, we're still in fear today, rated to seventy eight. Last week was a fifty three neutral and last month a fifty four neutral as well. So there you have it. I mean, I've been taking advantage of this recent dip. I mean, sub twenty six thousand dollar Bitcoin seems like a bargain. If you're to ask me, let me know in that live chat. And now let's break down today's Bitcoin technical analysis and check out the charts and what is happening right now in the markets. Bitcoin stayed stubbornly anti trend today, August twenty second, as twenty six thousand became a magnet for the intraday Bitcoin price action. And again, we're just currently dropping right below it. And regarding the RSI readings, here's what someone had to share. At this stage, it feels like a game of chicken to see who is going to make the move to break the chop, according to material indicators. Now analyzing liquidity on the Binance order book, he also notes that a broad lack of liquidity, increasing the potential for a sharp move in either direction. Quitting the analysts here, the market is waiting to see if more bid or more ask liquidity is going to be attracted to the range. So far, we're seeing small amounts of bid liquidity ladder up from twenty thousand closer to the active trading zone, but no liquidity of any size new or moved has been stacked into the range, defending the price from the lower low. The implications were nonetheless potentially very serious for the bulls with the lower low apt to risk even a twenty thousand support going forward. Quitting the analysts again, needless to say, printing a lower low on this time frame has macro implications. Printing two lower lows would push the Bitcoin price to sub twenty thousand dollar levels. So a great question. How many of you are anticipating the Bitcoin price action dropping below twenty thousand? Let me know. Now zooming out, hope remain that Bitcoin can rescue its overall uptrend. So it's not all doom and gloom. In a dedicated video, we had crypto analyst Mikal van de Poppe shared that on the twelve hour time frames, the RSI measured less than nineteen at the time of writing near its lowest level since the twenty eighteen bear market bottom. Daily levels were similar, reaching their lowest since the March twenty twenty no vid crossmarket crash, quitting him here. Every time we see such a move, you get a sort of V shape recovery back up and it finds equilibrium on the higher floor. And he also added it was very likely that Bitcoin can stage a comeback to focus on twenty six five or more next as the outlines here in this chart. He also shared that the current Bitcoin price action reminds me of September twenty twenty absorption and slowly grind higher here for a while. And I can see this play out similarly. So there you have it. What are your thoughts? Do you feel we're likely to continue downwards, potentially sub twenty thousand or even touch in as low as twenty thousand? Or do you feel we're likely to continue climbing back up as the analysts on the ladder shared? Let me know your honest thoughts in the comments. Right down below. Now let's discuss a new bull cycle amongst us right now. Shall we check this out? The Bitcoin metric that nailed the pit of the twenty twenty two bear market says this uptrend is still intact. Let's go and a new post. The creator of on chain analytics platform looking to Bitcoin shared some good news in the form of Bitcoin's realized cap huddle waves metric. Let's go. While last week's 10 percent Bitcoin price dip has up ended some of the on chain landscape, the our huddle is one of the metrics taking the longer term view of what remains a timely bull market. This metric takes existing huddle waves data, which groups the Bitcoin supply when each coin or specifically the unspent transaction outputs last moved and waits it by the realized price. An example of the price at which it last move, quoting them here, peaks in younger age bands, highlights the periods where they have a proportionally higher realized value waiting relative to the older realized value age band, said Philip Swift. And he also shares this is important to note, as it indicates that the market is prepared to pay higher values for Bitcoin today and in recent times versus historical norms. This can be a good indicator that the market is becoming overheated. What are your thoughts now? Currently, the bands of coins that last moved three to six months ago are rising, a phenomenon coming to the start of the Bitcoin's previous bull markets. And on the topic of the August drawdown on Bitcoin Swift thus concluded that the recent price dip is the context of a much bigger bull trend, quoting him again here, three to six months band trending up as new money comes back into the market equals new bull cycle. Let's go. Now, our huddle has an impressive record when it comes to Bitcoin price phases. Back in December of last year, when Bitcoin was circling its two year lows of 15 six, which is the current market bottom, Swift used this metric to call the end of the euphoria among Bitcoin's speculative investor cohort, which he labels Taurus. He stated that that time that the market is likely now at these cycle lows, which means maximum risk reward opportunity, which I discussed in great detail yesterday. I said there's way more reward than risk currently in the market. And beginning in January of this year, Bitcoin began a new uptrend that delivered 70 percent gains just in quarter one. And since then, investor composition has changed with the short term huddler entities holding Bitcoin for one hundred and fifty five days or less, reducing their overall exposure to their lowest since November of twenty twenty one. And the latest dip nonetheless increased pressure on those remaining speculators, but almost 90 percent of the short term huddler coins now held at an unrealized loss. But I also like to point out that also the smart money, which are the whales, are continuing to accumulate. So even though the short term investors are the paper hands selling their Bitcoin potentially to BlackRock or MicroStrategy, whatever big corporate interests out there, the smart money is continuing to huddle. And as you know, we like to follow the smart money with that being shared, fam. Now let's discuss this new wallet, which came out of nowhere and has now accrued over three billion dollars worth of Bitcoin in less than three months. Who do you think owns this wallet? Well, let's look into it and discuss it, shall we? A mysterious Bitcoin wallet has surged up the ranks to become the third largest huddler of Bitcoin in the world in just over three months, with the timing sparking some wild theories about its owner. According to data from crypto statistics platform Bitinfo Charts, the wallet address first received Bitcoin on March 8th, and over the course of the next three months and two weeks, the wallet had accrued a staggering one hundred and eighteen thousand BTC worth over a billion dollars at today's current prices. Now, the rapid and significant accrual of Bitcoin within a single wallet addresses has attracted its fair share of conjecture naturally on X. Some users suggest it's most likely a crypto exchange moving their funds, while some more radical members have posted and more wild theories suggesting that Black Rock is the prime suspect. As shared here, this unknown address has accumulated over three billion dollars worth of Bitcoin in the last three months. The prime suspect, my first major transaction, which was thirty four hundred Bitcoin, occurred on May 16th, 2023, almost exactly one month later, on June 15th, when Black Rock filed for spot Bitcoin ETF. Now, very interesting, right? Now, the current largest Bitcoin wallets in the world, according to Bitinfo Charts, are reportedly owned by Binance and Bitfinex and are Bitcoin cold storage wallets. The unknown Bitcoin wallet comes in third place and is then followed by another Binance cold wallet in fourth place. Now, Black Rock made waves in the crypto market, as we know, June 15th, filing an application for the spot Bitcoin ETF product that, if accepted by the SEC, will be the first of its kind in the United States and completely change the game. Black Rock's applications sparked a wave of filings for similar spot products from a horde of other Wall Street heavyweights, including Fidelity, Invesco, Wisdom Tree and Valkyrie. The prospect of a spot Bitcoin ETF whipped crypto analysts into a frenzy, sharing their bullish predictions for the price of Bitcoin with Fundstrat's head of research, Tom Lee, suggesting that Bitcoin can reach a price of one hundred and fifty to one hundred and eighty thousand dollars per coin following the halving event scheduled to be in April 2024, which is now officially less than nine months out. What are your thoughts, though, fam? Let me know in the comments. And at the end of the show, I'll be reading everyone's comments out loud. Now let's discuss before we get into very bullish price targets, including this four hundred thousand dollar prediction, which is the main topic for the day. First, let's discuss where's the Bitcoin price likely to bottom out, according to this top analyst. Let's discuss it. The trader who accurately called Bitcoin's twenty eighteen bear market bottom is forecasting how the entire crypto market can carve a price floor for this cycle. Synonymous analyst Bluntz, what a username, love it, shared on social media X that he closely is looking at the total market cap of crypto, which is the total chart. Bluntz says he sees the total chart losing about 15 percent of its value before crypto assets can witness a significant bounce, quitting him here, looking at total paints, the clearest picture of them all and far more than looking at either ETH or BTC on their own based off the total chart. I do believe the June lows still need to be swept before calling bottoms, but it will probably be the last good buying opportunity of the next few years. So seize the moment, fam. And as you can see in this total crypto market chart, you can see we're currently sitting at just barely above one trillion. He sees us dropping before rising to one point four trillion dollars. So it appears that he expects the total market cap of all crypto to plummet to roughly eight hundred and eighty billion, wiping out one hundred and twenty billion off the current market. The analyst is a popular practitioner of the Elliott Wave theory, which we commonly cover here, an advanced technical analysis approach that attempts to predict the future price action by following crowd psychology that tends to manifest in waves. Bluntz says that his prediction is based on a model that outlines an asset's potential correction after a steep rally based, quoting him here, based off simple Elliott Wave model, viewing the rise from the lows as an impulsive move and our corrective wave from the highs being around 70 to 80 percent complete. Now, let me know if you agree or disagree with the crypto analyst. Do you think the crypto market cap needs to shed another one hundred and twenty billion before we rise back on up? Let me know your honest thoughts in the comments right down below. Now let's discuss Guggenheim's seven I'm sorry, four hundred thousand dollar price prediction. Scott Minard, who is their CIO. He originally made this prediction, I believe towards the end of twenty twenty one. Now, unfortunately, he has had a heart attack and he passed, so he's no longer with us. He literally died in December of last year. But nonetheless, he still made this prediction. So we're going to cover it and then we're going to discover the outline metrics from Blockware and their four hundred thousand prediction for the height of this cycle for the next halving reaching the epoch, which is also interesting because they're also suggesting a four hundred thousand dollar price action per coin. Then we'll dive into our live Q &A. So here we go. This was again, this article was dated, as you can see here, January 18th, twenty twenty one. So this is roughly just over two years ago. And at that time, Bitcoin was trading just above forty one thousand dollars. So here's the prediction coming from Scott Minard, from Guggenheim, a large, large asset manager. I think one thing that we are seeing is the sudden interest in retail. We are moving into a speculative frenzy and perhaps it's time to take some money off the table. Now, the debate around Minard's two opposite comments for Bitcoin sparked curiosity amongst the crypto community when he said time to take money off the table. And he also added on this tweet, it was before it became X, it was right Twitter. So he shared Bitcoin's parabolic rise is unsustainable in the near term, vulnerable to a setback. The target technical upside of thirty five thousand has been exceeded time to take some money off the table. And just at that time when he made that tweet, Bitcoin entered a strong correction. And over that time, Bitcoin tested support at thirty thousand twice before resuming back northwards and also talking about the positive side, back to the four hundred thousand price prediction. The Guggenheim CIO said that Bitcoin is becoming a favorable asset class slowly. That's right. And still remains positive on the Bitcoin price action for the long term, quitting him here. The other side of that is demonstrating that crypto is becoming much more mainstream. The four hundred thousand dollar price I talked about was based off the supply of gold in the world and crypto in a lot of ways is more attractive than gold. Let me know if you agree or disagree. I absolutely agree that Bitcoin is way more attractive than gold and comparing it to the yellow metal market. Minard said that Bitcoin comes with additional benefits like portability and ease of transactions. And note that Guggenheim Partners is already seeking five hundred million dollars worth of exposure to Bitcoin via the Grayscale Bitcoin Trust, which is the GBTC product, the largest HODLer Bitcoin in the world. They currently control over four hundred thousand BTC. So this will be a 10 percent exposure to Bitcoin from five billion Guggenheim's macro opportunities fund. The investment giant's proposed SEC filing shall become effective January 31st. And when asked Minard of if any of their funds have been allocated into Bitcoin, Minard hinted that they are still waiting for the SEC to approve their proposal. He added that if client demand picks up, they would possibly consider some allocations. And he also revealed that some small private Guggenheim funds have done some allocations, quoting him again, and some of our private funds, we have already purchased it. I recommended it to somebody. So if you believe what I said, that it'll go to four hundred thousand dollars per coin eventually, then two percent of your portfolio will be 20 percent before this is all over. So there you have it. Let me know if you agree or disagree with Scott Minard. And again, rest in peace. The dude had a heart attack at the end of last year and is no longer with us. And with that being shared now for our main story of the day, and that's the block where outline prediction of a four hundred thousand dollar Bitcoin price, along with the math to back it up. Now, this is pretty awesome. And again, shout out to everyone today in our live chat. I appreciate everyone's support. Shout out to Blockware Solutions as they shared on X how Bitcoin can reach four hundred thousand dollars per coin during the next halving epoch brought to you by Blockware Intelligence. Here we go. Twenty twenty four halving analysis, understanding the market cycles and opportunities created by the halving. Unlike other commodities, Bitcoin has a predetermined algorithmic supply schedule, which cannot be changed. There are multiple factors contributing to the cyclical nature of Bitcoin's price, including network adoption and the macroeconomic environment. But the most impactful is the mining subsidy halving. Yeah, that's right. Bitcoin's market cycles are unique due to its fully transparent block chain, providing market participants with more granular information than any other asset class. And moreover, the predictable supply schedule further impacts the psychology of market participants and example demand. So number one, halving's reduce the sell pressure. Miners are the primary force of sell pressure on the price of Bitcoin they receive, although the newly issued Bitcoin and the majority of which they must sell in order to fund operating expenses for their mining operations, the weakest miners on the network are eliminated and sell pressure is significantly reduced. The price of Bitcoin begins drifting up and a new wave of adoption then begins and assuming a thirty five thousand price action after the halving, the U .S. dollar value of Bitcoin mined per year can drop from eleven and a half billion to five point seven billion dollars. That is one hundred and sixty four thousand two hundred and fifty Bitcoin less mined every year, more than MicroStrategy's entire Bitcoin treasury. Now, after the inefficient miners capitulate, the profit margin increases for surviving miners, which further reduces the sell pressure. So based on the post capitulation hashrate estimate, this would result in a two point three billion dollar reduction in annual sell pressure from the miners. Now, number two, halving brings new demand with supply being diminished. Demand is the only remaining variable determining the market price of BTC. Many market participants understand the supply side dynamics at play due to the halvings. Historically, this has led to a surge in demand in the months following each halving, as evidenced by on chain data. We'll be checking out these charts in a little bit and do the positive sentiment market participants prepare to deploy capital at the first sign of upward momentum. Now decreased supply plus increased demand equals strong positive signal for the price appreciation. Number three, the halvings cannot be priced in. Despite their predictable nature, halvings cannot be fully priced in before they occur. A higher price today would result in more miners coming online, introducing additional sell pressure and limiting the price appreciation. And moreover, the weakest miners, those with old generation machines and or high operating costs, are the first to unplug post halving. The elimination of these miners significantly reduces the sell pressure as they were selling most of their Bitcoin to fund their operations. Lastly, there are some market participants that believe halvings are bad for the security of the Bitcoin network as the diminishing block subsidy reduces the amount of miners making Bitcoin more vulnerable to an attack. And when halving successfully occur, these doubters are proved wrong and positive sentiment increases. Now, number four, Bitcoin cycle volatility and historical performance. Bitcoin's extreme volatility is a side effect of its halving shocks and rapid global adoption, resulting in four distinct stages within each halving cycle. Stage one, the halving, stage two, the bull market, stage three, the bear market and then stage four, recovery. And while Bitcoin is often criticized for its extreme volatility on a long enough time horizon, its volatility is solely to the upside. Keep that in mind. Now, nobody who has ever bought Bitcoin and held it for more than five years is down on their purchase. That's worth repeating. Nobody who has ever bought Bitcoin and held it for more than five years is down on their purchase. So in a long term, how long is that? Holla in the live chat. And for each epoch, the price of Bitcoin has increased by the following amounts from the halving to the next bull market top from 2009 to 2011. We had a 584 X increase in price action from 2012 to 2015, 92 X from 2016 to 2019, 30 X and from 2020 to 2024, 7 .7 X. And now number five, diminishing returns may not be the case going forward. Some question the bullishness of these halvings as the stock of existing Bitcoin grows relative to the amount of new bitcoins being mine. This is a common perspective, but it may be incorrect. Less than 10 percent of the existing Bitcoin have moved in the last month. A large majority of Bitcoin is held by users unwilling to sell at today's price. Now, the small amount of bitcoins that is moving and being traded is what determines today's price. There is a baseline of demand and from Bitcoin are saving for the future. The reduction in sell pressure becomes more pronounced, each halving after Bitcoin more than doubles in price. This indicates that halving induced reductions in sell pressure could become more extreme and potentially lead to larger bull runs in the future. Now, 2024 will be the first halving where the supply of Bitcoin available for trade decreased since the previous halving. And during spring of 2020, the percentage of the outstanding Bitcoin available for trade was at an all time high, indicating the Bitcoin was over becoming more abundant. However, this trend had reversed over the last three and a half years. And as the new bull market begins, there will be less Bitcoin available than the previous cycles. The first halving this has ever occurred. And assuming the price of thirty five thousand at the date of the halving, a four hundred thousand dollar cycle top would break the trend of diminishing returns, which is a reasonable expectation due to the two billion having supply shock and increasing scarcity, a liquid BTC supply on the exchanges. Now, number six, juxtaposition with gold. Gold is an asset similar to Bitcoin and that they are both non -sovereign stores of value. However, when juxtaposed, Bitcoin poses far more desirable attributes. Facts. Number one, Bitcoin is absolutely scarce, while gold is only relatively scarce. That's true because with gold, you can continue mining a new supply, adding to the overall supply each and every year with Bitcoin. There could never be more than twenty one million Bitcoin. And number two, Bitcoin is more portable, divisible, fungible and is less vulnerable to rehypothecation by centralized custodians. Facts. So after the 2024 halving, the inflation rate of Bitcoin will fall under one percent, which is less than half that of gold. Now, four hundred thousand dollars per Bitcoin would put the market cap of Bitcoin just beneath the parity with gold. Let's go. Can't wait for a twelve trillion market cap for the king crypto personally. Now, given the bullish catalysts induced by the halving, we believe this is a fair estimate for the top of the coming Bitcoin cycle. Now let's take a look at some of these charts, which they shared. This first one shows you the Bitcoin price issuance with the 90 day moving 90 day change issuance. And you can see, you know, the different metrics here in the different colors. And then let's go to their next chart here. It shows you entities net growth with a 30 day moving average. You can see the surge in demand and just continuing to move on up like clockwork. And then in this final chart here, we can see the Bitcoin price all time highs for each cycle, which is separated, which you can see here. Yes. So, I mean, if history doesn't repeat, oftentimes it shall rhyme. So I cannot wait. And I'd personally love to see a four hundred thousand dollar price action. And this shows you the hash rate, which just continues to climb, reaching all time highs, making the Bitcoin network more secure than it's ever been before. And they also shared an interesting update, which I might as well read that as well right here. Part two. Let's read a touch of this and then we'll dive into our live Q &A. What machine and electricity rate will Bitcoin miners need to survive this twenty twenty four halving? Check it out. There are three distinct phases in the time before, during and after the twenty twenty four Bitcoin halving. We've got number one, the pre halving, number two, the post halving and number three, post capitulation. Number one, the pre halving before the twenty twenty four halving, all miners will be operating at a profit but are likely selling at least enough Bitcoin to cover their operation expenses. Miners with the most efficient machines and the lowest energy rates have the lowest Bitcoin breakeven prices. And the miners with higher breakeven prices are either unprofitable or forced to sell at a higher percentage of the Bitcoin that they mine in order to cover their operating expenses. And also it includes what's minor and Avalon equivalents, which are size adjusted for the percentage of the total network hash rate. Now let's discuss the post halving after the twenty twenty four halving. Many miners will become unprofitable since miners have already made significant capital expenditures for mining Bitcoin infrastructure and are locked into energy contracts. They are unlikely to turn off immediately. So instead, they will try to continue operating for as long as possible, hoping the Bitcoin increases enough to make them profitable again. Now, unless Bitcoin price appreciates quickly, the extreme margin compression will begin to force inefficient miners offline. And number three, the post capitulation following the capitulation of inefficient miners difficulty will adjust down, lowering the breakeven prices for surviving miners who will become even more profitable. So there you have it. I mean, shout out again to Blockware. Awesome analysis on their outline of the Bitcoin price going to four hundred thousand dollars per coin at the epoch of the next halving, which again is right around the corner next year. Let me know if you agree or disagree 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.
Simply Bitcoin
A highlight from BREAKING: Elon Musk Causes Bitcoin Price Dump | EP 806
"Welcome to another episode of Simply Bitcoin Live, we're your number one source for the separation of money and state Elon Musk dumps the price that's what people were saying that apparently SpaceX sold I think was like three hundred million dollars worth of Bitcoin but apparently that got debunked apparently that wasn't the case you know they were using a Bitcoin magazine initially broke the news off a Wall Street Journal article which is weird because they did sell they did say in the article that they sold it but then the community note feature on Twitter said that there's no evidence of it so I don't know what to think but I do I'll tell you I'll tell you something it is quite a coincidence that this article came out and then the price dumped the way it did maybe some market manipulation I don't know who knows but all I know is that it's cheaper sats for me and I've definitely been stacking like a crazy person the last couple of days holy cow anyways also we're gonna dive a little bit deeper more into of the details of the news that we covered on Monday in regards to Argentina's leading presidential candidate Javier Mele and this guy has a really good shot at becoming the president of Argentina and once again moving the Overton window and we're gonna talk about what that because we taught we've referenced the Overton window a lot on this show we're gonna talk about whether this guy gets elected or not the fact that he's making it popular he's making it acceptable to talk about the fact that central banks are trash inflation is theft inflation is a tax and the more those concepts become mainstream the more people will be open to alternatives like Bitcoin so whether this guy wins or not there's a really good possibility that he does I'm really glad that he's having these conversations also we have a very special guest and we were able to connect in Canada and Adam from Bitcoin well how you doing buddy happy to happy to get to talk with you again yeah it's good to be here thanks for having me on looking forward to chatting I mean is price manipulation from Elon even a story at this point or is that just kind of like every few months this is this is the way I don't know dude I guess so like it's doge and then it's like what's Walsh is Wall Street Journal trying to like stack some cheaper sats like this is I don't know what's going on bro but like it you can't tell me that it's a coincidence right what's that saying there's no conspiracies but there's also no coincidences you can't tell me that you know that they released this article this hit piece basically then the price of Bitcoin dumps and then on Twitter of which Elon owns they're like no no that's not what it said I don't know I don't know I don't know we'll talk about it but let me bring up my legendary co -host always optimistic he has a his a smile yeah he's optimistic today it's Friday of course he's feeling optimistic I was distracted on the back end Nico this is what you guys been waiting for I've been telling you guys for a minute on the show like I think we have one more leg down who would have known I like who would have thunk that corporate press it's going to flood Bitcoin so that they could pack their bags allegedly allegedly guys but we've been telling you this for a minute that this is the game plan and so it lets you know it's not a coincidence that this is happening but hey you know is is Elon actually selling his Bitcoin we'll see who knows it doesn't really matter like I don't care what he does why do people still look to authority figures to stack Bitcoin makes absolutely no sense to me but hey this is where we are right now and it's only a matter of time until everyone wakes up to why they need some Bitcoin and I'm super excited for today's show not only is it Friday but we had a great conversation before this show started and and Nico's got high energy today guys I don't know if you can tell but he's smiling he feels good it's a good Friday show so there's gonna be a good one we might even get a Nico Jones rant today guys so who knows who knows anyways Nico let's start the show let's start it bro you know why I'm so high energy I had a I was swan slaw last night I know I hate coffee I was at I don't need coffee I know sometimes a nicotine gum here and there but I need a lot of coffee that st.
Unchained
A highlight from The Chopping Block: How Wintermute Avoids Zombie Exchanges, Bases Early Success, Bank Fraud in the AI Era - Ep. 532
"Not a dividend. It's a tale of two quants. Now your losses are on someone else's balance sheet. Generally speaking, aircrafts are kind of pointless anyways. I'm into trading firms who are very involved. I like that ETH is the ultimate pump. DeFi protocols are the antidote to this problem. Hello everybody, welcome to The Chopping Block. Every couple of weeks, the four of us get together and give the industry insider's perspective on the crypto topics of the day. So first up, we've got Robert, crypto connoisseur and Czar of Superstate, then we've got Tarun, the GigaBrain and Grand Poobah at Conlit. And today we've got a repeat guest, Evgeny, the markets maven at Wintermute Trading. And then you've got myself, I've received the head hype man at Dragonfly. So we are 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 ChoppingBlock .xyz for more disclosures. Evgeny, it's good to have you back, sir. We were just chatting backstage about the fact that if you're in the market making world, in the token trading world, as you guys are at Wintermute, what's notable right now is that it is one of the slowest times ever in the last, basically like the last three to four years of crypto. How is that on the side of a trading firm? Because we see it from the venture side. What is it like on the trading side? Pretty similar. I guess it's like 2019 basically, more or less. We haven't seen those volumes since like early 2020 in general. It's very slow, especially in sport. It's a bit more busy in derivatives, but just primarily people are gambling a bit more. But yeah, it's ultimately pretty, pretty boring. And so I think that's what kind of drives all this like very short attention span for people involved in crypto, all this like new scams once a week that pop up. Yeah. It's all like people are just bored and trying to come up with stuff to do, which I can cover. There were news articles this week about a token that is a meme coin called Harry Potter, Sonic, Obama. I forget. Ten, ten. That's right. Doing a lot of work there. Can't remember. Forget the ten. I was just reading about this. Apparently it is a meme coin inspired by a backpack that was found like a sort of bootlegged backpack that was using a lot of unlicensed images from different American icons. So like Obama and Harry Potter and all this other stuff, and Sonic, the Sonic, which is weirdly kind of inverted colors, kind of trippy Sonic. And this has just developed this cult following. And the, the, the ticker for the token is actually Bitcoin. So it is B I T C O I N is the ticker for this coin. And right now it's like $150 million market cap. I guess the people, the people are bored. So Evgeny, when you're at a trading firm and it's boring, do you guys just like start trading meme coins? Like what do you, what do you do when there's not that much to do? It's mostly building stuff that we didn't have time to build during the bull market pretty much. Like it's kind of, it's very similar to how it works in Dread Fight to be honest. It's like you have slow days and well, slow periods, bull markets, bear markets, like the same, same kind of cycles. They're just like longer usually. And during the slow markets, like I know in 2009, you would just build stuff. You work on better algos, you work on better software, better hardware, better everything. What's the most interesting thing that you've built during the slow patch? I would say our DeFi stack improved considerably. I think that's something, I think that's the coolest thing we built so far. And yeah, I think that's, that's probably the main thing. Yeah. And then on more on the, like in general, like we've been much more active on OTC side of things as well. So we built, but it's not really built in algos. It's more like building stuff in the background, on the back office side, on legal side, compliance side, just being ready. So without leaking too much alpha, how do you interact with DeFi as an organization like yours? I mean, we've been trading on DeFi since 2019, so it's all the usual stuff. Like we've been supporting DYDX since the onset and all its incarnations and we're going to be there for the V4. We've been ARB in AMMs pretty much since DeFi summer. We are very bullish on RFQ platforms in general, so we've been providing liquidity there as well. So it's, yeah, whatever we can be, we can apply ourselves. And especially the Ethereum stack, it's, it's really interesting, like post -merge results like, yeah, basically building the whole vertical effectively, not just ARB, but also block building and like everything, pretty much it's, it became quite complex. Like you have to do much more advanced things compared to like two, three years ago. Interesting. So actually this, this reminds me that back last year you were talking about building your DeFi stack. Last year, there were a couple of very, very high profile snafus that took place at winter mute about your guys' DeFi infrastructure and key management. And I remember on the show, Tarun talked a lot of shit toward winter mute. And I feel like that, yeah, I remember, I'm sure you remember that as well. And I feel like now that we have you on the show, it feels like a good time to, to address the underlying tension that, that might be sitting there between you and Tarun. Anything that you want to say on Tarun now that you're here? On Tarun. Yeah. Yeah. Like I know, look, it's, it's more, more like, well, let's put it like this, I don't know. During its history, winter met traced, I know 28, 29 million overall in external funding ever. They're currently sitting at about 450 plus million of equity. So we've been having a pretty impressive growth overall over the last three years. We made a lot of mistakes. We generally like, well, we generally own those mistakes. We are much more public about those mistakes in general. We very much like to learn from it. From them, we build things better. So like I would, you five stack and whatever, whatever not. And great thing about running a crop shop as opposite to fund is you basically, yeah, you own your mistakes in a very personal way. Like nobody else suffers, but you, unless you go bankrupt, which we didn't ultimately hack socks like all this, basically the defy snuffles, whatever you call it, suck FTX socks. But ultimately we owned it, we learned from it, we built from it. And ultimately like only people who paid from it were the interview shareholders who are still doing quite well, despite everything. So that's also kind of fine. And yeah, is there a gas to that particular episode? Some people chose to be nice about it. Some people chose to be dicks about it. And I made a notice about the letterbox and let's leave it at that. Very classy response to ruin. What what's your response here? I think I was more angry last year. Also just like there were a lot of, I think, especially around the time of FTX, we saw a lot more kind of like, let's say bad things that happened. So I get that it's hard to do these things. At the same time, I do still stand by my claim that culturally trading firms are usually very bad at OPSEC and security. And that's why on the block building side, if you look at the top block builders and what I was talking about, a lot of them came from being formal verification people and actually not trading. Like if you look at the top two block builders. So I would say that we are we are one of the top two block builders. I mean, it depends how you measure them. Yeah, I would say your your main competitor, however, is much more comes from a different background. Let's put it that way. I still kind of think that ends up being true. And I think it's good that, hey, look, if the institution learns to fix their mistakes, especially if they're forced to, then that's always a good thing. I don't know. I don't know what you want me to say, Hasid. You're just like looking at your... There's nothing in particular I wanted you to say. You're giving me this like menacing look, like I'm waiting. Menacing? I'm not. I'm not menacing. I just thought, hey, you know, we had some bad blood. We should air it out before we got on with the show. This is the under the bridge episode. The water is flowing. That's right. That's right. I just feel like you're also forgetting the time scale that that when that happened, I feel like after so much stuff happened. Nine months ago. Of course, of course, of course. Yeah. I mean, that was just like the beginning of the parade of horribles that took place in crypto. I feel like I took out maybe more anger because it was one of the earlier mishaps. Then now I'm where I'm kind of like, all right, well, it does what it does. No, that's fair. And look, in retrospect, the highest honor you can pay a trading firm is that they survived because of course, a lot of trading firms did not, especially ones that were as far down the risk curve as a winter mute. It's easy when you're on centralized exchanges just doing like very safe stuff, but when you're taking a lot of risk, yeah, you're going to mess up sometimes. And I think this is the exact point that I made when we were talking about this, the winter mute hacks that took place last year is that I have the utmost respect for firms that are internalizing the cost of that risk, right? When winter mute got hacked, nobody else paid that price other than winter mute. And that means that the markets are working and that there are a lot of situations last year where people lost other people's money and FTX being the big, gigantic principle example of that. But anytime that somebody loses their own money and they learn from it and they rebuild and build back better, I'm a fan. I think that's markets doing what they're supposed to do. So anyway. I am sorry for causing said beef, I guess. It was a different era. At that time, it was just like the security mistake. Tarun is softened. Tarun is softened. He's gotten older. He's gotten gentler. I mean, Gary was sending private keys for FTX in Gmail, like, all right, if we're comparing Google Sheets, you know, it's like after all the other security stuff, at this point, I There were just too many things after that. And now my head hurts just remembering how many of those things happened. So anyway, I will give a public apology for hopefully not being too much of a dick at that time. That's very, very, very hard. Not warranted. Feels very hard. I'm so tickled by this. I feel like it's a product both of you kind of getting older and cuddlier over time, but also to the fact that everything else, everything else in the bear market was so much more embarrassing than what took place at Winterview. So it's also partially lowering standards. Yeah, I think it's just like also being able to survive all the venues disappearing on you and like dealing with like, very, I got a lot of respect for that because like, think about how many times you had to move all your assets off the exchange in the last one year. Wait, let me ask a question. How many exchanges was Wintermute on that went under with Wintermute assets? Let's not presume. Let's ask. Just one really. I mean, that's like, no, they're not that many exchanges that went under. I mean, okay, like if you count liquid as part of FTX, like we didn't really have any sort of liquid anyway, but okay, like that's like more than one, but like my biggest challenge with current environment is like, I think there are a lot of zombies still out there, like on the exchanges side and we don't trade on a lot of them because we actually think that a lot of them are zombies. Can you elaborate which exchanges do you suspect to be zombies? I wish. Yeah, no, that's kind of the main zone. Which exchanges do you not trade on? We don't need any. Yeah. Which large exchanges, which exchanges of the top 10 do you not trade on? No comment on whether or not they're zombies. Yeah. Yeah. I mean, it's kind of like, it's open up in circles pretty much. Like us suspecting them being zombies and not trading on them. I mean, look, after what happened with FTX last year, I do feel like it's a bit of a public service to, you know, you can say, look, I don't know. I'm not confident. You know, Tavi Adam Tor, we don't have all the information, but here's where we're not trading. The hardest bit is you just like, I mean, I can say it and then I'm just make a lot of enemies for no good reason. And that's, that's basically the unfortunate truth of it, that we cannot name things that like they're just like too big to name things, unfortunately. When I can name things like when I can name bad actors, I do it pretty much always. But sometimes it's, you just don't know, okay, there is an exchange and it belongs to a guy and he's a shady guy, but I don't know, maybe he'll still be around in five years time, you know? Who knows? I see. There's one exchange in particular that belongs to a guy who may be around in five years. I see. I think I might know the exchange you're referring to. I mean, I don't just mean like pulling off money around say FTX. I also mean like every time there's like a scare and then there's a rush of liquidity all off this exchange because of a rumor and you as a market maker, you have to stop quoting. You have to like add all this extra logic for like pull from X when Y liquidity goes on. You know, I feel like it actually makes all your like exit trade logic a lot more annoying. I mean, yes, but you also kind of built for it. Like we had some like four or five fire drills with Binance, for example, over the last six months and yeah, we just learned to do it, to clean it up in a matter of hours, basically. So Binance is one that they do trade on. Yeah. I mean, you cannot, like as a trading family, you cannot not trade on Binance and you might as well just close shop. Like it's pointless. That's, that's where most of the liquidity is currently. Especially at a time when liquidity is so scarce in general. I believe if I remember correctly, there was also an article about you making an exchange. Oh yeah, I remember that. It's basically as mentioned as it will be an interesting idea to explore. So it's not like the same as making, which I still think it would be. It was like the front cover. It was a front cover of a magazine. This was not like, Oh, like the block wrote a tiny article. So I don't, you know, I wish it was a front cover. No, no, it is just like online cover or something. It was a big, it was a big article. I don't know. No, that's, that's what they chose to highlight out of all of it. I still think it's a really good time to build an exchange to be honest. Are you building an exchange? Not at the moment, simply because it just, it takes a lot of focus and I have a lot of other to things focus on primarily in the core business of Intramule. It's just, I cannot afford to lose this focus at the moment. Maybe in two, three months time, maybe, but like currently I just, I just don't have mental capacity and frankly like the team, like you need, you need to do like building an exchange is just such a massive undertaking that yeah, I just cannot like take it lightly if you ever do it. Hypothetically, if you were to build an exchange, what would be different about it? Versus existing incumbent exchanges. So I think like what's would be, I think this exchange, if you were to build an exchange, it would be much more similar to CMEs and to Binance Coinbase. Like I think it would be focused much more on the matching engine and basically like the central clearing part, basically stripping away all like KYC ML for retail people, stripping away, managing leverage, stripping away, like all the horrible things about trying the on centralized exchange in crypto and just making it much more CME like, and basically focusing on one hand and it's like, what does BF try to do with this FTX, like making this central clearing run a very efficient cross margin in a kind of like engine. And on the other hand, kind of like improve it on CME side, that will be basically running on the stable coins instead of fiat so that you can do settlement cycles faster. And if you couldn't do settlement cycles faster, you effectively can extend more leverage to the clearing members as a result. Have you considered hiring 20 kids, feeding them a bunch of speed and sending them to an island? Letting them. They could probably bank something. Yeah. Yeah. They probably built something with that. No, not really. Not in the cards. No, that's not like we, like one big change for us over the last year or so, we started and we started like slowly incubating those products inside of Intramule. Like we did Bebop, which was just our play on RFQ. Like well, you had Lawrence as a day who is building Wildcat. So we started like debiting into building products and like slowly moving into becoming product company. And basically what I learned is it's a very different gig. Like building a trading companies, especially if you just train the centralized exchanges, it's kind of straightforward. Like all you need is former traders. And then like, as it becomes more complex, you like gives them more support with back office operations and everything else. And like I have better developers and everything that does great, but ultimately, yeah. Product is very different because as a train company, you don't have customers. Like it's very easy. Right. You just need to build big algorithms or smart algorithms. As a product company, actually, it doesn't think about a lot more things. And that's what I'm kind of learning for myself. And the exchanges like ultimate, ultimate boss to conquer because there is just so much to build. Well, so speaking of product companies, let's get into the news of the week. So Coinbase has launched, of course, this product that's getting all this attention now, which is Base, their L2. Now Base, I think last week we talked about how Base had a developer mode that was initially getting some traction, getting some meme coins and rug bulls and all sorts of crypto chicanery. But finally, this week, I believe as of August 9th, Base finally launched their main net, basically meaning that now there's a nice little interface and you can jump across the bridge and start playing around on top of Base. A bunch of protocols have been deployed there. So Compound, Uniswap, Ave, a lot of the big protocols are now living on Base. The Base numbers actually look pretty strong. So the TVL on Base is about 230 million as of right now, which makes it the number five L2 TVL by behind DIDX and then DIDX behind zkSync. Their daily active users seem to be, or daily active addresses, I should say, seem to be around 100K. They were growing quite a bit and now it seems like they've mostly stabilized, although who knows, there obviously could be a surge of activity. But as of right now, it doesn't seem like it's going vertical from there. The transactions per second is around seven. Now that's not like peak throughput, that's like the sustained throughput that it has over the course of the day, which is, again, it's pretty high. If there was a while, actually, I think yesterday, it was actually higher than both Arbitrum One and Optimism Mainnet, but now it's kind of gotten back in line with the two of them. So it looks like the activity is pretty strong on Base. It's not crazy, it's not quite Binance Smart Chain levels, but it's doing quite well. It seems a lot of the activity on top of Base is meme coins, lots of farming, lots of kind of degenerate excitement. That seems to be the name of the day. I don't know what you guys have been seeing on your feeds or if you guys have been playing around in some of the applications on top of Base, but what's your guys' take on what's happening in this new ecosystem? Well, I will preface by saying that I have not used Base yet. I'm embarrassed to say I've created zero transactions on Base, we've produced assets, we've done anything, so I can only look from the outside. But to me, I think it's like pretty bullish in that a couple hundred million dollars, it takes a lot of L2s a long time to get any tracker at all, and I think people are sort of preemptively migrating to Base on the expectation that Coinbase will make it successful and attract developers and attract a lot of new applications and use cases and integration with Coinbase the Exchange in novel ways that I don't think have been thought through yet. And so I think this is demonstrating that the brand that Coinbase has built alone is like selling the dream for a lot of users. And if this was like a product of a random developer team, I don't think you would see any similar activity or usage. Tarun, what's your take? Yeah, I mean, I think it's sort of a similar type of thing. I think it has a lot more integrations. I only sent one or two transactions, so I can only say that much. The wallet experience is a lot better, at least if you're using Coinbase Wallet, for instance. I think the interesting thing has actually been the kind of cognoscenti pushback against Base in that if you are trolling around Twitter, you'll see a lot of people complaining about the lack of fraud proofs. And you can see all the other L2s kind of like really collaborating on their dunking of this. That's true for every OP stack, none of the OP stack. Yeah, yeah, yeah. But I think Base took a lot of TVL from other L2s. So there, this is a response to that. It's very interesting to watch the social layer in crypto like flip like that, because I feel like in normal trading, there's not usually that much benefit to kind of like having these very public, collusive events. Like every other L2 seems to be on board of the no -fault -proof OP stack thing. And you can kind of see some of the wars going on there. So I think that's kind of interesting. It will be interesting if Base actually really pushes everyone to finally finish their implementations. But I think in general, probably pretty good that people are going to get used to L2 experience. And a lot of people were tagging me on Twitter from something I said on the podcast a long time ago when Base was first announced, which was me reading someone else's tweet. So some people think I said this, which is that Base is BSC for white people. I think it's, it is definitively seems to be true now at this point. So the question, Tarunna, is we kind of have an idea of what Base is. Obviously it could continue to grow if something goes really viral. Has this overperformed or underperformed your expectations? One way I think it did overperform is that like most L2s right now have either focused on applications that are like games run as they're on L2 or new DeFi protocols that are more expensive or deploy existing protocol, right? Like by and large, that's like the majority of applications. But the interesting thing with Base is that it, because it kind of had this huge initial growth spurt, it was actually like a social app that kind of became very popular. And the social app, I think this is sort of the first time we've seen something like that in the bear market, right? Like in the bull market, you kind of saw things like this happen. So there is clearly a thing where developers feel much more incentivized to build certain types of applications on Base, as far as I can tell, versus, say, other chains that maybe have different trade -offs or different types of users, like the type of user who would go on Base tends to have that sort of characteristic. Now, it's obviously the early days of this type of stuff, but that's where it deviated from my expectation. I thought it would just be like like another L2, maybe have more stable coins on it because people are able to like move from Coinbase products to it more easily. But the fact that developers seem to have like are trying weirder experiments than they are on other L2s, and this is not to say that people aren't on other L2s. I think it's just that those experiments just aren't live or haven't gotten as much traction like that. That was sort of the most surprising thing to me. Evgeny, what struck you so far about the Base rollout? I mean, in general, I think it's a good saying that we have more L2s in the mix. I would be very cautious about the user numbers. Like it's very clearly not 100 ,000 users. Like I don't think it's even 10 % of that. Like it's I mean, it's like to me, it was one of the it's one of the most infuriating thing about DeFi is that nobody actually bothers to try to estimate what's the number of users we have. Like everyone knows BSE has the most of it and then Polygon is like second. But like how many it is actually nobody cares. Like everyone counts like wallets or transactions like all this like vanity stats, but nobody actually tries to estimate how many actual users do trade there.
WTOP
"hundreds millions dollars" Discussed on WTOP
"By ten fed great rates for everyone here said curry this is a bloomberg money minute when it comes to new technology for vehicles consumers love automatic safety features but they're still on the defense about self -driving cars and trucks according to an s and p global mobility survey consumers bike teachers like forward collision warning automatic emergency braking even some of those convenience features that you know give the driver more information like surrounding park assist yanina mills is with s and p global but when we're talking about automated driving and autonomous driving so this is level two two plus and above we're starting to see some of that interest decrease while autonomous driving features add convenience they fall short of safety features when it comes to buyer desirability you know a lot of consumers don't really have that experience with some of the higher levels of autonomy so it's kind of difficult for them actually benefits them consumers surveyed preferred automated driving features when the driver maintains more control from the bloomberg newsroom i met cori on w t o p it's four forty two powerball the jackpot will now rise to an estimated nine hundred million dollars that's right i said nine hundred million dollars after saturday's drawing went without a winner it's the search thirty seven straight drawing without a jackpot pot winner and the jackpot is the third largest ever in parabola's history a winner on monday would the have choice of either a nine hundred dollars a nine hundred million dollars paid out in yearly increments or a roughly four hundred sixty five million dollar lump sum before taxes good luck the cdc issued a malaria alert after seven cases of the locally transmitted malaria were diagnosed in the u s in recent months they're the first locally transmitted malaria cases in the country in twenty years add in the threat of other mosquito -borne diseases and how do you avoid getting bitten without having to avoid going outside this summer tips from the city of new mexico where they study mosquitoes where long sleeves and pants that are baggie don't go out at dusk or dawn and use mosquito repellent they found repellent with deet are the most effective by far looking for a natural option get one with oil of lemon eucalyptus or o le a lot of other repellents like mosquito bracelets light and ultrasonic devices does don't work michelle morello w t o p news here's your chill on money question of the day brenda from virginia asks my husband and i are both sixty and plan on retiring at age sixty seven but we need a new car we'll both
Northwest Newsradio
"hundreds millions dollars" Discussed on Northwest Newsradio
"Part of you know just his agenda right now but also as he benefits to the reelection campaign is lowering costs and you see that with some of those things he talks about with hidden fees for airlines and hotel bookings and tickets for concerts and things like that they're really going after a lot of those things for junk fees and this fits into that too but part of the bigger agenda prescription drug costs and we're going to hear a lot from the president out on the campaign trail so fact the that merc a big big company filed this suit yesterday big headline but the white house again feeling confident that they would be successful and as i said yesterday they're going to fight back against this and challenge this also karen thanks so much for the information this morning abc news white house correspondent karen travers on the northwest news live it is 5 20 and time for your stock charts .com business update we've worried for the last year about an economic slowdown and recent data at home has been strong like last week's red hot jobs number but new reports from two asia pacific countries are less confidence inducing in china exports plunged by seven and a half percent last month far worse than the fractional dip expected meanwhile in australia the economy grew by two point three percent in the first quarter in two years one thing that is growing is dave and busters stock the arcade restaurant chain is up four percent pre -market after quarterly earnings beat expectations another reason for investors excitement dave and busters said it bought back two hundred million dollars in stock during the first
The Shawn Harvey Morning Show Podcast
"hundreds millions dollars" Discussed on The Shawn Harvey Morning Show Podcast
"You finish when you finish when you finish in yourself. Talk bud cologne. Cologne and spouse good enough. Bobby ray listen now is this. It works in both situations for men and women. That's why the law is created like this so if she's worth five hundred million dollars she has to pay child support because she makes more than the husband vice versus the same thing if he made a brand new may five hundred million dollars. He made that money then he has to pay her. It's no difference if you and ninety tom. Okay if i have. Physics doesn't matter with me. Doesn't do i have to give you anything to support your children. Excuse me they were married just like the loss days they will marry she has to pay spousal support just like if the shoe was on foot so again it goes back to you. I'm more into the personality than the principle of it. And that's that's tragedy especi- tragedy for you ninety percent so if you have ten percent and you didn't go bobby bobby bobby again listening. I'm bobby listening. She's where five hundred million dollars anatomy ninety percent twenty percent. Ten percents insist. She has to pay child support. Whatever and that's the problem that you can't see here. She has to pay child support when they got a paycheck and support to. And that's it and kelly right. Kelly was ed. He wasn't able to tell one. Kelly kelly keep making those payments or they go suspend your license statue together with the babies. They got two of them with the babies trop. The baby's aw and kelly make sure that money's in that to make sure that money's in that button for brandon gets paid brandon and you sit show as down here for the next twenty five years bro and that money kelly don't give a damn about paying that from what i hear. He was a nightmare. She's probably happy. Probably gotta pay for the year brandon. He is he's a he's a man and he's getting that child support money bobby wick. Just shame she should have had a premium because he cheated on it. Well you go. Well then i don't know say well it's the same thing. Like gold digging can enjoy thing. We're gonna find you guys can find me on barbara cologne on facebook. I am on instagram by designs. Instagram design obey fall. Snapchat confined me sanjay. Facebook's any underscores sending underscored jan instagram's jazz snapchat. Okay sean harvey on. Facebook comedian show harvey facebook funny on instagram. A great show. Hey guys don't forget this sunday. Sunday night last Cocoa brown of being the building. I am eight south eastern pennsylvania. So come on and let's have a good time and let's get okay so that's great show today. Let's club guys. Great.
Snarf Talk
"hundreds millions dollars" Discussed on Snarf Talk
"It's just a simple move but it doesn't even do what you want it to do with no it doesn't he goes back and he doesn't remember the formula or whoever it is this is like what is baffling. He's fighting with author and i. It's it's a mass man. It's a man that's why i didn't go to theaters. Somebody made that movie amazon or somebody made that movie and some studio made it and said this movie is a heaping pile garbage. Hey amazon can. We cut our losses. Will you pay one hundred million dollars for this movie. They said he amazon. Chris pratt and actions that we can get a three hundred million dollar budget and movie for one hundred million dollars deal deal sold. We need that content. Right we're trillion dollar company. We're gonna make a hundred million off of this for streaming. Free is free so did it dr subscribers. Now that amazon but amazon has to release content to justify. I bet you broaden like a significant number you think brought in new subscribers and everybody already subscribes amazon. Now i bet you did. Amazon's got a long history of great shows so this at the end of the world. It just it just didn't work. It just didn't work. I know it it. Didn't we don't need to talk about too much more because it's not worth it you're right let's move lot- i have a documentary watched. Okay that you probably didn't know hunch and it's about andre the giant. Okay about him i do. I know quite a bit about him. I watched the show. Also that the rock has called young rock and he's a character on the show as well really they give you a lot of backstory to okay. So they have a huge documentary. It's about an hour. And a half long on net flicks about andre the giant and his career prior to wrestling during wrestling and then like his ultimate demise and It was really really interesting. It's a lotta things you already know. It's nothing that's going to blow you out of the water. But i thought it was super interesting to learn about a guy that we see as this huge novelty character right. And then you understand like it's an actual human being..
Equity
"hundreds millions dollars" Discussed on Equity
"Or renegade and that leads us to another hundred million dollar fund Because the last thing on this show. Alex is the most ridiculous story. We've read in a little bit of time. And this is an industry filled with ridiculous stories. I mean we just talk about satellite company with no revenue going public but also say Raising one hundred million dollars. Now go back in time to early. Covert we covered Which were they product. Put together by phil liven a former equity guest actually and best known for his time at evernote and what And that's actually what it's called. I'm sorry i'm not being annoying to ems h. And two m's to be clear it's not it's not three eps it's It's also not sarcastic. it's also not it's regardless Put together a product. That was a way to make your video conferencing better away to put graphs behind you minimize your own size show better backgrounds. Essentially it was all the tools that you kind of hope. Zoom had zoom. Didn't build zuma's busy building like rock-solid video infra and to be clear it worked as we all know they put together a forty million dollar round off of that what you thought was a little strange and then they put together this a new one hundred million dollar nine figure investment to build out more of Danny what could they use a one hundred million dollars for the one. Euro company with a vision fund investment which is always a great sign for whatever you wanna take them with that brand name but you know i. I've seen some of the videos. I have not used the product myself. But i've watched them the videos. I think there's something there. I actually despite. It's ridiculous name which by the way might actually be one of the reasons it's accessible actually think it's becoming a meme in and of itself which is always a good night to be in. Look people want to be. Newscasters you're presenting your salesperson. You're trying to present your product today. It's either like powerpoint or my face and what it's been able to do is to combine those two together to your face can be there. You can walk around. It's almost like you're a weatherman. Or whether women..
Building an Indie Business
"hundreds millions dollars" Discussed on Building an Indie Business
"That's a similar process to win. A company may mean a firm may decide. It's going to add a new partner and that partner is going to bring in a three hundred million dollar investment right now when when you see a fun like softbank say just raised a two hundred billion dollar to two hundred million dollar round. I mean right fund that they're going to deploy with that means is. They went to their partners at their farm right. The people that work there and they requested whoever wants to join this new fund. We created internally. Right it's called the vision two or whatever you wanna call it you can now put five million ten million of your money is. They're holding right. You put it original investment. You can use your investment money that you have sitting there. Deploy on these certain into these certain funds. So i gave you one hundred million dollars. This is fun. C. c. is what's going to deploy what we're going to us to make our next investments right fund sees where two hundred million dollars. Do you want to put your twenty million dollars over one hundred million dollar investment. The fuzzy right. That's how i would be able to see any returns from anything. That's investing infancy. So it's not raising money from outside investors. You know what i mean. It's the it used to be that venture firm if you weren't a partner at vc firm. You weren't getting money. The lp was the guy who was getting the money right that was the investor the fund in the l. You're already hundred million. You're not giving people the opportunity to pool money. Get the masses. The wall street. Betsy put two million people together to make a change right because like minded people can speak together and act together. Well they can do the same to a start up and launch amazing new innovative products. Like we want to get to the moon while you're the race to the moon like if magic all those bets. If everyone wants to. Beth like to two million people were like. Let's put two thousand dollars all of us to start up right..
The Road To A Billion
"hundreds millions dollars" Discussed on The Road To A Billion
"Hi you're listening to the road to a billion podcast. I'm your host stuff in georgia. Since two thousand eleven. I've sold over seven hundred million dollars worth of products for both clients my own companies. I've also founded or co founded eight different businesses that grows between seven to nine figures in revenue..
Oil and Gas Startups Podcast
"hundreds millions dollars" Discussed on Oil and Gas Startups Podcast
"Working interest properties is opening up with debt markets loosening on deals under a hundred million dollars while transactions above one hundred million have been largely dominated by doc deals only gas as clearing houses seeing increased demand on working interest properties reflected at their past april auction through marketing dozens of these property types under ten million dollars..
The Road To A Billion
"hundreds millions dollars" Discussed on The Road To A Billion
"Hi you're listening to the road to a billion podcast. I'm your host stuff in georgia. Since two thousand eleven. I've sold over seven hundred million dollars worth of products for both clients my own companies. I've also founded or co founded eight different businesses that grows between seven to nine figures in revenue..
The Road To A Billion
"hundreds millions dollars" Discussed on The Road To A Billion
"Hi you're listening to the road to a billion podcast. I'm your host stuff in georgia. Since two thousand eleven. I've sold over seven hundred million dollars worth of products for both clients my own companies. I've also founded or co founded eight different businesses that grows between seven to nine figures in revenue..
The Road To A Billion
"hundreds millions dollars" Discussed on The Road To A Billion
"Hi you're listening to the road to a billion podcast. I'm your host stuff in georgia. Since two thousand eleven. I've sold over seven hundred million dollars worth of products for both clients my own companies. I've also founded or co founded eight different businesses that grows between seven to nine figures in revenue..
The Road To A Billion
"hundreds millions dollars" Discussed on The Road To A Billion
"Hi you're listening to the road to a billion podcast. I'm your host stuff in georgia. Since two thousand eleven. I've sold over seven hundred million dollars worth of products for both clients my own companies. I've also founded or co founded eight different businesses that grows between seven to nine figures in revenue..
The Road To A Billion
"hundreds millions dollars" Discussed on The Road To A Billion
"Hi you're listening to the road to a billion podcast. I'm your host stuff in georgia. Since two thousand eleven. I've sold over seven hundred million dollars worth of products for both clients my own companies. I've also founded or co founded eight different businesses that grows between seven to nine figures in revenue..