39 Burst results for "Lawrence"
The Breakdown
A highlight from Huobi Changes Name to HTX and Almost Immediately Gets Hacked
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Tuesday, September 22nd, and today we are talking hacks, hacks, hacks. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Well, friends, today we start this show talking about Ben Armstrong, better known as BitBoy, who was arrested last night after he won, posted to his YouTube that he was going to confront a former business partner about the Lamborghini that he said was his, two, went to said person's door and rang the doorbell, three, did this with a gun and illegal narcotics in the back of his car, along with another business and affair partner to boot, and then four live streamed himself getting arrested. Just kidding. I'm not going to talk about that ever at all. In fact, I will only say this. The crypto space gets exactly the level of influencers it deserves. So perhaps as we think about where we want to be heading into the next bull market, we might want to choose who we listen to with just a hint more discernment. Now, what we're actually going to be talking about today is the plague of this bear market. Well, outside of Gensler, of course, and that is hacks. A wave of hacks impacted crypto firms starting over the weekend. On Friday, Nansen disclosed a security breach at a third party software vendor. The attacker was able to gain access to admin rights of a Nansen account in charge of facilitating client access to the platform. Nansen claims it, quote, managed to stop the unauthorized access shortly after learning about it and launched an immediate investigation. According to Nansen, wallet funds were unaffected. All affected users had email addresses exposed, while smaller user cohorts had password hashes accessed and wallet addresses revealed. Nansen urged all users to double check emails claiming to be coming from the company and be vigilant for phishing attempts. So that was Friday. Then on Saturday, OpenSea disclosed that one of its third party vendors, quote, experienced a security incident that may have exposed information. They warned that user API keys were compromised. The company noted that the incident was not expected to impact any programs which use an OpenSea API key, but that external parties using exposed keys could experience rate and usage limits. OpenSea plans on shutting down existing keys by next Monday and asked users to rotate their keys. A third exploit was disclosed early on Monday morning. Mixin Network, which is a nominally decentralized wallet service, said it lost $200 million in customer assets during an attack early on Saturday morning. Crypto developer Lawrence Day at Function Zero writes, Also, respectfully, how are you losing $200 million from a cloud breach? So this company Mixin was founded in 2017 and had nearly $400 million in protocol funds across 48 chains. The service allows users to send digital assets assigned to phone numbers and its biggest market appears to be Hong Kong. Now the firm said that it can guarantee the safety of around half of user assets, but that guarantee seems to be in the form of a corporate backstop rather than the product of successful threat mitigation. During a livestream on Monday addressing the attack, Mixin founder Feng Xiaodong said, No matter what your assets are, whether it's Bitcoin or Ethereum, we will ensure that half of it is unaffected. We're trying to find a way to recover the compromised money, but that is very difficult. For the other half of the assets, Mixin is considering offering what they are calling bond tokens for users to claim. The firm would later buy back the tokens, making them similar to other token -based recovery schemes seen in the past during events like the Bitfinex hack. A security firm called Slowmist is involved in the investigation and stated that the incident occurred when a cloud service provider database was attacked. Now if this feels like just the latest in a string of big hacks, that's because it is. In 2022, we had the record of $3 .1 billion in funds lost from hacks. And estimates this year include TRMLab saying that $400 million was stolen in Q1, Immunify saying that $700 million was lost in the first half of the year, and then just in Q3 we've had a 126 multi -chain hack in July, a $61 .7 million market -based protocol exploit of Curve Finance in July, $41 .3 million hacked from Stake .com in September, and another July hack of $37 million at CoinsPaid. So from estimates, it looks like this might be the largest hack of the year, roughly the same size as Euler in March. Still, even though it wasn't the biggest, the most high -profile hack of the weekend was disclosed on Monday as well, and that was from HTX. HTX, formerly known as Huobi, suffered the loss of 5 ,000 ETH worth around $8 million on Sunday evening. Justin Sun claimed in a Twitter thread that, quote, HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. Sun added that, quote, all user assets are SAFU and the platform is operating completely normally. Now, in addition to disclosing the loss, Sun downplayed the impact of the attack, stating that, quote, $8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks of revenue for the HTX platform. Sun disclosed the wallet address of the hacker and added, We are willing to offer 5 % of the stolen amount, $400 ,000 USD, as a white hat reward to encourage the hacker to return the stolen funds. If the hacker returns the funds, we will also hire them as a security white hat advisor for HTX. However, they said, if the funds are not returned within seven days, we will transfer the information to law enforcement authorities for further action and to prosecute the hacker. In an on -chain message to the hacker, HTX claimed to have discovered their, quote, true identity. Now, according to Arkham Analytics, the attack affected an HTX hot wallet, which was created in March. Since then, the wallet has received $500 million in deposits from Binance, and on -chain analysts confirmed that funds have now been migrated to a new wallet. Now, there were a lot of comments relating to the name change of this exchange. Crypto Kaleo writes, Huobi changes its name to HTX and gets hacked for $8 million in the first month? Coincidence or tempting fate? Lawrence Day again said, I'm sorry, but renaming Huobi to HTX and then immediately losing millions of dollars is so effing funny that I might have a stroke. Even Binance's CZ said, A week after you rename your exchange after FTX... Jokes aside, our security team will help in tracking hacker funds in all cases where we can. Now, in addition to just the jokes about the HTX name, there are lots of questions floating around about Huobi solvency. To get a sense of some of those theories, go check out Adam Cochran's account. It's a little bit out of the scope of this particular episode, but it's obviously something that we're watching closely. Now it's unclear at this stage whether these attacks had any sort of links, but the small amount of detail available does show some common features. The first three hacks all blamed a third party service provider. While the provider was not named, Nansen did urge them to disclose the security breach. These attacks come just weeks after crypto custody firm Fortress Trust suffered a $15 million attack, which was also related to a security failure at a third party cloud provider called Retool. In that attack, an employee at the software provider was the victim of a phishing attack. The attacker used an AI -synthesized voice clone of an IT support worker to replicate the employee's credentials to access Retool's systems. In their write -up of that attack, Retool said that 27 customer accounts were compromised. All 27 were crypto companies. So the method of attack here, which uses a combination of social engineering and a bypassing of security measures, also bears a striking resemblance to the write -ups of the recent cyber attack on MGM and Caesars casinos. The casino's systems were hacked two weeks ago with customer and corporate data compromised. Postmortems of the attack claimed that hackers used a voice replication of IT workers to gain access. Identity management firm Okta confirmed that the casinos had been using their systems to credential employees. In an August blog post, Okta said that their customers were seeing, quote, consistent pattern of social engineering attacks against their IT service desk personnel, in which the caller's strategy was to convince service desk personnel to reset all multi -factor authentication factors enrolled by highly privileged users. The casino attacks were attributed to a threat actor known as Scattered Spider using malicious software developed by Alfie or Black Cat. Now if these attacks are all part of the same cybercrime spree, it could speak to a group of hackers going after high -value targets like crypto firms. The vulnerability seems hard to address as it involves security training for employees at third -party software providers. And one of the implications is, if these kind of attacks become a systemic threat to the industry, it could mean more crypto firms need to bring sensitive software in -house. That higher barrier to secure operations could make it more difficult for smaller startups to compete in the industry. Now of course for any of you who are listening to the AI breakdown, you'll also recognize that this is not going to be a problem that's unique to the crypto industry. The casino attacks speak to that as well, but the reality is that voice cloning technology is incredibly advanced and just getting more so all the time. Individuals and companies are going to need to develop entirely different modes of operation that recognize the fact that you simply can't trust a voice on the other line of a call anymore. Now when it comes to the impact of these hacks on the industry outside of just the ramifications for the people who lost money themselves, it's hard exactly to know what the real impact is. On the one hand, it certainly lends to a perception of immaturity overall, but at the same time, when it comes to the geopolitics and regulation of crypto, the hacks that are most important to keep an eye on are those that have some sort of geostrategic ramifications, particularly those emanating from the Lazarus Group in North Korea. Still, being this deep into a bear market and trying to match all -time records for hacks is not necessarily the place we want to be overall. The one other story that I wanted to cover on today's show is a bit of a dust -up around the Celsius restructuring. In short, the Celsius bankruptcy could be coming to a close after creditors have voted in favor of the current recovery plan. 98 % of creditors gave the thumbs up to a plan which would see the sale of assets to crypto consortium Fahrenheit Holdings. The acquiring group includes Errington Capital and miner US Bitcoin Corp. Fahrenheit plans to retain and operate mining equipment owned by Celsius under a new corporate structure. The new company also plans to stake Ethereum and monetize other Celsius assets. Some large creditors will receive equity in this new company. And in addition, another $2 billion in liquid crypto will be distributed to creditors. Overall, the plan is projected to provide a 76 -85 % recovery. Now one remaining snag in the plan is an objection from the SEC. The regulator filed its objection last Friday to express concerns with Coinbase's involvement in the process. Celsius receivers plan to use Coinbase as an intermediary to distribute crypto to creditors. The SEC claimed the agreement could require Coinbase to The SEC filing claimed that However, this court should not be asked to approve a deal where their material terms are missing or inconsistent. The regulator also appears concerned about an additional agreement with Coinbase, which Celsius have attempted to file under seal and have not yet disclosed. Coinbase's Chief Legal Officer Paul Grewal hit back at the SEC's objection in a Twitter post stating, Now, Wayne Vaughn had a very simple explanation, saying, And of course, this isn't the first time we've seen the SEC stand in the way of a bankruptcy distribution agreed to by creditors. In March, the SEC objected to Voyager using Binance US to distribute crypto to its creditors, which was of course months before the regulator had filed its lawsuit against Binance but still based their objections on claims that the exchange was an unregistered securities brokerage. A very unimpressed judge in the Voyager case called it This time around, of course, the SEC at least does have an ongoing lawsuit that they can point to regarding Coinbase's brokerage services, but the objection does still seem odd given that the regulator didn't seek an injunction to prevent Coinbase from operating as normal in the interim. The Celsius case will return to court next Thursday to hear the SEC's argument and see if the judge is inclined to allow the plan to go ahead. Now one interesting line of discussion are the implications for the spot ETF applications that are outstanding. Adam Cochrane writes, Now, speaking of ETFs, Bitwise filed an amendment to its spot Bitcoin ETF application on Monday, adding 40 pages of research on Bitcoin market structure. The research aimed to preempt arguments from the SEC, which could be used to reject the current batch of ETF applications. Bitwise claimed to show that Bitcoin futures are the primary market for price discovery with spot prices following futures. According to Bitwise, this would mean that the well -regulated CME futures market should be the primary consideration when looking for evidence of market manipulation. They argued that this trading venue should count as a regulated market of significant size for market surveillance purposes. As part of their argument, Bitwise also cited a previous study from 2019, which suggested that Bitcoin's spot market mainly consisted of fake volume, making the relative size of the regulated futures market much larger in comparison. Regarding the price impact of futures, Bitwise found in 2021 that futures markets accounted for between 52 .97 % and 68 .03 % of Bitcoin's price discovery. Now this isn't the first time Bitwise have dropped large amounts of Bitcoin research on the SEC to dispute their claims. They have produced at least two 100 -page -plus reports in support of previous Bitcoin ETF applications. Bitwise Chief Investment Officer Matt Hogan explained his firm's strategy in a Twitter thread stating, That's the happy case. The question is, what happens if the SEC appeals the court decision? In short, we return to the status quo. We're back to needing to prove that the CME Bitcoin futures market leads price discovery over the spot market such that it can serve as a regulated market of significant size for the purpose of surveillance. Unfortunately, existing filings do not include substantively new arguments or research addressing this question head on. Until now, today's amendment aims to address point by point each of the major objections the SEC has raised in prior disapprovals for spot Bitcoin ETFs. In particular, we try to clear up the significant confusion around the growing body of academic literature on price discovery in the Bitcoin market and demonstrate that every well -designed academic study supports the finding that the CME is significant. So friends, there you have it, a little bit of hacks, a little bit of the SEC objecting to something that seems reasonable from the outside. In other words, a quintessential 2023 crypto day. Appreciate you guys listening, as always. And until next time. Peace.
WTOP 24 Hour News
Fresh update on "lawrence" discussed on WTOP 24 Hour News
"Match up between the nfc east rivals and our uh... commanders beat porter george wallace is there george it it's been crazy already it has been yet fourteen seven washington with the lead seven fifty three to go second quarter as a two seventy five -year t .d. drives for washington personally as it occurs samuel one -yard touchdown run and internet more recovers brian robinson probably fumbled in in the end zone mclaurin jumps on it for the second score jaylen hurts on the other side uh... nine of ten that good start for m sixty nine yards in the address with as a touchdown run for the eagles how eight of eleven so far to start this game at terry mclaurin four catches fifty eight yards fourteen seven washington leads thanks a lot george we'll talk to you again next our lamar jackson scrambled for ten yards and the score as the ravens lead the browns that is seven three oh hill yeah that's seven three right now they are in the second quarter jaguars beat the falcons twenty three seven in the nfl game across the pond jags the sac desmond ritter three times intercepted him twice trevor lawrence was twenty three of thirty for two hundred seven yards and one touchdown the bills demar hamlin made his first start of the regular season for first time since suffering cardiac arrest on the field nine months ago that game is tied at fourteen dianne roberts wtop sports president biden says congress needs to stop playing games traffic and weather next table since but my family has storm ready wi -fi from xfinity they can stream and game like usual on all their devices all over the house who moved the couch
Game of Crimes
A highlight from 117: Part 1: Charles Lutz Takes on Unpopular Causes from Vietnam to DEA to TSA
"We dispensing are with our usual introduction, because apparently it has triggered ads in foreign languages, so. Has it really? Yes, we're getting some people apparently, some folks, depending on what part of the country you're in, have been receiving Spanish language ads when I do my traditional introduction. Really? We'll just say, we'll give the redneck. Well, hey, we'll see if it comes out in redneck. Hey, hey, hey, y 'all, what's up? It's Bubba and Bubby. It's Bubba, and it's my brother, Darrell, and my other brother, Darrell. My brother, Darrell, my other brother, Darrell. Yeah, well, hey, guys, welcome to Game of Crimes podcast. Let's see, we'll see if it changes the algorithm. Hey, guys, as always, welcome back. Just before we get started, just a little bit of quick housekeeping, head on over to Apple Spotify. Hit those five stars. We've been getting a lot of good comments. People are leaving some stuff. Spotify allows you to give comments on the episode. Guys, we really appreciate that. Also head on over to our website, gameofcrimespodcast .com. We will have the book, when we talk about our guests, listed there as well, too. Go to our book page. We've got some fabulous books coming out and some fabulous guests. So gameofcrimespodcast .com. Follow us on that thing they call social media at Game of Crimes on Twitter, Game of Crimes podcast on Facebook and the Instagram. And also check out our favorite mafia queen, Sandy Salvato, who runs the Game of Crimes fan page with a, you know, iron fist and velvet glove. That's right. Just go to facebook .com and just put in Game of Crimes fans and you will be just, hey, answer a couple quick questions, get admittance to the inner sanctum where all the good stuff happens. But you know where else good stuff happens, Murph? Where is that? Patreon slash .com Game of Crimes. We've got some good stuff. We just, I think we did a really good case of the month. We talked about the ambush killing of the deputy in Klinkenbroomer out in Los Angeles. And we talked about the escapee, which by the way, Murph. So folks, they got to listen if you're not on there, but you actually got, you were on the national news talking with Lawrence Jones about that. I was, and it's a very short interview. So don't get excited, but we're talking about the fugitive in Pennsylvania because since then there's been two more in other states. Yeah, well, and we give you our thoughts about that one, but it had to be short because it was late at night and Murph usually is asleep by that time, so. They don't know that I got my pajama bottoms on underneath my shirt I'm wearing. I don't want to know. I don't want to know. Hey guys, but that's where the fun stuff happens. But yeah, and the other thing too, real quick, Murph, before we get into talking about one of our fun things, you will be appearing on CBS in a show. You can't talk about it yet. Oh, I can't talk about it yet? I just got picked up last night for a second episode. Well, then I will cut this part out. No, no, it's okay. I just don't name the show yet. Oh, don't name the show. So we can talk about it. We just can't talk about it. Not sure when it's going to be released. Originally they were saying fall, but now they're saying late winter, early spring. So we'll see. We won't say, is it okay to say CBS? You already did. Well, we can edit this out. Is it okay to leave it in? Yeah, it's fine. Okay. If it's not, I'll hear about it. I doubt that they listened to our podcast, but anyway. Hey, I tell you what, the crew, you know, I gave them all business cards and they're like, oh, I'm going to listen to it tonight. So, all righty. Well, we won't say anything, but just suffice it to say is that you will, if things work out, we'll be seeing you on the telly. It just shows you how hard they are for talent. Boy, are they? Let's hope that this writer's strike resolves itself really soon in actors. Well, no, no, no, no. Cause as long as it's unscripted, I'm making money.
WTOP 24 Hour News
Fresh update on "lawrence" discussed on WTOP 24 Hour News
"Record WTOP sports director director and commanders beat reporter George Wallace is there to see every minute of the madness and George joins us George with a preview. Alright Diane, yeah no doubt it's going to be a tough test for sure. The first NFC's matchup of the year for Washington they have confidence they can win here they've done it in the before including last year when Philadelphia was 11 and 0 Eagles come in on beaten Washington obviously going to have to fix last week's problem as far as the sacks are concerned 9 times Sam by Howe or Sam Howe sacked 9 times can't have that again today against a very good Eagles defense and of course the other guy other side of the ball Jalen Hurts DeAndre Swift AJ Brown just to name a few high -powered Eagles offense so going to be tough for Washington but they have to play better than they did last week if they want a chance to even their record gets 3 -1 before the Bears come to town on Thursday perfect day for football up here in Philadelphia kickoff coming up top of the hour. Alright thanks so much George. The Jaguars beat the Falcons 23 -7 the NFL game across the pond Jags D sacked Desmond Ritter three times and intercepted him twice Trevor Lawrence was 23 of 30 for 207 yards and one touchdown in the win all eyes will be on the Chiefs at Jets today to see if pop star Taylor Swift might be in the house watching her friend tight end Travis Calci but reports have the Jets with their own big name in the stadium injured quarterback Aaron Rodgers sources say he rejoined the team and went to the the evening meeting yesterday and will be at tonight's game. The Ryder Cup is staying in Europe. Europe had a big lead at Marco Simone outside Rome, made sure it capped off a dominant week. The Americans this might be the year the US ended three decades of losing on European soil but no. Diane Roberts, WTOP sports. Alright thanks Diane and still to come on WTOP a shutdown is averted with a short deal more on To support commercial aviation's pledge to reach net -zero emissions by 2050 the Boeing Cascade climate impact model was created. This modeling tool identifies the
Crypto Critics' Corner
A highlight from SBF Deserves Human Rights
"Welcome back everyone. I am Cass P. Ancy. I'm joined as usual by my partner in crime, Mr. Bennett Tomlin. We're both good today. We have already recorded an episode, so we're dumping in... dumping in? That's probably the wrong way to put it. Get him out! What happened to the other? Can't even stop it! The episode's just sliding through its walls! We're pouring trash out of our mouths! We're vomiting and spewing all over you. Hey, works are all in! Not the way I wanted to start this episode, but there you go. Welcome back everyone. We're going to be talking about a subject that I wrote an op -ed about, and Bennett wrote a piece about as well in the newsletter for Protos. Something we both seem to care about that the reaction to was pretty mixed. Honestly, I expected more vitriol for my statement, but yeah, it was pretty mixed. Some people liked it, some people hated it. We're both making the argument that while it is pretty funny, in a sense, to see SPF struggling and in pain, I think everybody gets some real value out of that in terms of they're like, yes! A guy who's hurt so many people, and legitimately, right? This guy has damaged thousands of people, probably ruined dozens if not hundreds of people's lives for a significant, if not forever, amount of time. So seeing him in pain, people are enjoying a lot. But I think that it's a more important point that's being stated by him. And basically, he went to court and said that he's not getting his medications on time. He's on, as far as we know, I don't know how many medications he's on, but we know for sure that he's on NSAAM, and he's on Adderall. Now, Adderall, I'm sure most people are familiar with. It's for treatment of ADHD and some other mental disorders. NSAAM is a pretty serious drug, as far as I can tell, in terms of its effects on you. And it seems like he's taking a lot of it, for both of them. For both the, I guess I don't know, I don't know, I'm not a doctor, I don't know what a lot is. Basically, he's not getting his drugs, and he's not getting the vegan meals he wants. He wants vegan meals, and he's not getting those vegan meals, because I guess the prison system is basically like, why should he? He's not special. But therein lies the problem, which is, don't you think prisoners should be getting the medical treatment they need? And don't you think they should be getting basic food given to them, even if it's something demanded like vegan food or vegetarian food? Yeah, why don't you get us started off on that? No, I think this issue is kind of multifactorial and multifaceted, and I understand why a lot of people are having the feelings they're having. And so first I want to acknowledge that Sam Bankman -Fried's experience with the justice system has been one very much shaped by his privilege, right? Like he was able to find the people to put up his massive bond, and even after like repeated bail violations connecting with the VPN, doing all these other things, he remained free until he started doing what I'm not going to say is legally witness tampering, because I'm not a prosecutor, but that feels a lot like witness intimidation. As soon as he started doing that, now he has to go back to prison. In case anyone is unfamiliar, let me stop you right there. In case anyone is unfamiliar, just so you understand, Sam Bankman -Fried released Caroline Ellison's personal diaries. Now Caroline Ellison was the head of trading over at Alameda Research at the time of the collapse, and he released these very personal kind of sensational diaries to the New York Times, which is just wild, as you said, like he had been reprimanded before for his bail violations and kind of pulled to, he was skating on thin ice already. And I do get why people are like, well, if you didn't want to go back to jail and get treated like crap, maybe you should have thought about that. Understood. But anyway, sorry, I just wanted to give, paint a little color there. Like that's absolutely true. Sam Bankman -Fried was lucky to get the bail conditions he did and should not have been violating them. And repeated violation of bail means he should be in pretrial detention. And like one of the other things that's come up is Lawrence Tribe, a constitutional lawyer, wrote a motion, wrote a letter to the court describing Sam Bankman -Fried's treatment and like insisted that if Sam Bankman -Fried were to be detained, where he was talking about being detained, not having access to a computer would make preparing his defense much more difficult and that represented like a potential constitutional issue. And I think there's a bit of merit there. But, and this gets into like the bigger problem here, that these problems are so much bigger than Sam Bankman -Fried, right? Like not just Sam Bankman -Fried should be able to get their medications and like a diet in accordance with their moral wishes. Everyone being held in pretrial detention is presumed innocent until proven guilty. These are people who deserve to be, like, to have reasonable standards while they're being detained, should have access to things that help them prepare their defenses, should be able to receive medications they need, and the United States justice system fails to provide that for such a vast number of inmates, including, because he is there right now, Sam Bankman -Fried. Yeah, I mean, I think actually part of this for me calls into attention how serious the issues are in the justice and penal systems of the United States of America, right? Because here we have possibly one of the most famous white collar criminals of all time, not just of the past year or two, of all time. He's up there with Elizabeth Holmes and Bernie Madoff. Like this guy is going to go down in history as one of the biggest financial scammers and possibly, allegedly, maybe he'll get off and no crimes were committed in fucking La La Land. But anyway, my point here being that this guy is as big as it gets. And the fact he's still being mistreated in prison or in, sorry, excuse me, in pretrial detention in jail speaks to how broken the system because imagine how the people with no voice are doing right now. Imagine how the people who don't have money to pay for bail even, so end up in prison or in jail for weeks, if not months before they go to trial. Like these are real issues that are happening every day to millions of people, not just SBF. And that's the important part of this. That's why I'm glad there's some attention being brought to it, whether or not people agree with whether SBF should be given these basic human rights. I think he should. Whether other people think so, I guess is just how angry they are with him. Yeah, I especially understand why like other people who have had experiences with the criminal justice system might end up feeling particularly frustrated themselves because they'll be, they may see it as, I had it even worse than that and I didn't even steal $9 billion from my customers, you know? And so I certainly understand there's lots of reasons for lots of people to be lashing out, but like you said, fundamentally the thing is people deserve rights. They deserve to have access to these things that help them form their defenses and they deserve a strenuous defense on their behalf in the justice system. And those things are important, those things, we should strive to provide those to everyone. And everyone happens to include him. Yes, and a lot of these issues are totally fixable as far as I'm concerned. Like vegan meals, there's a lot of people pushing back on my statements about that. I was like, oh, give him his vegan meals, just give it to him. Everyone's like, well, he doesn't necessarily deserve to have, it's not like it's covered by the Constitution. And i .e. there are prisoners who are Jewish or Muslim in prison who are given kosher meals and halal meals, right? To meet their religious needs. The pushback for the veganism that I heard was, well, this isn't a religious thing. I want to push back on that and just say one, vegan meals are incredibly easy to cook. We're talking about rice, bread and vegetables. Like if you're not already, if you don't already have those things available for prisoners, there's a problem. All of those ingredients should be actively there for you to be able to make this thing. I know that they make vegetarian meals for vegetarian, probably because there's Hindu prisoners, and some of them need to follow strict vegetarian meals and guidelines, right? But we are equipped to handle this. We have the money, we have the rules and regulations in place that this should not be an issue. It's crazy to me to push back on the idea that this guy can eat vegan food in prison. The thing I want to highlight there is there often are legal protections for people with sincerely held religious beliefs to get access to certain things, like you're talking about kosher halal and things like that, and often our prison system fails to do what it's legally supposed to in many of those cases as well. Again, this is just an example of the pattern and history of human rights abuses across the U .S. penal system. There's a reason international human rights organizations regularly raise alarms about the U .S. prison system, and it's because there are regular and massive human rights abuses in our prison system. Yep, and that brings up another point that I brought up, which is people I think like to assume like, oh, well, this guy's a big fucking scammer. He deserves to rot in jail and get shivved and get treated like shit. I hope that's what happens. And I go, okay, just for some perspective here, 5 % of the entire U .S. population is going to spend some time behind bars. So if you're not the one who ends up in jail at some point or in prison at some point, someone you know absolutely will, 100 % sure, 100 % sure, right? If you go outside and meet people, someone you know will go to jail or prison. Do you want them to be treated respectfully and with dignity, or do you not give a shit? Do you really think like anyone who's in jail, anyone who's in prison deserves the worst kind of treatment? It's time to reflect on these things, you know? We live in a society. It's true, though. Like we shouldn't be, the fact that it's such punitive measures, right, instead of worrying about recidivism, instead of worrying about rehabilitation, instead of worrying about making sure that these people don't repeat their fucking problems when they go back into society, we're focused on hurting people as much as possible. And the reality is, if Sam Bankman Freed gets 15 years in prison or something, 10, 15, 20, and is treated like horseshit the entire time, like no human rights, do you think he's going to come out a like capable and reasonable human being? At least if you try to rehabilitate him, he's not necessarily going to be as bad. At least you can say you tried. Like just damaging someone repeatedly, we know what that does to people. So I just don't understand this at all. And I think people need to reevaluate their, like vengeance is just so easy. And I think people really need to reevaluate where their morals and ethics lie when it comes to this. I get it. It's easy to hate SPF. He is a total scammer. He lies constantly. The dude cannot open his mouth and speak any honest truth for years on end. He's like, his behavior is disgusting. He's as despicable as it gets without getting into like murder and other horrifying crimes. Right. He's disgusting. Fine. He's also a human being. Like, I don't know, man. It just the reaction was just so it was kind of like, man, I don't understand how so many people think this is acceptable. Yeah. And like that's what you're up with. Ed was about. And there was definitely a lot of people who agree that human beings deserve treatment as human beings, which is good. The other thing I want to talk about besides this, which is also something we talked about a little bit in our Reggie Fowler episode, if people want to go back and listen to that. There's been still conspiracy theories about Sam Bankman Fried and his ongoing criminal prosecution, including the fact that as part of our extradition treaty with the Bahamas, we have certain responsibilities about when charges are introduced and when people are extradited. And those were not necessarily followed with Sam Bankman Fried, which has since required certain charges to be removed from the current trial date. And the allegations either incorporated in to other existing charges or other charges are pending reintroduction for months down the line. Yes. And so those charges are not really going away. And as we've talked about before in the case of Sam Bankman Fried, if prosecutors really wanted, they could go through and add one wire fraud charge for like every single person who sent money to Alameda Research under like the false pretenses that it was going to FTX or something. Right. And so prosecutors can and potentially will still scale up his prosecution in the future if that's what they think is justified and appropriate. So I've just been a little bit frustrated with some of the conspiracy theories around those dropping of charges. And like the other thing I want to emphasize, just to kind of make sure people understand this, just because Sam Bankman Fried is pleading not guilty right now does not mean he will continue to plead not guilty. Often you are required to plead not guilty initially, even if you think you are guilty, just because like the system's not ready for you to plead guilty yet. And like that's an actual thing that exists. And I want to be clear here, too. If you have a capable legal team behind you, which as far as I know he does, you're generally not going to plead guilty right away. Why? Well, you're not going to get anything in return, right? If they don't offer you anything and you go, I plead guilty. Well, they're going to accept your guilty plea and they are going to hang you from the gallows. You've got to get something in return. And to get something in return, you're going to play a little bit of a game. And that, unfortunately, whether we like it or not, is a part of the legal system. Right. So you have to have something for them, for you to plead guilty, give them something and them to be like, OK, well, then we'll cut you a deal. And that's what SPF is hoping will happen. That doesn't mean that's what happens. That doesn't mean he gets only five years or only 10 years or who knows. But that's what SPF wants to happen. And we don't know if it will. Yeah. Sam Bankman Fried's goal, as far as I can tell right now, is basically to muddy the waters, cast doubt on key witnesses and the evidence they're introducing. Try to place the blame like his mens rea, his head state for many of these decisions. Say that that state was induced by legal counsel and other things to make it so that prosecutors don't want to add more charges. That'll be hard to prove. So that, like you're saying, he can eventually come up with some deal where he shares whatever information he does have in exchange for a reduced sentence. Yada, yada, yada. That's the meta probably of what his team is planning to do. The other thing I want to emphasize to people is from where I'm sitting, and again, we're not lawyers, we're definitely not prosecutors, we're not experts. But it seems quite likely to me that Sam Bankman Fried is going to prison for much longer than Sam Bankman Fried would want to go to prison. Any time is more than he wants. Yeah, but there are already guilty pleas from almost all the rest of like the top executives at FTX. They have full cooperation, access to all the communications, like all the text messages, all the records, all the logs. They have such an over what, four million pages or something was the initial like discovery they're sending over to him. There are massive quantities of evidence, powerful cooperating witnesses, like he's in a really bad place. And that's just for evidence. I want people to understand that. This is just, we're just saying like, oh shit, there's a lot of evidence against this guy. So he's in trouble on that front. But I want to point people to a recent guilty white collar criminal, Elizabeth Holmes, okay? She is going to be doing nine years in a federal prison, okay? She just had her second baby. She was pregnant during the trial. If that isn't going to win you some, you know, benefit of the doubt and some, oh my gosh, well at least, you know, she's a mother now. We got to make sure that she's able to spend time with her kids and they don't grow up without a mom and blah, blah, blah. She's doing nine years behind bars for her crimes. She didn't hurt nearly as many people as Sam Bankman Fried. She only hurt mostly just very wealthy people. So like in terms of that, just reflect on that, right? That's nine years for someone who did essentially a smaller fraud that hurt less people and is a more sympathetic character. You think SPF is going to get off? Fucking wake up, dude. There's not a chance in the world. I'll bet anyone. If you think he's not going to, if you think he's genuinely going to do no time, I'll bet anybody. I'll bet anyone. But Cass, Cass, he donated to President Biden and was part of some vague conspiracy involving Zelinski. And he met up with Gary Gersler, right? Whatever. I just don't, it's so, it's so, I'm so past it. And then, and for me, the one thing I also want to emphasize here is how obviously failed the cash bail bond mechanism is in general, right? And I think proof of this is SPF. SPF gets $250 million bail bond. Obviously, the way it works, in case anyone's unfamiliar, is you pay roughly 10 % of that and you can get out. If you don't have the money to pay for it yourself or the collateral to pay for it yourself, you can usually get a bail bondsman to take on that, that collateral obligation for you partially, and then you have to pay back a loan on that obligation. What did this accomplish, right? We have to reflect on this. What did it accomplish? He put up, they put up $250 million to get Sam Bankenfried out of detention. Then he goes out, he starts spreading rumors, getting in touch with journalists he's not supposed to, breaking all the rules of the bail that he was given with this money and this collateral, and now he's back in detention again. So it accomplished nothing. It allowed him to break some rules and, as you said, muddy the waters and make things more complex and weird. Another individual who just got a big, gigantic, I think the largest in history in terms of actually being paid for, Joe Lewis, who is the owner of Tottenham Hotspur and the Albany, which is where SPF was living when he got in trouble. This guy just got in trouble, too, for insider trading and fraud, and he put up a $300 million bail with his yacht and private jet. So what do we think this is going to do? I mean, this guy's a billionaire. He can buy a new jet tomorrow. He can buy a new yacht tomorrow. It doesn't matter. He can go run away if he needs to. Nothing is going to stop him from doing that, right? Unless you put an ankle monitor around him. You ensure that you're tracking him with GPS and satellite tracking, that you ensure that he isn't leaving the country. You take his passport. There are protocols to ensure it, and none of it has to do with money. We need to get rid of this cash bail bond system, like, immediately. It doesn't make any sense at all. I strongly agree. I think the cash bail bond system is, like, one of the clearest examples in our criminal justice system of how we have codified a certain privilege for the most privileged, right? That once you have money, you can avoid these things that others can't. And as you're saying, the only real differentiator between these cases is whether or not you have money when you're accused of a crime. That shouldn't be the goal of our system. The platonic ideal of our legal system is one that treats, like, the most downtrodden and the most, like, wealthy and powerful as equal as you possibly can. And, like, there's limits within reason of how far you can take that, perhaps, but, like, that's the ideal, and cash bail bond is just one example of where we don't even try to do that. Yeah, that's right. It's just an obvious advantage for rich people, and really no advantage for anyone who doesn't have the income to deal with this kind of thing. Yeah, it's just a very gross, gross, broken system that needs fixing. Well, and if you listen to, like, testimony of certain convicts and stuff, like, when you are destitute prosecutors and DAs have been accused of using that as leverage, basically, because they know you're going back into whatever horrible detention facility you're in, they know you're more desperate to strike a deal or to say whatever to do whatever because you don't want to go back. Right. And to be clear, like, it's one of the founding principles of our country is kind of this innocent until proven guilty, right, that you aren't going to be treated like you are guilty, even if everyone, like, watched you do the crime. Like, until we prove it in a court of law, you are innocent, and so, like, reasonable bail without having to pay an arm and a leg just seems like the right thing to do here as a country to follow our guiding principles. Like, maybe I'm shouting into the void here, but like this, it's just something I think is necessary for us to talk about, and something I really do think can be fixed within our lifetime. Like, I don't expect the entire penal system to get overturned. I hate the idea that private prisons do what they do in our country. Yeah, that they exist. Like, that they aren't more heavily regulated. Like, that's why there's so many people in prison in our country. I have no doubt about that. But, like, if we're not going to change that anytime soon, and we're not, then the least we can do is ensure that bail bond is working properly, that prisoners are getting their medicine, that prisoners are getting the food that they need. Like, obviously within reason, right? If somebody says, I'm on an only Wagyu steak diet or something, I understand being like, go fuck yourself. Who's going to be the first indicted Bitcoiner to argue that they have a moral conviction that requires them to have only red meat? I would think they would already be in there, right? There's got to be a few dudes who are already in prison trying to argue that already. That I don't fucking buy. There's a limit to even how far I will go in terms of my sympathy. But yes, I do think we need to reform this stuff. SPF is a good jumping off point for that, so we thought it was worth talking about. I understand some people are just going to be like, SPF isn't going to change this. But we can make this a point of retention of this information for everyone in crypto. To be like, we need to change this. A lot of people do focus on this stuff and they understand the corruptness of it in cryptocurrency, and that's good. But a lot of people also don't care about criminal reform and the justice system. And I think it's probably time to think about it. Because some of you are definitely going to go to prison.
WBBM Newsradio
Fresh update on "lawrence" discussed on WBBM Newsradio
"Point five field million 2001 since dollars check that this out the have AIDS benefited running programs walk has and raised organizations more throughout than the city of the AIDS Chicago Foundation for of those Chicago living with HIV and an AIDS the etymologist money raised with went to the the Peggy note mart nature museum says there's no need to panic about the invasive spotted intern fly bugs that's been spotted WBBM's in Illinois Mike Krauser but reports anyone he does have who some sees one pointed of the advice distinctive for looking dealing pests with the should kill and send it it to says lantern Alan fly Lawrence associate at illinois .edu curator of entomology he at says the there's museum no and cause take for a alarm picture not and yet yeah I would say this is big news but don't panic because they're not going to be killing trees this they're is going not to be an really obnoxious emerald ash and borer level reduce situation the people's issue enjoyment is however of they natural are going to be a areas huge that's nuisance because they're they can appear in large numbers and they leave behind a sticky substance called honeydew he says look for their egg masses it could be and a car kill or them an too rv they look or like a a little train piece that's of black clay why they're hard they to contain lay their eggs on hard surfaces it annual blue mass for fire wbbm police and all st francis first responders of assisi today parish in at orland noon park the will once again mass hold is intended their to or tradition honor everyone sworn dedicated to or protecting retired personnel illinois lives are and encouraged property to it wear uniforms is open to it's followers of any faith or 10 23 your business report is coming up next how powerful is the cox network so way connecting powerful to remote that operating one day room the internet giving will a let whole your new doctor meaning perform to miracles the term from house thousands call of miles nation complete today the Cox bringing cox network us closer with in gig Cox speeds serviceable everywhere areas its speeds vary internet and are not built guaranteed for tomorrow Cox terms
Mark Levin
Mark Levin: Praise to Lawrence Jones, Brian Kilmeade & Jesse Watters
"Now going to be airing on Saturday at 9 p .m. Eastern Time following my show and I think that's a fantastic one -two punch Mr. producer don't you? So it's a great honor for me to have Brian with me on Saturday nights on our one -two team and he's the nicest guy in the world too. There were a handful of people who congratulated me when I expanded our program from once to twice on the weekends actually I didn't Suzanne Scott did and Brian Kilmeade was one of them. Of course brother Hannity. And the third one there may have been one or two other but the waters. There's another fantastic guy and really just has a lot of class So I just wanted to point that out. Most of the accolades came from people like you you folks out there and you know people from everyday life and I just want to thank all of you very very much. By the way Mr. Producer did Colby Hall Did Colby Hall aka Colin Hall? Did he even mention it? You know I'm desperate to be mentioned by mediocre right over there which is founded by Dan Abrams. You can't miss Dan Abrams. He is the Seinfeld of the courtroom.
WTOP 24 Hour News
Fresh update on "lawrence" discussed on WTOP 24 Hour News
"One local athlete in the DMV to be featured on air and online for to their community their contributions and to their team visit WTOP .com search player to nominate today WTOP's player of the week program is sponsored by Main Street Bank. Bank where you breathe. WTOP it's. .com This is WTOP news 1023 a warning system that hasn't been activated in a decade might give you a scare this week when you hear the blare of a very distinctive alarm on your radio TV or phone this Wednesday October 4th don't freak out it's just a massive emergency alert test. I'm Kim Commando brought to you by NetSuite. Everything your business needs in one place. Visit NetSuite .com slash Kim to get NetSuite's KPI checklist absolutely free. America's first national emergency broadcast system launched in 1951. The goal use a radio to alert of an enemy attack. Now it's designed to quickly spread info during emergencies like natural disasters or terrorist attacks. The last time we tested it was back in 2011 so it's time for another run. This Wednesday at 2 20 p .m. Eastern 11 20 a .m. Pacific. Expect a distinct alarm and a message from FEMA to hit devices. your The message will likely read this is a test of a national wireless emergency alert system. Don't worry it's only going to last a minute. Get tech smart and join over 600 ,000 people who do with my free newsletter. Sign up at GetKim .com. An auto repair shop says it could take longer to get parts needed to fix cars because parts for repairs used to arrive here at Precise Auto Service in Kensington 24 within hours. But in the last three to six months according to shop manager Blake Ridgeway. It's been really difficult. We have cars sitting for a week plus sometimes. He warns it may get worse because of the United Auto Workers strike. The shop recently sent an email blast to over a thousand customers letting them know that you know if they had recommendations that they hadn't done before to go ahead and get it in now while they still can while parts are to available a certain extent and it's not just local repair shops that are feeling the impact and even our used dealers that we for use some things. He's told us that the dealerships are buying used parts. In Kensington, P .O .P. News. Sports at 25 and 55 powered by Red River Technology decisions aren't black and white. Think red. And Diane, we get an early treat of sports this morning. I love when it's breakfast with football. Those of us on the East Coast we get to act like West Coasters today having breakfast with our NFL. The Falcons and Jaguars kicked off week four with a 9 -30 game at London's Wembley Stadium. Jacksonville on the board first with a Trevor Lawrence to Calvin 30 Ridley -yard touchdown pass in the first quarter. They've padded that lead with a field goal in the second. It's 10 -0 right now they are in the middle early middle of the second quarter. Commanders have a challenge ahead in a division foe the undefeated Eagles but as we all know you can never predict what will happen in division game especially in NFC the East just asked why now Terry McLaurin.
The Crypto Overnighter
A highlight from 666:FTXs Multi-Front Legal War and Indias Crypto Tug-of-War
"Rockstar Energy punched, bringing a bold and unapologetic flavor packed with energy through a blend of B vitamins, guarana extract, and 240 milligrams of caffeine to fuel what's next. Rockstar Energy drink. Good evening and welcome to the Crypto Overnighter. I'm Nick Ademus and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax, and let's get started. And remember none of this is financial advice. And it's 10 pm pacific on a Monday, September 11th, 2023. Welcome back to the Crypto Overnighter where we have no sponsors, no hidden agendas, and no BS. But we do have the news so let's talk about that. Tonight we're diving into FTX's legal labyrinth involving a staggering 86 million dollars. Then we're shifting gears to India, Coinbase's hasty emails, government policy, and the central bank's digital aspirations. We've also got a bitcoin user who made a half million dollar mistake, a Hong Kong -based project revolutionizing decentralized identities, and the social media platform that's proving the naysayers wrong. Buckle up. Failed cryptocurrency exchange FTX is embroiled in legal battles on multiple fronts. The company filed a lawsuit against Layer Zero Labs to recover 86 million dollars transferred just before declaring bankruptcy. Layer Zero Labs accused FTX of making unsubstantiated claims in the lawsuit. FTX's bankruptcy filings have also revealed substantial payments to celebrities. The list includes nearly 750 ,000 to Shaquille O 'Neal, about 308 ,000 to Naomi Osaka, almost 206 ,000 to Trevor Lawrence, and about 271 ,000 to David Ortiz. These celebrities are now subject to lawsuits by FTX creditors. Layer Zero allegedly exploited FTX's sister company Alameda Research by demanding immediate repayment of a 45 million dollar loan. In exchange, Alameda transferred its entire 4 .92 percent equity stake in Layer Zero. The deal was considered highly favorable for Layer Zero. FTX also seeks to cancel prior agreements and recover 21 .37 million dollars that Layer Zero allegedly withdrew illegally. The company is exploring options to claw back funds paid to celebrities and sports teams to settle its debts. Now from my point of view, FTX's legal entanglements are a glaring example of the risks and volatility in the crypto space. The company's aggressive marketing strategy involving high -profile celebrities backfired spectacularly. It's a warning for investors and a point of concern for regulators. Layer Zero's alleged exploitation of Alameda Research's financial distress raises ethical questions. It also highlights the lack of oversight and the need for stringent regulations in the crypto industry. FTX's attempt to recover assets and cancel prior agreements could set a precedent for how companies in financial distress handle their obligations. It's a complex web of legal and financial maneuvers that could have far -reaching consequences. The unfolding drama reminds us of the dangers and rapid expansion without adequate risk management. It's the lesson for other crypto companies and a wake -up call for the industry at large. Lawsuits and bankruptcy are one thing but what happens when a crypto exchange throws a curveball to a whole country? Before we unravel this don't forget to hit that subscribe button to stay updated. Coinbase recently sent emails to some of its Indian users stating it would discontinue services for them after September 25th. The email urged users to withdraw their funds from the platform. The email was not sent to all Indian users but only to those who were found to be in violation of Coinbase's updated standards. This led to confusion and panic among Indian traders who took to social media to express their concerns. Coinbase clarified that the email was part of a routine review and was sent to users who no longer met their updated standards. The exchange also stated that this move does not affect users access to Coinbase cloud services. Coinbase entered the Indian market last year but faced several challenges including regulatory issues and the suspension of UPI support on the platform. The company also stopped onboarding new users from India earlier this year. Coinbase's actions come at a time when India is hosting the G20 summit where global cryptocurrency regulation is being discussed. The Indian government is also evaluating recommendations for regulating crypto assets. Despite these developments Coinbase remains committed to the Indian market and continues to offer its wallet services. The timing of this event and the ongoing G20 summit in India cannot be ignored. Is Coinbase feeling the heat from global regulatory discussions or is this a strategic move to tighten its user base and comply with evolving regulations? Either way the incident has sown seeds of distrust. Coinbase's selective email to certain Indian users also raises questions about transparency. What are these updated standards and why were only specific users targeted? It's a murky situation. Moreover the Indian government's stance on cryptocurrency is still unclear adding another layer of complexity to Coinbase's operations in the country. With the G20 summit discussing global crypto regulations Coinbase's actions might be a preemptive measure to avoid future complications. While Coinbase remains operational in India the incident calls out the vulnerabilities and uncertainties that come with centralized systems. Coinbase's recent actions in India have clearly caused a stir highlighting the tensions between centralized crypto platforms and regulatory ambiguity. But as we pivot from this snapshot of crypto's current standing in India let's widen the lens. Now we were just talking about the G20. It's not just the exchanges that are at a crossroads here. The Indian government itself is on the brink of setting the course for crypto's future and their decisions won't just affect the subcontinent. They're positioned to influence the global crypto landscape via their presidency of the G20. So from the individual worries of Coinbase users to the collective anxiety of the global crypto community we see that the issues are deeply interconnected. Both are waiting for India's next move which could either enhance financial freedom or tighten the government's grip. So here's what's going on more broadly speaking. India's finance ministry is set to decide its stance on crypto in the coming months. The country has been under scrutiny for harsh crypto regulations including taxes and anti -money laundering rules. However there is a shift towards possibly framing its own legislation, a first since early 2022. India is also working on a five -point crypto legislative framework. This includes advanced KYC for crypto companies, real -time proof of reserve audits, a uniform taxation policy, and possible authorized dealer status for crypto platforms under the Reserve Bank of India's guidelines.
Simply Bitcoin
A highlight from SEC Delays Spot Bitcoin ETF Including BlackRock | EP 815
"Welcome to Simply Bitcoin Live, we're your number one source for the peaceful Bitcoin revolution. We cover the breaking news, culture, and medic warfare. We will be your guide through the separation of money and state. The SEC delays the Bitcoin spot ETF once again. Is it really surprising? I don't think so. I was talking about this on Simply Sessions last night on the BTC Sessions channel, which we also stream on the Simply channel as well. At what point do you believe that Gary Gensler's motivations are political? We know what was happening with the so -called Operation Shook Point 2 .0, which is according to the people that were reporting on this theory, which is the idea that the US government was trying to isolate the traditional financial system from the Bitcoin and altcoin industry. Now obviously, you guys know how we feel about that on Simply Bitcoin. We've had Caitlin Long come on the show. She said it, not us, that her bank was denied a federal banking charter, which would make on her competitive a national level banking -wise. And she said that that order came directly from the White House. We also know, based on the numerous reports, whether it's the presidential economic report released by the White House, whether it's a report that was released by the US Treasury, how the Biden administration feels about the Bitcoin and altcoin industry, how they want to push forward a central bank digital currency, how in their eyes there is a necessity for a central bank, and how they're big fans of a central bank digital currency. And then coincidentally, around the same time that this is happening, the American version of a central bank digital currency was officially launched, called the FedNow. Now they're saying that it's not a central bank digital currency, but I don't really trust them. So how long are they going to be able to delay this spot Bitcoin ETF? I don't know. But Michael Saylor was tweeting, you know, in celebration about how Grayscale won the lawsuit against the SEC. And I guess that's a step in the right direction. Look, as a Bitcoiner, I'm divided about the ETF for two reasons. I think it's definitely going to be positive for the price, but it also could lead to rehypothecation. This is something that we've covered in depth. I had an episode with Lawrence Lippard and Caitlin Long covering this particular subject. And yeah, look, I had a tweet pinned to the top of my profile for the longest time and it basically said that if enough people take self -custody, we'll win this thing and there's nothing they can do about it. So the dangers of a spot Bitcoin ETF is people get very comfortable. They open their Charles Schwab account, they open their Robinhood account, and they're like, look, I bought Bitcoin. That's it. But they're not really benefiting from the value of Bitcoin, the value of self -sovereignty. And that's how things change.
The Breakdown
A highlight from The Treasury's Broker Definition Could Crush US Crypto
"Welcome back to The Breakdown with me and LW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Monday, August 28th, and today we are talking about the new broker definitions from the US Treasury and all of the scuttlebutt around them. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello friends, hope you had a great late summer weekend. Today we are getting into news that broke just before the beginning of the weekend but has continued to reverberate throughout. The US Treasury has finally released their definition of a broker as part of broader crypto tax reporting rules. The nearly 300 -page rule proposal was published on Friday to codify language in the 2021 Infrastructure Investment and Jobs Act. The rule would require centralized crypto exchanges, payment processors, and other entities that regularly redeem crypto issued by them to report customer transactions to the IRS in a similar way to stockbrokers. Now the issue is that the definition of broker is so broad that it captures some hosted wallet services, some DeFi applications, and potentially much more. In addition to the reporting requirements, the rulemaking introduces a new dedicated tax form, the 1099 -DA, which settles confusion around which form crypto brokers should file. Miners and validators are expressly excluded from the reporting requirements, but the rules seek to capture essentially all other web -based services that provide access to trading platforms within their own user interface. Now of course, this set of rules was controversial from the start. In late 2021, as the infrastructure bill was being negotiated, there was an industry outcry that the rulemaking instructions as drafted would be unworkable. These concerns were shared by many lawmakers, including a small group of pro -crypto -democrats. Still the loudest complaint came from Republican Patrick McHenry, who said the current language is completely unacceptable, it needs to be fixed. The major concern in 2021 was that the loose language would be used to put reporting requirements on miners, validators, and self -hosted wallet providers, who plainly did not have the personal information and transaction data required to comply. As the bill moved towards a vote, the Treasury attempted to ease nerves. One source told Bloomberg that the Treasury Department wasn't looking to go after businesses that don't have transaction data, however they noted that much of the lobbying was aimed at limiting the Treasury Department's authority to collect legitimate tax information. This was viewed as an indication that the rules were not intended to place an unworkable reporting burden on miners and validators. The Treasury has stuck to their word on this end and ensured that the rules do not apply to those groups within the crypto ecosystem. Alexis Goldstein, Financial Policy Director at the Open Markets Institute, and frequent anti -crypto witness at Congressional Testimonies, argued that DeFi protocols should not be given a carve -out from the new rules. She said at the time, Ultimately, an eleventh -hour effort to amend the language in the bill was snuffed out by an unrelated procedural quirk which forced an unamended vote. Crypto lobbyists recognized that the rules would need to be objected to once published. Since then, there have been multiple legislative efforts to repeal the rules before they were issued but none have progressed. The rulemaking is being justified as a measure to close the tax gap. The Joint Committee on Taxation estimated that these provisions would raise up to $28 billion in additional tax payments over the next decade. The Biden Administration and the IRS under them view unpaid taxes on digital asset trading as a major contributor to the tax gap which is the difference between taxes owed and taxes collected. Some estimates put this overall tax gap issue in the ballpark of $500 billion per year. The Treasury directly addressed this issue as the reasoning behind the rulemaking and stated that it was an effort to crack down on tax cheats while helping law -abiding taxpayers know how much they owe on the sale or exchange of digital assets. This isn't really the main point but obviously the crypto industry as a source of tax revenue looks very different to the way it looked in mid -2021 when the infrastructure bill was passed. And what's more, even if somehow this rulemaking brought in the entire $28 billion in additional revenue over the next 10 years, which most think is extremely overzealous, it would still barely make a dent in the $1 trillion price tag for the Infrastructure Act. Maybe because of that, the Treasury gave the impression that funding the Infrastructure Act was a secondary consideration. Now, speaking of Patrick McHenry, he said that he was Other than that, however, he was disappointed in how broad the rulemaking was. He stated that However, it fails on numerous other counts. Any additional rulemaking related to the other sections from the law must adhere to congressional intent. McHenry also directly called out the White House for yet another piece of bad faith policy, adding that Now on the flip side, Elizabeth Warren, leader of course of the anti -crypto army, didn't think the Treasury went far enough. She said in a statement Kristin Smith, the CEO of the Blockchain Association, noted that by overreaching, the Treasury has presented both an unworkable set of rules and failed to execute on policy which could lower the burden of calculating taxes for everyday crypto users. If done correctly, she said, these rules could help provide everyday crypto users with the necessary information to accurately comply with tax laws. However, it's important to remember that the crypto ecosystem is very different from that of traditional assets, so the rules must be tailored accordingly and not capture ecosystem participants that don't have a pathway to compliance. Another concern was the cost of implementation and the sheer difficulty of compliance, even for well -established centralized exchanges. Coinbase Vice President of Tax, Lawrence Latkin, said in a statement The practicality of the IRS's requirement to report, let alone enforce this incredible minutiae of taxpayer data, is questionable at best. Miles Fuller, head of government solutions at crypto tax software company Taxbit, was a little more credulous about the feasibility compliance for large firms, stating that Quote, There's obviously an immediate investment cost to brokers that will have to implement this and digest and figure out how to do it, but the longer -term outlook in my view is good for the industry because it'll help bring more mainstream adoption. Still, by far the most common discussion point on Twitter was that these rules were overly broad and capture far too much of DeFi infrastructure in their definition of a broker. Crypto commentator Spreak writes, So to recap the new proposed tax rules, Metamask is a broker and has to KYC and report all users unless it removes swaps. Uniswap is a broker and is required to update its UI to a new KYC version. Anything with a multisig is a broker and required to add KYC. For completeness, the proposed definition of a broker includes A person who, in the ordinary course of a trade or business, operate a non -custodial trading platform or website that stands ready to affect sales of digital assets for others by allowing persons to exchange digital assets directly with other persons for cash stored value cards or different digital assets, including by providing access to automatically executing contracts, protocols or other software that automatically affects such sales.
The Dan Bongino Show
Crazy Libs Publish Op-Eds Over 14th Amendment Following Lawsuit
"I warned you that they're not going to stop. The next evolution is starting now. Did you see there was a lawsuit filed this weekend by this attorney Lawrence Kaplan filed a lawsuit to keep Trump off the 2024 ballot? Citing, no way. The 14th amendment. Dan, I'm a P1, listen to your show. I'm here all the time. You told us a few months ago that was going to happen. It wasn't just me, it was others too. Why? Because Democrats are freaking crazy. And now it's all started. All of a sudden this weekend, all of these op -eds and social media influencers on the left started talking about the insurrection clause. I believe it's section three of the 14th amendment U .S. Constitution saying you're barred from elected office unless if you participated insurrection or rebellion. And almost as if the whole thing was coordinated because it is, all of a sudden this weekend, all of the 14th amendment talk starts creeping up. And look at that right after the lawsuit files. This is so convenient. ABC News, just amazing the timing. Here's an op -ed, 14th amendment section three, a new legal battle Trump against takes shape. These people are nuts. I've never seen any human being obsess over another human being like the left does over Trump. I've never seen anything like it. You know you're crazy if you're a lib listening to this show. And some of
Crypto Cafe With Randi Zuckerberg
A highlight from What You Need to Know This Week (August 24th)
"Hello, everyone, I'm Randi Zuckerberg, host of Crypto Cafe with Randi Zuckerberg, where we embrace newcomers and experts alike to all things art, innovation and technology. Our new recurring theme of this weekly podcast is what you need to know this week in the conversation. I'm joined each week by my amazing teammates from Hug to break it all down for you. And if you're not familiar with Hug, our mission is to democratize access to art through technology and education. So if you're interested, you can check out tons of free resources we have available to help you become the best creative entrepreneur possible. Check out thehug .xyz. Alright, each week on Crypto Cafe, we provide what you need to know this week in all things AI, blockchain, tech disruption, basically anything that's changing the landscape and all of it in roughly 10 quick minutes. So let's jump in. I am joined this week in the Crypto Cafe by Hug contributors Debbie Soon, chief growth officer of Hug and Michael Littig, director of creator programming at Hug. Hi, Debbie. Hi, how are you doing Randi? Wonderful. Even better now that I get to talk to both of you and Debbie's all the way on the west coast. Michael, you're a little closer. You're just like across some water from me. How are you doing? I'm good. I'm feeling some back to school vibes as it's getting a little cooler here in New York and always like to break through the Slack channel and spend some time in a virtual room with you. So I'm excited to be here. Yes, I I'm wearing long sleeves today, which is crazy. Alright, well, let's get into what's on both of your minds. So let's start. Debbie, you I want to hear some highlights about Beeple, a leading artist this week, because I know that's what's on your mind. Yeah, I mean, I think most people should probably have heard of Beeple. You know, he definitely made headlines when he landed that record breaking sale. Like I think it's sixty nine million dollars, you know, a couple of years ago. That's probably honestly what set off the entire fascination of NFTs, because I think all of a sudden everyone was what is this NFT thing? Like how did this piece of art sell for sixty nine million dollars and wait is just a JPEG. So, you know, I think I've definitely credited people for kind of raising mainstream awareness amongst everyone about what digital art is, what digital art can be. But I think a lot of people forget that he's been around for a long time. Like I know actually one of the favorite things that I always hear you say is that people always mistake overnight successes for being an overnight success. But it is actually years in the making. So, you know, people is definitely someone to to watch. I think, you know, he's showing his work in Korea in the next couple of weeks. He's got his own studio. So definitely a lot to pay attention to. It's incredible. I actually had the opportunity to interview people on this show, I think about two years ago. And you're right. I mean, I was asking, I was like, OK, so what what was it about this piece that sold for all this money? And I mean, he worked on it every day for years. I mean, imagine if you worked on something every day for a decade or more of your life. You'd certainly want, you know, hope that that would be extremely valued also. And so you're right. This certainly isn't just a, you know, throw something on a computer and then sell it instantly. Michael, any any thoughts or your thoughts on people? Yeah, two things. One, this is something I've been thinking a lot about. I think any creator, entrepreneur, artist can really take away, which is I would call a vertical timeline. Like you just mentioned, people was working on this for five years. He was experimenting with these skills of making digital art as a daily practice and just so happened to meet the moment when technology caught up. And so I just got off a call with Christie's. We hosted a conversation with Christie's at Hug kind of around the art of curation. And Sebastian, who's the digital manager of sales there was saying something similar about stacking skills. This is something you've also taught me, Randy, is like, how important it is for individuals to continue stacking skills throughout their life. Because there comes a time when those skills become needed, when the culture catches up or technology catches up, and you actually meet the moment. So what I loved about people in this article that was posted was how people is really trying to capture the zeitgeist of the internet, which is like, how do you capture lightning in a bottle? And I think part of doing that is simply showing up daily to it and responding. So I think that's the thing I listeners should take away from this. Yeah, and I always feel like Michael is the one that reminds me about how important it is to have a daily practice, because sometimes I realize I have a daily practice to even without, you know, realizing it like having coffee, for example. But you know, I think even some of the most incredible artists like Picasso has created 100, close to 150 ,000 works throughout his entire lifetime. And there really is something about just showing up committing to something and really getting better over time. And you know, people does that in a really, really interesting way, too, because he sometimes really chronicles the day to day or is almost like a political commentary and social commentary and all the different things that we're seeing and on the internet. I completely agree. And speaking of crazy things on the internet, Michael, you brought a topic to the table this week about how Pink Floyd is using artificial intelligence in just a ridiculously cool way. So maybe you can dive into that a little more. 100%. So I'm really inspired. So Claire Silver was on this program about a few weeks ago. And Claire Silver is what she would like to call an AI artist collaborator. She uses AI as a collaborator. And I think this is interesting. So this study came out where this scientist trained AI on these individuals listening to Pink Floyd's album, right, but they trained it on brain scans. And what happened is the brain scans were actually able to reproduce the melody, the pitch, the tone of the music at a 43 % success rate, which is like that kind of blows my mind when it comes to the possibilities of AI as a collaborator, right? I think of this and another amazing scientist that I got to interview a few years ago named Lawrence Doyle, who's doing something similar with whale songs. And I think there will be a time when I think we're going to be able to understand a whole depth of language and communication in ways we never thought possible. And so I'm like, this is like blowing my mind of like, how can AI be a collaborator to me? And what else can I illuminate going back to that kind of vertical access? And it's it's just really, really, really amazing. Absolutely. Debbie, I'd love some of your thoughts here. Well, I mean, I think the whole thing about brainwaves, like I would, I wish there was a way for AI to kind of read, interpret my dreams, like if there was any kind of patterns that it would pick up on, like, I have this very strange recurring dream of losing my teeth or my teeth falling out. And I feel like my brain is trying to tell me something that that AI could eliminate for me. Are you an entrepreneur, Debbie? Is that why you're having anxious dreams? I hope not.
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.
The MMQB NFL Podcast
A highlight from Conor Picks A New Favorite Team
"I don't know if I like that. I I like as a coach like an outlier in appearance like a Like someone who's either very old Not in great shape Like looks battle -hardened. There's something to that for me because Well Vic Fangio is Mike McDaniel's defensive coordinator Now Vic Fangio is still the head coach of the Broncos we'd have and Vic and I are from Scranton That would have been a very well Vic is from Dunmore I'm from Scranton. Let me because he'll correct you when you say that but That would have been an obvious one, but you get rid of Vic Fangio you get rid of me as a franchise So but Vikings are good But again, it's like I like So what I like about them So the wholesome part like Kirk Cousins has got that covered but on top of that, right like I do think like the way they treated their plate like one thing that was very noticeable to me was the way they handled all their outgoing players this year and If you go back and you look like Dalvin cook Patrick Peterson Eric Kendricks All these got Adam feel and all these got Dalvin cook all these guys they offloaded None of them have anything bad to say about the Vikings because of the way they handle those guys on the way out And then what you have remaining? Is maybe the most exciting young player in the game and Justin Jefferson, right? Proximity, New Jersey, that's an easy flight. It's a Delta hub So you have like you can get there really really easily and probably like an hour and a half two hours I feel like the young core there is good. They're very Forward thinking with quasi Adolfo Mensa is their GM who's kind of like a good merger between analytics and scouting. I Think there's a lot there I mean I just think that and I don't think that they're at the level of like the Bears or the Giants where it's like Alright, like that's a hit. That's a team that like has Like it's hard to just join that established fan base You know what? I mean? Like I feel like they're like maybe a notch below that and they're Minnesota nice. They would let me in My problem is I feel like as my kids get older. I need the head coach to be Older than me because like I think Kevin O 'Connell and I are pretty close to the same age We're in the same NFL locker room together when I was a young beat reporter and he was I covered him to Quarterback. Yeah, it's so I think like I would imagine like maybe one day my kids being like Oh the head coach of the Vikings is 40. Why aren't you doing anything? Cool dad? You're you're 40 so that's just something that's kind of the back of my radar, but I do I I Do support moving the Vikings up? to to a hot team Potentially and I do like I like that They're a little earlier in the cycle because it would be a little strange to I think the Jaguars are a very appealing pick It would be strange to become a Jaguars fan and then for the rest of your life people say Oh, how'd you become a Jaguars fan? And you say well, it was Trevor Lawrence's third season They had already proven they could win a playoff game and I said now's a good time for me to hop on the Jacksonville bandwagon Jacksonville just feels like I don't know. It's like too obvious too obvious That's how I feel about Detroit too, which is in this category. We haven't even talked about. Yeah. Yeah No, I'm with you Detroit's too obvious and part of this is gonna be You know, I want a fan base that handles success. Well, I think on this list a lot of teams that got punished Are teams whose fans when they achieve sudden success? Just collectively become like the largest group of douchebags on the planet and is that how you feel about Eagles fans? People would describe Patriots What I like about Eagles fans, I will say this you're getting dangerously close to early Bill Simmons era Boston and A Boston Red Sox Boston Celtics where you're making it a lot about you and I think you are over rating The struggle that's what I would say and it's there's a very theatrical Element to all that we had to go through in the empty stadiums at the link and oh The fellowship what we called it up here was right before they like the championships started here They called it the fellowship of the miserable up here But it's theater, right? It's acting some of it is Yeah, I mean like the whole like going to your you know Great -grandfather's grave site the day after the Red Sox won the World Series. There was definitely some of that Okay, I can see that to one up that I will say the morning of the Super Bowl this past year I saw videos from Philly where people were at their grandparents grave sites tailgating And they had run like they were tailgating with their dead relatives I remember walking into the stadium in Arizona being sent these videos Wait a minute Can you imagine like driving by a cemetery and seeing like an RV parked in the middle of it and just like a half dozen people hanging out But that's also part of why I'm weary about Philly like there's always there's already this established fan Subculture and then to be able to fit in I would have to be so extra beyond what I am now And so I think that there's a little bit of pressure there to be there's a high barrier to entry to be a fanatical Eagles fan I think yeah, I also think Philly is a very strong 4 -4 kind of city and I know there are others on the list I'm not saying that's exclusive to Philly But I think it it is Particular there where it's like the diehard Eagles fans are tend to be also diehard Sixers Phillies fans It's not an easy city to sort of pick and choose one team a la carte and have other interests It feels like everyone's very much dialed into all of the teams I know there are other four for four cities people probably listening to the saying or cities like that, too But it feels it feels like some very passionate fans as I know and I think it would be a tough place to just sort Of hop in as just an Eagles fan it would it would anybody else have a candidate to bump up from maybe teams So we're moving the Vikings up right moving the Vikings up Okay, I'm gonna have to you know, the Kevin O 'Connell thing is a me issue.
The Breakdown
A highlight from Why A Pro-Bitcoin, Anti-Central Bank Economist Just Won Argentinas Presidential Primary
"Alex Krueger, who I frequently quote, who is himself from Argentina, said, Mille is neither good nor bad. He is different. And for Argentina, different means good. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Tuesday, August 15th, and today we are talking about the Argentinian presidential candidate who is a pro bitcoin candidate. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review. Or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello friends, welcome back. If you have been on bitcoin twitter in the last day or so, you've probably seen someone talking about the pro bitcoin Argentinian presidential candidate that just won a primary election. As a representative tweet, Marty Bent said, Argentina electing an anarcho capitalist president and embracing bitcoin would be pretty epic, especially when the world sees how quickly they recover from a multi -decade bout of fiat -induced economic mismanagement. This is indeed a really interesting development. However, it can be very easy, all too easy, frankly, for bitcoiners or crypto advocates to get so excited about a politician from somewhere else sharing our views on those particular topics that we fail A, to see the politician for their full set of policies and beliefs, or B, fail to put it in the context of what's actually happening in the place that politician has emerged. I think both of those things are extremely important and so today what we're going to do is just a little bit a very, very superficial background on Argentina, its recent economic turmoil, and of course the candidate in question, Javier Millet. So first let's talk about what actually happened. On Monday night there was a shock election result when libertarian congressman Javier Millet secured a victory in the presidential primaries with 30 .1 % of the vote. Millet came in ahead of pro -business center -right candidate Patricia Bulrich, who garnered 28 .3 % of the votes, as well as the candidate from the incumbent center left government Sergio Masa, who got 27 .2 % of the vote. Masa is the current minister of economy and is a party member of the Renewal Front, a part of the ruling coalition of democratic socialist parties. To get a sense of why people around the world are talking about this, economics professor Lawrence White wrote, 30 % in the first round for a candidate who wants to abolish the central bank and dollar rise. Remarkable and encouraging whatever disagreements I may have with Millet on other issues. So who is Javier Millet? Well, he's a relative newcomer to Argentine politics. He was a founding figure in the libertarian coalition, which was formed in 2018. The party's power base is centered on the capital of Buenos Aires, but they are far from a dominant political faction. The party had a glimmer of success during the 2021 elections, obtaining a parliamentary seat for Millet. Overall, the libertarian coalition holds only four seats in the 257 seat lower house and none in the senate. One of the things this could mean that if Millet is successful in the final round of presidential elections to be held in late October, he might need to form an alliance with the center -right opposition in order to pass legislation. Before turning his attention to politics, Millet had a two -decade long career as a professor of economics. He is firmly of the Austrian school, believing in hard money principles. He has been highly critical of the university of Buenos Aires, which he views as being responsible for the, quote, proliferation of Keynesian brutes. Outside of economics, he is extremely socially conservative. He's put forward opinions, for example, around the extreme restriction of abortion, unrestricted civilian access to firearms, and climate change denial. Now, one of the things that you'll note if you've spent any time with Western press characterizations of Millet is that he gets compared to other right -wing populists like Trump and Bolsonaro quite a bit. In fact, most of the American coverage of him includes some phrase like Trump -loving or Trump -admiring literally in the title of the article. What's important to note is that his political communication is significantly more focused on politics. Indeed, his election campaign has centered on the economics of Argentina. During rallies, he has called for a massive reduction of government spending, formal dollarization, and the abolition of the central bank. He's also come out as a fierce advocate for Bitcoin as an answer to the control imposed by central banks over the money supply. However, before we go deeper into the Bitcoin dimension of this story, let's talk a little bit about the larger context. The Wall Street Journal characterized Millet's victory as a middle -class revolt, and it's pretty hard to argue with that point. Millet outperformed both the center -right opposition candidate as well as the center -left candidate from the incumbent government. Indeed, his victory in this preliminary stage of the elections is being viewed as a rejection of career politicians and the ruling class in Argentina. Current ruling party is part of a coalition of Peronist democratic socialist parties which have carried forward the political ideals of post -World War II president Juan Perón. While obviously the political history of an entire country is way, way out of depth for this show, at a very high Wikipedia -style level, Peronist presidents have been successfully elected in 10 of the last 13 elections in which they have been allowed to run, and so in that way definitely represent the entrenched incumbents in Argentina. Their ideology features things like nationalization of industry, strong government -supported labor unionization, and a hefty dose of social welfare. However, this ideology has been increasingly on the outs over recent years. For example, between 2015 and 2019, Mauricio Macri from the opposing center -right party, the Republican proposal held the presidency. In 2021, the Peronist coalition lost their majority in the Senate for the first time in 40 years, leaving the party impotent to pass legislation in their own right. Now, Mille's surprise victory on Monday could represent the final collapse of power for both of the major political coalitions in Argentina. Pre -election polling had the Dark Horse candidate finishing in third place behind the more established party figures, but was obviously way off. Now, part of why there has been such a political shift is that Argentina is going on 25 years of economic dysfunction. Starting in 1998, a string of global economic shocks led to a three -year depression punctuated by a sovereign default in 2001. In that period between 1998 and 2002, the Argentine economy contracted by 28 percent. Because of that, the nation turned to the IMF for debt restructuring to deal with an exponentially growing pile of dollar -denominated debt. After 2023, growth did return. Both unemployment and the 2008 global recession with its growth intact, but the economy sputtered out again in 2013, and since then, Argentina has experienced five recessions in the past 10 years. Now, things arguably took a turn for the worst after the change of government to the longtime opposition in 2015. By the second half of that year, inflation hit 30 percent, and the Argentine peso was cut in half to an exchange rate of 30 pesos per U .S. dollar. The central bank responded by hiking interest rates to 45 percent and draining its foreign currency reserves to bolster the collapsing peso. Inflation never came back down significantly below 40 percent prior to the pandemic, and the peso continued to devalue year after year. In 2019, power transitioned back to the dominant center -left coalition, and capital controls were put in place. Citizens could no longer freely exchange their pesos for dollars. In this environment, the central bank sets an official fixed exchange rate, at which individuals are only allowed to exchange $200 per month without paying punitive taxes. In spite of that official rate, however, the nation functions as a semi -dollarized state with citizens exchanging currency at a free market rate known as the blue dollar. This exchange in physical dollar bills is illegal but generally not enforced, as anyone who has visited BA knows. Alongside the blue dollar rate, there are a range of other exchange rates designed to act as either a subsidy or a tax on certain import and export industries. Most notably is the agricultural or soy dollar rate, which was introduced last year. The soy dollar rate was intended to offer farmers a more favorable exchange rate after they began to stockpile their crops rather than participate in economically critical export markets, however still had the problem of not being the actual rate that dollars were fetching on the blue markets. Now fascinatingly, on Monday, as it became clear that Miele had outperformed his rivals at the polls, the government announced another adjustment to the official exchange rate. The peso was devalued by 18 percent to trade at 350 pesos per dollar. Blue dollar rates also shifted by more than 14 percent and now sit at 675 pesos per dollar. That is a new all -time low for the Argentinian currency. Alongside the devaluation, the central bank hiked its key interest rate by 21 percentage points to reach 118 percent. Inflation is now firmly above 100 percent per year, and there doesn't appear to be an easy way to stabilize the currency or the economy. Now the devaluation is being blamed on an economic meltdown in reaction to the election. Alejo Costa, the chief Argentinian strategist at BtG Pakchual and BA, said investors like Miele's economic message but fear the execution and institutional risk considering his lack of power in congress and aggressive style. Now one concern is that Miele or any other president will have their work cut out for them. Claudia Kalich, the head of emerging market debt at MNG Investments, said that whoever is in charge by the end of the year will need to begin unwinding unsustainable policies. And ultimately this is what makes Miele's success at the polls start to make more sense. The core pillars of Miele's proposed economic reforms are to formally dollarize the economy and slash government spending to the bone. Given that the people of Argentina have seen their peso savings slashed by two -thirds in just the past year, the message appears to be resonating. So at this point let's start to bring crypto back into this story. Argentina is a place that has embraced crypto for some time now. In fact, I've often told this story on other podcasts, but in early 2019 I actually brought my father -in -law to BA for a couple day trip where we effectively just hung out with people who were working in the crypto space and that's where it really clicked for him. It was soon after that trip that he made his first bitcoin investments, which by the way, if you look at what bitcoin was priced at at the time, was a pretty damn good time to get in. Now back to Argentina itself, local laws allow for up to 20 % of wages in kind, which some workers have used to receive part of their salary in crypto. That has represented a significant boost for global workers who otherwise would have had US dollar payments automatically converted into pesos with the banking system. According to International Payroll Company Deal, Argentina has more workers getting paid in crypto than any other nation in the world. Now a big part of the adoption in Argentina is around stablecoins. This makes sense given how dollarized the economy is. Many blue dollar exchange offices now accept and distribute stablecoins and their use in the economy as a payment method is also increasing. Several major banks even began offering crypto services in recent years. Now perhaps because of all of this, the amplified adoption of crypto in Argentina has alarmed the IMF. Since 2020, the government has been seeking IMF assistance in restructuring its debt, but negotiations have been painfully difficult. The IMF has insisted on a range of economic reforms and austerity measures, but a lack of a parliamentary majority made it difficult for the government to make a firm commitment. In March 2022, the government signed a letter of intent with the IMF on a loan of $45 billion and one of the terms of the agreement was that central bank would discourage the adoption of crypto in Argentina in order to quell money laundering, informality, and disintermediation. This was, of course, the IMF's very own Operation Chokepoint Argentina and despite there being no formal policy, multiple major banks suddenly shut down their crypto services. Now $5 .4 billion of the IMF loan was distributed to Argentina earlier this year, but with elections and potentially a change in government coming, it's not clear when the balance of the loan will be paid out. For many citizens, the current government has used the central bank to pursue a failed policy of currency controls and sky -high interest rates. And in spite of all of that, inflation is still above 100 % and shows no signs of slowing down. Is it at all surprising then, that Argentinian citizens are attracted to a politician who pledges to burn down the central bank? Now, several months ago, when Mille was enjoying a groundswell of support, he made an appearance on national TV to put forward his economic positions. In that interview, he was asked specifically about his views on Bitcoin and what its adoption could mean for Argentina. Mille answered, and of course, all of these quotes are translated from Spanish. The first thing we have to understand is that the central bank is a scam. It is a mechanism by which politicians cheat the good people with the inflation tax. What Bitcoin is representing is the return of money to its original creator, the private sector. Money is a private invention. In order to be used to solve problems, for example, in a bartering economy, the double coincidence of wants and indivisibility. Then paper money appears in order to solve portability. And then that evolved and the currencies that people chose were silver for small transactions and gold for bigger ones. Then, because back then it was very dangerous to move the gold, people used to deposit the gold and get in exchange a receipt. Then in the year 1445, in the first Genovese Congress, the states appropriated the exclusivity to issue the money. That's the legal tender, which is a key point. Because legal tender allows the politician to scam you with the inflationary tax. Bitcoin has an algorithm that one day it will reach a certain amount and there is no more. It can compete with other currencies. In fact, it competes with Ethereum and others. And what is the good thing? It's the return of private money. But what is the problem? The problem is that governments will not give up the legal tender because with legal tender they can scam you with the inflationary tax. Bitcoin is the natural reaction against the central bank scammers and to make the money private again. The flip side is that the thieving politicians are not going to allow you to go against legal tender. In economies with high inflation, the scam problem is bigger. That's why, as I suggest, you can propose to close the central bank.
Simply Bitcoin
A highlight from BREAKING: Europe Launches First Spot Bitcoin ETF | EP 803
"It's all going to zero against Bitcoin, but it's going up forever, man. Yo, welcome to Simply Bitcoin Live, we're your number one source for the peaceful Bitcoin revolution. We cover the breaking news, culture, and mematic warfare. We will be your guide through the separation of money and state. Lots of news to unpack today. Apparently Europe has launched their first Bitcoin spot ETF. There's been some debate though, because people are saying that they really did it. Some people are saying that they really did. So I'm going to go by the coin desk article. That's how I'm going to make my judgment call. And of course, if there's any updates or any more information that gets released, we will be the first to tell you guys. But as it stands, Europe launches their first spot Bitcoin ETF. Could this be the introduction of the so -called spot Bitcoin ETFs in the wealthiest economies? We know BlackRock is really, really, really, really wants theirs to get approved. So could this be the beginning? And of course, we all have to remember this is a double edged sword. We have the risk of rehypothecation. We had a Simply Bitcoin IRL, where we had Caitlin Long and Lawrence Lippard too. You could call them experts in the field, basically talking about all the risks of potential rehypothecation with the introduction of a spot Bitcoin ETF. And on the other camp, you had people like Greg Foss and James Lavish also that came on Simply Bitcoin IRL that are making the other argument that it's a spot Bitcoin ETF, that there's no way that they could do this. So it's a double edged sword, but I think there is a common consensus that it will be positive for the price action. It could make the price go up. That's the general consensus. So that's very exciting. And also another topic that I haven't heard a lot of people talk about, KYC mining pools have more than 50 % of the Bitcoin hash rate. That's right. More than 50%. Now, if you are an at home miner, you're running an old S9 or you're at home, you know, running an S19 and you're just using it to heat your house. You've never been so important. You're the last line of defense for decentralization. And I suspect that number is so high because people like to use large mining pools. You know, we have Foundry USA, which tends to only accept large miners and they KYC everyone, right? They need to know who those miners are. Right. So obviously, we don't want this to head in this direction. Now, does this mean that transactions are going to start being censored and whatnot? Well, the worst that they could do is slow down certain Bitcoin transactions. But as long as there's one S9 around the world that is not using, you know, those KYC mining pools, is using a mining pool of their choice, statistically speaking, they're going to find, you know, a Bitcoin block eventually, and they're going to include whatever transactions they see fit. So the worst they could do is slow down certain Bitcoin transactions. But this is all part of it. This is all part of the separation of money and state. We are living through it. This is what it's all about. Anyways, guys, make no more delay. Let's bring up our very special guest today, David Senior. How you doing, buddy? Yeah, I'm good. Doing good. Thanks. Thank you. Thank you so much for joining us. And my legendary co -host, definitely optimistic today.
CoinDesk Podcast Network
A highlight from THE HASH: SEC to Challenge XRP Ruling in Case Against Ripple; FTX Claps Back at Creditors
"Hey there. Welcome to Coindesk TV. Welcome to The Hash. It's the best show on Coindesk TV in my humble opinion. I'm Zach Seward. We're joined by Jen Senassi, Will Foxley. They both agree. Best show. Good stuff. That's a fighting word, Zach. What are you talking about? What are you talking about? Is that a compliment or a diss for me? It's a compliment. All of them. We're this, all of us together. We bring so much. You know, Jen, you have multiple shows. I'm not throwing shade at the other show, but this show. Sorry, Lawrence. This is what it's really all about. I have to agree. There you go. Love that. All right. It's pretty good. Enough hemming and hawing. My bad, folks. Let's get to the stories of the day. Will, lead us off. What's up? Okay. Let's go to FTX land and talk about bigger problems. This is a tough one. Creditors and debtors are fighting it out after a draft reorganization plan was filed by John J. Ray III, the new CEO of FTX and the FTX estate. Of course, they're going through this chapter 11 process, which is going to be drawn out for quite some time. They've been at it for well over six months at this point, and they've been racking up a lot of fees. The creditors here are not super happy with the handling of a lot of different aspects of the estate. For one point, they even issued that, Hey, why is the treasury not being put into UST bills so we can earn a yield on top of all the money that is waiting to be distributed to FTX creditors? The estate has some thoughts about that. There's some back and forth here. At the end of the day, I think it's just two groups arguing over a vast sum of money that is owed from one party to another. This is a story as old as time itself, right? Like chapter 11 back and forth. Jen, I got to throw it to you. What's your take on this one? I'm imagining when I read the story, I imagined FTX's new management, like in suits, you know, all the lawyers that are making all that money that we spoke about way back when trying to talk to like a bunch of degents who won't turn their zoom cameras on and just getting absolutely frustrated. There are some real great nuggets in here if you read the footnotes and the whole thing, but I think it makes sense. Like FTX's management needs to be conservative. They need to look at this whole thing holistically. I think this is one group, it's the group of unsecured creditors who are saying, no, you need to do X, Y, and Z. I think they were suggesting putting some of the money into long -term crypto holdings. They're talking about US treasury bonds. And, you know, I think that's a little bit risky when you're looking at getting as much money as possible back to all of the people who are owed money in this. There's a lot to dive into here, but Zach, I want to get you in first before we dive down that rabbit hole. I do like the part where it's just like, we're going to put it all on red and we are going to weight it back in one spin, baby, let's do this thing. Yeah, yeah, yeah. It's like that meme. It's like that, I don't know, I forget which movie it is, but the Las Vegas meme where everyone's like gathered around the craps table, like various disfigured injuries, and you often see various sort of crypto figureheads placed into that meme. And you can imagine the degens on the creditors side being like, yes, we can do it this way. But really, it's just a tug of war between two parties seeking to establish power over these proceedings, right? I think this is very much in response. This is kind of John J. Ray kind of clapping back and saying, hey, creditors like pipe down. I know you said this thing where you want control over who's making these decisions. I think that was the previous week that the creditors committee came out and cast a little shade on how the estate is handling things. And hey, J. J. Ray the third is going to clap back. If we know anything, this man does not mess around. We've seen this guy come out firing time and time again. He's ready to roll sleeves and put the fisticuffs up on this one. So interesting to see, again, the war of where it's escalating between these parties who see different priorities and how this should be handled. And this is some tension sort of spilling out into the public sphere. Will, what do you think? Three bits and pieces here. Maybe it's context. Maybe it's just kind of fun facts. I just want to bring up one. There's this debate over should FTX reboot FTX 2 .0. As it were, John J. Ray the third and the FTX estate has hinted at it and maybe even like suggested that they might move forward with it. Certainly a lot of creditors and debtors who want this to occur because they think this is possibly the only way for them to see more of their money, typically in chapter 11, and we see like maybe like 11 cents on the dollar get paid out. Eventually, I mean, Gox Celsius, there's so many different stories in the past where we haven't really seen the money go back completely. Another few thoughts on this is one, the debtors have issued in this note, a complaint that they have not met with the estate at all. And it seems to be some frustration there because the FTX estate is spending so much, like millions of dollars, like the hourly cost for these things is incredible. Yet they're unwilling to meet with the debtors in this situation, which strikes me as a little bit odd, but maybe they just don't want to deal with it. And I suppose if I was in their situation, making a lot of money, I wouldn't answer the phone either. I don't know. Jen, I have to add this to Tidbit and they are, I guess, looking for solutions if we want to get the unsecured creditors some points here. They the reason that they were suggesting that FTX look into short term treasuries was to help offset that 330 million dollar legal fee bill that we spoke about on the show, I think it was months ago now. So they are coming with solutions. You got to give them some credit there. Zach, I'm going to hand it off to you for last words. This story will never die. This is the story that will never die. Maybe we can talk about it 10 years from now, if we're lucky. Oh, wow. It's kind of like all the other FTX stories too, right? Whether it's like got new information about Allison or Sam or whatever, it's like two different tracks for the same story. Yeah, you got to have, you know, like the, you got the A storyline and the B storyline. You got the suits sparring over various procedural updates. And then you, you got the juice over here. You got the, you got the Machiavellian and you got the personal drama, you got all sorts of stuff, all sorts of stuff. Maybe, maybe when Netflix finally makes the documentary, they'll use a clip from the hash. That is my dream. We have been in a book about this. Yes. Shout out to Brady Dale. Now Avaxios, go get that book. All right. That's it. We're going to change gears. We are going to go to an update on the Ripple case. Now, last month there was a big judgment from a federal judge saying that certain sales of XRP satisfied securities transactions. Others did not. And now the SEC is appealing or is asking for permission to appeal that judgment a in major case that has been closely watched in the crypto world. When this judgment was first issued by federal judge Annalisa Torres, who was seen as a partial victory for Ripple and a partial victory for the industry writ large. So clearly, the SEC is advancing its case that maybe those programmatic sales also qualify as securities transactions and they're asking for a certain type of appeal on the matter. Jen, I'm going to throw it to you. Everyone was super duper bullish about this decision from Judge Torres, and now they may have to take it back to appeal. How does that sort of change our understanding of what happened here? This is another story that just will keep going on, I think, until the end of time. It feels like we've been following the Ripple case. It did feel like there was like a moment where this entire industry took a breath and thought, wow, this this is a small win for us. It's a small win. It gives us a little bit of clarity, a little bit of direction. We, of course, have seen since then Coinbase has referenced this partial win in some of their filings against the SEC. And now I just feel down in the dumps again. Of course, there's still a trial pending here. And now we have the SEC filing this appeal, which I think everyone expected. The SEC said that they were going to file the appeal. The part that I'm going to watch and that I think is kind of interesting is Judge Torres said Ripple did not break the law when the XRP token was sold on public exchanges because purchasers had no reasonable expectation of profit based on Ripple's efforts. I just wonder if we're going to see Ripple's efforts come to light here compared to the price of the XRP token. Ripple has made a lot of announcements about acquisitions, new projects, new products, and if that is going to be some swaying information in this case, because I think that it's not a far cry to draw a parallel between Ripple's new project and the price of the XRP token, even though Ripple has definitely distanced themselves from that narrative. Will, what do you think? Yeah, classic Ripple. It's not our token. We just found it out there. I don't know. It was in the wild somehow. Going back to like the lawsuit here in the case between SEC and Ripple Labs, the programmatic selling part that Zach brought up, this is the thing that confused a lot of people, and there was definitely a lot of lawyer opinions on this, including some op -eds I've written on Coindesk, so definitely go check those out for an expert's opinion. From a layman's opinion, just looking at this, it seemed a little odd that you could have this broken up into two different tranches, right, where we could sell to VCs, we could sell to banks, we could sell to institutions, and that's not okay. But if we sell it onto an exchange where there's just retail clients and they're not really having an investment contract, they're just purchasing, I guess, like a commodity in this case or something like that, then it's okay. And it just didn't make sense to a lot of people when they first saw this. I only saw a few lawyers who were looking at that and were like, oh, yeah, that checks out. I think it also, if it stands, sort of cuts at the heart of how a lot of crypto lab companies or foundations do their sales of assets when they create them, or quote unquote assets. Oftentimes we see private rounds where initially there's like a premium uncreated, and then they divvy up that pre -mine to investors, to insiders, to the foundation, to the early team, and then they do a huge sale to the retail, either through like an airdrop or listing an exchange elsewhere later on. So let's take a world coin, for example, they did this, right, where they gave some to early investors, they gave some to the team, and then they gave a ton to market makers to be able to keep the price of the token pretty steady. And under this ruling from this judge, a lot of that would be broken, right? Like, would you be able to give a token to market makers to even loan it out so you could have a price? I don't know if you can do that anymore under this. It seems like you could only really sell it to retail. That seems odd to me, it seems like it's going to change. And I don't think it's a surprise to anyone to see the SEC go against this, or at least try to challenge it. The outcomes from it could have huge repercussions for how everyone is looking at the token market. Zach? Yeah, my understanding is that a lot of these sales sort of date back before established best practices were set up right for a lot of these token distributions, right. So this is this is from an era in which a lot of the regulatory kosher practices were being embraced. So I think a lot of this space has evolved. And I think there is a question as to whether or not this will impact sort of the current understanding of how tokens get distributed to early investors. I think the SEC had to appeal this one because, Will, as you mentioned, it really undercuts Gary Gensler's argument that almost everything except for Bitcoin basically is a digital asset security. Now, I mean, I think my understanding of the ruling was that it's not really the securities, it's not really the assets themselves, it's which type of transactions they're involved in. And that was sort of the fine line that Judge Torres was trying to distinguish here, right? You know, similarly to how in the Howey test, it stemmed over an orange grove in Florida, right? The oranges themselves aren't necessarily securities, but if they are involved in a securities transaction, then they meet certain requirements in terms of disclosure and other things that need to happen, right? So the understanding, at least on the industry side, was, hey, the assets are just like the oranges. They aren't inherently securities, but if they're in a securities transaction, then certain rules will apply. And that's what Judge Torres was trying to articulate, whereas Gary Gensler has been trying to say, these things are securities, they look like a security, they walk like a security, they quack like a duck, I don't know what I'm saying anymore. But he was saying that that is always the case with these things, that they are by nature of their existence are our securities. Whereas the judge is saying, no, no, we need to look at the specifics of the transactions in which they're involved. So a lot of people, I think, within the industry specifically saw that as a pretty reasonable explanation of how it can be both at the same time, a security and not a security. And now I think the SEC is at least taking another shot at advancing their case here, such that other claims relating to other assets can be supported. But yeah, I mean, this is I think, I think a lot of lawyers, this was definitely the thing where a lot of lawyers on crypto Twitter were sort of placing their bets in terms of what would happen. Some were more cautious that an appeal would would occur. Others were indicating that there would likely not be an appeal here. Now we see with this particular type of appeal that the SEC is going to have this one looked at again, under video review, but who knows? There's a new social marketplace on the block and it's called Calixi. The platform hopes to empower content creators to build personal economies and interact directly with their fans. Joining us now to discuss is Calixi CEO and co -founder Solos Sisay and co -founder and NBA star Spencer Dinwiddie. Good afternoon to you both or good morning. I don't know where everyone is. Good morning. Good afternoon. Good evening. Good morning. All right. Let's let's talk about the launch of this. It's been in beta for a while. It's now officially launched on yesterday's show. We spoke about Grimes coming out in the media and saying she actually made more money from her NFTs than her music career. Talk to us about the experience that creators can have on the app. As we look at monetization of the individual holistically, I think you're going to get some of those familiar features that you see from like in OnlyFans, et cetera. People being able to message, video chat, and then Calixi isn't very unique in the fact that they can create individual experiences. Like I have like a jump shot tutorial, things of that nature. But yes, it's all about monetization of oneself. Also, you can post your NFTs, et cetera. We have Web3WAD in there running on Hedera. But yeah, I mean, it's about monetization. So let me ask this one to you. This has been a long time coming for you guys, right? This project, I think you've been working on it for three years. Talk to me about what it means to get this fully launched today and what you learned over that process of cobbling this thing together over those three years.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1366: BlackRock Insiders Say Bitcoin ETF Likely 6 Months Away
"In today's episode, I'm gonna be breaking down the latest technical analysis, as well as Bitstamp delists many altcoins, specifically for US customers. We'll also be discussing Bitcoin isn't going away, says $385 billion Wall Street giant, the Carlyle Group. That's right. We'll also be discussing Quant Analyst Plan B, creator of the Bitcoin stock to flow model, says history is suggesting a two year long Bitcoin rally approaching after critical indicator turns bullish. Send it. We'll also be discussing BlackRock, the world's largest asset manager. Their insiders say the Bitcoin ETF is likely only six months away. I'll be breaking this down for you. As well as BlackRock and Coinbase deal can trigger a Bitcoin burst to $773 ,000 per coin, according to Invest Answers. 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 rumble channel at cryptonewsalerts .net. Again, that's crypto news alerts .net. And welcome everyone just tuning in. This is pod episode number 1366. And on X, this is live stream number three on rumble. Maybe we're up to live stream number nine. It's hard to keep count. I'm your fearless leader, JV. And today is August 9th, 2023. Let's kick off today's show with our market watch. You should be able to see on your screen. We've got Bitcoin currently correcting down 1 .6%. Yesterday we recaptured 30 ,000, but unfortunately it was short -lived and we dropped right back down to currently where we sit at 29 ,400. As you can see Ether also correcting down a half a percent, trading at $1 ,850. XRP, one of the few alts actually in the green right now. And checking out coinmarketcap .com, the current crypto market cap sits at 1 .17 trillion with about 38 billion in volume in the past 24 hours. The Bitcoin dominance is 48 .7 % with the Ether dominance at 18 .9%. And checking out the top 100 crypto gainers in the past 24 hours, Aptos leading the pack up almost 11%, trading at $7 .45, followed by Chainlink up almost 4%, trading at $7 .66, followed by XRP up about 3%, trading just above 65 cents. And checking out the top 100 crypto gainers for the past week, you can see a mix between a sea of green and red. Some of the biggest losers include OPMNT and PLS with the top gainer being Aptos up 11%. And checking out the crypto greed and fear index, we're currently rated a 50, which is neutral. Yesterday was a 54 and last week a 53 neutral and last month a 56 in greed. So there you have it. How many of you currently bullish on the King Crypto? Let me know in the comments right down below. And now let's break down today's technical analysis. Check out the charts and what is popping with the King Crypto BTC. Bitcoin consolidated at a key flip zone August 9th as Bitcoin price strength staged a sudden return, which you can clearly see here in the Bitcoin one hour candle chart. Data from Cointelegraph and TradingView showed Bitcoin trading near 29 .8 after a surge during the previous day's Wall Street trading hours. That followed a recovery from the local lows under 28 .7 and topped out only after a trip to 30 ,200, which was yesterday. Bitcoin's highest August price thus far. The rapid change in moods soon impacted market participants' expectations for the market. Quoting analysts here, that indeed was the higher low. Bitcoin continues to maintain a bullish market structure, said popular trader Jelly. He also said it needs to break 32 ,000 from here. Let's see if this bounce has any legs. And he makes a good point. I think once we break 32 personally, there's not much resistance between there and 40 ,000. And he shows us a bullish outline where the level to break so we can continue marching forward. Jelly additionally noted that on the one day timeframe, Bitcoin completed a bullish cross on the Moving Average Convergence Divergence indicator, quoting him again. Another item we can add to the list of bullish signals, he commented. And the day prior, crypto analyst Michal Venday Pop stressed the significance of 29 ,700 as he shared here. Bitcoin party starts when we break 29 ,700. Until then, it is just consolidation. Part of the day's analysis argued when Venday Pop subsequently added that Bitcoin was close to doing so. And quoting Rec Capital, Bitcoin is pressing beyond the 29 ,250 level, which is positive. But historically, we have seen upside wicking beyond this level to the 29 ,900 to 30 ,100 resistance area. He also says this time thus far, Bitcoin has upside wick to 32 ,000, 30 ,200 that is. Bearish is the rejection, is strong enough to push the price down to 29 ,250 and weekly close below there. However, if Bitcoin would be able to dip into 29 ,250 and hold it as support, that would be a more bullish price development. Now, let's discuss the whales getting active, analyzing the impetus for the higher spike. Observers soon noted increasing buying amongst various classes. A Bitcoin whales, as pointed out here by material indicators, fire chart shows the moment purple whales decided to convert a $20 million Bitcoin bid ladder into the market orders that started this rally yesterday, purple continued buying upwards of 50 million so far. And meanwhile, a brown mega whale just joined the party with a $2 million market buy order. And quoting SCU Analytics, shorts given up already. This bounce here on the low timeframe is driven by shorts closing out on coin margin and USDT margin over open interest down in perpetual delta CVD up, letting this low timeframe range balance out some more. And a SCU further noted whales require quite thick liquidity to exit or close positions. And most often this is during a squeeze event. Let me know if you agree or disagree with the analysts. Now I actually wanna share with you a tweet, which I shared on crypto Twitter, I believe just yesterday, which was getting a lot of buzz and traction regarding Max Kaiser and the recent censorship on YouTube against Bitcoin creators. I wrote the following, when I arrived to Twitter, September of 2019, I maybe only had a couple of thousand YouTube subs and my tweets got virtually zero engagement. Max Kaiser was the only influencer to retweet my content at the time, which provided me with a massive beacon of hope as he's always been hands down. My favorite Bitcoin content creator via the Kaiser report along with Stacy Herbert, the Kaiser report still to this day is the greatest financial news show to ever exist and credited with the very first international TV mention of Bitcoin back in 2011. Max literally called it the biggest story of the decade, quoting him here, this is the greatest achievement of the global insurrection against banker occupation. Bitcoin is the currency of the resistance. And he also said, YouTube took down 900 hours, 1800 episodes, 13 years of work, including the first extensive multi -year international coverage of Bitcoin via the Kaiser report because we've reported on some inconvenient truths and deep rooted corruption about the US economy and banking system. How many of you were fans of the Kaiser report and are missing the Kaiser report now that it has been scrubbed off of YouTube? Let me know in the comments right down below. And now what I wanna do is actually play for you an interesting soundbite, a rant that is classic of Max Kaiser and his rage against the bankers and central bankers, et cetera. This is classic Max Kaiser in his rarest form. So here we go. Wall Street is fraud, America is fraud, the world is fraud, banks are fraud, central banks are fraud, we live in an era of fraud. It's all based on fraud and they get a percentage of the fraud, that's the business model. To suggest that there is any moral or ethical aspect to anything that's going on now is to be completely naive about the fact that we live in an era dominated by financial terrorists. Terrorists, terrorists, jihadis of banking. They're here to kill you and themselves. They don't care because they're trained at madrasas called Princeton, Harvard, and Yale. They believe in an ideology, not the Koran, but Adam Smith, that they completely misread and interpret as something to justify their blowing themselves up. And the cost of terrorism is cheap. 9 -11 only costs $500 ,000. The ability to borrow money and take over a company by Warren Buffet is zero. He's borrowing money at zero. He's taking all those jobs away. He's creating economic destruction because they're fighting against terrorism. And that's the era that we live in today. Why are we gonna stop it? There's only one way to stop it. Race interest rates right now. Make the cost of terrorism too high. Do it today. If you don't, you're a fucking terrorist. Jada Yale is a terrorist. Mario Draghi is a terrorist. The Central Bank of Japan is a terrorist. These are the real terrorists, not the immigrants, not the people dying in the water. Hey. Hey. Hey. So yeah, massive shout out to Max Kaiser. He is the man, has been doing his thing for over a decade, warning people about the fiat corruption in our society. So you gotta give massive respect where respect is due. And with that being shared, now let's dive into our next story of the day and discuss Bitstamp, which is a crypto exchange delisting several altcoins, which is pretty interesting. Obviously for them to do that, they must be getting some pressure from regulators such as the SEC. So let's discuss which cryptos were just recently delisted off of Bitstamp and curious, how many of you have ever used this crypto exchange before? Do let me know. So here we go. Bitstamp says the decision comes as part of the continuous elevation of its crypto offerings taken into account the changing regulatory environment of the US. New orders for the seven cryptos to be disabled on August 29th and existing orders will be canceled according to the exchange. And it's interesting, will other exchanges do the same thing is the big question. However, US customers will be able to hold the asset in their Bitstamp accounts and withdraw them at any time. The exchange recommended users execute any desired buy or sell orders for the affected assets before the August 29th deadline, meaning you got 20 more days fam. So be quick about it. To ensure a smooth transition during the trading halt and after that date trading related to AXS, Chili's, Mana, Matic, NEAR, SAND and Solana will be permanently disabled for US customers on Bitstamp. So despite delisting those assets for US customers, Bitstamp noted it would continue offering up to 30 available cryptos to trade on its platform. The exchange said it remains committed to providing a comprehensive range of trading options even with the halt for US users. Now Bitstamp is not the first major crypto to platform to the list assets due to regulatory environment of the US. Earlier in the year trading platforms like eToro, Robinhood and Bakkt also remove support for certain cryptos. The harsh regulatory climate has led many exchanges to limit their offerings in order to comply with American rules and avoid potential legal issues. So there you have it, as the crypto crackdown as they entitled Crypto Choke Point 2 .0 continues. So yeah, you guys let me know. At the end of the show, I'll be reading everyone's comments out loud in our live and interactive Q &A session, which we do each and every day. Now for some big news coming from the Carlyle Group. I'm sure you have heard of them before. As you can see here, they share that Bitcoin isn't going away, says $385 billion Wall Street giant, the Carlyle Group, and you should be able to see my screen now. You can see here the chairman says the mighty BlackRock is willing to have a Bitcoin ETF. So maybe Bitcoin is going to be around a while longer. And I actually wanna play this clip for you here today. You should be able to see my screen. Let me grab this sound bite and you can hear it first and foremost coming directly from the Carlyle Group themselves. Here we go. This is perfectly timed because Novogratz has been the pinata of Bitcoin when it goes down. It's been the genius of Bitcoin when it goes up. And all of a sudden, Larry showed up at the door to say, hey, big, respectable firms can prosecute and do Bitcoin. Link Lawrence Fink of BlackRock to Mike Novogratz. Well, what's happened is people, as you suggest, make fun of Bitcoin and other cryptocurrencies, but now the establishment, Larry Fink at BlackRock, is now saying they're gonna have an ETF if approved by the government in Bitcoin. So you're saying, wait a second, the mighty BlackRock is willing to have an ETF in Bitcoin, maybe Bitcoin's gonna be around for a while. Lisa wants to jump in here, but I'm gonna cut to the news moment. Is Carlyle announcing this morning a Bitcoin advocacy? No, I don't think so. But there's no doubt that Bitcoin is something that I wish I had bought it at $100 a Bitcoin when Mike Novogratz started buying it. It's now at $29 ,000, so he's made a lot of money. And a lot of people who bought it at the $100 or less are feeling pretty good. Now, it went up as high as $61 ,000, I think, even down to $31 ,000 or even $29 ,000 now, it's still a pretty good profit if you bought it at $100. We all wish we would have bought it at $100. And to write it up, it's one thing for BlackRock to come up with an ETF because they believe the proposition of Bitcoin. It's another because they see a profitability proposition where they can basically take advantage of the interests other people have. I mean, isn't that more of what this is, that basically Wall Street is saying, if there is a market for it and we can viably make one for them and make some money, why not? Well, remember, Wall Street is in business to make money and this is something they can probably make money off. You have to remember, the United States government has been somewhat skeptical of it. I think Democrats in the Congress and particularly the people regulating the SEC are skeptical of Bitcoin and other cryptocurrencies. And that is correct. His billionaire wishes he bought Bitcoin at $100. But outside the United States, there's a lot of interest in it. I think FTX really hurt when it went bankrupt and it hurt the crypto industry. But a lot of people around the world wanna be able to trade in a currency that their government can't know what they have and they wanna be able to move it around, rightly or wrongly. And so I don't think Bitcoin is going away. I think the Republicans on Capitol Hill have been pretty supportive of it. There's a difference between having a seamless cross -currency payment, basically saying that instead of going to Western Union, I can go and just transfer something in Bitcoin if it has a stable enough price. That's one proposition. But the proposition of Bitcoin as a store of value that could kind of be bid up the way that gold or silver could seems to have been parked with the advent of yield suddenly that you can get for actual money. I mean, isn't that sort of the feeling that you're getting? Well, there's no doubt that when interest rates are as high as they are, you don't need to have gold or other kinds of things to get you some solid return because when you get 5 % on treasuries, but eventually 5 % will be coming down at some point. I don't think Bitcoin or cryptocurrencies that are the better ones, the better known ones, Bitcoin and a number of others are gonna go away. There's enormous interest around the world in being able to have something you can transfer without the government knowing about it and keep it private. And you can say people shouldn't do that, but that's not gonna stop people from doing it. Mr. Novogratz and Mr. Gensler, what did you say about the efforts of our chairman of the Securities and Exchange Commission? Gary Gensler, who's the chairman of the SEC is not a big fan of cryptocurrency, I think that's fair to say, but he lost a major case recently in court where he was trying to argue that one of the cryptocurrencies ripple was a security and he lost that case. So I think the SEC has not been able to convince these the government yet, or at least the courts that cryptocurrency is such a dangerous thing. And I remember a lot of people in the government now are thinking that Gary Gensler won't be the chairman of the SEC forever. I mean, these guys just wait them out, right? I think that's a strategy that's very popular in Washington, waiting out regulators you don't like. There you have it, you heard it from him first, waiting out regulators they don't like, such as Gary Gensler. So for BlackRock and the Carlyle Group to be all bullish in and all in on Bitcoin is obviously a pretty fricking big deal. So that goes to tell you what's about to come here in the future. And in a bit, we're gonna be covering Novogratz specifically about talking Bitcoin ETF likely being approved within the next six months, which means before the Bitcoin halving, which is obviously a big deal and we're all anticipating that as well for fireworks coming after that halving. So with that being shared, now let's actually break down our next story of the day and discuss this potential two year long rally according to Plan B, creator of the Bitcoin, Stock the Flow Model, here we go. And shout out to Plan B by the way. Closely followed quant analyst says, the Bitcoin has crossed the key resistance level that historically kicks off multi -year rallies. Synonymous analyst tells us almost 2 million followers on X. The Bitcoin's five month realized price crossed the two year realized price, which is a pattern that previously marked the start of the bull market three times in the past, quitting him here. Five month realized price is now above the two year realized price. If history is any guide, it will stay above for the next two plus years. Interesting times ahead. Now the realized price metric measures the value of all of its tokens as the price they were bought divided by the number of tokens in circulation. So during the bull market, the crypto king's price tends to remain above all its realized prices according to Plan B. He predicts the Bitcoin will not revisit prices below the 30 ,000 level if the bull rally is underway. Quitting him here on crypto Twitter, not buying Bitcoin at less than 30 ,000 now is like, not buying Bitcoin at less than 10 ,000 in 2019 and 2020, and not buying Bitcoin at under $500 in 2015, 2016, and not buying Bitcoin at under $10 in 2011 and 2012, life is all about choices, preach. Now Plan B is also keeping a close eye on the RSI, a widely used momentum indicator that aims to determine if an asset is overbought or oversold. He says the indicator is setting the stage for a big rally similar to that of 2015 as outlined here, like clockwork, exact same spot as October, 2015. The analyst previously predicted the Bitcoin would hit $50 ,000 before the next halving event, which is expected to be in April of 2024. Let me know if you agree or disagree with Plan B. With that being shared, now for the latest regarding the BlackRock ETF potentially being approved by the SEC within the next six months as per Mike Novogratz. Let's break this down. Here we go. US's first spot Bitcoin ETF could be approved sometime before February, according to Galaxy Digital CEO, Novogratz, citing sources at BlackRock and Invesco. Quitting him here, it's a big deal. It's a big deal because both our contracts from the Invesco side and from the BlackRock side get you to think that this is a question of when, not if. That the outside window is probably six months. Novogratz told shareholders during the Galaxy August 8th quarter two earnings call where the digital asset company reported a $46 million net loss as shared here. This is probably six to four months or four to six months if you had to put a pin to tell him the donkey on it that the SEC is going to approve a Bitcoin ETF. Novogratz's Galaxy Digital is one of the many contenders for a spot Bitcoin ETF, which it reapplied for in June in conjunction with the 1 .5 trillion asset manager, Invesco, the fourth largest ETF issuer in the US. And as Eric Valchunes points out here, according to contracts from inside BlackRock and Invesco spot Bitcoin ETF approval is a matter of when, not if. Likely in four to six months, Galaxy CEO Novogratz on the earnings call this morning. So that's quoting Novogratz directly. And speaking of shareholders, Novogratz said he wouldn't have a comment on the expecting timing of the ETF approval, which is an unknown as it sits in the SEC. Now, however, he believes that once approved, the spot Bitcoin ETF issuers such as BlackRock and Invesco will be fighting tooth and nail for market share. As he outlines here, the news of both BlackRock filing the ETF and quite frankly Invesco plus Galaxy, we are going to fight like cats and dogs to win the market share there once it gets approved. And in response to a question, Galaxy Digital President Chris Ferraro added that he wouldn't be surprised if the SEC ends up approving a potential Bitcoin ETF to avoid being labeled an obstructionist because they have no choice, right? They've been denying the ETF in the US for over a decade, just FYI, quoting him here. I think that's where the potential ETF approval comes in saying, hey, you can't call us anti -crypto, we just approved an ETF. And so we are hoping that that's the same for our filing. Meanwhile, some analysts believe the wave of spot Bitcoin ETFs could come sooner than later, depending on how the judge rules in Grayscale's lawsuit against the SEC. As you know, Grayscale last year sued the SEC for rejecting its app to convert its Grayscale Bitcoin Trust GBTC product into a spot ETF. As Craig Salom shares here, if the SEC loses its case against Grayscale, as we expect, the path of least resistance would be a wave of simultaneous approvals for all spot Bitcoin ETF apps, including Grayscale and the other eight active filings. Let me know which ETF you feel is likely to be approved first by the regulators. Now, analysts believe that should the SEC lose its case against Grayscale, the path of least resistance would be simultaneous approvals for several or all spot Bitcoin ETF apps, which include ARK Invest, Cathie Wood and all the ones previously mentioned here in this article. What are your thoughts though? Let me know in the comments right down below. Now let's discuss a potential $773 ,000 Bitcoin price target based off the BlackRock ETF and their partnership with Coinbase. This was actually predicted, I believe, in the latter of last year before there was even all of the recent news of BlackRock refiling for their spot ETF application. And then we'll dive into our live Q &A as soon as we finish this final story. So here you go. Popular crypto analyst breaks down how the partnership between two financial giants can trigger Bitcoin explosion to $773 ,000 per coin. If you'd like to see that turn into fruition, let me know in the comments. Last week, US -based crypto titan Coinbase announced teaming up with BlackRock, as we know is the largest asset manager in the world. And here's what Invest's answer, shout out to him, told his audience, if BlackRock just put a half a percent of their assets under management into Bitcoin using my multiplier, which is 21X, that will impact the market cap by over a trillion dollars, which will add about $75 ,000 to the Bitcoin price, taking it to 98 ,000 and a return on investment from today's price of 326%. This is very, very achievable. Now, if they allocate, let's say 1%, which of course will take time to get to that level, that would be adding 2 .1 trillion to the market cap, $150 ,000 to the price. And that would take the future price of Bitcoin to 173 ,000 per coin, which is a 652 % gain from here. And if they add 5%, which is what Dan Tapiero says, I think it is way too aggressive, but maybe over time, maybe in the next three to five years, that would be possible. That could take the Bitcoin price to $773 ,000 and the next three to five years pretty easily. Now, the crypto strategist's analysis was inspired by comments from 10T Holdings CEO, Dan Tapiero, and according to the prominent macro investor, the deal between BlackRock and Coinbase could propel the Bitcoin price above 250 ,000, quoting him again, chart that got BlackRock excited about the partnership with Coinbase, quoting them here alongside this chart, no bigger a macro opportunity for BlackRock than acting to facilitate Bitcoin adoption. A 5 % shift in BlackRock assets is $500 billion, greater than the Bitcoin value today. So the catalyst for the path to 250 ,000 -plus post -Bitcoin halving is becoming clear. So there you have it. Let me know if you agree or disagree with this analysis. 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. People.
Simply Bitcoin
A highlight from Long Term Bitcoin Holders Hits All-Time High | EP 798
"We're your number one source for the peaceful Bitcoin revolution with heartbreaking news called Traumatic Warfare. We will be your guide through the separation of money and state. Crazy, crazy news. I mean, it's not surprising at all, but the long -term Bitcoin hodlers hold an all -time high of Bitcoin. That means that the amount of Bitcoin on exchanges continues to go down. The amount of Bitcoin hodlers continues to go up. I think this is Bitcoin's incentives. I think they're winning. And I think people are realizing that if you sell your Bitcoin, what are you selling it to? You're selling it for monopoly money, basically. So this is overall bullish news. We're going to break down also the numbers. We're going to dive deep into that today. Also seems like the Tether lawsuit was dismissed. We were going to talk about that yesterday, but we ran out of time. So we're going to cover that article. And on top of that, we have a very special guest. We have Mags. And Mags, thank you so much for joining us today. How are you doing? Hey, I'm awesome. How are you? Well, it was good. It was good seeing you at Mining Disrupt in Miami not too long ago. Mags is a is it's I know that Bitcoiners hate the word expert, but I would consider you a mining expert. Thanks. But no, I see that's the problem once you go down the rabbit hole and you're like, I know nothing. She's highly knowledgeable about mining. All right. I'll say it like that. And of course, my legendary co -host, he's drinking coffee. That means he's feeling optimistic today. The one, the only the legend, legendary optimist fields. How are you doing, bro? I am doing wonderful and I am so geeked up on coffee this morning. I probably have the jitters, but hey, you know, this is part of the fun. What's up, everyone? Good to be back. It's Tuesday. Still got a long week ahead of us, but the news don't stop. The grind don't stop. I'm excited for this one. I'm ready to hear Mags talk about Bitcoin mining in the culture. I think you guys are going to like this one. But anyways, are we going to get a classic Nikko Jones rant today or is this going to be a mellow? I don't know, man. It's just bullish news is not it's not like, oh, OK, so hope you have Nikko Jones to help you. Don't sell your Bitcoin to BlackRock. Yeah, that's the best news. That's the best news of the next of this having the next four years. If you sell your Bitcoin, statistically speaking, you're probably selling it to Larry Fink. Don't be that poor sailor or sailor or sailor, either one of them, either either them. OK. All right, everybody. No more delay. Let's jump straight to the news. Or the U .S. government. Oh, my God. All right. That took a dark turn. All right, everybody. Let's go. Let's start the numbers. Let's do it. The Bitcoin numbers. Is your Bitcoin in cold storage really secure? Is your seed phrase really secure? Stamped seeds do it yourself kit has everything you need to hammer your seed words into commercial grade titanium plates instead of just writing them on paper. Don't store your generational wealth on paper. Paper is prone to water damage, fire damage. You want to put your generational wealth on one of the strongest metals on planet Earth, titanium. Your words are actually stamped into this metal plate with this hammer and these letter stamps. And once your words are in, they aren't going anywhere. No risk of the plate breaking apart and pieces falling everywhere. Titanium stamp seeds will survive nearly triple the heat produced by a house fire. They're also crush proof, waterproof, non -corrosive and time proof. All things that paper is not allowing you to huddle your Bitcoin with peace of mind for the long haul. Stamp your seed on stamp seed. Alright guys, don't put yourself in this situation where you have to explain to your grandchildren why you lost your generational wealth because you decided to store your Bitcoin wallet. Back up seed words on paper, store it on titanium, scan the QR code on your screen right now and use the promo code simply and you get a nice discount. Anyways, at the time of recording the Bitcoin price is $29 ,565. Sat per dollar, $3 ,882. Block height, $801 ,952. Blocks to halving, $38 ,048. Halving estimate April 20th, 2024. Total lightning network capacity, $4 ,692 Bitcoin capacity value, $138 million US dollars. Realized monetary inflation rate, 1 .76%. Continuing to embarrass fiat currencies, the market capitalization is $574 billion with a B. Bitcoin versus gold market cap, 4 .41%. In the grand scheme of things, Bitcoin is still a tiny baby. Anyways, here is Cathie Wood and she's talking about the infamous Bitcoin spot ETF and she has an interesting take. She says if the SEC approves a spot Bitcoin ETF, it will approve more than one at once. Anyways, she is also known for coming up with the infamous 2030 prediction where she says the bear case is $258K, the base case is $648K, and then the bull case is like some crazy number. It's like $1 .48 million per Bitcoin. And she's also, obviously, she's accumulated a lot of Bitcoin, so she's a huge advocate for it. But anyways, let's hear what she has to say. And of course, this is on Legacy Media Bloomberg. So let's check it out and then we'll talk about it. So you are in this race. Let's talk about the race a little bit. The first important deadline coming up is August 13th where the ARK filing, the SEC is either going to delay it, which we think they'll probably delay it, and then BlackRock is later. You filed before BlackRock, but BlackRock came in with the surveillance sharing agreement with Coinbase. That was novel, right? Now we're looking in the future, there's talk of a common clock where the SEC could approve a bunch of ETFs at once, putting you on a level playing field with BlackRock and others. What's your take on how this will play out given you filed earlier? I think you're probably right that August 13th will come and go, and I think the SEC, if it's going to approve a Bitcoin ETF, will approve more than one at once. So then, again, because most of these essentially will be the same, and it will come down to marketing, communicating the message. We've been putting out our Bitcoin Monthly for the last year. We are now starting a Bitcoin brainstorming session, our first one we launched last Thursday. So we're trying to get the word out there that our research is deep, and we've been We were the first public asset manager to gain exposure to Bitcoin at all in 2015. That's exactly where I want to go. The Grayscale Bitcoin Trust, known by its ticker, GBTC. If you look at ARKW, for example, your ARK Next Generation Internet ETF, right now I see GBTC as the third largest holding. If we are in a situation where the SEC does give its blessing for a spot Bitcoin ETF, would you plan to sell out of GBTC and buy one of these physically backed funds? I cannot talk about what we would and would not do. And in fact, our compliance team is giving us marching orders not to talk very much about this filing and its aftermath at all. So just the fact that we filed with our partner 21 shares is as far as I can go. All right. So interesting how this is playing out. And again, like what I find very interesting is that even though she filed before, it's like it's almost as if BlackRock gets very special treatment than the rest. So I think that's interesting. Not surprised at all. But Mags, I want to get your take, because I haven't heard it before. It's what's your take on the BlackRock spot ETF? What do you think it's going to do for Bitcoin? I've had I've heard two different takes on this. Caitlin Long is coming from they're going to rehypothecate the F out of it. That's what Lawrence apart thinks as well. And then FOSS and lavish come from this is really good for the price action. It's going to price the pump and they're not really going to be able to rehypothecate it because of you know, it's a spot ETF and the regulations and all that stuff. So what's your take on this? What angle are you coming from? What angle are you coming from at it? I'm coming more from the FOSS lavish side where so we don't yet have a full regulatory structure in the U .S. around custody, right? So I think that like that's the caveat, depending on how they set it up. It's still possible that maybe there is some rehypothecation possible. But I think generally, as best practices, companies that just have been holding what will be more interesting to me is whether BlackRock decides to then set up some sort of yield product, not like the bad kind of yield with $10 ,000, sorry, 10 ,000 percent. I mean something like setting up lightning nodes so you can earn a yield, right? So that to me would be interesting if they set something up like that, where it's technically not rehypothecating because you're still holding the keys, but you're still making it work for you. I'm sure they're hiring talent everywhere. I do think it will have a massive impact on price action because this is the girl in the room on Wall Street. BlackRock is the largest asset manager in the world. So once they have the Bitcoin fund, I do think there will be some allocation from their massive portfolio. It might not be everybody's, but it may be their wealthiest clients or even just one percent allocation will do numbers. So I think for that people, you know, it is exciting. But again, the challenge there is because BlackRock will probably attract the most capital, like I think it would be the largest Bitcoin ETF there is. You are again consolidating it in one spot. So we're seeing that. And I know Bitcoiners, you know, we've seen this happen. You have hodlers like Michael Saylor. It's just it's just a shame sometimes to see it happen. And lastly, you know, I've been I've been through something similar in Canada. So I helped launch the first Bitcoin fund in Canada. We took the Ontario Securities Commission to court. It was a three year legal battle and we ended up with a 26 page ruling from the judge that said, yes, it is in the public interest for the public to hold Bitcoin, which then paved the way for all the ETFs in Canada. So I'm really excited to see the legal case with respect to GBCC that's going through the court, because I think either we will get BlackRock first or GBCC if for some reason giving stuff in Bitcoin down. But that said, BlackRock is powerful. They donate a lot of money. Things have changed. Like look at mainstream media now. Like, oh, Bitcoin is a BSG. We're in a different part of the cycle, I think. It's so crazy watching the anchors protect Bitcoin using like a lot of the terminology that Bitcoiners are using. It's like, wait, did I just hear that? It's like, no, Bitcoin is actually a good thing. And then, you know, it's perplexing. You didn't get that at all? Right. BlackRock is a part of this. Bitcoin is actually a good thing. Bitcoin is actually helping the oceans. Anyways, Opti, what's your take on this? Well, yeah, you know, as the in -house Bitcoin pleb, you know, the average Bitcoiner here, I don't like ETFs personally, I advise not to buy paper Bitcoin. But as far as I'm concerned, it's paper Bitcoin. But we all know that this will be good for price action. I do understand and I think anyone that is not naive understands how much capital inflows will come from these ETFs from traditional financial people. And, you know, in that regard, we're super bullish because, hey, as we've been talking about, you know, BlackRock's got trillions of dollars of even a small portion of that money gets into Bitcoin and we start to orange pill those people and they start to understand what they're holding. It's going to be extremely bullish moving forward, obviously. And on the Cathie Woods news, you know, we love competition. So, hey, you know, it's going to be great to see multiple spot ETFs approved at one time because then people can actually have options and choices and they're not being forced to get centralized into one ETF. Obviously, as Mag says, most people are probably going to just trust the BlackRock name because they are the biggest asset manager in the world. So we know that most money will probably go into BlackRock. But as something we've been talking about, BlackRock has become like the canary in the coal mine now, and it's signaled to every asset manager in the world that Bitcoin is safe. You know, they've endorsed Bitcoin. So Bitcoin is ESG friendly now and every corporate press site out there is starting to embrace Bitcoin and talk good about Bitcoin. So you love to see it. And it really makes you start to understand that this is opening up all asset managers around the world to not have the damage to their reputation by embracing Bitcoin. And obviously that's good for every single person out there that is holding Bitcoin and is yet to hold Bitcoin because now everyone knows what we know. Bitcoin is safe. You want to hold Bitcoin. You need some Bitcoin in your portfolio. And Bitcoin is for enemies. Bitcoin is for anyone. So as much as us Bitcoiners may not like the ETF products, like who are we to stop people from using Bitcoin, how they see fit. And it really reminds me, we've been talking about this for a while. It really reminds me of one of the early Hal Finney posts on Bitcoin talk forum where he's saying, you know, there will be Bitcoin banks that are fractional reserve and there will be full reserve Bitcoin banks. So I think we are in the beginning of that process and we're going to start to see who's going to take the risk of rehypothecating their Bitcoin. And I forget who was saying it, but it was in one of the IRLs, Nico. I'm blanking on who it was exactly. But we were kind of a TLDR -ing them in the chat. It's like, what if the BlackRock Bitcoin ETF is the very thing that brings down BlackRock by them rehypothecating Bitcoin? Like this would be bullish AF. It was Peter Dunworth. It was Peter Dunworth. It was Peter Dunworth. Like that would be an amazing turn of events. It's like, of course, they are incentivized to try to continue to do traditional financial techniques, maneuvering and watch them like just get bit by the greed bug, even though like Bitcoin goes up, what, like 100 percent every year on average. And they rehypothecate their Bitcoin and then they just get margin called and the whole company comes out like, how glorious would that be? I want to get Mag's perspective on this. Yeah, I'm just wondering, why would you risk it if you're that big, you're earning a lot of fees, just just take your fees, just like FTX, just take your fees and live off them, you know? Yeah, but but but that hasn't stopped Wall Street in the past, has it? No. OK, all right, we might see, you know, what's interesting also is that every cycle, the exchange, the exchange, there's always an exchange blow up and the exchange blow up is bigger than the last. So I'm a Quadriga bankruptcy inspector. We just distributed, by the way, last month we beat Mt. Gox. So could you talk about what happened? Like, is he is he really dead? You know, OK, so before I joined and and just went the bankruptcy process first happened, I thought it was just so weird the way he died. Right. So he died. He took him in the hospital. They took his body back to the hotel, then brought it back to the hospital. The hospital was like, no, the same standard procedure. So they had to take it to university that had some shady pass. And I'm like, this just seems weird. But looking so the Ontario Securities Commission did a really big report on where the money went and he lost a lot of it trading, like made bad trades. He was doing what FTX was doing. And just he lost about one hundred and forty million, which was like off the top, maybe sixty five percent. And then like a bunch of it was hard assets that had cash and houses that he bought with our funds. And so I was like, well, there's not that much money left. So if there was like this huge chunk out there, I'd be much more likely to think that he's alive. But like I went from eighty five percent to like ninety eight percent sure that he's dead. Gotcha. So wait, Niko, what what Magda is saying is there's hope that Bitcoin brings down BlackRock. There's hope.
The Bill Simmons Podcast
A highlight from Part 1: USAs World Cup Collapse, Basebrawls, Jets Optimism, Life in The G-League and The OC 20 Years Later | with Gabe York and Zoe Simmons
"Coming up, an unexpected two -part podcast cameo from me. It's next. We're also brought to you by the Ringer Podcast Network, where we turned over Sean Fennesey and Amanda Dobbins' big picture feed to Brian Raftery. It's a narrative podcast called, Do We Get to Win This Time? How Hollywood Made the Vietnam War. You can find it on the big picture starting on Tuesday. And it is an idea I'm really excited about because it came from a class that I did as a senior in college in 1992. Me and my friend Horgs talked a movies professor into doing a special Vietnam War movies class where we watched basically every Vietnam War movie that had been made up to 1992 and then tried to write a big picture term paper about it. And the thing that was really fascinating about that class and something that stuck with me was just that whole concept of Hollywood reinventing the entire Vietnam experience under the premise of, Did We Get to Win This Time? So we got Brian involved and he turned the idea into an awesome, awesome podcast. I even went and dug up the term paper that I wrote 31 years ago. I thought it was gonna be horrendous. It wasn't bad. I was kind of proud of myself, retroactively 31 years later. Anyway, Do We Get to Win This Time? How Hollywood Made the Vietnam War. It is gonna be in the big picture podcast starting on Tuesday. So that's one piece of business. Second, new rewatchables on Monday night. It is the 300th movie that we've done. It's a special one. We're doing National Lampoon's Vacation. It was time. Meet Chris Ryan, Van Lathan. Yeah, and Van was pushing for it because we wanted to do Christmas Vacation during the holidays and you can't do Christmas Vacation. If we do National Lampoon's Vacation, super fun. Can't wait for you to listen to it. And we'll be running the video at some point on the YouTube channel, youtube .com slash Bill Simmons, where we put up a whole bunch of rewatchables podcasts in case you missed it. Boogie Nights is up there now. Goodfellas, Independence Day, just a slew of them. So if you're bored and you wanna throw on some rewatchables and watch us make fun of each other, there you go. Last but not least, I don't wanna say this is the most important, but it's certainly the thing I spent the most time on. Our documentary that we did about the G League with Religion of Sports and Ringer Films, we combined, and it is premiering on Tuesday, August 8th. It is called Destination NBA, A G League Odyssey. It's really good. We immersed ourselves into the G League season. We followed Scoot Henderson, Gabe York, Ryan Terrell, Mason Jones, and Denzel Valentine. And the big question was, what is this world like? What's it like to be in the G League? And I am really proud of where we landed with it. And we even have, much later in this podcast, Gabe York is gonna come on. He's one of the five that we followed, and he's gonna tell us what it's like as you're holding on to your dream in your late 20s. We try not to spoil the doc too much with Gabe, but I really liked him. He's probably the guy that jumps out of the doc in the most sympathetic way. So look forward for you to watch it. It is prime video, Tuesday, August 8th, Destination NBA. A G League Odyssey. You love basketball, just watch it, it's good. So there you go. This is gonna be part one of a two -part podcast. Gabe is coming up later. My daughter Zoe Simmons is coming up later because we did a whole bunch of OC stuff on the Prestige TV podcast. I was even on two of the episodes. But I ended up watching season one of the OC. And my daughter was watching with us and loved the show. And she was born a year and a half after it premiered. So me and her broke down season one from the perspective of what is it like when somebody 18 watches the OC, a show that is now two decades old. The anniversary was actually August 6th. And what she liked, what she didn't like, what people aren't doing anymore for her kind of audience. And we just dove into it. So that is much later. First, coming out of the gate, I'm gonna open a six -pack because we have a lot to discuss over the past three weeks, all the stuff I missed. So that's gonna be part one. And then part two, which is gonna go up later on Sunday night, me and Rossello doing this evergreen idea that we've always wanted to do. And this seemed like the perfect time because nothing's happening in basketball. So that's gonna be part two later tonight. Part one coming up. First, our friends from ProJax. What's up? All right, I'm taping this. It is Sunday afternoon Pacific time. And I'm gonna open a six -pack. There's a bunch of stories in sports and culture that happened over the last three weeks. I was just writing stuff down, things that would have been fun for podcast segments. I was just like, man, I wish I could have given my thoughts on that. Just gonna rip through them. So I have six and then maybe a couple bonus ones at the end. The first one, the biggest one, was the US women's soccer team, which lost today in penalty kicks to Sweden, scored zero goals in the last two games, scored one goal in the last three games, and that was off a corner kick. You could feel from the beginning that something was off with this team. It was all the ways. You knew in a checklist of what are the red flags? There were just red flags galore. And the only person who was really calling it out in time over and over again was Carli Lloyd, who was doing the Fox studio show. And she was the one person in the horror movie who knows the house is haunted. And everyone's like, shut up. You're not being patriotic. You just wish you were still on the team. She was right. She was right from the get -go. This team, you could see it before the Vietnam game when it was like, look at the new Nike suits. Look at these new suits. And they're all like styling as they head into the locker room. And they're running commercials. And every player has a commercial. There's players who've never done anything of that commercials. And the vibe was just off. They only beat Vietnam three -nothing in a bracket where goal differential was gonna be super -duper important. And that was a huge red flag. And we did the usual thing that we've been doing since 2019, 2015 of, oh, well, they almost scored a bunch of times. Oh, well, if that had gone in or some bad luck. There was just an arrogance to this team. Like they were carrying themselves like the defending champs, the same way like the Denver Nuggets would go into next NBA season. Like we're the champs. I was like, yeah, you are the champs because the season just happened. The World Cup happened four years ago. Everyone's four years older or wasn't on the team. And you could see they wanted to build the team instead of around the identity of, here are these new up and coming awesome stars that are gonna be in your life. They were really latching on to Alex Morgan and Megan Rapinoe. Alex Morgan's 34, Megan Rapinoe's 37. I think one of the differences between the discourse with women's sports and men's sports is that in men's sports, we grasp for angles. And if somebody is disappointing in some way, we really go nuts. Like think of how James Harden's been treated over the last 12 years. So he's one of the 35 best players ever and has taken just an incredible amount of shit. Oh my God, the playoffs, look at his game log. Oh, he choked again. Alex Morgan, who scored twice in her first two games in the World Cup in 2011, she scored once in 2015 in seven games. She scored six times in 2019, five against Thailand in a game that was 13 to nothing, one in the other six, and then scored nothing in the four games this time around. If you take away that Thailand game, she has scored two goals in the last 17 World Cup games. This is the striker. This is the one who's supposed to be the most dangerous player in the field, who's supposed to produce goals. And she hasn't produced goals since the mid 2010s on the national level. And yet it's Alex Morgan. She was supposed to be the next one. We got to keep propping her up and pretending she's a superstar. She's not a superstar. She's really honestly never been a superstar. She certainly hasn't been as impactful as somebody like Abby Wambach was. So you have the team built around her. She's got to play. They play her the entire game, game two, the entire game, game three. She plays like 95 minutes in this game today, and they don't score goals. And the announcers just won't talk about it. It's like being on an AYSO team that your kid's on, and the coach is playing somebody at striker, and everyone's like, why don't they play Sally at striker instead of the coach's daughter? It's like, oh, you know, the coach's daughter. She's got to play there. So you have that, and then you have Rapinoe, who's 37 years old, who's just, unfortunately, great career, legendary, true legend, huge big time player. And when you hit your late 30s in soccer, it's a wrap. She looked like Yudana Rapinoe, not big Rapinoe, and comes out for the last 25 minutes of this game and can't do anything, and then misses the penalty kick. That's the thing. If you're beholden to past performance, you can't expect to succeed in the moment. And I did feel like, what were this team's strengths? Speed. They had Sophia Smith, who really was bad the last three games on the left wing. Like, she just, she couldn't even connect passes. Trinity Rodman, who's a beast. Lynn Williams, who's super fast and athletic and had some really nice moments the last two games. And then Alyssa Thompson, who's the prodigy, who's the, you know, potential tiger or LeBron of this team. 18 years old, best high school player I've ever had. They won't even throw her out there. But this was not a team that could connect passes. They weren't, like, especially creative. The coaching was just bizarre, and we'll never see that guy again. But it was like, the one thing they did have was speed, especially the forwards, and they just threw that away. And Alex, you know, couldn't do anything. So now they're out. It's the most disappointing finish of the last 25 years for the women's team. And it reminds me in a lot of ways that 2004 Olympic basketball team that we had, the USA team. And I tweeted this, I think after the second game, because that was a team that was between eras, like this one was, where all the best players on that 2014, the ones in their primes, weren't that good, except for Duncan. And Duncan was completely banged up. He'd played so many NBA games the last couple of years. I think his knee was hurt. But, you know, it was Iverson and Marbury. The talent, it just was a between eras. And you had guys on the bench, like LeBron and Carmelo and Wade, who were four years away. Kobe wasn't on the team. And it just felt generationally, like we caught that team in the wrong time. The style was wrong. And we learned all these lessons and we moved on. 2008, we win. There's a documentary about it. But this team felt like it was between eras. The Alex Morgan, Rapinoe era, which was basically done. And then you have this era coming up with Rodman and Sophia Smith and Alyssa. And, you know, it's just four years from now, we'll probably be fine. But they need to re -imagine this. And I think if you're gonna learn any lesson from this, it doesn't matter what happened four years ago. It's the World Cup. It matters what's happening now. So that's one thing. Second thing. So Jaylen Brown gets this huge contract, $304 million. Some people seem surprised that it was that much money. Chris Ryan even took a shot at it when we did our library watchables. Hurt my feelings a tiny bit. Mainly because I didn't really have a comeback. Rosella did something on his podcast about how this actually makes sense. This amount of money, when you think of how the salary cap has climbed just since 2015, and it's gonna keep climbing. And there's this world you can go into where you think about just how much everything is gonna cost in the NBA four or five years from now, that Jaylen Brown at $70 million isn't actually gonna be that intimidating. The same way we feel about Tobias Harris for $40 million now, or Klay Thompson, $40 million now. Yeah, you don't really wanna pay $40 million for Klay Thompson, but you can survive it. And I think that's gonna be where the Celtics land with Jaylen. Here's why they had to do it. They're the favorites on FanDuel right now. They're plus 470. The thing that made them the most special and has made them the most special for the last five, six years is the Jaylen Brown -Jason Tatum combo. They've been incredibly successful. The team itself has made five conference finals in the last seven years. They came super close to making the finals last year. I have now gone into the what if zone with that Celtics team where what if Tatum doesn't hurt his ankle on the first play? Do we beat Miami? They were close is the point. And when you're that close, you can't fuck around. This is not Bradley Beal resigning with Washington for 50 million a year when everybody knows you can't get past the eight seed with Bradley Beal. This is different. You're trying to win a title. You're trying to keep all your optionality open. The thing that's a little scary about it, nobody seems to totally know if he wants to be in Boston. This is something we've discussed on this pod. It's been floating out there. The fact that he wasn't happy about landing in the Kevin Durant trade rumors a couple years ago. And just in general, where the league is now, where as Woj called it, the transfer portal, where people get their contract first and then they decide what they want to do. And I think for the Celtics, they know they bought themselves a year with Jalen and they are still one of the favorites to win the title. And a lot of it's going to depend on health and Porzingis. You could also, I don't want to make the case, but you might be able to make the case that Brown had a fucked up hand last year. Cause he did. Cause he sliced his hand open. It was bleeding even during the Philly series. And maybe that was why his ball handling went sideways. Listen, you got to do the contract. It just breaks your brain. I remember a million years ago, Sports Illustrated and Inside Sports say every year they would have like a salary issue. And they would talk about these guys are making $1 million a year. And it seemed like so much money. And now where we're heading with the money, plus the NBA is the meteorites deal. The moment any of these guys becomes unhappy, what do you do? Because you're paying Jalen, let's say you're paying him 55 million a year. Plus he is the trade kicker, which the team has to pay. Right? So if he decides after a year, you know what? I'm tired of being the scapegoat. Everybody loves Jason. I'm like the middle brother of this team. I want my own team. I want to go to Houston or Atlanta. You got to trade me. What are the Celtics going to do? On top of who would want out, you don't have a lot of options and you turn into what the situation Portland's in with Deem. And then on top of it, it's so much money. It's impossible to get any sort of a fair trade for the guy. So they had to do it. And optionality the that comes out of it is frightening. I remember in the early 2000s, when the first time the contracts kind of went nuts and you would see that people get signing like six -year, $100 million deals, seven -year, $110 million deals. And the Celtics really, really stupidly traded for Vin Baker. One of the worst trades of the last 30 years for Boston Sports. A trade so bad, you knew it instantaneously. And I wrote a piece that you can probably find somewhere in the ESPN archives about it, where I compared it to the end of Thelma Louise when Harvey Keitel is running toward the cliff trying to stop the car from going off the cliff. That's how I thought about the Vin Baker trade when it happened. Then it happens and you just had this salary albatross. It's a salary cap league. And you're like, wow, we just threw away 20 % of our salary cap on this trade. There's going to be a couple of those that are just franchise killers. And whether that leads to them bringing back the amnesty clause, who knows? I wish, I've made this, I've had this idea before. I wish that they had a rule in there that if you drafted a guy, every year that he stays in the team, you get rewarded in some way from a salary cap luxury tax type thing, right? So Jaylen was 2016 draft, this would be his eighth year. Maybe like after the seventh year, because that's usually like the third contract. The guy stays in the team, maybe each year after that, he doesn't count for 2 % of the luxury tax, up to like 30%, something like that. The point is the Warriors should be rewarded for keeping Draymond and Klay and Curry from a tax standpoint, that they were that smart to draft those guys, keep those guys together. They should be incentivized, the players, to want to stay with them because there's some luxury tax stuff that the team gets. And the team should want to be incentivized to take care of those guys because it's also beneficial to them. I just wish they figured out some version of that rule. Anyway, Jaylen was always signing for $304 million. Talk to me in a year, I'll keep my fingers crossed. Next thing, I missed the running back pity party. This was crazy. The running backs all got together and they were really upset about how much money they made. And I don't know what to tell you. There's too many running backs and not enough running back spots. And I don't know if you're trying to build a responsible salary cap team in a collectively bargained era, why would you spend $30 million over two years on a running back unless the running back was awesome? Nobody even wants to spend more than $11 million on running back. So I knew that this was crazy when Damien Harris, who was on the Patriots, who I thought was really good. He's maybe not an elite running back, but a good running back, right? Somebody that if he had been on the Chiefs, he easily could have started for the Chiefs. And he signed with the Bills for like one year, 2 million. And when that happened, combined with Pacheco on the Chiefs' seventh round pick, they won the Super Bowl with him. It's just, this position's devalued. I work on this player, I've been actually working on it the last couple of weeks where I try to rank the players for blue chippers, red chippers, pink chippers, honorable mention, and have this whole point system. And so quarterbacks, Mahomes, who's the alpha of that position, he's worth 10 points. And you could even see this in the point spread. If Mahomes gets hurt, the Chiefs are 10 points, nine points, whatever, less than what they would be as a favorite. They'd switch to an underdog. And you go on down the line. Jalen Hurts, I had him as an eight. I had Joe Burrow as a nine. And you go on, you keep going down, and it's like, Geno Smith's probably a two. But then you look at some of the other positions and you have to value them the same way the salary cap values them and teams value them. Guards, they aren't worth that much. Running backs, sorry, they're not worth that much. My top running back was three points because ultimately running backs don't really matter that much. In the last like five, six years, I would say Derrick Henry was the only running back that you could definitively say, this guy almost won the Super Bowl. Like he was that good. Other than that, you know, it's plug and play, quarterbacks, it's receivers. It's much harder to find the number one receiver. Every team needs one. It's much more tangible if you don't have the number one receiver. And it's much easier to just kind of scrap together the running back position. And yet people went nuts about this. We ironically had this in the NBA with centers. You know, Vucevic, who's a really good offensive player, he signed for 60 million for three years, 20 million a year. And Jaylen Brown's going to make $52 million a year. Is Jaylen Brown two and a half times better than Vucevic? No, it's just, he plays a way more important position. You can only play one center at a time. You can patch together the center position. You could have like Isaiah Hartenstein for $8 million. You could, you know, get Robert Williams for 16. You don't need to spend what Phoenix did on Eaton where they're paying $8 and $30 million a year at center. And you don't really need to do that. You kind of feel obligated if you don't want to lose the asset. But I think the NBA is going to go this way eventually where unless it is Jokic or Embiid, the center or Bam Adebayo, it's a bonus. You could argue that was already an overpay. They gave him a huge extension. The Lakers just gave Anthony Davis $60 million a year as an extension. I would argue that's a little frightening. I feel like you could patch together the center position. What really matters in basketball is having the creator. And this was the argument five years ago with Luka versus Eaton for the number one pick. And I made this argument. It was like, go look at who wins the NBA title every year. It's always the people who have the creator. There's somebody who's on the perimeter of the ball in their hands. Even Jokic, who wins the title this year, he was a creator. He's not a typical center, right? He's basically their point guard on offense who could post up. So this happened in the NBA. Nobody went nuts. And this is happening in football. And is this where football is. If you want to make the most amount of money playing in the NFL, I don't know why you would be a running back. I would be a cornerback. I would be a wide receiver. I'd be an edge rusher. But if you're a running back, you know your shelf life's probably like five, six years. You know the money is not totally gonna be there. Now they're in this, like you have people like JK Dobbins, like, I might hold out. It's like, really? You didn't barely even play in the field. Barkley said he was gonna hold out. And then, you know, probably looked at it. And the money for Barkley is like 10, 11 million. That's unfortunately the market. So you can't fix this. They collectively bargained it. And until we get to the next CBA, I don't know how you fix it. I thought it was really weird. It felt like people had nothing to talk about. And it was like, ah, let's feel bad for running backs. All right, let's take a break. And then I'm gonna finish the rest of the six pack. All right, picking up on the six pack. We're gonna talk a little more football. I talked about the running back pity party. This is a different kind of party. The Jets optimism, which has just been stunning to me over the course of July. I have Jets fans in my life. These are people that usually have no hope and are very reminiscent of the pre -2004 Red Sox fans, just assuming the worst at all times. Why does God hate us? All that stuff. And now they have this crazy optimism based on the fact that they brought in Aaron Rodgers, who I did not think was very good last year, just throwing that out there. I wouldn't say he was bad, but for Rodgers, he was bad. I mean, we thought Rodgers was, he was the reigning MVP and we thought he was still one of the five or six most impactful players in the league. And I don't wanna read stats to you for the next six minutes, but deep balls, he was bad. Turnovers, he was bad. Leadership, he was bad. And the case for Rodgers coming back would be, well, he's gonna be rejuvenated. The Jets, New York City. This is his team. He got away from Green Bay. He's got Hackett back. I get it, but he's also at an age where we've really only seen Tom Brady succeed at a high, high level at the age that Rodgers is at. I was trying to figure it out. I have my QB ratings and I had, you know, the top tier is Mahomes and Burrow and Allen and Herbert and Hertz. Those have to be the top five. Then it drops off and it's Lamar Jackson and Lawrence. And then Rodgers, probably a hair underneath him with a chance to play himself up with those guys. But from what we saw last year, I'm not ready to put him there. So he's the 10th best quarterback in the league, probably. 10th or ninth best quarterback in the league, probably. Well, they have no offensive line. And I don't understand why people keep glossing over this where it's like, hey, Rodgers and Garrett Wilson, he's one of the best receivers in the league and Breece Hall's going to come back and the defense is really good. And it's like, yeah, the offensive line is terrible. Beckton and Dwayne Brown, sure tackles again. And then you have Robert Salah as the coach, who I cannot say I thought that Jets were crisply coached last year. Whatever he was doing with Zach Wilson was insane. No idea if that guy's even a decent coach. So I'm already worried about your offensive line, the age of your quarterback, and the competency of your coach. And that's before we get into the hard knocks curse, because for some reason they're doing hard knocks, the incredible Super Bowl hype already. And then we have the schedule, which is the AFC East has just got screwed by the schedules this year. The Jets, just for quarterbacks in 17 games, they got to play Josh Allen twice, they got to play Mahomes, Herbert, Hertz, Dak Prescott, and Deshaun Watson. And then they also have to play Miami twice. We'll see what we get out of two this year. And then a really good Pats defense. And then Denver, who knows, they might be rejuvenated. So Danny Dimes, they have to play him. It is a brutal schedule, so you have that. And then on top of everything else, you're the Jets. I was there with the Red Sox before 2004, and this is probably just as bad, where you just think the worst possible things can happen is all the time. You're not allowed to have optimism when you're Jets fans. You can be cautiously optimistic. There was an entire Curb Your Enthusiasm episode once, season 10, episode seven, about being a Jets fan. And it was called, I think, the ugly section. Nick Kroll was the maitre d'. And part of the episode was about, he would put these people in different sections of the restaurant, depending on how attractive they were. But there was this other plot, Larry's buddy who loved the Jets, kills himself. And Larry becomes convinced it was because of the Jets, that the Jets killed his friend. This was only a couple of years ago. So now they get Aaron Rodgers, and everything's good. And they're gonna win the Super Bowl. I don't see it, guys. I don't wanna step on my football stuff too much, but I'd be shocked. And Lombardi points out the defense that everybody's ready to compare to the 85 Bears. Lombardi said they had two turnovers over the last eight games last season. So that means something too. I am dubious, to say the least. If you're gonna tell me a tortured franchise actually turns it around this year, I want a tortured franchise that doesn't have expectations. Because the Lions are another one. Everybody's ready to put them in the Super Bowl or close. And the only case for them is just pretty explosive offense. They couldn't stop anybody last year. And the NFC is terrible. But that's another one where is that a fan base that should be super excited and have a ton of hype? The one that's kind of lurking that fits in this group is the Browns. Because the Browns are actually super talented. They're in a winnable division. Burroughs already hurt. And I think they're four to one to win the AFC North on FanDuel, something like that. Their over -under is, I think it climbed up.
Unchained
A highlight from The Chopping Block: Whos to Blame for the Curve Hack? - Ep. 526
"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 named trading firms who were 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 insiders perspective on the crypto topics of the day. So quick intros, first we've got Tom, the DeFi Maven and Master of Memes. Next we've got Tarun, the GigaBrain and Grand Poobah at Gauntlet. Then today's special guest, we've got Lawrence, the smart contract cyber sleuth. And then you've got myself, I'm Asib, 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. Lawrence, welcome to the show. We have you here in somewhat inauspicious circumstances because there's been a lot of mayhem going on in DeFi and we thought you were just the guy to help us decipher everything that's going on. I'm not sure there's been a day in this quarter that would qualify as an auspicious day to appear on a podcast. I'm afraid to be honest with you. There was one day when Ripple went up a lot that I thought was an auspicious day. The rest of them have been pretty crappy. Actually, I think for the audience who might not know, Lawrence himself has dealt with creating a protocol that has had a attack. And so maybe a bit of history on your experience would be good for the listeners edification. Yeah, I'm happy to talk about that. So in 2001, I worked as a contributor to a protocol called Indexed Finance. The idea there was that you could model index funds using balancer LPs or fork or balancer LPs. They were attacked in October of 2021 using a, it was a flashlight attack combined with some overflowing of some Sushi tokens into a particular pool. It's, honestly, it's been a year and a half now the details are starting to slip from me, but all this is how I know what it's like to be on the other side of that and to kind of pick through things as they happen. I wouldn't wish it on anyone. And now you've been, I think, giving talks about sort of the state of the art when it comes to white -hatting and you're also working on your own new project now, correct? Yes, it turns out my bit last year at ETC was a rough overview of the attacks that had happened. I think we'd had like over 50 attacks that had appeared. Last year was a particularly bad one for DeFi hacks and bridges in particular. And this one seems to be a lot more muted. And it had been commented on Twitter that it seemed that the pace had slowed down a bit. So people are starting to look in slightly more esoteric places, which we will get to over the course of this chat. But yeah, I never thought that my bit would be the attacks becomes the commentator, but here we are. Well, look, I think it's a line of work that you're gonna be able to make some, you're gonna make some good money in this industry for quite a while as long as these smart contracts keep getting hacked. So let's maybe jump into it. Cause I think actually there's a lot of different angles to the story and it's one that touches on the different stories that we've explored through previous episodes of the chopping block. So for those of you who are not aware, one of the largest on -chain protocols in DeFi is called Curve. So it's an AMM, it's an automated market maker that basically allows you to trade assets that are tightly pegged against each other, most commonly trading stable coins. So what happened over the weekend was that there was a hack of Curve. And this hack particularly targeted these very old pools that were all deployed, I think a couple of years ago. One of them was JPEGed PEeth, Metronome SEeth and Alchemex's ALEeth. So these three pools in particular in total, it was on the order of about $40 million in total that were hacked. These were all third -party pools. So Curve allows you to have third parties deploy certain pools of their own configuration. Then there were kind of the core pools of like the three pool and whatnot that those were not affected by this. And particularly the reason why these pools were affected is that they all used an old version of Viper. So Viper, for those of you who are not aware, Viper is a smart contract language that's written to be a competitor to Solidity that has more Python -like syntax, which is a little bit different than Solidity, which is kind of more JavaScript -esque type language. And so this older version, now newer versions, actually all of Curve is actually written in Viper, but newer versions of Viper do not have this bug. It was fixed, I believe in like 2011 or something. So the rest of Curve is not vulnerable to this bug, but these older versions were. So this bug freaked people out because Curve is one of the most well -known, longest standing stalwart protocols in DeFi. And it's actually one of the largest protocols in DeFi by TVL. At the time of the bug, it had about $3 billion in total assets in Curve. And in large part, as a result of the panic that set in after people realized this bug took place, half of all the capital in Curve has pulled out. Curve is now down almost 50 % of all of the assets in Curve, meaning $1 .5 billion was withdrawn from Curve over the last, call it 48 -ish hours. Let me pause there because I think for a lot of folks, they may not understand the contours of what it means when to say that there was a bug in a smart contract language or in a compiler. A lot of people have been pointing fingers and saying, oh my God, how did Curve mess this up? Like why are these people asleep at the wheel? Because this bug was a reentrancy bug. Reentrancy is a very long history in crypto as being famously the bug that took down the Dow. It's a bug that keeps rearing its head over and over again. So Lawrence, could you explain for us one, help us understand how Viper and this bug fits into it and what people mean by reentrancy. Can you walk through that for us? I think there's probably gonna be better resources than me to talk about the nature of what reentrancy is, but basically kind of reentering a function more than once in the same call. I think this one's particularly interesting because as you say yourself, when people talk about a reentrancy being a root cause for hacks, it's very common. It stretches back five years, six years. And this is for the most part, if you're dealing with topics, you know, modern approaches for things, it's a solved problem. In this particular instance, so as you mentioned, Curve is written in Viper and there are three particular versions of the Viper release, I think 2 .15, 2 .16 and 3, which had an issue in the way that, one of the most common ways of preventing reentrancy is to just have a modifier that's just reentrancy lock, that just says, you know, I'm executing a bunch of code. There is no more reentrancy allowed here. You can't reenter into things. But the most part, if you rely on that, then that's an assumption that you make and you're fine. You know, you go in, you execute code and then you're out.
Monocle 24: Section D
"lawrence" Discussed on Monocle 24: Section D
"From different worlds. Almost as if you take something that's from the 70s and then something that's from the 90s and something that's from 2020s and how they live together. And it's like the origin versus the future of something. And it's a way to play and to release yourself from the way that you normally see things to see things slightly new and to speak to someone in a new way. Lawrence Steele, in conversation with Monica's fashion editor, Natalie, will rejoin their conversation later in the show. The Spain is the land of sun, sea and sangria, and each BC tour jets off to its sunny beaches and vibrant cities for a dose of that Spanish Buena Vita. Monaco's newest handbook to Spain is on shelves now, where we explore the best places to eat, shop, to stay and wander in this colorful country. Inside, we check in with the hotel layer software and luxury seaside stays a northern getaways. Local creatives within the old with a new and leading chefs plating up exciting new dishes. For those hoping to put down roots, this handbook also highlights the perfect neighborhoods for you to go home and get suggestions from the entrepreneurs who have already taken the plunge. Head to Monaco dot com slash shop to order your copy of Spain, the monocle handbook today.
Revision Path
"lawrence" Discussed on Revision Path
"And what that looks like for me is I feel like I owe so much to my ancestors, mostly black ancestors, very directly in my lineage and let's say my cousins, you know, the folks around me who sacrificed a lot to get me here to where I am right now. And I want to contribute to that chain of progress of making it easier for black and brown folks younger than me who follow me, making it easier for them to have the opportunities to create wide scale change. And showing them that it's possible showing them that you don't have to conform to someone else's trajectory to do that. You have the freedom to do it the way that is right for you. Basically widening what is possible for people to be conventionally successful and what that actually means. And hopefully, never sacrificing, I won't say hopefully, hopefully this is conveyed through my actions. Threading that needle between doing what's right for the business and what is just societally responsible, just to wrap things up here, where can our audience find out more information about you about pearl about your work and everything, where can they find that online? Yeah, so best starting place for that is our website. So pearl U.S. dot com and you can find all of our links there to our LinkedIn to our Instagram to our app itself, everything is that's the best place to start. For my work, and if you want to follow me, similarly, you can follow me at Lawrence Humphrey dot com. So LAW RNC dot com. Hopefully, I think this will probably be shared out in the description. But that also has all of my links. And basically anywhere websites are found, you can find those links and find everything else. Sounds good. Well, Lawrence Humphrey, I want to thank you so much for coming on the show. I think first of all, just thank you for sharing your story of really kind of building a company. You know, I think it's something that we see a lot, I think we have seen a lot over the years, just like, what does it look like to really step out and try to do your own thing, but I think it's really important to also kind of build in public in a way. Based off what you've kind of been saying, you know, how IBM kind of allowed you to time to do this and now you're building it out in public with advisers and such.
Revision Path
"lawrence" Discussed on Revision Path
"You were there for almost 6 years starting off as an intern and then kind of working your way up to becoming a strategist. When you look back at that time, what do you remember? Are there any sort of specific takeaways? Yeah, so it can kind of be broken down into a couple chapters. So there was my early career internship, you know, then we went through another onboarding. Let's say, experience, they call them boot camps. That's the one phase, where it's like starry eyed, early career Lawrence, the world is my oyster. The same traps that all of these early 20 somethings succumb to, you know? And then I was on a team for around three years. It was basically IBM designed for AI, which is the intersection of design AI and basically consulting and facilitation. But in essence, we're creating technical. So how can non technical teams get started with AI and create compelling honest in the sense that this is what the technology can actually do, implementation with AI. And amazing experience. And maybe one of the best ways that I could have started my career on that team in terms of the work that I was doing. And my boss at the time, extremely encouraging and just gave me a long leash. So there was that chapter. And the next chapter was my tenure on the transformation team, which worked on enterprise wide transformation efforts, predominantly in hybrid cloud AI and culture. So the net of it was I was doing a lot more consultative work even on my AI team. The IBM design for AI and that was when I realized that I just loved sitting in the middle and working in cross disciplinary teams, multidisciplinary teams, having high visibility projects working with a lot of different stakeholders with big personalities. Basically translating the technical needs into layman speak into the needs of the business and the kind of glib and story that I tell about it is I started in engineering and then realized that designers tell engineers what to do. Went into design and then designers get told what to do by like PMs and the business people. So I went into that lane. So I don't know what you can make of that story, but that was kind of how I decided to hop through those roles. From designer to engineer, I feel like that's a journey of love itself. Yeah. And even now, I feel like both are pretty misunderstood titles. I would say design a little more so than engineering, but a lot of times people think, oh, shapes, colors, make things pop, you know, as a designer, which I am not that kind of designer. It was I mentioned my first boss and I just think that that was a great place for me to start because he built my I mean, both he was a design executive. So he practically sharpened my skills as a designer, but really just gave me the confidence to go into rooms with very senior people. And feel like my perspective had a place there. So when I think about leadership and I'm really passionate about leadership, there was a lot to be learned from the myriad of actual leaders like reporting chain leaders and just some of my mentors and peers. Everyone was just so generous with their perspective. There's a lot to learn and how to lead teams. And now when you started the organization tech can do better, where you still at IBM or is this after you left? It was at IBM. So
Revision Path
"lawrence" Discussed on Revision Path
"So if I can do that, that's a huge win. Now, we've talked a lot about your work. Of course, we've learned more about pearl, but I want to learn more about you about Lawrence. Tell me about where you grew up. Yeah, so I grew up in Nashville, Tennessee, and it's funny because I'm living in like two of the trendiest places in the U.S. right now, but back when I was growing up in Nashville, I was both under aged and it was underdeveloped. So I didn't really experience the cool Nashville that a lot of people experienced today. But I moved around a lot growing up landed in Nashville third grade and was there through graduation. And I was pretty into stem, but didn't really know, and I think that this is a through line of my story. I didn't really know what I wanted to do for a long time. I had a vague idea of, I wanted to create something that impacts a lot of people. And at the time, it was like the scientist of the time like Nikola Tesla and Leonardo da Vinci's and Newton and all these people that create things that change the world. And then as I went through high school, I had a vague idea of what computer science was because I watched the social network all the time.
Revision Path
"lawrence" Discussed on Revision Path
"Now for this week's interview, I'm talking with Lawrence Humphrey, cofounder and CEO of pearl, and cofounder and executive director of tech can do better. Let's start the show. All right, so tell us who you are and what you do. Hi, yeah, so I'm Lauren Humphrey. I'm founder CEO of pearl. And as a very new startup, very stereotypically, I do everything from setting the strategy, building the team, to execute against the strategy, executing it against myself to take it out the trash and cleaning up the floor, so to speak. So very much the stereotypical startup journey right now. But yeah, I do it all. It's been really exciting. As a nosy person, I love being able to stick my nose and everything. How has 2022 been going so far? I feel like the second half of this year has been plagued by news about tech layoffs and things like that. Have you been holding up? Yeah, you know, this has been a very, let's say uncomfortable year, but obviously there are the greater, as you mentioned societal forces, making people uncomfortable, the job uncertainty. I am one of the people that quit my job this year to go full-time with pearl. So my discomfort is more from discomfort and excitement for having taken that leap. And I mean, this is my first rodeo, so to speak. So I'm excited. And you know, and I don't have kids, but I have so much optimism for this kid. And I want to make sure our raise them in order to be I want it to be successful. So that's been a super fulfilling journey. And definitely a venture into uncharted territory for me. Yeah, any time you step out there and do your own thing for the first time, it is equal parts like exhilarating and terrifying. Yeah.
Living the Law of Action Show
"lawrence" Discussed on Living the Law of Action Show
"That would let me in. I'm talking all the good ones. Yeah, it's amazing. And it required me to honestly do about two minutes of research. I had never done it. Because most of us just believe in the daily, what we've been handed and the status quo for us is our standard operating. And until you pull back and really challenge that and say, how am I going to solve on this really basic thing? You know, I don't read very well. And that makes learning really crappy. Fast forward, Harvard Yale Princeton, MIT, I'm looking at a program at Oxford now. All of them online, all of them read the words to me. I'm electrified by the knowledge. You know what? Reading was just a small roadblock. I had to learn to renegotiate it. We all have to look at what our roadblocks are and understand how to renegotiate them. Have to renegotiate your roadblocks. Don't worry about what you're good at. Don't worry about what you like, don't worry about what your gifts are. Just renegotiate your Roblox. Mike drop moment, there you go. Thank you so much for being here today. Thanks for reading my co host. We come back next week. Please. My pleasure, are you kidding? This is the best gig ever. Oh my God, I love it. Thank you so much. And thank you so much for taking the time out of your busy and precious day to listen to the living the law of action show. We still appreciate it. Thank you for allowing me along with my very special guest, Audrey Lawrence, to touch your heart, move you inspire you. Remember, take time out to breathe. Don't let fear stop you, decide, plan, and act. I'm rob actis. Until next time. Thank you for listening to the living the law of action show, with mister action, draw back to please rate, review, and subscribe.
Living the Law of Action Show
"lawrence" Discussed on Living the Law of Action Show
"Draw back. Welcome to show action takers, glad to have you here. Living the law of action is based on my bestselling book the law of action and I love to connect with the movers and shakers of the world who are passionate about the good they do for others and who listen to their hearts taking inspired action every single day. On the show, my guests are incredible. People are forces for good in the world around them and live a life of inspired action. My guest today does just that. But here, we are flipping the script ladies and gentlemen because when you do the live action when you decide and you plan and you act, if it doesn't go exactly how you want it, you get to pivot and shift. So today I'm happy to say that the living the law of action, we are pivoting and shifting. And I am bringing on a co host and I'm so thrilled it's going to be so different than all the shows because it's not going to be an interview, style format. It's just going to be two friends just kind of shooting this shit, talking about important stuff to make your life better. So that's what we're doing. And it's kind of cool. I'm saying hi to everybody. We're doing a TikTok live and this is great. So first of all, Audrey Lawrence, what can I say? She is a multi TEDx speaker. She's producer and host of her own TV show on PBS and what more do you bestselling author? I mean, I'm humbled to have you here today. Humble. Okay, well, humbled. Where's the 5 bucks going to rob? Write the check now. And we can put this behind us because seriously, my date is not feel like that. But it sounds great when you do it with that voice. Oh, well, thank you. Thank you. So you gave me a music, let's see..
The Last Word with Lawrence O'Donnell
"lawrence" Discussed on The Last Word with Lawrence O'Donnell
"Slash subscribe. David love it. Seems we have seen the last act of the drama of the california recall election. It is now just a question of turn up tomorrow and counting the votes tomorrow night lawrence. I think that Effective pitch by by. But i think what you saw tonight. I think is going to carry forward and the next year because i found in politics. You obviously want to give people something to vote for. But it's also important to give your base something to be against and i think here in california elder play. The trump clone role of president biden talked about. But i think all those our country. You're going to have candidates who are cova deniers responsible about vaccines who don't think that we should be a democracy who think were riddled with fraud. You don't believe in climate change. So i think you can see I think Really strong foundation for next year. Which is obviously you want people to vote to say. The democrats did a good job on kobe on rebuilding the economy on climate change healthcare. But these other folks are no better than trump in many respects. They're worse than trump And we saw how powerful that was both in eighteen twenty. So i think what you're what you're going to see tomorrow and we need to study the results. The tactics the strategies the messages But i also think that is clear that it's not just a california. I will point out to you know out here. We call them No party preferences used to call them. Declined to state. Independence's are known in other states. Am i understand. The data is about ninety percent of those voters are vaccine about ninety five percent of democrats out here vaccinated. Newsome's likely to win. Two thirds of those independence and again. I think when you look outside of california after this election in terms of what can we learn about this leading into twenty two. I think that's really really important particularly if he's able to win. Fifteen twenty percent of vaccinated republicans and you dominate independence like that On top of doing what you with the base which is no guarantee. We gotta work really really hard. I think they get. The kind of turnout will meet to survive twenty two and maybe gain seats. But i think there's a lot to be learned about what is going to happen next year. Would you unpack these results in california tomorrow. In the days to come bridge avesta the president began by saying iran against the real donald. Trump. and larry elder is the trump clone now running for governor of california so donald trump obviously a large part of this closing argument of it for two to save gavin. Newsom as governor of california right. But i actually think we need to look very carefully and as david says unpack the tactics. Because what i'm hearing on the street. There are a lot of ads that were coming out of the campaign at all about sort of this is another version of trump is his fear. They're coming for you and people actually want to hear you have to give people something to vote for and newsome has records. There is really tremendous things. He's done in this case for all californians but for latinos as well that you could do a very positive message that this is. What's on the line. The programs to expand early childhood to invest huge amounts in education to expand healthcare for documented..
The Last Word with Lawrence O'Donnell
"lawrence" Discussed on The Last Word with Lawrence O'Donnell
"Schools are opening a full. Persons classrooms are going to be packed in crowded and a lot of areas across the country. Case rates are high and it almost feels like a human experiment and so i'm concerned and as you noted in the opening that we're going to see an increase in cases and the reason why is because we still have widespread community transmission of crony virus. We've we have essentially reopened. There are no indoor restrictions their states without mass mandates. A my city new york city does not even have an indoor mask mandate. We have a mandate for schools. But we don't have one for the city and so essentially we're seeing a patchwork of different policies that are essentially driving up cases. And we really need. I hope president biden addresses on thursday is sort of a reset. We need to talk about other mitigation policies other than vaccinations that we can have a vaccination centric policy we need to use other mitigation policies and policies. That help support people if they need to stay home from work at of not essential businesses in order to decrease the spread of this virus. Laurie garrett oh what do you see coming. And i asked that because you're the first person i heard on this network telling us to. We're going to have to hunker down and choose who we wanted to be with when we hunkered down. This was before the lockdowns came What do you see on the horizon. What are you see coming. Lawrence sam afraid. Of course. I agree with dr black stocks assessment completely. I'm afraid that as schools open more more cross search concentrated areas of the country large population centers. We're going to see more rotation virus through the community through the households a back into the schools over and over and over again wherever there are relaxations in mask-wearing policies and wherever overall community vaccination rates are low. What we see across america really big geographic differences in the distribution of vaccine use in the willingness to abide by community protection measures such as wearing masks. And so i think we're going to see a really differentiated fragmented epidemic with a totally different dynamics from one part of the country to the other and this is all going to be based on politics is going to be based on political decisions that have been made by leaders in one part of the country versus another and it will reflect you know deciding on the hope for economics versus the reality of the science and of course it's also going to be based on certain crazy ideas about personal liberty versus community responsibility. A doctor blackstock water. Some of the non vaccine approaches that need to be reemphasized or strengthened. In addition obviously we're not saying to the exclusion of vaccine but vaccine being. Not the only thing that can be done right. So we we know that multi-layered strategy is what's effective..
WBEZ Chicago
"lawrence" Discussed on WBEZ Chicago
"Lawrence with you. Lawrence is standing by to hear about a deliveries to to great. And then we'll hear about a grizzly spate of killings in Uganda also bringing news of the role of agriculture and helping Africa recover from the pandemics, economic damage all that plus Isaac with a sport that Tuesday Yeah, let's start by turning to Ethiopian and particularly the war hit region of Tigray. We want an update on the food aid, which apparently some 100 trucks of it has reached the capital to Kelly. It's been a pretty tortuous way to get there, according to the U. N as well. There are millions of people in need of humanitarian assistance in Tigre. Let's speak now to the World Food Programme's regional spokesperson, Gordon Vice Gordon, first off We've we've been following the story on and off. They have been convoys which have been obstructed. There have been convoys that pretty awfully have been shelled as well. Not clear. By whom. What were these trucks and how much has got through This was 100 trucks that got through on Sunday. Um it managed to cross the conflict lines and get into Tigray Province, where it it reached our warehouses in in MMA Kelly. Carrying food aid like predominantly food aid about 90% of it, plus other humanitarian items, Right how big is the need? Just remind us would you where this is going, And if it's a drop in the ocean? How much of a difference is it going to make? Well, it's going to make something of a difference. It's about a week's worth of supplies. But of course, it's not just about Tigre. Now The conflict is spreading, and it's spread to the neighboring provinces of Amhara, and a far so just over the past. Sort of six weeks. We've added another 1.7 million people that we've managed to identify on on top of the caseload that we already had into grave about 5.2 million people. How long does it take to because obviously the practicalities of distribution. Okay, you've got to the capital Mackell. A A lot of the need is out in the country. What are the possibilities of that aid actually getting out there to people in rural areas rather than in large cities. Well, it's a very murky picture, as you can imagine, because this is a This is a raging conflict, but we think that we can get a doubt too many people, But it's only a week's worth of of of age. We need about 100 trucks going into Two grey every day to to stay on top of the about the enveloping crisis, but but now we have Amhara and a far as well, so it's a highly complex operation being carried out across lines of conflict. And you know if there's one thing that we know about the Horn of Africa, food disasters like famines happen slowly. And then they happen all at once. And that's why prepositioning stocks is so important In these conditions. You mentioned the line of conflict. They aren't always that clear, and I know that a lot of aid delivery has suffered appalling. Attacks and so on. How long did this convoy take to get through? I'm just trying to get an impression from you about whether this could be a way through that has been smoothed. Having done it once you're going to happen, it's going to happen again. Or was it a struggle to get it through? No Getting getting getting two convoys through has been difficult all along. I mean, the government of Ethiopia is very nervous about sending supplies into an area which is controlled by by enemy to grain forces. Um, but, you know, so it's it's a complicated negotiation. And as I said, You know, we've got one convoy through. That's the first convoy have got through since August. The 22nd. There are many more that we need. We need 100 trucks going Justin to degrade every day every every day to stay on top of the operation. And then we have the additional provinces of Amhara and a far so the conflict is spreading. It's becoming more complicated. Front lines are shifting all the time. That means our operations and our operational planning changes almost every day. And presumably, it means that you can speak to people at the top. That doesn't mean that those opinions are necessarily shared or reflected at ground level. I mean, how much longer than what you'd expected it take to get through. Is it negotiation at every point Going through these as you say, the shifting lines of conflict. Yeah, well, I mean, there are obviously different views inside the government of Ethiopia. And then there are their state level. Um, complications and then and then it goes down to the village level. Um, and there has been a very ugly perception that the UN has has been biased in its delivery of food. This, of course, is not true. We operate on principles of neutrality. But we have to deal with those with those perceptions as well. And that often translates into things like attacks on our truck. Of course, I mean, the You know you are neutral, but the perception means that your work is used by both sides or all sides to their own. Advantage, frankly, isn't it? Well, absolutely. I mean, that's that's why we are so persistent in asserting our neutrality and the neutrality of aid and the neutrality of reaching people who are caught up in the conflict. We are not engaged in the conflict. Important point to make Thank you for coming on the line. That was at the World Food Programme's regional spokesperson Gordon Vice on the line from Nairobi, talking about the arrival first time in a long, long time in weeks, actually the arrival of 100 trucks of food aid in Mackell, a integrate News day. BBC World Service can take you to Uganda. Now we're two members.
The Last Word with Lawrence O'Donnell
"lawrence" Discussed on The Last Word with Lawrence O'Donnell
"The last year of his career has worked out as governor well depending upon what he does with it. i could either live with it or not. I would say that eighteen million dollars is a lot of money to have a campaign accounts certainly did not running for reelection. I don't expect him to be running for office again. I think that it would be helpful for him. To give some of that money to the state party if he would like but it certainly his prerogative and his you know his option to give it to whomever he chooses under new york state law which candidates chooses he's limited in how we can spend the money he might decide to give it to charity. He might and would be a very good use of the money as well giving it to causes that. Help people around the state something that i think would enhance his image. And his legacy. Are you going to support kathy. Hokuto as the democratic nominee for governor in the next race champion oakland. I've been friends a very time. I think she's going to be an excellent governor as the state party chair at this moment in time. It's not appropriate for me to give an endorsement. But i will tell you that. I have every expectation that when the people of new york state get to meet cathy hokuto understand the type of leader that she's going to be they're going to like her and i think that's going to end the story in terms of You know what's going to happen with the democratic nomination but that it's all it's all up time and we'll see what the future brings us. But i feel very good about kathy becoming our governor. And as i say i think she's going to be surprised jay. Jay jacobs. Thank you for your guidance. In the last weeks of the cuomo administration we look forward to your insights about the whole administration. Really appreciate your being here tonight. Thanks lawrence thanks. For having me thank you. We'll be right back report by these cyber ninjas about the election the presidential election arizona's going to be delayed now because three of the five cyber ninjas working on the analysis tested positive for the corona virus and are reportedly quite sick. The republican recorder of maricopa county stephen risher issued a thirty eight page. Open letter entitled dear arizona. Republicans about the cyber ninjas. Mr richer calls the cyber injures quote. Let's see what that says after the quote. Yes there is biased. Inexperienced incompetent conspiracy theory driven unscrupulous partisan and says the ninja audit is an abomination. That has so far eroded election confidence and defamed good people. Republicans steve richer gets tonight's blessed word and that word is abomination in the wake of the nine eleven attacks. Hundreds of people recorded their stories. Twenty years later he same voices return memory. Box echoes of nine eleven wednesday september eighth ten pm eastern on msnbc and streaming exclusively on peacock..
Look Behind The Look
"lawrence" Discussed on Look Behind The Look
"Lawrence. Thank you so much for joining me today. I am really thrilled to talk to you about all things aretha and j hud. I got an opportunity to see respect in your work. let me just. It was incredible. I knew i was getting some sneak. Peek some the instagram. And so i was really anticipating seeing it and was not disappointed. I want you to tell me absolutely everything. So let's start with. Let's start with how you came to the project This one in particular when john was doing jinnai. Transfer longtime edition is doing it. I just didn't know what it was about So just magically one day while working on another project Very those just about to about a month and a half into underground railroad. And i got a call from costume designer new york ramos and he was like i got your name from me. Neil for a furlough for the reader for like really so that was in his recall. That i kind of knew things we're bringing up after jennifer but just didn't know when it was done a happen right because these projects can take for ever and so you never want to get too excited until you get that call so on the the call came all blessed neat mea. That's amazing so so what was the timing of this. Was she on merimee was what was the timing of the projects. I don't think new mayor was on my rainy at the time. I don't think. I don't think that started yet. Okay whatever it was she could not do it and she definitely have furred me as a atlanta local which is and it was just disappear perfect marriage of course because i wanted to do i love doing period pieces and jennifer is one of my good friends so it just made
Rebecca Sounds Reveille
"lawrence" Discussed on Rebecca Sounds Reveille
"My i don't have a facebook but is soon to be reconstructed on my instagram is going to be simple. Lawrence hampton at coach law. Dan flynn connections. And i'm working on some other social media. Because a more hands on. But i'm eventually realizing i need to go to that. Yeah but oh. I do. Because i do connect where people to help them with books and t shirts and that's gonna be benfleet connection at cat. Atoms sixty nine. See a two. Okay can add in. I was born in. Now's born in sixty nine. So people know my age which. I have no problem blessed to be there but reason reason why i put that out there like that. I don't like to repeat it over. And over and over. Because i know that that i twenty five and we working on i twenty five. It's going to be special. They're going to be like the the four founders of united states because united states. I studied that and i love to get into. I love history. And i study how they started this country. I started a steady. How britain started their country. I study how the greeks and the romans started their country all connected and one of the things that that connected them with like minded people with a degree and say hey look we as eighteen years old. We don't have to wait on mommy and daddy. We can literally work on ourselves and start building an investing entities that we can't but one thing that they we've definitely teaches control. Your expenditures excellent. This is so many so many really healthy levels. I love this. And i can't wait to hear how this is growing so i will have him back on the show. I want to hear more. We wanna get things directed in your way. So i will get that out for you as well and i can't thank you enough for spending and dedicating your focus in your time and attention on our youth. It is so much needed. I also thank you folks so much for being here today. Thank you rebecca. I appreciate you having me and Just you know. I mean we're we're you were not we talk like you and i have a common understanding in. I mean you read my mind on some of those things. I am so all about having healthy. Relationships healthy fiscal emmy just all it. Life really needs to have on a massive scale it really different perspective than what it's at right now and if the climate that we're looking at right now on every level is really all resentment frustration. Anger toxicity. It's really difficult to be able to move forward and really healthy manner until we get mentors that have the same focus and we start changing those things and in sometimes it's just on an individual one by one level and i love it so i wanna thank you again. Thank you so much but just a and that is With you people. I know people follow. You know what you do with. You have to tell them what you started in and to me. That's why you're not connected. Remember connected on that right on that telephone call and i would just so amazed at what you did what you do now. My goal has been providing people tools and resources to help them overcome domestic violence and trauma. And as i've done that things have just evolved announce how this show came about was to provide tools resources. Hope motivation with every single episode. that somebody listens. They either are able to obtain something for themselves for a member of their family. A friend a coworker or somebody and so if if something on every episode effects somebody that makes a significant little change. That's the little ripple effect that we need to make it better so i wanna thank you for being on thank you. Thank you rebecca. You have a great day. And i want to thank all of you for tuning into another episode of rebecca. Sounds reveille i challenge you to get connected with lawrence and see what we can do to build his group up to twenty five and see where it goes from there and maybe even get his info his insight on how you can do something. That's going to help the youth in your area. This is what we need to do. And i thank you for tuning in to another episode of really. Ask that you get this out to all of your friends your family everybody on social media and everybody you don't thanks for watching.
Phantom Power: Sounds about Sound
"lawrence" Discussed on Phantom Power: Sounds about Sound
"I hear that recording is luke ferrari's listening in that particular place at that particular time. Yes so a field recording isn't just a recording of sound. It's a recording of someone's listening right person who made that recording that sort of agency that intention -ality that we bring when we do. The kinds of focused listening that lawrence english was talking about earlier. That can sort of be heard through their recordings. You leave your mark on the recording on the memory that you have constructed through recording right. And so that's.
The IT in the D show: This is what happens when geeks, alcohol, pop culture and current events get together
"lawrence" Discussed on The IT in the D show: This is what happens when geeks, alcohol, pop culture and current events get together
"Welcome thank you once again for hanging out with us. This is the one and only well. It's not the one only anymore. It's only half of the one only. It and that he show we are broadcasting. Live from our corentin homes. My name is bob waltons bill. I'm your host tonight. I'm joined by producer randy walker. You can find us online. It in the dot com medusa favor. Give us a like on the socials and subscribe to us everywhere. Fine podcasts are sold before we get on with introductions to our guest It's customary that we shot to the one only dave the gig phillips I got little bit of peanut butter whiskey going on which was one of his favorites. So you got a glass in. I don't care if it's water pop. Whatever cheers dave. You son of a bitch cheers so Joining us you might be familiar to. You may not be. Seized is world famous and infamous at the same time. He is a youtube star. At what we're gonna talk about that. What is it take. Or how far far do you gotta get along with speeds start. But he has a technologist his Lover technology goes back as far as mine. We're going to let a great stories going all the way back to the early days of bbs and you in the tv repair business. Your we gotta like gotta dive into that. That was hilarious. Me laugh But none other than tom. Lawrence of lawrence systems. He's a you so awesome named his company after himself. Tom how you doing buddy. I'm doing good and it's not awesomeness. It's just some clever names will you didn't so he didn't want to be the the there was three names. I always hated which was like the three letter. Names like we're pci. It's like programming computers inc. and then there was always like the one heeded the most was co vance's when they came out it was converged systems. Technologies are what i forget. Whatever the three words were than they just spurts them and then the ones that were really clever wetback through latin books than checked it through go daddy to see if the if that was their and they name it this. It's then it's open on. Go daddy yeah for me. it's like last name's lawrence. I don't know i call it. Learns systems why not. It's all the more pack is illegal names so right so i gotta in a quick. I always liked talking about movies. And crap i have you seen army. The dead yet older older one the one. That just came out of netflix's last week. No i have not randy. I know you watched it. I did not know. I'm going to talk about this by myself. I'm not going to spoil it. I'm usually we spoiled bad batch and all that but i'm not spoiling it is sex snyder. And it's basically it's it's set in las vegas and they won me over because the immediately went into a richard cheese version of viva las vegas to set the stage and basically what happens is There's a zombie breakout in vegas. And they basically build a three story tall shipping container wall around vegas and they're gonna nuke it And then basically a businessman says two hundred million dollars in this one casino's vault but you gotta break in..
Life Transformation Radio
"lawrence" Discussed on Life Transformation Radio
"My guests sneezing people, her forces for good in the world around them and live a life of transformation. My guest today does just that today, Audrey, Lawrence. And I discussed mastering the art of self disruption. If you want to learn more about how destruction is, the Catalyst of change had to navigate through change and understand that only you get to decide if the changes made it for the better. This is the show for you. She's an author and racist. Learner. She's earned certifications from m. I t Harvard Dartmouth Yale and Berkeley and continues to add to this day. Whether Audrey Lawrence is speaking about leadership, and a digital transformation or entrepreneurship off, or presenting her Workshop, radio show or her podcast. Well, I gotta say she is an accent acre. She has a life of transformation and she is here today off. On life transformation. Radio Audrey. Welcome to show. Wow, Rob. Can I just tell you can you just follow me around? Because my day is not nearly that excited, but the way you shape it, my gosh. I'm excited to meet me. That's crazy. I'm excited. You're awesome. You're look. Look. I went to Community College for one year. Gotten a radio, and you like most people, if they could just go to home and they go to Dartmouth if they can go to, that'd be amazing. You went to MIT Harvard Dartmouth? Yeah, Berkeley. And you continue to add. I mean like it's pretty impressive..
NFL: Move the Sticks with Daniel Jeremiah & Bucky Brooks
"lawrence" Discussed on NFL: Move the Sticks with Daniel Jeremiah & Bucky Brooks
"I didn't really want to take those layups all day. Long a prophet if somebody wants to get back again book leadership humility. Some of those things that come up that you would think is an opposing coach. You wouldn't really pay attention to more the skill set stuff but man it just comes out. Everybody we talk to. It comes out so is obvious. Dj that Trevor lawrence displays something on the field. That other coaches can kinda sense. Sometimes we talk about the fact factor in the swagger. But when i get that i get in trouble lawrence there's this self assuredness disquiet confidence that you can just pick up. That he kind of has this. I got it. Don't worry about a team. I got it. And i think opposing coaches recognize. That and i appreciate that no doubt. We've got a chance to visit with coaches and family members Player guys that have coached against him. Trainers you name it buck. We've talked to just about every we haven't talked to is a teammate. And we couldn't get through this episode without getting a glimpse of trevor lawrence as a teammate. And we did that. Fortunately you're able to catch up with arguably the best running back in this year's draft. Class his teammate travis..