40 Burst results for "Lend"

A highlight from Valio - Next Generation Asset Management Platform

The Crypto Conversation

25:02 min | 4 hrs ago

A highlight from Valio - Next Generation Asset Management Platform

"Hi everyone, Andy Pickering here, I'm your host and welcome to the Crypto Conversation, a Brave New Coin podcast where we talk to the people building the future in the Bitcoin, blockchain and cryptocurrency space. Hey team, we have a new sponsor here at the Crypto Conversation, BitGet, one of the world's leading copy trading cryptocurrency exchanges, yes indeed. What happens if you've got the funds to invest but you don't have the time to keep track of the market? You still want to make smart money moves? What do you do? Well, copy trading is a popular choice for beginner traders. You can shorten your learning curve by uncovering tips and strategies from more experienced traders. BitGet's copy trading platform has over 80 ,000 elite traders to choose from and 380 ,000 followers just like yourself who are already using the BitGet copy trading platform as a potential passive income stream. All it takes is one click, you can subscribe to an elite profitable strategist, set your limits, automate your orders and monitor their trades. I've got some links in the show notes below, one link will take you through to the BitGet sign up page, give you a VIP discount. So learn all about it for yourself thanks to BitGet. And now it is on with the show. My guest today is Carlos. Carlos is the founder of Valeo, an asset management platform that connects you to leading traders and digital asset managers on chain asset management, very interesting. Welcome to the show, Carlos. Andy, thank you for having me. It is a pleasure. Let's do what we do at the beginning of the show, Carlos, it would be fantastic if you could please introduce yourself, just, you know, share a little bit about whatever you're comfortable sharing. I'd love to hear a little bit about your personal and professional story in terms of what has led you to founding Valeo. Sure, happy to. So educationally, I come from a background in mathematical finance, which I suppose was one of the reasons why crypto and decentralized open ledgers attracted my interest and curiosity in the first place. Now, as far as professionally, the first thing that I ever built was a software development company that did fairly well. That was also my first exit, solved my stake to my co -founder, then spent a bit of time working on perhaps an overly ambitious AI mental health startup. And in 2020, I founded my venture vehicle OpenHedge with the mission to advance open source finance. And at that time, I didn't have the single thing I wanted to spend, you know, the entirety of my time working on. And we were involved in a number of different things. Some of your listeners may be familiar with perhaps premium finance, which is kind of the one of the things we've been involved in the most. But more generally, I've been around crypto since 2017. At that time, I wasn't convinced that the infrastructure is going to amount to much as far as providing value to society. But in 2020, that's when the switch really flipped for me. And when it became apparent that this technology is here to stay, and that not only is it here to stay, but it's going to play an increasingly important role in how humans transact and record value. And most recently, as of roughly nine months ago, we've wound down all of our involvements to focus exclusively on Valeo, which is an asset management protocol to onboard the next 1 billion users into crypto. And the reason why we're focusing on it right now is because we need to question more the paradigms in which we onboard new users to our industry, because, you know, that's kind of the top of the funnel. I'm happy to expand on this in a second, but we need to do better as an industry. Yeah, I very much agree. So how long have you guys been building this platform then, Carlos? Yeah, sure. So we've been building for roughly nine months now, and most of that initially went into R &D because, again, maybe to kind of zoom out and start with the reason as to why we're If you think about what are the main gateways for people into crypto, they are predominantly four of them, one of those being Binance, second being Coinbase. Then in Europe, we have this thing called Revolut, which is, you know, you can think of it as something like a block or, you know, a cash app, whatever. And the fourth being NFTs. And if you think about what all of these gateways entail, or rather require is some initial knowledge about the industry and particular assets. So for instance, if you go on an exchange, you create an account, you still are left with the daunting task of knowing what exactly do you buy that, you know, what are the tokens that you want to have exposure to? And we as an industry, we take it for granted. But this is really a prohibitive barrier to entry for most users. And most users do not want to use exchanges, they simply want to have an easy way in which to get smart exposure to the industry. And so this is something that we needed to rework as an industry for a long time. And as a result, we found it valuable because we think there is a better way. And this better way revolves around backing the leading traders and asset managers in a trustless and non -custodial way. Right. So the idea is people that are potentially interested in taking some positions in crypto, but they're not perhaps that interested to spend all their time researching different projects or different traders, different types of coins. But instead they can come to Valeo and look at the different traders. I think you call them managers, right? Yeah, different managers on the platform and instead effectively back people that have talent and industry knowledge and it's a simple solution for them. Correct. So I'll share a story that is so illustrative of what people undergo a million times a year in trying to join crypto. So roughly two years ago, I spoke to a friend of mine who's a very smart guy, master's degree in physics, works in IT, all of the prerequisites to understand what's going on. And we had this in -depth wonderful conversation about distributed ledgers and all the downstream implications for society and democracy among other aspects. And he was immediately excited and he immediately understood the potential of what's going on here. And his first question was, well, Carlos, well, how do I get exposure to this? Like how do I get involved? And at that point I was like, okay, well, you know, the first step you probably take is you go on an exchange, you buy some ether and then you look at the coins that you think are ultimately going to do well. And so what ended up happening is he went on FTX, he bought a bunch of ETH and then he, you know, spent the majority of his portfolio buying coins that ended up going to zero promptly. But he thought those were, you know, based on his very limited amount of research, those were something worthy of his time and capital. And then FTX drug him for the rest. And the takeaway here was that even if you have very smart people who are capable of understanding the industry in each of the individual protocols, it doesn't mean they have the time to do it. So we simply needed a better way to make this happen. And the way to do this is to connect these people looking to enter crypto to traders and asset managers who are native to this industry, who know what they're doing. And for the people looking to enter, instead of having to analyze each individual token at length, they can simply look at the track record of the people that they ultimately intend to back. Got it. Thank you, Carlos. And, you know, it reminds me, Carlos, you know, you'll be very familiar of, I guess, the kind of the idea that for long term investors, you know, your average kind of long term investor who just puts a significant amount of capital into the market, it doesn't matter whether we're talking stocks or crypto or ETFs or whatever here, if you have that kind of long enough time horizon, then you're much, much more likely to outperform day traders who think they can time the market and move in and out of positions all the time, except perhaps for the, you know, one or two percent of those smart traders, asset managers who actually are good enough to to time the market and beat the market. Right. Well, certainly. And to that point, you know, asset managers can have edge in multiple dimensions, timing being just one of those. But the broader thing here, Andy, is that if you think about what happens when people just go on and exchanges and buy random tokens as their entry point, what this creates is this weird dynamic where asymmetrical information dominates and is very pervasive. And what do I mean by that? Suppose you're an army and you just created your account on Binance and you're looking to buy a token. You'll likely buy something that your friend will have told you about or something that you've seen on TikTok. And I know this may sound awful to some people, but this is the reality. And so what you'll end up directing your capital to most likely are a bunch of scam coins or a bunch of marketing and meme coins. And as an industry, it's not healthy for us to have these capital flows be diverted into these dead ends. What instead we want to make sure is that the capital entering the space enters in an efficient way that is conducive to the overall growth of our industry. And to your point about the long term, even if someone has a very long term horizon over which they want to allocate to our sector, it should be guided by someone. People can't be expected to make these long term allocations for themselves unless they are willing and able to invest hundreds of hours of research into this. And just as an equivalent example, consider retirement funds. Imagine a world in which retirees would have to day trade and manage their own personal portfolios that likely wouldn't be conducive to good outcomes. Right. But this is effectively what we have in crypto. And until this is abstracted away, we're going to see severe hindrance in the capital coming in. Yeah, great, great points and look not not to go on too much of a tangent here, Carlos, but it always strikes me, you know, this is one of the paradoxes of crypto. And look, there are many. But one of the paradoxes of crypto, of course, is that because the technology is essentially open source, anyone can spin up any kind of a new asset, any new chain that they so wish any time and, you know, spin out any kind of meme coin, as you've kind of talked about and put a little bit of marketing behind it and times that to infinity. And yeah, it's just it's just one of those crazy paradoxes that that we have Bitcoin and then we have Ethereum and now we have, well, hundreds of thousands, if not more potential tokens out there with many more to come. That's exactly right. And Andy, which you're describing is actually one of the root causes of the problem, asymmetric information, because if you look at this from the point of view of an entrant who just wants to allocate some capital to fundamental long term innovation, they have to scrape through a bunch of noise in understanding what is real and what isn't. And we take it for granted just how daunting of a task that actually is, because to be truly able to to analyze the things you get behind, you know, you mostly have to operate at the intersection of finance, technology, game theory, as well as the social context. Again, I don't want to use the word narratives because I think there are a shorter term phenomenon that is bound to disappear, hopefully. But again, the point being, there is a substantial amount of complexity. And so until this is curated by someone at scale, it will be incredibly difficult for new entrants to emerge in the market without them accidentally diverting their capital to scam coins, meme coins and things of that nature. And this is just something we have to tackle as an industry, because if the average experience of someone getting into Web3 is that they've accidentally purchased the wrong meme coin on an exchange and it's went to zero, even though they thought that they were backing fundamental innovation, you know, this isn't a very good outcome. Yeah, absolutely. Let's bring it back to to value then be great if you could just maybe talk us through a little bit about how the platform works. I guess a little bit more in terms of who you're aiming at this. But basically both on the depositor side and on the manager side, maybe some of the different user groups and then also like to understand, you know, how how technical people need to be if we're talking about normies that have no experience and DeFi and then can they can they come along and easily engage with value? Sure, so a few things to unpack here and just to first outline why value is different and to understand that we have to look at a bit of history of the problem, which has been as old as our industry, which is how do you make smart exposure easily accessible to people? Well, as an industry, we started by thinking, OK, well, the way to do that is clearly index product. You just put together a bunch of tokens in an index and you let people acquire those. They're curated. Everything makes sense. Indexes were tried in various shapes and sizes. And neither of them worked. But what we learned as an industry is that the reason they do not work is because things change too quickly. New tokens come up, all tokens kind of fall off the ladder of what's good enough, so to speak. Things change very quickly and most index products, in fact, all of them simply haven't been able to capture the dynamism of the industry, so to speak. So once the industry realized that, the next phase of thinking was like, OK, since things change very quickly, what we really want to have is we want to have leading traders and asset managers manage funds on behalf of new users. But but who are these top traders and asset managers? And that's where our industry is very different from from anything from Tradify, for instance, because most of the top traders and asset managers aren't your typical regulated funds that you can just LP in, and most of them are anonymous or pseudonymous traders and individuals on the Internet. So then the question became, how can you let new entrants back these anonymous individuals who you can't obviously know or trust in a way that's safe for the depositors? And so that was the question that led to the first generation of asset management protocol spawning. I don't want to name any names here, but what they all shared was this fatal flaw, which is why none of them really took off in the first place, because indeed, there were some protocols that enabled trustless asset management, but it came at the price of the asset managers being highly restricted. So, for instance, in the previous asset, in the previous generation asset management protocols, if I'm a manager, my investable asset universe is first limited to just a single network. So I would have had to choose either Ethereum, Arbitrum, Optimism, Polygon or whatever. And on the single network, I was just limited to the highly liquid tokens and to synthetic tokens. Again, not to kind of go too technical here. But long story short, the reason why this was the case is because nobody had figured out a way how to prevent managers from counter trading their own positions. So, for instance, if I was a nefarious asset manager, what I could do is I could create a private position on a private wallet of mine of some liquid token. Then I could buy it from the funds that I manage and then unload my private position. And as a result of all of this, asset management never really stood a chance because the managers were extremely constrained in what they could do and constrained beyond the point of it making sense. They simply weren't able to do a good job. And Valeo is the first protocol to overcome both of these technical limitations on a framework level. So what we've managed to achieve is for the first time ever in a trustless and non custodial way, we've been able to give our managers all of the tools that they need to do what they're good at, which is to manage their portfolios. And so and this is possible thanks to two core innovations, one of them being that Valeo is the first ever shared state omni chain system, which basically means that you have one vault spanning the entirety of networks that we support. So arbitrum, optimism, et cetera, and Ethereum. And the other thing is a proprietary security framework that we developed, which is a mouthful, but it's actually fairly simple, called the cumulative price impact tolerance architecture. And without getting into details as to what exactly this means, the key takeaway is that it allows asset managers to trade long tail illiquid tokens without them needing to be trusted or manually curated. So effectively Valeo is the first protocol to achieve the zero to one in asset management, where on one hand, you have the backers who can back any trader or asset manager without needing to trust them and without worrying that the manager can run away with their funds. And on the other end, you have the traders and asset managers who have all of the tools that they need in order to perform. And that's something that hasn't been done before. And we've been live in very early beta for slightly over a month now. And the traction that we've been seeing has been tremendously encouraging. In fact, we have more daily active users than some of the multi -billion protocols out there already. But most notably, we've been seeing that the traders and asset managers on Valeo are generating returns up to five times higher than on the previous generation of asset management protocols, simply because they now have the flexibility that they've always been lacking. So but to circle back to your question, Valeo is extremely simple. The goal of it is to be the simplest way to get intelligent exposure to the Web3 landscape. So any user, we encourage you to give it a go, even while we're still in early beta. We hope you'll find the experience simple and enjoyable. Yeah, fantastic. Very well said, Carlos. Thank you for that. Learned a lot there. And you know, I also like the way you see this a lot in DeFi at the moment. And of course, you know, Web3 just kind of like different. I guess the easy way to describe it is gamification. And like one example is, you know, talking about seasons, right? And so I can see that you intend to operate a kind of seasons model on Valeo as well, right? Correct. So there's actually a double edged sword here. What we've ended up with as an industry is this MOLOC, where any serious go to market strategy has to have this gamification element these days, because that's simply the standard these days. People need to have something to be excited about. But on the founder side, we'd much rather not do that. We'd much rather compete in a playing field where there is no gamification. So the reason we'd rather do that is because you get better signal about your product market fit. But anyways, kind of being mindful of the reality in which we are in our approach to go to market has been to introduce gamification in the right and in a way that is sustainable to truly gamify the core value proposition of Valeo, which is that as a backer, you can instead of spending these hundreds of hours of building your own portfolio, you can find the person to do that for you. And you learn things along the way, you become more sophisticated. And on the manager side, there are also a set of things we try to gamify and incentivize. But indeed, to make it more exciting, we're doing seasons. We're currently in season zero, which is the very early beta. We're just testing the protocol in a limited way. But for anyone listening, if season one is going to be really exciting, even more exciting than the season zero. And look, I'm sure that for anyone that signs up and gets involved during the beta and they're in season zero, I'm sure there is some reward for that, right? Correct, Andy. In fact, we've managed to already build a very kind of loyal and engaged community. And so what we want to make sure is that all of these early community participants and early users are rewarded generously because at this stage, they've been tremendously helpful in pointing out to us where the bugs are, what features could be improved and so forth and so on. We already have an amazing community and all of whom will be greatly rewarded for the time they spend in the early stages of value to help us refine and perfect the product. And so when do you anticipate for launch? Do you have a kind of like a set date in mind or as a moving target and you want to just get the product really, really right first? Certainly. So in its current state, Valeo is live already on all of the networks that we support on the chain, on Arbitrum, on Ethereum and on Optimism. The only distinction here is that it's still rough around the edges in the sense that we don't have yet all of the integrations complete that we want. So for instance, now you can trade Perpetuals on Arbitrum. You'll soon be able to trade Perpetuals on Optimism. You have spot markets on all of the networks. But again, there's a plethora of things that we're still adding. Options protocols on Arbitrum, notably Premia, lending markets and a bunch more infrastructure just to help our traders and asset managers succeed. And while we're in this stage of rapid iteration, we've set the vault caps to a very small amount, $10 ,000 worth per vault just to make sure we don't have to iterate quickly in a high -stakes security environment.

Andy Pickering $10 ,000 Andy Europe Carlos 380 ,000 Followers 2020 First Question Two Years Ago First Protocol Bitget First First Time Nine Months Ago Hundreds Of Thousands First Step First Exit Each Nine Months Today
Fresh update on "lend" discussed on Dennis Prager Podcasts

Dennis Prager Podcasts

00:14 min | 2 hrs ago

Fresh update on "lend" discussed on Dennis Prager Podcasts

"Dennis Prager here and I am in Florida, I'm back tomorrow, sitting in for me is Julie Hartman. I do a broadcast with her, the only person I have ever done a broadcast with, Dennis and Julie. That's how highly I regard her. You'll understand why. Here she is. Well, I hope I live up to the hype. What a nice introduction by our dear friend Dennis Prager. Welcome everyone. It is Thursday, September 21st, 2023. It is a joy to be with you. As Dennis just said, I'm Julie Hartman. I am the cohost of the Dennis and Julie podcast. That is the show we have together that airs on Mondays here on the Salem News Channel. You can catch it at one o'clock Pacific, four o'clock Eastern. And I'm also the host of my three times weekly show, Timeless with Julie Hartman, that is also to be found on the Salem News Channel as well as on the Julie Hartman YouTube channel. That's Tuesdays, Wednesdays and Thursdays also at one o'clock Pacific, four o'clock Eastern. So please do check those pieces of content out, especially if you are a Dennis Prager fan. I can imagine that many of you listening are big Dennis Prager fans and the long form style of Dennis and Julie really lends itself well to having Dennis talk about stories from his life that you may not have heard about when on the radio, the segments are just too short for him to really expound on certain things. So you really learn a lot about the man, Dennis Prager, in addition to the talk show host. So please do go, and as I said, check those pieces of content out. Maybe I'm a little naive, but I thought that as we moved away from the quote unquote racial reckoning that we as a country had in 2020, that we would leave the discussions of reparations and tearing down statues behind. I thought, okay, that was a moment. And certainly the wokeism in many ways that sprung up during that moment has continued to today, but I thought some of the more malignant elements might have died down. Well, I was wrong. New York City, the New York City Council, is considering proposals about tearing down even more monuments honoring certain historical figures. And they are also, like San Francisco, assembling a reparations task force. Seems like we are not going to see any end to this anytime soon. There's a cultural affairs committee that was brought together in New York City, and it proposed to the City Council in a meeting earlier this week that they should remove publicly displayed artwork that progressive activists deemed, quote, a celebration of those who perpetuate oppression. In New York City, there are a lot of people who are actually living and walking the streets all around us who perpetuate oppression. It's amazing that this is what the New York City Council is focusing its time and energy and resources on. Meanwhile, there is a huge migrant crisis going on in that city. There are over one hundred thousand undocumented immigrants in New York City alone. So you can only imagine how many more are scattered throughout the rest of the country. People are saying that the number is high as seven million undocumented immigrants. But New York City is really bearing the brunt of it, even though it's a northern state, because the mayor, Eric Adams, said we are a tolerant place. Come to our sanctuary city. We will take care of you. We will not discriminate against you. And now even he is saying that this problem is destroying the city. But it's just incredible that given that issue that they are facing, that they spend, as I said, their time and focus and energy and resources on statues.

A highlight from A Primer on Mortgage-Backed Securities

Wealthy Behavior

14:34 min | 14 hrs ago

A highlight from A Primer on Mortgage-Backed Securities

"Welcome to Wealthy Behavior, talking money and wealth with Heritage Financial, the podcast that digs into the topics, strategies and behaviors that help busy and successful people build and protect their personal wealth. I'm your host, Sammy Azuz, the president and CEO of Heritage Financial, a Boston based wealth management firm working with high net worth families across the country for longer than 25 years. Now let's talk about the wealthy behaviors that are key to a rich life. On this episode of the Wealthy Behavior podcast, we have a special guest, Ken Shinoda, portfolio manager at Double Line Capital, where he manages and co -manages several fixed income strategies, as well as overseeing the team investing in non -agency backed mortgage securities. I can think of a few people who would be better to speak with at a moment in time like this for the market, just given the sharp moves we've had in interest rates, which have impacted bonds and stocks and mortgage rates being higher than we've seen in a long time. And be sure to stick to the end as I digest this conversation with our chief investment officer, Bob Weiss, and share his key takeaways as well. I'm excited for this conversation, so welcome to Wealthy Behavior, Ken. Thanks for having me. Appreciate it. Absolutely. Could you provide our listeners maybe with a brief overview of Double Line and your role with the firm? Absolutely. Double Line is a Los Angeles based asset manager. We predominantly manage fixed income, but we also have some passive smart beta equity strategies that have done quite well. We have a commodity strategy, but I would say about 90 % of our assets are fixed income based with a heavy tilt towards securitized products, which are things like mortgage backed securities, asset backed securities, collateralized loan obligations. We have about 95 billion under management. And what is your role specifically with the firm? I know I mentioned the bio, but how would you explain that to listeners? Yeah, I am a portfolio manager across a variety of our products, especially those that are more focused on mortgage backed securities. I also have the structured products committee, which oversees the asset allocation process on our securitized focused strategies. How did you get started on this career path? How did you get to this point? I wanted to get into something real estate related coming out of school. I had a couple of interviews. I actually was interning at Trust Company West TCW, which where many of the Double Line employees came from and just happened to stumble onto this role. I never didn't come out of school thinking, hey, I want to trade mortgage backed securities. It wasn't really something that was pushed on the West Coast. I think East Coast schools are more investment banking trading focused. So, luck happens. Pretty big asset management community out in the West Coast with a pretty big presence, especially in Southern California with PIMCO, WAMCO, Capital Group out here. So there's actually a pretty big fixed income focus, at least in the Southern California area. Great. And we've talked a couple of times already about mortgage backed securities. How would you explain those to listeners or maybe people who've read the big short and have some misconceptions about what they are and how risky they could be? If you go back a long, long, long time ago before we created the government sponsored entities, Fannie, Freddie and Jeannie Mae mortgages, if you went to a bank to get a mortgage, it was always going to be floating rate, a digestible rate mortgage because the banks didn't want to take on such a long duration risk. And what happened was Fannie and Freddie and Jeannie Mae were put into place to try to get the cost of debt down for Americans to buy homes and a goal to increase home ownership or help more people get into homes. And they introduced the 30 year fixed rate mortgage and then they would package up those mortgages eventually and create bonds backed by these mortgages. So you can basically buy a bond that's government guaranteed, that's whose cash flows come from these mortgage backed securities. And so instead of taking on credit risk, what you're really taking on is prepayment risk. If rates go down, borrowers have the ability to refinance without any cost really. And if rates go higher, then the refinancing activity slows down. So you have this kind of like uncertainty of how long your investment is. Is it a one year bond or is it a 10 year bond? It all depends on the prepayments through time. So instead of sitting around and worrying about credit risk and default risk, you're really sitting around and worrying about the direction of rates and what that means for refinancing activity. And so the direction of rates is a great place to go. You've been doing this for a while. How would you characterize the investment environment, the interest rate environment that we're in right now? Well, it's been the worst interest rate environment that I've seen from a sharp movement and rates higher. I mean, we've been in a bond bear market now for three years, the 10 year yield on a closing basis. The low was in August of 2020. Intraday, we were a little bit lower in March during kind of the fiasco when the shutdown started. And we've reached new highs in August across the curve really. So it's been a really tough market. Part of it's been driven by the Fed with their reaction to high inflation. And we've seen a pretty dramatic increase in short term rates and the long end has fallen. And we have a little rally as there was hopes and glimmers of a soft landing and data rolling over. But what we have now is the soft landing narrative is still there, but the data's coming in better than expected. So I think a couple of prints, the GDP print came in strong, you had services coming strong, you had some jobs that are still coming in strong. And so the whole curve has kind of shifted back up with the market now thinking the Fed may still have more to do. And if they don't have more than one hike, they're at least going to keep rates higher for longer. And if the economy is strong, then why should long term rates be so low? Maybe they should normalize up towards, let's say, four and a half, five percent on the 10 year. So that's kind of what's happened, I think over the last 30 days is the narrative has shifted from kind of this expectations of growth rolling over to, you know, perhaps growth is better than expected. And now the market's just waiting and watching for more data to come in to guide them. So you're not to put words in your mouth, but maybe you're more in the camp then that the higher rates that we've been seeing is a good sign for the economy versus a bad sign for the economy? I think in the near term, it's a good sign. It means that the data is coming in positively. The data is backwards looking, though. So I think inevitably the lags will kick in and higher rates will start hurting certain pockets of the market. You know, the what's happened is so many high quality companies locked in such low cost of debt and so many Americans locked in such low cost of mortgage rates. Right. Three, three and a half percent, you know, maybe a year or two years ago that it's just taking long for the transmission mechanism of higher rates to come to the economy. We just have way more fixed debt than than we used to. Europe is a place where the transmission mechanism is perhaps working faster because more of their lending to companies is floating rate at banks. So the places where we're going to see the pain and we're already seeing pain now are pockets that are more floating rate. So commercial real estate is a good example. A lot of floating rate debt there. You're talking about people that borrowed it like, two percent, three years ago, and now they got to roll their debt at like seven percent. Right. It's going to create issues. Bank loans, bank loans float and the cost of debt is effectively double. The average spread on the bank loan index going back 10 years is about 500. And short term rates are now 500 basis points. So these companies went from borrowing at five percent to now having to pay 10 percent. It doesn't happen overnight. It takes time. Those are those lags that everyone talks about. And I think that they'll still come through eventually. And it's probably going to happen sometime in the fourth quarter or first quarter next year. So right now, the move higher in rates, I think it's in reaction to the positive economic data that we're seeing. But I still think it's an attractive entry point. If you haven't owned long treasuries or assets that have interest rate risk, it's been a good thing for you. So congratulations. But now it's probably one of the cheapest parts of the market. I mean, you want to buy assets when people are pricing in all the bad things. There's not much downside left. When I think about treasuries, that's kind of how it feels right now. Like everything bad that could happen is happening or has happened. Right. The Fed is hiking. Inflation was high. Foreign buying is very low. Economic data surprisingly upside. So it's kind of like all the bad news seems to be in. Last week was interesting because you had that services PMI come in stronger than expected. It will jump up. I think it went from like 52 to 54 or something. If it's north of 50, it's expansionary. And the economy in the US is very service oriented. And off that news, the bond market didn't really move much. It's already kind of at these high levels. I think you would have expected another move higher in rates on that news, but it kind of just settled in. So the big headwind right now is the supply. There's just a ton of treasury supply coming. But if you get any data surprise to the downside come kind of Q4 or maybe Q1 of 2024, I think that could ignite a pretty strong rally in rates. So the thing to worry about is really, does growth stay stronger than expected? We grow our way out of this, right? Yeah, absolutely. So would you agree that the Fed is much more influential in determining short term rates and the market is much more influential in determining like 10 year yields? Yeah, I agree with that. I think that's accurate. So maybe back it up and help our listeners understand what makes the 10 year yield move in either direction? What does it mean when it's moving up or when it's moving down? Yeah, I mean, there's different ways to models that have come out from different participants to like estimate what the fair value for the 10 year should be. One of them is what is the neutral rate of interest that's neither accommodative or restrictive? The R star. And that's, I think, the first layer. So let's just throw a number out and say that's like 2%, right? Then sometimes people say, well, then you need to layer in what long run inflation will be over that 10 year horizon. So let's call that, that's another 2 % or so core CPI gets back down to that level. And then some term premium, maybe that's 50 basis points. So that would get you to like a 4 .5 % 10 year treasury yield. You're getting the neutral rate plus some premium for inflation over 10 years plus some term premium. And you could argue over the term premium, maybe it's supposed to be 50, maybe it's supposed to be a hundred. If you think it's going to be a hundred, then you should think 10 years going to 5%. Now on the flip side, there's buying from pensions and there's buying from money managers and other institutions that kind of can drive the fair value below that four and a half number we just came up with, things like QE, right? That's why we got to such low levels is that the buying outside of those that are just looking at that fair value coming in, maybe it's lack of supply, maybe it's foreign buying and so on and so forth. So part of it's driven by kind of expectations of inflation through time. And then part of it's just driven by the supply and demand of bonds that are out there. And that can be, things like QE can affect that, right? So that first 2 % that you called, I was picturing in my head is almost like the neutral rate. What determines that? What would cause that to be higher or lower? Or is that just fairly static across time in that assumption or that model? That's the big debate upon the context right now is, are we in a new world of higher inflation where the neutral rate would need to be higher? Whereas if you go back to like the last 20 years pre -COVID, let's call it when we were in this like world of secular stagnation, where there was arguments that maybe that neutral rates is much lower since we're living in a world of lower growth, lower inflation, so on and so forth. So depending on how things shake out and what the future looks like, maybe that neutral rates higher. What are some things that could make inflation and growth stay higher? There's like the three D's I call it. It's like demographics, right? We've had a smaller workforce every year going back the last 10 years because the baby boomers are retiring. We also stopped immigration pretty aggressively too. So demographics are part of it. You got defense spending, right? Governments are definitely spending more on defense and that could be inflationary, expansionary. We've got spending on decarbonization, right? There's going to be trillions of dollars spent on decarbonization. There's infrastructure spending that needs to happen in the US. There's all these sources of potential growth that are coming that in theory could keep growth higher, inflation higher. And this is not a bad thing for the economy, but it just means that rates will probably have to be higher. And so I guess the real truth will be shown is after we kind of get through the next 12 to 24 months, soft landing, no landing, hard landing, whatever, what comes next? And are these long -term forces that are potentially pushing through into the economy going to keep growth and inflation higher in the future? Got it. So pivoting to mortgage backed securities, what are you seeing in the mortgage backed securities market now? Yeah, mortgages look the most interesting they have in almost 10 years. If you look at the spread on current coupon mortgage backed securities, which are the bonds that are being manufactured today by the loans being made today. So these are like seven and a half coupon loans get packaged into six and a half coupon bonds. The spread on them somewhere call between it like 165 to 175 and relative to corporate spreads, which are almost a hundred or a hundred ish, maybe a little bit wide of that.

Ken Shinoda Sammy Azuz Bob Weiss KEN March Capital Group 4 .5 % Pimco Double Line Capital 10 Percent Wamco 5% Last Week Three August Of 2020 August 30 Year 10 Year 50 Three Years
Fresh "Lend" from WTOP 24 Hour News

WTOP 24 Hour News

00:10 min | 5 hrs ago

Fresh "Lend" from WTOP 24 Hour News

"Power performance and ruggedness with Honda. Hurry see your local Honda dealer today and find the Honda that's a perfect fit for you. Dave Dildine WTOP Traffic. Back to 7 News. First Alert Meteorologist Steve Rudin. Steve we've been enjoying this fine weather but you got big changes ahead. Big changes on the way and about 48 hours from now we're looking at lots of wet weather across the area that will finally finally give up toward the end of the upcoming weekend. Let's talk about right now. It looks and feels great outside with temperatures that are mainly in the 70s and lower 80s. It stays beautiful for the evening hours. Everything outdoors or anything outdoors. A go. firm Looking ahead to the overnight mainly clear skies. Temperatures drop to the 50s by early tomorrow morning but clouds start to roll in during the midday hours. We'll continue to increase moving through the afternoon and evening and with those clouds wet weather will move in from the southeast southern Maryland first over toward the DC metro area. We'll see pockets of moderate to heavy rain late tomorrow night throughout the day on Saturday. Could be looking at two to three inches of the rain time by the system moves on out of here and wind gusts upwards of 30 to 40 miles per hour along the shore over in Delmarva from Ocean City down to Chiquitique looking at tropical storm warnings. In the next time we're looking at great weather right now 79 downtown 81 in Manassas and 77 in Leesburg. Thanks Steve it's brought you to by Lend the Plumber heating and air trusted same -day service seven days a week. Coming up on WTOP. What does a dangerously blender defective have

A highlight from The #1 Crypto Sector For Insane Returns (These Alts Will Explode)

Crypto Banter

05:12 min | 14 hrs ago

A highlight from The #1 Crypto Sector For Insane Returns (These Alts Will Explode)

"Today, I want to talk about the emerging crypto sector that analysts from the Boston Consulting Group predict will increase by a 30x over the next six years. That's right, they expect this entire industry as a whole to grow by a 30x over the next six years. Imagine all the projects in this sector that are the major beneficiaries, just how much potential they have. Now, when I was at the conference in Singapore, because this logic isn't just coming out of nowhere, I noticed a trend. So I went to token 2049 with the rest of the banter team, we were talking to a lot of new projects, we were listening to the speeches, and one major trend that emerged, one reoccurring theme that kept presenting itself over the conference was the talk of this sector. Everyone was talking about it. Every single speech was referencing it. The reason why crypto is going to do a 50x, 100x, all the justifications for the future growth of crypto were embedded in this narrative. So I thought after I came back from the conference, I'm like, I have to make this video and I've done videos on this before a little bit, but I want to dive deep today and look through all the data and look through the potential and also show you some of the projects in this niche so you can start looking in the right direction. And then in the future, we're probably going to do a lot more content on this sector because I believe it's a massive growth vertical. And if you don't have any coins or any exposure in your portfolio to this sector, you might want to start rethinking that. And there are many ways to approach it that we'll get into in today's video. And there's a lot of nuance, but let's talk about this sector and let's dive in. So make sure to smash the like button if you're excited, click the subscribe button if you're not already subscribed. And without further ado, let's get into the show. So I'm talking about real world assets. This is a broad sector, but it's a massive sector and it's one of the biggest growth verticals I think that crypto has over the next five years to the next decade. This is something that not just I noticed, but many other accounts noticed when they went to token 2049. It's really the new established trend in the market. That is, I guess what you could call the new hottest thing in 2021, we had crypto gaming. Everyone was talking about crypto gaming in 2017. You know, you had the ICO boom, that was like the talk of the town. Every single cycle, there's a new trend and there's a new hottest kid on the block narrative that tends to gain a lot of investor mind share and also attract a significant amount of the new fresh VC capital into next cycle. What I'm seeing from a VC perspective anecdotally, but also on the financial side is a lot of the new investments being geared towards two sectors, real world assets. So protocols that are facilitating real world assets, and we'll get into what that means in a second. And also L2s and ZK, ZK privacy roll up solutions were also a major trend that I saw at the conference. These are the two trends. Today, we're going to talk about trend number one, which is real world assets. Now, why real world assets? That's the first question we need to answer. Well, here's the thing. In 2021, the fed funds rate was close to zero, meaning you could essentially borrow money from a bank for essentially zero. What this means is your ability to earn yield on your dollars in a bank account or through treasury bonds is extremely low. It was basically impossible to get yield. The traditional finance world was starved for yield. And I'll show you in front of you exactly what this looks like. Look at 2022, right? In fact, I'll go to the five -year chart. I'll make this very obvious. From 2020 to 2022, because of the pandemic, they had to cut rates. And because they cut rates, the fed funds rate was essentially zero. Money was free. There was no interest. Bonds weren't yielding anything. So it was an extremely dry yield environment. So what did people do? Well, they were searching for yield and they needed to go into new emerging sectors like tech and crypto. Crypto is the only place in a dry yield environment where people could earn yield. Why would they keep their money in T -bills when they could make 20%, 30%, 40 % in USDC farms on the blockchain? Sure, they weren't sustainable. But at the time, 30 % on USDC was a lot more attractive than 0 % on their dollars. So a lot of people put money into crypto. And there's been a lot of talk about why has the DeFi TVL dropped off so much over the last couple of years. It's very simple. The reason why the DeFi TVL has dropped off over the last couple of years is because we've seen this trend reverse. We've gone from an environment where people were starved for yield and were searching for it in DeFi to an environment, as you can see in the right of your screen here, where you can earn 6 % on T -bills. So now effectively, there's this risk -free rate of 5 .5 % where you can go in, earn 5 .5 % on your US dollars and just chill. And the opposite has happened to DeFi. With a lot of the DeFi applications now hitting the end of their vesting curves, meaning there's no emissions to subsidize fees, and because it's a bear market and fees are down, they're no longer generating the same percentages that they were generating. Look at yields across the board. ETH, 3%. Bitcoin, in some cases, you're getting less than 1%. Centralized lending went out the window with Celsius and Voyager, so you can kiss that goodbye. So there's no centralized yield anymore. People don't trust it anyway. So the existing yield is pretty much only being supplemented by trading fees. It's no longer being supplemented by emissions.

2017 Singapore 5 .5 % 20% Boston Consulting Group Five -Year 40 % 2021 Today 6 % 30% 30 % Two Sectors Less Than 1% 2020 First Question 30X Two Trends 50X
Fresh update on "lend" discussed on Bloomberg Markets

Bloomberg Markets

00:05 min | 10 hrs ago

Fresh update on "lend" discussed on Bloomberg Markets

"We're not in the business of offering daily liquidity in any of our products. We run our products. We really match assets to the liabilities. Again, I think that's really a core to how we run our business. The second is, for the last six, seven years, we've continued to go senior, senior, senior in the capital structure. We're doing more investment grade companies. We're doing larger companies. Witness what we've done with, as I mentioned earlier, Air France or AT &T or Vinnovia, big quality companies. Also, when we underwrites something for the most part. We bring in partners. We want others to take a look at what we've done. We're really good at underwriting risk. credit We brought a lot of that credit oversight that is so valuable at many of the financial institutions. But we have to make sure we're really measured and we focus on the three businesses that we're in right now. Jim, what are you doing with the books that you already hold of debt and equity that is valued much lower? It's one thing to talk about future lending opportunities. What about the ones you already did? Well, let's talk about our business. Today, at the $600 billion, equity is around a sixth of our business, about $100 billion. We've been very, very clear in our private equity business in our flagship vehicles to fund more so with fixed rate debt and really extend those maturities. For the most part, we have been really not levering to the max. If you could lever companies five, six times, we typically borrowed about three to four times. We didn't borrow as much and we did it for term at fixed rates. That's really important. What we learned in 2008 -2009, it was when we were the smartest guys in the room, is that we had the best capital. If you had the best capital and didn't get pulled away from the table, that's usually a critical aspect of success. That takes us to our final question to wrap things up with you Jim. In a world of high uncertainty and low confidence, do you have a high conviction call looking out in this market right now? I think that you have to assume, I think there's going to be what we call some some big fat pitches out there. The reorganizing and the restructuring and the financing of the entire CRE universe. You have to be marshalling resources around that. You have to make sure that if you are lending capital today, you're doing so on senior basis with a tremendous amount of equity underneath you. So for us, I mean certainly we're in three businesses. We've been very very disciplined about what we've done. We have had a lot of human capital. It's been amazing for our company to pivot and grow, but really to make sure that we stay true to our alignment, our risk adjusted returns, and making sure that purchase price does matter. We are very focused on the creation value businesses. of our Man, you lost last night? Is that what happened against Bayern Munich? Is that an opportunity? Is that an opportunity to go to the club? Yeah, they lost to the Harry Kane's. You really are trying to make some news? Yeah, I'm trying to make some news. Do you want to buy a football club? You know, we have an active lending business and we've done a variety of things in the world of sports entertainment, but we really are. Can we have a round of applause for Apollo's Jim Salter. Jim, thank you. Thank you very much. And thank you to all of you joining for a special edition of Bloomberg Surveillance live from the City of London. Thank you to you all. I'm going to throw it back to New York. All right, that was the Surveillance team, Tom Kean, Jonathan Farrow and Lisa Bromowitz talking with Apollo's Jim Salter about the state of the credit markets. And, you know, he obviously, Matt said you talked about the volatility in the credit markets, but they feel pretty good about where they are in of terms their position in the capital structure and how they've navigated some of the challenges really over the last 10, 15 years coming out of the great financial crisis. So some good stuff there right now. Let's reset here and we're going to that do with John Tucker. And across the board, Paul and Matt's stocks are lower right now. and P The S 500 falling below the 4400 level. So the much awaited pause from major central banks, that's why stocks are falling. Fitzgerald Powell noted in his press conference yesterday, soft landing for the economy. That's not his base case at this point. And then we had data this morning on jobless claims that seems to underscore the case for high rates for longer. In the S and P 500 right now, we have 10 of the 11 major industry groups. They are lower. The lone sector in the green that belongs right now to energy and technology especially taking it on the chin, NASDAQ 100, 176 points lower, adding to yesterday's losses down right now, 1 .2 percent. The S and P 500, 37 points lower. That is down about nine -tenths of a percent at 43 .64. And the Dow Jones Industrial Average 107 points lower. That is down three -tenths of a percent. Two -year yield, four basis points lower. That's at 512. Now the 10 -year, the benchmark, that's at five basis points right now at 446. check We the markets for you all day long right here on Bloomberg Radio. I'm John Tucker and that is your Bloomberg Business Flash, Matt and Paul. All right, John Tucker, thank you so much. We appreciate it. Matt Miller, Paul Sweeney, live here in our Bloomberg Interactive Broker Studio. We're streaming live on YouTube. So head over to youtube .com and search Bloomberg Radio. Let's continue our discussion on the credit space that we had with Apollo's Jim Zellter over in London with the surveillance team. We bring in our good friend Liz McCormick, chief correspondent, Macro Markets with Bloomberg News. Liz, I'm looking at the, you know, coming off of the Fed yesterday, the Bank of England today, holding rates steady, but the Fed, I guess we're calling

A highlight from MONEY REIMAGINED: CBDCs Unleashed: Changing Finance for All!

CoinDesk Podcast Network

08:30 min | 1 d ago

A highlight from MONEY REIMAGINED: CBDCs Unleashed: Changing Finance for All!

"You're listening to Coindesk's Money Reimagined with Michael Casey and Sheila Warren. Hello and welcome to Money Reimagined. I'm Sheila Warren. A reminder, you can listen to us weekly on the Coindesk Podcast Network or wherever you get your podcasts. And we'd love to hear from you. Tell us what you think. You can email us at podcasts at coindesk .com with the subject line, Money Reimagined. I'm in Washington, DC this week at the Congressional Black Caucus Foundation's annual legislative conference, which is taking place at Walter Washington Convention Center. The theme is curing our democracy, protecting our freedoms, and I am extremely grateful to be invited to participate in this event. But our topic today is much broader than that. I'm joined by Carmel Cadet, who's the founder and CEO of Mtek, which is a New York -based fintech startup with the goal to rebuild central banking infrastructure for the Web3 era. Now, Carmel and I have had the opportunity to speak many times in the past, including when she was instrumental in developing the world's very first national digital currency, the Bahamian Sand Dollar, which many of you will be familiar with from discussions we've had on it on this show. That was her first big government project. But since then, she's signed on six other central banks in the Caribbean and Africa and has plans to onboard more to their platform and their regulatory sandbox design offerings. I'm really looking forward to Carmel joining me today to talk about the advances in central bank digital currencies and CBDCs, particularly how they're being used by diaspora populations and how we're thinking about this opportunity and this technology in spaces that don't necessarily get the attention of groups like the Bureau of International Sutterments, the BIS, or even, frankly, the U .S. government. So, Carmel, welcome. Let's start off by just a little bit by way of background. Tell us, this is an interesting thing, an unusual thing to have gotten so deeply engaged with. And what was the moment when you kind of realized, hey, digital currency is something really critical and important? Your background, of course, you grew up in Haiti. I'd love to hear a little bit about how all that came together to make you the ambassador for this technology opportunity that you are today. Yeah, I never thought I would actually play that role, but I'm happy to be here. So, as you mentioned, my name is Carmel Cadet. I'm the founder and CEO of EmTech. It started really with my story. I'm originally from Haiti, born and raised. And when I migrated to the U .S., I became fascinated by the concept of financial markets, the access to credit cards, the access to mortgage, and car loans, and student loans, and realized that how access to capital and access to money really impacts lives. So, when you think about helping people out of poverty, it's one thing to do aid, but it's another thing to really build a better infrastructure that are more long -term, better institutions, and better access to financial markets, more importantly. So, I was really curious about that, but I didn't know what to do about it at the time I was 17. So, my mom told me to go to school and get a job. In the meantime, as I figure it out, but sure enough, my background is in corporate finance. I ended up lending. But before that, one of my first job was as a teller at a credit union. This is one of those jobs you get to see how people experience money. Day -to -day, paycheck to paycheck, every Friday, every two Fridays, people have a different experience in how their lives are changed with the fact that they get paid, or sometimes when they lose their job as far as how that impacts their lives. Then I got into mortgage underwriting, got to see how the credit system works in the U .S. How do you provide credit? How do you buy houses? How do you get home equity lines of credit? And how do you build value and invest in other properties? I've seen so many different lives changed by financial services. Yet again, I did not know what to do about it, but I landed an internship at IBM. I spent 10 years at IBM. This is where I fell in love with technology. So marrying the two, fast forward to around 2017, IBM was launching the IBM blockchain division. For me, I heard about blockchain before I heard about Bitcoin, believe it or not. The ability to use a technology that really flattens out the intermediaries or the models that you get access to financial services is something that I really, really got excited about because a lot of the policies over the years have changed the makeup of the financial industry in a lot of emerging markets. If you think about Basel III, if you think about the de -risking of a lot of countries, I've seen the results of that, kind of how more and more people in emerging markets did not have access to banking services. And that impacted my family. That impacted how we sent money and how much it costs us to send money back home. And the idea of using technology, I got to see that from IBM. IBM builds just amazing, big technology that impacts the world, so much so that you don't even feel it. You don't even see IBM everywhere, but IBM runs just about everything that we run on and that we use. I fell in love with that concept and blockchain for me was the first technology that really made sense for me for how to do that. So the very simple concept that ignited my curiosity to go into this space is to say, you know, we've been waiting for the banks to bank the unbanked. This is something that different policies and different efforts have tried to drive. And even if you think about Senator Sherrod Brown's bill around fed dollar accounts, the idea of forcing the banks to provide a digital cash or a fed dollar account to unbanked users or low deposit holders, it was a debt on arrival type of proposal because commercial banks would never have the incentive to do something like this. And the fact that I worked at a retail bank and a commercial bank, I understood the business model very clearly. So what blockchain represented for me was really an idea. What if we take the most used asset that people use every day and trust every day, especially those in emerging markets, which is paper cash, what if we digitize it with blockchain? Could we provide financial inclusion by design and having people be part of a digital financial service infrastructure that could be built on and give them an access to a new world? And that's around the time where I got the opportunity. I saw the RFP from Central Bank of Bahamas. And of course, I'm from the Caribbean. I got super excited. I cannot tell you. I remember the first time meeting that RFP, when Central Bank of Bahamas said that they're looking for a blockchain solution to modernize their overall payment infrastructure to drive financial inclusion across 700 islands that make up the Bahamas. I don't think most people know that. It seems like one island is 700 islands. So that was a moment for me. And sure enough, with no architecture, with no reference at the time, me and my team at IBM got together, found partners to work with, and really pitch an idea that the Central Bank of Bahamas ended up really selecting and has now deployed. And I just came back from the CBDC conference in Istanbul, where they were presenting their efforts and their progress. And I think they're one of the shining stars. Yeah, well, I would agree in part because they were the first in part because to your point, it really was about inclusion by design, not just laying over, I use this example a lot, the way that roads were built in Boston and Cambridge is they just saw where the cows were walking and laid down concrete, basically, right, or whatever was used at the time paving. And I think the Central Bank of the Bahamas did not do that. Their goal was actually to create a system that was better in some ways, not just digitize the existing system. And I do think we've seen some other efforts at CBDCs really just digitizing existing systems, not interrogating those systems in the way that I think you and the bank did. But I've got a million directions we could go. But let's start with let's start with this. Because it would be interesting, actually, I could see how you'd be interested in something like a Bitcoin or something like that. Instead, the idea of paper cash was the most compelling thing. Can you just talk about how a how you see CBDC is playing out in the broader digital currency landscape? But also, why that? Like, why fiat, right? Like, why your approach focusing on that specific opportunity as opposed to the broader, let's say, you know, crypto opportunity, or even, I mean, as we were so ended up in the IBM Blockchain division, looked at blockchain in different use cases, so global trade, food provenance, and different application of technology. When it came to financial services, of course, Bitcoin was the first use case that really broad gained visibility and broad access and even fame, if you will, as a token, but in itself, what we continue to see is one, the learning curve on how to get into Bitcoin. I remember how proud I was when I was there. Oh, yeah.

Sheila Warren Michael Casey Haiti Caribbean Bureau Of International Sutter Istanbul Carmel 10 Years BIS Boston Mtek Emtech Africa TWO Washington, Dc Cambridge ONE IBM Senator Bahamas
Fresh update on "lend" discussed on Bloomberg Markets

Bloomberg Markets

00:11 min | 10 hrs ago

Fresh update on "lend" discussed on Bloomberg Markets

"Well, I think certainly if you look at an aggregate, it's hard to make money in the public markets as an statement, equity and debt. Certainly with the valuations where they've backed out in terms of where rates are right now, a risk -free rate, yes, there are some opportunities in the investment -grade world, but if you look at high -yield indexes and leveraged loan indexes, they're arguably rich. They're rich for a lot of technical reasons, and so our ability, again, when we talk about private credit, most people you talked about earlier, they talk about really the sponsor finance market. The reality is whether it's inventory finance, trade finance, solar finance, there's a massive gives you a $30 to $40 trillion opportunity in terms of the TAM, so that's where most of our time creating great, safe, spread yield, really on investment -grade companies. This sounds like a bank. Well, I would say is we are a credit lender. We provide credit, and we do it manner in a where we're not using a balance sheet that we can lose deposits tomorrow. We have long tail liabilities, and we match those. A lot of people have said, particularly in the banking sector, they're going after their lunch, and that they have to follow pretty significant regulations, and you don't have to, and you have fixed capital. In terms of the size and the scope that you need to achieve, it's taking on a lot of the functions that banks used to fulfill. Is that the business model right now? Well, I think our business model, so if you look at our $650 billion today, $150 billion comes from retirement services balance sheets, fixed annuities. The other half is the GP we're able to lend money to Air France, to Vanovia, the big German real estate companies. We can do that in a manner where we are solving the company's problems, and many times we're doing it in junction with an advisor or a bank. There's a narrative out there that we win, the banks lose, or vice versa. reality The is we are doing more in collaboration than we've ever done before. We have a big venture with BNP and Inventory Finance. They've got an amazing franchise. We partner with them so they can manage their capital in a more efficient way, but the reality is there's more collaboration and people say, are you frenemies, are you opponents, are you competitors? It's all the above. We work very closely with and them they work closely with us. Should we make some news? There was a headline yesterday, Apollo looking to raise about $2 .5 billion to lend in private markets according to people with knowledge of the matter. We're talking to someone with knowledge of the matter maybe. Are you looking to raise about $2 .5 billion to lend to private markets? We're an active player in the extension of senior loans to sponsors. We're active in many of these businesses. we've got a $425 billion credit business. The fact is we built this business not not real expecting yields and absolute yields to beat these levels. We thought it was going to be lower for longer. We create all these origination platforms. So the reality is today, investors around the globe are clamoring and they're saying, on a risk -adjusted basis, we can do this in the credit debt markets. Why do we need to take that equity risk? And I think that's why you're seeing a preponderance of conversations about from sovereign funds to foundations to pensions around the globe saying we can make what we had to take equity risk in the past, we can do it on the debt side of the balance sheet. Is that a yes? You are looking to raise $2 .5 billion. We have a large platform. We're one of the handful of great players in the world. How does that work? You make like six phone calls? I travel quite a bit. If you ask my family, I travel a little more than those six phone calls. But we have several thousand LPs around the globe and my schedule could be packed up going to visit them. We're not meant to say yes. Let's go back to spring. Spring was really messy. Banks failed in America. And I remember sitting there and we had guests come on the program with us on Bloomberg Surveillance and lots of guests said we've started a process here. It's the end of the cycle. There's going to be a hard landing. It's only several months ago. What was that? I think it was an expectation of what was happening at that moment was going to happen completely. And the reality is this is a big, broad, global economy. The consumer plays a massive role in it. Back to my comment earlier about 3 % mortgages on 30 years. The U .S. consumer really has not – we may have taken rates up, but the real impact of this higher cost, the second, the third derivative, it's early still. It's really early and I think that's the difference between – You know, there is no doubt the health of the U .S. consumer is what's allowed us to extend the economic cycle, but I don't think – I think they're eating through some of their savings and there's no doubt that there's a more – that the tightening of financial conditions is going to be out there and we're finding more companies coming to us trying to solve their financing needs going forward. There are other firms challenged because they decided they were going to go off and do something different, new, original and they're selling things for a haircut. You're probably involved in those transactions. How do you avoid worse practices? You guys have grown this thing from next to nothing. The private world is in right now. You're doing a brain drain. You're taking all the smart guys from Wall Street over to Apollo. Everybody knows the ballet. How do you avoid the worst practices we observe every day on the show where things blow up Wall from Street? Well, the biggest accident you can do as you grow is to offer people liquidity on illiquid assets. I don't think it's a surprise.

A highlight from 1406: Bitcoin Will Hit $4 Million, Rising 100x - Peter Thiel

Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News

26:38 min | 2 d ago

A highlight from 1406: Bitcoin Will Hit $4 Million, Rising 100x - Peter Thiel

"In today's show, we'll be discussing Bitcoin Bollinger Bands hitting a key zone as Bitcoin price fights for $27 ,000. In breaking news just in, Bitcoin hash rate hits a new all -time high. Let's go. And quoting Stacey Herbert, Bitcoin is pumping on the news of President Bukele's speech to the UN tonight. Can't wait. We'll also be discussing Bitcoin Adoption Fund launched by Japan's $500 billion Nomura Bank. That's right. The Bitcoin Adoption Fund will have long -only exposure to Bitcoin and be available to institutional investors. We'll also be sharing Sam Bankman, Fried's father, dragged his mother into an FTX US salary dispute. You can't make this stuff up, folks. Also in today's show, Bitcoin gearing up for a post -having parabola, according to crypto analysts. I'll be sharing his very bullish all -time high target. We'll also be discussing crypto asset market cap should explode 5 to 10x during the next bull cycle, according to investor Raoul Pal. I'll also be sharing Peter Thiel's $4 million Bitcoin price prediction, and we'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo, what's good crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewsalerts .net. Again, that's cryptonewsalerts .net. Welcome everyone just joining us. This is pod episode number 1406. I'm your host JV. And today is September 19th, 2023. We have lots to cover as usual. Massive shout out to everyone today in the live chat. Please let me know where you're tuning in from. And at the end of the show, I'm going to be reading everyone's comments out loud. Let's kick off today's show with our market watch as we do each and every day, the entire crypto market back in the green with Bitcoin back above $27 ,100 and checking out coinmarketcap .com, the current crypto market cap on the climb at $1 .08 trillion with roughly $27 billion in volume for the past 24 hours, Bitcoin dominance at 49 .2 % and the Ether dominance at 18 .4%. And checking out the top 100 crypto gainers of the past 24 hours, we have TonCoin leading the pack up 5%, trading at $2 .57, followed by GMX up about 5%, trading just under 36 bucks, followed by Conflux up 4%, trading at $0 .12. And checking out the top 100 crypto gainers of the past week, virtually 95 out of the top 100 cryptos are in the green. Some of the top gainers include GMX, GRT, as well as CRV and NEO. And checking out the crypto greed and fear index, we're currently rated at 46 in fear, same as 37 in fear. So there you have it. How many of you are pretty stoked for this most recent pump? And how many of you agree with Stacey Herbert that this pump is due to Bukele's speech scheduled for this evening? Let me know, fam. And now let's dive into today's Bitcoin technical analysis. Check out the charts and what's popping with the king crypto. Bitcoin could see fresh upside volatility as the price action and the strength revisits a key level according to a classic metric. In a new post, John Bollinger, creator of the Bollinger Bands volatility indicator, says Bitcoin was positioned for a breakout decision. That's right. After hitting new September highs the day prior, Bitcoin has been challenging resistance levels out of reach since mid -August, according to data from Cointelegraph and TradingView. Now for Bollinger, the signs for Bitcoin are encouraging. Bollinger Bands use a standard deviation around the simple moving average to determine both the likely price ranges and volatility. And as Michael Saylor once said, volatility equals life force. Now, currently Bitcoin is putting in daily candles that touch the upper band. And when this happens, it can signal an imminent reversal back to the center band, or conversely, an inbound fit of upside volatility. Now narrow Bollinger Bands seen on Bitcoin recently lend weight to hopes that the latter scenario will now play out, quitting him here. And then there is the first tag of the upper Bollinger Band. After the new set of controlling bars were established at the lower band, he commented alongside this chart, the question is now, can we walk up to the upper band or is it too early to answer? What are your thoughts, chat? Let me know in the comments below. Now Bollinger characterizes the current mood among seasoned Bitcoin traders and analysts on the short -term timeframes. Despite the strength seen this week, caution abounds as various trend lines previously acting as support remain above the spot price. Now discussing the situation, we had on -chain monitoring resource, material indicators share the following. We have heavy technical resistance overhead at the key moving averages and support at the lower low. It is quite possible that we round trip the range. And with any luck, we'll see a legit test of the RS levels that will give us some clarity on where Bitcoin goes from here before the end of the week. And they also shared here in update number two, as noted earlier, it appears the Bitcoin bulls are gaining some momentum, but things are not always as they seem and goes on to share that sometime after last night's candle and close open, we've seen a new trend precognition signal develop on the daily chart and it seems to be bullish. I mean, we are breaking out. We are above 27 ,000. So let's freaking go. And also more strong foundation on the technicals. You can see Bitcoin hits yet another all -time high, which virtually means the network has never been this strong and this secure. Now I'm pretty stoked to tune into President Bukele's speech to the UN this evening. What do you think he has to share besides? I told you so. Let me know, fam. And again, welcome to everyone just joining us for the live show. Lots to continue to cover. So let's continue breaking it down. Next, let's discuss this adoption fund, which is a pretty big deal coming out of Japan. Let's go check this out. Japan's largest investment bank, Numura's digital asset subsidiary, Laser Digital Asset Management, launched the Bitcoin adoption fund specifically for the institutional investors. Bring it. The official announcement noted the Bitcoin -based fund will be the first in a range of digital adoption investment solutions that the firm plans to introduce. Now Numura is a Japanese financial giant with over $500 billion worth of assets, which basically that's half a trillion, baby, offers brokerage services to leading institutional investors. The Bitcoin fund launched by its digital asset arm will now offer investors direct exposure to BTC. The Laser Digital Bitcoin Adoption Fund offers long key exposure to Bitcoin. The financial giant has chosen Kamanu as its regulated custody partner. The Bitcoin fund is a portion of Laser Digital Fund's segregated portfolio company that has been registered as a mutual fund in accordance with the Cayman Islands regulatory authority. Now, Laser Digital Asset Management head Sebastian said the Bitcoin is one of the enablers of this long -lasting transformational change and long -term exposure to Bitcoin offers a solution for the investors to capture this macro trend. Now, the Bitcoin adoption fund might be the first of its kind launched by Numura and the digital asset arm, but the Japanese investment banking giant has been investing in the digital asset ecosystem for quite some time already. In fact, September of last year, the firm launched its digital asset venture capital arm to stay at the forefront of digital innovation. And also won Dubai's virtual asset regulatory authority license to operate in the country. The long -only Bitcoin adoption fund for investors in Japan comes amid a growing discussion around Bitcoin -based investment products from regulated and mainstream financial giants. The United States SEC approved two Bitcoin ETFs, even though there is a delayed decision specifically on the spot. Bitcoin ETFs. What's up with that, Mr. Gensler? Just saying. And apart from the US, Canada and focused investment products over the past couple of years. So there you have it, mass adoption, let's freaking go, especially on the institutional level. How many of you are in Japan? I know we have some in our audience out there. Let me know. And have you ever heard of this company before? Any plans in investing through them? Let me know how you guys feel. And now let's break down the latest. It gets more surprising and shocking every day with what all is going on with Bankman -Fried and FTX. Now his parents are involved. His parents are being sued by FTX. And it's just a nightmare of a mess, to say the least. So let's break down this latest story regarding SBF. Now, Joseph Bankman, the father of the former FTX CEO, Sam Bankman -Fried, complained to his son about the salary he was receiving during his employment at FTX US, turning the issue into a family matter. In a September 18 filing with the US Bankruptcy Court for the District of Delaware, FTX debtors filed a complaint against Bankman and Barbara Fried, alleging that SBF's parents misappropriated millions of dollars through their involvement in the exchange's business. And according to the court documents, Bankman's contract with FTX US should have provided a $200 ,000 annual salary following a leave of absence from the Stanford Law School in December 2021. However, Bankman seemed to express ignorance about the terms of the contract, claiming to both FTX US and his son that he was expecting a $1 million annual salary. What about all that property in the Bahamas, fam? What about all that? Hundreds of millions worth of properties? Just wanted to throw that out there. The complaint states that Bankman was putting Barbara on this, suggesting that SBF's mother may have been able to persuade her son to follow through with the salary change. Things get even more interesting. So according to the complaint, Bankman's influence paid off, with SBF later providing his parents $10 million from Alameda Research. Can you talk about commingling? A 16 .4 million property in the Bahamas, funded by FTX Trading, the ability to expense roughly $90 ,000 to FTX Trading on the island nation in the Bahamas, and options to purchase company stock. Now, when reached out to the legal team representing Bankman and Fried, but did not receive a response at the time, unfortunately, the legal action brought by the debtors was the latest in the bankruptcy case involving FTX and many of its subsidiaries filed in November of last year. Bankman Fried also faces 12 criminal charges to be spread across two trials, starting in October of 2023, which is right around the corner, fam, and March of 2024, right before the halving, scheduled for April of next year. And since the federal judge revoked his bail in August, Bankman Fried has been largely confined to the Metropolitan Detention Center in Brooklyn. Where's Brooklyn at? Before the start of his October trial, then on September 19th, a three -judge panel heard an appeal from SPF's legal team requesting the former FTX CEO to be released from jail in order to prepare for the trial, citing the lack of internet access and first amendment issues. All I got to say is this, I mean, how many people realistically have access to the internet in jail? Why should he? Million dollar question right there. But what are your thoughts, fam? How do you think this is likely to play out? And do you think that Bankman Fried's parents are just as guilty as SPF himself with the commingling and the fraud of going up north of $30 billion, making it the biggest scam in history that we're aware of? Hence why we call him Mini Madoff, because he made off with billions of dollars worth of investors' money, and Gary Gensler and the SEC was protecting him behind closed doors. So it's going to be very interesting to see how all this is likely to play out. Now let's discuss post halving. We all know there is a halving scheduled roughly six months out. We all know post halving, the price action is most likely going to reach a new all -time high and enter price discovery mode. Well, this analyst shares a very intriguing target. So let's break this down, shall we? And welcome to y 'all just joining us. Say hello in that live chat. Let me know where you're tuning in from. I stream live here seven days a week from Puerto Rico. Synonymous analyst Rhett Capital tells his followers on X that Bitcoin can rally above $80 per ,000 coin in the months following next month's event. For the halving, send it. Let's go. The Bitcoin halving cuts the Bitcoin miners' rewards in half, as we all know, expected to take place in April of next year. And while Rhett Capital is a long -term bull on Bitcoin, he notes that it is possible for Bitcoin to continue its downtrend before the halving, putting him here. Hang in there and make the most of any deeper downside in this pre halving period. You won't see the post halving parabola in the outlines here in this chart. It shows you in the yellow, the pre halving period, then in the pink, the post halving resistance, and then in the green, you can see the post halving parabola when we hit those new all -time highs. Now, Rhett notes that Bitcoin may repeat its 2019 bear market cycle when it traded within a triangle pattern before breaking out and starting off the bull market, as he shares here, if Bitcoin continues to form lower highs, could Bitcoin fill the CME, which is the Chicago Mercantile Exchange gap, at $20 ,000 later this year or in early 2024? So it makes a good point. There is currently a gap sitting at that $20 ,000 psychological level. And he continues, if so, the possible path could be consolidation to the apex of the black triangle before finally breaking out to close the halving. And you can see that triangle right here in this chart. Now, looking at the chart, he seemed to suggest that Bitcoin will confirm the triangle breakout in April of 2024, followed by a rally towards his long -term target. Now, let me know your thoughts, chat. How many of you agree that Bitcoin is likely to break out to a new all -time high, entering price discovery mode in 2024, the year of the halving? Let me know. And what are some of your targets? I'd also like to point out that the Stock the Flow model and Plan B, creator of that model, he suggests a $100 to $1 million range price for the King Crypto post halving. We also have some very other bullish predictions, which I cover on a daily basis here on the channel. But I'd love to know your personal prediction. I think we reached the cycle peak personally sometime in 2025, but I think 2024, we enter that price discovery mode. But I'd love to know your thoughts and your opinions in the comments right down below. And now let's break down our next story of the day and discuss the latest from the macro guru, Raoul Pal, who is suggesting that the Bitcoin market cap and crypto market cap as a whole does something between 5 and 10x for this upcoming bull cycle. Now, you do the math. We have a crypto market cap right now. I'm going to ballpark it at a trillion. We have a Bitcoin market cap. I'm going to ballpark it at a half a trillion, which is 500 billion. So hypothetically, if we were to 10x Bitcoin in and of itself, we're talking about a 5 trillion dollar Bitcoin market cap, which would be half the current market cap of gold. Now, with the entire crypto market cap, we can potentially hit 10 trillion. Now, also note, back in November of 2021, when we hit that all time high of 69 ,000 in November of last year, the total crypto market cap was just north of that 3 trillion dollar market cap. So he's so let's break this down and shout out to Raoul Pal. Here we go. Former Goldman Sachs executive Raoul Pal says the next bull cycle can bring an explosion in the market cap of all of the digital assets. That's right. In a new interview with Altcoin Daily, the macro expert says he expects a huge increase in the adoption of digital assets, and that can cause the total market cap of crypto to skyrocket as much as 900 % from its current value during the next bull market. Quoting the analysts here, obviously, I think we'll go well through new all time highs. I think the whole ecosystem of crypto will go from 425 million users where we're at today. And I think at the end of this cycle, there'll be a billion users by that kind of use cases in which we have talked about. And let's not forget, we have got central bank digital currencies that are known as CBDCs and stable coins. There is a lot going on still. So if this entire space is going to grow 2 .5 X in the number of users, well, the market cap of the entire space is five or 10 X. Send it. Let's go. Pal also says he is closely watching development of layer two Altcoin projects for new use cases, which could boost the value of their individual market cap, quitting him again. And then let's see how people value layer twos in this. We don't really know how layer twos accrue much value. Do we have to have a massive amount of transactions in which case then you need stuff like Ticketmaster with millions and millions and millions of transactions to drive value to those chains because they batched them and batched them down to Ethereum. So there you have it. And to watch this interview, he did Raul Pal, the macro guru with Altcoin Daily entitled best cryptocurrency investing strategy into 2024. Check the show notes, blow the video in the description and let me know your thoughts on his personal prediction. Do you feel post having that the market cap for the entire crypto market can likely 10 X from the current valuation along with Bitcoin surging 10 X to roughly a five trillion market cap? And hypothetically, if the macro guru is correct, where do you think that would likely take the Bitcoin price? Well, let's run some hypothetical math. Bitcoin was the 10 X from the current price action of 27 ,000. Well, that's $270 ,000 per coin. Take that. And as we all know, Bitcoin rises like that, the entire crypto market cap would go along for the ride, including the altcoin. So please let me know in the chat, fam, which altcoins, if any, are you most bullish on in the crypto market? And what are your thoughts surrounding Raul Pal being so bullish on Solana? A few months back, I read in an interview he shared that 80 % or more of his portfolio was specifically in an altcoin called Solana. So I'd love to know your thoughts. Obviously, he has a high risk tolerance as I look at that particular cryptocurrency to be very risky, especially with all that went in with the venture capitalists and SPF and FTX exchange pumping that particular all. So I'd love to know how you feel regarding all of that. And with that being shared, fam, now let's discuss Peter Thiel and his $4 million price prediction, as well as rumor has it, and I'll be covering this as well, that he dumps most of his Bitcoin position at the top of the market practically 30 days before the crash. So let's break this down because Peter Thiel was actually one of the keynote speakers at the Miami Conference for Bitcoin. And here's what he had to share as I transcribed his speech, and then we'll discuss him reportedly making $1 .8 billion cashing out on his eight -year bet around the time he was touting these all -time high predictions. So here we go. He says, the enemy's list is a list of people who I think are stopping Bitcoin. He says there is a lot of them. They tend to have nameless, faceless bureaucratic perspectives, which of course is one of the ways they hide. He goes on to share, we are going to try to expose them and realize that this is sort of what we have to fight for Bitcoin to go up, 10x or 100x from here. Now, just FYI, to give you some perspective, at the time he made this prediction on stage at the Bitcoin Miami Conference, Bitcoin was trading at roughly $43 ,000 per coin. So you run the math. 43 ,000 times 100x is over $4 million per Bitcoin. So you know that? Let's continue with what he had to share. The central banks are going bankrupt. We are at the end of the fiat money regime. How many of you agree with that statement? I agree there 100%. The first person on the list is Berkshire Hathaway CEO, Warren Buffett. Thiel put up a picture of Buffett with two of his most famous quotes about Bitcoin. One was rat poison and the other, I don't own any and I never will. I also like to point out now since then, Warren Buffett has much indirect exposure to Bitcoin through Bitcoin mining stock companies and etc. So go figure. If you can't beat them, join them, right? And he goes on. He opined, I think the direct in it. Yeah, and I say also Charlie Munger goes along with him. Now, feel further noted that Buffett has a bias and makes him long on fiat money system and money managers who follow the Berkshire Hathaway executives advice will pretend it's complicated to invest into Bitcoin. I think we call that FUD. Fear, uncertainty and doubt. Now expect nothing less from one of the wealthiest people in the fiat money matrix Ponzi scheme. You know what I mean? So just saying. The next person on the list of Bitcoin's enemies is the one and only JP Morgan Chase CEO, Jamie Dimon, or as Max Kaiser calls him, Jamie the tapeworm. They'll put diamonds picture up with the following quote. I don't call them crypto currencies. I call them crypto tokens because currencies have rules of law behind them, central banks and tax with authorities. Now you guys already know how I feel personally about JP Morgan Chase CEO, Jamie Dimon. So I won't go any deeper there. But anyways, we know he's an enemy of Bitcoin and always has been. The next picture he put up was of the BlackRock CEO, Larry Fink, with the following quote. I see huge opportunities in a digitized crypto blockchain related currency, and that's where I think it is going to go. Now just FYI, Larry Fink is the CEO of the largest asset management firm in the entire world, which owns a large share in virtually all the companies in the S &P 500, and that is BlackRock. They currently have over $10 trillion in assets under management. And for a long time, he was spreading FUD regarding Bitcoin. But guess what? Like I mentioned earlier, if you can't beat them, join them because they just most recently, a few months ago, they submitted their application for a spot Bitcoin ETF, which ultimately means they're going to be introducing this to the institutions which have trillions upon trillions of dollars as there's currently north of $700 trillion in total addressable market, and they want their piece of the Bitcoin pie. So he goes on to share, the PayPal co -founder added that Fink's quote is somewhat representative of the whole genre of Bitcoin attacks that need further context, stating that pro -blockchain is an anti -Bitcoin term, very typically. Feel then brought up the environmental, social, and governance, ESG standards, elaborating the following, the label they have come up with, and perhaps the real enemy is ESG. I think that ESG is just a hate factory. Also like to throw out there, Elon Musk, he stopped taking Bitcoin payments for Tesla, and he says it's because of the FUD regarding this ESG, and we all know it's not more than FUD, and it's already been proven that Bitcoin is more than 50 % clean energy. So the million dollar question, when will the world's supposedly wealthiest man, Elon Musk, when will he start accepting Bitcoin payments again for Tesla? Isn't that a great question, and wouldn't you love to know the answer to that? Maybe you should ask Elon and tag him on X and see what he says. Anyways, feel stressed. You can always ask the question, what's the difference between ESG and the CCP, the Chinese Communist Party? Well, when you think ESG, you should be thinking of CCP per H. Now, he also goes on to share, it is the finance gentocracy that runs the country through whatever silly virtue signaling or hate factory to them, just like ESG, the billionaire concluded. This is what I would call and what you have to think of as a revolutionary youth movement, and we have to just go out from this conference and take over the world. So there you have it, fam. What are your thoughts surrounding Peter Thiel's prediction that we are likely to 100X, and along with his enemies list, as it seems, a lot of the enemies have come around and now have direct exposure to BTC, but it doesn't stop there because around that time he was making this $4 million Bitcoin price prediction. He allegedly dumped most of his position cashing out and with over a billion dollars in profits for his fund. So let's also break this down as this is also very relevant. How many of you were able to watch the speech he gave at that Bitcoin conference? It was epic, to say the least. I recall it now. So here we go. Check it out. Peter Thiel's venture capital firm reportedly made $1 .8 billion closing out its crypto positions around the time when he was an early Bitcoin bull, still predicting the token's price to surge by 100X. And again, from 43 ,000 price action, 100X means over 4 million. Founders Fund had cashed out almost all of its bets on digital assets by March of 2022, according to the Financial Times report that cited people familiar with the matter. But Thiel was still backing Bitcoin, obviously, when he spoke at the crypto conference in Miami the following month. He went on to share where at the end of the fiat money regime, he said, adding that the token's price could increase 100 fold from its level at the time, which was reported at $44 ,000 per coin. That prediction was proven false and as rising interest rates and failures, the high profile firms like Celsius Network, Three Arrows Capital, FTX, Terra Luna dragged the crypto sector into the prolonged bearish winter. Now Bitcoin plummeted by over 60 % in 2022 and was trading at under 17 ,000 by the end of the year. And I believe the bottom currently for the cycle is 15 ,700. How many of you feel that that bottom is in? Let me know, chat. Founders Fund first started pouring money into crypto all the way back in 2014, when Bitcoin was only trading at roughly $750 per coin. So by the time Bitcoin reached its all time high in November of 2021, it had surged 8 ,500 % from that particular level. Not too shabby for a seven year run, wouldn't you say? Now Thiel has a long track record as one of Silicon Valley's most prominent tech investors. He took early stakes in startups, which include Facebook, Elon Musk's SpaceX, and ride hailing app Lyft, and even co -founded PayPal back in 1998. Thiel is also a high profile supporter of the Republican Party and continued to voice his support for Donald Trump since the former president left office in January of 2021. The fund held around two thirds of his portfolio in Bitcoin at one time, but now not has significant exposure to crypto according to FT's sources. So there you have it. Fam, what are your thoughts surrounding his prediction and him cashing out at around that time he was making those all time high predictions of 100X? Let me know, fam. 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.

Joseph Bankman Michael Saylor September 19Th Stacey Herbert Elon Gary Gensler Raoul Pal Sam Bankman January Of 2021 March Of 2022 1998 Max Kaiser $100 John Bollinger Jamie Dimon August October Of 2023 Gensler Larry Fink December 2021
Fresh "Lend" from WTOP 24 Hour News

WTOP 24 Hour News

00:11 min | 13 hrs ago

Fresh "Lend" from WTOP 24 Hour News

"Four -day workweek high salaries and a twenty thousand dollar hiring bonus. Apply at WTP .com. I'm Rita Kessler WTOP traffic. 7 News First Alert meteorologist Brian Van graph de another beautiful day ahead indeed in fact outside just looking at these cameras and from our rooftop here is just gorgeous blue skies lots of sunshine cool start but yeah we'll warm up quickly just like we have the last couple of days pushing for highs near eighty just a very nice day basically a copy of what we had yesterday afternoon a few added clouds tonight but still fifties comfortably cool for your friday friday will feature more clouds around a little bit of an east northeastly wind that'll hold us back in the mid seventies still looking dry for the daylight hours though but into the evening showers will approach from southeast to northwest so eventually some rain returns and some off and on heavy rain overnight friday into the day on saturday saturday's temperatures sixties gusty breezes from time to time to east northeasterly flow will look for some periods of rain some pockets of heavier rain guidance suggesting anywhere from an inch up to two inches possible but spread out over a good you know twenty four thirty six hour period so hopefully only isolated flooding concerns but just a wet raw rainy not so good saturday indoor i day would say for sure by sunday any shower chances hopefully would be confined in the morning with some drying mild or low seventies with some clearing of the sky later in the afternoon still a little breezy at times and then pleasant and calm into early next week it's fifty six right now in college park dallas checking in at fifty five port tobacco checking in this hour at fifty seven brought to you by lend the creating plumber an heating air trusted and same -day service seven days a week and coming up on w t o p adoptions are back on after an outbreak of dog flu at

A highlight from Joshua Stone Interview - Bringing Books To Web3, Book.io Books on the Blockchain, Mark Cuban Investment, Cardano ADA

Thinking Crypto News & Interviews

27:54 min | 3 d ago

A highlight from Joshua Stone Interview - Bringing Books To Web3, Book.io Books on the Blockchain, Mark Cuban Investment, Cardano ADA

"Welcome back to the Thinking Crypto podcast, your home for cryptocurrency news and interviews. With me today is Joshua Stone, who's the CEO and co -founder of Book .io. Joshua, great to have you on the show. Yeah, thanks for having me here. Appreciate it. Well, Joshua, I think it's timely that I'm speaking with you because I'm in the process of writing a book. And so I'm very curious about Book .io and what are the other options for me as a soon -to -be author where I can publish my book on the blockchain and get some additional benefits. Before we get into all that, though, tell us about yourself, where you're from, where you grew up. Yeah, for sure. So I grew up in Oklahoma. When I'm traveling, I like to tell people I grew up in Indian territory and, you know, kind of encapsulates this sort of free spirit, unregulated environment that I just kind of grew up in. And my dad was an electronics engineer. My mom is a really incredible amateur artist. So I grew up in a very left brain, right brain kind of background. And what was your professional career before founding or co -founding Book .io? Yeah. I got online. Like I said, my dad with the electronics engineering, I got online really, really early and kind of got fascinated with this intersection of graphic and engineering kind of where they cross over. So I really gravitated more towards like a product design and user experience strategy side of things. So I actually got my first large job out of school. I went to Oklahoma State University and worked on the very first version of Fandango for Subark. And that was back in 99 and then worked at some larger internet companies that did a bunch of stuff for AT &T, led the product group for hotels .com with Expedia, and then kind of got more into the startup scene, was in a social media startup that sold. And that kind of got my interest into the book publishing industry. So I actually previously had co -founded an ebook company that we specialized in bulk distribution of eBooks to universities and really large organizations. And we sold that back in 20, I think we sold in 2015, I stayed till 2018. And so, I had kind of approached the book industry from a technologist sort of standpoint. And yeah, and then took some time off after that, really got just super deep into crypto and tried to kind of determine my next startup. I wanted to be a Web3 based company. That's awesome, man. Because you have a Web1, well, you have experience in Web1 and Web2, and now you're building in Web3. That's pretty incredible. What was your first encounter with Bitcoin? I'm always fascinated by folks' different stories, and what was your aha moment? Yeah, I feel like a lot of the story is always like a story of frustration of, I wish I would have. And so, I read the first white paper pretty quickly after it came out, just because I was in a social media startup. So that stuff like circulated quickly of like, oh, there's this internet money thing. And I talked to some engineers and I'm not heavy engineer. I've done some engineering stuff, but at that time, I wasn't capable of studying, I guess I could have really went and stood up a stack and tried to figure out how to mine it, but I tried to convince some engineers to mine it. And that happened a couple of different times. And it was a kind of classic argument of like, hey, this will cost us more in electricity than we'll ever make. And in hindsight, it's like, dang it, I should have just put them in a headlock and made them do it. So, it wasn't really until 2017 that I came around and jumped back in where I could actually start to buy from exchanges easily. I think at that time, maybe Coinbase only had like four coins listed. And so, I spent a lot of time on like foreign based exchanges and just really like diving super, super deep and through all the kind of ICO crazes of 2018 and the crash and yeah, I think I really was becoming more obsessed with what does blockchain mean at like a bigger level from a, just like a decentralized nature and like how, my entire career up to that point, just like sort of thinking like what all would need to be re -architected in this way of like a decentralized blockchain based way. Oh yeah, for sure. So, tell us about book .io, how did that idea come about and what are the different services? How does it work and so forth? Yeah. So, Yeah. you know, one of the biggest hindrances in crypto in my mind has always been just like mass adoptability, right? Like making it accessible to the masses. A lot of times, like I pick on my mom and just say, you know, my mom's not going to use this, you know? Yeah. So, you know, it occurred to me at some point that, you know, all books could be decentralized, like the actual contents of them and be blockchain based. So, you know, a big issue in the book industry, which you'll definitely experience now that you're working on a book is, you know, if you buy an ebook or an audio book from Kindle or Audible or iBooks, you're not really buying the book. You just buy a license to view the content. So, you don't actually own anything, which is why you can't sell it or give it away when you're done reading it. So, making it a book, a blockchain based asset actually changes from a digital licensing to a digital ownership model and that allows you to resell the book. So, you know, when you look at the entire landscape of crypto, there's like, you know, less than a hundred million total wallets, but there's over a billion people that buy digital books every year. So, like by far and away, like digital books are the biggest digital asset that people currently buy on like an a la carte basis since most of music and movies are streaming. So, you know, we have a focus that's very, you know, targeted at true mass adoption and, you know, experiencing the tech benefits. So, really more of a, you know, web two usability, but with a web three functionality. And then even in, you know, inside of that current licensing model, what's really radical, you know, once you buy a book, of course it's stuck on your shelf, but then it also gives the retailer, the author, the publisher, anybody, the right to remove that book from you. It's like literally coming in your house and just like taking a book off your shelf that you bought or changing any of the contents inside of it. So, our mission really became two things. One is to decentralize all of human knowledge and put all books on the blockchain so they can't be changed or taken away. And then second is incentivizing reading. So, really, you know, the core kind of the process of how it works is like we take any media asset could be, you know, a book or a music or video, we break it into a bunch of shards and we encrypt all those and store them in decentralized storage. Then we have a DAP web based reader and we also have mobile apps, mobile reading apps that basically stream those contents in, reassemble and decrypt them and then allow you to read it. So, we sort of, you know, while we use an NFT and decentralized storage and like, you know, smart contracts to program and royalties and all that, we sort of summate all that into an asset that we call a decentralized encrypted asset. So, then you truly own it. You could lend it out. You can give it away. Has huge impact, you know, not just for the end user, but also for the creators, because as you know, you'll experience with your book, you know, once, you know, the traditional model on the payment side is very, is very archaic, you know, like you, if you go the traditional route, you're going to be looking at, you know, you might get some small advance. It's not nearly what the old advances were. And, and then it's going to be probably a year to 18 months before you see anything, you know, from that book. Whereas, you know, when it's blockchain based, it's immediate, it's instant, it's paid out. So yeah, we launched the platform a little over a year ago. We've already sold over 160 ,000 books. And, and we've had some books trade as high as like $10 ,000 for like really unique books. Wow. That's pretty incredible. So, and I want to make sure I emphasize the benefits because I know there's going to be people who are new to blockchain crypto and say, oh, so what I get my book on Amazon, but, um, as the author, uh, there, this feature creates a secondary market, right? For the book is let's say, um, Joe down the street buys my book. He has on a blockchain, he finished reading it. He's like, oh, you know what? I'm going to sell this. Now, if he sells it, he's making a return. And then I, as an author also getting a royalty there. Yeah, absolutely. So that, I mean, that really is the big difference, right? It's like on a traditional print side, you know, I have the freedom when I buy a print book, I can take it to a secondhand, you know, resell bookstore, but I don't even really know what it's worth, you know, and then they're giving me, you know, pennies on the dollar and I'm happy to take it. Cause I have no way to substantiate if that's what that book is worth versus if it's digital, then I can see, you know, multiple global marketplaces and see what the trading, you know, what the actual trading price for that book is right. And then every time it sells and resells and continues, like it's giving you the creator, you know, royalties back, which is really cool from a social side too. Right. So, you know, current kind of, you know, opaque kind of wall with, with an Amazon and iBooks is that, you know, publisher author doesn't have any connection to their audience. So they can't see who owns their books. They can't market to those people. So with this, it's like, it's all on chain, right? Like we couldn't hide it. If we wanted to hide it, they can see who has their book. So then as an author, right. You could go airdrop like, you know, an extra chapter of a book to everybody that has your book, or you could allow them, you know, if they have that book, then in their wallet, they could, they could get a discount on the second book. Like you can begin to merchandise and do things that are just like impossible in the traditional version. Wow. So that's pretty incredible. You said you can airdrop like additional chapters or I don't know, additional information or anything attached to the book. That's, that's pretty incredible. Yeah. It can be a short story or, you know, extra behind the scenes type stuff, like how the book was created. It could be video stuff, author interviews, like all kinds of additional content that you can't get or deliver in a traditional method. Plus, you know, like a social interactivity of, you know, we're building out a structure for, for book clubs as well. Right. So, you know, there's not, there hasn't really been a good solve for like online book clubs. And like, part of the problem is you get so many trolls that come in and you see this on Amazon, like with reviews, right. It's like a book hasn't even come out and all of a sudden it's got, you know, 8 ,000 negative reviews in our system. We can see and verify if you've actually read it. So not only would you have to own a book, but we could, we could put it in place where you have to own it and you would have had to read it in order to get access to a book club and maybe the authors in there participating as well. Right. So it creates a richer, like, you know, environment for discussion. Oh yeah. I was going to bring up the reviews thing and verifying users because that is a game or something that is gained, I should say, with ratings and reviews and it could be manipulated. Now you mentioned that there's a lending feature. So let's say once again, Joe down the street buys my book, he, that person, he or she can lend the book out. And tell us how that, how that works. Yeah. So a lot of times what we say is, you know, everybody's a bookstore, everybody's a library. Right. Because if I, if I have the ability, you know, globally to lend out my book or to sell it, like then you could come and you could rent it for a particular price. Right. And we put that in a smart contract. You could either pay it or it could just be like a free thing. And, you know, one party's covering the transaction costs or, you know, in our method, like we haven't really talked about yet, but we have a token, you know, the person reading it could earn the token that the person that owns it could read the token that somebody else is who's, who's borrowing it is, is reading it. Like there's a ton of different ways to, to construct it, but it really changes the, the idea of, you know, it almost like makes micro libraries of everybody. Right. Then I could borrow from anyone. That's great. Yeah. Because I think about that sometimes I see different books and I'm like, I don't know if I want to buy this or necessarily, and I don't want to have a ton of books in, in, in my home. I do appreciate physical books, but I do have some digital books, but to be able to rent something and then just go see, you know, is this, is this good or whatever, and, you know, I actually want to own this. That makes sense. So tell us about the incentivization of getting folks to read. Is that how the token plays a part in the ecosystem? And if you can tell us about the book token. Yeah, definitely. So it really, it really does like an issue inside of, of the publishing industry, really. And when you start to look at the statistics behind it, it's like, you know, people do buy books and the publishing industry in general is hoping that people read those books, but a lot of times it becomes like just very commoditized. And it's like, they're just trying to sell you the next book and selling the next book. And so when you look at the stats on like how many people per year are reading and like averaging down, and it's like, what we're trying to do is build in an incentive program. So people actually consume this knowledge because very clear data, you know, supports when people read books like society, like definitely progresses, there's less crime, there's more, you know, GDP. So the, you know, that kind of secondary part outside of decentralizing the incentivizing portion of it is we have a read to earn system. So whenever you get a book, you read it, you're earning tokens while you're reading it. And we have kind of a whole distribution schedule and like how the mechanics of all that work. We just released a new white paper that details in kind of great detail, like how all that functions. And then we actually have a initial token offering going on right now as well. We waited a long time to do that. Like we launched the product, we launched all the apps. We started selling books before, you know, and a lot of it was just like from a regulatory reason of wanting to do things exactly the right way. Oh yeah. Yeah, that definitely makes sense. Now there was news that Mark Cuban was collaborating with book .io to release an NFT ebook on the Polygon blockchain. Can you tell us about that and how that partnership came about? Yeah, for sure. So Mark was actually one of our earliest investors and came on board. And at the time we were Cardano based. So we argued back and forth a lot about other chains, which we had always had a very multi -chain strategy, which I'll say real quick too. Like our, you know, we deployed to four different blockchains. We deployed to Ethereum, to Polygon, to Cardano and to Algorand. But yeah, Mark was one of our first investors in. And so we worked through his publisher as well with him, created a bunch of different, the way that our construct kind of works is, we don't limit a book to like a single book cover, like it can have tons of different book covers. So that makes those different covers collectible for different reasons. So with him, I think we did about 400 different covers. Some of those were like rendered pictures of like him fighting sharks and stuff, like all kinds of fun stuff. And he actually thought it was really, really cool. So it just gives you a whole lot more flexibility. And I'll say too, like on the investor side, like Mark's been a great investor, like great advisor, lots of great like networking. I think I was a little hesitant, like just from all that, you know, what you see on Shark Tank, but like his group's fantastic. You know, we really only have two other investors. We have Ingram Content, which is the world's largest book distributor, and they actually distribute and warehouse all the books for Amazon. And then we also have Bertelsmann, which owns Penguin Random House, and they're the largest trade publisher. So we've tried to really be selective about our investors and working within the industry. But yeah, Mark's been great and all the guys at Polygon, the Polygon team has been great to work with as well. That's awesome. Are there other publishers that you're targeting and trying to work with and, you know, what's your strategy? Is it getting them to integrate book .io as another option? Tell us about that. And I don't know how much you can, you know, tell us about your strategy. Yeah. Yeah. So we've I think we, you know, we're somewhere around 20, maybe publishers or so that we've we've had sign up. You know, the publishing industry is very splintered. There's there's basically five main, you know, the big five publishers and they own a bunch of imprints and then there's a bunch of kind of mid tier and smaller ones. And so, like, you know, some total like our last publishing company, like we had close to 200000 different publishers signed with us. You kind of have to go like some of them you get like in big and big batches, right? Some of them are just like one on one. So like a lot of it right now, and especially over the last kind of beginning or last year was just a lot of experimentation, right? So it was going to publishers that we've worked with before in the past and saying, Hey, let's do like a test project together so we can like see what happens and gather some data and make some choices. So like this year's like much more on like the scale up side. We're going to be releasing audio books as well. And delving so into that and like how we do more mass ingestion. But, you know, ultimately, it's like what we're introducing back in is not necessarily say, you know, you know, we think we'll just dominate Amazon and it goes away or anything like that. It's more of a both end, right? Like you could, you know, I see that as like licensing and like streaming almost. And this is like ownership, right? So for the for the audiences and the authors and the people creators that care about ownership, like we provide like that mechanism and all the benefits that go with it. And it reintroduces the, you know, um, just the law of supply and demand, right? When it's digital licensing, there's, there's an infinite supply. It drives down, uh, you know, the price when there's a limited supply, then the price actually makes a difference. So then I can buy a book, you know, for $20, I can read it and maybe it's gone up in value and I can sell it for, you know, 25 or something. Even if I could sell it for half of what I bought it for, I still get more back than, than I do. If I buy that as an, you know, a licensed book. Yeah, no, that's great. And I love the secondary market options that open up with this new world of blockchain and tokenization. So Joshua, you know, you mentioned Amazon, uh, you guys are certainly a disruptive platform. Uh, if I could put it that way, let's say Amazon comes knocking on your door and saying, Hey, we want to acquire you. We want to integrate book .io into our, because we got the biggest marketplace, you know, what would be your thought process? And would you say yes, depending on the number? Yeah. I mean, you know, we get that question sort of semi often, which is kind of funny. Um, you know, I, I think that, uh, if, if this, if the situation was right and an Amazon was, you know, if, if we, if it was functioned in a way that like it kept the core model, right. So like if they didn't, uh, if, if the idea was to integrate and like expand what currently exists into digital ownership, right. Like, I think that makes sense. And some of the stuff they've done with like avalanche and, you know, some of the integration stuff, it's like, I think they, they see that, I think they're a bit more hesitant just from the regulatory perspective to like jump in to that kind of thing. And what we're doing is definitely, you know, quite, quite a bit different, but like, you know, we're, we're doing great. Like the team's grown in a bear market. Like we're adding employees and we're, you know, we're right at profitable. So we don't have any like reason to, to try to rush out and sell. And I think we're going to continue to grow. And I think we're, you know, we have an, you know, community that's, that has materialized behind it that just really agrees with the ethos of, you know, you really should own the things that you buy. So I don't see us, um, selling anytime soon. And even if we did, it would only be to like expand and, um, you know, continue the mission not to, to, uh, to end it or have it just shelved, you know? Oh yeah. I mean, I certainly, I think you and I being in this space, we can certainly agree. This is the future with block tokenization and fractionalization, secondary markets, and much more. It's just the adoption curve. And, uh, just like web one had its adoption curve web two, and now web three has its time. Um, you know, you mentioned Algorand, uh, polygon, Cardano and so forth. Are you planning to expand to other chains as well? Uh, yeah, we probably will. We don't have any plans to expand to any others. Right. Right now, um, we've done some interesting things with, with a few of the chains. Um, we gave a book away at consensus with Algorand to all the attendees. Like we're, we're doing some other expansion stuff or we'll be announcing some, some really cool stuff we're about to do with polygon as well. Um, so just trying to work with, with the chains that we have right now. And, you know, a big issue for publishers is really, uh, you know, I mean, when you get down to it, it's like they chop down trees to make print books. Right. So they, at first were very adverse to, um, to anything blockchain based, right. Especially when it was, you know, like when Ethereum was proof of stake. Um, so they, some of them have had corporate mandates where they would only work with it with a proof of work and they would only work with a proof of stake chain. So, you know, the ones that we've selected, I think, uh, encompass like a, a, a decent size portion of the market, not to say we won't integrate, but like, you know, kind of a thesis on being a multi -chain company is that we really want to be a platform. So creators could deploy to other chains. So we've talked to a couple of others as well. We just haven't put anything official on the roadmap yet. Hmm. Now more of a personal question for me and maybe other authors who are going to watch and listen to this, we'll have this question. So like I'm already in the process. I'm, I'm signed with a publisher. The book is right on tentative date launch next year. Could I go that traditional route, but also integrate with book .io and, you know, have you guys thought about a strategy for authors like myself who, you know, we would want to do both and how would that work? Yeah, for sure. So I think today, like of the hundred something books that we've done, like, um, a little over a third of them have been with, um, with publishers or with, um, with authors. So, you know, basically the way it works is, um, you know, you would just connect this with your publisher and then we work through like exactly what kind of program you would want to do. Right. So, um, we just kind of define those details. Um, we walked through with the publisher, what, you know, exactly how it works most of the time. Like, you know, we're doing limited quantity sort of collectible type stuff right now, but we have the capability to do like a mass, like we actually just, uh, sold a book yesterday that, you know, wasn't necessarily a collectible. It had just a regular singular cover. That's the same cover that's on the print book. Um, and, uh, you know, and it's sold out in like 20 seconds or something. Right. So the publisher's super excited because they've never seen anything like that in publishing. Um, and so it's a great way to drive, like kind of viral traffic and like excitement. So what we found too, is what ends up happening. We've seen this like multiple times in a row is like, we would do something with an author and then it will directly correlate to an increase in print sales because people get that book, they're excited about it. Then they would go and they're like, Hey, actually, you know, I want to own both. And so that's actually one of the things we're working on with our, our, um, uh, partnership with, with Ingram is what we call mint and print so that you could just buy the digital and automatically get the physical, uh, dropshipped to you at the same time. Oh, wow. Yeah. That's really cool. Um, so walk us through the user experience. Um, let's say someone's listening to this and like, you know, I want to go check out book .io. Maybe they have some books that I'll be interested in. Is there, obviously you have a website, is there an app and with purchasing, um, is it crypto and Fiat or both? Yeah. So, uh, so, I mean, we're trying to make it, um, very much, like I said, you know, web to functionality. So it's very easy to sign up. Um, we do take credit cards. So, um, on, uh, you know, you can, you can buy a book with a credit card. It's easy to set up an account. And actually like the, uh, the, the giveaway things that we're doing, the promotional stuff, like you don't even have to have a wallet. Um, we're getting to the point where you won't, you won't even have to have a wallet. You don't have to store seed phrase. You don't have to do any of that. All of it's like self -driven kind of in the background. Um, and so you don't have to buy with crypto. You don't have to know anything about crypto, um, and just making it real easy onboarding process for like, you know, the billion plus people that are honestly just not going to go take the time to learn crypto. Yeah. I've been talking a lot about that recently. With a variety of folks. Um, how do we make it easy for the next billion people? And like you, I've kind of used my mom, my dad as an example. Right. Cause like, they don't know that, like they see the wallet addresses. They're like, what the hell is that? They're scared of it. Right. It's intimidating. I still have to show my mom how to do certain things on her smartphone. So I, you know, but certainly like she's interested in, in crypto and blockchain and, you know, I've invested some of her funds in it, but yeah, to your point. How do we make it easy for the next billion people have the capabilities, but make it make the gooey easy for them. Right. Yeah. One of the funniest comments I got recently, which I won't say who it came from. Um, somebody within my family, um, was like, wait a minute, there's more than one blockchain. Cause like they thought blockchain was like internet, you know, thought it was one big blockchain, you know, which like from the outside, it was like, I never really thought about that, but it's like, if you really didn't know anything about it, you might think like, blockchain is just like internet. And they're like, you know, maybe there's only one and it's like, it's just, it's such a barrier. And so I feel like a lot of times, like in the crypto side, like we're in this bubble where it's like, you know, we're really excited about the technology and stuff, but other people just don't, they don't have the, it's not like, you know, intelligence thing. It's just like, they don't have the time to like onboard and figure all that stuff out. So like, how do we, how do we meet them where they are, bring the solutions and like the benefit of web three and what it actually provides to them, like directly to them. Yeah, yeah, absolutely. And I think more, more companies building in a space need to think about that. Not just for the crypto native folks here, but yeah, like you said, the next billion people who, you know, they've heard about it in passing, they don't, they haven't used any type of crypto or done anything and we got to make it easy for them. So what's on the remainder of your roadmap for 2023? We do have quite a bit of stuff planned. So a lot of it, you know, like I said, you know, we launched like a year ago, so we're really trying to kind of scale up in a lot of different spots. So you know, at the top of that list right now is, is definitely audio books. And then we have a marketplace also that we're launching. And actually on the audio book side, we have one of the larger audio book companies that we just signed with, which is super exciting to have some like celebrity read audio books. And that's like a real growing market segment as well, just in general within publishing, which is very exciting. We have a lot of AI tools and development that are maybe more focused on publisher author, like, you know, helping them out you know, continue updating the reading apps. And then we have some really big author launches coming up that are going to be like, they're pretty massive, like celebrity level authors that are going to be launching some projects with us, which is super exciting. No, that's awesome. Well, I certainly after this conversation, you and I need to chat because of my own book. But yeah, that's exciting, man. And I love the idea of well, you know, you mentioned it's a growing part of the market of celebrity read books. Yeah, I certainly would want to listen to Morgan Freeman read a book.

Joshua Stone Oklahoma $10 ,000 Mark Cuban 2015 At &T Morgan Freeman $20 2018 Penguin Random House Next Year Algorand Joshua 25 2023 Mark Both Polygon Ingram Less Than A Hundred Million
A highlight from 1255. CBDC's vs Stablecoins U.S. Hearing | FULL BREAKDOWN

Tech Path Crypto

09:11 min | 3 d ago

A highlight from 1255. CBDC's vs Stablecoins U.S. Hearing | FULL BREAKDOWN

"All right, so today we're going to dive into CBDCs, stablecoins, and a hearing. All of this happening around what this might look like, both in the government -issued CBDC or possibly even the private sector. I'm going to break it all down for you. We've got a ton of clips. You guys don't want to miss it. My name is Paul Baron. Welcome back in a Tech Path. All right. We're going to get started here. This is a pretty big hearing. It goes through a lot around the development of CBDCs and whether or not central bank digital currency in case you guys are brand new to our channel and don't understand what that is. You're going to learn a lot here about what's happening with electronic money for you and possibly a controlled state money at some point. This is coming over from the Financial Services Committee. This is a hearing entitled Digital Dollar Dilemma, the Implications of a Central Bank Digital Currency and Private Sector Alternatives. And that's really kind of the crux of the matter. We're going to go into it. There are several people that are in this hearing. We'll break down each one of them, give you guys a shortened version because this is multi -hours that we've boiled down into about 12 minutes of clips. You're going to love it. All right, so let's go to our first clip right here, kind of give an intro. Let's check this one out. We're here to better understand what central bank digital currencies are and the concept of digital money to compare CBDCs to privately issued payment stablecoins. So let me be unequivocally clear here for this audience. There is no support for a CBDC in Congress except from those on the fringes who think somehow a CBDC might be an amazing solution to many unstated global problems. Several members, Mr. Emmer, Mr. Mooney, Mr. Auchincloss, and I have introduced bills stating that the Federal Reserve does not have the authority to issue a U .S. CBDC. I particularly want to say thank you to Mr. Auchincloss, Mr. Torres, and Mr. Nickel for their work on our bill and demonstrating that this isn't a controversial or partisan point of view. All right, so you may want to look at some of the bills that they've introduced. I'll just cut back to this page here on McHenry's website here. So they have the House Bill 3402, which is the power of the Mint Act, the Digital Dollar Prevention Act, and also the CBDC Anti -Surveillance State Act. That's what he is mentioning there. So I want to go to this next clip that goes into a little bit deeper around how this hearing is going to play out. Listen in. There are many myths surrounding CBDCs, and I will use my time to discuss what I consider the three most important. First, issuing a CBDC would not help preserve the status of the United States dollar. It would likely damage it. The dollar's renowned status is owed to the strength of the American economy and its legal protections for private citizens relative to many other countries. Anyone who wants to use the dollar would lose a layer of protection from that type of government abuse. The second myth is that a CBDC would expand financial inclusion by providing a new source of financial services for America's unbanked and underbanked populations. That unbanked and underbanked Americans primarily are in that situation because either they don't have enough money to have an account or they don't want to give their personal information to a bank or the government. While some proponents argue that a CBDC lowers the cost of providing financial services, that's true only if the government subsidizes those costs or chooses to waive the same level of regulatory scrutiny it requires of private firms. It's also the one that causes those unbanked Americans to say they don't trust banks. All right. So as you can kind of see, he's setting up the committee or the hearing, I should say, to really kind of frame it because there is a good guy and a bad guy in this. I think you'll start to picture it out. But Norbert actually coming in from the Cato Institute does do a good job of kind of setting the stage. Let's go to our next clip. This is going to be our clip three. And in this clip, it's going to get into where the abuse could come from. Listen in. There is no discernible reason for the United States to move toward a CBDC right now. So if the liabilities with CBDC increase, so too must the Fed's assets. The Fed could buy more Treasury securities to match CBDC, but that could possibly invite pressure on the Fed to issue more CBDCs to, in turn, absorb more government debt. And overall, that dynamic could further erode the limited fiscal discipline that we have remaining. All right. So a lot's already on the Fed's plate. They already have to deal with inflation they're dealing with. Now they probably have to go into where they're realizing the management of a central bank digital currency. Again, these are the challenges, I think, that would occur and would create that abuse that we see in government agencies so often. I think as you look at not only the scenario, because in this particular hearing, there's quite a few people against the CBDCs, but there still are people that are vying for CBDCs and how that plays out. Let's get into the banking industry, and I want to go to this next clip, our clip four, that talks about the banking industry and how they'd be affected. Listen in. We believe that at this point, there is little evidence that a CBDC would bring measurable benefits to the U .S. economy or consumers. A so -called flight to quality is something that we fear would be almost inevitable. In times particularly of financial stress or instability, a CBDC would be viewed likely as the ultimate safe asset, and depositors would likely be incentivized to pull the deposits out of the banking system and put them into CBDCs as a safe asset, which would reduce the availability of deposits available to lend out and, moreover, increase the cost of credit. Banks have led numerous efforts to improve the speed and security of payments. Zelle is another example of bank -led innovation. A bank -owned peer -to -peer payment service through which transferred funds are available almost immediately. All right. So a couple of things there, you know, she did hit, remember, she's representing the banking industry. So if CBDCs were to come to light, the banking industry would cause, I think it would be somewhat of a collapse overall. And she is correct, is that the reduction of deposits in any kind of pressured economy would fly to, you know, a capital that feels more secure, feels more secure. And this would essentially crater the economy through the lack of business credit, the lack of liquidity in the markets, and essentially a disruption completely of the banking system. Now, that may be the evil plan. We don't know. But I think the banks are going to fight this pretty, pretty hard. She mentioned Zelle, which is absolutely a no -go. I mean, Zelle is absolutely trash. It is not a platform. I think that's where blockchain starts to play into an opportunity for these digital payment systems to be implemented, providing that we can get some clarity on the legislative landscape. Let's go over to our next clip, which is our clip five. This is talking about eCash, which is their idea of a solution. Listen in. I worry about some of the recent false narratives and fear mongering, much of which has been fueled by the crypto industry itself. That fear mongering around a CBDC being weaponized as a tool for government surveillance or control. This is why I've introduced the eCash Act. This bill directs the Treasury to design and pilot a digital version of cash and would complement the Fed -issued CBDC. It would allow individuals to make instant peer -to -peer payments with no consumer data or transaction tracking and without the use of a bank account. Today, I support the call for a digital dollar system, including CBDC, Fed accounts and eCash. When discussing privacy, the digital dollar system and CBDC should be compared to the existing systems that we are already using. We envision hardware devices, so those can be cards similar in size to an existing debit or credit card, or they can be secured SIM cards or something like it on a phone that would enable hardware -based transactions and for people to make payments as they do today with paper cash for everyday things without fear of government or corporate surveillance, which occurs in tandem when we use digital payments today. All right, so this is the official site of the eCash Act, and it gets into some of the detail that they're talking about, but there's a lot of problems with this. One item, replicate the anonymity and privacy -respecting features of physical cash, okay. To the greatest extent reasonably practically possible. So this is telling me maybe they don't have the full case of anonymity and privacy worked out just yet. Secured hardware issued and or authorized by the government, that's another issue that would be a problem.

Emmer Paul Baron Mooney Nickel Norbert Torres Auchincloss Cato Institute Ecash Act Cbdc Anti -Surveillance State Financial Services Committee Federal Reserve First Clip Mint Act First Digital Dollar Prevention Act FED Today Congress
A highlight from Crypto Venture Funding is Down; But Bitcoin Building Continues

The Breakdown

11:56 min | 4 d ago

A highlight from Crypto Venture Funding is Down; But Bitcoin Building Continues

"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 Sunday, September 17th, and that means it's time for Long Read Sunday. 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. Happy Sunday. Today, we are reading parts of two pieces which on the surface aren't really about the same thing, but which I think have more in common than it might seem, as I will try to prove to you by the end of this conversation. The first piece is by L. Asher Corson, a partner at UTXO Management and was originally published in Bitcoin Magazine. The piece is titled A Bitcoin Maximalist's Ode to Ordinals. Al Asher writes, As a Bitcoin maximalist, I love ordinals. Other maximalists should also consider loving ordinals as they demonstrate Bitcoin superiority in ways not previously possible. Ordinals enable functionalities that undermine the need for other blockchains to even exist. The use cases that were demonstrated on other blockchains are now possible natively on Bitcoin. Despite Bitcoin's strengthening position, some self -proclaimed maximalists on X, formerly Twitter, bizarrely celebrated decreased network fees and declared ordinals have failed. This seemingly implies that Bitcoin might somehow benefit from a failure of the ordinals protocol and lower minor earnings. But ordinals haven't failed, and the interest isn't nearly over. To the contrary, trading volume across digital artifacts, unique satoshis, and BRC20 tokens has been historic. According to Cryptoslam, which tracks on -chain NFT volume, ordinals have done over $500 million of trading volume since they were launched at the beginning of 2023. Despite volume and prices being down currently, investors in the ecosystem are writing big checks to ordinals companies. X -verse in ordinals wallet just raised $5 million on a $50 million valuation from some of the most sophisticated investors in the ecosystem. It's far more likely we are at the beginning of this phenomenon than the end. Now, from there, the author goes into a little bit of a description about what ordinals actually are, which we will skip for the purposes of this piece, just because that's obviously something that we've covered here on the show, or if you need a refresher, you can go check out on Bitcoin builders. Continuing, however, they write, Bitcoin maximalists understand that there have never been serious contenders to replace Bitcoin as digital money. Absolute digital scarcity is unlikely to be discovered again because the circumstances surrounding Bitcoin's creation were so unique, in part because today's government understands the risks of letting a decentralized network grow too large and they won't let it happen again. On the other hand, viable altcoin use cases are related to features that Bitcoin couldn't previously support. Some of the use cases that the market has indisputably embraced include decentralized trading, NFTs, stablecoins, capital formation, borrowing and lending, and on -chain leverage. From there, the author goes on to share numbers from DEXs, from NFT trading, that reinforce their point that, like them or not, the market has validated these things as uses of digital assets that people really like. Indeed they write, Although many don't like it, these use cases will exist somewhere because the market has an appetite for them. My strong preference is that they exist primarily on Bitcoin and not on other chains. Ordinals have the potential to not only enable these use cases to be built natively on Bitcoin, but also to surpass their altcoin versions in terms of implementation. These would be better built on Bitcoin because the protocol itself is more decentralized and secure than altcoins. Bitcoin is the largest market cap compared to all the other chains that can support the development of these use cases. But also better because these use cases will be tailored to the Bitcoin community and will therefore embody Bitcoin ideals of decentralization, immutability, and permissionlessness. The author then quotes Danny Hoop describing the properties of a digital artifact. This is from July of this year. Danny tweets, A digital artifact has these properties. 1. They can be owned. 2. They are complete without off -chain pointers. 3. They are permissionless. 4. They are uncensorable. 5. They are immutable. Almost all Ethereum NFTs do not satisfy all five of these. In particular, most Ethereum NFTs use off -chain pointers, and even for the few that do not, some of them are not immutable and can be changed by the creator. L. Asher continues, Imagine a piece of digital art worth $1 million. Or imagine politically sensitive information like classified documents that detail government atrocities. Should these valuable or sensitive assets be distributed using technology that can easily disappear or that can be easily changed? The answer is obviously no. It's also somewhat obvious that over time, the best artists, developers, activists and investors will gravitate towards technology with stronger immutability that is capable of protecting their creation, information or investment for hundreds or even thousands of years. In the case of digital art specifically, they will migrate to digital artifacts on Bitcoin that store the actual artwork instead of NFTs that just point to where it's stored on an off -chain server that could go down at any time. The piece concludes, Bitcoin stands atop the world of digital money and the rise of ordinals only cements that standing. OK, so before I get into how this relates to the second piece, let's actually just go read excerpts from that second piece. This one is by Chris Cole Besswick, the founder and managing partner at Transcend Labs, which is a startup accelerator. The piece seemingly combining my daily podcasts in one is AI is Killing Crypto Venture Capital Interest. Now, the TLDR of this piece is exactly what the title says, quote, The venture capital space has lost significant momentum over the last few quarters. Global venture funding is nearly half of what it was last year. Whatever remains of the market is now being directed towards AI funds. AI has become the golden goose for VC firms after the turbulence in crypto in the last year. Now, Chris's first discussion is about just the shift in VC in general. He writes, Although AI has picked up pace, the VC market is nowhere close to where it was in 21 and 22. With higher interest rates and a sustained supply chain shortage, the global market is an ideal. In my field of startup incubation, I've experienced the shift firsthand. Back in 2020 and 2021, investors were much more likely to fund lofty ideas with very little supporting evidence. But today, even the most promising startups have a hard time gaining the attention of top VCs. According to Crunchbase, global venture funding in Q2 fell 49 % compared to the second quarter of 2022. The overall deal volume has also decreased significantly by 37%. Now, as Chris points out, the big reason for this is macro. We are living through the transition of a zero or near zero interest rate world to a world of 5, 6, 7 % interest rates. The net impact of that is that capital that previously had to flow to more exotic and risky parts of the market, private equity, venture capital, just to get yield in a zero interest rate world, now doesn't have to do that. It doesn't have to take on the same sort of risk. And so money is being withdrawn from the venture ecosystem and put to work in other places. I was myself at a venture firm for a while in the teens in San Francisco. It was remarkable the extent to which the venture capital industry didn't really understand or didn't seem to understand or at least didn't talk about how much of what was going on in our little corner of South Park was actually dictated by what was going on in the halls of the Fed. But to the extent that people didn't realize that, they are learning that lesson acutely now. And in that environment, where there isn't necessarily a next big fund to raise, VC habits aren't changing. necessarily Kevin Colleran, a co -founder at Slow Ventures, said, I haven't written any checks in the past 18 months. I have 30 portfolio companies that I need to help figure out how to survive. There is no point for me to add to the misery. Still, as Chris writes, quote, for crypto, the situation is worse. The total value of deals in Q2 of this year was $2 .34 billion compared to $12 .14 billion a year ago. So what caused this collapse? After a hype -fueled bull run starting in 2020, Chris writes, a slew of disastrous events discouraged even the most pro -crypto VCs. Now of course, Chris rightly points to the fall of SPF and FTX as the most significant factor. He writes, the FTX fiasco destroyed whatever investor confidence was left in the crypto industry, resulting in major investors moving away to greener pastures. Big VCs like Sequoia and investor in FTX are slashing their crypto funds. Now it should be noted that Sequoia had a super weird deal with SAM, where they invested in FTX, and inversely, SAM invested as an LP in them, which doesn't undermine Chris's point. In fact, it validates it that the weird things that were happening in the previous era are simply no longer happening anymore. At the same time, Chris points out that the other thing that happened in November of 2022 outside of FTX's collapse was the launch of ChatGPT. He writes, the AI dominance started the same month FTX collapsed, filling the vacuum created in the market. Since then, AI has been unstoppable. Chris then recounts a number of more personal examples of where he's seen VCs turn away from crypto and towards AI, and how crypto projects have tried to incorporate AI to try to be on trend. He also points out that while sometimes that works and integrating AI actually strengthens the project, many times it doesn't. He concludes, so is there a way out for crypto founders? Of course there is. Unlike mainstream AI, which isn't even a year old, crypto has been present for more than a decade. Thanks to the cyclical movement of the crypto economy, we can confidently predict more innovation in investor interest as the bear market ends. Lower interest rates, globalized crypto regulation, Bitcoin ETF approvals, and more TradFi involvement in crypto could all reignite VC flows. Okay, so here's why I wanted to connect the dots between this piece and the ordinals piece. It is very easy to look at overall statistics and see capital flowing into crypto being down as an inherently bad thing. Now certainly, anyone who has invested in this space should want great projects to have access to aligned capital. Capital that shares long term vision and wants to support those companies through ups and downs. The reality is, a huge, huge amount of the capital that flowed into crypto and indeed that flows into crypto at every cycle peak was wildly misaligned, wildly unproductive. Much of it was just arbitrage, taking advantage of tokens to make money faster than traditional venture capital otherwise would. This isn't to say that bull market funding didn't fund great projects too, it's just to point out that the more capital sloshing around there is, the less of a quality barrier there's going to be. We are now in a very different, much more brutal environment, one where it's going to take a lot more to peel venture capital dollars away from investors. The downside of that is that some projects that would otherwise have been great will simply not be funded. The upside is that the projects that do get funded and that do make it through this are likely to be much stronger on average than those that came out of the top of the bull market. What's more, and this is the reason that I wanted to put the ordinals piece alongside this, there is no law that says that innovation has to come from venture capital. As trite as it is to say, one project which never received any VC funding was, of course, Bitcoin itself. Yes, our author from the first piece pointed out that some ordinals projects have been able to get VC funding because of the excitement around them, but the vast majority of people that are hacking on ordinals, experimenting with it, aren't doing so with VC money backing them. They're doing it because the protocol is exciting to them because it opens up new opportunities. Whatever one thinks of ordinals, it is exemplary of what's going to come out of this bear market and the VC drought, which is interesting things that create real and new and differentiated value that people decide are worth working on, even if they're not able to get big venture capital checks to do so. I don't want to undermine how hard it is to be in this type of environment, especially in one where there's been such a big shift and where many startups are and will die because of it. But there's a lot of good on the other side too, and a lot to look forward to in the strength that comes from going through this type of environment. Anyways, guys, that is going to do it for this week's LRS. Hope you enjoyed it. Thanks once again to these authors for their great pieces, and until next time, be safe and take care of each other. Peace.

Kevin Colleran Danny Hoop Chris Chris Cole Besswick Danny $5 Million Transcend Labs Second Piece November Of 2022 L. Asher Corson $1 Million L. Asher Slow Ventures San Francisco $50 Million Today First Piece Last Year Sequoia 49 %
A highlight from How Impactful Will FTX Estate Selling Be on Crypto Markets?

The Breakdown

12:32 min | 5 d ago

A highlight from How Impactful Will FTX Estate Selling Be on Crypto Markets?

"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 Friday, September 15th, and today we are talking about how much pressure FTX selling will put on the crypto markets. 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, happy Friday. We have lots to catch up on today, starting with what has emerged as a key narrative. That is, of course, that FTX has been granted approval to begin selling their crypto assets. On Wednesday, the bankruptcy judge ratified the sale plan, which was filed in late August. Galaxy Digital has been appointed as the selling agent. At last count, FTX said it had $3 .4 billion worth of liquid crypto assets to sell. Galaxy has been authorized to sell $50 million worth of crypto this week and next week, then $100 million per week after that. Creditors can agree to increase this amount to $200 million per week on a temporary basis before seeking court approval. Galaxy has also been given permission to hedge their sales using Bitcoin and Ethereum derivatives without sizing limits and at their sole discretion. Staking of assets will also be allowed if Galaxy deems it necessary. During the hearing, the judge questioned the need to sell crypto rather than distribute it directly to customers. FTX lawyers explained that there was no meaningful segregation of customer assets and balances held didn't line up with customer accounts. They said, quote, it's all part of one pool. There are assets that are associated with the exchange we call the dot com customer pool and the US pool, but they don't necessarily match customer entitlements. So when we dispose of this, we'll be turning it into cash effectively and the cash will be available for distribution pursuant to the plan. Now, all parties appeared concerned with getting this liquidation moving quickly while also limiting the price impact on the portfolio. A lawyer representing the ad hoc creditors committee said, the sooner we can get this process rolling, the better. Now, the speculation all over Twitter has of course been that this would lead to incredible downward price pressure across the crypto markets with any asset that was being sold. However, Jeff Dorman, CIO of ARCA pushed back on notions that this liquidation will be an uncontrolled dump. Here's a summary of his Twitter thread. He pointed out that Galaxy Asset Management, not their trading desk won the bid. They must act as a fiduciary and sell gradually and opportunistically. He pointed out that Galaxy is receiving massive amounts of reverse inquiry already, some from real funds and some fishing expeditions, but over the counter sales will dominate the buying. In other words, we're less likely to see a lot of selling on exchanges or via TWOPS. As good bids come in, they will engage. Hedging, he points out, will be opportunistic, i .e. long puts to offset a large drop in the portfolio. And he points out that people thinking that Galaxy will rush to sell $3 billion in futures right away is crazy. The goal, he points out, is to outperform a static portfolio, not turn the estate into a long short fund. He reminds that Galaxy cannot front run the sales and profit internally, that that is very illegal and that their asset management business is completely walled off from their prop desk. Finally, he points out that this is not some half -baked plan. It involved months of working with the courts to win this business, and that the point of bankruptcies is to maximize the upside of the estate, not speed of distributions. In other words, this may be capped short -term gains due to opportunistic sales and to strength, but it is not a fire sale into weakness. Now getting even more granular, much of the speculation in recent weeks has specifically surrounded how sales of the hefty FTX Solana portfolio will impact that market. In their most recent accounting, FTX said they hold $1 .1 billion worth of Solana, which is able to be sold. That would be around 14 % of the current market cap. It was previously believed that much of this supply was staked and would be unlocked between 2025 and 2028, although the latest FTX filing threw this into question by lumping all of the Solana holdings in together. FundStrap published a report earlier this week detailing the FTX crypto holdings and claimed that less than $150 million worth of Solana is liquid and able to be sold off. Now, ultimately, no matter what people say, it's going to be very, very hard to get people away from the concern that this amount of selling will impact the market. Liquidity is incredibly thin right now, and probably the best that we can hope is that some of the negative price action over the last few weeks has been in anticipation of this and trying to front run it. But ultimately, the only way out is through, and so we just have to deal with this as the next thing we have to deal with. Now moving over to that other big exchange, two more Binance US executives have joined the exodus from that embattled company. The head of legal, Krishna Juvadi, and the chief risk officer, Sidney Majalia, are leaving the company according to WSJ sources. Juvadi was one of the firm's main contacts for communicating with the SEC, which is currently in active litigation with Binance. This makes three executives reported to be jumping ship from Binance US in less than a week. Remember on Tuesday, sources said that Binance US CEO Brian Schroeder had left his position. Now, Schroeder has not been active on social media since February, leading some to speculate on whether reporting was simply catching up on events that had quietly transpired much earlier. According to a company spokesperson, chief legal officer Norman Reed has stepped in as interim CEO. Bloomberg ETF analyst James Safart said the obvious thing when he tweeted, well, this cannot be a good sign for whatever is going on at Binance. On the flip side, crypto has at this point, I think, written off Binance US as a going concern. The Flow Horse writes, why does anyone care about Binance US employees leaving? They don't have a job to do. The exchange is a placeholder and no one uses it. Proof of Talent founder Rob Hayon writes, Binance US doing $9 million in 24 hour volume right now. At what point do they shutter the doors? Gotta be soon, right? Now, staying on the Binance train for a moment more, the SEC have accused Binance US of refusing to cooperate during the discovery process of their ongoing lawsuit. A court filing made on Thursday noted that only 220 documents had been produced by the exchange. Binance US had signed a consent order regarding the scope of discovery in June, but the SEC are claiming that many of the documents produced in accordance with that order, quote, consist of unintelligible screenshots and documents without dates or signatures. The SEC noted that Binance had refused to produce essential witnesses for depositions, including former CEO Brian Schroeder. Instead, they unilaterally limited the list of witnesses to just four employees. The SEC said that Binance US quote, has responded to requests for relevant communication with blanket objections and has refused to produce documents kept in the ordinary course of its business, claiming those documents do not exist only for the SEC to later receive such documents from other sources. Now the bulk of the SEC's filing related to SEFU, the wallet custody system at Binance US, which is provided by Binance International. The regulator called attention to contradictory statements about Binance's involvement in the management of US customer funds. They argued that the usage of SEFU violates the terms of a prior agreement that Binance US customer funds would not be diverted offshore. The heavily redacted filing also included information obtained by the SEC with the cooperation of a former Binance US auditor who has provided over 6 ,500 documents related to Binance's accounting. The SEC are treating the lack of disclosure of these documents from Binance US directly as evidence of a lack of transparency. Now continuing on the cleanup theme, three Eros Capital co -founders, Kyle Davies and Suzu have been slapped with a nine year ban from the regulated financial services industry in Singapore. The pair have been prohibited from taking part in the management of or being a major investor in any regulated firm involved in capital markets. Now MAS, the Monetary Authority of Singapore handed down the ban after concluding its investigation into the collapse of the once high flying Singapore based crypto fund. They found that 3AC had failed to notify the regulator of the appointment of a new fund manager, falsely claimed that this manager wasn't conducting regulated activities and failed to have in place appropriate risk management. MAS assistant managing director of policy payments and financial crime said in a statement, senior management of fund managers are required to implement robust risk management measures to protect the interests of investors. MAS takes a serious view of Mr. Zou and Mr. Davies flagrant disregard of MAS's regulatory requirements and dereliction of their directors duties. MAS will take action to weed out senior managers who commit such misconduct. Now, alongside spending much of the last year ignoring requests to engage with the 3AC bankruptcy process, Zou and Kyle launched a new offshore exchange based in the Seychelles. However, that crypto and bankruptcy claims marketplace was recently reprimanded by Dubai authorities for advertising within the emirate. They were issued a $2 .8 million fine, which big surprise remains unpaid. Moving on to yet another hanging chat on Wednesday, Digital Currency Group formally proposed their Creditor Agreement as part of the Genesis bankruptcy. The agreement seeks to refinance a $630 million intercompany loan owed by DCG, which fell due in May and remains unpaid. According to DCG, the plan could offer, quote, all unsecured creditors a 70 to 90 % recovery with a meaningful portion of the recovery in digital currencies. DCG claimed the repayment of loans over time using crypto would allow creditors to, quote, capture the appreciation of cryptocurrency up to $85 ,000 for Bitcoin and $8 ,500 for ETH. We'll come back to that in just a moment. DCG called the deal a, quote, remarkable outcome for any liquidating Chapter 11 case, let alone one in the volatile cryptocurrency industry. Now, the deal will, of course, require the agreement of creditors before moving forward. DCG have secured the consent of the unsecured creditors group. However, the major creditor, Gemini, have so far been silent on the deal. Gemini claims to be owed approximately $1 .1 billion in the bankruptcy on behalf of hundreds of thousands of their customers. The Gemini claim is in a much stronger position than unsecured creditors, as Genesis posted about 31 million GBTC shares as collateral when taking loans from Gemini customers. This collateral has appreciated significantly since the bankruptcy and represents about 60 % of the total balance owed to Gemini. DCG indeed claimed that Gemini customers could see an excess recovery of up to 110 % under the new agreement. They wrote in their filing, at current pricing, the Gemini user collateral is worth approximately 607 million. If Gemini agrees to provide 100 million to Gemini earned users under the proposed agreement as it previously did, or to distribute even a small portion of the Gemini user collateral to Gemini earned users, there would be little doubt Gemini earned users would receive a full recovery. DCG then contended that Gemini is failing to, quote, put its money where its mouth is. The filing stated that Gemini, quote, is not contributing a single penny to provide Gemini earned users a better recovery. Now, the crypto community was not as convinced as DCG made it out that this was a great deal. Lumina Wealth CEO Rama Lawalia writes, The deal between DCG and Genesis reeks of self -dealing at worst and incompetence at best. The deal presumes an $85 ,000 for Bitcoin and $8 ,500 for ETH. The defaulted party should make the creditors whole, not speculate yet again on a risky gamble on behalf of creditors. Creditors lent money expecting credit risk, not volatile equity -like risk. If DCG truly believes those numbers, they should ensure that outcome for creditors through an options contract. Genesis creditors should seek the removal of the Genesis CEO, who was conflicted in a party to the alleged fraudulent balance sheet statements, petition the judge to have a new trustee, pressure Genesis to focus on the turnover motion and resume litigation. What a mess. Now, speaking of Genesis, Genesis will also cease all trading services according to a company spokesperson. If you're surprised to hear that Genesis's trading services were continuing, you're not alone. Although the crypto lending arm of the firm declared bankruptcy in January, many other DCG subsidiaries which shared the Genesis branding continued to operate throughout this year. Earlier this month, the Genesis company which handles US -based over -the -counter trading announced it would be shutting down throughout September. At the time, it was believed that Genesis would continue providing offshore OTC trading from their British Virgin Island companies, but with this announcement, Genesis has signaled their exit from OTC and derivatives trading globally. A spokesperson for the firm said, this decision was made voluntarily and for business reasons. With this termination of services, Genesis no longer offers trading services through any of its business entities. Now, while this was highly expected, it still marks something of a big moment. Wayne Vaughn tweeted, the former largest OTC crypto trading desk is officially closed. Genesis announced today that they are no longer offering trading services through any of its business entities. Seems like a juggernaut falls with every cycle. In this cycle though, friends, I think we can agree that numerous juggernauts have fallen, but perhaps it is just to clear out the way for companies who will use that juggernaut status a little more responsibly. Anyways, friends, that is going to do it for today's episode. I appreciate you guys listening as always. Until next time, be safe and take care of each other.

Jeff Dorman Rob Hayon James Safart ZOU Wayne Vaughn Davies June Wednesday January MAY Thursday 70 Schroeder Sidney Majalia Singapore $3 Billion $1 .1 Billion Arca $3 .4 Billion MAS
Monitor Show 12:00 09-14-2023 12:00

Bloomberg Radio New York - Recording Feed

01:54 min | Last week

Monitor Show 12:00 09-14-2023 12:00

"Why do tacos get their own day of the week? Is it because Mondays are so rough we need a Tuesday filled with beefy tortillas shared with good friends? If so, why don't we have Wellington Wednesdays stroganoff Saturdays and heck, meatball Mondays? Then Mondays would just be another reason to enjoy our favorite beef with our favorite people. Together we bring more. Beef. It's What's For Dinner, funded by beef farmers and ranchers. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is Bloomberg Markets with Paul Sweeney and Matt Miller. We got a lot of green on the screen here but the volume is light. We constantly underestimate the strength of the US consumer. This is a market that's much more optimistic or bullish than maybe the central bankers are. Breaking market news and insight from Bloomberg experts. There's still some concern out there in the market that there is room for things to deteriorate a little bit more than what they're indicating. As small and medium -sized businesses struggle they don't present as much competition. The supply chain has still got dislocations globally and here in the US. This is Bloomberg Markets with Paul Sweeney and Matt Miller on Bloomberg Radio. Alright coming up we're gonna check in with Mari Shore she's senior equity analyst with Columbia Thread Needle. We're gonna break down some of those retail sales numbers that we got today. They look pretty solid to me. On the VC outlook Robbie Peters co -founder Sempervirens Venture Capital discusses his firm and the outlook for the VC space and then Roberta Goss senior managing director and head of the bank loan and CLO platform at Predium will join us to talk about lending and the outlook for financing in the US. Right now we're gonna kick things off with Mr. Charlie Paul. Thank you very much Paul. Lots of moving parts in today's trading. We're keeping an eye out for arm holdings.

Paul Matt Miller Paul Sweeney Charlie Paul Predium Bloomberg Mari Shore Tuesday Bloomberg Business Act Today Robbie Peters Sempervirens Venture Capital United States 24 Hours A Day Columbia Thread Needle Mondays Roberta Goss Saturdays Bloomberg Radio Wednesdays
A highlight from Surveillance Finance 101 with Seth Hertlein and Michael Mosier

Bankless

21:48 min | Last week

A highlight from Surveillance Finance 101 with Seth Hertlein and Michael Mosier

"Hey, Bankless Nation. I put out a tweet last week that said this, who can come on bank lists and explain the modern financial surveillance apparatus? FADF, FinCEN, AMLKYC, OFAC, the Blacklist, the Graylist. How does it all work? Who makes the rules? But in the space for years, I still don't understand these dark corners. That's very much how I felt coming to this episode, needing the financial surveillance 101. I knew it was an octopus, knew it was this multi -headed hydra. I had no idea how deep its roots actually go, and today we unpack this with legal experts. Seth Hirtline, he's the VP of Global Policy at Ledger, and also Michael Mosier. He actually has spent some time in the belly of the beast at both FinCEN and OFAC. Now he's on our team. He's the guy inside the house. Yeah, and now he's on Team Crypto, so he's got some insider baseball that he's going to tell us as we make sense of this. This was a really fantastic episode. I know I want to get your comments on this episode, but before we do, we've got a message from our friends and sponsors over at Ave. David, what does Ave want bankless listeners to know? Ave wants you to know that Ave V3 is here. I mean, it's been here. It's been here for six months. So why does Ave want you to know that V3 is here? Well, because apparently over a billion dollars of capital doesn't know that because it's still in Ave V2. Not only that, but there is a button for migrating your capital to Ave V3. So Ave, if you are an Ave V2 enjoyer, which you are free to because it is permissionless open source technology, they still want you. Everything gets better if all of the liquidity goes to the same place. So if you are using Ave but you are using Ave, an old version of Ave, perhaps consider joining the rest of the crew in Ave V3. It has more liquidity than Ave V2, but also some extra features as well. So power asset isolation mode and compartmentalize your risks. It's got some gas optimizations. It's got some extra bells and whistles. It's just a better version of Ave. App .Ave .com. But then also there is Ave Grants. If you are a builder building on Ave, especially their brand new stablecoin Go, there are grants available to you. So overall, there's a bunch of things to do in the Ave ecosystem, and there's a link in the show notes to get started with all of them. Yeah. My favorite, I would say both of our favorites, lending and borrowing protocol and crypto. They've been around since the very beginning. Ave is just fantastic. David, I know this episode was my idea. It's kind of like geeky, wonkish stuff, but I felt like it was so important, especially on the back of developers getting arrested in tornado cash. Like what is going on? I just realized one day I don't even understand what all of these are institutions and what gives the financial surveillance system their apparatus. What did you think of this episode? Yeah, I definitely would categorize this one as a Ryan episode. I was definitely in listening mode for the majority of this podcast. I mean, I guess that's what it's like to be a listener. You're in listening mode, so I guess telling listeners to enter listening mode, I guess doesn't help them. I learned a lot. It felt like story time, a little bit about American history. One of these episodes that we frequently do on Bankless every now and then about just like, hey, how did just the state of laws come to be in the way that they are and how are they downstream from the original American values that this country was founded on? What about the current settling of the dust around this new player in the world of, in this universe called cryptography? How is that disturbing the equilibrium and how do we need to extend American values into this new world? Because if we don't do that, then non -American values will take over. I think that's kind of the through line that I would, that will anchor Bankless listeners is that there's this new field in territory. We can have freedom enter and establish itself legally, or we can have authoritarian interests enter in that same field. And I mean, I think everyone knows which side that we want to win. We need to actually fight for that and fighting for that starts with understanding. And so I think that's why I enjoyed this episode is it helps tell that story. Yeah. And anytime David says American values, if you're outside the U S and you're like American values, just, just think of liberal values, like lowercase L values, right? Civil liberties you know, freedoms of citizens to, to express themselves and to transact without the surveillance of the government. That's really what we're talking here. And that's what's at stake more than anything. I think this episode impressed upon me that unchecked, this is just an octopus. This is just like a tree structure that will, I don't know, it's not an octopus slime mold. It will grow. Exactly. And, and it is growing and it has grown since like the 1970s. Anyway, absolutely fantastic episode guys. Stay tuned for this. But before we do, we want to tell you about our friends over at Kraken, which is our number one recommended exchange. Go check them out. Kraken pro has easily become the best crypto trading platform in the industry. The place I use to check the charts and the crypto prices. Even when I'm not looking to place a trade on Kraken pro, you'll have access to advanced charting tools, real time market data, and lightning fast trade execution, all inside their spiffy new modular interface. Kraken's new customizable modular layout lets you tailor your trading experience to suit your needs, pick and choose your favorite modules and place them anywhere you want in your screen with Kraken pro. You have that power, whether you are a seasoned pro or just starting out, join thousands of traders who trust Kraken pro for their crypto trading needs. Visit pro .kraken .com to get started today. Mantle formerly known as Bitdao is the first Dow led web three ecosystem, all built on top of mantle's first core product, the mantle network, a brand new high -performance Ethereum layer two built using the OP stack, but uses Eigen layers data availability solution instead of the expensive Ethereum layer one. Not only does this reduce mantle networks gas fees by 80%, but it also reduces gas fee volatility, providing a more stable foundation for mantle's applications. The mantle treasury is one of the biggest Dow owned treasuries, which is seeding an ecosystem of projects from all around the web free space for mantle. Mantle already has sub communities from around web three onboarded like game seven for web three gaming and by bit for TVL and liquidity and on -ramps. So if you want to build on the mantle network, mantle is offering a grants program that provides milestone based funding to promising projects that help expand secure and decentralized mantle. If you want to get started working with the first Dow led layer two ecosystem, check out mantle at mantle .xyz and follow them on Twitter at zero X mantle. Arbitrum is accelerating the web three landscape with a suite of secure Ethereum scaling solutions. Hundreds of projects have already deployed on Arbitrum one with flourishing defy and NFT ecosystems. Arbitrum Nova is quickly becoming a web three gaming hub and social daps like Reddit are also calling Arbitrum home. And now Arbitrum Orbit allows you to use Arbitrum secure scaling technology to build your own layer three, giving you access to interoperable customizable permissions with dedicated throughput. Whether you are a developer, enterprise or user, Arbitrum Orbit lets you take your project to new heights. All of these technologies leverage the security and decentralization of Ethereum and provide a builder experience that's intuitive, familiar and fully EVM compatible, faster transaction speeds and significantly lower gas fees. So visit arbitrum .io where you can join the community, dive into the developer docs, bridge your assets and start building your first app with Arbitrum experience web three development the way it was always meant to be secure, fast, cheap and friction free. Bankless nation. We are super excited to host two legal minds on our show today. Seth Hurtline is the vice president global head of policy at ledger and Michael Moser. He's the building ex ante. Um, he's formerly been at FinCEN and the treasury chief technical council at T analysis. So he's seen a thing or two in the space. Uh, welcome Michael. Thanks. All right guys. Uh, so what we're going to attempt to do on today's episode is give kind of the everyman explanation of financial surveillance. I feel like this is an episode. Um, maybe for me, it's, it's kind of a selfish episode because I feel like here I am in crypto and I've heard all of these, you know, four or five letter agencies. Uh, and it's recently started to impact my life with like tornado cash. I'm not entirely sure what these agencies are. I'm not entirely sure what's legal and what's not. I'm not entirely sure what powers each of these agencies actually have over my financial life. And I'm looking for like the one Oh one, I'm looking for like the, the explainer when we call it, talk about fat if, uh, and we're talking about OFAC, we're talking about whitelists and gray lists and we're talking about, you know, can I use tornado cash or not? And I can't because I'm an American. I just don't know what, uh, what every like what's going on here. So I feel like we need the one Oh one episode. So if you guys are game to do that, that's what, uh, this we're going to try to accomplish today. So I'm good. Great. Absolutely. Well, let's, um, let's kind of start domestic, uh, from sort of the U S perspective if we will, and then, then go international to kind of the rest of the world. But I want to start with maybe a working definition. So I'm thinking of this episode as like a financial surveillance one Oh one episode. And I'm wondering if you guys could sort of describe financial surveillance when I use that term, what does it mean to you? What is kind of happening behind the scenes? Who are some of the main agencies that hold the power? I'll throw this one to you first, Seth. Okay. Um, well, I, you know, I think, you know, for the purposes of this episode, let's, uh, you know, sort of carve out, you know, private sector or sort of corporate surveillance. Um, uh, let's, let's sort of limit the scope of today's conversation to, uh, to government surveillance. But I, you know, I think the, uh, you know, a good working definition could be, um, you know, information that is, uh, collected by, uh, or, uh, required to be reported to, uh, the, uh, the federal government or an agency thereof, uh, either by individuals or, um, uh, by, by service providers, intermediaries, uh, that they use for, uh, their everyday financial lives. So just to check that definition, Seth, I hear hearing two parts. One is the legally mandated reporting requirements, which if you don't do it, you get like something like fines and jail. And then there's additional information, which it would seem that the powers that be are able to just collect by their own visual, uh, mechanisms as in like it's information that's out there and they collect that information because it's available for them to collect. So that's two types of data. I mean, you know, Mike, I'd be curious your, your thoughts on this. I think it sort of converges effectively into, uh, more or less the same thing. Um, so, so maybe not a need to draw that particular distinction. Um, yeah, I think, I think it's a, I think it's a collective approach. It sort of, um, I think for two reasons, one is, you know, some of that will come into play, David, as we're, as we think about challenges, including constitutional challenges, uh, as courts have, have made a distinction between, uh, when you put your trash out, um, have you relinquished control of it? And if somebody goes through it, they just go through that through it, um, versus, uh, somebody coming in your house and going through your papers, which is the sort of genesis of the fourth amendment. Um, and I think as Seth's pointing out, we're, we're in a space here with, with web one, two, and now three, where there's tremendous amount that's, that's in this gray area between what's public and what isn't. I think even, even the concept of like what's public information at this point, um, is, is a lot more of a fine tuned, uh, fine nuanced issue, uh, including, I should say, like in a way that, that also these same government agencies that are, that are collecting it for various reasons. I mean, the, the mission of all of this, uh, and I think this is important is something when, when I was at FinCEN, we would say to the people on the Hill, making the laws too, sometimes without asking us first, uh, was that the primary mission is countering exploitation here. And so you have to factor into that, that the fact that this information out there and being collected in any form is also subject to creating greater exploitation. Uh, and that, that includes people's, you know, honeypots of people's data that gets hacked. Um, some of this recently coming up in FTX and Kroll, um, coming out of the bankruptcy. Uh, and that's something that, that I think there's the policymakers and the politicians, and then there's also the, operators out there, including at FinCEN and DOJ are saying, actually we don't need more cases and more victims. Uh, so can we protect some of this too? It's partly why we brought in privacy experts and did initiatives on zero knowledge proofs and homomorphic encryption at FinCEN. So I do think it's really important that we're, that we're talking about that very holistically. There's a lot out there. So already we're talking about FinCEN and DOJ and treasury and all these kinds of institutions. I want to get some working definitions on, but, but while we're, while we're talking about, um, this, this term, financial surveillance, all right, let's just get a grasp of what sort of data is generally being collected. And like, when is this primarily like, uh, intermediaries that are required to submit this? Because, um, as a, you know, a citizen of the US, I don't often have to, I guess I'm not like conscious of times that I'm like filing paperwork with treasury or FinCEN, but maybe I am through an intermediary and I, I just don't know it. So what sort of things are being tracked and, uh, surveilled and why? I'm happy to take that first. Yeah, I think, I mean, so it's true. You're not, although I will say there's, there's, uh, there's legislation out there, particularly in the tax space that could make you a reporter, Ryan, whether you like it or not, and whether everyone around you likes it or not. Uh, speaking of honeypots, like you may be collecting and reporting on others, but I think as, as in a traditional stand from the, from a FinCEN perspective in the Bank Secrecy Act, um, you're absolutely right. It would be intermediaries. Uh, and in fact, this goes back to some of the constitutional issues that, and the third party doctrine that Seth mentioned, but it's really transactional information. Um, and historically, in fact, the, we can talk through a little bit if you want the history of the Bank Secrecy Act, but it was exactly this. It was around, uh, reporting requirements basically, uh, coming up through the seventies. Um, and basically at the time it was purely, it was basically large cash. Um, law enforcement was seeing large cash deliveries to banks. I'm pretty sure it was organized crime. And when they would go to a bank, the bank would say, I don't know, I don't know why, um, Bugsy Siegel dropped off, $100 million. Uh, and so the other piece of that was that there was foreign Swiss banks, uh, at the time. And so this was the foreign transactions reporting piece of it too. Um, that had Swiss bank, Swiss secrecy, uh, Bank Secrecy, which is where the Bank Secrecy Act comes from. Um, and so the US would say, okay, well, we'll go to Switzerland where some of this money is getting sent from the bank that was brought in in cash. And they'd go to the Swiss and say, okay, you tell me about what's going on here. And they would say, there's nothing we can say. There's a secret, there's bank secrecy here. And so part of it was going to the US banks and saying, we need you to collect more information at the time. It was really just information of like, who's collecting it. Um, give me their, their, basically their, their bank opening information. Where do they live? What's their phone number? What's their, um, what's their occupation? What's their source of income, that sort of thing. It evolved over time to suspicious activity reports, which is much more, I think what, what you're thinking through, which is, okay, now a bank is making a determination. Seth came in the other day. He didn't just drop off a bunch of cash. He's, he's making anomalous, uh, deposits that don't make sense to us. Uh, this seems suspicious. He said he was, uh, he said he was a reporter, but he makes a million dollars a day. Um, what's going on here. And so they would file a suspicious activity report that would lay out, who is it? What did he say it came from? Um, and what is it that's suspicious about it? And I, and I should say like, you know, back in the day that would have been, he brought in a bag of cash, um, net, then it would evolve to checks and check numbers. Then it would evolve to trans, uh, wire transfers and the wire transfer information about every piece of that transaction who the correspondent bank was in the crypto space. That could be all sorts of things. What wallet address was connected? What time? Uh, if it's a, if it's a public ledger like Ethereum or Bitcoin, that might be, here's a graph of everything that that wallet touched, um, historically, uh, depending on what the platform is, they may collect the IP address, even the device identifier that Seth used to connect. Um, so there's a tremendous amount of data and metadata that could be collected in that. Can we, Michael, so can we go back to kind of the history here, uh, with you guys to make sure I understand it. So there wasn't, and we're still domestic, so we're still talking about the U S and we'll expand international after this. So, um, prior to like the 1970s, am I right to say there wasn't much financial surveillance? And then in the nine 1970s, is that, is that correct? Yeah. Yeah. Okay. So that's correct. And then in the 1970s, basically to kind of fight crime, maybe organized crime, you know, the mafia was sort of one, uh, one organization that was in the cross hairs. Uh, the U S came out with a bank secrecy act and this started sort of the, the surveillance, financial uh, apparatus. And, and so this, is this the reason basically for AML KYC, which is like, I have to be identified before I can like, you know, with a government ID, let's say before I can open a bank account. And this is the reason when I go to like transfer money or take out a large deposit from my bank, uh, the bank teller will say, what are you doing with that? Like, how are you using that money to ask these questions? I'm always like, why, why do you need to know this? Uh, you know, and it's almost couched as if, well, we want to protect you from frauds and scams and you know, maybe that's part of it. It seems like more of it is, is, is kind of this financial surveillance apparatus. So that's why I have to present an ID. That is why they are asking questions like, what are you doing with the money? And can you tell me more about, uh, the source of the funds? These are all questions. I'm, I know many bankless listeners have, have seen from their banks and it all, all emanated from this legislation from the, the 1970s and the bank secrecy act is that, is this correct? Yeah. So it started, uh, bank secrecy act was enacted in 1970. Um, and you know, at, at that time it was, uh, you know, a much smaller version, uh, you know, than it is now. Uh, right. So in 1970 I had two, uh, two core provisions, title one, title two, title one basically said banks have to, um, record, uh, transactions of their customers. They have to keep an internal log of all the transactions their customers made. Title two said the banks have to report, uh, transactions over a certain size to the treasury department. And in 1970, that, that threshold was set at, at 10 ,000 us dollars. Um, and so that created, um, one of these forms that, uh, the reports get made on called a CTR or currency transaction report. Uh, importantly, the, uh, that threshold, that $10 ,000, uh, hasn't ever been adjusted. Right. So if you, if you go back and you adjust the CTR threshold, uh, back to, to 1970 dollars, it's the equivalent of about $79 ,000 today. Wow. And what that amounts, yeah. What amounts that amounts to is, uh, you know, a gradual but constant tightening of the noose of, uh, transaction reporting of, uh, you know, the American people. Uh, and, you know, and so that's where it started. Um, you know, but, you know, both as, as sort of Mike and, and Ryan, your, your, your comments alluded to, there's this sort of creeping nature of it where it all, it just expands. Right. So first it was just the CTRs and the record keeping, you know, now it's, uh, SARs or suspicious activity ports that were added in 1992. Um, there was a, a vast expansion of the scope of the types of transactions it just really quick SARS. So suspicious activities report, is that basically incumbent on sort of the bank teller or bank employee to be like, Hey, there's something fishy about this transaction and I'm going to report it up. Is that right? Exactly. Exactly. Okay. Um, and, um, you know, so interesting stat on, on suspicious activity reports, um, somewhere North of 2 million SARS get filed with Vincent every year. Um, uh, you know, again, curious for your, for your insider take on this mic, but, uh, you know, testimony, uh, presented to Congress is that FinCEN reviews less than 1 % of the SARS that are actually filed. Um, and, you know, and, and there are, you know, way more CTRs filed than SARS filed. So, you know, most of this information goes into, uh, you know, basically just a government database and sits there waiting to be queried. Um, and, uh, you know, but so, uh, these things keep getting added on to the BSA, right? So it, it grows over time and there was a huge expansion in scope. BSA bank secrecy act. And so there was a big expansion in scope, um, as part of the Patriot act, uh, after nine 11, uh, that added a lot of new types of information that had to be gathered and reported and, uh, new intermediary types that are responsible for gathering and reporting that information.

David Seth Hirtline Michael Michael Moser Mike 1992 $10 ,000 Michael Mosier Seth Hurtline 1970 Seth Kraken $100 Million Fincen Ledger Last Week DOJ Four Ofac Two Types
A highlight from 1397: Bitcoin Will Soar to $1 Million - Max Keiser

Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News

01:23 min | Last week

A highlight from 1397: Bitcoin Will Soar to $1 Million - Max Keiser

"Welcome, everyone, to another episode in today's show. Bitcoin's echoing March 2020 Black Swan crash. I'll be breaking down this latest research, as well as U .S. regulator slapped trading firm with one point seven billion dollars plus, with a penalty for defrauding thousands of victims, literally taking twenty nine thousand four hundred and twenty Bitcoin. Also breaking news, Vitalik's account has officially been hacked with over six hundred and ninety one thousand dollars drain thus far from victim wallets. We'll also be discussing crypto tycoon SBF seeks release from jail over trial prep and laptop complaints. We'll also be discussing many crypto currencies poised to benefit from Coinbase's institutional lending service. We'll also be discussing the latest from Max Kaiser, quitting him here. El Salvador bonds up 90 percent this year, the best performing in the world. Bukele plus Bitcoin equals rocket ship to the moon. He also says that El Salvador debt will soon be trading at a premium and volcano energy is powering El Salvador to become a Bitcoin powerhouse and that El Salvador will be debt free by 2030. He also says the Bitcoin has already and will continue to outperform everything else so spectacularly by one hundred X or more. I'm going to be breaking down his multiple seven figure Bitcoin price prediction. We'll also be taking a look at the overall crypto market, all this plus so much more in today's show.

2030 Coinbase March 2020 Max Kaiser SBF Twenty Nine Thousand This Year One Hundred X One Point Today Over Six Hundred And Ninety On Seven Billion Dollars Seven Figure Vitalik Four Hundred And Twenty Bitcoi Thousands Of Victims El Salvador 90 Percent EL Swan
A highlight from MARKETS DAILY: Featured Story | Crypto Lenders Caused Crypto Contagion Last Year. How Is the Industry Rebuilding?

CoinDesk Podcast Network

03:05 min | Last week

A highlight from MARKETS DAILY: Featured Story | Crypto Lenders Caused Crypto Contagion Last Year. How Is the Industry Rebuilding?

"This episode of Markets Daily is sponsored by Kraken. It's Sunday, September 10th, 2023, and this is Markets Daily from CoinDesk. Hi, I'm Michelle Musso here with your featured story. On today's show, we're taking a dive in how crypto lending contributed to last year's collapse and what could be done to fix it. And just a reminder, CoinDesk is a news source and does not provide investment advice. Today's piece comes from Mauricio Di Bartolomeo, the co -founder of Ledin, a digital currency lending company. We'll be using Wondercraft AI to read the story. The piece is titled, Crypto Lenders Caused Crypto Contagion Last Year. How is the industry rebuilding? Loans are as old as money. Throughout history, whether seeds or gold, every form of currency has had its lending market. Now Bitcoin, with its decentralized and transparent nature, has staked its own claim in the financial landscape. And just like the currencies that came before it for Bitcoin to truly thrive, it also needs a robust lending market. However, thus far, most attempts to create a Bitcoin credit market have failed spectacularly, with disastrous repercussions. The demand for Bitcoin and digital asset lending services surged during the 2020 run -up, with tens of billions of client assets flowing towards both centralized and decentralized lending platforms. Fueled in part by lax macroeconomic monetary policies and the crypto sector's explosive growth, this environment allowed bad actors to operate recklessly, misleading consumers without facing significant checks and balances. This lack of oversight ultimately led to the collapse of the digital asset lending industry beginning in 2022, including the cascading bankruptcies of lenders including BlockFi, Celsius, and a unit of Genesis. Although accusations of fraud in some of these cases will be a matter for the courts to decide, the sudden domino -like collapse of dozens of digital asset lending firms highlighted an underlying flaw. Their operating structures were inherently unsustainable. These structures lacked a crucial ring -fencing of lending risk. And lenders did not provide the transparency needed for clients to understand their credit underwriting process, or the concentration risks in their lending activities. This outdated structure, coupled with insufficient risk management, was akin to dry wood, eagerly awaiting a spark. And Terraluna, 3 Arrows Capital, and FTX were an entire box of matches. Meet the all -new Kraken Pro, the powerful, customizable, beautiful way to trade crypto. It's Kraken's most powerful trading platform ever, packed with trading features like advanced order management and analytics tools, all in a redesigned, modular trading interface. So head to pro .kraken .com and trade like a pro. Not investment advice? Some crypto products and markets are unregulated. The unpredictable nature of the crypto assets market can lead to loss of funds and profits, maybe subject to capital gains tax.

Michelle Musso Mauricio Di Bartolomeo 2022 Last Year Sunday, September 10Th, 2023 2020 Kraken Celsius Today FTX Blockfi Ledin Both Terraluna 3 Arrows Capital Pro .Kraken .Com Markets Daily Dozens
A highlight from Featured Story | Crypto Lenders Caused Crypto Contagion Last Year. How Is the Industry Rebuilding?

Markets Daily Crypto Roundup

03:05 min | Last week

A highlight from Featured Story | Crypto Lenders Caused Crypto Contagion Last Year. How Is the Industry Rebuilding?

"This episode of Markets Daily is sponsored by Kraken. It's Sunday, September 10th, 2023, and this is Markets Daily from CoinDesk. Hi, I'm Michelle Musso here with your featured story. On today's show, we're taking a dive in how crypto lending contributed to last year's collapse and what could be done to fix it. And just a reminder, CoinDesk is a news source and does not provide investment advice. Today's piece comes from Mauricio Di Bartolomeo, the co -founder of Ledin, a digital currency lending company. We'll be using Wondercraft AI to read the story. The piece is titled, Crypto Lenders Caused Crypto Contagion Last Year. How is the industry rebuilding? Loans are as old as money. Throughout history, whether seeds or gold, every form of currency has had its lending market. Now Bitcoin, with its decentralized and transparent nature, has staked its own claim in the financial landscape. And just like the currencies that came before it for Bitcoin to truly thrive, it also needs a robust lending market. However, thus far, most attempts to create a Bitcoin credit market have failed spectacularly, with disastrous repercussions. The demand for Bitcoin and digital asset lending services surged during the 2020 run -up, with tens of billions of client assets flowing towards both centralized and decentralized lending platforms. Fueled in part by lax macroeconomic monetary policies and the crypto sector's explosive growth, this environment allowed bad actors to operate recklessly, misleading consumers without facing significant checks and balances. This lack of oversight ultimately led to the collapse of the digital asset lending industry beginning in 2022, including the cascading bankruptcies of lenders including BlockFi, Celsius, and a unit of Genesis. Although accusations of fraud in some of these cases will be a matter for the courts to decide, the sudden domino -like collapse of dozens of digital asset lending firms highlighted an underlying flaw. Their operating structures were inherently unsustainable. These structures lacked a crucial ring -fencing of lending risk. And lenders did not provide the transparency needed for clients to understand their credit underwriting process, or the concentration risks in their lending activities. This outdated structure, coupled with insufficient risk management, was akin to dry wood, eagerly awaiting a spark. And Terraluna, 3 Arrows Capital, and FTX were an entire box of matches. Meet the all -new Kraken Pro, the powerful, customizable, beautiful way to trade crypto. It's Kraken's most powerful trading platform ever, packed with trading features like advanced order management and analytics tools, all in a redesigned, modular trading interface. So head to pro .kraken .com and trade like a pro. Not investment advice? Some crypto products and markets are unregulated. The unpredictable nature of the crypto assets market can lead to loss of funds and profits, maybe subject to capital gains tax.

Michelle Musso Mauricio Di Bartolomeo 2022 Last Year Sunday, September 10Th, 2023 2020 Kraken Celsius Today FTX Blockfi Ledin Both Terraluna 3 Arrows Capital Pro .Kraken .Com Markets Daily Dozens
A highlight from Why Bitcoin Is Gearing Up For Its Biggest Ever Bull Run (Pay Attention)

Crypto Banter

26:21 min | Last week

A highlight from Why Bitcoin Is Gearing Up For Its Biggest Ever Bull Run (Pay Attention)

"The next Bitcoin bull run could be bigger than any other, due to these 10 crypto catalysts, which are currently shaking up the crypto market. And in today's video, I wanna go through each one of these catalysts and explain to you why crypto is uniquely positioned for massive growth in the near future. So look, clearly the market right now is boring. A lot of market participants are feeling apathetic due to the market. This is in part due to the fact that volume is super low. So there's just simply not that much to trade in the way of Bitcoin, Ethereum or majors. And also that the volatility of the market is down. And when volatility is down, there's obviously less opportunities for trading. But on the investing standpoint, things couldn't be any more different because periods of low volatility and quiet market movement are actually an accumulator's dream because we all know what happens in terms of volatility. Extended periods of contraction tend to lead to explosive periods of expansion and I think we can assert that the more that Bitcoin trades in this sideways, boring range, the more that price action remains boring, the bigger the eventual move is going to be. And although yes, this can be to the downside, long -term volatility compression combined with strong macro catalysts and the upcoming catalysts that we have like the Bitcoin halving could very well lead to upwards expansion. And that's what we're gonna talk about in today's video, the reasons for that expansion and go back to the fundamentals because it's so easy to get swept up with the price of Bitcoin. Oh, you know, Grayscale had an amazing announcement but Bitcoin didn't react. You know, that must mean it's not bullish for Bitcoin. Wrong. Stop associating progress with price because you'll become a much better investor and you'll also be able to actually take advantage of the opportunities that are being presented via the fundamental shifts in Bitcoin's underlying strengths. So let's get straight into it. Just quickly, rapid fire. I'm gonna give away $200 to five people for the SmartX giveaway. So I'm gonna pick five people now randomly and make their names bold. If I choose to make your name bold, you have just won $200. There you go. There you go. I'm gonna look away to make it fair. Four and five. There we go. Number 12, number 14, 17, 23, 30. If your wallet address is highlighted in bold, you are one of the five lucky winners that won $200 thanks to the SmartX giveaway. If you aren't entered into the giveaway, we're gonna run this $200 airdrop for another week. So get involved for next week. All you've got to do is deposit a minimum of $50 worth of liquidity into any of the pools across Arbitrum, Polygon, BNB, or Base. You can also earn some pretty high APRs. Choose which asset you would like to deposit to earn passive income. And also if you enter your wallet address into the link in the description, qualify for the 200 airdrop giveaway. Congratulations if your wallet is there. Let me know in the comments. And obviously we will send you the money over the next 48 hours straight to your wallets. $200 coming your way. Let's get on with the rest of the video. So let's go through these catalysts. Let's go rapid fire. Let's talk about them, talk about the ramifications. And then at the end, I have a take for what all of this means. The first thing that happened recently was Grayscale winning their lawsuit against the SEC. I think this was a very monumental occasion for crypto and not just because we had a company beating the SEC, but because the courts finally acknowledged that the SEC's actions were overzealous. They actually worded the SEC's pursuit of Grayscale as arbitrary and capricious. And I mean, what a strong word, what a strong stance for the court to come out and call the SEC capricious. They essentially debunked the main argument of the SEC's case against Grayscale, which was that Bitcoin due to market manipulation is not an asset conducive to a spot ETF listing. But the courts essentially debunked that entire argument, which was the premise of the SEC's entire case against not only Grayscale, but against other ETF applicants as well. So the precedent it set clearly means the Bitcoin spot ETF has a much higher percentage of getting approved. And I mean straight after this Grayscale victory versus the SEC was announced to the public, we saw the probability of a Bitcoin spot ETF according to Bloomberg analysts increase by 15 % from 60 % to 75%. So it did have a tangible effect on the market. And yes, price did get faded because we're in kind of bearish market conditions, boring market conditions, but it can't be understated enough how bullish this actually is for crypto long -term and how it definitely lends into the favor of the upcoming 10 Bitcoin spot ETFs, which are currently pending approval. We know that the arc deadline is in January and then we know that BlackRock and some of these other big filings, for example, WisdomTree, VanEck and Bitwise are towards the month of March. But in my opinion, if we get one approval, that sets the example that all the others should technically get approved because I doubt the SEC will want to just approve one and then not approve the others. It kind of looks like they're picking favorites, especially if they pick BlackRock over the others. So I think once one is approved, it'll open the flood gates to all the others. And that could happen not just as soon as January, which is the first final deadline, but potentially as soon as the second or the third deadline. Because what you have to realize is, especially in the context of the recent grayscale loss from the SEC's perspective, they're under a lot of pressure at the moment. They're getting clowned in the courts. They're basically losing every case. They lost to XRP. They're having to settle with a lot of other like NFT projects and small projects. Basically, their endeavors aren't working in the court of law because the court system is doing what it's supposed to do, remain objective. And the SEC is doing what it's not supposed to do. And that's being unobjective. And for that reason, they're kind of being backed into a corner right now. And I think the only outcome for this is they're gonna have to buckle and approve a Bitcoin spot ETF. And that's why the probability from analysts is so high now, pushing into the 80 to 90 % range from recent estimates. So we could even see a Bitcoin spot ETF as soon as let's say November or December this year on the best terms, on the worst terms, maybe it's January, February, but we do know it's gonna be within the next four to six months. So if you are bullish on a Bitcoin spot ETF and you believe that it's gonna happen, then you don't need to play like the whole news game. All you need to do is simply accumulate in the lead up to that event. If your strategy is to accumulate Bitcoin long -term and if you believe that the spot Bitcoin ETF is gonna be bullish for the inflows to the market. And look, I do believe that the Bitcoin spot ETF is going to be a substantial cause of new inflows into the market. It's gonna be the first time that institutions are gonna be able to buy Bitcoin and buy it through the proxy of the equities market. The elderly people and retail investors that maybe aren't so well -versed in the crypto exchange sphere, they're also gonna be able to easily buy Bitcoin through the spot ETF. So I think it can't be understated how much of a bullish catalyst this is for crypto, how much of it is priced into the market, that's anyone's guess, but I do think long -term the structural net inflows into the market will be a massive plus for Bitcoin and a massive plus for cryptocurrency, especially if we see like Ethereum filings, for example. And for that reason, I'm extremely bullish on a spot ETF. It's really now just a timeline game. And I think that's the reason why the price hasn't moved because the market doesn't quite know when it's gonna happen. And when the market doesn't know when you see all these games and you see the chop continue into that official announcement. But that can create opportunities, especially on major dips if you believe in that final event. The other thing we saw, because the SEC isn't really being too crypto -friendly, is a lot of other companies throughout 2023 so far, a lot of other countries, sorry, start to accept crypto and start to be more open towards crypto. I think the one that probably stands out the most is Hong Kong, purely just due to China's stance, the Chinese mainland stance towards crypto being so negative in recent times. It was great to see another major Asian nation, especially the one that's so close to China from a political perspective to align with crypto and start accepting it. I think it was a monumental step for the crypto industry as a whole. And not only have we seen positive developments from like Abu Dhabi, UAE, Singapore, Japan, we've also seen great developments from Hong Kong where they officially opened their first crypto trading exchange, where they offered a variety of trading pairs. And I think that's only going to expand in the future. And this does put more pressure on the US because if the US is going to scrutinize crypto and shut down the industry, these players are simply just going to shift offshore to companies that are more accommodating. And I think that's the great part about crypto. It's international, it's borderless. That's the number one benefit of the crypto industry. It enables borderless transactions. It enables the entire world to be linked through a financial ecosystem. And that ecosystem isn't just the USA. So a lot of the time, we get very, very focused on the US and look for good reason because it's such a large percentage of the market. But we have to remember that this is bigger than the USA. This is a worldwide network that can penetrate every border, that can penetrate every country, irrespective of the US trying to claim jurisdiction over crypto. So this is also a positive development, the Hong Kong news. Now, off the back of the Bitcoin spot ETF, we also saw the ETH ETF filings start to happen. We know that ETH futures ETFs have been applied for over the last four to six months, but now we are starting to see concrete spot ETF filings from the likes of ARK Invest and 21 shares alongside Van Eck. So we are seeing the participants starting to pile up for each spot ETF filings. And I only expect over the next few weeks and over the next few months, more institutions start to pile in and file for applications of their own. And this is also extremely bullish for ETH as an asset because if the SEC sets the precedent of Bitcoin being a commodity and Bitcoin being worthy of a spot ETF, who's to say that Ethereum, which has been labeled by a commodity by the CFTC also isn't worthy for a spot ETF. And then that also would pave the way for a bunch of other cryptos to get ETFs as well. So this was a huge development for Ethereum. And once again, price didn't react to the best because of the reasons that I discussed before, the market's boring, the market's probably bearish leaning and it doesn't really wanna react to good news. And there's a few decent reasons for that, but long -term structurally once again, a spot ETF would have huge positive ramifications for the market. And I do believe that we could see more institutions, big institutions start to pile in as well. Remember what happened with the Bitcoin spot ETF. We first saw ARK apply, we first saw the smaller institutions apply and then BlackRock took that momentum and filed for a spot ETF of their own. Could we see a similar thing on ETH? Well, we see ARK, we see 21 shares, we see VanEck apply, we see the smaller institutions apply and then BlackRock comes along a little bit later and they apply as well. I mean, I don't necessarily subscribe to the theory that, oh, just cause ARK filed, it means that BlackRock's gonna file tomorrow. No, I think BlackRock may choose to wait here for a Bitcoin spot ETF approval and it may choose to wait for other institutions to come in and kind of get an SEC green light before it applies. Cause once again, it doesn't wanna ruin its exemplary record when it comes to ETF approvals. But I think the likelihood that BlackRock jumps into ETH eventually is now certainly much higher that it's starting to gain momentum as a trend. So it's something to look out for in the market and obviously it's great for ETH long -term. But yeah, the price once again, didn't react, just like the gray scale announcement got almost instantly faded. We saw the ETH spot ETF result in a huge price pump for Ethereum and then this rally also got faded. The market is the expert of fading pumps at the moment. But the whole point of this video is to teach you to actually detract the price movement from the long -term fundamental catalyst that we see in the market develop over the course of a bear market. In a bull market, good news causes massive price pumps. In a bear market, good news causes, well, price to go sideways or price to even drop. That is a sign of typical bear market conditions. That is a sign of typical market weakness. And even in the early stages of a bull run, if you do wanna say, look, we're heading into the Bitcoin halving, this is an early stage of a new bull run. It's not unusual to see massive, you know, 30, 20, 30, 40 % drawdowns during the early stages and also market shakiness in terms of its reaction to news. So this isn't like a bearish shine. It's not totally indicative of what's happening next just because, you know, it isn't reacting as well as we would like to these announcements. It just shows that in the short term, the market isn't ready yet to get super bullish. So definitely long -term, we are really setting up here with some amazing catalysts and I'm gonna talk about in a minute or two, probably the biggest change that I've seen over the last few days actually that could really affect prices. But we have to remember that every single positive bit of news we get now, every single positive development or announcement we get now is building behind the scenes for what could be an even bigger bull run next time around. And I'm not saying bigger bull run in terms of necessarily percentage growth because we know Bitcoin has diminishing returns, but in terms of sheer dollars in flowing into the cryptocurrency market, I think it's hard to deny at some point that we do see that. And technically that would make it the biggest bull run ever. So that's an amazing thing. So before I get into what could be the biggest change over the last three days, but not many people I've seen talk about it, I just wanna give you a reminder that if you are interested in investing more in this industry and not just in coins, but in unicorns and actual startups and proper companies in this space because you believe in this space and you wanna invest in the picks and shovels behind the space, we have partnered with a company called Link2, which is giving you access to investments that you wouldn't normally be able to access. So typically you would need to spend like over $100 ,000, sometimes $500 ,000 to be qualified as a wholesale investor to access crypto startups and AI startups and tech startups. Now, what you can do is actually invest in them at retail levels. So let's say $5 ,000 minimum investment instead of 100 ,000 and get the same exposure to the big companies that retail is usually priced out of. So just going through their portfolio here, we can see they have a wide array of crypto businesses like Circle, Ripple, Uphold, Itrust, Polisign, Chain Analysis, Copper, Ledger, companies that don't have tokens. But if you believe in the underlying businesses, you can get exposure to them. And if you actually go onto their website and go into link2 .com slash products, you can see all of the products that they've added to their ecosystem. So it's not just crypto products, there's AI products, there's automatic drone products, cybersecurity products, digital assets, fintech, a whole bunch of different sectors that you can explore and invest in if you choose to do so. So if you wanna get involved, there's a link in the description. Once again, I'm not chilling anything, like this is really just a platform that you can just check out, have a look at, see if you like any of the companies. And if you do like some of the companies, you can create an account on the mobile app, as you can see in front of you. And you can start investing today into tech companies and get access to the same investments that the big wholesale traders have been for decades, but retail previously didn't have access to. So I think it's awesome. They're also SEC compliant, so it's not some scam. It's a proper registered fund, you need a KYC. It's a fully regulated operation for, yeah, people that wanna invest more into the industry or into the tech world as a whole. If you're an active investor into tech, I know I personally started my investing journey, not actually through crypto, but through like Apple stock and tech stocks. That's how I originally built up some capital to invest in crypto because yeah, I was more trading equities in the early days. So I'm always a preacher of diversifying your portfolio. I've actually said publicly on Twitter that I own more equities than I do crypto. Can you even believe that? And that's just because I've had years to actually compound these gains. And then eventually it gets to a point where your money's kind of being made for you just by investing in equities and continuing to DCA. And I might do a video on that in the future, but link in the description to the link too. If you do wanna check out some of their investment options, once again, not financial advice in regards to any specific products, you do your own research before you invest in anything of course. But I think it's great that we can give you guys the option to get access to these deals that not everyone can typically get access to. So let's get on with the rest of the video. I said I was gonna talk about a catalyst, which I thought was really, really crucial for crypto. And it's actually this, which Rand did talk about on his show, but I've seen most other channels are completely ignored. And this was the news that they are going to be implementing in fair 2025 value accounting rules for Bitcoin. So let me read through what this means. Under the current practice right now, which doesn't provide clear guidelines on how firms should disclose their crypto holdings, firms treat their crypto as indefinite lived intangible assets, which includes trademarks, copyrights, and other items that are rarely traded. As a result, companies record their crypto at the historical price they paid and review their holdings every quarter for impairments. Holdings are considered impaired even if the price of a crypto falls temporarily during this period. And values can't be upwardly revised if the price recovers. They have to take the lowest price for that time period. Now this has huge ramifications because it can misrepresent their balance sheets in a negative way and under represent the total value of their crypto assets. And this makes it pretty hard for like a big company. Like, you know, think about these big institutions, like the big funds and like your apples, et cetera, to actually hold Bitcoin because they're constantly dealing with potential negative ramifications in terms of how they're going to have to report this, especially for companies with, you know, duty of care to their stakeholders because they are publicly traded. They don't want any sort of, you know, negative reflection back on their books because they invested in crypto and they couldn't report it properly. So there's a big change coming in, which is going to allow fair value accounting for Bitcoin, ETH, and other crypto assets, which essentially will enable you to record gains and losses immediately and classify crypto assets like Bitcoin and Ethereum as true financial assets and not as intangible assets like they previously were, like trademarks, copyrights, et cetera. This is going to take effect in 2025. And I think as a result, many new companies are going to be able to add Bitcoin, Ethereum, and other cryptocurrencies to their balance sheets and not be scared about the misalignment of the previous reporting practices and actually be able to take advantage of the tax benefits for drawdowns and also the reporting benefits when crypto recovers and is performing super well. So I think it actually is very impactful on the market long -term because it's going to enable companies that previously didn't want to invest in crypto to invest in crypto. And you line that up alongside like a Bitcoin spot ETF. And overall, these are really good conditions for like the institutional adoption of crypto. And yes, the prices are moving, I know, but we're just building slowly. We're slowly implementing these rules. We're slowly implementing legislation and it's building really slowly. And yes, we have drawbacks. So we might take, you know, four steps ahead and then two steps back when Gary Gensler does something or sues someone and then three steps ahead and then another two steps back, you know, when there's another kind of regulatory upheaval. But along the way, we get these major wins, which makes crypto more easily adopted to the masses. And at the end of the day, that is the whole vision of cryptocurrency. And that vision is being realized, not just for Bitcoin, but for old coins like Solana, for example, which we saw Visa actually starting to accept USDC payments on the Solana network, which is huge that, you know, they not only chose to use the Solana blockchain, but more importantly, they showed their support for USDC. They're actually backing a stable coin and showing that they believe in stable coins in the ecosystem of cross border payments. I think that's massive for the cryptocurrency industry. And it's also good for Solana. Once again, Solana price didn't move, but it's the same story as this whole video. Another big catalyst we got, and this video is just stacked with good news. It's a happy day. It's OPM day. Smash the like button if you like the optimism, but I think it's genuinely caused to be optimistic some of the developments we had this week. We saw MetaMask announce their recent feature, which is the sell feature. Now, when I first saw this, I made a joke on Twitter, like, oh, you know, we're in a bear market. Now it's easier for people to sell their assets, but having people be more easily able to sell their assets is actually amazing because it's going to incentivize them to on -ramp money when they know that they can off -ramp money. Think about it like this. Remember the Ethereum Shanghai upgrade? Remember how the staking ratio of ETH was like really stagnant and people didn't want to stake? And look at the staking ratio increase that happened post -Shanghai. Why did that happen? Well, it's because people could redeem their Ethereum on the beacon chain. So if they previously deposited, they could then actually get their Ethereum back and they didn't have it locked in the ecosystem. That is an example of people's willingness to deposit when they know that they can withdraw. It's the exact same as MetaMask, where people may be more willing to deposit into crypto if they know they can easily off -ramp because off -ramping is a huge problem right now. Like I've had problems with this in the past. Some of my friends have had problems with this in the past. People in the industry have problems with this all the time. Like, you know, banks being tricky, exchanges being tricky, selling is just sometimes not easy in crypto to get fiat currency. Well, MetaMask is now essentially going to enable you to click sell on your wallet, convert straight to fiat and off -ramp straight to your bank account. That is huge in my opinion. And it also definitely leads the way for people to feel more comfortable transacting into cryptocurrency and not just out of cryptocurrency because they know there's a way out. They know they're not trapped in the ecosystem. So look, I know there was kind of a lot of memes around this and I even joked around it, but you know, actually thinking about this, it is quite bullish I think for the long -term adoption prospects of crypto. Now it's only being piloted at the moment. It's only available in a few jurisdictions, but I expect as this rolls out and as this kind of thing becomes more commonplace amongst crypto wallets and crypto dapps, this is a great precedent for the industry as a whole and undeniably a net positive. So that is kind of my video on the crypto catalyst, specifically 10. We actually did talk about 10, but I just kind of sporadically went through them. 10 catalysts that I think are holding Bitcoin and holding the crypto market in good stead for huge adoption in the future. And look, I know price action is kind of boring right now and I know it's easy to get despondent, but the point I made this video is don't forget where we're headed. Don't let the destination evade you just because the path has become more difficult. Always look at the final destination and then you'll actually be able to get some sleep at night because you're not gonna worry about the chop. We know the market will chop in between, but we know where it's going in the future and that's all we need in order to be successful investors over the long -term. All we need to do is have a long -term approach to crypto. Sure, we have a fun trading in the short -term. Sure, we ape into altcoins and do crazy decentralized shit in the short -term, but long -term, we're actually just prepping our portfolios for what we believe in as a disruptive industry that is really on the precipice of gaining mass adoption. And certainly these catalysts lend pretty well towards that. Talking about mass adoption, we just partnered with a new company on the show, which is offering something that I think is gonna be extremely important for mass adoption and that is storage and actually secure storage for the future of crypto. So Serenity Shield have built an amazing product that is essentially a privacy -preserving application that enables you to store, transfer, and recover confidential data. So you know how LastPass is on centralized servers and you put your passwords in and you put important information in, but you know it's on centralized servers and you know it's not living on the blockchain so you know it's not immutable. Well, they're essentially gonna solve that problem because they're building a permissionless protocol built using smart contracts that allows you to store confidential data, recover confidential data, and has a privacy -preserving element to make sure that you're the only one that sees that data and that data is properly encrypted. Now there's a very cool feature that Strongbox actually has and it's this transfer feature which maybe you don't want to think about, but it's something you should think about and that's inheritance, right? So if something unfortunately happens to you and you've got all this Bitcoin, what happens to that Bitcoin? I mean, there's been many cases of Bitcoin just being completely lost if something happens to someone or even if you're fined and you just misplaced your Bitcoin, there's no direct way for your loved ones, your friends, your family to access those assets. Serenity Shield has essentially come up with the solution to this problem by having a dedicated transfer inheritance built in function from Serenity Shield which enables you to have the peace of mind that your data is going to be safe. It allows you to store your data forever and that's a really important aspect of mass adoption in crypto for the future. It's actually where are people going to store their Bitcoin, their Ethereum? Where are people going to store these assets and keep them safe? And for people that maybe have like family trust, where are they going to store it so they know that it's accessible for family members? Well, this could potentially be the solution. Now their product isn't live yet. They just finished their test net. They're going into main net soon, but in the meantime, they do have a presale. So if you're interested in this kind of concept and you're interested in getting involved, I'll leave a link in the description for the presale where you can get your hands on and I'm not shilling the token. I'm not like necessarily endorsing that you buy the token, do your own research, work out whether it's something you like. I just thought I would let you know and keep you updated that they do have a presale round three for the next two weeks that you can get involved in. If you're interested in this kind of thing and you can see the token price, the vesting terms, the cliff, all that stuff in front of you, but it is going to be the utility token of the ecosystem as well and the subsequent projects that they launch in the ecosystem. But they're building a really cool product and if you want to check it out, there's a link in the description because yeah, I think it's going to be a pretty cool product that I'm going to show you guys on the show and I believe in it as an important piece of infrastructure for the future of crypto ownership and data storage. So thank you to Serenity Shield for sponsoring the show, of course. And if you enjoyed this video, smash the like button, let me know in the comments what your favorite catalyst is from the list of 10 that I read out. It may have been nine, it may have been 11, but hopefully it was 10 and I'll see you in the next video, which is going to be tomorrow. Have a lovely day. Peace out everyone.

Gary Gensler $200 80 Apple $5 ,000 January SEC $50 Link2 Second December $500 ,000 10 Crypto Catalysts Five 15 % Next Week Circle Five People Four Polisign
A highlight from  UNCHAINED:  Could This Vitalik-Backed Protocol Bring Privacy to a Regulated Crypto World?

CoinDesk Podcast Network

10:05 min | Last week

A highlight from UNCHAINED: Could This Vitalik-Backed Protocol Bring Privacy to a Regulated Crypto World?

"Hi, everyone. Welcome to Unchained, your no -hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago and as a senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency full -time. This is the September 8th, 2023 episode of Unchained. Arbitrum's leading layer -2 scaling solution offers you ultra -cheap and lightning -fast transactions, all with security rooted on Ethereum. Visit arbitrum .io today. Toku makes implementing global token compensation and incentive awards simple. With Toku, you get unmatched legal and tax tech support to grant and administer your global team's tokens. Make it simple today with Toku. With the crypto .com app, you can buy, trade and spend crypto in one place. Download and get $25 with the code Laura. Link in the description. Today's episode is brought to you by Overtime Markets, your premier web3 sports book. The innovative protocol is changing the game one match at a time. Powered by fails, explore more at overtimemarkets .xyz. Today's guest is Jakob Ilum, chief scientist at Chainalysis. Welcome, Jakob. Hi, Laura. Thanks for having me. This week, you, along with co -authors, including Ethereum creator Vitalik Buterin, academics Fabian Schar and Matt Nadler, and Ethereum developer Amin Soleimani, published a new paper on a smart on what the paper details and how it works and, you know, just all those technical matters. Explain to us how it came about. What's been happening with crypto privacy tools that motivated you all to come up with this protocol and publish this paper? Yeah, so there's been, you know, a lot going on talking about privacy and blockchain, right? Most of the blockchains out there, particularly the EVM chains are highly transparent in the way everything is displayed. And that leads to the conversation around like financial privacy, we all want that to a certain degree. But like, how is that going to be established on chain has always been a question. And there's the regulatory pieces of different jurisdictions, you know, looking at blockchain in different ways. And we thought that it would be interesting to actually take people from different aspects of the field and come together and try to talk about this problem and try to come up with some technical solutions that may help in that conversation. And that's really what this was. That's how we found each other and decided to write a paper about it. And I believe one other aspect that probably was lent some urgency to this is that there was a time when North Korea used tornado cash to launder stolen funds. And about a year ago, US government's Office of Foreign Assets Control sanctioned the tornado cash smart contracts, which effectively made it impossible for any US citizen to use tornado cash. And then more recently, the government charged co -founders Roman Storm and Roman Semenov, and also arrested Storm for facilitating money laundering using tornado cash. So although crypto advocates said last year that they thought the US government had gotten it wrong on tornado cash and had overreached, it appears now that the US government is doubling down on this approach. And I saw that tornado cash and what happened with that was referenced in the paper. So if people choose to read it, then you can see how it relates to what is being proposed here. The paper, even though it gives that as a backdrop, it really sidesteps this sort of legal debate and just proposes a technological solution. And that is privacy pools. So can you explain what those are? Yeah, so just to go back on the tornado cash side of it, right, like, what happened is that there was a lot of people that got entangled all of a sudden with North Korea using tornado cash and the sanctions designation of tornado cash. So a lot of people that were using tornado cash for legitimate purposes got tied up in that. And so for that reason, and what was kind of the premise for this paper is that there must be ways where you can dissociate from the activity that you don't want to be part of. People that were using tornado cash, I'm sure a lot of people did not want to be associated with North Korea. And so that's the, at least with the funds that were flowing through allegedly. And so the idea in the privacy pool concept is that you can actually selectively choose to say, I am participating in this pool, and the funds that I am withdrawing from this pool is coming from this very selective subset. It's not part of this subset, but it's part of this. So you can actually pick and choose, if you understand the funds that have flown into the pool, what you want to be associated with and what you want to be to disassociate with. And that would give people that option to say, well, if everybody agrees that these are funds that are flowing into the pool from some kind of hack or money laundering process, you can disassociate from that as you're withdrawing funds and you can provably argue that those are not the funds that you are withdrawing on the other side. So that's the base premise of the technology. And there's certain core technologies that are used to make this possible. So what are those? Yeah, so this is all built around zero knowledge proofs. And zero knowledge proofs means that you can basically argue that you have the information to make some argument true without actually supplying all the information. So in this case right here, you can say, you can prove in a way that everybody can validate to say, my deposit was one of these and not one of those and supply that proof. And anybody can validate that that's true without you ever actually providing the information of which deposit was yours. So basically you provide their zero knowledge about the information that you hold private, which is your exact deposit. So that's where the zero knowledge aspect comes into it. And so in a way, it's almost like it allows good actors to prove that they are a good actor, but then bad actors will never be able to without also thereby kind of revealing that they are one of these bad actors. Is that the basic premise? Yes, that's exactly right. So now let's talk about how this works in practice, kind of like on a practical level. One key piece of this that I noticed is that it relies on intermediaries called association set providers. What are those and how do those work? Yeah, so association set providers is the concept of people that can assign some kind of properties to these deposits that are flowing into the pool, right? If you are a regular user, you don't know who else might be using this privacy pool. You don't know where all the other deposits are coming from. So how do you pick and choose what you want to be part of and what you don't want to be part of? That's not going to be something an average user can do. You need some kind of blockchain forensics or blockchain analytics kind of background and capability to be able to do that. And so what we propose in the paper is that somebody that has that kind of capability could actually provide that insight. So they could, for instance, look at the blockchain, look at the deposits that are coming in and saying, hey, these deposits here appear to be coming from very legitimate sources and we are providing a set around those. So now everybody can use that set that has been somehow if you trust the provider, whoever is providing it, you can rely on their judgment that this might be a set of deposits that you want to be associated with. And so you can pick that, provide your proof to the protocol and withdraw funds on the other side. And now that would be the set of deposits that you would be associated with. And so somebody needs to be either the entity or the company or the organization that provides these association sets. And that could be multiple different entities that have an interest in providing such sets to the public. And what types of organizations do you envision for those? Is it industry groups coming together or existing financial institutions or is it like DAOs or like how are you? I think there's a number of different options here. It depends on what you want to achieve. Actually, I don't think there's just one type. I think there's actually many because the users of these privacy pools could have multiple interests on the other side. It could be some organizations want to make sure that all the withdrawals are coming from a small group of financial institutions while you can provide association sets around them. And maybe that could be provided by those institutions themselves. I'm also thinking that companies such as Chain Analysis that has a lot of blockchain forensics expertise could help provide such association sets that could help vet these deposits as they're flowing into the pool. I could imagine that there would be other kinds of organizations that have an interest in terms of, let's say, that understands maybe the regulatory environment of a particular group. People that understand which deposits may qualify for one thing or another. And so whoever has that kind of knowledge, whether it's an organization or whether it's a company, they would be able to provide these sets. And I think who exactly they end up being is something that would evolve over time. So in a moment, we're going to look at some of the pros and cons of this setup. But first, a quick word from the sponsors who make this show possible.

Laura Shin Matt Nadler Jakob Ilum Vitalik Buterin Fabian Schar Amin Soleimani September 8Th, 2023 Jakob $25 Last Year Chainalysis Office Of Foreign Assets Contr This Week Laura Arbitrum .Io Eight Years Ago Roman Storm Today Roman Semenov Toku
A highlight from Could This Vitalik-Backed Protocol Bring Privacy to a Regulated Crypto World? - Ep. 542

Unchained

05:25 min | Last week

A highlight from Could This Vitalik-Backed Protocol Bring Privacy to a Regulated Crypto World? - Ep. 542

"My opinion is that everybody should have a right to use the blockchain in the way that they want. And if somebody wants to participate and get privacy where they don't mind providing some kind of association set with their withdrawals because it enables them to spend their coins maybe more freely, I think that's going to be something that's going to lead to greater adoption of blockchain. And that's my ultimate goal is wider adoption. Hi everyone, welcome to Unchained, your no -hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago and as a senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency full -time. This is the September 8th, 2023 episode of Unchained. Arbitrum's leading layer -2 scaling solution offers you ultra -cheap and lightning -fast transactions, all with security rooted on Ethereum. Visit arbitrum .io today. Toku makes implementing global token compensation and incentive awards simple. With Toku, you get unmatched legal and tax tech support to grant and administer your global team's tokens. Make it simple today with Toku. With the crypto .com app, you can buy, trade and spend crypto in one place. Download and get $25 with the code LAURA. Link in the description. Today's episode is brought to you by Overtime Markets, your premier Web3 sportsbook. The innovative protocol is changing the game one match at a time. Powered by fails, explore more at overtimemarkets .xyz. Crypto moves at lightning speed. For the latest crypto updates, be sure to subscribe to our daily newsletter at unchainedcrypto .substack .com. Again, that's unchainedcrypto .substack .com. Today's guest is Jakob Ilum, chief scientist at Chainalysis. Welcome Jakob. Hi, Laura. Thanks for, thanks for having me. This week, you, along with co -authors, including Ethereum creator Vitalik Buterin, academics Fabian Schar and Matt Nadler, and Ethereum developer Amin Soleimani, published a new paper on a smart contract protocol you are calling Privacy Pools. Before we dive into all the details on what the paper details and how it works and, you know, just all those technical matters, explain to us how it came about. What's been happening with crypto privacy tools that motivated you all to come up with this protocol and publish this paper? Yeah, so there's been, you know, a lot going on talking about privacy and blockchain, right? Most of the blockchains out there, particularly the EVM chains, are highly transparent in the way everything is displayed. And that leads to the conversation around like financial privacy. We all want that to a certain degree, but like, how is that going to be established on chain has always been a question. And there's the regulatory pieces of different jurisdictions, you know, looking at blockchain in different ways. And we thought that it would be interesting to actually take people from different aspects of the field and come together and try to talk about this problem and try to come up with some technical solutions that may help in that conversation. And that's really what this was. That's how we found each other and decided to write a paper about it. And I believe one other aspect that probably lent some urgency to this is that there was a time when North Korea used tornado cash to launder stolen funds. And about a year ago, the U .S. government's Office of Foreign Assets Control sanctioned the tornado cash smart contracts, which effectively made it impossible for any U .S. citizen to use tornado cash. And then more recently, the government charged co -founders Roman Storm and Roman Semenov and also arrested Storm for facilitating money laundering using tornado cash. So although crypto advocates said last year that they thought the U .S. government had gotten it wrong on tornado cash and had overreached, it appears now that the U .S. government is doubling down on this approach. And I saw that tornado cash and what happened with that was referenced in the paper. So if people choose to read it, then you can see how it relates to what is being proposed here. The paper, even though it gives that as a backdrop, it really sidesteps this sort of legal debate and just proposes a technological solution. And that is privacy polls. So can you explain what those are? Yeah. So just to go back on the tornado cash side of it, right, like what happened is that there's a lot of people that got entangled all of a sudden with North Korea using tornado cash and the sanctions designation of tornado cash. So a lot of people that were using tornado cash for legitimate purposes got tied up in that. And so for that reason and what was kind of the premise for this paper is that there must be ways where you can dissociate from the activity that you don't want to be part of. People that were using tornado cash, I'm sure a lot of people did not want to be associated with North Korea. And so that's the, at least with the funds that were flowing through, allegedly.

Laura Shin Matt Nadler Vitalik Buterin Amin Soleimani Fabian Schar Laura Jakob Ilum $25 Jakob September 8Th, 2023 Last Year This Week Unchainedcrypto .Substack .Com Roman Semenov Today Roman Storm Arbitrum .Io Toku Chainalysis Eight Years Ago
A highlight from 662:Ripples SEC Battle and ARKs Ether ETF Gamble

The Crypto Overnighter

05:47 min | Last week

A highlight from 662:Ripples SEC Battle and ARKs Ether ETF Gamble

"Good evening, and welcome to The Crypto Overnight -er. 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 p .m. Pacific on Thursday, September 7th, 2023. Welcome back to The Crypto Overnight -er, 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 delve into Ripple's clash with the SEC and what it means for the U .S. as a global blockchain leader. We'll explore the ambitious bid made by ARK Invest for an Ether ETF and why the SEC can't keep dodging the issue. We're also breaking down FASB's new accounting rule change, a potential game changer for institutional crypto adoption. And don't miss our take on Visa's strategic partnership with Solana, a move that could blur the lines between traditional and decentralized finance. Plus, we'll discuss Vitalik Buterin's latest venture to bring privacy and compliance together. And finally, we'll examine a lawsuit that could send shockwaves through the crypto lending space. All that and more, so stay tuned. Chris Larsen is the co -founder and current CEO of Ripple. He recently spoke about the state of cryptocurrency regulation in the U .S. He expressed concerns about the U .S. losing its status as a global blockchain leader to cities like London, Singapore and Dubai. Larsen stated that the Securities Exchange Commission lost on all key issues in the ongoing XRP case. He criticized Chair Gensler for his enforcement -first regulatory approach. Larsen noted that many crypto entrepreneurs are considering moving their operations outside the U .S. Larsen highlighted that the SEC lost on everything important in its case against Ripple. He mentioned that the SEC's request for an interlocutory appeal could extend the legal battle. Larsen also criticized the U .S. government for its hostile crypto policies, which he believes have forced crypto -related businesses to move their operations overseas. He emphasized that the U .S. screwed up on crypto and blockchain policy. Larsen's comments are a scathing indictment of the SEC and the U .S. government's approach to crypto regulation. It's a glaring spotlight on the SEC's flawed tactics. Larsen's critique of Gensler's enforcement -driven approach echoes a sentiment that many in the crypto community share. The lack of clear legislative guidelines has led to exactly what Larsen called it, regulation by enforcement, a method that stifles innovation and drives businesses away from the U .S. Larsen's observations about the U .S. losing its edge in the blockchain sector to cities like London, Singapore and Dubai are particularly damning. These cities have managed to create a regulatory environment that not only protects consumers but fosters innovation. The U .S., by contrast, has been pushing the industry offshore, a move that could have long -term repercussions for its technological leadership. The SEC's loss in the Ripple case is a symptom of a larger issue. The U .S. needs to rethink its approach to crypto regulation and fast. Otherwise, it risks not only losing businesses but also its position as a global leader in blockchain technology. The time for Congress to act is now, lest the U .S. continue to fall behind in the rapidly evolving crypto landscape. As Larsen calls out the SEC's failing crypto policies, ARK Invest is testing the waters with its Ether ETF bid. The SEC can't kick this can down the road forever. Stay tuned and don't forget to hit that subscribe button for more deep dives like this one. ARK Invest and 21 shares have filed for the first ever U .S. exchange -traded fund that will directly invest in Ether. If approved, this ETF would be a historic milestone in the cryptocurrency investment landscape. Unlike recently proposed Ether futures ETFs, this offering would hold Ether itself. The ETF is poised to trade under the ticker symbol AKRE. The custodian of the trust would be Coinbase custody. The SEC has yet to approve any Ether ETFs, with potential applicants hesitant due to the asset's greater price volatility and regulatory uncertainty compared to Bitcoin. James Saffert is a Bloomberg ETF analyst. He estimates that the SEC's final deadline to approve both ARK and VANEX filings would be May 23, 2024. ARK Invest's move to file for a spot Ether ETF is a bold step in a regulatory landscape that's been anything but friendly to crypto. This is a direct investment in Ether, sidestepping the futures market entirely. The choice of Coinbase as custodian is another strategic move. Coinbase is already a trusted name in the crypto world. Its involvement lends additional credibility to the ETF. But let's not forget the SEC's historical reluctance to approve spot ETFs, especially for cryptocurrencies. The SEC has been more comfortable with futures ETFs, citing investor protections that they claim cannot be met by spot markets. ARK's filing comes at a time when the SEC is already under pressure from Grayscale. Grayscale won a lawsuit against the SEC, challenging the agency's reasoning for not approving spot ETFs. This puts the SEC in a tight spot. They can no longer hide behind vague justifications. Now, here's what I think. If ARK's ETF gets the green light, it could set a precedent for other crypto ETFs, particularly those who aim to invest directly in cryptocurrencies rather than in futures. It's a potential game changer, not just for Ether, but for the entire crypto market. And for a government and regulatory bodies often viewed as obstacles rather than facilitators, this could be a chance to change the narrative. But will they? That's the million Ether question. From one SEC hurdle to another, let's pivot to the FASB's new accounting rule. It's a shift that could grease the wheels for institutions eyeing crypto. So smash that like button if you're all for seeing big money into the crypto world.

Nick Ademus May 23, 2024 Chris Larsen James Saffert Larsen ARK Dubai London Singapore Securities Exchange Commission SEC Coinbase Fasb Congress Visa Vanex 21 Shares First U .S. Government Ark Invest
"lend" Discussed on Bitcoin Magazine Podcast

Bitcoin Magazine Podcast

03:37 min | Last month

"lend" Discussed on Bitcoin Magazine Podcast

"Over the last five years, the Bitcoin Conference has become the world's largest gathering of Bitcoiners. From breaking announcements and international media coverage to countless meaningful talks by thought leaders and industry innovators, we are excited to continue our drive for global hyper-Bitcoinization. From July 25th to the 27th, 2024, we'll be taking the Bitcoin Conference to the city of music and freedom, Nashville, Tennessee. Join thousands of attendees for countless opportunities to learn, engage, and network across three days of pure Bitcoin signal. Get your tickets now for the best price at b.tc forward slash conference. You are not going to want to miss what Nashville has in store. What is up, everybody? Welcome back to the show, FedWatch, your source for everything Bitcoin and macro. My name is Anson Linner, and I am joined by my co-host CK and a special co-host Nolan. So it is a big day today. How are you guys doing? I love life. Who could complain? These are the greatest days that we've ever known. These are the historic days of Bitcoin's ascent. So we're having a great time here. We're going to be talking about all the amazing high quality research that's come out in the past couple of days now. Right. We've seen our first story. We're going to jump right into it. But the KPMG stuff. And then you got the BlackRock study with their conservative 85% allocation advice for Bitcoin portfolios. And you got the TD Cowen report as well saying, yeah, it's probably the best thing in the world. So we're loving life. Who could complain? CK, I can't put it better than Nolan, man. Love and life. And I was just telling Ansel and Nolan that honor to be on the show with both of them, both currently my favorite analysts. So I tune in to Nolan every almost every single morning. And then every time Ansel drops a podcast on Bitcoin and markets, I tune into that. And then when I'm not on FedWatch myself, I listen to FedWatch, usually done by these showmen. So excited to to get to do FedWatch with the three of us. I think it's the first time ever. And we got a jam packed show. Of course, I'll be remiss to not plug Bitcoin Amsterdam right at the front here, October 12th to the 13th. We are dropping dope speakers every single day. So follow us on Twitter, follow us on on our email list. Stay up to date with everything that's happening. You can go to B.TC slash conference slash Amsterdam and you can see the entire speaker lineup. Nolan actually works on the speaker lineup. So, I mean, Nolan, maybe you can tease a little bit about some of the strategy and thinking when it comes to putting together this lineup in Amsterdam. Yeah, we don't want it to be just a retread of the show we do in Miami, right? We want it to be focused on a lot of regional issues, especially what's going on in Europe. Especially the huge lack of energy literacy on the continent. There really isn't a show where people can go and talk about energy and how complex yet uniform and harmonious those energetic systems can be, the grid can be, especially with Bitcoin added to it. So it's probably going to be the largest gathering of energy literate and financially literate people in the world or at least in that continent. So that's something that could be used on that continent. So we're looking forward to it.

"lend" Discussed on Audio

Audio

03:06 min | 3 months ago

"lend" Discussed on Audio

"From the Liturgy of the Hours of the Roman Rite From the Office of Readings From the treatise Against the Hyrses by Saint Irenaeus Israel was learning reverence from God and perseverance in his service. From the beginning God created man out of his own generosity. He chose the patriarchs to give them salvation. He took his people in hand, teaching them, unteachable as they were, to follow him. He gave them prophets, a customing man to bear his spirit and to have communion with God on earth. He who stands in need of no one gave communion with himself to those who need him. Like an architect he outlined the plan of salvation to those who sought to please him. By his own hand he gave food in Egypt to those who did not see him. To those who were restless in the desert he gave a law perfectly suited to them. To those who entered the land of prosperity he gave a worthy inheritance. He killed the fatted calf of those who turned to him as father and clothed them with the finest garment. In so many ways he was training the human race to take part in the harmonious song of salvation. For this reason, John in the book of Revelation says, His voice was as the voice of many waters. The Spirit of God is indeed a multitude of waters. For the Father is rich and great. As the word passed among all these people, he provided help in generous measure for those who were obedient to him by drawing up a law that was suitable and fitting for every circumstance. He established a law for the people governing the construction of the tabernacle and the building of the temple, the choice of Levites, the sacrifices, the offerings, the rites of purification, and the rest of what belonged to worship. He himself needs none of these things. He is always filled with all that is good. Even before Moses existed, he had within himself every fragrance of all that is pleasing. Yet he sought to teach his people, always ready though they were to return to their idols. Through many acts of indulgence he tried to prepare them for perseverance in his service. He kept calling them to what was primary by means of what was secondary. That is, through foreshadowings to the reality, through things of time to the things of eternity, through things of flesh to the things of the Spirit, through earthly things to the heavenly things. As he said to Moses, You will fashion all things according to the pattern that you saw on the mountain. For forty days Moses was engaged in remembering the words of God, the heavenly patterns, the spiritual images, the foreshadowings of what was to come. Saint Paul says, They drank from the rock that followed them, and the rock was Christ. After speaking of the things that are in the law, he continues, All these things happened to them as symbols. They were written to instruct us on whom the end of the ages has come. Through foreshadowings of the future, they were learning reverence for God and perseverance in his service. The law was therefore a school of instruction for them and a prophecy of what was to come.

"lend" Discussed on Marketplace with Kai Ryssdal

Marketplace with Kai Ryssdal

02:46 min | 6 months ago

"lend" Discussed on Marketplace with Kai Ryssdal

"Going to be the challenge that I have over the next month or so. I would just like to see the traffic continue right after Easter we are getting set up for outdoor and summer and believe it or not while I'm purchasing those. I've also written about 6 or 7 Christmas orders already. So I'm just I'm thankful for the traffic and looking forward to what the next 6 months bring. That was Irene kesselman already putting in Christmas orders at alley cat toys in carbo, North Carolina. This final note on the way out today. At the top of the show, we

"lend" Discussed on She Reads Truth Podcast

She Reads Truth Podcast

04:05 min | 6 months ago

"lend" Discussed on She Reads Truth Podcast

"It's the gap that gives us the breakup of Alexander's empire, the march of the Persians, the beginning of the Roman Empire, the conquests of the Caesars, the rising up of the herods, and all of that occurs prior to the birth of Christ. So the world is radically transformed from the end of chronicles with Cyrus decree. The people of God who finally established themselves in the land still have quite a few roller coaster rides during that gap. So when Jesus comes, there are those who are utterly and completely disillusioned, they're secularized in their scattered. This is where the Jewish Diaspora comes from, where later the apostle Paul is able to go all throughout the Roman Empire and find Jewish communities in places like thessalonica and emphasis. So he always begins his missionary work with the Diaspora. The disillusioned people of Israel. They've scattered some of them have assimilated some of them are lost in the Roman world or the Persian world. The largest Jewish settlement outside of the Holy Land itself was in what today is Saudi Arabia. Huge Jewish settlement there. Totally secularized, completely abandoned, any sense of the faith. So when Jesus comes when the apostles start to scatter by this time, there's really not much Judaism left. The pharisees were a tiny, tiny little sect. The sadducees were a very compromised politicalized sect. And then there were the herodians who were simply power brokers. You don't have the talmud yet. You don't have any of the kinds of things that we associate with modern Judaism. None of that exists. That's the vacuum into which the gospel comes. But at the same time, it's also the period that the world starts to have its first superhighways. The Roman roads, the Persian roads, the king's highway, that would enable the apostle Paul to play a missionary journeys literally to the Atlantic Ocean. So you start to see the world really prepared. Israel is almost altogether lost. Which is something that's a theme that Paul returns to again and again. It's why in Romans, we have this interlude in chapters 9 through 11, where he really zeros in on the lost heart of Judaism. But God uses this scattered broken people to turn the world literally upside down. Which is exactly what he's doing right now. It's exactly what he's doing in China. Where the underground churches harried and persecuted and is growing faster than when it prospered. It's why the fastest growing church in the world right now is in Iran. It's why churches in Saudi Arabia are exploding with growth. It's why in northern Iraq, terrorized by ISIS to this day, the churches are growing. God uses adversity and grows it. We think in America that things are just absolutely awful. And you know why they're awful? Because we're so prosperous that we've become comfortable and we've become negligent.

"lend" Discussed on She Reads Truth Podcast

She Reads Truth Podcast

03:38 min | 6 months ago

"lend" Discussed on She Reads Truth Podcast

"And so these high places are places set up in worship of false gods where the people are being, you know, y'all have seen vegetarians and we read about like, oh yes. About the bunny, you know? King Nebuchadnezzar. King never can. Yeah. So it's kind of like, you know, that's the picture that I have in my head, right? Like people are setting up this false God. And it is ridiculous in all seriousness of that. It is ridiculous for people who have known God who God has personally come down in fire and cloud and legend through the desert, led them to out of captivity into the land of promise. They know who he is. They know what he has done. They have rehearsed the words of God over and over again over their lives as a nation, and yet they find themselves turning to these ridiculous, worthless idols. And we can say that was crazy. Like, how could they do such a thing? Well, are we not very, very similar in terms of how easily we can forget God's word and we can turn to something less than God and follow it, absolutely. And so it's not removed from our experience here today, even though, you know, for us, it's like, oh my gosh, look at them. How could they follow these items? Yeah. I mean, even reading about the kings who lived these whole lives in honor of the God of Israel. In honor of yahweh. And then at the very end, we'll read later this week about, I think it's Joe ash and the priest at the time is jehoiada. And everything is going great. And then Jehovah to the priest dies and then everything does not go everything. But then we could live our whole lives and service to the lord and still be susceptible to broken. I mean it. I grieve our brokenness. And how susceptible we are to ourselves. Yeah. And I mean, what we're describing, you all, this is what we do in part during land, right? As we are reflecting on our sinfulness, our need for a savior, which if we need a savior that implies that we need saving from something, right? We need savings from sin from death from ourselves. I mean, I was preying on the way here this morning to meet with you guys of how easy it is or how prone I am to either turn toward a false God or put something in place of God, like put my trust in something instead of God, or to worship God with the wrong motives or in a wrong way. We're very prone to getting this wrong. And so in what we see is it's not just Judah. We're zoomed in on Judah, but it was also Israel like no one was getting this exactly right. The only party who was holding up their covenant was the lord. In his faithfulness and it moved me to tears of just like that the lord is wholly just and is wholly powerful and sovereign and is love. And is mercy and that his compassion toward us of like drawing us back and as we're going to keep making our way to holy week and eventually to the cross

"lend" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:48 min | 1 year ago

"lend" Discussed on Bloomberg Radio New York

"With me and for lending me your expertise that is our Bloomberg energy reporter Rachel Morrison I'm Caroline hepker here in London You can catch us every weekday morning here for Bloomberg daybreak beginning at 6 a.m. in London That's 1 a.m. on Wall Street Nathan Thank you Caroline Coming up on Bloomberg daybreak weekend a close up look at the Asian semiconductor industry especially what's happening in Taiwan with TSMC I'm Nathan Hager And this is Bloomberg MJ IT makes innovation happen It also makes entrepreneurs like Anya o'dwyer Founder of enovate a tech driven civil engineering and construction management firm ania says and JIT is defining the future Extremely important as a hub of disciplines all in one space with all of these brilliant minds NGOs wrong is huge when it comes to defining the future and how from an interdisciplinary point of view they have it all there whether it's the innovation hub the makers space And JIT is already creating bash collaboration between the disciplines and you have civil engineers speaking to programmers speaking to electrical engineers And together they're creating advancements that we wouldn't have been able to do without those three minds coming together and solving a problem as one rather than solving it in isolation And JIT New Jersey institute of technology Learn more at JIT dot EDU Burden LLP accountants and advisers presents industry chat with Jack pulver and partner and leader of burden's hospitality practice The impact the pandemic has had on the hospitality industry is proving to be long-lasting making it essential for businesses.

"lend" Discussed on Bad To The Dad

Bad To The Dad

02:33 min | 2 years ago

"lend" Discussed on Bad To The Dad

"You got plenty to talk about it. You should consider comedy at one minute. Show in june of bad to the dan a look. We'll produce always looking for guest host but you know we're also looking at take some vacation. We should do from channel. Yeah well. I think you guys doing opera. You give us a great name of podcast. To dad's doing you'll get listeners. Luxembourg like well we are. We did meet each other and we have been an incredible resource and support for each other for twenty years ago more well more than that and have become fast friends. We raised our families together. We moved to jersey together. Credibly lucky to have a friend like this business. Hashtag yelled at these moments here. We're hearing here to witness them. So that's awesome folks. You're listening to bad to the dad. Our guest today were tony. Stevenson mark show will. Of course we're talking about the metropolitan opera guys. I'm not going to issue because you can't do that in theater. But i'm gonna wish that you break many legs on ken. Thank you hopefully not yours and a pleasure. Having you guys learned a lot. It's a lot of fun very cool. Thank you we were bad to the dead. download us. wherever you find podcasts..

"lend" Discussed on Real Estate Disruptors

Real Estate Disruptors

02:45 min | 2 years ago

"lend" Discussed on Real Estate Disruptors

"That i did <Speech_Male> a contractor <Speech_Male> and i wasn't <Speech_Male> watching him <Speech_Male> because i was busy doing other <Speech_Male> things and <Speech_Male> key <Speech_Male> just because this <Speech_Male> house more than i've <Speech_Male> ever seen a house botched. <Speech_Male> I had to redo <Speech_Male> everything in this house. <Speech_Male> It was so sad. <Speech_Male> I made like <Speech_Male> negative five thousand on <Speech_Male> the flip. So what what did <Speech_Male> he bought <Speech_Male> he. Does <Speech_Male> this beautiful <Speech_Male> real hardwood <Speech_Male> floor and then installed <Speech_Male> it wrong so don't have <Speech_Male> to be torn out <Speech_Male> really sad. <Speech_Male> He did these <Speech_Male> plaster walls <Speech_Male> which <Speech_Male> you did them wrong somehow. <Speech_Male> I don't know how you did that wrong <Speech_Male> but he did it wrong. <Speech_Male> <Advertisement> <Speech_Male> I kinda <Speech_Male> he's like. Oh <Speech_Male> let me get this carpet. <Speech_Male> So he goes and buys <Speech_Male> all this carpet puts <Speech_Male> it in and of course <Speech_Male> i wasn't <Speech_Male> paying attention because <Speech_Male> this was like twenty sixteen. <Speech_Male> I had so much going on <Speech_Male> and he <Speech_Male> puts in. I've <Speech_Male> never seen such ugly <Speech_Male> carpet in my life <Speech_Male> and it literally ruined <Speech_Male> the house sale. <Speech_Male> Hugh put like this <Speech_Male> turquoise like something out <Speech_Male> of the little mermaid he <Speech_Male> put in the house. And i was like. <Speech_Male> What are you doing man. You <Speech_Male> probably got it on a discount <Speech_Male> role somewhere so <Speech_Male> i mean. He made his <Speech_Male> money he did. <Speech_Male> <Advertisement> I still <Speech_Male> <Advertisement> paid them but it <Speech_Male> <Advertisement> was terrible. <Speech_Male> All right so. <Speech_Male> I want you to think about what you wanna <Speech_Male> legal listeners. With while i <Speech_Male> make a couple of quick announcements <Speech_Male> guys <Speech_Male> the it please likes <Speech_Male> ascribes. Share <Speech_Male> comments helps the <Speech_Male> algorithm. Which <Speech_Male> in turn helps us <Speech_Male> reach more people <Speech_Male> and then <Speech_Male> we do have our all day sales <Speech_Male> training on september. Twenty <Speech_Male> four check it <Speech_Male> out. Disruptors <Speech_Male> dot com slash sales <Speech_Male> training. And we got <Speech_Male> mark stupid coming <Speech_Male> next week. You <Speech_Male> may not recognize the <Speech_Male> name. He's cody is <Speech_Male> business partner. <Speech_Male> <Advertisement> And they're <Speech_Male> <Advertisement> talking about their business <Speech_Male> <Advertisement> in salt lake. <Speech_Male> <Advertisement> So <Speech_Male> <Advertisement> <Speech_Male> what <Speech_Male> last thoughts <Speech_Male> you to leave only <Speech_Male> deal with honest people <Speech_Male> so if you feel <Speech_Male> like you have to put somebody <Speech_Male> in a contract <Speech_Male> or if you feel like <Speech_Male> You know somebody <Speech_Male> could be shady. <Speech_Male> Don't deal with that person <Speech_Male> ever just cut the loss <Speech_Male> cut the tie early. <Speech_Male> Don't make bad hires. <Speech_Male> Don't hire bad employees. <Speech_Male> Cut the <Speech_Male> those types of things so <Speech_Male> make sure that people <Speech_Male> you surround yourself <Speech_Male> with are genuine <Speech_Male> and honest. <Speech_Male> How did you that. <Speech_Male> <Speech_Male> I guess some of its got <Speech_Male> feel. <Speech_Male> Some of it is <Speech_Male> maybe give <Speech_Male> them a small <Speech_Male> opportunity to <Speech_Male> show <Speech_Male> their true character. <Speech_Male> I don't know how you <Speech_Male> do that. But i try to <Speech_Male> do it. When you just <Speech_Male> got. I go with my <Speech_Male> gut ninety nine nine <Speech_Male> out of ten. So yeah <Speech_Male> and it's <Speech_Male> funny right because we tend <Speech_Male> z like tiny ignore guy. <Speech_Male> Try to justify. <Speech_Music_Male> Every time i've done <Speech_Male> that. I've gotten spanked <Speech_Male> yeah. Gut <Speech_Male> is a really accurate. <Speech_Male> <Speech_Male> Or whatever reason <SpeakerChange> yeah <Silence> yeah tend <Speech_Male> z like tiny ignore guy. <Speech_Male> Try to justify. <Speech_Music_Male> Every time i've done <Speech_Male> that. I've gotten spanked <Speech_Male> yeah. Gut <Speech_Male> is a really accurate. <Speech_Male> <Speech_Male> Or whatever reason <SpeakerChange> yeah <Silence> yeah <Speech_Male> <Advertisement> and if someone <Speech_Male> wants to get a hold of you how <Speech_Male> would they do that. They <Speech_Male> just go to selby. Rentals <Speech_Male> dot com. That's the <Speech_Male> website <Speech_Male> that's on my hat. Everybody <Speech_Male> missed bells. My name <Speech_Male> s. l. e. <Speech_Male> y. Everyone wants to say <Speech_Male> shelby like the car. <Speech_Male> It's really selby. <Speech_Male> Rentals <Speech_Male> dot com on there. <Speech_Male> You're gonna find a <Speech_Male> way to get a hold of me so <Speech_Male> all right perfect. <Speech_Male> Well thank you very much <Speech_Male> absolutely a lot of fun. Thanks so much. They guess watching c. On this week.

salt lake
"lend" Discussed on Catholic Apostolate Center Podcast

Catholic Apostolate Center Podcast

02:31 min | 2 years ago

"lend" Discussed on Catholic Apostolate Center Podcast

"Repent and believe in the gospel such a small collection of words that sum up the entire lenten season they form a microcosm of the spiritual life itself. We have just embarked on our lunch and journey which which began on ash wednesday. How are we entering into this season. Are we already fatigued from emotionally draining. Twenty twenty burnt out from stress fear or navigating. The unknown are we ready for rest renewal and resurrection. In the first reading we are reminded of god's covenant with no it is the covenant of hope and restoration. God speaks the same words to us. See i am now establishing my covenant with you as baptize sons and daughters of god we are his beloved children living in covenant relationship with our heavenly father god stands ready to renew and restore this season. This relationship is made possible. As a result of christ's sacrifice he entered tells us in sunday's second reading christ for since once sins once that he might lead you to god he models the way for us. Even now as peter writes put to death in the flesh priceless brought to life in the spirit. This is what our lunch and journey is all about dying to ourselves. Our desires addictions or two sins. In order to live out true freedom life in the spirit while christ died literally for our sins this slant route called to imitate this staff by putting aside all that does not lead us to christ. It is for this reason that many choose to give something up or to incorporate a spiritual practice such a scripture reading liturgy of the hours or praying the rosary into our prayer lights during lent as we begin the lenten season. i'm by each a member of the rainbow. God promised noah can only show works as a result of the rain and clouds. If you feel like you walk in darkness or that you are tired of the storm. God is with you and promises you his grace his love and.

peter sunday Twenty twenty first reading two sins second reading noah ash christ once each wednesday
"lend" Discussed on Liminal Podcast

Liminal Podcast

01:45 min | 2 years ago

"lend" Discussed on Liminal Podcast

"But as actually to help you experience deep dining you're being the the way that yet theism theism have always been lovers. Interact enrich each other. That they move with each other that they are actually intertwined enmeshed in each other you discover that they both become very superficial whenever they're not in not type of conversation and so for example the i feel logical. Mystics are for the mystics. Who said every time you talk about goals you have to deny god because that word does not describe the reality that you're intending to there's already there's an example of a type of a atheism within theism now is just one example so we go through the traditional takes. We look at the mistakes that we look at some of the existential us we we take journal name and by the end of the journey. The ideas that you as a participant experience dot cry of christ the you realize there is a theological dimension to critique and so at the very worst if people do they'll they'll find some great thinkers on they'll find some grit groups but abbas best it will destabilize the person in a really productive way and thus we had stars in the seventeenth of february. And if anybody's interested they can just jump on my website and they'll find out info by concerning attest to what. Pete said that de centering in a productive way was definitely my experience and i can't recommend it enough. Thank you. You're an appreciate that i appreciate being on the show. I have really enjoyed this conversation and feel like we really jumped in in the deep end and a few areas not was very exciting. So i really appreciate.

Pete both one example seventeenth of february christ god each
"lend" Discussed on Liminal Podcast

Liminal Podcast

02:10 min | 2 years ago

"lend" Discussed on Liminal Podcast

"You have to come to yourselves like you haven't climbed everest until you climb ever somebody else might have climbed everest but you haven't climbed it's like this type of stuff it's like no one can do the working for you. Do you have to do the work itself on philosophies very much like he can't be a philosopher. Could you know certain things being philosopher. Means she think through things in a certain way. And i'm advocate of. Yeah it's the same note taking if you just take knows you're not ever engaging your brain you're stealing someone else's information it's not your information you've not actually processed that yes. You should always ask questions. You should exercise. And if you don't access then you need to excise author is well. Keep reiterating and going back to things i think. Yup you could learn something. You could lend christianity inside now. But that's why they will teach you to keep revisiting the bible. Keep looking at these. You can apply those basics to life. There's a reason you do things in that kind of way. Yup yup absolutely absolutely site. We mentioned about atheism earlier. You'll get launching a new well. You're you're launching. atm again this year. For obviously you wanna maybe just give our listeners. A little bit of a synopsis of what that is and how they can get involved though. Yeah thank you yet. If theism for land i have developed a series of water called d. Centering practices that are designed to destabilise us. Gas to think in different ways because to be honest for movement happens generally not when we're center to its happens when we're through off center so for example. Whenever we realized that the earth isn't the center of the galaxy right you know it's it's revolving around the seldom where de centered or when folks at unconscious is is you know where we're not we're not lords of our own bodily monir dusty centering so there's a lotta in science. These are existential de centering events. So he hit the ism for is an event where you get a different reflection. Every day of.

bible this year christianity earth
"lend" Discussed on Liminal Podcast

Liminal Podcast

09:32 min | 2 years ago

"lend" Discussed on Liminal Podcast

"The last part is accurate. But what the idea of you know. I was so so into it so going you know i took it so seriously the it it was the its downfall in a way which basically makes me. No you went through. Experience is called philosophy. The death of god and the irony. Is that probably the moment that you left. Christianity was probably the most christian event the year have that was. That was kind of the moment where you identified with christ on the cross might go. Oh my god why forsaken me so that the strange dialectical moment of the moment when you left with the moment when you were there a friend of mine actually. He's very very great guy by militant guy in a sense of very committed. He wrote this parable when he left. Cristiano gordon might have heard this parable. But he basically was driving in belfast. How this almost like a waking dream and it's worry went up to have him after he died He's he's out the pearly gates anson. Peter reuben's the gates and welcomes all fill there. You are unfilled like justified stab the threshold into have him and he looks behind him and he sees people are outside. he can't get in a says. some of them are my friends. I knew them. Some of them are religions yet theus humanist buddhist whatever some of them says i gold knows what right and he says to send peter. What about these guys vincent. Peter says i'm sorry man you know it's only the right ones you know and phil down there. And he says he had this moment where he says what's my reference point and he said my reference point is christ the friend of the ice cider. The the the drunks the nobody's the nothing's the one who who was the nobody the nothing. And he says peter king what. I'll just stay here with them. And the parable lands with phil saying am i swear. I can see a smile on some peter's face and he said up last two. That was this moment where the very moment when you reject is the very moment that you enter in fascinating. Can i tell you one final powerball. I like this one on this one. This one's got the trip of everything that we've talked about. If you if you understand this story you understand everything. I've got to louisville one guy. He's a dawn on his loss. Job he doesn't have very much money. Left is a very pious ma very pious months. He's praying i am i gonna do. I wanna lose the highest terrible. And he hears a voice from heaven clear as day. Like abraham right says she s. I want you to sail the little. You have and i want you to go to vegas. Just so we he pies money obeys god sales as few possessions gets a few ground together. Goes off to vegas guest of vegas and god says go into the first casino. Sit dine play. How the texas holdem go can. I don't really know how to play very much with best grills but he does in sits at a table. There's a full table tan people. I'm he gets dealt seven to off. Terrible home goes rhine. People are battling and he's going to. He's going to fool than he hears a voice from heaven. God's as don't fall bat so he bets flop comes queen. Jack like nothing useful to is gonna fooled. People are batting. God says bats put it all in so sheamus pushes all his money in on. It goes rhine and then on the turn in the river. He gets to saban's so he's got a sad. He wins his own. My i don't. I don't believe that he hears his voice hand. From god's right take your winnings go to the relatable are very good at the blackjack table so she comes to the blackjack and he says right put it all on wong honda blackjack and gm stores and he gets dealt like sixteen all right. What am i going to do a better stick years voice from god saying. Don't stick ask for another card so we asked for a car to yet teen my goodness he attained right. I'm gonna stick. God says no. Take another car. What another cardamom. The obtain is another car. Takes another card and assists three and he's hits twenty one wins and then finally then years another voice voice. God's says right tig all molly good table. Could everything number five and like this is really tasked 'cause it's called faira amount of money and is it all on five dollars a pious man. It's all money on five bull rules being Binds and hits the five he wins and turns the heavens the heavens he says i can't believe it. I just don't believe it was incredible. And he hears god say he says i don't believe it either. You're the luckiest bastard. I've ever seen my dad. The thing about that story is that that copters the heart of power theologies. His that we think that you know everything's contingent on in this world. But god's got it all under control but what if the central insight of the crucifixion is. That contingency is built into goal wail on the actually. The answer to existence is to realize that contradiction on conflict. Unlock also moving into the absolute and when we encounter that which is the crucifixion experience gordon. We're talking about the moment where he experienced. This loss is exactly when you encounter the reality of the obsolete who also experienced that loss because the point of crucifixion is gold experiences. The loss of god. So that very moment you are an expression of the truth everytime you tell a parable pair. I felt like maybe it's your accent or maybe it's just the way that you tell the stories but it always just makes me think it gives me a new way of thinking about the power of parables isn't it that it disrupts your way of thinking. And you think that the story's going one way and then it slips it on its head. I mean parables i i love as you. I love hearables. Because they've got a joke like structure and some of them. of course they can be funny because a joke. Basically works on a creative misinterpretation going one or another on but also than in an awful way and so parables have this great ability to to subvert to kind of go against your expectation but yet reveal something deeply tree in not in knock dialectical move. So yeah so that story that i told you. It's a new. I mean it's an old story. I've heard it. As a joke said madman i was a kid maybe but only recently that i realize that there is something actually very insightful by dot structure. That's what she's means when he talks about Type of a type of Super positioning within reality itself on. Hegel the philosopher. Hegel the reason why he loves christianity so much. He thought christianity. Express this dialectic in in pictorial form. So it was for him just before philosophy. Philosophy was the highest for him and then and then christianity was was kind of blew up but it was because he said oh this notion of god experiencing the death of god of the eternal in the temporal coming together of these contradictions. Being mold together in a body dot dot expression is an insight into the nature of reality and it was actually freud who then developed up because the symptom is the incarnation of a contradiction. As a safe. You're if you're if you're grinding your taste. It might be because you wanna scheider somebody and you wanna keep quiet because you do want to break up with him on. The symptom is the the incarnation of the contradiction. And yes. so you know these. These are all kind of interconnect out of it. It's like a little mental exercise that you challenge. Today i went off when i listened to. Why would call an expert in anything. They always do that. They'll give you the information on because you're not really looking at this very often. You don't actually pushback. You know really engage in public even though you can be nodding your head along. Yup i agree with that is a really good until will push push your brain. So shortly were How do i think about this. Why do i think this is going. What do i think the meaning of this before. I even revealed is I think that's the power of a parable. I've never really experienced that before. Which is interesting. Almost twenty five. And i feel like i probably should have. It's a dying. It's it's terrible dying art. I mean i don't know why there's not more parable speakers accelerate care who was a grip. Parable tell her about. It's a it is great. Form of of of of sandra nelson and getting to think there's not enough good parables in have to say so you and you hit the nail on the head whenever care gore. Tokes truth being subjective. What he kind of means is the truth is not something you can be taught metaphysical not something you're taught it's it's.

Peter Today peter five dollars belfast abraham Hegel christianity sandra nelson Cristiano gordon vegas sixteen Christianity louisville Jack first casino texas holdem one final powerball christian phil
"lend" Discussed on Liminal Podcast

Liminal Podcast

03:12 min | 2 years ago

"lend" Discussed on Liminal Podcast

"Please of of the amiga the amiga point right but if he actually go. I don't know what the future is. So i'm not going to sacrifice everything for my thought of the future which is just my thought of the future what i needed what. My job was. A political activist is is to bring up the conflicts that exist and in doing so dot itself indirectly creates inch. That's what hegel was white. I don't know if that relates. But in terms of gordon like people like you. Because i knew he i remember meeting you in two thousand sixteen and it's like. Oh yeah you're the idiot he takes us seriously. You're the fool. He goes all the way right. So of course you're break through to the other side because it's actually the inability to fierce the central contradiction. that keeps us within a press of systems. So gordon basically rose himself to that point and then you just happen to kind of come across him in a perfect state where he can be showing the light. He's kind of already seed himself in a way euro area. You're just a midway like the at the psych longlist. Here's a funny thing is a psychoanalyst. Lucon colson the subject. Supposed to know which means that when you go to psychoanalyst. You think that they help the answer. They don't really their job is to help. You encounter your own contradictions. However it's useful that they think that you know right. It is in terms of dream interpretation. I had this last week. I had a dream and tool. The drains my friend and he went to the bathroom and he came over to the bathroom and he had knowingly hospice. This my friend elliot. Here dude might podcast with the knowing. Look on is said to him. Oh i knew what you think the stream means and then i give interpretation of the dream and it was a brilliant interpretation. He had no clue he he he was thinking about something else but because i thought he was the subject of couse to new it allied me to how the interpretation that i wouldn't allow myself to have had to put into somebody else so so so for someone like gordon or someone like that is they. They might come to my work at a certain point and see something but actually what it is is. It's just providing the space for them to confront what's already within them. What's already going on. But they can at allies them to think that it's because of me that they're doing a useful fiction useful picture. I always want to be the last right. So the light of alaska is we always look for curry someone who has the answer and there's new problems without that's what we're like the ish years when someone pretends to be the answer right on on the laws you think that they combine dot right. Long-term the last girl is the person you go to. They help you confront yourself. And then they reveal to you that actually you were doing all of the work yourself. That they're not that there is no jerry. You're the one that did the work. So therefore you need a last guri. He need a girl if he disillusions not just the bite them but the issue so much that you'll never want to gurry again. That's what i try to. I try to be so bad at what i do that. Nobody will ever look for jury. Gals i would say..

last week Lucon colson elliot euro area hegel alaska two thousand sixteen gordon
"lend" Discussed on Liminal Podcast

Liminal Podcast

06:35 min | 2 years ago

"lend" Discussed on Liminal Podcast

"And dot movement is one that i think all of us have to but in order for it to happen it requires that we experienced this existential darkness fascinating to hear from someone who's not been through that kind of transition in my own life. It makes perfect sense. It's the analogy perfect. Actually in the way that you describe it i mean. Did you feel about gordon. Is it hard for you to even look at your own life in this way is because i feel like on a human level. I feel that people really struggled to understand something like this. You don't even know what you're going through. You don't even feel like you're still going at the same time. I'm sure for the rest of goethe's life. This is something that is probably going to keep playing out and revisit In order to be so devoted. And you know to really believe something allow you froze so much energy in on a human level a fascinating to Golden has if anything been able to understand properly what's happened. There is not something that i've really thought about recently. I guess so you asking the to change that. I went through in like deconstruction christianity. How i process that whole part of my life essentially how do you you know. How do you play the out emotionally. How do you actually start to analyze it in the way that he's doing head. Do you have to apply an analogy. You know can you even think about how complex it is and how g feel emotions have only second gills and you know all of the things that we spoke about along the way. It's definitely something that i think i'm still processing. I'm still going through a thing like you said with the the magic trick. How the the thing that you get in the the third part is never the same coin that was presented to you. And i think the the me. It's recognizing the that they also different. I almost con- rem. I can't remember who i was. When i was an evangelical and i can in some ways back to that but it feels like a different person and it feels like you know the change that happens in my life is it's been so fundamental and yet it's been so in a paradoxical way feels like it was the only way that it could have gone if that makes sense. The more that i went into i was coming out the other side if i have come out the other side yet. It's is like the When there's a caterpillar and goes into its cocoon and then it comes out with a butterfly. It's it's fundamentally different on in every sense of but it's the same person can i jump in then Here's interesting thing. If a lot of people. Gordon i think you'd be one of them that the people kind of have worked with maybe being gone through my work. Whatever the people who starts tip this journey are not the ones who don't take their religion seriously enough right or he wants to kind of like threw it away. It's all the ones take too seriously. It's all at once. Hookah wall away. Burn their record collection or give their money away off in mission trips. It's always because the people who don't go all the way the always have the fantasy that if they did it would all be grit. I haven't read my bible completely. I haven't gone out and on evangelism three days a week and on this. But if i did or my goodness it would be grit but the ones who do that or the ones who go into the santer undiscovered the santer doesn't and so this is very very important You mentioned earlier about homelessness. Right and not idea that i talked about were. Homelessness is not the problem. It's the solution to your problem. It's the solution to a problem. I either some issue within a society that has a lot of homelessness and our solutions to that problem is to create a homeless population that can be managed that can be policed. That can be kind of corral around but that actually if you deal with the problem two solution to the problem begins to disappear just like alcoholism. The alcoholism is not the problem. It's the solution to your problem. And if you just deal with this solution to the problem they will do something else right. You're no longer drinking but now you're doing something. More terrible cross fetched right. You're flipping tires or something right. you know. You'll find some other symptom but if you could work why. The person's drinking on what the issues in their life and begins talk three that day. Don't even realize that they're not drinking as much on eventually. Give it up because dots and this is way. Psychoanalysis is you never directly confronts. Two things that you want to change in your life kind. Selena's were behavioral therapy. Is that right. You wanna do these techniques to prevent you from thinking or during these psychoanalysis the opposite is i forget about all of that. We do want you to change. That's just talk about your relationship with your partner or whatever then weirdly discover web. Stop throwing up. Oh weirdly. i haven't sell anymore. Oh that's strange like a new longer terrified that there's intruders in the house whenever i'm alone. Doing all of those symptoms begin to just go away without even even realizing as. Here's here's the key. This is very key to martha's actually as well. Is that the key that she inch is not having some utopic vision of where you're going right. It's rather confronting the contradictions that you have within your life and just by confronting news. You begin to change so two examples very quickly. One is a couple who've been going up for years. They're married up. There's under together and they haven't broken up being the say tan years mari but one of them's having an affair the others always working lead. There's lots of arguments in the house. Right right equal. Why are they still together. Because the symptoms are holding together. You think it's the very thing the terrorism apart but but the unspokenness called the real. What's unspoken kind of. It's it's there and it's coming in their kid. He's got on rexy anissa not so the unspoken returns what's called the return of the repressed. What you repress returns in negative ways right to feel speaks if you speak the truth. The.

Gordon bible Selena third part second gills one three two examples three days a week One christianity Two things gordon two couple evangelism anissa
"lend" Discussed on Liminal Podcast

Liminal Podcast

01:49 min | 2 years ago

"lend" Discussed on Liminal Podcast

"An object is presented as cold pledge then not object is mid to disappear the turn and then it's me to return a nas prestige. See magic trick. Get a coin disappears than you politer. The ear of the parcel cristiani's a little bit like there's there's a pledge of christianity which is the object right. That's the fruit in the garden of eden. The will bible starts without dots. Whatever you think will make you. Who'll will complete the sacred objects. Object a is colin psychosis the sacred object. That object is mere to disappear so in the crucifixion. Right at the moment. When christ says my goal my goal wipe for see. it can meet the temple. Curtin rips the funny thing about the temple of jerusalem. It's a it's a remake of the garden of eden. You've got the court of gentiles. Everybody can hang out there. And come and go you've got the holy of holies got a carton right protecting the holy of holies from people will occur reps and you realize there's nothing in the heliopolis so this is the nihilistic core of conversion the moment when you realized the sacred object doesn't exist nothing is there that will make you who'll incomplete. It's it's where you're detached from the notch stroll pursuit of who'll nece then you have resurrection. Third part of what's the prestige will prestige. Is the idea that the secret returns but not as an object that you love but as a dab dimension you experience in the act of love itself so in the magic trick. The coin that you get back is never the same coin right. The first coins hidden the second coin is one that was planted there earlier. So for cristiani you enter into the space that gold dies and then returns as holy ghost right as they as the presence that is air as people love.

Curtin second coin christianity christ first coins bible Third part jerusalem one cristiani
"lend" Discussed on Liminal Podcast

Liminal Podcast

08:00 min | 2 years ago

"lend" Discussed on Liminal Podcast

"You would be miserable. There's there's two types of unhappiness there's the unhappiness of not getting what you want as depression and there's the unhappiness of getting what you want and that's melancholy. So basically the only way out of this is to see how the two are intertwined to free yourself from this fantasy of life with light with fight sacrifice but rather realized that sacrifice is actually. What were the meat on. The enjoyment of life is when we sacrificed for those. We love we sacrifice for our communities. We sacrificed for those around us. The problem is just today. We sacrifice on. We don't see the good in our communities where sacrifice for the benefit of people who demand that sacrifice benefit from it with light it benefiting. The people around us does that make sense. It'll so it's it's an psychoanalysis they talk about the difference between the object of desire on the object calls of desire so the object of desire is what you want so say. I've got a friend. He loves looking at highest as she loves looking. She wants to buy a house. She's looking at high as she really enjoys that. So ask the object of her desire. Is the hice ninety. Object calls of desire is the gets in the way of her buying the right. She doesn't have enough money neighbor. She's looking through all the magazines going online. She's going and seeing houses. That's the thing that you have to get over to get the house. But then when she finally bought the house she had the object of desire but she lost the object calls of desire and sushi no longer desired. What she desired so in other words often what mix us desire something is the obstacle the vary inability to fully. Something is actually what generates our attachment to if you get rid of the obstacles. You also get rid of your desire for the thing. This happens all the time for us in relationships. For example two people may be married for twenty years. They no longer desiree shelter. Say the man starts to have an affair with somebody else. The woman finds site and they talk about leaving each other but what happens more often than not is actually the guy. Ni- that he's free to go out with the other women goes aita wanna quite with her. What meet her desirable is the fact that he couldn't be with her that he was maradiaga. Kids so we had the found see of high grade. It would be if only obstacles didn't exist as soon as you take the obstacles away. He's like no way. I'd want that all annoy. He wants his partner because she's not impossible to get worse for the women in this example. She desires what is under threat of being taken away so she finds herself designer. Husband live because there's a threat of him being taken away one of them. The mom his desire is a ryan the impossible what he can't have on for the women. The desire is iran. What is under threat of being taken away. You see high. The object of desire and the object 'cause of desire in kind of like dysfunctionally operating in that love triangle. I've heard you talk about that before. And i think is definitely very relatable. I think while you were talking about that This is really wit example. I've i gave up smoking about a year and a half two years ago. Something like that. And i started vaping and i've become greedy into vaping to the point where i'm buying a new vapes and for the apes and stuff like that and i'm finding that i've really. I'm looking on youtube. I'm seeing a video about this new vape. That's this does this. This and this and i'll think about getting it for ages and they'll save up for it get it and as soon as i get it overseas often. I'm looking at the next one that i wanna get. I think that's a very trivial example of what you're talking about. It's the want you don't have and then once you get what you don't have you don't want anymore absolutely. It's incredible height yet. You see this with an advertising all time is that we we go to buy a car and we see a vote for. We want it and then often the moment. We're driving of the the lot. Inau donate appreciates literally and value by law. But even within our libido structure it depreciate some body and that we can often like a lot of businesses are often trying to find ways of always giving the next update the next thing keeping you moving forward so that you count joy. The car that you've got you know that might be actually perfectly fine and the problem with this is not that is even more moral issues connected with us. We can talk by. It's even more basic than that at some. This structure is just not an enjoyable way to live. It's it's a win which were always the car toys in front of us and we're always running to catch the car. It creates a type of frenetic life in which the object of desire is always just out of reach. Always we get moments where we get up and it lasts just a fraction of a second. It's like it's like we're always just grasping something that we're missing and one of the real interesting things about life is why do we meet the objective desire on the object. 'cause of desire. Find them be in the location. Cristiana these interesting this actually because the objective desires obviously gold on the object calls of desirous. Christ right to the issue crucify christ to get to go write us who think get rid of christ. He's in the way we'll get back to god. And then you realize that the obstacle is god right. The the object of desire is the object of desire so in psychoanalytic terms dot is an expression of high. You can the of of high those two things kind of interconnected but in a in a kind of christian language is it in a human way humans are we always striving because we all animals in our nature. We always striving for something and we don't always realize that what we do actually enjoy is the process. The process is what we enjoy because we want to where we want to be mentally challenged. We love coming struggle. That's what we love to do. The way you get fulfillment is from doing that. And at the end game again doesn't matter it does not matter. I proved to myself. I can do this. i've done. It was the next thing and not. I'm guessing that's just a massive massive loop and i'd love to talk about christianity because we have a very golden who has gone through. You'd probably say a complete transition on. I'm sure we'll get to that. But i do think it comes back to very human instinct level. I'm a psycho analysis is but we don't realize what is actually happening. Absolutely not one thing. I'd love to to to pick apart bear. Bob is that the difference between psychoanalysis enabling psychology so. Interestingly in evolutionary psychology human beings are seen as basically animals are our instincts. They would talk more by instincts. Arise item in psychoanalysis. We use the term coat drive and we actually talk about. Hi this element. That we're talking right. Here is very own animal. It's actually what separates us from from other animals and that this is one of my critics of of abolition psychology. Got a few by one of them is is that on. We don't see this behavior in the animal kingdom so you see what an instinct is interesting essay. An instinct has three parts one is. It's very discreet at has an object so it might be meeting. It might be shelter. Might be food right so instincts are very hardwired like very simple things secondly they can be fulfilled within. The animal creates the shelter. They've they've done it when they've admitted they rest on..

twenty years two people two types youtube two Bob today Christ christianity three parts two things Cristiana ninety one one thing about a year and a half two ye christ christian second secondly
"lend" Discussed on Liminal Podcast

Liminal Podcast

02:13 min | 2 years ago

"lend" Discussed on Liminal Podcast

"There listened to for new kids. There is a bit of swearing. There is a lot of dark jeans due to japan but plenty of hema along the way. Don't forget to subscribe to us on apple. Podcasts spotify stitcher. Oh diese or wherever you get your costs and without further ado. Let's get the shy joe. How fun was clubhouse. The other day powerful on fresh exciting in a year where. We don't have much of that so good to do something kind of new and exciting. Absolutely yeah the thing that. I love the most about that. There's no politics on that really atl or if there is then it's an actual informed conversation. It's not just anybody can write anything and you just scrolling through pages and pages of people disagreeing about donald trump. None of is great. Yeah as good if you just want. Spend an hour just listening to someone else's conversation really kind of what it is semi professional in a way but we did the first time that ruins and will ruin every wednesday at eight pm or a little bit if you're in the us every single week if you want to join us get on the waiting list. Maybe if we're feeling really nice and you drop his a dm. We might push you up that list. Absolutely i think semi professional is definitely the word. I'd use to describe our conversation or i'll way of running things on clubhouse we're definitely no experts yet but we're learning and is a lot of fun but anyway joe. How else can people keep in contact with us to view listening last week. You know we are running a little bit of an offer as pov on new email lists. That offer is still going to run. So that's if you sign up you will still get fifteen percent off off friends and co some of the matching ties. Some of the soap paints his paintings. Save you molest. You will still get all of that and but we are. Actually changing up with this week is well. Oh yeah not only. Are you getting fifteen percent off the sabre painter merchandise. But we've also got an exclusive signed painting from so painted that we are still giving away as one is a very exciting. Give away from this week's.

donald trump fifteen percent spotify last week apple this week japan first time wednesday at eight pm single week an hour one