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Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1415: Bitcoin Will Soon Hit $500,000 - Winklevoss Twins
"Welcome everybody to Crypto News Alerts, the number one daily Bitcoin pod. In today's show, I'll be breaking down the latest Bitcoin technical analysis as Bitcoin recaptures $27 ,000 and quoting Max Keiser, the high priest of Bitcoin, Bitcoin is the North Star guiding to the only safe haven asset in the world that protects against inflation, confiscation and censorship preach. Also in today's show, Ethereum futures ETFs can start trading as early as next week. According to top Bloomberg analysts, we'll also be discussing the SEC pushing back the deadline for spot Bitcoin ETF apps, definitely not a good look. And speaking of ETF apps, I'm also going to be sharing the five highlights of Gary Gensler's evasive testimony before Congress quoting Senator Warren Davidson. Gary Gensler's tenure at the SEC highlights two key problems. Number one, Gary Gensler's problem and number two, the SEC's structural problem. That's why I introduced the SEC Stabilization Act to fire Gary Gensler and restructure the SEC. Let's freaking go. Also in today's show, crypto analyst Michal van de Poppe predicts a very positive quarter four for 2023. I'll be sharing his targets in which he outlines. We're also going to be discussing the SEC's inaction on the spot Bitcoin ETF is a complete and utter disaster, according to the Winklevoss twins. And speaking of the Winklevoss twins, I'm also going to be sharing with you their $500 ,000 Bitcoin price prediction, which they say is coming soon. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo what's good crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewsalerts .net. Again that's cryptonewsalerts .net. Welcome everyone. This is pod episode number 1415. I'm your host JV. Today is September 28, 2023 and Bitcoin is finally back above 27 ,000 as we're pumping right when I hit the live button. We're currently above 27 ,100 up over 300 % today and we continue climbing. Welcome everyone in the live chat. I gracefully appreciate y 'all. Yeah, who knows? Maybe we'll hit 28 ,000 by the time today's live stream is over. Let's see. And make sure to let me know where you're tuning in from in that live chat as I'll be giving everyone a shout out towards the end of the show. And with that being shared, fam, now let's dive into today's market watch. As you can see here, every major crypto back in the green. Bitcoin above 27 G's. We got Ether up three and a half percent trading at $1 ,655 BNB, XRP, Cardano, you name it. And checking out coinmarketcap .com, we're currently sitting above $1 .07 trillion with about $26 billion in volume in the past 24 hours, Bitcoin dominance at 49 .1 % and even the Ether dominance on the rise today at 18 .5 % and checking out the top 100 crypto gainers of the past 24 hours, holy moly, compound up 20 % trading under 49 bucks, followed by Thor chain up 13 % trading at $1 .94, followed by Lido Dow up 8 % trading at $1 .59 and checking out the top 100 crypto gainers of the past week, massive gains, which we love to see, especially after a pretty bearish altcoin season to say the least. We got CompLead in the pack here as well up 20 % and Rune up 13 .4 % and RLB up 13 % and checking out the crypto greed and fear index, we're currently rated a 46 in fear yesterday at 44 last week, a 47 and last month, a 39 in fear. So there you have it, fam. How many of you are currently bullish on Bitcoin and how many of you took advantage of the recent dip? If so, let me know. It's good to see we pump in once again. So hopefully those positions are now in the green. Now let's break down today's Bitcoin technical analysis, check out the charts and why specifically the market is pumping right now. Here we go. Let's get it. Bitcoin hit new weekly highs after the September 28th Wall Street open as markets awaited fresh cues from the US Federal Reserve. And here you can see in the Bitcoin one hour Campbell chart, pretty freaking bullish to say the least. Data from Cointelegraph and TradingView showed Bitcoin price strength staging a comeback, having delivered what some referred to as a classic pump and dump 24 hours prior during the performance. Bitcoin hit a high of 26 .8, which appeared on Bitstamp as a result of 2 % daily gains before Bitcoin retraced all of its progress, then a slower grind higher than took hold with the bulls edging closer to 27 ,000, which we finally just recaptured here a few moments ago. Now GDP for quarter two grew by 1 .7 % year on year below the projected 2%, while the PCE index data for August came in in line with the expectations, quoting analyst Keith Allen, bring on the volatility. Now meanwhile, data from Binance's order book uploaded by Allen showed little by way of resistance standing in the way of the spot price under the 27 ,000 mark. So as you can see, just more bullishness for the king crypto, the macro data constituted just the prelude of the day's main event. Meanwhile, Jerome Powell, the chairman of the Federal Reserve due to the comment later on today, Powell, whose recent words failed to deliver noticeable volatility to the crypto markets was due to speak at the Fed's conversation with the chairman, a teacher town hall meeting event in Washington DC at 4 p .m. Eastern today. Now commenting on the state of play on Bitcoin markets, popular trader Dan crypto trades was a little more optimistic around the strength of the day's move compared to yesterday, September 27th, quoting him here back to yesterday's highs, but with considerably less open interests. No doubt there is longs chase in here, but it is less frothy than it was yesterday. Would still like to see longs chill out and not get to a full retrace later on. So there you have it. Let me know if you agree or disagree with the analysts. Meanwhile, quoting another analyst, right, capital Bitcoin is right back at the bull market support band cluster of moving averages, challenging to break out beyond them. Let's freaking go. Now, elsewhere in the day's analysis, he acknowledged that 29 ,000 could make a reappearance and still form a part of a broader come down for BTC. As he shares here, it's important to remember the Bitcoin could technically rally even as high as 29 ,000 to form a new lower high, which would be phase A and B. He explained alongside this chart. So there you have it. Let me know if you are currently more bullish or bearish on the King crypto and quoting the high priest of Bitcoin, Max Kaiser, Bitcoin is the North star guiding to the only safe haven asset in the world that protects against inflation confiscation and censorship preach. Now welcome to y 'all just joining us in today's podcast. As always, I appreciate everyone's daily support and means the world. And now let's discuss our next story of the day as Bitcoin continues to pump, shall we? We're going to be discussing the Ethereum futures ETFs, which can get approval. They say potentially as early as next week. So let's break this one down, shall we? Ether futures ETFs could start trading for the first time in the United States as early as next week. According to top Bloomberg analysts on September 28th, which is today, Bloomberg intelligence analyst, James Safart said in an ex post, it was looking like the sec is going to let a bunch of Ethereum futures ETFs go next week. Potentially. His comments were in response to fellow ETF analyst, Eric Balchunes, who said he was hearing that the U S SCC wanted to accelerate the launch of Ethereum future ETFs quitting him here. They want it off their plate before the shutdown, he said, adding that he's heard various filers updates on their documents by Friday afternoon so they can start trading as early as Tuesday next week. As outlined here on X. Now the U S S government's expected to shut down at 1201 a .m. Eastern on October 1st. If Congress fails to agree on or provide funding for the new fiscal year, which is expected to impact the country's financial regulators amongst federal agencies. Now neither specified their sources for the latest update on the long list of crypto ETFs in the queue. There are currently 15 ether futures ETFs from nine issuers currently awaiting approval. According to the analysts in a September 27th note, which is yesterday, companies proposing an Ethereum futures or hybrid ETF product include VanEck pro shares, grayscale volatility shares bitwise direction, as well as round Hill. The analysts gave ether future ETFs a 90 % chance of launching in October with Valkyrie's ether exposure on October 3rd, quoting them here. We expect pure Ethereum futures ETFs to start trading the following week, thanks to volatility shares actions. However, we don't expect all of them to launch. So do note that now as previously reported that ether futures ETFs may be approved in October causing the 11 % spike in ether prices and probably why the Ethereum dominance is up as it's been stagnant and down for quite some time. Ether prices are on the gain, currently just under $1 ,700 and we'll see how high we continue to pump, but do note crypto future products aren't as hotly as anticipated as their spot based alternatives. There are already been Bitcoin futures ETFs approved in the United States since 2021, which is a fact, which leads us to the million dollar question. Why have they approved a futures ETFs, but continue to deny and delay all the spot ETFs? We're going to be getting to that a little later as I share with you the highlights from Congress pressing the chairman of the SEC, Gary Gensler. It's going to get very interesting here in a little bit, but now let's dive a little deeper and discuss specifically the spot Bitcoin ETFs and what is happening and why they're being pushed back and the latest updates of where we're currently at. So here we go and welcome y 'all just tuning in. Make sure to smash that like fam. The US SEC has delayed deciding whether to approve or disapprove spot Ether ETFs. And like I said, we're going to be getting in October potentially get some approvals, but in separate notices filed September 27th, the SEC said it would designate a longer period on whether to approve or disapprove these proposed changes. The commission finds it inappropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised there within. The delay came the same day as the NASDAQ market filed the proposed rule change with the SEC for listing its mix ETH basically ETF, a combination of Ether holdings and futures contracts and also proposed rule changes with the New York Stock Exchange, ARCA for the Grayscale Ethereum Futures Trust, hashtag Bitcoin Futures ETF and the CBOE BXE exchange for the Franklin Bitcoin ETF were all filed. September 27th, that's right. If you're not familiar with Franklin Templeton, there are one and a half trillion dollar asset manager. They're also applying for an ETF. Now the SEC announced September 26th, it would designate a longer period to decide on these spot ETF applications. And as James Safart shares here, here's VanEx delay as expected. So another one, I mean, exactly what we were expecting from the SEC. Now in August, ARK investment manager, founder and CEO Kathy Wood speculated that should the SEC move forward with the spot ETF approvals, it would allow multiple listings simultaneously to avoid giving any single company an advantage over another in the market. Her remarks came before Grayscale Investments won a court battle with the SEC over its spot Bitcoin ETF app, which will likely be reviewed in which they're trying to turn their GBTC product into a spot ETF. So hopefully it happens. To date, the SEC has never approved the spot crypto ETF in the United States, but has allowed the listing of crypto linked futures ETFs and a leveraged Bitcoin futures ETF. Manipulation, fam. The next deadlines for the spot crypto ETF apps from firms, which include the largest asset manager in the world, BlackRock, Wisdom Tree, Invesco, Galaxy, Valkyrie, Bitwise and Fidelity are all scheduled for October. So we'll see how this is likely to play out considering October is now only three days away. Are we going to get some ETF approvals by then? Who knows? I think more than likely they're going to push it back again. However, Congress right now is pressing Gary Gensler to approve a spot Bitcoin ETF and ETPs immediately. So now let's break this down. If you missed Gensler, he was pressed by Congress just yesterday. And I know it's on everyone's mind. So let's break down some of the highlights from this recent hearing with Congress and the chairman of the SEC, Gary Gensler. Let's break it down, shall we? Here we go. Blame for kneecapping capital markets in the U .S. and slam for dodging questions around Bitcoin and Pokemon cards. SEC chair Gensler appears to have had one hell of a grilling from Congress this week. September 27th, the U .S. SEC chief again found himself in front of lawmakers in a scheduled hearing to discuss his agency's oversight of the markets. Here are some of the highlights. First and foremost, you are the Tonya Harding of security regulations. We should create a Gary Gensler diss track, right? One of the more colorful analogies came from U .S. Representative Andy Barr, who accused Gensler of kneecapping the U .S. capital markets with regulatory red tape. Barr referred to the old testimony from Gensler where Gensler argued that the U .S. is the largest, most sophisticated and innovative capital market in the world and that shouldn't have been taken for granted as even gold medalists must keep training. With all due respect, Mr. Chairman, if the U .S. capital markets are gold medalists, you are the Tonya Harding of securities regulations. Ouch. You are kneecapping the U .S. capital markets with an avalanche of red tape coming out of your commission. Preach. Barr is presumably referring to a scandal where U .S. ice skater Tonya Harding, I'm sure you all remember the story, I was a kid when this happened, and an assailant to attack her rival Nancy Kerrigan in the lead up to the 94 U .S. Figure Skating Championships and Winter Olympics. Kerrigan ended up not competing in the U .S. Championships and here is John Dickens who shared it here. Mr. Barr to Gensler, it's hilarious, you gotta watch these clips for yourself if you haven't seen them. So the next highlight, I wish the Biden administration would say, you are fired. That's right, shout out to Warren Davidson who also ripped into Gensler saying he hoped that the Biden administration would fire him. Powerful words. Davidson accused Gensler of pushing a woke political and social agenda and abusing his role as the SEC chairman. Preach. Massive shout out to the senators here doing their job. Damn good job. The U .S. Representative added that he hopes that the SEC Stabilization Act he introduced with fellow representative Tom Emmer could make it happen. Quoting him here, you're making the case for this bill, which is the SEC Stabilization Act. Every day you're acting as a chairman, he concluded, and Gensler wasn't even given a chance to respond. Now next highlight, Gensler reiterates Bitcoin isn't a security. That's right. When asked by U .S. House Committee Financial Services Chair Patrick McHenry whether Bitcoin is a security, Gensler eventually relented stating the Bitcoin didn't meet the Howie test. Quoting him here, it does not meet the Howie test, which is the law of the land. Then McHenry suggested Bitcoin must be a commodity, which Gensler avoided answering. Mr. No Clarity Gary, hence how he got the nickname, saying the test for that is outside the scope of U .S. security laws. Mr. Gensler, we're living in a clown world with this guy. Henry also suggested that Gensler try to choke off the digital asset ecosystem facts and refuse to be transparent with Congress about the SEC's connections with the FTX and former CEO SBF facts. Gensler also wasn't given the chance to respond to the claims made by McHenry. Next highlight, are Pokemon trading card securities? Gensler says it depends. Can't make this stuff up. Quoting Representative Richie Torres, I cross -examine SEC Chair Gensler about the term investment contract, which is key to determining his authority over crypto. Gensler struggled to answer basic questions like whether an investment contract requires a contract. His evasions are defeating and damning. Suppose I was to purchase Pokemon card. Would you constitute a security for this transaction? Gensler responded, well, I don't know the context before eventually concluding it isn't a security if you purchased it in a store. And then Torres asked if I were to purchase a tokenized Pokemon card on a digital exchange via the blockchain. Is that then a transaction? And then Mr. No Clarity Gary said, I'd have to know more because I don't know anything. Yeah, you can't make this stuff up. Gensler then explained to it when it's investing the public can anticipate profits based upon the efforts of others. Then the core of the Howie test, which it is, Torres called Gensler's evasions as damning to say the least. And the next highlight, a sign of defiance. Meanwhile, amongst the back and forth cross examinations between Gensler and representatives, the eagle eyed observers noticed a Coinbase stand with crypto logo behind the SEC chairman. Isn't that interesting? The Coinbase led initiative is a 14 month long campaign that launched back in August aiming to push crypto legislation in the United States. Coinbase also ran a stand with crypto day, which took place in Washington, D .C. September 27th to advocate for better cryptocurrency innovation and policy. So again, shout out to Warren Davidson, Tom Emmer, all the senators for holding Gary Gensler accountable. Hopefully they do something about it. What's your thoughts, fam? Do you think Gary is likely to listen to them and follow their instructions and approve a Bitcoin ETF immediately? Or do you think he'll continue kicking the can down the road as long as possible until he leaves his position as the chairman of the SEC? Let me know your honest thoughts in the comments right down below. Now let's break down the latest prediction coming from crypto analyst Michael Vanay Pop for some price actions for Bitcoin for the fourth quarter, which we are currently in for 2023. Then we'll break down the latest from the Winklevoss twins and their five hundred thousand dollar Bitcoin price action as the price action of Bitcoin continues to pump, baby. Let's go. Here we go. Let's break this baby down. Crypto trader Michael Vanay Pop is expressing bullish sentiment on Bitcoin in the coming months. Despite the recent struggles in a new video, he says that Bitcoin is on the cusp of reaching levels that offer accumulation opportunities per inch. According to the analyst, the trader Bitcoin could subsequently start an uptrend. Ultimately, Bitcoin is into an area of consolidation here, which makes it very likely we're going to have to retest here at twenty five, six and twenty five eight. If we are having a recess in that region, then there is this zone where I want to start buying my entries because of the recess, which is the ultimate recess. And if we're not going to get that, the flip to twenty six thousand five hundred, that is going to be the area where I think I want to activate my positions as well. And then we can start targeting twenty eight thousand. And then we can also start targeting the higher numbers, thirty thousand dollars plus or even more in the projection of quarter four. That is going to be very positive overall. Let me know if you agree that we'll have an overall positive quarter as we about to enter October. Let's go. Vanay Pop also says Bitcoin's current price action is similar to what was witnessed in the prior pre halving year, quitting him again. As long as we stay above the 200 week exponential moving average, we most likely are going to continue to the upside. And it starts to be very comparable to the period that we witnessed in 2015 and 2016. In this case, we needed it, but we started to consolidate and start to trend up afterwards. It is very likely to this period to slowly but surely the price starts to crawl up. And then we are going to have a case of the upside in the markets overall. And to watch this video analysis, the analyst did check the show notes below the video in the description. It's entitled Bitcoin price. I am looking to buy. So there you have it. And let me know if you agree or disagree with the analysts and are you currently bullish on the King crypto or do you think we're going to dip and test the lower levels? Let me know your honest thoughts, fam. And now let's break down our next story of the day. And the Winklevoss twins on the spot, Bitcoin ETF continuously being basically denied and kicked back and pushed back for the past decade. And then we're going to dive into their half a million dollar Bitcoin price prediction and why they're so confident that the Bitcoin price is going to hit their big target. So here we go. Let's discuss them with the SEC first. This was a story which was, let's see when their tweet was actually, let's scroll down. This is Cameron Winklevoss. This was actually on July 1st, it got 1 .1 million views. Now let me read the tweet. Today marks 10 years since Tyler and I filed for the first spot Bitcoin ETF. That's right. Over a decade ago, the SEC governor's refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator. Here's why. They protected investors from the best performing asset of the last decade. They pushed investors into toxic products like the Grayscale Bitcoin Trust, GBTC, which trades at a massive discount to NAV and charges astronomical fees. They pushed spot Bitcoin activity offshore to unlicensed and unregulated venues. They pushed investors into the arms of FTX, subjecting them to one of the largest financial frauds in modern history. Preach. Maybe the SEC will reflect on its dismal record and instead of overstepping a statutory power and trying to act like a gatekeeper of economic life, it'll focus on fulfilling its mandate of investor protection, fostering fair and orderly markets and facilitating capital formation. This would have led to much better outcomes for US investors. Preach. In the meantime, best of luck to all those fighting the good fight to bring the US spot Bitcoin ETFs to life onwards. So much respect. I mean, 10 years of denying this ETF. I mean, you can't make this stuff up. I think they shared perfectly some of the reasoning. It's to hurt the investors and keep you poor and keep you wrecked and keep you desolate and dependent upon a broken government that threw us overboard so frickin long ago. So much respect to the Winklevoss twins. If you didn't know, they're the owners of the Gemini exchange and they were the very first ever to submit the spot Bitcoin ETF app to the SEC over a decade ago. And obviously they're sick and tired of Gary Gensler, his no clarity and his shenanigans. Just like the rest of us, it's time to fire Gensler. If you think Gensler should be investigated and potentially fired, let me know in the comments right down below and I'll be reading your comments out loud here in a little bit. Now for our breaking story of the day, let's discuss the Winklevoss twins and their case for a $500 ,000 Bitcoin price, which they believe is coming soon. So let's break this down, shall we? And welcome to y 'all just joining us in the live chat. Much love and much respect. So here we go. Winklevoss twins' prediction, Bitcoin will soon hit $500 ,000 per coin. And why? And again, shout out to Tyler and Cameron. Let's get, we already know their background, early Bitcoin investors, OGs, early investors as well with Facebook. Some claim that they're the real creators of Facebook and Zuckerberg stole it. But nonetheless, in a recent interview with the National News, the twins explained they remain convinced of the future of crypto. The main reason is the revolutionary and technical properties as well as the potential of Bitcoin to act as a store of value similar to gold. And in addition, crypto has many other advantages, mainly through programmability. Hence, the Winklevoss brothers believe that Bitcoin could even replace the precious metal. In the long term, Tyler Winklevoss shared the following. If you look at the properties that make gold valuable, Bitcoin matches each attribute or does better. The gold disruption story of Bitcoin is super powerful. We believe in it. Tyler Winklevoss explained his reasoning for the $500 ,000 Bitcoin price action, quitting him here. If you do the math, 21 million in the supply of Bitcoin, the market cap of gold, let's say it's 10 trillion, maybe it's 11 trillion, somewhere in that ballpark, that puts one Bitcoin if it disrupts gold and gets that market cap at $500 ,000 per coin. The two brothers did not want to give specific investment tips. However, Cameron reveals the strategy that they use, which is generally the simplest, which is simply HODL. Hold on for dear life, quitting him here. Generally speaking, if you subscribe to Bitcoin being a store of value type investment, then that strategy is HODL. The same way you would HODL gold is you buy and HODL long term investments. So according to the Winklevoss twins predicting the Bitcoin price will hit $500 ,000, they say predictions are difficult, but they believe that Bitcoin will hit the milestone within a decade. And when they were more recently interviewed and asked, where do you see Bitcoin in five years time? Here's what Cameron Winklevoss responded. We usually take a decade view on it. When we wrote a piece on the value that predicted it being $500 ,000 Bitcoin, we said within the decade. And I believe they wrote that in 2020. So they're basically saying by the year 2030, they're anticipating a $500 ,000 plus Bitcoin price with Bitcoin overtaking that of gold as far as the market cap. Now is that in three years from now or nine years? The timing part is hard, but I think the Bitcoin created $1 trillion worth of value in under a decade. That is fact. I believe back in November of 2021, Bitcoin's market cap surpassed a trillion dollar milestone and the total crypto market cap surpassed $3 trillion. But as of today, we're closer to a $500 billion Bitcoin market cap with the entire crypto market cap down to a trillion. Now, it also spawned many huge productions such as Ethereum and the entire asset class. He continues. If you look at the value increases in Bitcoin, it is this punctuated equilibrium where it is steady, steady, steady, and then boom, it reaches a new price level. This is the new normal. So it can happen very quickly. So there you have it, fam. Ultimately saying when Bitcoin takes off, it explodes quick and vast. And especially considering that two of the most bullish catalysts in Bitcoin history were on the cusp of. Six months away from a Bitcoin halving, we all know the Bitcoin cycles every four years, it drives the Bitcoin price up as it increases the scarcity as well as increase demand, basic stock to flow, numbers must go up. And we also have the approval of a Bitcoin ETF likely to take place in 2024, especially with Congress on Gensler's. But we also have the ETF experts such as Eric Balchunes given a 95 % chance probability that a spot Bitcoin ETF likely get approved in 2024. Those two catalysts will absolutely make Bitcoin rip to new all time highs entering price discovery mode like we have never seen before. So how high do you think the Bitcoin price will likely climb by the time of this next halving? Roughly six months out, scheduled to take place sometime in April of next year. Let me know your thoughts in the comments right down below. And don't forget to check out cryptonewsalerts .net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
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Thinking Crypto News & Interviews
A highlight from SEC GARY GENSLER HEARING & SUBPOENA SOON? COINBASE CRYPTO ADVOCACY WITH NANCY PELOSI!
"Welcome back to the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a 5 star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, as you all may know, Gary Gensler testified before the House Financial Services Committee today. He got grilled. He got a lot of pressure questions and things that he was shaking and unable to answer. It's the same old nonsense. And I'm sure many of you saw the clips, so I'm not going to play a whole bunch of clips for you, but I'm going to give you the big takeaways. What can we expect next? And McHenry, Patrick out of the gate, started grilling Gary Gensler. He asked him, is Bitcoin a security? And Gary was like stumbling, like he couldn't even answer it. And of course, you know, Patrick McHenry was like, what are you doing, man? I'm giving you softball questions. You can't answer me. Is Bitcoin a security? So Gary Gensler continued his clown show. This guy's a scumbag regulator, as I've been saying for a long time, and needs to be fired. But the big takeaway from what Patrick McHenry said, folks, he threatened Gary Gensler and said, don't make me have to send a subpoena. And he highlighted that Gary has not sent documents about FTX. He highlighted Gary's losses in court and much more. So I think the next step, you know, I haven't seen this level of threat about a subpoena from these folks. So I think we're getting there, folks. And I'm actually going to be interviewing Congressman Warren Davidson, who also did a great job grilling Gary tomorrow. And he's going to I'm going to ask him about the subpoena and what are the next steps. And of course, he highlighted his SEC Stabilization Act, which essentially fires Gary Gensler and replaces that chair seat, adds another commissioner and an executive director. So it makes the SEC less political and more balanced. And he has some great questions to Gary. You know, he even alluded to the EITH Ethereum free pass. Some of you may have seen the clip. So he did a great job. And once again, I'm interviewing him tomorrow. So be sure you're subscribed on the podcast as well as the YouTube channel. And Tom Emmer also brought some heat on Gary Gensler saying, I'm convinced you are not an impartial regulator. And he went on and did a press conference about this. And Gary Gensler is a bureaucrat who does not answer to Congress and much more. So, you know, similar types of comments that we've seen historically. But I think the subpoena threat was the big takeaway for me. The other stuff was, you could argue, was said historically and said before and other hearings with Gary Gensler. Now, Democrat Richie Torres did a great job of talking to Gary and getting specific, like he highlighted, is buying a Pokemon card a security? Gary said no. So he said, well, what if that Pokemon card got tokenized on the blockchain? It's a den of security. And that's where Gary was going back and forth and saying he needs more details and yada, yada. But great questions by Representative Richie Torres, very laser targeted in detail where Gary is just like caught off guard and he's trying to dodge the questions. So Gary continues to get exposed. And I like what happened today. I think the clips and all the news that are coming out of it, while they may not be very much actionable, where Gary is getting kicked out tomorrow, right? They do paint Gary Gensler in a very bad light. And remember, I've said many times, a lot of politics is simply optics. And if you have bipartisan support against Gary Gensler, that's not good. He's not going to be in that seat for very long. So it's great to see Democrats coming out against Gary Gensler. Now, quick word from our sponsor folks, and that is Uphold, which makes crypto investing easy. I've been a user of Uphold since twenty eighteen. They have ten plus million users, two hundred and fifty plus crypto currencies, and they're available in one hundred and fifty countries. You can also trade precious metals and equities on Uphold. If you'd like to learn more, please visit the link in the description. Also, a great comment from Representative Andy Barr to Gary Gensler on capital markets. He said, if the U .S. capital markets are a gold medalist, you are the Tonya Harding of securities regulation because you are kneecapping the United States capital markets with the avalanche of red tape coming out of your commission. Wow. That is a pretty strong remark there. Many of you know about the Tonya Harding story. If you don't look it up, Nancy Kerrigan and Tonya Harden and someone who was sitting behind Gary Gensler started flashing the Coinbase stand with crypto NFT shield. Many of you have seen that. And someone also highlighted the stand with crypto logo on a piece of paper. So this is similar to what happened with the guy who did the buy Bitcoin behind Janet Yellen years ago. So they put this right behind Gary. So it's pretty funny. This is another one that's going to go in the record books. And on that note, the SEC did acknowledge that the 1 .5 trillion dollar asset manager, Franklin Templeton, spot Bitcoin ETF application. Now, that doesn't mean anything because we need an approval. But things are moving ahead for these new applicants. Now, as all this was happening, guess who was in D .C.? Brian Armstrong and the Coinbase folks. Pretty incredible. And they did this whole campaign where they're at the Hill and a Brian Armstrong tweet out here at our nation's capital for a stand with crypto day with 40 founders from across the country. It's time for America to join the rest of the G20 and get some clear rules on the books. So great move here by Coinbase because the juxtaposition of what Gary is saying and what a big publicly traded crypto company is doing with a whole bunch of founders in D .C., educating and providing advocacy is really, really great. So I love this. And you hear you see Brian posted some photos, he said a great meeting with Speaker Pelosi. Now, all feelings about Nancy Pelosi aside, this she's a Democrat, folks, and I think this is a very smart move, Brian. Very, very smart move, because today even Maxine Waters was praising Gary Gensler. Oh, he's the knight in shining armor. And Gary, you know, you've been doing your thing, protecting Americans from these crypto scammers. Right. So remember, just like two years ago, she was hugging up FTX saying she loves Sam Beckman Fried, blowing kisses, taking campaign donations from FTX. So she's can be bought and sold right pretty easily. And I really like this. Coinbase is playing chess here while Gary Gensler is getting grilled. I love it, love it, love it. And they took a whole bunch of photos here at the Capitol Hill. So smart move by Brian. Really, really smart move. Now, finally, Kraken sets sight on stock trading. So Kraken, the crypto exchange, they're looking to expand their services. And, you know, this makes sense. If you're ordering already an exchange where you sell crypto, you can easily move to stocks. And then I know some other folks have been looking to tokenize stocks and sell those. So this is a pretty big move. And we're going to see that these crypto exchanges are going to expand to other markets. And with the advent of tokenization, you know, they're going to tokenize a lot of the traditional financial markets and assets and commodities and much more. And allow people to easily get access to them globally, 24 seven trading and much more. So obviously this would put them up against like Robinhood, essentially right where you have stocks and you've got crypto in the mix. So I think it absolutely makes sense. Well, folks, that's the news. Let me know what you think. What did you think about Gary today in the hearing? And once again, I'll be interviewing Congressman Warren Davidson tomorrow. So be sure to check out that interview once it's published on Friday. And I'll talk to you all later.
WTOP 24 Hour News
Fresh update on "manager" discussed on WTOP 24 Hour News
"Dental anesthesia where comfort meets dentistry coming up the O's wrap up the AL East while the Capitals play another dress rehearsal sports in 10 minutes here on WTOP and here's your prescription thanks doctor I know just the pharmacy to get this filled who are you and why are you in a PBM what's a PBM a pharmacy benefit manager a middleman and your insurer uses to decide which medicines you can get what you pay and sometimes even pharmacy you should go to why can I go to a pharmacy in my neighborhood
Career Relaunch
A highlight from Embracing Change with Anne Tumlinson- CR100
"I could make a big mistake, make a bad decision, and it will affect a lot of people. I can only just do the best that I can. Showing up is everything. Consistency is everything. Welcome to the Career Relaunch Podcast. For the past seven years, we've shared the personal stories of people from around the world who have decided to reinvent their careers. My name is Joseph Liu, and I believe clarity, confidence, and courage allow you to make brave changes that bring you more career fulfillment. In each episode, I feature people who have boldly stepped off the beaten path to relaunch their careers. We talk through the setbacks and successes of their personal journeys to help you understand what it takes to relaunch your own career. Today, for this special 100th episode, the very first guest I ever interviewed for this show is returning to talk about how things have gone for her in her personal and professional life since we first spoke in 2016. Afterwards, during today's Mental Fuel, I'll summarize my top takeaways about managing the dynamics of career change I've learned from all the guests on this show. Ideas of where you could take your career typically emerge in subtle ways. You could read something or hear something or feel something one day that plants a seed in your head about a project, initiative, or path that kind of sparks your interest. Now, in most cases, you may just dismiss the idea and refocus on the things already filling your time like your day job, work projects, or life demands. But in some cases, the idea kind of just hangs around like a shadow and nags you until one day you feel like you just have to address it. And if you don't, it just keeps bugging you or even haunting you until you do. For me, the idea to create this podcast emerged about seven years ago after I started to see that while my clients on the cusp of making a career change do benefit from how -to advice, expert guidance, or prescriptive tutorials, what they really want and often lack is companionship and inspiration to sort of normalize the idea of following an unconventional career path but also to amass the emotional motivation to make a brave change. So in 2016, I decided to record a few conversations with people willing to share their honest perspectives about how they change careers to see if listeners would find something helpful in these stories. Ninety -nine episodes, seven seasons, and nearly half a million downloads across 170 countries later, we've now arrived at the 100th episode of this podcast. And I thought, who better to invite to be our guest today than the very first person I ever interviewed for the show, Ann Tomlinson, who's kindly agreed to join us again to share an update on how things have been going for her since her episode aired in September 2016 when this show first launched. Ann and I first met way back in 2002 in Washington, DC. She was the first manager I had at a consulting firm I joined a couple months after I dropped out of medical school, which was my first experience with changing career paths myself. At the time, I was feeling confused about what to do next, questioning my place in the professional world and experiencing one of the lowest points in my life. As someone who had been set on becoming a doctor, I was actually a bit skeptical about working at a for -profit company, but Ann had a direct role in helping me realize that you could actually do a lot of good in many different sectors when I was in the midst of trying to figure out what I wanted to do with my life instead of medicine.
The Bill Simmons Podcast
Fresh update on "manager" discussed on The Bill Simmons Podcast
"Like Wilbon and Kornheiser, like, you know them now, but the reason you know them is there was a time where they're, they, you got to know them because there was less competition. And, you know, that was very much, look, I, my whole career, the reason people know me is that I've been on NBC shows that people have watched. And I think, you know, it is more democratized now, but it is harder and harder to break out for people because there aren't those places where everybody goes. And so I think, you know, while, while PTI was a super novel format and, and such a big part of its success is how the producers constructed it. It would be hard to do it without those two guys now. That's how I always feel. It is. And have you done the guest hosting that much or what happens when you just go to reruns when you're not doing it? We always just go to reruns. The guest host days. It's a, it's a shame the guest host days are, uh, I remember talking to Steve Martin about, cause he guest hosted, uh, the tonight show. Um, and, and what a fascinating idea. Not just to guest host, but the guest host to show that, you know, 25 million people. Well, they used to have, I mean, Chevy would host it and David Letterman. They would have the biggest stars, Burt Reynolds. That was the biggest stars that era hosted it. I thought, cause I went away the last two years in the summer for five weeks and I thought about having guest hosts and I, it just seemed weird to me. Like it's the bill Simmons podcast. Here's your guest host. I just couldn't wrap my head around it, but I did think about it. I did wonder like, all right, what would happen if we did this and just had different people, maybe I'll do it next year. I don't know. It's like Jimmy tried it. And, uh, I, you know, I mean, you know, Kimmel now, especially cause you've been working with them and Kimmel's just openly rooting against every guest that was not to do well. I don't know. He's so competitive, but he's checking the ratings to make sure that they got crushed. He's like, yes, he is the most, it's really spending time with Kimmel has been such a gift because isn't it, isn't it something because he's so affable. That it takes you a little bit of time to see where the hard edges are. Like, and then when you see him, it actually gives you great relief. Cause you're like, oh good. You're also human. Um, because he really is. And, and let me just say, you know, obviously it's a podcast with five hosts. Um, but Jimmy is as just a human being. Jimmy is a host. You want to go to a party at his house. You want him to make you fundamentally a host in all facets. Yes. So it like, he's the most natural person to have a, one of these shows because he is so, uh, he just makes everybody feel good. So then, yeah, it is, it is fun when you realize that he also is mad at somebody. It makes me so happy. Well, he's, it was the perfect storm, right? Cause he hadn't really been, he hadn't done a show for like four months. Then you guys are trying to figure out this podcast. So then he takes control of that, but he also has more spare time than he normally has. So he's just like all in on every aspect. It's like Belichick planning for the Cowboys. I mean, we would never done it without him. I should, I want to give you a shout out as well. One of the reasons, uh, you know, we were talking, uh, this week is I wanted to thank you. I know you had a huge part, uh, to get Spotify involved with the strike force five. Thank you so much for that. But, uh, yeah, it was funny at one point I realized, oh, Jimmy's working on this way, way harder than the rest of us. And, uh, it was, it did not go unnoticed by us. Well, in the early days I was like, I, cause I was trying to help him, but you can't really help Jimmy. He's got to come to his own conclusion and then ask you. Um, and I was like, do you maybe need like a project manager? Like somebody that can just be like the air traffic control. He's like, I'm the project manager. I'm like, okay. What was that like to have all five? I mean, so it starts out with you guys are just doing zooms during the strike. Yeah. Trying to just talk about the common issues, problems, things everybody's facing with their staffs. And then all of a sudden at some point, everybody realizes like, oh, this would be really funny as a podcast.
The Dan Bongino Show
Donald Trump Jr.: Media Tried Hiding Hunter Biden's $250k Wire Payment
"Them and just address the timing of this too by the way yeah about a quarter million dollar payment literally sent to Biden's house right go ahead that this can happen again literally by the way if you look at any of the things that came down the first this is the hundred guilty they're this they're that each and every one of the next day trump and the trump environment don't pay attention to the shiny object you know the people that have been screaming uh the everything that trump ever said if trump said merry twitter christmas it on was bigger than Watergate those people are strangely silent that there's wire transfers from the Chinese government with joe biden's home address in there you know magically joe is making millions as a partner of hunter and all these things and the the narrative where's the evidence oh you mean other than the emails the voicemails the text messages the video conferences 30 eye wire witnesses transfers you know and beyond that dan you know it's not like the Chinese they're not like us they don't have a you know diversity equity inclusion program to make sure that they're diversified and they that have good crackhead representation in their portfolio managers when they gave hunter biden billion a dollars they don't do that only we're stupid enough to do that in america right now they don't do that but they do do it if they're buying you which they clearly were and they're not even talking about it and yet this is another anti -trump thing that drops after a bombshell further linking hunter to right the only thing they go after hunter is on the gun charts because it's the one thing that doesn't tie back to the highest office in the land at the highest level of corruption we've seen in our government okay the same people by the way in complaining about bob menendez i mean what hunter and joe did is a hundred times worse and yet right they're strangely silent on it i you know you know if you didn't know exactly what they were doing because they've been doing this now for seven years i could probably say there's some hypocrisy
Bloomberg Daybreak Asia
Fresh update on "manager" discussed on Bloomberg Daybreak Asia
"Monitoring is power visit manager bp dot org brought to you by the ad council the american heart association and the american medical association in partnership with the office of minority health and health resources and services administration i'm emily chain and on my new show the circuit i speak with names the big in tech culture and innovation and ask what's next you'll hear from leading tech ceos and investors alongside influencers and celebrity entrepreneurs this is a chance to go deeper to meet people in their world and out find what drives them watch the circuit thursday nights from bloomberg originals you can catch it at 10 p .m eastern on and on the bloomberg app and bloomberg .com and download the circuit companion podcast today nearly all businesses international the same goes for business disputes that's why the international center for dispute resolution provides a faster more efficient approach to dispute resolution across
The Aloönæ Show
A highlight from S13 E14: Sean: Multi-Role Expertise & Career Insights
"Hello, welcome to The Loney Show. I'm your host, John May Loney. In this episode, we don't have Regulus because, well, raisins, as always. As for our guest, he's from Ontario, Canada. He's an electrician, volunteer firefighter, and a project manager. Hmm, intriguing. Ladies and gentlemen, I'll give you Sean Robinson. Hi there. How are you? I'm excited to be here. Yes, me too. So, how is life? Life is going great. I've got three young kids who keep me busy and I've learnt through this journey that it's better to look more positively than to complain about things. Exactly. Couldn't agree more. And have you been up too much recently? Yeah, recently. Other than my kids keeping me busy. Just trying to stay true to this new path that I found for myself and to just challenge myself to try things that I haven't tried before or wouldn't have tried before. Okay, that's cool. That's cool. So, for all that being the electrician, volunteer firefighter, and project manager, what was the journey between the three? So, the journey that brought me here, basically, working construction, working as a volunteer firefighter. I've done each for about 20 years total. And very, very masculine, very toxic masculine environment. And with that and my dad's mechanic, just a very masculine upbringing, I felt like I couldn't talk about issues. I couldn't bring things forward that were bothering me that I had to just toughen up and fix it. And my drinking alcohol kind of rhyme routine and habit circulated those things. And it was kind of separate, but also related. And it just got to a point where I was 320 pounds, feeling both mentally and physically miserable and needed to make a change. I thought I knew what I needed to do, but regardless, it just wasn't happening. So, I reached a bit of a rock bottom for myself and needed something to change. Decided that removing alcohol was a good first step to healthier living and a better attitude.
Bloomberg Radio New York - Recording Feed
Monitor Show 12:00 09-27-2023 12:00
"With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV battery's environmental impact, behind sand, yeah, sand, you get context. And context changes everything. Go to Bloomberg .com to get context. CEDO and it looks nice. It's on nine acres and she would have cool neighbors like Oprah Winfrey and Brad Pitt. Yeah, she's pretty cool too. Yeah. So is Orlando Bloom. I guess. I prefer John Mayer. This is Bloomberg. 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 U .S. consumer. This is a market that's much more optimistic or bullish than maybe 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 U .S. This is Bloomberg Markets with Paul Sweeney and Matt Miller on Bloomberg Radio. All right. Coming up in this hour, we're going to do a deep dive on the bond market. Who better to do that with than Jerry Cudzel. He's a General's Portfolio Manager at TCW. That's Trust Company of the West folks. They have a lot of assets under management. Then we're going to check in with Brett Ewing, Chief Market Strategist at First Franklin Financial. Get his thoughts on this marketplace. Is there a constructive call on this market right now? Then Eileen Mullaney. She's Workforce Transformation Lead at Vialtro Partners. Discussing this whole back -to -work hybrid. Where are we in that whole...
CoinDesk Podcast Network
A highlight from SBF TRIAL: Inside Sam Bankman-Fried's Trial Defense Episode 2
"The most important thing is, you know, just because a lawyer tells you something is okay, that's not a defense. Geez, he said it. He seemed to think everything was okay. Yeah. That's not an advice of counsel defense that negates criminal intent, that's an excuse. In part two of our series digging into SPF's defense, we dissect Sam Bankman -freed's claims that his lawyers played a larger role in FTX's collapse than he did. It might sound like a stretch, but there is legal precedent behind it. SPF also says he was pressured by counsel into turning FTX over to their hand -picked successor. In this episode, we sit down with Mark Litt, the prosecutor who took down Bernie Madoff, Travis Kling, a fund manager who still has millions of dollars tied up in FTX, and Mr. Purple, a pseudonymous crypto investor and fellow FTX victim, to see if there's any legitimacy to SPF's claims that lawyers who were there for FTX's rise are now primed to rake in hundreds of millions of dollars in legal fees. Money that SPF says should be used to pay back depositors. I'm Zach Ousman, you're listening to the SPF Defense Podcast, a coinage investigation. SPF's position is that FTX would have made it through the crisis if not for his lawyers, which conspired to steal the company out from under him, cover up their role in its operation, and siphon hundreds of millions of dollars in legal fees from the bankrupt estate. SPF even names one lawyer in particular, Ryan Miller, who joined FTX US from the law firm's Sullivan and Cromwell, and planned on returning there after his time at the exchange, according to an affidavit from FTX's top lawyer. SPF says Miller conspired to hand the company over to Solcrom and their chosen agent, John J. Ray III, who also handled Enron's bankruptcy. And whether you come to believe Sam's claims or not, Solcrom and Ray clearly won. If FTX's bankruptcy process takes the two years like Enron's did, it's on track to cost over $800 million. And Solcrom's relationship has already been called out by more than just Sam. It's even been raised as an issue by senators and 18 state regulators. But could SPF be right about Ryan Miller and Solcrom's nefarious motives? And even if they did do some evil lawyer shit, will it be enough to get SPF off the hook? To fully understand this defense strategy, it helps to start with SPF's story behind his attempt to plug the now notorious multi -billion dollar hole at FTX back in November's collapse. As the story goes, he was preparing to handle the liquidity crisis by courting Nomura, Japan's largest investment group, and the crypto company Tron, who had pledged billions of dollars in liquidity to FTX, while other investors were still deliberating. SPF had said he planned on giving away most of his equity in the company, and therefore most of his wealth, in an attempt to make customers of FTX International whole. SPF has always maintained that FTX US remained completely solvent right up to the end. But SPF says his rescue plan failed because Ryan Miller and Solcrom agents at his company, including Tim Wilson, another FTX lawyer with a past at Solcrom, pressed him repeatedly to sign the company's over to John Ray in bankruptcy, and even implied that if he refused, they could have him arrested and quote, change control in order to authorize a proper insolvency process. SPF said he changed his mind within 10 minutes of signing, but it was already too late. And he says his lawyers reneged on their promises to let him select a board share, blocking him out of his accounts and refusing to communicate further. As soon as John Ray was installed, he chose Sullivan and Cromwell as FTX's primary counsel. To be fair, SPF actually has a point when it comes to the sketchiness of that process. Even outside legal observers have taken issue with Solcrom being tapped as the firm to manage FTX's bankruptcy. In fact, a bipartisan group of two Republican and two Democratic senators, including Elizabeth Warren, sent a letter to the judge overseeing the case, urging him to appoint an independent examiner rather than Solcrom, which worked with FTX and Alameda before the collapse, bringing in $8 .5 million in legal fees. The senators argued, quote, given their longstanding legal work for FTX, they may well bear a measure of responsibility for the damage wrecked on the company's victims. Regulators from 18 states echoed that issue, saying appointing an independent examiner wasn't just right, it was also legally required. But back in February, the judge in the case threw out those requests, saying it would cost too much money, though we should note FTX's lawyers also charged the bankruptcy estate $21 ,000 over 20 days just for meals, which apparently isn't too much to spend. And if you ask the victims in FTX's collapse, this is all pretty important, considering it's their deposits and claims at stake. And if their money is being drained in broad daylight by a law firm who also helped FTX pre -collapse, that might not sit any better than Sam spending it. We talked to Travis Kling, who lost his crypto investment fund in FTX's collapse, and asked him to weigh in. If you ask me at the very beginning, do you think this is going to be one of the most expensive bankruptcies in U .S. history, I would say yes. Yes. You know, it's enormous. There's a ton of fraud, and it's magic internet money. Trying to kind of Monday morning quarterback this and say, oh, Sam would have been better off not filing for bankruptcy. That's not something that I feel very strongly about. And Solkrom's outrageous fees aren't the only reason for concern. SPF also claims Solkrom gave a clean bill of health to Alameda's trading accounts on FTX in a report with the CFTC just months before the collapse. Furthermore, in his affidavit, Dan Friedberg, who was both FTX's chief compliance officer and Alameda's general counsel until he stepped down following the crisis, says Miller only included FTX U .S. in the bankruptcy proceedings precisely because Miller knew it had the funds to pay Solkrom for its work, which backs up what SPF said about how FTX U .S. was never insolvent. So this may be a case of the fox guarding the henhouse. Solkrom denies any of this, of course. The firm's top bankruptcy lawyer, Andrew Dietrich, who told other lawyers FTX was rock solid in an email just days before the bankruptcy, said he only spoke with SPF twice. The FTX debtors also countersued Friedberg to seek damages, alleging he breached his fiduciary duties. We can't say much more beyond that because Solkrom never got back to us when we asked for a comment. But one thing is clear, what guidance Sam's lawyers gave him, and particularly what they knew about the business, will become integral to SPF's defense at trial. Even if you asked Ryan Miller before the collapse, the laws are pretty simple for any business, crypto or otherwise. Here he is explaining that concept at an MIT Bitcoin meetup in July 2022. Don't do fraud, don't lie, don't release materially incomplete statements. That then creates a basis for liability, liability from a criminal authority, be it a Department of Justice or liability in a civil context. Yet according to Caroline Allison's guilty plea, they had trouble following even those rules. In her sworn testimony, she said, quote, I agreed with Mr. Bankman, Fried and others to provide materially misleading financial statements to Alameda's lenders. Could Miller or any of SPF's lawyers, for that matter, be one of those others? Sam's other allegation that Miller contacted the DOJ to turn over documents that led to his indictment days before SPF linked, which controlled the company, makes Miller start to look even sketchier. But even if Solkrom really does have a true conflict of interest, could SPF really use their role in everything that happened to get an acquittal? Given that I'm not a lawyer, we pose that defense to Mark Litt, the prosecutor who took down Bernie Madoff. Can a lawyer be a criminal? Sure. Yeah. Can a lawyer be part of a criminal enterprise? Yes. Do they often go down? I don't know a lot of reputable lawyers who are going to bless lying to investors, lying to banks, intermingling funds, lying to auditors. If he happened to find one who knew all that was going on and blessed it, then maybe as a defense. But I tend to doubt it. You can't think of it as, well, oh, well, you know, Sullivan and Cromwell was involved or a former Sullivan and Cromwell lawyer was involved and, geez, he said he seemed to think everything was okay. That's not an advice of counsel defense that negates criminal intent. That's an excuse masquerading as an advice of counsel defense. Advice of counsel defense is very specific and narrow. You need competent counsel and they'll stipulate that any lawyer at Sullivan and Cromwell is competent in the subject area that they're being asked about. Second, every material fact has to be disclosed to them. Third, you have to seek their legal opinion on a subject. And fourth, you have to follow the advice. So if the defense can make out those elements, I would think they'd be able to present the defense and it might have a shot of winning. So Sol Cromwell might not be saints, but as we covered last time in episode one, SPF isn't exactly facing a trial over FTX's collapse. He's charged with a lot of things that led up to FTX's collapse. Arguably, what's alleged to have happened post -collapse matters more for FTX's victims. And if you ask them, the reviews are mixed on exactly what's played out thus far. If I'm going to judge Sullivan and Cromwell and John J. Wray from my purview of being someone who's seen these things in bankruptcy, I would give them a very low grade because you can say, oh, this is crypto, it's difficult, but it's not that difficult. And sometimes the devil you know is better than the one you don't. I will say that these debtors are extremely bad in my professional experience. That was Mr. Purple, a pseudonymous crypto investor who has experience following bankruptcy proceedings. For former FTX customers like him, Sam's spat with Sol Cromwell matters very little, as long as the firm can help achieve a meaningful recovery of their funds. And despite the fact that legal fees are stacking up, the bidding market for FTX customer claims is showing a growing hope they might not be stuck with pennies on the dollar. Another way to frame it is, you know, there's a claims market for FTX claims, trade claims, trade actively. There's a little niche of traditional finance that all they do is go around to different bankruptcies in all industries and they buy claims. This is this is a, you know, a subsector of of investing. And this is a huge bankruptcy. So this has been a very big liquid market. Right. And the first, you know, we're a very big creditor in this. So, you know, I'm in active conversations in this claims market. First, first bid we saw was in Thanksgiving and it was like six cents. That was the first bid. Six cents on the dollar, six cents on the dollar. And now now it's like 40 cents. And so it's gone from six to 40 cents. So then I'm like, OK, well, that feels quite good. Yeah. And OK, these guys are charging a load of money for that, but they have taken us from six cents to 40 cents. With both FTX's bankruptcy case and SPF's criminal case unfolding in real time, one may very well impact the other. We filed a Freedom of Information Act request for the CFTC to share the report. Sam says Solkrom filed to support that FTX's structure was above board. The agency denied our request, saying it's unable to share documents that, quote, could interfere with the conduct of federal agency law enforcement activities. And of course, as long as Solkrom selected John Ray is running the show at FTX, it's unexpected anything comes out to support SPF's case. FTX, too, didn't get back for comment. So unless SPF has direct evidence of lawyers being aware of FTX's shaky financials and helping for years to cover it up, it's hard to judge SPF's advice of counsel defense or the idea that he thought he was in the clear leading up to the collapse just because his lawyers said it was fine. As Litt said, that sounds more like an excuse than a defense. As a community owned Web3 media outlet, Coinage will be breaking down everything we've learned together through this series and curating still unanswered questions at Coinage .Media. I'm Zach Guzman. This was the second part of Coinage's investigative series covering SPF's defense. Stay tuned for episode three, where we'll explore another pillar. Of SPF's defense. You've been listening to the SPF Defense on the Coindesk Podcast Network. Follow the Coindesk Podcast Network to get all the Coindesk shows in one place and head over to Coindesk .com for all the Sam Bankman freed coverage. Thanks for listening.
Capstone Conversation
How Pinole Is Thinking Outside the Box for Economic Development
"I do a lot of economic development consulting, helping a number of cities, a number of business improvement districts grow, and a lot of the conversation around business attraction is, how do we help a city sort of make the permit process easier? It's still got to be there, you still got to conform to certain regulations, but I'll give you an example. Last week in the paper, Vacaville attracted a new science business, and their city manager was in the paper and said, we will have everything permanent and approved within 90 days, and we will bring in the utilities and the water and the sewer to help them start their process. Knowing that PG &E and I forget which is their sewer company, they can't move that fast as 90 days, but at least starting the conversation and getting the city's approval done. And I was like, that's why they're landing the larger life science company that's going to deploy 10 ,000 people. So I'm a big advocate for embracing new technology, embracing that change. And another thought that I had on what you said, I was talking to a community development director in a mid -sized city along 880 yesterday, and he said, there's a lot of people in their town that distrust government, but they have some entrepreneurs who have great ideas, some small business owners that could expand and could benefit. And we talked a lot about how to outreach to them. And I said, you got to go to who do they trust? They do trust somebody unless they're a hermit. It might be at their church. It might be, you know, which might be in Chinese or Vietnamese or in Spanish, as well as in English. It's getting in front of who do they trust and using them as a middle partner to provide those resources. And that's not easy for government to do, especially at a time when a lot of cities are short -staffed. I like that you're at least thinking about that in panel on both of those issues, fast -tracking permits or automating systems, as well as doing that community outreach to a diverse town. Well, we're thinking about that, we being the councils that I've served on since 2018, a bit with a bit more attention to that, given that we may come from different backgrounds, not necessarily economic development ourselves. And so we rely, at least I know that I rely on the expertise of the staff, as few of them as there may be, who are there full time to bring to us as council members the current best practices, if you will, or within the trends in economic development relative to cities our size. And not only as they exist here in the Bay Area, but throughout the country, throughout the world, you know, we're not unique necessarily. We'd like to believe in some regards we are, but we're not unique when it comes to environmental issues, psychosocial issues, political issues necessarily. And so borrowing from the good lessons learned from others and doing as best as we can, given our circumstances is one approach. And also even admitting to, and I was having this conversation with someone recently, admitting to the fact that some approaches have not worked and revisiting those and being willing to do that and to discuss the possibility of seeing something in a different light. You know, getting back to the size that we are and how we're a relatively small city with the population that covers around 19 ,000 and with population increases in the next 10 years or so, not being regarded as high. And then after that, really just on a moderate level compared to other parts of the East Bay and our neighbors, San Francisco, is that we have been pretty much built out. So the constraint then is also what available land space we have. And in my opinion, my interest is absolutely necessary to balance what gets developed, whether it's commercial or housing development, with the natural amenities that exist. And it gets back to what is quality of life. And there may be different perspectives about that, but overall, and I think since we have experienced the pandemic, we have generally gotten a greater appreciation for the importance of having available to anyone. And that means public space, not private areas, but public space where families and anyone, the bodies of babies, can access and enjoy. We're fortunate that East Bay Park District is a neighbor to us and a partner to us in maintaining those open spaces. And we can avail ourselves of those and can know their number of walking trails. And I'm pleased and so happy to know that we have a creek, a watershed, that traverses the town for about 10 miles. So it's beyond the land, the land size of Pinellas, about five miles. And that creek gives character, as well as life, to the town.
The Crypto Conversation
A highlight from DAIM - The Investment Advisor Dedicated to Crypto
"Hi everyone, Andy Pickering here, I'm your host and welcome to the Crypto Conversation, a Brave New Coin podcast where we talk to the people building the future in the Bitcoin, blockchain and cryptocurrency space. Hey team, we have a new sponsor here at the Crypto Conversation, BitGet, one of the world's leading copy trading cryptocurrency exchanges, yes indeed. What happens if you've got the funds to invest but you don't have the time to keep track of the market? You still want to make smart money moves? What do you do? Well, copy trading is a popular choice for beginner traders. You can shorten your learning curve by uncovering tips and strategies from more experienced traders. BitGet's copy trading platform has over 80 ,000 elite traders to choose from and 380 ,000 followers just like yourself who are already using the BitGet copy trading platform as a potential passive income stream. All it takes is one click, you can subscribe to an elite profitable strategist, set your limits, automate your orders and monitor their trades. I've got some links in the show notes below, one link will take you through to the BitGet sign up page, give you a VIP discount. So learn all about it for yourself, thanks to BitGet. And now it is on with the show. My guest today is Brian Courchene. Brian is the founder of the Newport Beach based DAIM. I believe it's one of the first US registered investment advisors dedicated to crypto. I will learn more about this today. Welcome to the show, Brian. Hey, thanks for having me, Andy. Glad to be here. Glad to have you here, Brian. Let's do what we do at the beginning of the show. Big, good if you could please introduce yourself, I really love to hear a little bit about your personal and professional backstory and the lead up to founding DAIM. Yeah, yeah. So we're here in the United States in California, specifically in Newport Beach. And where I come from in the background is I got my start on Wall Street, actually on the floor of the New York Stock Exchange. I got with a guy and started writing paper tickets and backing up their floor traders. And then I went on to be a trader in the pit there on the options side. So I was there for 13 months. And then from there, I worked at different broker dealers in New York City, specifically as a vol sales specialist. And that was great. And in 2014, I came across Bitcoin on my own research. October, I made an allocation to it. It was the first one. And from then on, I was kind of the go -to guy. Maybe nobody had a position on the floor, nobody had a position in the building. And I was a guy that people came to when they had questions about the space and this grew and grew and grew. And then in 2017, in the early part of the year, pre -ICO run -up, I had realized that there was a need for a properly licensed advisor and asset manager in the space. Everything that was out there was self -directed. Coinbase, for example, you go on Coinbase, it's all up to you to move your own money, decide what to buy, when and how, and people just needed a human help to this. And so what I realized was that there was also a larger allocation that people wanted to make to the space and they wanted to do it with someone that maybe had some kind of licensing that they could fall back on or recourse. And so I left the firm that I was working at in New York City and moved here to Newport Beach to start building this business to be the first of its kind licensed registered investment advisor in the United States to advise and manage assets for individuals. And so as fast track as that sounded, as simple as it was, it was a bit more of a challenge than that at the time when we were dealing with the regulators and getting the business approved, it took us into 2018 and for people who know prices, the price of Bitcoin had come off from the all -time highs in 2017. January 1st, it was $13 ,500. And then by the time we got into May, it was sub $10 ,000. And so the regulators kicked back a little bit saying they didn't want to license the first of its kind advisor in the space. That was kind of defeating because I'd spent quite a bit of money in my own Bitcoin to build this and get it going. But I didn't stop there. And I basically made a case with them saying, look, you got to approve this business. There's nothing like it out there that can actually help people. And I'm probably the most qualified thing you can get right now. I had the Series 4, which is an options principle. I had the Series 24, which is a compliance officer. I had owned Bitcoin again since 2014. I had the Series 65 and I said, people need help in this space. And we ended up getting the license. It was actually the next day after that phone call. May 31st, 2018. And since then now, yeah, we advise and manage crypto positions for individuals in the United States and corporations. Yeah, fantastic. So DAIM, of course, just stands for Digital Asset Investment Management. You say then that you are helping individuals with their crypto positions and allocations and maybe even their decision making. Just talk us through a little bit more about what that means, Brian. Who are the kind of different target markets or customer segments that your firm services? Yeah, so a typical client for us is generally a business owner in the United States, quite busy with what he's got going on, but wants to have an allocation to the space. Generally, something much larger than a few thousand bucks or 10 grand that somebody would on typical a exchange, Coinbase, Gemini, Kraken, they want to make a larger allocation, maybe something in the hundreds of thousands or even millions to the space. And so they get with us. Things look very familiar from kind of an onboarding standpoint to what their traditional investment advisor might look like. And then we have the license check where they can look us up on the SEC's website. And then we take them through a new client profile where we get to learn a little bit about and them we can then go with them about, okay, this is the allocation we think you should make. Maybe sometimes we've got to walk them back from being too big. And then this is the portfolio we want to put you in. And then from there, it leads to usually a transfer of some sorts from like a traditional investment management firm, Schwab, Fidelity, stuff like that. So we handle the transfer, the funds land, and then we put in place our model portfolio, which is our best thesis on the space. And then we manage their assets according to that. And we actually run that across all of our discretionary clients. So our clients, not only do they get an advisor and a manager sitting on top with a license, but also a portfolio that gets professionally managed, kind of like a fund. The difference is that we run a flat fee and we don't add the performance fee on top of it. And so from there, once they're onboarded and invested, they get 24 seven view access into the account. They get regular statements. If it's a taxable account here in the United States, we work on things like tax loss harvesting. Should that be needed? 10 99 beneficiaries. And then we go into the tax advantage accounts. So we can do things like IRAs, traditional IRAs, Roth IRAs, SEP IRAs, Roth 401ks. And then we even do a corporate 401k where a business can put in place a plan for their employees that gives them the ability to have up to 10 % in pure Bitcoin alongside traditional mutual funds. And this is something actually we're really excited about coming out of like a pilot program. And it's something we want to expand into market. Yeah, I mean, but to jump into their first thing, Brian, I guess, yeah, the idea of having a even a small allocation into people's 401k funds would be obviously a good thing for Bitcoin and presumably a good thing for individuals that do have Bitcoin in their 401ks if over time Bitcoin does appreciate. But do you see, is there a demand for this and you can see this growing over time? Yeah, so the 401k market is quite large. The addressable market is just massive and there's just nothing servicing really alternative investments. And that's where Bitcoin comes into being kind of like a liquid easier alternative investment instead of something like real estate or VC funds. And so when we put the plan out and we went and looked for pilots for this, we thought that it was going to come from mostly crypto native companies or tech startups. But what we found was quite different. We found that interest came from traditional businesses, law firms, construction companies. And when we put the plan in place, when you look at like who wants to participate and who elects for Bitcoin and how much, you actually see it's kind of the crowd that's over 40 and professional and people that you wouldn't think would be so technology native, but it's people that kind of understand like you got to take a little bit of risk and Bitcoin's been around for a while and why not go for that? Because it actually does improve the Sharpe ratio of these portfolios. And so, yeah, it's been surprising to us, which is actually a good thing, because eventually the people that are in the younger generations that are in tech startup or crypto events will get older. They'll have more money in their 401Ks and eventually they'll have the option when they're ready to participate in this. Yeah, very well said. So you said also, Brian, that you almost manage like kind of like a fund, which is DAIM's, I guess, crypto portfolio thesis. Right. So that's correct. I wonder how much of that you're prepared to talk about in terms of, I guess, what that portfolio fund breakdown in terms of crypto assets would look like. And it's notoriously hard, obviously, to beat Bitcoin just with a buy and hold strategy over a kind of long time zone. What's your approach to trying to, I guess, beat the market on behalf of your clients? Yeah, I can talk about this quite a bit. So on the structure side of it, it's set up as SMA here in the United States. Separately managed accounts. So all of our clients actually have their own accounts and the assets are not co -mingled, but we do manage them with an overlay. And that way we can get the trades done and rebalancing as needed. And the great thing about that is it gets back to us being liquid at any time, unlike having a lockup period with a fund. And so when we have that structure, then we move into being able to manage these assets quite easily and then offer our clients the liquidity that's needed. And then as the thesis, when I first started the business and we were running our model portfolio back in 2018, it was Bitcoin only. And we looked at the space as we want to have low turnover. We don't want to incur a lot of trading fees. We don't want to incur a lot of taxes in these accounts, but we also understand that being long crypto in itself is the best way to get multiples on your return. And then when you go to allocate away from Bitcoin and go to seek alpha, you got to see if you're going to have a strategic outperformance. And then what seems easy to say now, in the beginning of 2020, we had done our research on Ethereum and the upgrades that were to come, and we decided to make a 20 % allocation to Ethereum at that time from the book, which worked out really well for us. And it got to a point to where we've allocated away and Bitcoin shrunk to be a little less 60 % of our portfolio. And then we allow these assets to take course. We look at everything from a fundamental standpoint. When we do use technicals, it's really on just deploying and pulling out of positions. And so at the position we're at now, I should back up. Last year, we had closed out a majority of the Ethereum position into the upgrade and went into cash for a while, which helped us through a bit of the downturn last year and gave us capital to start redeploying at the beginning of this year. And so in our search for alpha, we haven't quite found what we like outside of Bitcoin and Ethereum. So we redeployed into Bitcoin, balanced the book 90 % Bitcoin, 10 % ETH. And now we're looking to make some strategic allocations away from both of those as we see us kind of being in the trough zone here, coming out of the bear market and entering a bull market. Yeah, fascinating. And it's interesting, Brian, that you say it's very difficult to find compelling crypto asset allocations outside of Bitcoin and Ethereum. And I suppose being so heavily overweight Bitcoin at the moment looking forward, I suppose that is probably due to the two big catalysts, two big narratives that are around Bitcoin at the moment. I'm talking, of course, of the fourth Bitcoin halving coming around March, April next year. And of course, the BlackRock's Spot Bitcoin application. So yeah, I'd love to understand just how you think about those two data points and perhaps their potential to make Bitcoin interesting again. Yeah. And there's something to touch on, too. What you started off with is looking at all the other investments outside of Bitcoin and Ethereum. And so I'll hop into that in the second half of this answer. But when it comes to the halving and the BlackRock ETF, the halving is an event that's always on the radar. And that has tend to seem price appreciation somewhat after the event. And this stuff has become well known. But what really changed was seeing BlackRock come into the space. And that was further affirmation to us that we are entering a bull market. And there are some very big players that think that there's going to be severe demand and drastic price increases in the space. And so that's another data set to us that says, okay, we don't want to be in cash anymore. We do need to be invested even though we cannot find something at the moment outside of Bitcoin and ETH. We at least want to participate in the market and be in Bitcoin because the narrative can change very quickly in this space. And so it comes to things like this, too. If you look at like key figureheads in the space and their price predictions, you got Arthur Hayes at $70 ,000. Guy Kiyosaki at $100 ,000. You've got Novogratz at $500 ,000. Kathy Woods is at $1 million. I think she might have revised her to like $1 .3 million, but the end of 2023. And so that narrative, micro strategy, acquiring more, there's just little things on the back end. And then you could see something drastic happening. And you got to be ready for that. In the next month, there could be some sort of approval for one of the Bitcoin ETFs. If that doesn't happen in January, there's actually talk that maybe multiple Bitcoin spot ETFs in the United States could get approved all at once. You have things that maybe Gary Gensler gets recalled. Like these events could happen. What we think is that the bad events have already happened. We went through that last year. We went with that with Luna. We had FTX and we had Celsius. The bad actors have been weeded out. And so any kind of regulatory stuff that comes in, we think won't have that drastic of an impact. We saw XRP do well in its case. And we think that the setup for new news and better news is on the horizon. And then you look at the liquidity on it. It's something that can vacuum very quickly to the upside. And then all that takes is the news agencies to just flip and go from doom and gloom to price appreciation. And it will show in Google and it will start to result in prices. So, yeah, that's our thoughts. And those are two big catalysts. I'd say more so the Bitcoin ETF over the halving at this point. Yeah, very well said. And yeah, you're exactly right. I mean, Bitcoin is, it doesn't seem like it now because Bitcoin really has been kind of trading in the range that it's in at the moment, just somewhere between $26 ,000 and $30 ,000, shall we say, for well, for months, really. And so it does feel like, you can call it what you want, the sort of extended bear market, the accumulation zone of the next bull market. But it is very... There's also, there's two known sellers in the market almost at a regular basis. The US government's still selling Bitcoin. And you have FTX that's starting to unload some of their Bitcoin. And so you're getting matched up with, you know, that's why you see this almost sideways slide, you know, and it's disconnect and lack of correlation is because you got these two just unloading and acquiring and just trimming. And then any news could just set this off. But the other thing is that it's possible that our government stops selling at the end of this year and takes a break. They could continue, but if they take a break, well, there's one less seller in the market. And then who knows, maybe what needs to be done in this tranche for FTX also completes as they're projected to. And then now you're relieving sell pressure. You get a Bitcoin approval in Q1 and this thing turns into a vacuum to the upside. Do you, I mean, I wonder what it's like, Brian, to be in your position, like perhaps for, I'm sure you have clients who came in perhaps during the bull market of 2021. And, you know, it's hard for people who experience their first crypto bear market. And, you know, as much as the velocity is intense on the upside, it's also pretty disquieting on the downside. What do you say to people who have sort of started with you in the good times, but now you've got to manage not only their assets through the bear market, but I suppose, you know, their expectations and emotions as well. Yeah, great question, Andy. And it brings me back to the second half of last year and just the many conversations we had with a lot of our clients and, you know, talking about the space and reassuring about our business partners and how well they're here and how good standing they're in and us. And when we onboard clients from the beginning five years ago, even through the bull market in 2021, we go over downside slides with them and we talk about, you know, bad scenarios. You know, hey, you know, how do you feel if this is going to be down 80%, right? And we have those conversations early on when there's no money at play and there's no emotions. And we make that plan and you tend to find that most people can handle it. There could be a few that say, you know, I want to exit and close out. But, you know, now that you have that conversation and it's kind of like out of the way, you can reflect back to, hey, this is the plan we put in place and this is what we're going to do. And for some of those, you know, we can do, if they're a brokerage account, I mentioned earlier, we can do tax loss harvesting. So that's a way to, you know, take these losses and offset it, you know, against future tax payments. And there's an advantage to that. And now when they stay in the game, they allow us to tax loss harvest and prices come back, you get to see some of these get back into the green and they just had a nice, you know, discount to what they're going to be paying in future taxes. And so we try to find things like that. Other things that we do too is, you know, for IRAs, we do stuff unique. We're able to stake in those. In our model portfolios performance, we've actually outperformed Bitcoin by about 30 % by strategically allocating away and pulling back. So that helps as well too, adding units to the account. And we look at this space and can say like, hey, you know, in a year where asset prices came off drastically, we had some cash because we sold earlier. So we're waiting to deploy that. We can tax loss harvest what was down and around. And we're keeping up regular communications with you guys. You know, we're tapping the street to get, you know, insight and affirmation that everybody's in good standing. And that's what really comes to good customer services, just trying to be in front of everybody and open for human communication. Because that's something that most of the businesses in the space really self -directed. I mean, there's no one to talk to in DeFi, right? You can't call any of the businesses. And even in the typical exchanges, it can be hard to have a human to talk to. And that's where we pride ourselves in being available for our clients alongside running the model portfolio. Fantastic. And talk to us, Brian, in terms of I guess the success of DAIM, your business. I'd love to understand any sort of metrics that you watch in terms of the growth in your user base, your clients, your assets under management. I assume things are ticking along and growing over time. Yeah, so when we started the business in 2018, we started off with zero clients. That's the way the regulators wanted to do it. No assets under management. And then a few regulatory audits in 2019, because they liked that we put crypto advisor and manager on there. So that slowed some growth. But then coming into the back half of 2020, we definitely caught a groove. We were able to develop some narrative and marketing in the confines of still Facebook and stuff, not allowing to have crypto advertising, but through our word of mouth and in our network and hand -to -hand discussions. And so we grew the business to over 200 accounts. And really when we look back and we analyze the business today and we look at the AUM and how it fluctuated and the number of clients, I think a lot of companies will see a drastic drawdown in AUM and they will also see a drastic drawdown in number of accounts. Now their accounts might still have a dollar value, but I mean, meaningful accounts, anything over 10 grand. Whereas we'll see that we've trimmed flat through the back half of 2021 and now are slowly increasing. And I think the temperature changed. It felt like right around March that individuals were open to getting back in the space, kind of that really bad hangover from November was behind them. And so I think things are going to get even more favorable for us.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1413: Bitcoin Will Rocket to $1 Billion - Fidelity
"And here's your prescription. I know just the pharmacy to get this filled. Who are you? A pharmacy benefit manager. A middleman your insurer uses to decide which medicines you can get, what you pay, and sometimes even which pharmacy you should go to. Why can't I go to a pharmacy in my neighborhood? Because I make more money when you go to a pharmacy I own. No one should stand between you and your medicine. Visit .org phrma slash middleman to learn more. Paid for by pharma. Say goodbye to your credit card rewards. Big box retailers led by Walmart and Target are pushing for a bill in Congress to take away your hard -earned cash back and travel points to line their pockets. Senate Bill 1838 would enact harmful credit card routing mandates that would end credit card rewards as we know it. If you love your credit card rewards, visit handsoffmyrewards .com and tell them to oppose credit card routing legislation paid for by the Electronic Payments Coalition.
Coin Stories with Natalie Brunell
A highlight from News Block: Shocking Lawsuit Against SBF Parents, UAW Strike, Anti-Bitcoin Senator Indicted, Housing Crisis Ahead?
"Welcome to the CoinStories news block. I'm Natalie Brunell, and in the span of just 10 minutes, roughly the same time it takes to mine a new Bitcoin block, I'll provide you with concise, insightful updates on Bitcoin and the global financial landscape so you're well informed on the week's top stories. Everything you need to know, in one place, in one block. Let's go. Let's begin this block with shocking new information coming from the FTX bankruptcy. In a court filing last week, managers of the bankrupt FTX estate sued SPF's parents, Joseph Bankman and Barbara Fried, who happen to both be renowned legal and ethics scholars and professors at Stanford Law School. The lawsuit alleges that millions of dollars were fraudulently transferred to SPF's parents from FTX Group, and lawyers want to claw those funds back. The filing describes in detail how SPF's parents were more deeply involved with FTX than many people suspected, with SPF's dad routinely calling it a, quote, family business. The filing says Bankman and Fried exploited their access and influence within the FTX enterprise to enrich themselves. It alleges SPF's dad acted as a de facto manager, hand -selecting recipients of charitable contributions, directing hundreds of millions of dollars in loans, hiring and firing employees, and overseeing key investments for FTX. In one exchange, he was upset about his $200 ,000 a year salary and told his son he needed it to be a million a year, even saying, quote, gee, son, I don't know what to say here. This is the first I heard of the 200k a year salary, putting Barbara on this. SPF's father appears to have been richly rewarded for helping to perpetuate the FTX fraud. He flew in private jets, received millions of dollars in cash and real estate, and even appeared in a Super Bowl commercial. He also used his insider status and wealth to influence his circles, including his employer, Stanford University, and various political groups. Stanford has said it will be returning millions of dollars worth of, quote, gifts it received from FTX. Among the most shocking revelations was that it appears Joseph Bankman understood that FTX was nearing insolvency and transferred funds into assets like primary residences so they would be protected in the event of bankruptcy. This included transferring a $16 .4 million luxury property in the Bahamas to himself and his wife. Now, SPF's mother, Barbara Fried, was also deeply intertwined with the FTX scheme. She was the beneficiary of cash and properties and appears to have been the mastermind behind the illegal political donations. Barbara Fried was described as SPF's primary political advisor and allegedly pressured FTX insiders to, quote, unlawfully avoid federal campaign finance law. She pushed FTX employees to use straw donors, which are people who illegally use another person's money to make a political donation in their own name. And lawyers say more than $100 million was stolen from FTX customers to make political donations, making FTX the second largest donor organization behind George Soros Fund management. Although SPF's parents have not been formally charged with anything yet, this lawsuit provides shocking evidence of their involvement in the crypto criminal enterprise. Let's turn now to Robert Menendez, the senior Democratic senator from New Jersey who has been indicted on bribery charges. According to the indictment, Bob and his wife accepted hundreds of thousands of dollars worth of bribes in cash, gold bars, mortgage payments and a Mercedes Benz convertible. What makes this particular bribery case notable in the crypto community is that Senator Menendez has been a long time outspoken critic of Bitcoin. Specifically, he has voiced concerns about corruption in Bitcoin and its use in illicit activities. In 2017, the senator wrote a letter stating that the, quote, anonymous nature of Bitcoin transactions makes it an ideal choice for criminals. Menendez was also one of the three co -sponsors of the Accountability for Cryptocurrency in El Salvador Act, which sought to, quote, mitigate risks of El Salvador's adoption of Bitcoin. When it comes to Bitcoin critics in Congress, it's really best to focus on what they do, not what they say. Senator Menendez's charges are just the latest development that supports a 2021 report from former acting director of the CIA, Michael Morrell, who found that criminal activity that takes place using Bitcoin is negligible compared to what transpires within the traditional financial system. This news only further speaks to the corruption present in our political system today and how criminals still prefer good old cash over Bitcoin for illicit activities. Now, speaking of Congress, the clock is ticking to pass yet another new funding bill to prevent a government shutdown. Congress has until October 1st to pass new funding legislation, but Republicans and Democrats are not even close to making a deal. So how could all of this impact the economy? Well, under a government shutdown, hundreds of thousands of federal employees would be sent home without pay. Also, government services like the court system, national parks and economic data reporting institutions would be suspended. According to The Wall Street Journal, government spending makes up about a quarter of U .S. GDP, so a sudden slowdown in spending can impact the economy significantly. But get this, in the event of a government shutdown, those workers won't be paid. But the Pentagon has announced that Ukraine operations would be exempt from any potential shutdown and will go forth fully funded. And that is making a lot of people very upset out there.
Evangelism On Fire
A highlight from Sydney Sundance Smith's - God Story
"Welcome to Evangelism on Fire podcast. My name is Mark Thomas, an ordained pastor, a teacher of the best selling book of all time, your host, and most importantly, your evangelism coach. Every episode, I bring you an inspiring message to help you live the most exciting life God has created you to live by actively sharing your faith in Jesus with others. I believe in the power of the gospel and the potential of all Christians to live out the mission of the great commission. I believe the best way for Christians to grow is to go. It's time for a revolution in every Christian's life around the world so that every person everywhere around the world can hear the gospel of Jesus Christ from a friend or a family member through one -on -one evangelism. I'm so thankful for our time together today. I absolutely love spending time with you, evangelism on fire nation. I believe this podcast will truly inspire you and I believe it will inspire so many people that you know. And if you're inspired and feeling moved to share this, then please message some friends, post this on social media and let people know about this episode so we can get this message out there more. I appreciate you and everyone listening right now. And a quick reminder, I encourage you to subscribe to the podcast, to rate it, to review it, to spread the word on social media and spread the message of evangelism on fire forward. Many people are looking for hope these days, especially young people. They wanna be part of something bigger. And here at evangelism on fire ministry, we have big plans to reach them in 2023. Here's where you will not find hope. You won't find hope in the culture. You won't find hope in technology. You won't find hope even in many ways in politics. Now, all of these things have their place, but true hope can only be found in God. The message that we wanna share is that God wants to give hope to the young generation and all generations, that there is hope for them through a relationship with God, through Jesus Christ. And we wanna offer this hope to as many people as possible in 2023 through our outreach ministries, which of course includes our EOF podcast ministry. I'm asking you to join us at EOF ministry and become a partner. A partner is just a friend that makes a regular commitment to us each and every month. They stand by us. That enables us to respond to the opportunities that are coming our way. In many ways, we live in a hopeless world, but through Christ, we have hope. Life without God is a hopeless end. Life with Him is an endless hope. Join us right now and become a part of our team and let's reach the world with the most important message that exists, the gospel message. Join us for the plans we have for ministry in 2023 by becoming an Evangelism on Fire ministry partner. Are you ready? Well, this is your next step. Go to today's show notes and click on the giving link to become a monthly partner by setting up a monthly donation or go to our website evangelismonfire .com. Click on the donate button to give a monthly reoccurring donation or a one -time gift. Thank you for joining us to give hope to the world. All right, welcome Evangelism on Fire nation to today's podcast episode. Man, I've got a big time treat for you guys today. We have on our podcast episode today, Sydney Sundance Smith. She's 31 years old. And let me tell you what, she's on a mission to be one of the world's top female bare knuckle fighters. And listen, she has her eye on the title. And you know what? Something that I love about Sydney is that she is a true spiritual warrior and she carries her faith and her father's memory with her everywhere she goes and into the ring. Sydney Sundance Smith, welcome to Evangelism on Fire podcast. How are you doing? I'm blessed and highly favored. Yeah, I'm doing well. I feel really good. You know, I'm in a really good place in my life, so. That's awesome. I'm so happy for you. So you know what? So my audience, Evangelism on Fire Nation, so they know more about you. I gave you a little introduction, but tell us more about who you are. Oh, wow. I feel like that's such a big question, right? Like the, what does Shrek say? Like an ogre, I have like an onion, I have ears. Yeah, I don't know, man. I'm just like a kid from the middle of nowhere. I grew up on a horse farm. All three of us, my brother and my sister and myself, we were all born at home. We were not born in a hospital. Oh, you were born at home? Not a hospital, at home. Oh, wow. And so for my sister's birth, my dad actually had to deliver her because the midwife was somewhere else. And so she didn't get there. Oh, wow. So my dad had to deliver my sister. That is wild. What was going on with the midwife? It starts wild. She was delivering another baby like across the county. Right. Wow, that's such a cool story to start this podcast off. Hey, it's interesting from starting to talking with that. You know what I'm saying? But yeah, I mean, I don't know. I just grew up out like in the middle of nowhere in a place called Middlebrook. Doesn't even have enough people to be considered a town and still considered a village to this day. When I first heard about you, I was when I was training at Mixed Martial Arts Institute here in Richmond, Virginia. And I would hear your name mentioned, you know, in my training sessions. Then I got to be good friends with Gigi, who she owned MMA Institute around the area that she lived. In Charlottesville, yeah. Yeah, for a little bit. And through Rick McCoy and Tyus Thomas and David Gladfelter, I got to know more about you because I would just hear your name around, you know, the Institute. So let's get right into it. How did you come to faith in Jesus Christ? So I actually, I grew up in it. I just kind of always believed he was there, that he was and that his son existed. And I didn't really know too much about the Holy Spirit growing up. That wasn't really something, it's not really something that Presbyterians talk about a lot, you know. And so, yeah, I mean, I had a relationship with him for, you know, most of my life, but it really didn't, it was like, you know, like the shockwave kind of hit more when I was like 16, 17. And I was really starting to go through like some really serious suicide and depression. And I got really, you know, just really into the word. And, you know, my mom bought me a study Bible on Easter, the year I turned 17. And I still have it, I still use it every day. And so that really just kind of, cause I just have this insatiable appetite just like to know things. I don't know why I just do. And so, yeah, so giving me a study Bible was a great way. And I just never looked back, you know. And that's, I mean, I've had my ups and downs, right? You know what I mean? I'm not saying, I've walked a perfect path since I was a teenager that is far from true. But, you know, it doesn't mean that I've ever stopped believing in God or loving God or talking to God. You know, I think that I just kind of have this different understanding of who he is and like what he wants to do. Like he's never gonna give up on you, you know? And I think that's something that's really important and not something that I really want to get out there is that I'm not saying go out there and do all these bad things. We shouldn't sin much so that grace can abound much. But what I'm saying is that like, grace covers a multitude of sins. That's what I'm saying. And there's no shame, no condemnation for those that are made new in Christ. And that's what I'm trying to come and talk about is there's a way, we've kind of gotten to this point as a society where if anybody starts saying like, thus sayeth the Lord, or you quote the word in a way that people know that you're quoting the word to them, they just shut down, right? And so I don't know, I just feel like God has written it on my heart in a way that, you know, I just talk about it. I'm not trying to shove it down your throat. I'm not trying to like preach at you, but I just, I feel like God is so enmeshed in everything and every single moment of every single day that I mean, his word is just one more example of that. And speaking it is very powerful and that's something I learned along the way. And so to speak it, you have to know the word. Say that again, Sydney, maybe that one more time. To speak the word, you have to know the word. So yeah, you know, write it on your heart. Yeah, to speak the word, you have to know the word, you know, and I've read some articles about you that you are in the word daily. Yeah, I love that. I love that. Every day. In my study Bible, Josephus, you know, I've got like the concordance, the Hebrew and the Greeks dictionaries. Like I really do, like, I truly go through it all, all the time. I just love it, you know. I think it's really interesting. And I think that when you study the different translations, not that anyone is better or worse than any of the others, but I think that, you know, they all have something to offer. And, you know, that goes for like the Hebrew and the Greek too, because their vocab, like, I don't know how to explain it, but their vocabulary was richer. It was like more dense than ours is. I feel like the words that they chose to communicate what was going on or how they were feeling or what God was saying were chosen for specific reasons. They did a lot of like play on words with, you know, like was it Adam and I can't remember the other one, like that that's similar to his name, but it's like Adan or whatever, you know. And like, so one means Adam and one means something that's like completely opposite and bad that he did or whatever, you know. Hey, you know what, if someone's listening right now, right, so this is mostly a Christian podcast, but a lot of those listeners out there right now, they're not reading the word daily, say like you are or I am. What encouragement would you give to them to pick up the best -selling book of all time, the Bible, right, and get in the word and, you know, taste that a little bit every day. What would you, what encouragement would you give to them? I mean, what do you have to lose, right? Like there's so many places in the Bible where it talks about how we should meditate on God's word. And that's not just sitting there and being like, oh, you know, I'm thinking about your word. But the Hebrew and the Greek actually means to like speak on the utterance, to talk to yourself about it. And honestly, you know, you shouldn't look at it as a chore. I know for a long time, you know, it's not like I've read my Bible every single day for my entire life, right? Like we all go through stages and phases and seasons, but, you know, habits are what you consistently do. So, you know, it's gonna take time to get to that point where, you know, you make it, it's just part of what you do every day. You have your coffee and you sit down and you spend time with God first thing, you know, that's kind of like what I like to do. Just pick a time that works for you. It doesn't have to be like, oh, I'm spending 45 minutes, you know, just literally anything is better than nothing, right? Like God just wants you to say, hey, you're important to me and I'm taking this time out of my day to just spend this time with you. Set yourself up to like read five verses or read a chapter a day or, you know, start with small bits. But I mean, honestly, try not to look at it as a chore. I mean, you're meeting with the creator of the universe and magnificent things happen. Ah, come on. I mean, you know, Jesus is the word, right? Yeah. So, I mean, if you shun the word, you're kind of like shunning Jesus in a way. And he came to give us life more abundantly. So how can you have abundant life if you kind of like refuse the one who's trying to give it to you? Wow, that is, that's deep. That's profound. That is so good. That's the Holy Spirit now. That's the Holy Spirit. Speaking in and through you. Just do the talking. Cause I ramble. People know that. I'll talk forever, especially when it's about God. So I was like, God, please just let the Holy Spirit. Isn't it cool when the Holy Spirit speaks in you and through you and you hear what you just say and you're like, wow, thank you, Holy Spirit. That was totally you. Yeah, that was not me. You're like, whoa, that was good. Yeah, that was fire. That was fire, straight fire. Yeah, I was praying for like tongues of fire to be dropping on people in Albuquerque and stuff. Like it would be so heavy in the arena. Like I pray for that kind of stuff. Like to me, when I walked into church on Sunday, cause I've been doing like a really in -depth study on Joshua. I actually did a pretty in -depth study on judges. And then I went back and did Joshua cause God was like, go read Joshua. And I was like, all right, cool. So that's what I did. And you know, so I walked into church on Sunday and I just, I felt God say, take your shoes off. This is Holy ground, you know? And that was what I prayed over the ring the last time I fought in May, cause they let you go out and check the ring out. And so like, I prayed in the spirit and, you know, people call that speaking in tongues. To me, I call it praying in the spirit. It's personal between me and God. But you know, and I just remember saying like, this is Holy ground. Do you know what I mean? And I like closed the whole circle of it and like, you know, I just, and I pray about it before I go, pray about like his spirit being there, you know, and the Bible says that, that God himself is enthroned on the praises of Israel. And then people want to ask me, like, why do you walk out to Christian rapper, Christian praise music? And I'm like, why wouldn't I, you know, I'm inviting, I'm inviting God to come in and like come into my situation. You know what I mean? And just, and yeah. So to me, it's, it's a lot different, you know? So much of it is spiritually based for me. I mean, even like the hashtag, watch me rise that I use, right? That actually comes from one of my favorite verses in Judges. And it's because it was a woman judge who spoke at Deborah. And you know, I'm always about like the women warriors, like the outcasts that, you know, in society it's like says to be ladylike and they're like, no, I'm going to go fight with the dudes. Like that's who I've always identified with, you know, like Mulan was my favorite Disney movie. Like, yeah. So yeah, I mean, I don't know. I lost her. So, you know what you, you mentioned a moment ago, August. So you have an upcoming fight Albuquerque, right? Just trying to trace that one back, but yeah. But you also mentioned that how you went into the ring and prayed at your last fight. Now your last fight, you beat your opponent. You landed 98 punches to her 26. And you know what I'm like that. Yeah. And you only suffered a few bruises. Tell us about that fight. You know, there was a lot of craziness going into that fight that, you know, I just kind of briefly spoke on and that's pretty much, you know, most of like that's like the gist of what I'll say about it just to like, you know, maintain a modicum of respectability, but basically my corners last minute abandoned me for no good reason. And like one of them wasted a promotion flight and all this stuff, like it was insane. And I'm like at the airport, you know, trying to figure this stuff out. My friend drove down from South Carolina with her mom and her four year old son and like to corner me. And man, it was just wild. Like so many God moments happened. You know what I mean? It was like for every curse, there are two blessings. Like that was, that came true. You know what I mean? Like that was just so evident. And it wasn't just for me. It was for so many other people around me too. Like my friend who came down, she had been, you know, kind of like, you know, a rough state, a stagnant place in her faith with God. And, you know, I guess was feeling some type of way. And when she saw like everything that had happened and how God just like made everything just boom, boom, boom, boom, she was like, look, I told my whole family, there's no way I'll ever question again, if that is real, you know? So literally it was just nothing but God. I was just having a blast. Like I had to put all that stuff out of my mind. I didn't feel any emotion. Like, you know what I mean? I felt some, but I just prayed for protection and peace and to stay on point for what we came there to do. You know, like I had, like I have people who like, I have prayer warriors who literally like that is what we do is we pray over these events. It's not just we're praying over my fight. We're praying over the event as a whole, you know, we're praying over all of the millions of live viewers, you know, that's what we're doing. And it, I mean, hey, I couldn't have, I mean, it was other than, you know, just wanting to push the pace a little bit more. I feel like, you know, it wasn't, it wasn't a bad start to be KFC, you know what I'm saying? And you know what? BKFC, now, one thing I love about you, okay? You're a different breed, okay? You have martial artists, you have your MMA fighters, but tell my audience, maybe some of them don't, they do not know what BKFC is. You're a whole different beast, okay? All right, you're a whole different human beings. So evangelism on fire nation. If you don't know what BKFC is, listen to this. Tell my audience what type of fighter you are, Sydney Sundance Smith. So I started off in MMA, but I was waiting very patiently for them to open my weight class. And when they did, we fight with no gloves, just a little bit of wrap support around your wrist. And you know, I take down some of that. You're talking bare knuckle. Bare knuckles, yeah. Bare knuckles. 100%. She said 100%. Facts, yes. I'm so like, okay, so they're coming up with this new card. It's one in Thailand. It's like the super fight or whatever. And they're letting them do, it's a special rules, bare knuckle Muay Thai. Ooh. I have been bugging the crap out of them. Like, hey, can we get a bare knuckle Muay Thai? And they're like crickets. And then this happens and I'm like, I see y 'all. I see what's happening. Y 'all keep me in mind at 1 .15, I told them, I told all of them, I've told my manager, I've told Dave Felt, I mean, you know, I've told them all. I said, if you start a bare knuckle Muay Thai, don't even ask me any questions, you just sign me up. Sign you up. Every single time you have a fight for me, don't even ask me, don't ask me no questions, just sign me up. Don't do that until the day I cannot fight for. That appeals to me. So how do you go from MMA to bare knuckle fighting? How does that transition happen? Very carefully, I guess. It's hard not to kick people and knee people. I mean, honestly, I was just waiting for them, like I said, to open my weight class. It's been around for five years now. So you're a straw weight, correct? Yeah, yes. All right. They had 1 .25 for a while and I, you know, I've been offered a couple of different, different promotional bare knuckle, you know, fights at 1 .25. But I just, you know, I had a lot of medical issues and stuff and, you know, even now healthy, I have to, I have to work to be at like 1 .32 walking around, you know, like a healthy 1 .32. So there's no way I could fight at 1 .25. Those girls cut from like an insane amount and yeah, no. I'm good at 1 .15, you know, like I can make the weight. It doesn't bother me. I make 1 .15, like my body just automatically knows like, oh, it's time to cut weight. And it just does it. Like I really, you know, I just have this really good system and as long as I stick to it, then I really don't have any problems. I cut weight and I feel so strong. It's so weird, but it's just, I've gotten it down to that, down to that point, you know. You know, one thing that I've heard about you, tell me if this is true, but I've heard that you're a fighter who likes to get hit. Oh yeah, oh yeah, yeah, yeah, yeah. Yeah, so like, you know, Donald Cerrone, you know, he kind of like a little bit of a slow starter sometimes. He's got to get hit a few times to like kind of wake him up. And then he's just like, you know, like back in the day, that's, that's kind of like me. You know what I mean? It's like, if you don't, if you're not going to exchange with me, it's kind of hard. Like, yeah, I mean, I still fight you, right? But it's not going to be the same level of fight. You know, if you're, if you want to bang with me, you're going to, like, I know people think like, maybe I'm just, you know, exaggerating or whatever, but like, you're going to get a different, a different side of me. Like you're going to bring out something in me that is like, oh, okay, you think that was hard, like my turn. You know what I mean? Like I get to hit you now, right? So I don't know. I just, I love it. I've always loved it. I fought Chelsea McCoy for my first fight, right? Like Rick McCoy's daughter, first ever MMA fight. She hit me so hard, I fought double. I'm not even kidding, right? I didn't know what to do. I had never, like, I was training out of a basement with some, you know, with a guy who had a few amateur fights under his belt. Like, it wasn't like I was Rick McCoy's daughter trained at the MMA Institute, right? I apparently even knew what the MMA Institute was. And I was just like, yeah, I'll fight her. Everybody was like, you're really going to fight her? And I was like, yeah. And then like, I didn't get knocked out or submitted or anything, right? Like we had a good fight, but yeah, she made me see double and I was just kind of like, you know, it was in that moment where it was, it was kind of like, you're either going to do this and you're going to love it. Like, that's going to, that's going to do it for you. You know what I mean? Yeah. Or you're done. You know what I mean? This is not for you. Yeah. And I was just like, I shook my head and I was like, well, then I was like, just pick one, you know? So it kind of solidified that. And you know, so it's not the last time I've seen double in a fight.
The Breakdown
A highlight from ByBit Vacates United Kingdom as "Crypto Hub" Dreams Falter
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Monday, September 25th, and today we are updating ourselves on the geopolitical landscape of crypto. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Hope you had a great weekend. There are lots of interesting things to catch up on. And today, a slight theme in some of these stories is where different countries are positioning themselves vis -a -vis crypto. Now, the UK has had an interesting relationship with the industry. They were for a time very harsh. The Financial Conduct Authority in the UK has never seemingly been that into the whole space. But then when Rishi Sunak became chancellor of the exchequer, he declared that the UK would be open for crypto business. He wanted to make the UK the most crypto friendly jurisdiction in the world. Well, of course, over the next few months, through a variety of weird ups and downs, Rishi eventually ended up the prime minister. And of course, it might be reasonable then to ask, is the UK getting friendlier for crypto companies? Well, on that front, Bybit have announced that they will suspend service to UK customers next week in response to regulatory changes. The UK's Financial Conduct Authority, or FCA, will begin enforcement of new marketing regulations starting on October 8. The regulations require crypto firms to ensure advertising is clear, fair, and not misleading, as well as presented alongside a risk warning. Advertisements are required to be certified by firms, but this process requires crypto firms to be registered in the UK. So far, UK licenses have been difficult to obtain for non -domestic exchanges. The rules also require a number of technical changes to exchange business operations around new customers. For example, exchanges need to implement a 24 -hour cooling -off period before a new customer is allowed to make transactions. They are also required to put in place client appropriateness testing and client categorization features. These measures could involve limiting the size, for example, of crypto investments based on the customer's net worth. Now, penalties for non -compliance in these new rules are harsh, with unlimited fines and even criminal charges available as punishments. As you might imagine, the crypto industry has been highly critical of these elements, especially those that require technical changes to platforms. In response to those critiques, the FCA said that they would provide a transition period for firms that request it, potentially giving exchanges until January to come into compliance. Last week, however, the regulators said that they are alarmed at the lack of engagement with foreign firms. Only 24 firms have responded to a survey sent to over 150 companies. In response, the FCA wrote, "...this lack of engagement gives us serious concerns about unregistered firms' readiness to comply with the new regime." Now, in their announcement that UK services would be suspended, Bybit claimed their "...primary objective is to operate our business in compliance with all relevant rules and regulations in the UK." Bybit said that they were making "...a choice to embrace the regulation proactively and pause our services in this market." They said that the "...suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future." Practically, this means that from Sunday, Bybit will no longer be accepting new accounts from UK users. Existing users would be barred from making new deposits or increasing existing positions from October 8th. They will have until January to manage and wind down their existing positions. Bybit, as you might imagine, is not currently registered in the UK and is based in Dubai. Importantly, Bybit is not the only firm suspending service to UK customers in light of the new regulations. Last month, PayPal announced that it would temporarily pause crypto services in the country until next year. On top of that, crypto exchange LUNO said that it would be restricting some customer accounts from being able to invest on the platform until further notice. Bybit CEO Ben Zhao had flagged the firm's exit earlier in September warning of how overly broad the regulations are. He said, "...FCA has explicitly contacted all the major players — us, OKEx, Binance, everyone — and asked what our plan is to deal with this new law. And the new law is that if you use English as a language, they will see you as trying to solicit their users, so you cannot claim that you are in reverse solicitation. Everyone is in trouble. So everyone is thinking of plans of how to deal with this new law." George Morris, a partner at Simmons & Simmons, explained that the marketing regulations had been enforced for securities firms for decades but were now being expanded to cover the crypto industry. He said, "...the rules are extremely complicated and they're quite wide -ranging. It's not just UK firms that are subject to these rules. Anyone with a website that can be accessed in the UK is subject to these requirements." So there are a lot of different elements of this. One challenge is, yes, these advertising standards. But the bigger issue is this whole need to evaluate client suitability and potentially restrict investments. Practically, that either means a ton of financial disclosures from customers that they would have to manage and verify, or there's simply some self -attestation checkbox, which might not be that effective. Basically, with a set of marketing regulations, the FCA have figured out how to limit small retail's ability to buy crypto in the country. Now, one thing that is notable is that we haven't heard anything from the really big international exchanges yet in terms of how they're dealing with this. But in any case, it seems like a big detriment for UK crypto. As Leon TK put it, so much for the UK being a crypto hub, failing already. Now, speaking of places where there is more optimism, last week was, of course, the token 2049 conference in Singapore. And that led to a lot of different discussion around how different the Asian environment for crypto felt as compared to the US and European environments. Indeed, while Western jurisdictions seem to be bogged down with regulations that are unclear at best or hostile at worst, the vibes in Asia are reportedly immaculate. Major conferences around Asia during September saw an uptick in attendance, and regulatory regimes across South Korea, Singapore, Hong Kong and Japan appear to be giving the crypto industry a clear set of workable rules to allow firms to re -establish themselves coming out of crypto winter. The block's Frank Shapiro spoke with some conference attendees and reported on an optimism emerging in the East. One conference attendee said that South Korean retail is flocking back to crypto. They argued that young investors in particular view real estate and equities as massively overvalued and out of reach, so are instead opting to buy cryptocurrency. They said they don't buy houses, but they can buy tokens every week. There is a huge market. Another attendee spoke about the difficulty of accessing the Korean market due to South Korea's notoriously tough corporate climate for international firms. They said the liquidity is insane, but it is siloed and protectionist. You have to speak Korean. On that front, crypto custodian BitGo recently partnered with domestic juggernaut Hana Bank due to the difficulty in accessing the market without a local connection. What's more, one anonymous trading firm said they had been waiting five years to operate as a liquidity provider on domestic exchanges in South Korea. They said when they open up, we can be first in line. It's a great retail market. To get a sense of scale, the largest Korean exchange, Upbit, regularly outperforms Coinbase in terms of spot trading volumes. Then there is of course Hong Kong. Their new regulatory regime is off to a tough start in some ways with fraud investigations into crypto exchange JPX becoming public earlier this month. The most recent update is that there have been 11 suspects brought in for questioning and losses have been estimated at 178 million across 2 ,265 victims. Local police have said that the ringleaders of the operation are still at large and have enlisted the help of Interpol. Some are referring to JPX as the largest financial fraud to ever hit the city. Yet despite the major investigation, there are currently no signs that Hong Kong regulators are seeking to reverse course on unexpectedly open crypto regulations. Indeed, on Monday, the Hong Kong Securities and Futures Commission said that it would be releasing the full list of current applicants to ensure that users are able to identify false claims from exchanges. The theme appears to be the same across multiple Asian jurisdictions. Basically, that individual incidents of fraud and malpractice haven't tarnished enthusiasm for the industry as a whole. Another conference attendee told Chiparo, This Asia trip blew my mind. The excitement in Korea and Singapore is the polar opposite of what's going on in the U .S. Alex Vannevik of Nansen wrote, Vannek portfolio manager Pranav Kannadi added some color around how local investors are thinking about the space as well. On September 14, Pranav tweeted, Conversations were mostly positive and a key question was, We're in a crypto winter right now, but when should we expect the next bull run? Not a single convo mentioned the merits of the tech or whether the space survives, feeling optimistic. Now, hopping from Asia over to Europe again for a moment. According to a report from Fortune, Coinbase considered acquiring FTX's European business in the wake of FTX's November bankruptcy. Apparently talks never progressed to a late stage, but the preliminary interest highlights how important international expansion is to Coinbase, particularly regarding its derivatives products. Before the bankruptcy, FTX Europe was the only European firm registered to provide perpetual futures trading. And while derivatives trading remains heavily restricted in the U .S., both Coinbase and Gemini have launched offshore trading venues this year to provide derivatives markets to international customers with a keen eye on Asian regions. For Coinbase, the pivot to derivatives could provide a much needed boost to flagging spot volumes. According to Kiko Research, derivatives volumes in Quarter 2 of this year were six times large than spot. Now, the entity that became FTX Europe was originally acquired in late 2021 for 376 million. The firm was already licensed in Cyprus at the time, which allowed it to access European markets. Since the bankruptcy, the entity, along with its valuable license, have attracted interest from Crypto .com and Trek Labs as well. According to documents viewed by Fortune, Coinbase expressed interest immediately after the FTX bankruptcy and again as recently as last month. That said, FTX Europe has also been in the crosshairs of the U .S.-based FTX bankruptcy team for clawbacks. The estate launched a lawsuit against FTX Europe executives claiming that the original acquisition was a horrendous business decision, arguing that FTX effectively paid 376 million for a $2 million operating license, and on top of this, the sale of FTX Europe seems like a difficult task with active litigation surrounding the firm. In July, the U .S.-based FTX estate said, The FTX debtors' professional advisors have concluded that there is no realistic possibility of a sale. However, last Thursday, they said, The FTX debtors are committed to maximizing the value of FTX's assets to drive customer recoveries. As such, the FTX debtors are continuing to evaluate whether there are viable options for the sale of some or all of the assets of the FTX Europe business. Now one small aside on Coinbase. Arkham Intelligence claimed to have mapped Coinbase's bitcoin wallets and according to Arkham, Coinbase holds almost 1 million bitcoin worth around $25 billion at current market prices. This would amount to almost 5 % of the bitcoin in circulation, similar to the amount held in wallets believed to be owned by Satoshi Nakamoto. Arkham's report showed that Coinbase's largest cold wallet holds around 10 ,000 bitcoin, and the firm believes that Coinbase has additional bitcoin holdings which are not yet labeled and could not be identified. According to data published by CoinGecko, Coinbase only owns around $200 million worth of this gigantic bitcoin stash, with the rest attributable to client custody. However, staying on the Europe question and how valuable this Cyprus license actually is, with Europe's MICA regulations coming into force from June of next year, some firms are beginning to warn that a clear lack of guidance could lead to disruption. The MICA rules were intended to provide a comprehensive framework, but there are still numerous grey areas. One of the major problems surrounds stablecoins. There is currently no guidance on how MICA stablecoin regulations will apply to foreign and decentralized issuers. The default scenario seems to be a ban in Europe unless these issuers can obtain the appropriate licensing, with no arrangement to recognize approvals in other jurisdictions. The European Banking Authority has warned that there will be no grace period for coins already on the market. The EBA and its sister agency, the European Securities and Markets Authority, ESMA, are currently taking public consultation on how the MICA regulations should be implemented. Relatedly last week, the head of legal at Binance France said during a public hearing hosted by the EBA, we are heading towards a delisting of all stablecoins in Europe on June 30th. This could have a significant impact on the market in Europe compared to the rest of the world. Now, Binance CEO CZ quickly walked back the comments claiming, it was a question taken out of context. In fact, we have a couple of partners launching Euro and other stablecoins in fully compliant manners of course. A blog post from Binance explained further, stating that they would be required to delist stablecoins that fail to gain registration in Europe and that no licenses have been granted to stablecoin issuers currently. Binance wrote, While we are confident that there will be constructive solutions in place before the mid -2024 deadline, if left as is, this could have an impact on the European crypto market and the competitiveness of European crypto exchanges in the global market. Now the requirement that stablecoin issuers are EU -based could cause further problems for decentralized organizations. Thomas Vogel, a partner at law firm Latham & Watkins said, So, this is sort of the challenge with MICA. As comprehensive as the regulations are written, how they get implemented is still fairly up in the air. There was commentary around the time that MICA was being voted upon that it could either be a big step in giving the crypto industry a clear set of rules to function, or work as a de facto crypto ban depending on how it was implemented and whether enough licenses were granted. Now, with a little over nine months until MICA comes into force, there is still time to ensure that rules are workable for existing firms, but it appears that there is a lot of work left to do in that regard. Anyways, it's definitely a story to keep an eye on, as something that was seen as largely positive could become quite bad quite quickly. However, friends, that is where we're going to wrap for today. Lots going on in this fascinating world of crypto. Wherever you are enjoying it from, I appreciate you listening. And until next time, be safe and take care of each other.
Cloud Security Podcast by Google
A highlight from EP140 System Hardening at Google Scale: New Challenges, New Solutions
"Hi there, welcome to Cloud Security Podcast by Google. Thanks for joining us today. Your hosts here are myself, Timothy Peacock, the Senior Product Manager for Threat Detection here at Google Cloud, and Anton Chevakin, a reformed analyst and senior staff in Google Cloud's Office of the CISO. You can find and subscribe to this podcast wherever you get your podcasts, as well as at our website cloud .google .com slash podcasts. If you enjoy our content and want it delivered to you piping hot every Monday, please do hit that subscribe button. You can follow the show, argue with us and the rest of the Cloud Security Podcast listeners on LinkedIn. Anton, we are talking about what I think is one of the greatest investments teams can make today, which is preventing issues in the first place. Talk about hardening, which is great. Yes, but it's also, some people would say that this is a take from 2002 and now everybody needs a system that has AI and like big data and scale and good UX and not hardening. And to me, this is a fight that would go on because I feel like you're right, yet this take has become unpopular over the years. And this is, I'm not, what do we do with it? Well, I mean, I've never been afraid of being unpopular. If I was afraid of that, I wouldn't get out of bed in the morning. I think what's interesting here maybe about our guest is he's been doing it for a very long time at Google scale and his metric, his first metric he cited for whether he knows his team is doing a good job or not, I bet our listeners will not guess what it is. And so with that tease of something that doesn't come until 15 minutes into the episode, let's turn things over to today's guest. I'm delighted to introduce today's guest. Today we are joined by Andrew Huang, senior security engineering manager at Google. Andrew, I'm really excited about talking about hardening today because I spend so much time doing threat detection. It's like I'm where hardening has fallen short and I really think most orgs are probably better served by hardening than trying to catch the bad guys after they're already in. So maybe I want to start with a bit of a step backwards in time and ask, you know, when we think about hardening systems at scale today, hardening cloud systems at scale, what's different and what should people who are leading programs hardening clouds keep in mind that's different today than what they know for say the past 20 years? Yeah, great. Thank you. So if we go back 20 years ago, the early 2000s, that was really the rise of the computer worms. You know, we saw first email worms. We had I love you, Melissa virus. Then we saw sort of direct machine to machine worms, Code Red, Nimda, and then we were really hit by SQL slammer and blaster and so on. But these worms had in common is that they were definitely operationally disruptive. They were occasionally mildly destructive, but they were not anywhere near sort of the capacity or the abilities of the viruses we see today. But what they really did was raise the awareness that, hey, we need to invest in basic hardening or our systems are going to get taken down time and again. We have to have good perimeter controls and protection. We have to invest in vulnerability management and patching. We have to do isolation between different workloads so that we don't see lateral movements. So this was really the starting point of sort of hardening industry. We invested in firewalls. We invested in intrusion detection systems, patch management, as I said, and that was really good groundwork. It was effective against these types of sort of broad worms and the things that we were seeing at the time. But year over year, there's been a steady increase in the sophistication of the attacks we have to defend against. And there's been an increase in the impact of those attacks as the attackers have gotten deeper access to our systems and the data that is really important to our businesses and all of the people who depend on us. And so we have to take that into account and continue to modernize our approach to security. Today the threat landscape is complex and the role of the security defender is critical for businesses of all sizes. At the same time, the amount of technology choice we have is ever expanding, and this is creating a number of new attack surfaces that we all have to understand and stay on top of. Cloud, of course, has brought a whole new dimension to this in terms of our understanding of identity and perimeter and the key areas that those are integrated into our business. So one of the ways that I think we all need to stay ahead is we really need to hold to our software vendors, our platform providers, and others, and across our technology supply chain to take a shared fate model with us, where we're really working together to build systems that are securable, but also secure, secure by default, secure in operation. And so that's sort of one of the key takeaways that I'd have is as a community of defenders, we need to work together to make our systems secure. What you just said, shared fate. That's clearly super different, right? There wasn't even cloud 20 years ago, really. So how does maybe, aside from the shared fate and the fact that there's this different relationship between say a cloud vendor versus a I sold you some servers and now you put them in your own rack, how does that change the picture for hardening as well? It starts from let's make sure that we're not having products that come out of the box and have default ways that an attacker could get into them, like having hardened systems that we rely on, whether that is from a software vendor or from a cloud provider is really key. The next is making sure that we are training our people on how to use the systems in a way that is secure. So when we have examples from vendors or examples from partners, that those examples take the security best practices into account and aren't asking people to do things that are short, that are a little easier, but take shortcuts that leave them vulnerable. And then last is where we have a shared platform investing in the security of that platform so it keeps all customers safe. And we don't have to, like there's never going to be as many security engineers as the industry needs that we need to really scale out our approach to security. I think the scale out part is I wanted to kind of drill into a little bit because I vaguely recall the time when kind of the previous era of people being obsessed about hardening of course, when there was a question about sure, you can give me a bunch of config advice and a bunch of things and I can apply it to a server. But once I have to apply them to 5000 servers, suddenly a lot of things change. Nowadays we're not talking about 5000 servers, we may be talking about the millions or if you talk about cloud instances, probably even larger numbers. So what is the magic in scaling the hardening? Because ultimately I still have this possibly misguided view that hardening is easy, scaling it is hard.
Accelerate Your Business Growth
A highlight from Making Cyber Security a Superpower
"HR issues can kill you. One complaint against your company can turn your world upside down. And you spend way too much time dealing with HR when you should be spending your time on making a profit. You should talk to Bambi. With Bambi, you get access to your own dedicated US -based HR manager starting at just $99 per month. They get to know you and your business while providing HR expertise and the personal touch you need and want. They're available by phone, email, and real -time chat, so onboarding and terminations run smoothly. Team members reach peak performance, and your business stays compliant with changing HR regulations. And with Bambi's HR Autopilot, you'll automate important HR practices like setting policies, training, and feedback. HR managers can easily cost $80 ,000 a year, but Bambi starts at $99 per month. Schedule your free conversation today to see how much Bambi can take off your plate. Go to Bambi .com right now and type in accelerate under podcast when you sign up. It'll really help the show. Spelled Bambie .com. Bambie .com. Type in accelerate.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1411: Bitcoin Will Hit $1,000,000 By This Date - Max Keiser
"Say goodbye to your credit card rewards. Big -box retailers led by Walmart and Target are pushing for a bill in Congress to take away your hard -earned cash back and travel points to line their pockets. Senate Bill 1838 would enact harmful credit card routing mandates that would end credit card rewards as we know it. If you love your credit card rewards, visit HandsOffMyRewards .com and tell them to oppose credit card routing legislation paid for by the Electronic Payments Coalition. And here's your prescription. I know just the pharmacy to get this filled. Who are you? A pharmacy benefit manager. A middleman your insurer uses to decide which medicines you can get, what you pay, and sometimes even which pharmacy you should go to. Why can't I go to a pharmacy in my neighborhood? Because I make more money when you go to a pharmacy I own. No one should stand between you and your medicine. Visit PHRMA .org slash middleman to learn more. Paid for by pharma. Welcome to the entire crypto fam. This is the number one daily Bitcoin pod. In today's show, Bitcoin price tracks $26 ,500 as Bitcoin speculator supply hits a 12 -year low. Also breaking news, Coinbase secures an AML registration from the Bank of Spain as well as analyst Willy Woo says this enemy of Bitcoin is rearing its ugly head. Once again, we'll also be discussing a classic Bitcoin indicator suggesting a 2024 bull run, says trader who called May 2021 collapse, Dave the Wave. Also, Max Kaiser slams crypto influencer Ben Armstrong, formerly known as BitBoy Crypto, after he raises $80 ,000 in donations to fund his legal campaign. Max says get off the ish coin crack pipe as soon as you can. Max also says that XRP and ETH are both centralized ish. This is why they are both verboten in El Salvador, which virtually means forbidden. I'll also be sharing with you Max Kaiser's one million dollar Bitcoin price prediction as he says Bitcoin will be gold by a factor of 100 X as the altcoins will get shut down and go to zero. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show.
The Breakdown
A highlight from How the Crypto Investing Landscape Has Changed
"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 24. 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. Welcome back to Long Read Sunday. Today we are getting into a topic that relates to maybe one of the biggest themes that we're watching right now, which is capital fun flows and the institutional engagement with the cryptosphere. Now, our piece today comes from Jeff Dorman, the CIO of ARCA, who has some really interesting insights to share about the time that he has been running his fund. The piece is called What I Learned Managing a Crypto Fund for Five Years. And because I am recording my sixth podcast of the day, I am going to enlist a little help from AI me, but I will be back as regular old NLW with some wrap up thoughts at the end. I've been running a crypto fund for one thousand eight hundred and twenty five days. ARCA just achieved a major milestone, reaching a five year track record of managing outside capital in our liquid hedge fund. Five years in any other industry may not seem like a long time frame, but in crypto, we often joke that one crypto year is equivalent to five normal years. And with twenty four seven trading hours, it's not untrue. During these past five years, I have seen many of our peers come and go, leaving a bit of survivorship bias as it pertains to crypto asset management. As chief investment officer overseeing this fund, as well as three others under the ARCA umbrellas, I experienced firsthand the evolution of this industry through good times, bad times and constant innovation. The five year anniversary provided a natural timestamp to reflect upon what I learned about managing money and about the industry. Here are five of the most important takeaways from managing a crypto portfolio for the last five years. In short, investing in these markets is very challenging. One tweak assumptions and risk models. This perhaps goes without saying to any person who has invested in this market, but this is not an easy asset class to invest in. For starters, the frequent booms and busts creates a false sense of liquidity and an often accurate depiction of expected beta and returns. All risk models, expected loss provisions and sizing parameters are based on historical data and correlations, which change incredibly quickly. There is a reason why most funds in this space are early stage venture funds, where many of these real time market related issues are not relevant. For those like ourselves who manage liquid funds, it is a constant game of tweaking assumptions and risk models to interpretation over speed. Contrary to popular belief, just because crypto markets trade 24 seven globally does not necessitate 24 seven trading coverage. Overtrading every tick is costly in any asset class, and the additional hours of crypto trading often try to lure you into more activity. But the reality is that the fragmented global investing landscape actually gives you more time to react to news and information. While there will always be bots and algorithms that react immediately to news, much like after hours equities trading post earnings, these initial knee jerk reactions are often wrong. And since one third of the world is sleeping at any given time, it often takes days for the true market reaction to play out. A correct interpretation of information is much more important than the speed with which you react. Three, careful documentation is crucial. On the flip side, the 24 seven workday does lead to difficulties not seen in traditional markets. In TradFi, even your worst day week eventually comes to an end, giving you ample time to reset and think through decisions while markets are closed without price gyrations clouding or influencing your thought process. In crypto, these natural resets often don't exist. Take the events of Terra Luna, for example. The entire unwind of a 30 billion dollar ecosystem happened within three days, with continuous trading and new information flow over the 72 hour period. We made decisions during this stretch that in retrospect would not have been made with more of a grace period. And we have since learned how to better implement risk management during a future period like this. In hospitals, mistakes don't often occur because doctors are overworked or tired, but rather because of improper handoffs to the next doctor who lacks that full set of information because the previous doctor failed to document fully. Crypto asset management requires similar knowledge, handoffs and documentation for balance between short and long. In debt and equity markets, quiet periods of time, summer holidays often lead to slow grinds higher in price. It is expensive to stay short and dividends and coupons continue to accumulate, adding more buy interest to the market. The opposite is true in digital assets, since the majority of crypto projects accrue value through network activity, slower periods of time tend to slow momentum of an asset. And since most assets have no distribution of cash flows, the cost to short is minimal. As such, negative price action tends to be more prevalent when markets are slow, leading to difficult decisions with regard to hedging and long exposure. As a result, active management continues to trump passive indexes. Rules based passive index strategies simply cannot keep pace with the innovation and changes to these markets. Similarly, these indexes can't take advantage of the volatility, which creates quite a bit of alpha. Over time, this will likely change as the market matures, but we're not there yet. Building a good team is fundamental for success and incredibly challenging. I've worked for seven different financial firms over the past 25 years. I've seen thousands of resumes and have interviewed hundreds of people. I've worked personally in just about every financial department, banking, trading, research, sales, business development. If a TradFi Wall Street firm asked me for a candidate, I could find them one pretty easily that best fits their needs. Five, hire people passionate about the industry. But what are the best attributes and qualifications for a research analyst in crypto? What makes the best trade ops person? Who is best suited to handle investor relations? These are still not easy questions to answer in crypto. During the first few years of our fund, we took what we could get, which is to say, whoever wanted a job. The pay sucked, the hours were long, and the future was very uncertain. Anyone who wanted a job in this industry in 2018 shared a true passion for blockchain success and was willing to learn any part of the job necessary to succeed. Most people who joined this industry pre -2020 are still working in this industry, and their job responsibilities evolve in real time. But in 2021, I could have handpicked any person I wanted from every major bank, brokerage, and hedge fund, who all had zero crypto experience but saw big money ahead. The resumes were pouring in. Many of these employees didn't work out. In 2023, we're back to the passionate souls who will do anything to work in this industry. Six, everyone wears multiple hats. This is a very hands -on business where research analysts have to test functionality of applications, challenge status quo financial modeling, and network live with other industry veterans at conferences. Traders have to navigate back and forth from US macro to Asian currency markets to crypto -specific on -chain wallet movements depending on the current correlation du jour. Back office employees have to test new service providers every three weeks to keep up with changing regulation, best practices, and LP demands while navigating constant bankruptcies, closures, and hack attempts. The common denominator seems to be a real willingness to test new theses. If you give 10 equity analysts the same inputs, they will give you largely the same answer and will present the same homogenous modeling techniques to arrive at this answer. If you give 10 crypto analysts and traders the same inputs, they will most likely give you 10 different answers using entirely different analyses. That's refreshing and often leads to outsized alpha, but also creates challenges when it comes to creating a repeatable formula for success. Seven, trade ops is the most important department. When I worked at credit and equity funds, the back office was overlooked. They were usually young kids eager to move into a real trading role as soon as they could. The job was basic blocking and tackling. Make sure trades settled, make sure your brokerage statement was accurate, and make sure the fund admins did their job. Compliance teams were there simply because they had to be. We all knew the rules, we obeyed them, and if there was any doubt, we checked with compliance but knew the answer would be, don't do it. We should be so lucky in crypto. Trade operations is the single most important job in crypto. You have to touch the assets every single day and a single mistake could cost the firm millions of dollars. As a result, not only do these need to be the most trustworthy people in the firm, but they need to build redundancies that can still operate even if they themselves vanish. Getting into a trade ops role is more glamorous than getting out of trade ops, and those who build their careers in this subset of the fund business end up learning the most about blockchain. Similarly, compliance is not an afterthought in crypto. Unlike in TradFi, it cannot be assumed that your employees know the rules, as most come from completely different backgrounds than Wall Street. Constant education and monitoring is a must. Further, a compliance officer can't just read the rules and assume compliance since there are few clear rules to follow, despite Gary Gensler telling us otherwise. To do your best as both a fiduciary and a law -abiding company is a Herculean effort. 8. The sell side is getting better. In traditional finance, the sell side offers a pretty valuable role. They underwrite new transactions, create novel financing ideas, advise companies on how best to participate in the capital markets, facilitate trading in existing securities, write research on new and existing securities, and pass along market color between participants. Both full -service investment banks and niche broker -dealers exist, but regardless of whether you use a one -stop shop or piecemeal the services with multiple firms, the services themselves are all covered. While the sell side is getting better in crypto, it is still incredibly fragmented and many of these services still do not exist. As a result, fund managers are often on an island, forced to manufacture its own deals, structure its own financings, and do its own research from scratch. Written research from OTC trading shops has greatly increased in volume and improved in quality, providing a necessary channel check on the state of the markets. But the trading itself continues to be very exchange -based, black box, and therefore lacks natural axes between investors. Trading color about flows and activity has improved, but there are fewer market participants to glean information from. There is still no full -service investment bank, and in fact, true investment banking services for underwriting and advisory of token launches is probably the biggest white space going forward. I'm constantly shocked at how few well -known Wall Street capital markets tools are utilized within crypto. Most token launches are doomed from the start. From low float, high fully diluted valuation, FDV token launches, to direct listings at insane prices, to poorly written tokenomics, token issuers, who are often developers and lack financial knowledge, continue to have to come to market without the assistance of those who know how to do this best, which subsequently leads to worse investment opportunities for asset managers. Some service providers are getting a lot better, like Custody Solutions, OTC Trading, and Options Liquidity. Still, others are getting worse, like fund admins and auditors, who in the wake of FTX are pulling back from these offerings. On the tech and research side, it's amazing that Bloomberg's crypto services continue to be irrelevant. The coverage list, their index, and all functionality is still from 2017 and does not take into account how much this industry has grown and evolved. Fortunately, newcomers like Nansen, Masari, Glassnode, Dune Analytics, Telegram, and others have innovated fast enough to take this corner, and we are grateful for these companies. It is entirely possible to run a crypto fund in 2023 without ever logging into a Bloomberg terminal. Overall, fund management is still challenged by the lack of sell -side tools. As the sell -side improves, so will the number and breadth of funds. 9. The investor base is getting smarter. When we began our fund five years ago, we knew the educational journey for prospective LPs would be slow. We were learning constantly as we invested and doing our best to educate interested investors in real time, but it was not practical to expect anyone who wasn't focused full -time on this industry to keep pace. Questions from prospective LPs tended to focus more on how we invest versus what we invest in, and there was definitely a bit of a leap of faith by investors. Fast forward to today and the script has completely flipped. LPs are getting much smarter about the asset class and the investment universe, thereby asking better questions. In some cases, the LPs now know more than we do as they are exposed to different areas of the industry that may not be in our everyday focus. That said, the amount of bad information that continues to flow effortlessly through the media and influencer accounts continues to reach LPs as well, often surprising us in regard to certain topics of interest that we deem irrelevant, but our investors believe are topical. As investors start to become more digital asset savvy, they want far more control over investments and specificity has increased. Asset managers in this space have launched highly specialized funds based on investor demand, including DeFi focused funds, NFT funds, etc. Many asset managers, including ARCA, have started creating funds of one inch that allow for more specificity, but provide the professional team to manage the investments. In 2018, if you asked us, we would recommend going with a professional investor, but as information is more readily available and UI UX of projects get better, we encourage retail investors to research and invest. However, to generate alpha where information asymmetry exists, it's still valuable to have professional fund managers who can take advantage of the 24 -7 news cycle, market volatility, and a murky regulatory environment. Overall, running a fund in this new and innovative space has been incredibly rewarding and we look forward to the next five years. Fund managers will continue to straddle the line between becoming more TradFi -like and adopting best practices of Wall Street, versus finding ways to take advantage of crypto -only opportunities, yield farming, airdrops, testing new applications. The most important factor for success in the digital asset space is faith in the future. We have to believe we are at the frontier of building a new financial system that has the capacity to transform society. While we fully expect bumps in the road and pushback from incumbents benefiting from the status quo, we know that as long as we continue to move forward, fight for the necessary changes, and adapt as needed, this industry will succeed. Okay guys, back to regular old non -AI NLW. The thing that stands out to me after reading that article, as trite and as cliche as it sounds, is just the how early we are theme once again. Every cycle it feels like we see it as the mass flow of new institutions into the space and to some extent it's true. We obviously got a lot more market participants from the traditional sector last time around than we had before. It feels, however, now that we're inching ever closer to a period in which those traditional actors aren't just tourists, but are long -term participants in the space. Certainly right now you have an interesting jockeying for position where the Blackrocks and Fidelities and Franklin Templeton's of the world are laying the foundation for what seems like a much more proactive end -to -end from the beginning of the cycle on through whatever happens after kind of approach. I've said before and I'll say it again that I think Blackrock's ETF application will mark a significant pivot inflection point of this cycle when we look back at it historically. I think we will see it as a firewall that stopped whatever further slide might have happened and reinforced for market participants that crypto, despite being as down as it was in every sense of the word, was going to come back. And so I think about Jeff's next five years running a fund and how different they'll look. The different participants that will make up the market. The different ways in which people will engage. It's pretty hard to imagine from where we are, but it's certainly interesting to think about. Anyways friends, that is going to do it for today's Long Read. I hope you are having a wonderful fall weekend wherever you are. Until next time, be safe and take care of each other.
Manager Tools
"manager" Discussed on Manager Tools
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You could say. <Speech_Female> Eric <Speech_Female> others pay attention <Speech_Male> to you. <Speech_Male> You're not getting vaccinated. <Speech_Female> Could cause <Speech_Female> others to choose <Speech_Male> to do the same. <Speech_Male> How are you going to feel <Speech_Female> if others lose <Speech_Male> their jobs here because <Silence> you didn't get vaccinated. <Speech_Female> <SpeakerChange> <Speech_Female> Ouch or <Speech_Female> your analytical <Silence> genus. It makes <Speech_Female> this. The analysis <Speech_Female> here is simple. <Speech_Female> It's a requirement of <Speech_Female> the job. Just like having <Speech_Female> a passport or being able <Speech_Female> to run projects. <Speech_Female> It feels more <Speech_Female> personal shirley <Speech_Female> and we don't <Speech_Female> have the luxury of everyone <Speech_Female> getting to make their own choices <Speech_Female> and then having <Speech_Female> <Advertisement> a massive outbreak that <Speech_Female> <Advertisement> threatens the entire company's <Speech_Female> <Advertisement> health because <Silence> <Advertisement> we're all part <SpeakerChange> of a system <Speech_Male> <Advertisement> <hes> <Speech_Female> <Speech_Female> and then <Speech_Female> for your always <Speech_Female> puts others. I <Speech_Male> superstar <Speech_Female> it could be tom. <Speech_Female> You're <Speech_Female> risking others around <Speech_Female> here if you don't get accelerated. <Speech_Female> Your <Speech_Female> <Advertisement> teammates are going to <Speech_Male> <Advertisement> think you don't care about <Speech_Music_Male> them. That's <Speech_Music_Female> gotta worry <SpeakerChange> you. <Speech_Music_Female> Despite <Speech_Music_Female> our personal <Speech_Music_Female> predilections <Speech_Music_Female> managers have <SpeakerChange> special responsibilities. <Speech_Music_Female> <Speech_Music_Female> This may not be one <Speech_Music_Female> of your favorites. <Speech_Music_Female> And <Speech_Music_Female> that's the thing about <Speech_Music_Female> doing one's duty. <SpeakerChange> <Speech_Music_Female> We don't get to have favorite <Speech_Music_Male> <Advertisement> <Speech_Music_Female> exactly <SpeakerChange> <Speech_Music_Female> <Advertisement> <Speech_Music_Female> <Advertisement> think sarah <Speech_Music_Female> <Advertisement> thanks. Kate <Speech_Music_Female> <Advertisement> <Speech_Music_Female> <Advertisement> thinks everyone we'll be back <Speech_Music_Female> <Advertisement> next <SpeakerChange> week with a new <Music> topic.
Manager Tools
"manager" Discussed on Manager Tools
"If you're network includes someone in hr legal and you can verify it with them right exactly and also talk to your boss absolutely exactly. Yeah so before we get to the actual verbiage. What's to say. Let's talk first about your choice of how to say it. We strongly recommend all of these types of communications. Come verbally and are delivered to your entire team. Now has zoom. Meeting is fine. A face to face is better but zuma's is fine if that's all you've got for general announcements like this we'd not recommend individual meetings right staff meeting t meeting exactly a meeting which the purpose of the meeting efficiency of communication exactly. Yeah even a one off meeting called specifically to address this issue. But we'd not recommend you do it individually in your manager tools. Oh threes discussion can happen. They're totally like after the fact. Yeah but there's a big risk right if you only talk about it in the one on one that everybody thinks that people think that it's not being delivered everybody that there's not a consensus and all that stuff so we give the overall stuff to everybody exactly and people actually might think it's riskier to doing it in front to do it in front of a group because what if there's an individual that disagrees or they're a naysayer or could turn into something but it's much more efficiency killer to do it. Individually many of your direct are going to ask the exact same questions and you're going to be forced to repeat the same answer multiple times. What's more enlists. You're reading a prepared script. Your answers might be quite similar and yet because communication is what the listener does heard quite differently. And if they're not if it's not a group setting you have no recourse. Somebody says this is what. I heard somebody else's this what i heard because in fact there is a chance that you said it differently to those two people on individual basis and so absolutely. You're you're in a tight spot. They're exactly oh gosh and just because we know better. Y'all don't do this email right. Obviously we shouldn't have to say that's what you're thinking. Oh you wanna be efficient. Is you want to be efficient. Let's do it by email. Don't do it by email now. We need to re-release are cast. What is it called. Kate when not to send email what is wouldn't call it. That's not what it's called but vote when it doesn't work. This is one of those examples. One hundred per cent. There's enough emotion about these things that you don't send an email and then have all kinds of private conversations in slack and email exchanges creating factions and chances for assistance exactly right we got the mindset. Y'all email may be easier for you and it's less effective for the organization for the delivery for the team and assuming you're doing mto threes. Why would you investing so heavily entrusting relationships if you're not gonna use it. The productive rely on the trust during such an important issue. Yeah this is what it's for. I've seen a lot of especially specifically the new york. Times has put out a lot of articles about how to convince people to get. Yeah and and they do. They give you some verbiage all this. The premise of every single one of those articles that i have read interacted with. Is this person. You're talking to us to trust you. There has to be relationship like people are not convinced by a stranger on the street. Ninety five percents. No never convinced if they were going to be permits that already be convinced right but they're convinced by knowing sadly lots of strangers have set it for personal reasons right. I'd like you to get back into. My grandmother doesn't get ill things like that. Yeah so you're going to use that trusting relationship here and quite frankly it's going to be very valuable to you. I wouldn't even it as using the relationship but as being aware that your relationship is a positive in this interaction where there's fear doubt. Emotion consternation absolutely which brings us to. What do we say. Yeah what should you say. Well we've got a couple of. I'm going to say scripts written for you here now. If you're firm doesn't require we should say before we go into the scripts if your firm doesn't require vaccines to be clear you don't need to either even if you've got a team member or two who are vocally suggesting that that's what you or your show. Your employer should do your role as manager with your primary responsibility again. Being to the organization. Frilly precludes you from indulging those team members it goes without saying that if your organization doesn't mandate vaccines managers can't mandate vaccines either. Tom kept on mine. Also if your organization isn't many vaccines and you wish that they did since you can't say that they should and you can't tell your people to do it. You can also exert your free will and work somewhere else. This data also exactly so. Yes if you're in a non vaccine required but in courage d- organization your communications to your team. Might sound like folks if you've not heard anything. The company isn't mandating vaccines. That doesn't mean we won't but for now you don't have to. Here's what the company's guidances regarding masks and social distancing and working from home i'll be following up with each of you individually to answer any questions you might think of after. I answer.
Manager Tools
"manager" Discussed on Manager Tools
"So at the earlier prices lower price so even if you're going to book for october november december january february. Whatever as long as you date and we'll be happy to give you the price that's locked in now until the end of september. So reach out to us maggie at manager tools dot com or. You can call the number on the website which. I don't know what it is to be honest or i tell you thanks hope you at a future event then of course because this is something we always talk about communication. Yeah absolutely effective. Managers communicate frequently with their directs. And that's the crux of the issue. Here right we know what we have to do. So how do we do it and as it so often does. It boils down to trust and communication. If you've not built a trusting relationship with your directs the stress of a backseat mandate could potentially be a significant problem. You may be obligated to communicate and enforce the mandate but be completely ineffective in doing so without those relationships but because the mandate is legally justifiable and a reasonable requirement in terms of your organization. This means you're not going to be doing your job. Well and it seems melodramatic to say so but you could lose your job even if you yourself get vaccinated if you can't convince your team to do so as well as the and i love to be able to tell you that you'll hear from your chain of command about what your company's policy is and how it is changing rather than hearing about it from organizational press releases and i can't guarantee that we can't say that that's the case we've asked around in our community empty community about organizational policies That we've heard about and several have said they hadn't heard anything and they hadn't even heard what we had heard or seen in on. What we knew was true. You're right if you see it in the journal and the people who work there haven't heard it that's really scary if you do hear something from an external source or the press Talk to your boss immediately exactly seriously immediately even better..
Manager Tools
"manager" Discussed on Manager Tools
"Aren't going to do it if you don't do it. It's not gonna work. And y'all i mean i just had last week a friend of mine. Fire someone who didn't give accented lied about vaccine status quo. Ouch yes as bad and then also was telling everybody else that they need to get vaccinated. I can't imagine the tension between the two positions of. I'm not going to do it. But i want you to do it again. That's one of those. How can you keep those two. That's why you have to fabricate a vaccine. That's probably absolutely so there was no one takes us seriously. Yeah listening to that guy. Exactly if our organization encourages and doesn't mandate vaccines. We have to encourage right. Vaccines is our responsibility. And a really do that. Says that the example get vaccinated. It's quite easy to do. so now. if you're not already vaccinated. It is quite easy to get accident. I think to in canada in canada. It's easy to get vaccinated. Yeah i'm not sure. It stretches much further than that. But i don't know i. I think i just saw that. The eu is one of the highest in terms of percentages. Own seven hundred something and Like overall i think but just found out that you can get like a rapid test over the counter at cbs. Now it's really there's a lot we're doing easy yeah. It's getting a lot easier art job. If the organization is encouraging vaccines is to set the example get vaccinated again you can choose not to and there are reasons totally and you cannot reasonably wish to be able to knock it back senate and at the same time believe that you'll be highly effective in your responsibility when you have to encourage others to do so exactly. Yeah that's a lot and it's kind of silly say to assume that our lack of example setting won't hurt our future ability to communicate and inspire team members even in daily operational work right. We just recorded a couple weeks ago. Sarah you and i the castro which with the middleman test again part two and we're this is less middleman because it's not about being in the middle. It is about the idea that you would never inflict upon your directs sunday that you're not willing to yourself to do and to a yell if you're not willing if you're not going to accept yourself you have a recourse and it would be unreasonable. I think for you to say well. I'm not going to do this. I need everybody else to do it. And so maybe your position is okay. I'm going to do it in support of my organization because that's the professional saying to do folks just another reminder here that if you're looking for a way to to be spending those remaining fiscal year funds we can help. We think our trainings are price fairly. But every once in a while we do have to pass along a price increase. And we're doing so on october. I if you book. Now before october first you can pay at lower rate. We've been doing this for years. Mainly because mike and i said how would we want one of our vendors one of one of the companies that we are customers of. How would we want them to treat us. And we thought well we'd like to know before price increases come so we can get a chance to buy at one price and.
Manager Tools
"manager" Discussed on Manager Tools
"The people in your network you like you. We'll tell you about it you're gonna miss out. Yeah and remember this uncertainty. We all live with uncertainty everyday. But we forget when things are karma we thought nothing could change and then everything everything anytime. Your company manager announce their plans. They are just that plans and they can and we'll be changed. Companies will do what they think works best and if it doesn't go do something else if they say everyone is coming back to the office and it doesn't let the let everybody work from home again. The this will are not stop the situation. You don't want to even if it seems like that temporarily. Yeah that's easy give we minton retention yet retention. Yeah the extreme danger period just increased by one hundred percent now. it's not just january and august. It's july all the way through till january. At least now is the time to be focusing on retention. If you thought this is the time you could let up. Because you've got to focus on getting something out the door you gotta find a way to balance owes two things and you could use your one to do it. You should probably write a big are romeo with circle around it on your next four or five one on one forms for all of your directs. Her the notebook. You put it in to remind you that should be the theme of everything. Many hope for reports said that when we go back to work normally the pressure is going to lift right. Hey you re read stuff. That says yeah. I think's gonna lift. No it's not going back to. The office will be as hard as going. A remote was rising demand candidate shortage goods and services shortages inflation inflation. They're all going to influence this next year. And there's going to be continuous unpredictability having learned to manage during a very difficult period. Which you clearly have managers. You have the skills to adapt. Just don't forget. Your adaptation will be a great deal harder if you start losing people so wendy. That was long. You summarize so jobs in the broadest center always hot topics in the business news. The number of jobs filled and bacon and the number of people who are employed and unemployed are important indicators of a wide economic situation and the trends and a wise professional is aware of the reports and meanings. But the only jobs report that really matters to you is the one in your house and reports of high unemployment employment. What matters is you have a job if you want to change job. It doesn't matter how many vacancies there are in the entire country. But it matters. How many vacancies that off which you can get an offer forever report you say draw down. What does this mean fiew. Yeah oh this is a to force according for over an hour.
Manager Tools
"manager" Discussed on Manager Tools
"Somebody asked me. What is the single most important thing you consider when you buy a car. I thought it was just a question. Because i'm not a car guy but i said reliability and he says well. I just take that for granted. No i don't think you should. I really don't the most important thing is it starts every single. Yeah and i just think if you're smart and you take care all those things then suddenly. If as recently i answered a question from a licensed e who wrote in so what do i do. I went to a company. I've discovered it's wrong. I said well you leave. But now you're just back in the place where you don't leave until you have warmed up your network again and say i've made a mistake and i'm ready to look at other opportunities again and you know if the right to say because nobody's done it like people are embarrassed. They fired all they made a mistake. They went somewhere and it wasn't what they thought it was going to be. Don't everybody's done it once. At least but a note of caution jobs are like husband's or spouses right. You don't get one thinking you can change it. Don't join a company that has negatives for you thinking that you're going to be the one that's gonna change it. I just had a call with somebody a middle manager at a very well known company. The culture is very frat boy there. There's there's harassment. And so on. And i can't change culture and i said okay. You're not going to change the culture. Don't do anything unethical immoral illegal or anything that makes you wanna throw up and start looking and you know if you have to resign over a moral issue. Okay resign over a moral or ethical issue. But i also told him the chances that what you're actually talking as a moral or ethical issues very very small but yeah it happens all the time and people think no no no i. I love what they do. I love three or four. The people there. I can make a difference in that culture. You can if you're the ceo and otherwise you can't not not because the company doesn't need to be changed but you're one and you have relatively less power than everybody above you. I i try to remind people every boss above. Your boss has an order of magnitude more power ten times ten. Yes so there's no there's no way you don't have the leverage archimedes was wrong. Give me a lever a place to stay on. i can move the world. It would be a very long lever. Look if you were going to stay there and you're trying to change it the effort you make to change. It takes time away from what you're supposed to be doing which results and that affects your likelihood of a successful career and unfortunately if you're new you're not going to change it having it's gonna take a couple of years before you have credibility now look over. Twenty years bides get their husbands to change over twenty years your company. You might make a difference as we like to say you want to change your boss. Get promoted twice. So what does that mean manages. Yeah so for. Managers and also for executives diversity brings strength all the research. We've read says that the more versa team the better the ideas and the more success team will have individuals surrounded by people who are different think differently. They come up with better solutions than those that are surrounded by people who tend to think the same when you're recruiting make efforts to diversify when you get resumes from different types of candidates from different backgrounds. And so on. Don't over generalize just because you've got one bad candidate from our state and i can't imagine there's only one bad candidate state. I'm kidding. I two brothers go to southern cal. That doesn't mean that all candidates from ohio state or any other attribute or bat don't do that. Don't do that to yourself. i actually think one of my superpowers. This resume screening. Because i can look at fifty. I don't when people say. I got fifty resumes to come. Yeah that's not hard not hard at all. It's no big deal. I wouldn't i don't do it when i'm watching tv. Because i feel like that's different person to get yet. You have to pay attention. But nevertheless we're not suggesting just diversity. In the common usage of that chooser team members based on their skills their attributes and what they bring to the team k ignore everything else. Companies who want to create a diverse workforce. And hopefully that should be all of them have to be aware of their brand is an employer and because information so available. It's over available now. You can't just have nice words in fact words and you don't have the details to back it up the actual proof to back it up. That is worse than having no nice words at all. You know. Johnson johnson credo. We must provide an inclusive work environment. Reach person must be considered as an individual is jay manager. And as somebody. Who's a good friend of your chairman and ceo. I will tell you you you had better. You've got to be doing that all time every day. And it oughtn't be hard because it isn't hard to do that all right so next point to turn will continue. Yes so there's normally. Two periods in year with the labor market is particularly liquid. January and september vacancies consider coolest by the effect of new energy and then vacations so new year. Energy is that new new year new job. More people job which means this vacancies which causes more liquidity. And then after the summer break people returned to work after vacation also gives them time to reflect means you know. Often people decide to look for something new so september that you school yet. Energy often which means vacancies which means chat but because of the unusual circumstances of the pandemic. Churn is high now in july when we wrote. This is still high now in august as we record this and we expect it to stay high through the january period next year and because of the high number of accounts is due to demand the employers and employees changing requirements around working from home the long period of reflection that we had while we were in lockdown. The week relationships caused by working from home. Who goal of that. Combine to make that high quit rate that we saw earlier. It's like a supercharged january. Good and because jobs can't be filled instantly and because employers will give long lead times about changes aim requirement causing that preaching because we think wisdom fatigued this churn Tyrian is just going to continue. And there was always a percentage of people who jobs and find. The job is not what they wanted as we said just now those people stay for three to six months and then they move on because they it would just wasn't what i wanted and i'll try again. And so because the so many people moving right now that will be another bump in three to six months where the percentage of people who didn't find the right thing fest time round will move again. How does a lot of chan going all right. Okay good so the turn is happening. What does that mean for cruise. So don't make any sudden moves you don't need to. Because this china's gospel six months ago there is continually new vacancies and there are hundreds of opportunities every month. That could be great fear. There's no need to fear missing out by. Flomo are really one of the stupidest things it was ever invented by mankind. As lonely plugged into a great network. You can hear about it and if a great opportunity comes.
Manager Tools
"manager" Discussed on Manager Tools
"You might might need to be spending on your network on relationships on information gathering and working on your own plans. I've been telling people for years. I always make a point. During the holidays. In the united states between thanksgiving and christmas carve out some time when things are a little slower. And of course. Someone always says it's not niece lower. Okay fine so stay up late one night after you finish wrapping presents and start building your systematic regular provision of news feed and rss feed or whatever reader of all the news. That happens in your industry. It should take no more than ten minutes. And then if you want at all the companies that you have stock in and then if you want two or three other industries industries and companies that interest you and pretty soon you'll feel a lot smarter and you'll look a lot smarter your colleagues and you did you hear they're buying so and so no. How'd you know that. I read last night. That shows that you're paying attention. And the more you pay attention the more you put together and you realize now now i get it this podcast. I listened to the. I can't remember the name oath about it's about the film industry and they have at the beginning where they talk about. What's in the news and disney classes going to do this and know right. Nbc's gonna do that and it's really interesting but they're pundits they know what's happening in those injuries right. There's no need for you to not know because there's someone somewhat talking about your industry and they know what's going on somebody at disney plus knows and they've told their friend and that friend has a podcast or that friend has a block and they don't the people at disney plus no offensives plus great great product. But they don't think i'm blabbing it to the world. No i'm here to talk about the m conference. We're finally getting to have the 'em conference last year in the year. That will not be named the number. But it's twenty twenty one now and it appears that we're going to be able to have larger events so october twenty seventh and twenty eight. That's only a couple of months away for listen to this right. When the cast drops in late august twenty seventh and twenty eight and chicago is a two day event. we have a series of speakers. And what we've discovered actually is the most important part for most of the attendees is the relationships they create and that we help facilitate. We still have an active whatsapp threat with over sixty people on it from the conference in two thousand nineteen regular posts. Discussions requests for help Encouragement the kinds of things. You expect from people in your network and its active. And that's part of being an executive so i encourage you to come to the website and check out the conference october. Twenty seventh and twenty eight in chicago okay. Next brand matters so one trend recruit friend of ours a saying in the marketplaces and increasing concern from candidates about how accompanied treated his people during the recession during the pandemic and their actions towards inclusive and diversity so employees brand is the name marketing recruitment folks gift to the messages. They want to send out about what. It's like to accompany if we say. Hey good job amazon for you you have an idea of what that means and you know if you go and look on amazon. They want you to know that they pay two times the federal minimum wage and give healthcare benefits on day. One that's the message that they want to give. Now what you heard or what you perceive this partly that and partly the and partly the guy you know who knows someone who knows someone who works amazon whatever and those decisions that knowledge guide you in deciding whether or not you want to work to apply to and an employment brand has always matted recruiters in hr people have spent the last fifty years telling. Harry manages to treat candidates nicely because they will tell their friends whether or not to come. Even if you're not gonna hire someone be nice because you might actually want to left right and smile at people on your way up because you will see them on your way back down and fifty ago the only source of information about company what the company culture where it's like with the people that wet but now you have so much information you can't take it in from pictures and buyers of the top managers to sites like gloss stole with employees can tell anyone and everyone okay so where does brand mean for your employer brand to the wonderful thing about living in a free country. Is that you get to choose. What's important here and whether it's company statements about issues. The makeup of the workforce the customer served whether or not. The cafeteria subs vegan food. No one can tell you what will be a deal breaker. Fear as my dad. Roy says you pay money and takes choice. Yeah threatened to you. If you don't like what a company does says the product they make doug wetback find reminds of our friend. I wanna say lauren. But that's not right. Perhaps you'll help me remember. Who has the podcast. The fi friends on fire. Podcast always. yes you're right and Fire is an acronym f. I r. e. for financial independence retire early. And was it you or was it sarah. That she told her story to about how one of her new directs said to her. One day. I want to be just like you get to your level because you speak totally without fear in meetings. Don't hesitate to disagree with people now. People love you because you're nice. She's a very nice person but and she says yeah you know and she didn't really have time at the time to say to her. That's because i've saved like five years of my salary by being really careful about costs over the years keeping our costs. Way down the podcast by the way is great to give you all kinds of ideas about becoming financially independent..
Manager Tools
"manager" Discussed on Manager Tools
"I mean. I think that all the time manager tools. There might be other people that i could help right now so the answer is say to people. Hey guys i got bandwidth. Anybody need help. I could jump in an assist. I've got a couple of hours. Here what can i do. Yeah wendy's really good at that. Yeah the lack of communication doesn't allow for the work to be spread evenly amongst our team members. We need more communication now. The problem most of us have is really with admitting that something's at risk because for most of us were afraid of getting in trouble first for the calms the potential and then later probably the miss so instead. We don't let anybody know in advance. We probably don't even announce that we've missed weight for a project or a status meeting and we hope that not too big. A deal is made about it at the meeting. But that's only true if people do get in trouble for communicating that a deliverables at risk. And we're the ones as managers who had the ability to change whether or not trouble is given for the advanced warning as managers. Let's change it as managers instead. Let's change it so that other people know letting us know is a way we can avoid the miss in the first place and they won't see negative repercussions for the advanced warning. Were there to support right if you tell me and everybody else now maybe we can help. This might be a little bit just different for your team because different teams communicate status very differently and there's a lot of like shared boards and status places and we have that to have what we call sabres which is this monster spreadsheet that keeps us all on track. We did a cypress podcast. I think once yeah. It's great so great. And i love cypress in fact i'm sorry. Kate let me reject quickly a quick segue as since we've recorded that. Cyprus podcast a change. We've made to the deadlines which is in relation to a comment. I just said was. We've changed the deadline. Such that they now go read the day. They are due so that people know i mean we like all of the other organizations have come to realize that within the context of our environment. People aren't identifying risk based on what appears amber which causes gaps. I mean there's the weekend for example we all leave in. Everything was ambra when i left on friday. And then you sit down on monday. And you're like how come everything so read because it didn't feel at risk didn't appear at risk when we left on friday so we've actually changed our internal tracking system. So that those deadlines go read sooner and give us more warning of potential risk. Yeah it's been really helpful. It's helped us to move. I think our focus further Closer to the current date not further than and listen. Y'all we recommend not only two team members update their status on any shared status documents like cyprus. We also recommend that you notify others. The not necessarily everyone of the risk. Because what happens is if you updated on the sheet. That's only passive and we actually do this week in our tracking sheets that say you know. Here's why this is usually it's like. Here's this isn't very much at risk in fact when it's really exactly some work here and it's not done yet it's passive and it makes the person who's putting in the know feel. I've done my job except that requires some people to go and check and to be honest with you. I think there's a situation where as long as it's amber people don't really check the notes or they don't check it until there's a mechanism for that which is usually the status meeting. Yes he's nor it and if the status meeting is after the mis yup then suddenly we've we've i we've put ourselves in a position where argumentation wasn't valuable because people didn't use it to make a change their behavior and also what could happen. Is that the status meeting. Could be before the miss. So in the status meeting everything looks peachy keen and then by the time. The next meeting comes bummed behold we have actually missed passive communication of the risk does not cause people to behave actively if you are not being active about your communication. You're not gonna get a lot of activity correct. We want active communication in order to cause this activity. Because we're not looking to make air cover here. We're not looking to ryan politically put ourselves in a positive position. We want assistance reds like. Hey we might tension over here on this work if we if we need it so that we can focus on. The point isn't to follow the letter of the law or the letter of the guidance and update the board. The point is to alert the team so that decisions can be made or again. We can garner activity and apply resources to the task to get back to the letter of the law says communicate but the spiritual is to protect the work product or the project from failure. Yeah absolutely now all this talk of trouble of what. We talked about moving deadlines. We talked about bringing attention to all of these potential. Mrs if it hasn't occurred to you yet what you should be feeling right now. Is that at the heart of this. Professional approach to communicating. Our status is trust if your team has a low degree of trust it's going to be hard to get them to communicate early about the risk again. They're going to be afraid they'll get in trouble twice the be afraid that this is just another measure against which they've been found wanting and whether people say it or not. I mean kate mentioned earlier. It seems sometimes. Like i mean we're virtual especially like we're working in a vacuum. We're actually not working in a vacuum. We're working with other people and the thing about people as people come with baggage. I mean i hate to say it that way. But we all come with our own unique set of experiences and paying lip-service and saying oh you guys won't get in trouble for letting me know but then not backing that up with building relationships and trust means that people who have experiences with previous managers. Who aren't you means that you might have to overcome some of that market about this in a cast of recorded a few weeks ago where he made the analogy of if you come home late and your spouse says well. It'd be fine if you just told me that you're going to be late. Yeah and then the next week. You're going to be home late so you call it and you say hey honey. I'm coming home late. So sorry and they say oh. Gosh okay the grumble but then you get home and they grumble again You very quickly learned the lesson of. If i don't tell them the first time i won't get grumble that twice so we're in a position where you have you may have. Your sept learned that that may be something that they they're used to it may also just be fear. it may be that you're director. Just i don't want to highlight mistake or or something like that. It may be too. I've seen it happen even for myself. Where you think you've done everything you can and so you're kind of waiting or you think well i've done everything i can. Maybe were waiting on this other thing. And i'm just. I have to just wait except that could be elevated part of what i think. A lot of managers who we talked to in trainings. Want is to help directs and we actually have an example about this and one of our trainings were actually actual example where someone is sending you early communication. I just had this trading earlier. Changes did a group A feedback session with a group. And what. I hear a lot for managers. I just want to know what's wrong. So they can help them like they want to do like a fault tree analysis and that is awesome..
Manager Tools
"manager" Discussed on Manager Tools
"And is far more. Then you should be running down or then you have time to write down so very if we were doing in a staff meeting. You might say it like this folks. We're gonna start communicating more about our status. We've got lots of work. Much of that work is interconnected the task. I'm working on. Joseph is waiting for to get his task stunned. When antonia's doing gerald will use for upcoming deliverables. We all have plenty of work. And they're going to be times when we missed deadlines that's going to happen and i understand it. I miss deadlines just like you. Do i think mess deadlines are kind of taboo. Nobody wants to admit it but we all know. It's true deadlines are going to be missed because that's seen as a negative. What most of us do is not talk about deadlines when we're going to miss. We figure we're going to mess. There's no sense in getting in trouble in advance of making that mess. We do our best but in the end we end up read on the task and now other people's work is put at risk. The problem with that is our fear of the miss deadlines means we. Don't tell anybody and it makes it more likely that we create risk to other people's work and i'd like us to change side so from now on. I want us to all commit to communicating in advance of when we think we're going to miss a deadline you have my word. You won't be punished in advance for notice of potential mesh. I know if it were me. I not want to admit my upcoming failure. Knowing i was going to get in trouble for telling everybody and then missing the deadline to think of it this way if you knew task relying on being done without risk wouldn't you want to know. Of course you would we all would. It might make a change. Your priorities work on something else knowing that you'll be waiting around for that other tasks to be completed. So if you think you're going to miss a deliverable so tell me and those other people that you might think are reasonably affected by the mess about potential of its mess if there's a project board or a website. Let's make note of it if you're likely going to miss mark. The tasks is read before the deadline. Use your best judgment. i trust you. what's funny about this is that we all know. We're going to have mrs at times but we're all keeping quiet about it. We do it ourselves and that makes us wonder about what the status of some of our project work is relative to others work. That might very well be late as well and again use your best judgment. I trust you. I'm not going to be upset about communicating in advance. I'd so much rather know about it than find out about it afterward when perhaps we could have made some changes or applied some additional resources to keep us all on track. What i want to stop from happening is me and everyone else finding out. We're behind after. We're already behind when that happens. There's less we can do about it. Be honest about your status and we'll all get more done. Yeah folks. The world is opening back up on june twenty second and twenty third. This year we are hosting an in person chicago effective manager an effective communicator conference for those of you. Who in chicago. It'd be easy for those of you. Who are able to travel. You can fly in. We always prefer the in person events because we get more questions. There's a chance to stick around afterwards. You get it all in one day and that feels better according to an awful lot of people but there's both out there and you could choose what you want if you want do in person chicago. June twenty second and twenty third come to the website to register. Hope to see there. I think with the sometimes. It's hard to remember that your work is going to be consumed by somebody else. 'cause you work especially we're remote so we were off ashley remote in this kind of vacuum and then kind of forget. Oh gosh you know someone else can use this. But we also think on the flip side of other people's where you think about the work that's being done over there you think. Gosh i hope they get that on time. It's a little bit like the golden rule. If you think you're going to miss a deadline your obligation as a professional to let others know about it. This is seriously do unto others as you'd have them do unto you. You'd want to know if someone had something you're relying on and it was going to be late or that was at risk of being late. You'd wanna know so. Think about that. Consider that from the other side in. Imagine if you found out hey. It was at risk a week ago and you could have helped. Yeah because you were waiting. That's that's what kills me. I find out later that what was waiting on me so they weren't..
Manager Tools
"manager" Discussed on Manager Tools
"My team meet deadlines. How should i communicate with my team of other tasks and deliverables. And how should i address miss deadlines if you want answers to these questions and more keep listening. Hey folks if you need to get everyone trained on your team. But you're worried about loss of productivity. Because you you do have an opportunity costs when you send people to training we can present a virtual effective manager conference for up to thirty people in your organization in three sessions that all are two and a half hours or less. That's only a total of seven and a half hours spread out over the course of two or three days. Maybe one day a week or something like that much less difficult to do than an all day in person event That's the beauty of virtual. And of course you can invite people from different time zones and there wouldn't be travel costs as well if those things appeal to you for delivering virtual training to you. Contact maggie m. a. g. g. e. at manager dash tools dot com. Thanks so this is different. Yeah very you guys are eastern hearing. Our voices are you. You may have come here expecting mark and mike and we have some news for y'all and i will be recording. Many of our manager tools casts together going forward. We're really excited. We are and south. Mark mike will be recording executive tools from here on out if you still want to hear market make way are happy to provide you with executive tools as part of a recurring personal license and those casts start tunes thirtieth twenty twenty one and we're recording this in june of twenty twenty one so to see if you're listening at another time and we thought that as we get started here we might give you as just a little bit of background about us because you may never have heard us and you may never have heard of us very good point very good point so yes but you give us a little bit of background about you and then i'll go and then we'll get started okay. Well if you've never heard or heard of before my name is sarah cintas. I am the canadian component. I'm going to say of manager tools. I live in edmonton alberta. And i am the individual responsible for here at manager tools. All of our public conferences. those conferences. You see that conference. Newsletter you receive with a schedule of locations virtually and in person. I'm the person that organizes those events that chooses those locations that allows for those individual managers of you out there who.
Coach's Copilot: Your Online Business Manager Podcast
"manager" Discussed on Coach's Copilot: Your Online Business Manager Podcast
"We're talking all about podcasts. And my guest is elsie flint. Hard and he is here to help us. he has. This amazing company called podcast town and he is a phenomenal podcast producers. So l z. Thank you so much for being on. The show tells a little bit more about you. And how did you get started in this podcast world. Well first of all thank you so much for having me anytime. I get the unity talk and people actually listen. I'm all excited. So thank you so much for the opportunity. A little bit about me. I've been in office for about seventeen years both in music and the spoken word and long story short. I founded podcast town. Because i wanted to other people get their voice out there get their message out there and so our our vision is to create a town where every voice is heard in. That's what we do. We help people's voices get heard and for you know for those listeners. Out there you might have picked up on my whole flight team will els. Got the whole podcast counting. He is the mayor of podcast town. And i just love it i love. I love a good theme. Now i gotta tell you l z. I audio is not my thing like visual. I can look at a photograph. And i can tell you what's good about it. What's not good about it. i've got a background in photography As well as a degree in psychology but audio. Like i can remember when my husband brought these gold cables or cords or something in for our tv. And he's like oh it's going to really dramatically improve the sound and my son was sitting there and he was like listening in his like night and day difference. I didn't hear one iota of change. I don't get it i. I don't know why you spend all this money on these gold cable fema jigs and so audio is not my thing and that's why i think. Sometimes we as entrepreneurs rely on other sports that are out
Product Manager Hub (PM Hub)
"manager" Discussed on Product Manager Hub (PM Hub)
"So i won't be recipe but that's the format. We can use famously weekly us for any marketplace for end users can define part of marketing. The only appear would be sometimes just one number well. Number of transactions so points amazon. They will number croatians. The user is making and i value absolutely number crunching for me per month. Whatever that is or gm beaver gross w for classified business like Villar for your business been trying not happen too. Long sort of cookie might want to stick your definition of value into by valued evaluation and you may have separate metrics for them. Only medic was as the transaction because the transition was too far from when you're measuring and uganda wake cleveland's to say yes. It's not was figuring out right now. Yeah there's a really really good the way. You broke down into segments Actually perfect sense Now i'm actually going to throw this question. And i'm curious to hear your thoughts like is there a magic number where you'd say. Hey you know what if for example this definition out there i think that they say forty percent of at least forty percent of users kind of like Not live without dissolution. You know and it's going to be really kind of tough for me. And then you found like on a product market fit but i'm curious to hear your thoughts on this. Is that a magic number. Keep up a good question. So let's say you pick a number of metrics do next step. So okay i got because the segment i defined the metric. But how do you our know. How much is great right. That's the question you asking so this door. I'd answer and somebody's giving answer. Then i would say the thing. Seventy percent will seventy percents. Good for anything like you are about media. Use great for anything. It doesn't matter. Bean for non out say anchoring on something and comparing with that that's called benchmarking will help you figure out what the right number so give it to him to do that. The one the closest competitor of your business better figure what could be expansion till you find out if i'm building a new Think of jat dot com. It's unfair.
Product Manager Hub (PM Hub)
"manager" Discussed on Product Manager Hub (PM Hub)
"Usually there's a product vision. It will need to connect to accompany strategy. And what i find. Is that often product leaders who might say. Hey we need a vision when we like aso. What's the company strategy. They haven't actually picked their target markets. They don't know the size of those markets. They don't they actually haven't figured out a value proposition that they think is important for them to win. Share in a particular market. And so you find that you've got the sort of rudderless state where somebody is now expected to create a product vision and it actually causes them to go back and do some harder work with their leadership team around really. What's our company strategy. Which target markets are we going to focus on which competitors do we want to be better than And then that actually creates more of the foundation that you need to actually inform your product vision. Then you have to do the hard work of like what do we really know about our customers and their alternatives to using our products. And so if they haven't done that hard work of really deeply understanding their customers and their unmet needs they don't have the fodder to create a product vision so sometimes it's the format but more often than not it's they don't actually have the raw material to create a very well informed product vision. Yeah yeah that's Interesting i guess you talked about the strategy that i'm curious to know Which one feeds the editor. Like even did. I hear you Right mentioned conflict. They need to get the strategy. I drive division from that. Isn't that how you heard. Yeah yeah well. So it's not necessarily in that order so it just. Every company is slightly in a different state so companies that have a very strong or at least a set of beliefs around what they think. They're company strategy as may or may not be calibrated with real customers and their existing alternatives and their unmet needs associated but those alternatives..
Product Manager Hub (PM Hub)
"manager" Discussed on Product Manager Hub (PM Hub)
"Nine percent cool so so what are your thoughts. What are the elements of product vision. Yeah so a product vision has to me like the two elements that it must contain is something that speaks to the mind and something that speaks to the heart and the mind are really the those questions that are sort of more the business questions right like who is the target customer for this. What is the market was the size of that market. Like how many people have this problem. Why are they dissatisfied. Like why do we believe there's an opportunity in the market And what's at stake if we succeed or don't succeed so like having the answers to those questions. The sort of rational part of like this is worth pursuing. is a critical part of the vision. But you can't just have that. And that's why i think a lot of visions fall short because they don't have any heart don't have any emotion and without that you don't get that motivation and you don't get that purpose and the people feeling like i've got to do this. This is. this is what i'm here to do and to achieve and so that's really where you start to add more compelling elements to your vision where you think about the things that create a visceral response in people and so like one might be compassion compassionate around the customers that you're trying to serve why there needs matter what their goals are. What what they're trying to self actualize into and your empathy and compassion for that Another could be anger. Like why is it so terrible what they're dealing with today. And why are they so frustrated and can you evoke that level of frustration about the inadequacies of their current solutions. And it may even be your product that is inadequate that you need to rally people around Could be shamed. We haven't done something sooner about this problem. How could we let this linger we must solve it And then optimism that we are the right team the right company who can actually make the lives better for these customers..
Product Manager Hub (PM Hub)
"manager" Discussed on Product Manager Hub (PM Hub)
"Well. Abby communication is obviously one of the most important things that a product manager does You know you're you're you're spearheading working with marketing to communicate outside the walls. But you played this really critical role of communicating within your walls. Both the team level as well as up and down across the organization. And so you know. If you want team alignment metrics are really useful. Way to get team aligned. We haven't talked about that at all. But i think everyone knows that to be the case you know it gives you a concrete to hold yourself accountable to shoot for. Everyone can see how we doing the best ones anyway. You know non actionable and tangible metrics. Those good metrics so but it doesn't help you if the team doesn't know what it is. The doesn't help you if the team doesn't know how you're doing com towards it And then you've got to make a similar position around the rest of the organization but just starting with the team right very basic question like do. I have an easy way for the team to be informed about our measurable progress and that could be as simple as you know if you were in pandemic land. So we're not in the same office space anymore but you know i've had people just put sticky notes on walls that the update on a regular basis. It could be a google doc. Bright but you need to the the more. It's not in their faces the way it can be in a physical space the more often you need to bring it back so if you let's say you're having a weekly meeting of some kind. That could spur planning meeting. Iteration planning meeting. Whatever you're calling it and you know that that could be a great opportunity to say. I'm just gonna flash in front and just make sure we all know our board. Here's how we're doing because when we're on zoom calls and our texts editors were not looking at this day in day out so you know making sure that people understand what the goal is and making sure that people understand your progress towards the goal on a regular basis. That's really useful. And then you gotta ask yourself whether the rest of the organization should be informed about the progress. You're making the challenges. You're making how you're doing against Against your goals now again. This gets really context-specific. Sometimes the answer is yes over share. Sometimes answer is tread carefully of it depends on your culture. Depends on the project. Depends on a lot of different things. But if you decide that it has beneficial to share the stuff out. And most of the time i would say is beneficial. An old colleague of mine had this phrase control. Your narrative. And i always loved that. Because if you don't control your narrative someone else will and so part of controlling your narrative is helping people understand what you're trying to do why and how you're doing towards it so if you're if you decide that you should communicate the some basic questions to ask which is do other people understand the communication and do the appreciate the frequency the method in style of communication..
Product Manager Hub (PM Hub)
"manager" Discussed on Product Manager Hub (PM Hub)
"Loop something that is your best guess as a proxy for that long term retention that might be happening in the near term again the more data you have to work with Oftentimes your data science team to say. Hey do we have a reasonable chance that the short term proxy might trigger that long-term metric that we are trying to measure and sometimes anthony data size. People will get uncomfortable. Because now you're talking real guesswork especially if you're creating something new where you're not looking past behavior because you're creating a totally new dynamic but you know you could try to take your best guess lot of times. What we're doing is brought people's taking your best. Guess not you know making the best decisions we can in moving as fast weekend but so yeah so. Stay really practical as a team to to know that you're making progress. Try to come up with metrics where you can get feedback on a daily weekly or or sort of a slowest like a thirty day timeframe but this probably going to be some longer term metrics that you really want to have your watchlist To validate whether working on sexually work like what you hear so far make sure to never miss an episode by clicking on the subscribe button. Now this podcast has been made possible by. Listens like yourself. And i'm thankful for your support. Now let's get back to the show. Yeah now makes sense that. And thanks for elaborating that now. I guess let's let's take the Change gears now and the look at the enterprise Situations when you have a lot of data so i'm curious to know that that could influence a lot introduced a lot of noise out a lot of like you know you know correlation taken for causation Curious to know what are what are some questions to think about. When you have a ton of data you know one example about the fintech marketplace getting a little caught up with best intentions Where they saw a number and they thought. Oh that's the 'cause when it was actually more of a correlated effect and they had to think deeper about what was really going on. I think.
Product Manager Hub (PM Hub)
"manager" Discussed on Product Manager Hub (PM Hub)
"Your customer right now having one metric to rally around can be really powerful and there's a number of questions that are useful to ask about this this number a a lot of people talk about making when again. This is where it sort of breaks down between the advice you get and best practice versus specific context so a lot of people talk about how a metric should be leading indicator of color behavior. What what is the thing that you want to see them do that. Both makes them feel really successful in also increases the odds that they are thrilled with your product that they're happy to pay for your product. They'll continue using your product but the fact is that that is not always the best nor star metric in a lot of cases it is but there are situations and contexts where that's not the case Sometimes you're at an early stage. You're putting a new business into the market and you don't know that yet and you don't have enough data to give you an honest leading indicator behavior and you can take a stab at it or what you can do is choose something. That is a little bit more of a lagging indicator in terms of activity retention or even financial metric. Until you've gotten enough data to really get toward the leading metric the other is there's also continents this iran not recently. Where else working with a company where they were trying to change some of their internal culture around how they were approaching business in their products and their customers and they had been so sales oriented super super sales and growth oriented and they actually explicitly wanted to choose the northstar metric that was around retention because they needed to enact that change within themselves. not just Be entirely focused on the change outside of their walls. So you know it gets messy right. It's so context specific all this stuff. It's like when people say. How do you do product depends on what we're dealing with here..