40 Burst results for "Sense"
![A highlight from Tim Burton - 'Wednesday' [LIVE]](https://storageaudiobursts.azureedge.net/site/images/stationIcons/22531.png)
Awards Chatter
A highlight from Tim Burton - 'Wednesday' [LIVE]
"Hi everyone and thank you for tuning in to the 507th episode of the Hollywood Reporters Awards Chatter Podcast. I'm the host Scott Feinberg and my guest today is a filmmaker unlike any other. With directing credits dating back some 40 years including 1985's Pee Wee's Big Adventure, 1988's Beetlejuice, 1989's Batman, 1990's Edward Scissorhands, 1994's Ed Wood, 2003's Big Fish, 2005's Corpse Bride, 2007's Sweeney Todd, 2012's Frankenweenie, 2014's Big Eyes, and most recently in 2022, half of the eight episodes that comprise the first season of Netflix's giant hit drama series, Wednesday, for which he is personally nominated for two Emmys, Best Directing for a Comedy Series, and as one of the show's executive producers, Best Comedy Series. The New York Times has called him a visionary artist, noting, quote, he has developed a singular if not easily pinned down sensibility. His style is strongly visual, darkly comic, and morbidly fixated, but it is rooted just as much in his affection for monsters and misfits, which in his movies often turn out to be the same thing. He all but invented the vocabulary of the modern superhero movie, brought new vitality to stop motion animation, and has come to be associated, for better or worse, with anything that is ghoulish or ghastly without being inaccessible. He may be the most widely embraced loner in contemporary cinema, close quote. His most frequent collaborator, Johnny Depp, who he has directed in 19 films, said that he is, quote, a filmmaker I admire, but he's much, much more than that. Without embarrassing him, he's a true artist, which is something I wasn't sure was possible in today's cinema. But he's the real thing. He's a visionary, an auteur, totally uncompromising, close quote. He's talking, of course, about Tim Burton. Over the course of a conversation in front of a large audience at the Burbank International Film Festival, including two of Burton's most celebrated and longtime collaborators, the composer Danny Elfman and the costume designer Colleen Atwood, the 65 -year -old and I discussed his complicated childhood and how it led him to pursue drawing and attracted him to characters regarded by others as freaks, how he wound up working at Disney Animation and then making his feature directorial debut with a live action film, the challenges of getting films made even with hits under his belt and what ultimately led him to TV for Wednesday, plus much more. And so, without further ado, let's go to that conversation. Hello, everyone, and Tim, thank you so much for doing this. Great to see you. I normally begin every episode of this podcast asking our guests where they were born and raised, which I think we have addressed, but I do want to get into it a little bit more because, you know, over the years, you have expressed that sort of what you just alluded to, that, you know, you were very shaped by Burbank. For better or worse, there were elements that were great, elements that were complicated. Can you talk about, but one thing that you've always said is that without Burbank and without those childhood experiences, the filmmaker we know today would not exist. So just break it down. Well, I mean, you know, I keep reading that I hate, you know, like the press has a way of sort of taking what you say and take out the nuance and subtlety and, you know, like go right to the core. But I think, you know, and when I said about whatever I said about Burbank, it had more to do with my own psychological state of mind than it did with the actual city of Burbank. You know what I mean? So and that's a bit too complicated and psychological to go into now, but in the sense that, you know, you grow up in feeling a certain way, Burbank helped shape me because, you know, there was like my first film school was the Cornell Theatre. There was this amazing theatre that was torn down, I think, in the late in the 80s. I don't know when it was, but, you know, they would for 50 cents, you could see a triple feature. Like, I saw one amazing, I saw War of the Gargantuas, Monster Zero and Destroy All Monsters in one go, you know, 50 cents. So that's where I learned my love of film and that really, so there was amazing places and it was incredible. There was like five movie theaters, Burbank at a certain time, and then they all got sort of taken away. But for me, that place, especially that theater was very, very special to me. And you've said that during your years in Burbank, which I think up until 12, you're living at, was it Evergreen Street? Is that where you were? Yeah, right down the street. Just down the street here. You can all walk over there after this. Yeah, we'll do a little. Check it out. Then you moved in with your grandmother also in Burbank, right? But as a bit of a loner, as a kid, you were kind of thinking about things, dreaming about things in everywhere from some of the cemeteries in town to... Yeah, the one right next door here, you know, I used to play around there, you know, that was, yeah. Yeah. You know, and I could look out my window, the thing that freaked me out, I looked out my window at Disney and this was like the weird, called the Bermuda Triangle of Burbank. Because I could see where I was born at St. Joseph's and then I could see the cemetery where everybody, all my family was buried. And I was, so it was like a weird Bermuda Triangle that I had to escape at a certain point because it was just too scary. Now, you've also said that as a kid, you were, you know, not only a bit of a loner, but sort of not particularly communicative, verbal with other people. You lived in your imagination, which manifested itself through drawing. Can we talk about how that entered the picture? And as was noted, I mean, to the extent that it was, you were talented enough that in Burbank, your work, anti -littering art was on the back of every garbage truck. I wanted $10, and at that time, that's probably like about a million now. Right, right, right. But drawing was an outlet for you. What kind of things were you drawing as a kid? Posters for trash trucks, I don't know, I mean, whatever. But also, I mean, the movies that you were drawn to, and I believe maybe therefore some of things the you were drawing were things that other people might find frightening or scary, but that you actually, in a way, related to, right? Like what are we talking about? Yeah, but I mean, like, you know, I didn't feel that different. It felt like, you know, I love famous monsters. I wait for that magazine to come out. I love monster movies. I live near a cemetery. You know, I mean, you use what you have, you know what I mean? Yeah, yeah, yeah. So it was good. Totally. And I think also, too, growing up in Southern California, where you don't really have seasons, I think that's why I kind of got into, you know, like things like Nightmare for Christmas or Halloween, just because it gave you a sense of occasion, a sense of season that you didn't get through the weather, you know, I mean, to experience, like holidays, you had to go like to the main, like, at Save On and look at the holiday displays to kind of experience.
Bloomberg Daybreak Asia
Fresh update on "sense" discussed on Bloomberg Daybreak Asia
"Headwinds facing the consumer and you know personal consumption far away the biggest part of gdp the single element so and it's been the consumer kind of propping economy up this along with employment missing a little bit of signs of softness there too so it's certainly a reason to say uh... yes uh... just wanna say inflation mister always almost in three cycles and you don't just have one is done i mean we made in the second cycle you know in the offing because behind fuel prices let's not forget unions the ultimately want more money that's going to have to create that uh... demand to pull part of the inflation uh... of problem and the other theory is you can't really uh... killed a beast of inflation it's typically the case and it's very much that tightening cycles tend to push into us recession and this was a very abrupt tightening cycle right so your comments are exactly on point inflation tends to come in waves these are all more reasons to be you know somewhat cautious if you're an investor it's not to say get out of markets obviously you do that and you will probably miss highs that could be coming still but you know you should be circumspect than not be sort of chasing uh... equity markets i think and i do because exactly the right reasons the that we're consumer discussing here getting a little softer unemployment and have you really broken the back of inflation oil suggest prices maybe not alright dana out of time for this but session thanks very much for joining us particularly uh... over the weekend we appreciate it dana doria co -cio at invest net well looking at markets here we are expecting pretty much uh... downside movements across the board for equities in asia nike futures at thirty two thousand might see a little bit of bump a bump to the upside but for some of the other markets we are looking downward puts china a fifties down eight -tenths of a percent enhancing index future straighten down about two -thirds of one percent we'll get a closer look at is coming up shortly with doug bloomberg radio and in your podcast feed on the latest edition of the wall street we podcast a conversation with any bettles of the honest on making sure technology does not leave workers behind i think there is definitely a sense that you you know labor is in a stronger position than it has been for much of the past few decades but unemployment is very low the economy is very strong there's a shortage of labor the labor market has changed after the pandemic and so there's a sense that labor is in a stronger position part of the motivation is also a concern about what the next wave of technology means whether it's you know with the uaw whether
Discerning Hearts - Catholic Podcasts
A highlight from Sunday of the Twenty-Sixth Week in Ordinary Time A Time of Lectio Divina for the Discerning Heart Podcast
"A time of Lectio Divina for the discerning heart. Sunday of the 26th week in ordinary time. As you begin, take a deep breath and exhale slowly. For the next few moments, surrender all the cares and concerns of this day to the Lord. Say slowly from your heart, Jesus, I trust in you. You take over. Become aware that he is with you, looking upon you with love, wanting to be heard deep within your heart. A reading from the Holy Gospel according to Matthew chapter 21 verses 28 through 32. Jesus said to the chief priests and elders of the people, what is your opinion? A man had two sons. He went and said to the first, my boy, you go and work in the vineyard today. He answered, I will not go, but afterwards thought better of it and went. The man then went and said the same thing to the second who answered, certainly, sir, but did not go. Which of the two did the father's will? The first, they said. Jesus said to them, I tell you solemnly, tax collectors and prostitutes are making their way into the kingdom of God before you. For John came to you a pattern of true righteousness, but you did not believe him, and yet the tax collectors and prostitutes did. Even after seeing that, you refused to think better of it and believe in him. What word made this passage come alive for you? What did you sense the Lord saying to you? Once more, give the Lord an opportunity to speak to you. Jesus said to the chief priests and elders of the people, what is your opinion? A man has two sons. He went and said to the first, my boy, you go and work in the vineyard today. He answered, I will not go, but afterwards thought better of it and went. The man then went and said the same thing to the second who answered, certainly, sir, but did not go. Which of the two did the father's will? The first, they said, Jesus said to them, I tell you solemnly, tax collectors and prostitutes are making their way into the kingdom of God before you. For John came to you, a pattern of true righteousness, but you did not believe him. And yet the tax collectors and prostitutes did. Even after seeing that you refuse to think better of it and believe in him. What did your heart feel as you listened? What did you sense the Lord saying to you? Once more through him, with him, and in him, listen to the word. Jesus said to the chief priests and elders of the people, what is your opinion? A man had two sons. He went and said to the first, my boy, you go and work in the vineyard today. He answered, I will not go, but afterwards thought better of it and went. The man then went and said the same thing to the second who answered, certainly, sir, but did not go. Which of the two did the father's will? The first, they said, Jesus said to them, I tell you solemnly, tax collectors and prostitutes are making their way into the kingdom of God before you. For John came to you, a pattern of true righteousness, but you did not believe him. And yet the tax collectors and prostitutes did. Even after seeing that you refuse to think better of it and believe in him. What touched your heart in this time of prayer? What did your heart feel as you prayed? What do you hope to carry with you from this time with the Lord? Let us now close with a prayer to the father that Jesus gave us. Our father who art in heaven hallowed be thy name, thy kingdom come, thy will be done on earth as it is in heaven. Give us this day, our daily bread and forgive us our trespasses as we forgive those who trespass against us and from evil. Amen. Amen. Amen. Amen.
This Week
Fresh update on "sense" discussed on This Week
"From the public filing of Goldman Sachs, which was in the late 90s. If you look at the filing and you look at the size of the company and the revenue, the entire yearly revenue numbers would be a bad quarter right now. That's unbelievable. It tells you. And so there was so much growth going on in Goldman when I had a unique seat in the partners there provided me a unique seat and they gave me enormous of latitude and responsibility to keep building businesses. So as said, you I joined the firm as part of J. Aaron. At that point, J. Aaron still was a quasi standalone business. It was wholly owned by Goldman Sachs, But we hadn't quite integrated into the Goldman Sachs culture. So the first thing that happened in my career, J. Aaron became part of fixed income. So we became, we went from fixed income and J. Aaron to fixed income currency companies. That was a big move, taking these crazy commodity guys and putting them in with these very sophisticated fixed income guys. So part of that transition. And that was a big move to create thick. And it didn't happen overnight. There was a lot of natural tension involved in that. And then even when we were combined by name alone, we still ran ourselves independently. So then I got the unique opportunity to be the, I would call Guinea pig. I was the commodity guy. They got put into running a fixed income business. I didn't lose my responsibility running because business, but we moved the emerging market business down to what used to be the Jay Aaron floor on the J. Jay Aaron Floor was the commodity businesses as well as the FX business. So we had the metals business, we had the oil business, we had the grain business, we had the coffee business, we had a coffee roasting a room, tasting we had room, and then we had the FX business. And in the middle we decided, which made sense, to put the emerging market debt business. All related, currency, commodities, and the impact. Made sense though, Yes, made sense. At the time, after the Mexican restructuring, they had Mexican bonds with an oil option embedded in them. You had a lot of currency forwards trading, which made sense. So we moved emerging markets down, and I was asked to run the emerging markets business. So I was the first sort of guy that went from being a pure Jay Aaron guy, to making that crossover, over to commodities and a fixed income business. So prior to that, have you had any management experience or leadership experience? That's a big raucous floor, and I would imagine that desk was a handful to deal with. What was it like stepping into that role? So I had been running the commodities business. So I had been managing the commodities business. We had built some new businesses. We built our Goldman Sachs commodity index business. So I had had a lot of responsibility building a business and building it out quite well. I had spent four years in London building our commodity business there. So the management piece of it was not what was the challenge to me. The challenge to me was I had never been involved in a fixed income business. To me, I remember the moment where I had to learn something new for the first time. I spent my whole life in supply demand. so this So is supply. This is demand. You know, this is how you look at supply demand. And all of a sudden, I'm in this world where, okay, we've got the, you know, Mexico 23 bond trading XYZ and it's 102, 103, 104. Like this thing is undervalued. We should buy it. And the guys go, no, no, no, no, no. I go, why wouldn't we buy it? We got to own this thing. We go, they can turn around and issue more tomorrow. And I go, oh man, like the whole supply demand fundamentals, right? I had to change my whole thinking. There's only so much gold and silver around. But bonds, how much do you want? Right. Bond, you know, the government of Mexico can turn around and reissue, can open the issue or reissue a new bond tomorrow. So the amount of Mexican sovereign bonds can change tomorrow. So, you know, the opportunity to bring that emerging markets desk down into the J. Aaron world worked out fairly well. I got the opportunity to go from the emerging markets world into the mortgage world.
Crypto Banter
A highlight from This Project Is Solving One Of Crypto's Biggest Problems...
"In today's video I want to dive a little bit deeper into a crypto project which is solving one of the biggest problems in crypto right now and is also offering some of the most attractive yields in the market allowing its users to access incredibly high APRs via a custom algorithm that allows users to earn passive income. Today I'm going to be covering Smartdex which is a leading innovation for liquidity providers and traders who want to stay ahead of the game. I'm going to run you through the unique features of the protocol and unpack why their technology may be game changing in the crypto sphere. For full transparency Smartdex is a sponsor of the show and we do thank them for sponsoring the channel as well as this video. Let's get straight into it. So if you've ever used DeFi before you may be familiar with the term impermanent loss. Impermanent loss is something that happens to liquidity providers when providing liquidity on an AMM DEX where price of one of the assets that you've paired with each other in order to stake and earn yield moves against the price of the other asset on a relative basis which creates a spread which can result in an impermanent loss of your total LP size. So let's say you have $100 in ETH and $100 in USDC. Because USDC is fixed if Ethereum moves up or down in price that liquidity pool has to balance to keep equal value of both parts of the pool. So essentially what it's going to do is sell some of your Ethereum and buy USDC to make sure things are balanced if Ethereum pumps and if the price of Ethereum dumps it will do the opposite. Your USDC balance will go down in order to replenish your Ethereum balance but this happens automatically that's an oversimplification when you provide liquidity into a pool which is pooled with a variety of other people's assets. So impermanent loss is quite annoying because even if you're earning crazy high APRs like 50, 60, 70, 100 % you can still actually end up losing money because if you have volatile assets especially if you're staking altcoins they can move against each other in price and make it extremely difficult to not only monitor your positions but also maintain profitability even in the face of extremely high APRs. Well SmartX has come up with a solution to this problem and in my belief it's the only DEX product that's been able to solve this problem in crypto using a proprietary algorithm and what they're essentially doing is with a fine -tuned algorithm transforming impermanent loss into impermanent gain. I'm going to show you some mathematical examples to show you exactly how this works. As you can see SmartX compared to your typical AMM like Uniswap actually performs very well in this instance of the Ethereum liquidity pool versus its counterpart when Ethereum fluctuates in price and despite the Uniswap pool actually going down in value the SmartX pool over this period actually gained in price because it was re -pricing in accordance to their fine -tuned algorithm. I want to give you some examples now using real simulations from SmartX to show you how it can impact price but firstly let's talk about how this actually works. Essentially what SmartX does is it concentrates liquidity on selling when price rises and on buying when price drops. This essentially mimics what a professional trader would do when managing an active position. As a result this reduces the impermanent loss over the long term and sometimes as we just saw in the example before leads to impermanent gains. I'm going to show you now a simulation table which shows this in action and actually shows SmartX has across this example an average gain of plus 21 percent versus a typical DEX where they experienced an average loss of minus 21 percent. So a huge difference here and you can see in a variety of examples here with varying start dates the SmartX performance with the LP position actually outperformed the normal DEX by a magnitude of difference. You can see here in the ADA example SmartX made 80 percent while the normal DEX lost 0 .02 percent and you can see the token price variation and how SmartX responds in accordance with a normal DEX and across most examples SmartX was able to handle the fluctuations in price much better when it comes to LP positions and this is due to their custom algorithms. So it increases the peace of mind when it comes to stakers on the platform knowing that their assets are at least going to be safer by and large than staking on a typical DEX in terms of the negative effects of impermanent loss and that's the real selling point and the cool unique feature of the DEX that's different from all other DEXs. You can see in front of you these are real examples if we click on it we'll take the ETH USDT pool as an example and look at SmartX versus Uniswap, Uniswap v3 as well and you can see here that in this instance across this pool SmartX has maintained an impermanent gain of 7 .1 percent whereas Uniswap was only able to maintain a gain of 3 .18 percent and actually after fees and rewards they ended up net negative at minus two percent whilst SmartX averaged out at plus 1 .27 percent and Uniswap v3 performed even worse close to minus four percent and I can go through a bunch of examples on Arbitrum. The Arbitrum USDC pool on SmartX performed much better than the Uniswap pool coming in at an impermanent gain of three percent versus an impermanent loss of minus 0 .2 percent in the case of Uniswap v3 and this is pretty much consistent across most pairs across the major AMMs are Wrapped ETH USDT, Arbitrum USDC, you can see the example on Matic USDC as well and USDT BNB as well and these are some of the primary networks that are offered on the SmartX exchange. So what can you actually do on the SmartX exchange? Well it's a couple cool features but one of the main awesome things is the crazy yields that it is paying out to users and these aren't fake Ponzi yields of course there are some emissions on the platform but it's not like a Ponzi scheme like Olympus DAO, this is a real AMM with real functionality and they're able to offer extremely high APRs due to their algorithm so I want to show you some of the features and what you can do on the platform. The first thing you can do is swap just like any AMM of course liquidity providers enable the functionality of swapping on the platform so I'm in the Arbitrum network right now I can swap from Ethereum into a variety of assets on the platform as well I can hop into the Ethereum network I click switch network here and now I can swap you know my USDC for other Ethereum ERC20 tokens SHIB, APE, SAND so just like a normal DEX you can do swapping here and of course they have very competitive rates across some of the major DEXs in the space but here's where it gets way more interesting in the liquidity tab here you can create a new position in order to stake your LP in their farm tab so if you click on farming you can see here across their networks they have many different LP pools that enable you to earn very attractive yields with big multiplier bonuses so for example their wrapped Bitcoin ETH pool is paying 10 % their STX TET pool is paying 9 % their STX ETH pool is paying 25 % but as we go into some of the layer 2s the yields get even better if we go over to the Arbitrum network which is a popular layer 2 network you can see the Arbitrum USDC tokens paying 17 % their Bitcoin STX tokens paying 30 % if we go into the BNB chain we can see USDT BNB is paying 14 % ETH STX 42 % USDT STX 50 % and of course you have to work out whether you want exposure to the STX token I can't work that out for you if you like the token and you're bullish on it then of course it can make sense to stake take advantage of the crazy multiplier and earn those ROIs but it all depends if you're bullish on the token if you don't like the token you don't have to stake it you can stake with any assets that you do hold for example you know you can pair your Ethereum you can pair your BNB you can pair your Bitcoin as well it really depends what asset you do want to pay you can see there's an ETH USDC pool here paying 20 % on base so some of the most competitive yields in the space considering yield overalls dried up the ability to earn passive income is super strong on the SmartX platform for some of the reasons we talked about before and if you do want to add liquidity it's as long as you have ETH and USDC in your wallet for this example on the base network you go over to liquidity you click on new position you add ETH and then you add USDC as well you add them together you click add liquidity then you go back into the farming section of the platform and you stake your tokens there to earn yield now not only can you earn yield on the platform but SmartX and Crypto Banta have actually teamed up together to give a very special offer to Banta users if you stake a minimum of $50 worth of liquidity across any of the layer 2 networks so that's Polygon, Arbitrum, BNB or base then you enter the running to win a $200 airdrop which we are issuing to five random people each week and we even did a one Ethereum giveaway a few weeks ago so we're constantly varying the prizes each week but if you want to be in the running for these prizes then you need to submit liquidity using the link below and provide your wallet address in the Crypto Banta form that is also linked in the description below so once again $50 worth of liquidity into any of these pools allowing you to earn passive income and also enter the potential giveaway to win $200 which five people will get and as we vary the prices we may change that to one ethereum or more in the future so if you were thinking about staking that is a little cool competition that we're running in partnership with SmartX.
Bloomberg Radio New York - Recording Feed
Fresh update on "sense" discussed on Bloomberg Radio New York - Recording Feed
"Broadcasting 24 hours a day at Bloomberg.com and the Bloomberg Business Act. This is Bloomberg Radio. This is a Bloomberg Money Minute. It's October, and Halloween is just around the corner, and this year, it's gonna be bigger than ever. This is Halloween. Everybody make a sense of it. The National Retail Federation predicts Americans will spend a record $12.2 billion this Halloween because more of us will be dressing up, trick-or-treating, going to parties, and more. The biggest driver of Halloween spending this year is coming from more people celebrating. An estimated 73% of U.S. adults say that they plan to celebrate the holiday this year, and it's even higher than what we saw before the pandemic. That's Kathryn Cullen, vice president of industry and consumer insights at the NRF. She says $3.6 billion of that total will go to candy, $3.9 billion for decorations, and $4.1 billion on costumes for kids, adults, and pets. It really seems like folks are resetting to all of their normal, spooky, and sweet traditions. It is the monster man. Tom Busby, Bloomberg Radio. And what you doing with your phone? Taking pictures? No. I'm asking questions. Like what? Hey, Bobo, do flowers have best friends? I'm sorry. I'm afraid I don't know that. Hey, follow me. I want to show you something.
Audio
St. Jerome ripl - burst 1
"We are going to explore the life and work of a father of the Church, a doctor of the Church, that many people probably have heard of. Most people, most Catholics, most Christians, have heard his name. He lived throughout the fourth and into the early fifth century. When we think of the Vulgate, we think of the Catholic Bible, the official text of scripture in Latin. We think of St. Jerome. So in that sense, he is certainly one of the pivotal figures in the life of the Church, in helping the Church to really integrate the love of scripture, the place of scripture in the Church and in the development of Western Christianity.
This Week
Fresh update on "sense" discussed on This Week
"Live weekday afternoons at 1 Eastern or on ever you get your podcasts. Bloomberg radio on demand and in your podcast feed on the latest edition of the Wall Street. We podcast a conversation with Zannie Bedos of The Economist on making sure technology does not leave workers behind. I think there is definitely a sense that labor is in a stronger position than it has been for much of the past few decades. Unemployment is very low. The economy is very There's strong. a shortage of labor. The labor market has changed after the pandemic. And so there's a sense that labor is in a stronger position. Part of the motivation is also a concern about what the next wave of technology means, whether with the UAW, whether it's EVs and the shift in the nature of
Audio
St. Jerome ripl
"We are going to explore the life and work of a father of the Church, a doctor of the Church, that many people probably have heard of. Most people, most Catholics, most Christians, have heard his name. He lived throughout the fourth and into the early fifth century. When we think of the Vulgate, we think of the Catholic Bible, the official text of scripture in Latin. We think of St. Jerome. So in that sense, he is certainly one of the pivotal figures in the life of the Church, in helping the Church to really integrate the love of scripture, the place of scripture in the Church and in the development of Western Christianity.
WBBM Newsradio
Fresh "Sense" from WBBM Newsradio
"Lot gives why every priority to time cell your phone internet users slows good down during the question why not switch stop to Cox the wise internet with and two visit times faster cox download .com speeds slash than 5g t -mobile home 5g for details home internet t during -mobile peak prioritizes certain t -mobile phone users over home internet users during times of congestion a healthy life starts with with delivering great sleep breathable wake back -loving refreshed support with natural avocados got materials certified from organic avocados green own mattress sustainable wool and latex slumbers farms easy organic financing sleep a awaits at one -year avocado sleep trial mattress .com and deep restorative At 1027 a new federal health agency supported to fast by track the the Biden development administration of an implant is that providing can sense a and team treat of cancer. researchers with 45 Northwestern University million dollars and Chicago startup Celltrans are among those involved in the five -year grant. The project is led by Rice University the and federal is funding one of will three support announced the effort to by develop the and new test agency a device to that support can the sense administration's inflammatory markers cancer moonshot. treated 8 with cancer traffic and then and autonomously weather together on the 8 deliver sponsored the by autoimmune therapy. chevy it's drives chicago 1028 com
Unchained
A highlight from The Chopping Block: Which DeFi Metrics Are Still Useful in a Bear Market? - Ep. 550
"Token economics can do way less than the industry on the whole has claimed that it's able to do and so for the most part I Sort of consider token economics to be a little bit of a dirty word today compared to how I saw it two years ago It's a tale of two fun. Now. Your losses are on someone else's balance generally speaking aircrafts are kind of pointless Anyways, I'm into trading firms who are very involved DeFi protocols are the antidote to this problem Hello everybody Welcome to the chopping block every couple weeks the four of us get together and give the industry insiders perspective on the crypto topics of the day So quick intros first we got Tom the DeFi Maven and master of beams Next we got Robert the crypto connoisseur and czar of superstate then we've got to ruin the giga brain and grand poobah at gauntlet And finally, I'm a seed that had high mana dragonfly So we're early stage investors in crypto But I want to caveat that nothing we say here is investment advice legal advice or even life advice Please see chopping blocks at XYZ for more disclosures Alright, so it's been a crazy couple weeks. There's been a lot of conferencing going on I think most of us minus Robert were at token 2049 in Asia I guess Tom and to ruin you guys are back in the States. There was also main net in New York What's been the vibe? Give me give me the brain dump of what conferencing has felt like in the last few weeks The u .s. Is dead as a doorknob for crypto It seemed like the u .s. Conferences had less attendance than they normally do amongst other things Whereas the Asia conferences were crazy like I just didn't think there were 12 ,000 people who wanted to go to a crypto conference in 2023 and clearly there was much more in Singapore Singapore was insane Yeah, I think token 2049 had more people than East Denver. Like it was it was pretty wild I mean it is like the premier event in Asia and it's sold out. Yeah It was gigantic venue, right? One of the I mean obviously if Denver was a very large venue as well, but it was it was it was absolutely massive Robert you were at permissionless. How did permissionless feel? I mean compared to prior years permissionless Felt, you know pretty quiet really high quality group of people, you know The conference goers that were showing up to a conference in Austin, Texas during a relatively hot week in September We're not totally like broad retail audiences. Most of people that were closer to industry closer to Happening in this space and a little bit more informed than you know, I've seen elsewhere so Small like token 2049 pulled a lot of people last -minute from permissionless I think a lot of people were planning to go and then decided like oh shit This seems like there's so much happening in Asia. I gotta I gotta go out there So I think the timing was a little unfortunate for permissionless, but there was a clip of Eric Voorhees Giving I guess what was like the keynote. It was pretty amazing. If you haven't seen it, I would strongly recommend watching it It's got like a couple million views or something and it's essentially just like a rallying cry Just sort of a credo of hey, you know screw the government Like we're trying to build a decentralized alternative financial system and it really kind of plucked to the heartstrings I don't know. Do you see that live? I did not see that live I actually had to take off right before that speech, but I was able to watch it online afterwards It reminded me a little bit of a his debate with SPF. I think like a year ago It was almost like it was like a month right before FTX collapsed and it was similarly kind of getting back to kind of the core Religion ethos of crypto is very we gotta get him on the show at some point He's definitely he's a very good bear market in a bull market I always feel like Eric is a little too centered and like too grounded bull markets They kind of demand a bit more craziness and levity but in a bear market I feel like he's got this gravity that is very clarifying You know, I really I really appreciate the role that he's come to play as like the elder statesman of the industry Any other takeaways from token 2049? I mean we were out in Asia for a couple weeks the videos have just started going up for token 2049 and I did one panel that I moderated with a bunch of l1s and It was actually probably the most entertaining panel I did I did I did several panels while I was out there But most of them were you know, they were great but this one we had it was Aptos we Avalanche and near all of whom were on stage and Goon who's been on the show a couple times Goon was just like he just basically was ready to pick a fight and so they just got on say they were scrapping they were like interrupting each other and getting super aggressive and It was honestly the most entertaining panel. I think I've ever moderated just from how angry everyone was on stage So any other any other highlights or anything that stood out to you guys while you were giving talks or or moderating? How about being on stage but I'll say there was a bit of a bizarro world moment with them token for 2049 too Where obviously a lot of high quality projects a lot of good representation throughout the industry and then there were a lot of random products I'd never heard of that had these like massive, you know Sort of neon lit up boots that they clearly spent a bunch of money on I believe Islamic coin was one of the large sponsors I am a not an Islamic coin expert, but there was another sort of meme floating around They're doing a public crowd sale for Islamic coin at reportedly a 30 billion dollar f .d .v I think it's like 60 million dollars raise a million dollars wait, so it's Yes, but they went on on Twitter to explain that this is a 100 year f .d .v And so in reality the the near -term f .d .v. They're nothing into is not near -term f .d .v So, um, you're the more than the near -term market cap I think we need we add we need to add some extra f .d .v Numbers in into coin gecko just so we can start the near -term f .d .v long -term f .d .v You know, I think an interesting thing related to this That's a tiny deviation but important to note is the history of finance Actually has had a lot of things where the introduction of a new met financial metric as a form of reporting Completely changes company structure like EBITDA, right? like why does EBITDA exists like earnings before income tax depreciation depreciation amortization and it's like Because it was this some company that was losing money and they started reporting EBITDA instead of like true profits But that kept them afloat for long enough to raise financing and then EBITDA now became like the accounting standard over time Right, so I kind of think that these f .d .v games We're gonna just see this like war of all these metrics and whichever metric is like the market wants will eventually be the standard and everyone Will just try to optimize that. Yeah, this is 100 % what happened to TVL Yeah TVL in principle makes sense as a number right, but how do you count TVL? Do you count your own token? Do you count wrap versions of your token if somebody wraps your token and puts it back in your protocol? Is that double the TVL like, you know? DeFi llama just decided how TVL gets counted and then the rest of the world just warped around the way that you know These metrics decided to get reported and you of course you saw that on Solana where like all these people were recursively Kind of putting TVL from one protocol back in another one back in another one Now I think we've gotten better at not double counting triple counting But you know back in in 2021 when DeFi was in full thrust It was just whatever goes like that's TVL the other chart crime that exists is that I really irks me is when people show cumulative charts instead of like instantaneous charts it I just like kills me I Will say as a VC let this be like a little one -on -one lesson as a VC. We absolutely hate cumulative charts We understand that cumulative charts look good So for those who don't understand a cumulative chart normally when you have a chart you look at look Here are the number of transactions every day, right? cumulative chart is here is the total number of Transaction volume ever if you add it all together and the nice thing about cumulative charts is that they look like they're going up Into the right always no matter what because they're adding, you know It's like the number of how many trades have been acting positive number. Yeah, exactly The problem is that it is useless to look at as a VC We as a VC and you look at a cumulative chart What I assume is that your actual chart looks like dogshit and that's why you're showing the accumulative chart So in general don't show cumulative chart. However, if it's a chart with multiple dimensions shown if it's a cumulative chart and a daily or time period flow Together then it's cool. Is it? You know, I'm already doing the first derivative Okay, let's say let's say you have a daily chart and it's like net inflows We're like some days are positive. Some days are negative. Some days are positive. Some days are negative You don't know the total you find that that's a net chart not a cumulative chart So if you're netting, you know gains and losses and you're getting like P &L or something like that We're net inflows and flows that's not a cumulative chart. That's very different because that does not go up into the right I agree. No, no, I think Then it's well Complimented with a cumulative on the other access behind it. I Net and cumulative are two different things. I did see it. I agree. That's just a U .M. We should have a chart crime episode The truest of VC true crime it was inflows prefer for friend tech, but they didn't take out the outflows So it was literally just any deposits in a friend tech added to the chart And so of course you assume you're gonna be looking at a net chart And in fact, it's any sort of deposit, you know adds to the overall chart, which is kind of a useless metric chart crime chart crime Any other any other chart crimes that come to my lungs are on the topic? I think these like feed accumulated ones where they're like people who are like trying to annualize I think people annualizing certain types of fee accrual and crypto sometimes makes no fucking sense because it's very event driven like oh Like there's a ton of fees from one event and then like zero forever But they always like choose the right time scale so that they can say like we have at least X of fees Like I understand how integrals and derivatives work and you're just trying to play with the boundary conditions Yeah, I mean I saw a lot of this in 2021 when a bunch of people like a bunch of businesses that had a bunch of random core businesses but almost all of them had tokens on the balance sheet and those tokens went up and they counted that as revenue and So they're just like, oh, you know, I had 50 million of revenue this year And if you charge that forward, you know another 50 next year and it's gonna ramp this much I'm like dude your core business made like 3 million and 50 million just came from tokens going up on your balance sheet. Like that's not your business, you know, so that I mean It's kind of charty. I don't know if it's a sharp crime per se but it's like EBITDA, right? Like I think crypto still is so nascent and the idea of like what should count and what shouldn't and what flows are it's still Kind of an open thing of like what the accounting should be, right? So I kind of think I'm kind of curious what EBITDA like the thing that becomes a like meme that sticks That's not TVL and that that's not just like fees What do you think you guys think it is because I do feel like this bear market My prediction is this bear market will end when we have invented what that is like the last bear market ended when TVL started becoming a metric and then people started monitoring it and like not gaming it as much and It was just kind of going up slowly. I feel like the Solana stuff came to even more where it was like, oh Here's the metric that everything's measured on So what if we come up with these crazy ways to like that's usually the end of a bubble, right? Like like once when it goes not the creation of a little baby That was like that was like the kickoff of the book I know I don't know but my point is like once you start getting kind of a shelling point around a particular metric It doesn't get gamed for a little while Like there's like a certain amount of time where it like it becomes a good real standard bearer But then someone eventually realizes that it's the thing to game and then you get this like kind of capital bubble around that So like AI you're having that happen with tokens per second right now Which is also a fucking useless meaningless thing because like the choice of architecture means the tokens aren't really the same There's not fungibility of them. Sure. I think it feels like right now There's a more and more fixation on revenue. And so you're seeing like, you know token terminal if you're looking at there's just revenue There's annualized revenue. There's price to sales price to earnings. So it does feel like we're sort of Morphing more closer to traditional revenue and underwriting metrics, which is a good sign However, these metrics aren't totally normalized in the sense that you know, for example for Uniswap Does Uniswap have revenue like obviously the token holders aren't capturing anything so the revenue is flowing entirely to You could say like cost of goods sold is like 100 % because all the revenue is going to the liquidity providers I would say, you know One of the biggest issues is that you have like protocols that are not businesses and people are trying to strap like business metrics or accounting metrics on them and they're just not like Ethereum Bitcoin like people are like, oh like, you know fees paid like is that revenue? No, it's not revenue, right? Like I don't think anyone thinks that like the transaction fees on Bitcoin or revenue. Are they on a theorem? No, but like I've seen platforms that like talk about That alongside something like Uniswap and it's like none of these really makes sense It's just like someone trying to build not to knock anyone particular company But someone trying to build a company about standardizing data is like, oh great Let's like standardize how we look at everything and I don't think it fits personally I don't think these protocols living on top of blockchains are necessarily businesses or need business metrics. I don't think it's that helpful I think like projects and For success like how many people are you know doing X Y & Z and like it won't always translate to the thing What do you think are metrics that should be adopted in lieu of? You know revenue or price of sales or whatever all the stuff that people are doing to try to account for You know particularly in defy I think for layer ones. It's a little more nebulous I think it comes down to exactly like what the protocol is, right? So like a great example is even taking two things that like seem like there's the same Let's say like Uniswap first like synthetics Well, both of them are for trading like, you know, one of them, you know is for trading spot tokens And one of them is more like derivatives, right? So like would you say like total notional traded like that might look crazy, you know to use that as comparison like I guess my point is like even two things that look the same are gonna be vastly different when you think about how you judge them or measure them and so All I'm trying to say is like, you know, let's slow down and not trying to come up with one size fits all metrics I don't think there is some like EBIT type But they will love defy broadly it trying and and when people get any shelling point on one of those That's when you see capital formation happen because it's like hey look there's this metric we can optimize it we see the growth curve right like growth implies you have a number or a set of numbers and a derivative like a gradient and The gradient can go up and you're like, yes or more money in it and I do feel like there's like a Psychological human behavior element to this and crypto somehow plays with that in a lot of ways and that that's some of its beauty Is that the fact that it kind of plays with these I think the revenue thing also is like a good I agree like it's really difficult to sort of compare across different types of companies, but generally it's a good heuristic for Understanding like product market fit and desirability just showing willingness to pay right like you can't fudge it because I'm literally burning money I'm spending money to use this this protocol saying something with like, you know net dollar retention at revenue retention overall It's like user retention Like yeah like it I think that's generally sort of a good heuristic because it's showing that if people are actually using these things consistently because they want to use it not because ideally you sort of you're tying out the I'm inclined to agree with this is that although it is an abuse of nomenclature I think you're better off thinking of protocols as products and thinking about like if you can just applying very kind of dumb Simplistic like yeah, they don't work perfectly, but they're way better than just like finger in the air What's TVL and kind of how do I feel like the vibes are trending for this particular protocol? I think it at the very least it keeps you honest if you look at the era Pre when people had concrete metrics that they were looking at like protocol revenue and things like that There were just a lot of things that had you know, take for example, then you have and you had 4chan economics Whatever was posted on 4chan was the truth totally totally and also like not looking at like net of emissions Looking at like willingness to pay net of emissions Like you just end up with this crazy town where it's like Oh, there's basically like a negative cycle where people are making money by using your product You're like, wow, I've parked my good fit There was basically an entire year where every hot product in crypto was that it was people it was being like wow Look how much adoption this is getting when it's really just people clicking a button that pays them every second to be very fair That is it's like it's so funny enterprise SAS bubble also had the same thing It was just the way the capital is distributed.
CoinDesk Podcast Network
A highlight from UNCHAINED: Heres How Sam Bankman-Frieds High-Stakes Trial Could Play Out
"Arbitrum's leading layer two scaling solution offers you ultra cheap and lightning fast transactions, all with security rooted on Ethereum. Visit arbitrum .io today. Toku makes implementing global token compensation and incentive awards simple. With Toku, you get unmatched legal and tax tech support to grant and administer your global team's tokens. Make it simple today with Toku. Today's guest is Nick Day, Coindesk's managing editor for global policy and regulation. Welcome, Nick. Thanks for having me. The trial for former FTX CEO Sam Bankman -Fried starts next Tuesday, October 3rd. There's been a lot happening pre -trial. For instance, Sam has requested release from jail multiple times and repeatedly been denied, including as recently as Thursday morning. My personal thought was that it seemed like all these requests that the defense was putting in at this critical juncture right before the trial was supposed to begin was maybe not the best use of their time, but that's just my personal opinion. I'm not a lawyer. Why do you think they made this such a point of focus in the last few days? Yeah. So I'm actually coming, you know, I was in the courthouse just a few hours ago where this very issue was brought up and the, you know, defense's arguments were, well, the first time we asked it was for pre -trial release. You know, this was right after Bankman -Fried was remanded into custody in mid -August. The second time was, you know, they were asking an appeals court to overrule the judge's decision to remand him and they lost that as well. In court today, the defense said, well, you know, now we want to ask for during trial, which is why we waited until this week to make that request. And they say that they want to, you know, the circumstances are different. They're not asking for Bankman -Fried to be released from jail in the weeks leading up to trial. Now they're saying, well, you know, during the trial, we're going to have to talk to him and check with him about defense witness testimony and cross -examination and things like that. So that's why we're making this request. And the judge didn't really find that compelling. And why do you think the judge has stuck to this position of keeping Bankman -Fried in jail? So in the judge's words, there's a couple of different reasons. One being that Bankman -Fried has had ample time to look at the defense materials. You know, one of the arguments was there are something like 1300 exhibits expected over the course of the trial. And the judge asked today, you know, were these all prepared and shared with you before, I think he said September 8th, so earlier this month. And the defense, they said, yes, we've seen all of this. We've had access to all of this. Bankman -Fried was out on bail for about seven and a half months. And so the judge's argument is, well, he's had time to look at this. You know, there's no surprises here. And he said that the defense has the chance to talk with Bankman -Fried in the Metropolitan Detention Center where he's currently being housed weekends during days that there are no trials. So, you know, the trial is not every weekday. It's going to be most weekdays. And he said, you know, you have the time, you have the opportunity, you are able to talk to your client. You're not really losing a whole lot. But he added kind of a, you know, made this ruling where Bankman -Fried will even be presented to the courthouse early on trial days where there's certain witness testimony that has to be discussed and let the attorneys just talk to him before the trial begins on those days. So he's saying basically, you know, you have opportunities to talk to your client and I'm going to give you more time to do so, but I'm not going to let Bankman -Fried out of jail. So the main focus next week as the trial begins will be jury selection. Tell us what you think that process will be like. It definitely will be interesting. I think it's probably going to be very boring from just kind of an observer perspective because it's a long process and we're going to be just sitting there watching this judge ask each individual, have you heard of FTX? Have you heard of Bankman -Fried? What do you think about cryptocurrencies? But it's going to be very interesting because this is the part where we're really going to get a sense of, okay, you know, these are the 12 or so people who are going to determine whether or not Bankman -Fried spends the next, you know, 10 to 20 years of his life behind bars and so I'm expecting to see maybe as mixed selection. I think if you pluck a random group of New Yorkers off the streets, some of them may have heard of cryptocurrency. Most of them probably will not have and they're going to be tasked with deciding whether or not one of the biggest figures in crypto committed fraud on the way up and on the way down. Something that was interesting to me was the prosecution said that they expected jury selection to take the better part of a day. I've seen some legal opinions that it will take longer than that. What do you think could potentially happen there and why do you think some analysts are saying that it would take longer? Yeah, no, I've spoken to a number of lawyers as well ahead of the trial, you know, where at Coindes we're trying to do a lot of kind of preview coverage, basically saying here's how it might go down. Everyone I spoke to said it will probably take a couple days. Part of that is because this is a fairly notorious case. A lot of people will have heard about Bankman -Fried and presumably formed some kind of opinion that would, you know, disqualify them from being a juror on the trial. I'm not sure where the DOJ is getting their estimate from. It's very possible that, you know, through the questionnaires that the jury pool is sent through the, you know, the kind of the mass selection process or deselection process that the judge engages in. Maybe that streamlines a big part of it by kind of, you know, reducing or like immediately filtering out the people who are most blatantly, you know, either knowledgeable or biased or otherwise have their own preformed viewpoints about the case. And so the jury selection might just be focused on, you know, those individuals who have made it through those initial filtering processes. But that's speculation on my part. I honestly am not sure if it is a better part of the day that we could see opening statements as soon as next Wednesday, October 4th, which would be a pretty rapid start to the trial. And Coindesk did some work to try to suss out what it is that Lower Manhattan New Yorkers might say if they were randomly picked for a jury. What did you discover there? Yeah, no. So Coindesk's Dylan and Victor went to Manhattan, downtown Manhattan to the financial district, and literally just went up to people and said, hey, we're with Coindesk. Have you heard of FTX? Have you heard of Sam Bankman Fried? And a fairly large part of this group just hadn't heard about it. You know, they weren't familiar with it. They weren't comfortable talking about crypto. They weren't familiar with crypto. And of those who were, you know, I think they found a fairly even mix. There were some individuals who had heard about Bankman Fried, some individuals who had only heard about crypto, some individuals who were very knowledgeable. They actually found a, you know, a Yahoo anchor who was the most knowledgeable about it, naturally, as you know, a reporter covering the financial space. But they also found people who were looking for jobs in crypto, people who were investors in the space. By and large, it seems to, you know, a lot of the people they spoke to just weren't interested or talking, interested in talking about crypto or in, you know, being part of this, being part of crypto. So if that is a representative sample of who we'll see next week at the jury pool, it'll be interesting because we'll see a large, potentially large, jury pool of people who aren't familiar with crypto. Again, on one of the biggest, you know, bang in on one of the biggest figures in the space. Recently, the defense proposed certain questions that it would ask the jurors and the government said that they felt these were quote unquote intrusive. What were some of the questions that were proposed and what was the government's response? Yeah. So, you know, the background here is both the DOJ and the defense team filed their proposed jury questions to help filter potential jurors. The defense team in particular had a number of questions about, you know, how these potential jurors felt about things like effective altruism, about political donations, about ADHD and people who have ADHD. And the DOJ response was really, you know, they felt that some of these questions, for example, about effective altruism and about political donations seemed kind of primed to or designed to prime the potential jurors to think, oh, well, Bankman Fried was trying to do all of this in service of this effective altruism philosophy. Therefore, he was trying to raise money to donate to better the world or designed to try and prime the jury to think, okay, well, you know, political donations is fine. So these allegations about breaking the law in the way he tried to donate funds maybe is, you know, overreach or whatever. And then the intrusive part, you know, treating just kind of this question of ADHD and whether or not people were, you know, involved with individuals who had it or the DOJ just felt that these questions were really designed to try and shape how the jury would see Bankman Fried as opposed to just kind of gauge their existing biases. And so the DOJ opposed these questions. And I think we're still waiting to see for sure if there's any public response on the judge prior to jury selection on Tuesday. All right. So in a moment, we're going to talk about different legal strategies that the defense might pursue. But first, a quick word from the sponsors who make this show possible. Arbitrum stands at the forefront of innovation as the premier suite of Layer 2 scaling solutions, bringing you lightning fast transactions at a fraction of the cost, all with security rooted on Ethereum. From DeFi to gaming, Arbitrum 1 plus Nova is home to over 500 projects. And with the recent launch of Orbit, Arbitrum welcomes you to build your very own Taylor Layer 3 or an Orbit chain. Propel your project and community forward by visiting arbitrum .io today. Toku makes managing global token compensation and incentive awards simple. Are you designing your token compensation plan and grant templates with multiple law firms? Are you managing cliffs, vesting and taxable events in a spreadsheet? Are you distributing tokens to your team manually? With Toku, you get unmatched legal and tax tech support to grant and administer your global team's tokens. Easy to use token grant award templates, vesting tracking via online dashboard, tax withholding integration with payroll, automated distributions, great employee experience. Make it simple with Toku. Learn more at toku .com slash Unchained.
Simply Bitcoin
A highlight from Michael Saylor: Bitcoin is a Lifeline | EP 835
"It's all going to zero against Bitcoin. It's going up forever, bro. Bitcoin! You're against Bitcoin, you're against freedom. Yo, welcome to another episode of Simply Bitcoin Live. We are your number one source for the peaceful Bitcoin revolution of corporate breaking news, culture, matic warfare. We will be your guide through the separation of money and state. Sailor tweeted something very interesting yesterday. Anything when it when you tweet a picture, I really call it a meme, right, because memes are a form of, you know, graphics, memes, they're really what they're forms of transmitting information, transmitting data, right? So I'm just going to call it a meme, even though, you know, by the usual definition, it's not a meme. It's a bunch of statistics, a bunch of data. But for the sake, just to simplify, it was a meme, tweeted a meme about the inflation rates of all fiat currencies around the world. And what he said, the tweet that he said is, if you don't have access to dollars, Bitcoin is a lifeline. I mean, and it's very interesting because if you don't have access to dollars, thing is like, if you have a bunch of piles of crap, right? The dollar is the smallest, less smelling pile of crap, right? It's still crap, but it is the least worst of all of them, right? And what I think is happening, especially in the global south, the developing world, is you are seeing a lot of people adopt alternatives to state money. But the pattern that you're seeing is people aren't really adopting Bitcoin per se. Of course, there's a percentage of Bitcoin adopters, but what you're really seeing is people adopting stable coins, specifically USDT or, you know, the USDC or whatever, any specific type of stable coins that is a US dollar stable coin. And the thing about those things is that they provide a false sense of financial sovereignty. Number one, because they can freeze it. And number two, because I think eventually, due to its centralization, they will inevitably be co -opted. And they still have inflation baked in, right? So like it's a multitude of factors, but this is why this whole thing is going to be multi -generational, right? I truly believe. And the analogy that I always, always use, and I know it's cliche, the movie The Matrix, blah, blah, blah, blah, blah, but this analogy is so useful. Nio was just exposed to The Matrix and Morpheus and Nio are in the construct and Nio goes into denial and he's like, no, this isn't real. And he goes crazy. They pull him out. He gets out of the chair and he just collapses on the floor and, you know, and he just, he just passes out. He can't believe he can't, it's too much for him to take. And then the next, the following scene, Morpheus is standing over Nio while Nio wakes up and Morpheus looks at Nio and he says, Nio, I apologize. After a certain age, we don't pull people out of The Matrix because it's too much for their minds to, for their minds to handle. And I think it's a very fitting analogy to the fiat matrix. If you've lived the majority of your life using paper money that has faces of old people on it or faces of structures or faces of things, you're used to state issued money. You're used to banking. You're not used to taking self custody of your wealth. It is a very, very radical idea. It's not to say that you can't do it, but it's you have to go through a process of unlearning and then learning something new versus what Naim Bukkela is doing in El Salvador, where he's teaching the next generation about Bitcoin right off the gate. So it's not a process of unlearning. It's a process of learning something new. Now, in my specific career, and I know Opti, I'm pretty sure I'm pretty confident he's experienced the same thing before I bring him up. You know, I've been in Bitcoin basically a third of my life. So I had no idea about the traditional financial system. And so I started making Bitcoin content. And I thought, you know, when you start making Bitcoin content, OK, you're just going to talk about Bitcoin. No, it ends up being this macro geopolitical, you know, because Bitcoin is fundamentally going to change the world. That's why we say in the beginning of the show, separation of money and state. And you have you're forced to learn about the traditional financial system. And holy cow, are you just like in awe, you're just like, do things really work like that? That's absolutely insane. Right. So that's what I got to say is yes, absolutely. If you don't have the dollar, Bitcoin is definitely the lifeboat. But that's not to say that people are choosing Bitcoin. People are using or choosing stable coins, again, because I think that they've been conditioned. Right. I think that they've been conditioned to this, to the belief that the dollar is very, very strong. And in the global sense, like before Bitcoin, you could have made that argument and would have been a solid argument. But I'll ask you guys, it's a very simple question. If you have a currency that is designed to inflate and lose purchasing power over time and can also be censored and confiscated easily by the state versus a currency that is designed to increase in purchasing power over time is censorship resistant. I mean, what what do you think people are going to choose eventually? Incentives matter and Bitcoin incentives are the best. And that's truly believe. That's why I truly believe over the long run, enough people will wake up to that fact and adopt it. Right. Anyway. So we're going to talk about all that today. I know I rambled on for quite a bit, but I want to welcome my very special co -host, always optimistic. He had a dream. You had a dream, bro. You had a very interesting dream. You know, I started the Chrissy thing as a joke. I didn't think it was going to end up here. Yeah. Well, guys, if you didn't see my Twitter and I didn't even make this up, I legitimately had a dream last night that I was battling Christine Lagarde and she was a praying mantis and Claus Schwab was a locust. And I had to. That was a third one. I can't remember the third person. Yeah. I don't remember who it was, to be honest, but there was someone else there and I had to battle them. There was like a full Mortal Kombat scene in my dream where I was battling the unproductive parasite, Sat B. Yeah. I can't make up. This is where my life is. Actually, I mean, I think it's because I watched Prometheus again last night trying to unplug and there's that one scene of like the human spider thing. Anyways, anyways, anyways, that's totally not here nor there. To your point, Nico, it's funny that once I look through the world, through the Bitcoin lens and trying to understand Bitcoin and its place in the world, you start to learn a lot about the traditional financial system, global geopolitical macro. And I think we were having this conversation yesterday. It's like being in Bitcoin is just a crash course in how the normal world works, how all of the adult adults in the room see the world and how the financial system works. And then it's just funny because we always filter everything through that Bitcoin lens. And you're just like, we were saying it to each other, it's like Bitcoin changes everything and it's so simple and everything's so convoluted and so complicated in the traditional financial world. And it's just like, I don't know, fix the money, fix the world. It's just so simple. But it really gives you a crash course on life when you start to understand Bitcoin and you start to understand how Bitcoin works and why the fiat system is broken. And yeah, it just it blows my mind that we have learned about the traditional financial system through Bitcoin. And I never learned that before I found Bitcoin. It blows my mind. One hundred percent. I mean, again, like it's like we didn't have to in a way, you know, like and then I can't even imagine our children like they're going to be born in a world where Bitcoin has already existed. Right. So it's just it's just crazy to think. It's like when we think about our parents, like they were born in a world where the Internet didn't exist. You know, like people still read newspapers. That blows my like I can't even conceive of like, you know, of of that world. But I think the paradigm is is going to be so great because I don't think we've ever lived in a world where the money wasn't issued by the king or the emperor or the state or the government, you know, or the, you know, the democratically elected body, whatever this ruling class of people. And every single time throughout history, the ruling class of people manipulated the money to benefit themselves at the expense of the populace, at the expense of the public. Now you have something like Bitcoin where they can't do that. Right. It kind of levels the playing field and it kind of changes the power dynamics of the whole structure entirely. It's very, very fascinating, the entire thing. But you know, what turned from a joke into a meme ended up in Opti's dream. And I think Chrissy as a praying mantis, if anyone could make that A .I. picture of that, that would be dope. Please send it to us. We'll put it on the meme review. Anyways, everybody, let's jump straight into the numbers. We have a lot to talk about today. Let's check it out.
Book Club with Julia and Victoria
A highlight from 117 Beyond the Story by BTS & Kang Myeong-seok A Memoir or an Official Wiki?
"What is book what the heck is this book what is it the main thing i got from it was like this sense of feeling seen and validated well why does it have to be this way this book was placed in my hand for this moment insightful learned a lot wrote some quotes that i'm ready to like paint on my wall i love this book that we just kind of pull out some some of the big things that we see and talk about a few different ones i apologize if most my contribution has k -pop references alternative book title the feminine mystique part two you're really just gay welcome to book club with julia and victoria we are two friends who find making and presenting power points on their special interest via super fun way to spend two hours on a saturday night it was the best time i had such a great time with you yesterday and we'd like to be your book friends this is a podcast for the books we just can't shut up about and this one is truly for julia and i'm here as the bestest of friends along with two lovely guests we will introduce in just a moment this week we're talking about beyond the story a 10 -year record of bts written by kang myung suk along with bts's interviews and translated by anton herr claire the first official biography charting the inception and rise of the global sensation kpop boy group bts and this is very much an official biography sort of by and about the company as much as about the artist so we're here to kind of talk about what exactly is going on with this book and bring in some special guests very very quickly before we introduce them if you'd like to support the show you can rate review and subscribe on any and all podcast platforms. If you're in the market for buying some books, you can go down into the show notes. Any book links that are there will take you to our affiliate page on bookshop .org and we get a very small kickback from those. And if you'd like to join the club, you can go to buymeacoffee .com slash book club with JB, where we have all of our archived episodes, a bunch of bonus content, all kinds of fun stuff. And that's it. Our special guests, husbands Adam and RJ are here. They have been podcast hosts since 2015 and can currently be found on the Ampliverse channel, hosting and producing shows like Did You Read the Group Chat, Showgaze, a movie musical podcast, and their own Boys Love series, where they recap idol survival shows like Boys Planet and Queen Dumb Puzzle, dating shows like His Man and BL series like The 8th Sense, and they're currently recapping Cherry Magic. Victoria doesn't know what any of this is. It's okay. The word salad.
The Bitboy Crypto Podcast
A highlight from Ethereum ETF LAUNCHING Monday?! (Leaked SEC Documents)
"Good morning, everybody. It is September 28th. It's 1130, and it is time to discover crypto. We got Tim and BJ on the ones and twos. How are you two doing today? I'm doing fantastic, man. Alright. Ready for the show. BJ, are you in the silent era? Yes. Okay. He's in the silent era. Guys, we got a great show today. We're going to talk about the Bitcoin 1 %ers. We're going to talk about ETH futures ETF and how a senior analyst of ETFs at Bloomberg thinks it is going to be approved on Tuesday, folks. And that's why maybe you're seeing this huge, huge pump in ETH and a lot of alts as well. Also, we're going to talk about Gary Gensler getting roasted. We're going to replay the clip of the Pokemon cards. It's just too good not to share. Also, AI is alive. It's alive right now. How soon do we have a Terminator 2 style D -Day? Give it about 30 years. 30 years, folks. 30 years. Alright. We'll go ahead and start building the bunker right now. Yes, DC's in the suspenders. I know. If you just had the green bow tie, you and McHenry. Alright. One, I'm not going to wear a bow tie. Nothing against bow ties. Just bow ties aren't for me. I'm going to wear a regular tie with the classic winds or not, or I'm going to wear the suspenders. Yeah. This used to be my old bartending get up. I'll tell you what. You wear the suspenders in the button -up shirt. I'll wear the hoodie, but I'll wear the bow tie with the hoodie, and then we'll complete the whole ensemble. Okay. Okay. So you'll be like Fetterman, and I'll be Fetterman's, like, lowest level employee. Exactly. Yes. What were you going to say, BJ? That's like Voltron, yeah. Yeah, yeah. Then we'll team up. Alright. Well, let's just get right to the market cap story here. Alright. Where are we at? Whoa. Did you see that pump right there? Yesterday, we were up around 0 .4%. Today, we are up 2 .3 % for the crypto market cap. We had passed 1 .1 trillion. 24 -hour volume for the first time in a long time is above $50 billion. We're coming in at $52 billion. Bitcoin dominance, Tim's looking a little happy here. It was 47 .1 for a few days. It is now up to 47 .3. Gas, surprisingly low, only 20 Gwei, but it's actually about double of what it was yesterday, but still pretty low. I was surprised to see that. Alright, let's look at the pricing here. We have Bitcoin up 2 .1%. It is now coming in at 26 ,858 bucks. We have Ethereum past 1600, now 1638. It is up 2 .5%. BNB up 1%. XRP up 0 .5%. And we have Cardano up 1 .6%. Solana. Solana is pumping, folks. We have it up 2 .6. And TonCoin erasing about a third of the losses of the past week. It is up 2 .7%. But I'm ready to look at some of these top gainers. Ooh, look at Bitcoin Cash as well. Have you ever thought about trading Bitcoin SV or Bitcoin Cash? Because they do have pretty big moves. Yeah, no, I mean, they definitely are probably better for trading, especially if you want to stay away from leverage, but you still want to be able to utilize the moves of Bitcoin. But yeah, I haven't ever done it. Don't think I will. Okay. Alright. Well, let's look at the top gainers. Let's look at the top losers here. Wow. We have Compound. It is skyrocketing, folks. And Compound has shot back into the top 100. I have RollBit up 12 % just for today. I have a little bit of exposure to RollBit and a little bit of exposure to Apecoin. And I have a couple comic book issues of Thor, but I don't know if that will affect my pricing there. But it is up 10 .8 % and Apecoin up 7 .4%. Bitcoin Cash coming in as the top five gainer here, followed by Lido, DAL, then Aave, GMX, Maker, Arbitrum, Stacks. And then, hey, look, a little Chainlink way down at the bottom. Do you have any of these alts? You're not much of an alt guy, right? No, I mean, I have alts, but I don't go that deep. The moment I have about eight of them, Aave is one that is close to being on the list of maybe I'll come into it. You know what? You don't want to get into, though. I've been watching a lot of maybe... I think he's going to come on the show in the future. Shout out to Crypto Archie. Archie's been going really deep in some degens that are sitting around like a $4 million market cap, and their chances of 100Xing are greater than others. I do think I'm going to start looking into a real good degen portfolio. It's probably not going to take up more than... 10 % is probably being generous in my entire portfolio, but I like where I am. I'm definitely very top -heavy when it comes to crypto. I'm more conservative with my investments, but I'm going to take a little bit of risk this market. All right, BG says, BCH is my secret crush. My dirty girl, he calls it. Where's the one person? A million dollar vision. We're going to give you a million dollar vision. Hopefully, you can stick around and just be part of that positive message. I believe you will. I'm believing in you. All right, well, speaking of believing, I'm believing today we'll not have any of these these coins in the biggest losers of the top 100 cryptocurrencies here. I'm manifesting it. It's failed in the past, but today I'm feeling good. Let's go ahead and look. What do we have? We have Casper. All right, I'm not pale as it goes just yet. Casper is down only 1 .2, then followed by tethered gold. So this is a peg to gold price here, then gate, then another gold. We have another gold coin essentially losing here, then injective, and then stable coins. Wow, I escaped it today. I escaped it today, but gold's on the way down and I have exposure to gold. So does that count? Any day that stable coins are in your top losers, it's a good day for crypto. All right, can we, before we jump over to the top story here, can we look at some gold pricing and silver pricing here? I want to look at gold on Kitco, and if you want to look at silver, maybe we could check out some prices. I like Kitco, K -I -T -C -O. Here we have gold pulling up. Gold is down $14 for the day, so not a whole lot there when the price is coming in at $18 .61. How soon until ETH passes an ounce of gold? One ETH almost equals one ounce of gold. Costco starting to sell gold. I looked into it. They sell out usually within hours whenever they limit two per customer, but they sell one ounce nuggets right around spot price. All right, what do we have for silver? I don't know if this is the right one or not. I looked it up. This says CFDs on silver. Oh, you're a trading view guy. We like trading view. Shout out to Marcus Seifer. Price slightly down, but it's definitely got a consolidation kind of pattern going on here. Yes, we're still kind of moving, setting some higher lows, but we kind of flat out here. After kind of getting kind of in this region, we've flattened out with these lows. The resistance is getting lower, but I'm going to go ahead and say, Deezy, I think that this is a pattern. Watch what happens to support. We're back down at support, but this is a pattern I would almost lean more towards a move to the upside. Let me look at oscillators on this. Yeah, I'm feeling like that's bullish. I'm feeling like that's bullish. Plus, silver has underperformed relative to gold in the past 10, 20 years. I'm feeling pretty good about it right now. Yeah, no, the charts on the daily chart look more bullish than bearish, I would say. It's kind of sitting somewhat in the middle, but more bullish than bearish. All right, and we have Danny Boy saying, look at 100 coin. Maybe, maybe. We'll see. I don't know. Maybe we'll get some time here. All right, well, let's get into the top story here. ETH, futures, ETFs. What is it going to mean? I also got some short form content. Guys, we have an article talking about these Bloomberg analysts. I'm just going to do the deep dive as well, so let's read paragraph or two, and then we'll just see what exactly they're talking about. Let's go to the source material. Let's go to the source code of the simulation here. Bloomberg analyst shares information leaked from the inside that SEC on Ethereum futures ETF. They gave the good news date, folks. We're talking about Eric Balchunas. He's the senior ETF analyst. We're not talking about the janitor there. We're not talking about, you know, the guy that makes a tweet every now then. We're talking about their senior ETF analyst. And he said in a statement, he has inside on info when the SEC will approve the ETH futures ETF. Now, we know there's inside information. Who's going to have better inside info than Bloomberg senior ETF analyst? I'm feeling pretty good about this guy's sources. Now, you got to be careful. Never trust anonymous sources. But if I'm going to trust one, I might end up having to trust this one. All right, let's see what exactly were they talking about? It all started. Let's James Safart here. Nothing yet, but watching for filings to indicate Ethereum futures are indeed being accelerated for launch next week. All right, so what was he talking about here? Here's a repost from Eric. So Ether future ETFs could be trading as early as Tuesday, folks, as the SEC looks to speed things up and in order to get it done before the looming shutdown, just like they sped up delays on spot Bitcoin ETFs. If so, issuers likely in mad scramble as we seek to update the doc. So we have the government shutdown to thank for this actually getting sped up because we covered it I think two days ago. We looked at when the government shutdown happens, what happens through the individual agencies. If you weren't here, guys, SEC will reduce 90 % of its workforce, CFTC along the same line. So 10 poise, there's only going to be one showing up in that office. That's going to be a very lonely office. So what they're trying to do, they're trying to clear all the paperwork off the desks before it's just that one guy alone. I feel bad for that guy. Who is that guy? Shoot us a message here. All right, well, let's go back to X here. So he was quote tweeting this tweet from 14 hours ago. Well, let's, uh, let's see looking like SEC is going to let a bunch of ETH futures ETFs go next week, potentially. And then he was quoting this tweet. So let's look at that tweet. And then that was the one earlier hearing they might update so they can go on effective on Monday and trade on Tuesday. They've asked filers to update their docs by fry, uh, Friday PM. Uh, I'm guessing that's the end of day Friday. So they have till tomorrow, 5 PM Eastern standard time, get your paperwork done. If you get your spot futures, I'm sorry, your futures ETF paperwork filed, you might be able to trade it on a Tuesday. We're going to go ahead and get that in submitted on a Monday. So this guys, this could be very, very big. Now we have to wait till Monday, you know, nothing set in stone here, but however, according to the analyst, they will approve, uh, of the applications that candidates who do update it by Friday afternoon, and they will begin trading on Tuesday. Uh, how speaker McCarthy rejected the stopgap funding bill advancing in the Senate on Wednesday, leaving us just four days from the fourth partial shutdown of the U S government in the past decade. It is thought that a closure event would deeply affect the sec. It is rumored that the spot ETF applications were postponed early for this reason. So chat, where are you coming in? Are we going to shut down? I didn't realize we had done it four times in the past 10 years. I would have maybe said two in the past 15. That makes me think guys, I'm, I'm starting to lean towards, you know, if you asked me three days ago, I'm under 50%. I'm leaning towards 50%. I might even exceed 50 % by tomorrow. Where were you guys coming in on the odds of a government shutdown? Yeah, I think I'm a little low. I think I'd say maybe 35, 40 % it shuts down. I think they're going to have to do with both sides, but it would not behoove Biden to have that shutdown happen. There's a lot of reasons why they'd want to keep it open. Of course, there's a lot of Republicans in Congress, they're kind of pushing for it. They probably like it. They want it. I think they come to some sort of deal. They don't do it. Guys, should we just break down the alpha for you? You know, a lot of part, what makes this live show exciting is we can do things like BJ, while you go, could you look up October 19, 2021 daily candles on Bitcoin, October 19, 2021? Well, I'm going to be the idiot in the room as usual. So if we removed the debt ceiling and put it on pause till 2025, why would we even have a shutdown? Because it wasn't the entire shutdown when we would hit the debt ceiling. So that's not relevant for another 18 months. Yeah, that is a very good point on the debt ceiling. I think that that's a great question. So maybe that debt ceiling isn't as final as they made it appear because I was being told, oh, once this debt ceiling is raised, we don't have anything to worry about. And then two weeks later, we all of a sudden have something to worry about. So now we need to think about the next time they give us a debt ceiling raise. What the f are you actually doing here? Is it actually nothing? These game devs really need to figure out how they're building their ecosystem, because these rules just don't make sense anymore. They don't make, yeah, yeah. There's a lot of bugs in the code here. All right, we have the daily candles. See the date again? October 19th, 2021. If we just look at about a 30 -day period, maybe 10 days before to 10, 20 days after. Yep. So this is getting close to the top, but it was the, there's the, we ended up beating it out. But October 19th is right here. So it's this candle. We have one more day. We topped out on the 20th. Hover over the 19th. Right there. That is the day we had a Bitcoin futures ETF here. Move more to the right side. Let's, let's get a little bit in. That's the top right here. Let's stretch that Y axis. Let's stretch it out. All right, here we go. Go back to the 19th. Yep. The 19th, right? Let me go over here. 19th is right here. So in the lead up, it pumped, it pumped, but guys, that was a buy the rumor, sell the news. We had one more day. All right. They probably didn't want, you know, Fox Business News and MSNBC to be like, oh yeah, it got approved yesterday. Look at the price. So they gave us another 24 hours of pump. We've got the pump of metal pumping. Then, you know, a new cycle, you're probably not going to want to talk about it 36 hours later, 48 hours. So we got that pump. We got a nice strong pump for 24 hours. And then it went down folks. And then it went down. We went from, I believe that was about 55K, right? No, no, I'm sorry. 65K. 64, 64 .3. And then we dropped down to what about a week later? We got dropped down about 57 .8. All right. So we went from 63, 64, all the way back down to 57. And then we set in a new all time high. What was the amount of days from that low? What's the date? If you just hover, it gives you the date, right? On the bottom, it gives you the date. So date October 28th, it peaked November 10th. All right. So 13 days later. So a week later, it put in a local low. And then two weeks later, new all time high. Will the spot or will the futures ETH ETF play out in a similar way? I don't think we're, obviously we're not going to go to 4 ,500. We're not sending in a new all time high. But what I'm thinking is we might have a similar chart pattern. You're the Bitcoin ETF. In reality, this is only a period. That means we might have. All right. So that's the date. That's we're five days away from Tuesday, right? Friday, Saturday, Sunday, Monday, Tuesday. Go back five days from that, from the 19th. So go to the 14th, October 14th. 14th is right here. Boom. Nice big pump. It pumped for five days. Buy the room or sell the news. And then it dropped. And so maybe we're going to have a really good next four days. Maybe. You know, maybe I would say that that's a little bit premature. I think we have to look at a lot of different things going on. Obviously, we're getting close to the part where the market was going to top out and go to the downside. I think there, if anything, the case to be made here, even though there was some pump in that happens here, I would only make the case that this is proof ETFs can't save you from the bear market starting. I think there's I think it's a mixed bag. I think it's a little bit too irresponsible to try to say, well, back in October 2021, this happened. Well, there was a lot of things with timing and a lot of other different things. I think let's watch ETF. It will be bullish long term. But remember, futures ETFs allow both longing and shorting. So volatility is more what I'm predicting, not necessarily a firm. Let me play devil's advocate. That was what a lot of smart people thought was going to be the top or near the top. So if you have some, I have to hold this instrument for six months, and it's October 2021, you have one choice. You open in a long in October 21, you open in a short in October 21. I feel like a lot of smart money is choosing short. Well, let's go to today. We're almost half a year from the having. You have a choice. Are you going to open a long today to cash in in six months? Are you going to open a short today to cash in in six months? I feel like then many more people are going to choose short relative to today. You know what, let's actually that takes us into our next story. Let's talk about the big investors. Will they choose Bitcoin? Will they choose Ethereum? Will they choose, you know, futures or will they wait for spot? Here's what this Fidelity executive has to say. Ethereum investment thesis could be easier for institutions to grasp than this big, then bitcoins. And here is why. This was with the interview with a bankless YouTube channel. I do like bankless Fidelity's director of research, Chris Cooper, I think says the firm's Ethereum investment thesis could be an easier concept for blue chips to understand. With traditional, it's probably more easily go with them something like ether, then show them things where they grasp much quicker than investment thesis for Bitcoin. The investment thesis for Bitcoin, according to Cooper, is to truly understand it, you got to first to dabble into politics, got no little philosophy, got to know some game theory, got to know some economics, got to know some other concepts, you got to know the Byzantine generals problem, you got to know what the white paper is, you got to hate the NSA and the surveillance state. It's a lot, right? It is a lot. I remember that feeling, you know, half a decade ago, maybe more. Well, you know, I learned about Bitcoin, I didn't really get into it to about half a decade ago. I remember watching Andreas Antonopoulos clips on YouTube. And I just, I'm just alone in my living room with, you know, with, you know, maybe Mary J was there, but you know, I'm just alone. I'm watching this and my mind's getting blown here. And I'm just like, my God, I'm just so into what this guy is putting down. And then you go to your friend, and you try to, you're full of zeal. You feel like a religious apostle. And you're like, oh, my God, have you heard this thing called Bitcoin and what it's doing? And then you just get a blank stare back. Yeah. It's like, oh, yeah, I ate the orange pill, didn't I? Yeah. It's taken me back to these feelings here. All right. So yeah, it's a lot. Basically, what I'm saying, it's a lot to wrap your head around Bitcoin, folks. That's all I'm saying. I had the my first exposure to Bitcoin whatsoever was back in 2013. And I was the opposite side of that. What you just said, the staring face. There is this kid I met. He was very passionate about Bitcoin, tried to convince me it was the one world currency that Revelation talks about. He also was a pot farmer. So I looked at him and I said, OK, buddy, good story. Now, it turns out I should have gotten in when he told me to. He he was right. I should have gotten into Bitcoin. But I do hold to when you hear a lunatic who is growing pot for a living tell you that this currency is what Revelation talks about. You got it. You got to at least question it a little bit. I understand people still being stone faced at this point. Yeah. My first two exposure was 4chan and I was like, oh, anything they suggest is a scam, is a honeypot. And they are trying to hack me. And so that honestly, like in a weird way, learning I learned about it from too shady of a source. I was like, oh, yeah, I'm going to stay away from that one. The second exposure was my buddy buying ecstasy pills of Silk Road. And I'm like, again, another thing I want to stay away from. No, man, I'm good. I'm good. And then Silk Road happened. And also he lost his Bitcoin on a hard drive. So I was just like, yeah, I don't know about this, man. I don't know about this. And then eventually, you know, the hook got me there. All right. Well, you know, that's what we're saying about Bitcoin to truly understand it. It is a whole lot, you know, but imagine that you can get in front of them and just say, look, talking about Ethereum, here's the metrics, here's the cash flow, you put in your inputs, and they're looking at it like another financial instrument. And they're like, oh, yeah, that makes sense to me, you can have these scenario analyses where you could get your head around the probabilities. And then that way, people can size their position accordingly. That's how an institutional investor thinks. That's how a good investor thinks. They think around probability scenario analysis. And in fact, they are so strongly about that they capitalize the eye there. That's how institutional investor thinks. They really, they think about the probability scenarios there. So yeah, I think that's a pretty good, pretty good point there.
Bankless
A highlight from ROLLUP: Coinbase Crashes DC | Gary Grilled By Congress | Vitalik Deepfakes
"Miss Wagner is like, yo, MIT version of Gary was pro -blockchain, but SEC Gary is anti -blockchain. And then Richie Torres is like, yo, it's a Pokemon card of security? These people are listening to crypto Twitter. They are like, these are our things. The power of crypto Twitter is like getting into Congress. Well, it's because it's distilled logic. I mean, Bankless Nation, it is the last Friday of September. David, what time is it? It's the Bankless Friday Weekly Rollup Ryan where we cover the entire weekly news in crypto, which is always an ambitious endeavor, yet we persevere nonetheless into the frontier this week with a bunch of clips of Gary getting grilled. So everyone, everyone prepare for that one. If you're not listening to this with coffee, because it's too late in the day, well then you should get your popcorn, because that is what you will need. I mean, this is a catharsis, I think, for many of you in this episode. You'll enjoy this very much. Also, crypto was present in Washington this week. Yeah, Coinbase's stand with crypto day was held at Capitol Hill the same day that Gensler was giving testimony in front of Congress. Convenient. What about the timing of that? David, what else we got? After that, we'll talk about pudgy penguins in Walmart landing a huge deal, a ton of distribution for pudgy penguins, also with each toy purchase having an on -chain identity on ZKSync. So we'll talk about that. And then after, also not only are penguins getting identity, but citizens of Buenos Aires perhaps also getting some on -chain presence as well. We'll talk about that. And then, of course, we're going to do the PSA of deepfakes and phishing attacks that are out there. We got a Vitalik deepfake that we want to show you. It's pretty hilarious, but not if you believe it. Notable VC Fred Wilson got phished for 40 NFTs this week. So if Fred Wilson can get phished, so can you. We will talk about this and more. What else we got, Ryan? You know, the usual Bitcoin ETF stuff. ETH might be getting futures. There's a ton to talk about every week. This is a bullish week, I think. I'm declaring it such, David. It is a bullish week. And we got some green candles when we get to the markets. But before we get in, David, we got a message from our friends and sponsors over at Layer Zero. What do they want the folks at home to know? They want you to know that after a year, over a year of combined effort, Layer Zero and Google Cloud have announced their partnership, and they are ready to build the interoperable cross -chain apps of the future. What is Layer Zero? Of course, Layer Zero is a set of smart contracts that are deployed on every single chain. These smart contracts connect to each other. How do they connect to each other? Well, they need some Oracle service in the center to be the chatterboxes, the passing messages between all of the Layer Zero smart contracts across all of the 50 different chains. Google Cloud is that new default Oracle. That is the partnership that they have created. So there is a link in the show notes for you to go explore more if you're a builder who wants to build on Layer Zero. LayerZero .network is also the URL. Well, you know what I want to learn more about this week, David, is markets. Tell me about the old markets. I think, I think, I haven't looked at this yet, but I think we got some green on the week. We got some green, dude. Let's look at the Bitcoin charts first. What's Bitcoin showing us? Some single digit green. Look at that green right on the right. That's your dose of dopamine for this week. It's like, whoo, Bitcoin up 2%, whopping 2%. Started the week at 26 ,600, ending the week at, well, Thursday morning, if you call it the end of the week. It's not the end of the week. 27 ,150, up 2%. Ether price up a little bit more, starting the week at 1660, up 4 .5 % to the current price, excuse me, starting the week at 1560, ending the week at right around 1660, where we are right now. 1660. I mean, it's still low. That is a low price. We are getting excited about very little right now. Yeah. It's up such a small degree, you shouldn't even be excited about this. And yet we are. Yeah, we are. 4 .5 % on the week, I'll tell you. It's better than flat. When's the last time we had a double digit week, man? Double digit up or down? Up. I can't remember either, actually. We've been in the flatlands for so long. It's just like kind of a little bit of a bleed out all the way from 1900. Weren't we over 2000 a few weeks ago? Yeah, we have touched over 2000 in this bear market, but man, it certainly doesn't feel like it. Last time we were at 2K was July. In July, briefly. We weren't at 2K. Yeah, I can't remember July. Well, I was in the mountains. It's been downhill ever since I caught back for the mountains. Yeah, it really was. It's been all downhill since you guys. The only thing you can do, David, is go to the mountains. Bad things happen to Gary Gensler when you go to the mountains. Although, I guess nothing bad happened to him this week. Anyway, I'm skipping too far ahead. We'll have our Gary later in the episode. ETH, Bitcoin, up 2%. Total crypto market cap, $1 .11 trillion. Layer 2 scaling factor, touched 6 % this week, down to 5 .5%. Still at all -time highs. Layer 0. Wait, what touched 6 %? Excuse me, not 6%. Total value loss? 6x. 6x is what I meant. Oh, activity. That's what you like to look at. Yes, layer 2 activity touched 6x of Ethereum, but now it's at 5 .69. Nice. 60 transactions per second, 64 transactions per second. Yeah, that's where we get the 6x. We got more transactions per second left in this tank, I think. Oh, yeah. David, you want to talk about the general markets, like all the TradFi markets? You want to talk about macro really quick, because it's been super confusing to me. It's been super confusing. And then I read this tweet. We're also doing a macro show on Tuesday as well. So a macro show, so talking about the state of macro from a crypto person, so it's a crypto person who understands macro, so I'm really excited for that show. Are you a crypto person that understands macro, David? Do you understand macro? When I have a smarter macro person with me, then yes, I understand macro. My question to you is, does anybody really understand macro, particularly right now? Oh, you mean current snapshot? Definitely not. Yeah, all right. So here's the tweet. Current situation. One, stocks are falling like a recession is coming. Two, oil prices are rising like there's no recession in sight. That's contradictory. Three, interest rates are rising like we have 10 % inflation. Yes, they are. Four, gold is falling like inflation is gone. Five, housing prices are rising like rates are falling. And six, commercial real estate is falling like it's 2008. Nothing adds up here. That's the way I feel about macro right now. It's very confusing. There is a confusing set of signals going on, and it's not adding up in my head. What do you think about this? Yeah, they follow through, and they say it's beginning to feel like a pivot point in sentiment. I don't know if I'm about to say what I think they are meaning by this, but when there's a bunch of confusion, people, I think, brace for something, brace for clarity, and then whatever that clarity is will define sentiment. Where are we going? We don't know. As soon as we find out, we'll know how we feel about it. But we know it's going to be different from here. Different good or different bad? Those are the only two directions. Yeah, I guess that's the reductive take about it. But it's basically like we don't really know. That's why I'm very interested in doing this macro episode next week to see what the newest macro person kind of knows. I will say one thing, though. I think volatility is back on the menu. I think that's what this means. Because when the market doesn't know what direction it's going to go in, then it can kind of lurch in one direction or the other. So weird macro climate right now. On the back of stimulus, on the back of money printing, like what's going on here? And just to be clear about something, we've previously talked about stocks being at all time highs. That's been kind of the theme of the last two months, I would say. Well, so from looking at the SPY, you don't have the chart up, but it has declined by 7 % since July. So the SPY is down 7%, which is more. That goes to the first bullet point. Stocks are falling like a recession is coming up. I don't know. It's down 7%, just doesn't feel like a lot to me. Well, in the trade market, 7 % is a lot historically, but not recently. 7 % in the trade market is actually, that's just like, trade markets are also volatile. OK, well, we'll try to make sense of this, but let's get back to crypto. This is a negative report from JP Morgan, who said, Ethereum's activity post -Shanghai that was the last hard fork back in March, has been disappointing. JP Morgan calling Ethereum's progress disappointing. They've got some reasons for this. While the shift from proof of work to proof of stake meant that the energy consumption from Ethereum collapsed by 99%, the Ethereum supply is shrinking and staking rose sharply by 50 % since the Shanghai upgrade. While that happened, the increase in network activity has been rather disappointing. Ethereum's daily transactions, daily active addresses, and total value locked on DeFi protocols on the network have all experienced declines since the last hard fork. So JP Morgan, their analysts expressing some bearishness here over the last six months or so. Yes. I'm not mad, just disappointed with that activity. My response to that is, who the hell are you? JP Morgan doesn't know how to analyze these things. Well, I don't know. Ethereum post -Shanghai activity, it's just the broader crypto downturn. And also, they're just wrong, JP Morgan, he is wrong. They say layer twos have displayed mixed results. Well, no, TVL and economic activity on layer twos across the board are all up. I don't know where the hell they're getting their data from, but not only is their data wrong, but their analysis is poor. Well, let's go to the actual numbers, Stephen. Layer two beat provides a good source for value locked on layer twos. What are we looking at? At the 180 -day time frame, it's basically flat. It's marginally up, it's basically flat. It's a flat TVL, $10 .5 billion. Activity is up, it's up so much. It's unequivocally up by a lot. I'm disappointed in JP Morgan. Wow. Have you ever been not disappointed with JP Morgan, David? I'm generally disappointed by banking in general. Really? You should start a podcast called Bankless, David, about escaping your bank over time, slowly. I think Vance Spencer put that tweet in perspective as well. Actually, I don't think he was responding to that tweet in particular. But we are. We got some perspective here from Vance Spencer. This is Ethereum, if you chart it against some of the fastest growing tech companies in human history, companies like Alphabet was Google, of course, and Meta or Zoom or Microsoft, and how quickly, over time, it took them to surpass $10 billion in revenue. How long did it take them? It took Ethereum seven years. When charted against these other tech companies, there's only one that did that faster, and that is Google. Yeah. Ethereum really did all of its $10 billion of revenue inside of 2020 to 2023. I mean, so look at this line. It's just kind of like a slope line up. So I mean, doing pretty well, all things considered, JP Morgan. Not disappointing. I'm not disappointed by this. And I'm not disappointed. Also, long -term perspective, not disappointed in the price of ETH over the last seven years either. And we can keep going. Uniswap this week hit 300 million in swaps. 300 unique million trades, swaps, has happened on Uniswap. Uniswap was invented in 2019. 300 million swaps since 2019. Is that disappointing? Is that disappointing? I'm not disappointed by that in the slightest. I feel great about that. Maintain my disappointment about JP Morgan. You know, I think it's part of a broader crypto sentiment, and I've seen a lot of takes just in general in news, but even in financial analyst news like JP Morgan research, that sort of thing. It comes back down to this, David. Mainstream thinks that crypto is dead, again, like always. This always happens. And this is what makes this a buying opportunity, as with previous cycles. And when crypto 10x's the next cycle, don't let anybody tell you you didn't earn it. Because if you're buying here, when everyone is saying crypto is dead, it's never coming back. That they're disappointed. That's how you earn. It's so easy. The signals are just being laid at our feet right now. They really are. I tweeted something like that out, and somebody responded with this life cycle. What are we looking at here? Yeah, just like the cycle of the bull bear market. So in the top of the bull market, some crypto friend of you will tell you, a bankless listener, you're so lucky. I wish that I bought two. And then the crypto market will go down and be like, you're an idiot. I told you crypto was a scam. Yeah, so especially when they say the words disappointing, it's such an emotional word. It's kind of just playing into the readership. I don't know if JP Morgan is about that game. I mean, we're in the stage of the cycle where everyone thinks you're an idiot. And they told you it was a scam. And you can't talk about crypto at your family events or parties because you're just the crypto moron who knows nothing. And ha, ha, ha, SPF, FTX, that's so stupid. Scams, frauds, NFTs are such a joke. Well, granted, some of those things are actually true. Sure, sure. But if you're still in crypto and you know why you're here. And you're no longer buying the scams because you can identify them. And then you'll swing back to like, I am a genius. I am amazing. I am lucky. Or third parties will say you're lucky when that happens and you'll feel like a genius. You've been chewing glass for three years, but you know, you got lucky, though. You got lucky. How about the Bitcoin ETF, David? Here's a tweet from James Seyfert. What's this about? He just says that the SEC has come out super early and delayed the ARK Invest and 21 shares Bitcoin ETF filing. There wasn't a decision due until November 11th. And typically up until recently, the SEC has always gone up right up until the buzzer. But they decided to delay their decision on this earlier than usual. You know why? Partially? It's some speculation. It's because the government's about to shut down. The U .S. government's about to shut down. That's on Monday, right? On Monday? Yeah. So apparently if by Sunday night, this Sunday night, Congress doesn't reach some sort of compromise resolution, whatever agreement to keep the government running, then it shuts down yet again. I mean, how many times have we been through this? And so this is the SEC just getting ahead of that so that the stuff doesn't expire while the government shut down. And I guess, I don't know what would happen if the government shut down and these deadlines were missed. But maybe they would de facto be approved. I think that could be how it works. Is this some sort of pseudo oracle about how the SEC thinks that if we do go for a shutdown, we'll get shut down all the way until at least November 11th? I have no idea. I have no idea what this could mean. I do know this is good news. So Congress, both Democrats and Republican lawmakers, sent a letter to Gary Gensler pleading that he approve a spot Bitcoin ETF.
The Cryptoshow - blockchain, cryptocurrencies, Bitcoin and decentralization simply explained
A highlight from #465 Ethereum Futures ETF approved?! New All-Time High incoming??
"Welcome to the Crypto Show. Your podcast for everything around crypto, blockchain, bitcoin and more. Here is your host, international blockchain expert, serial entrepreneur and investor, Dr. Julian Hasp. Are we seeing an Ethereum future CTF coming out relatively soon? Hey and welcome to today's video. My name is Julian. On my channel it's all about making you crypto fit. I discuss the beautiful world of decentralization, blockchain, cryptocurrencies. And today we're going to discuss the second largest cryptocurrency, Ethereum. We're going to discuss a potential approval of an Ethereum futures ETF. Maybe even today on Friday, but maybe also only beginning of next week. Looks very promising. I'm going to give you some price targets. Some kind of things that I'm going to be looking for. And I'm going to give you a bit of what my course of action is going to be in all of that. So let's dive right in. First and foremost, because of the impending US shutdown, the SEC seems to speed run a lot of those applications. While the Bitcoin ETFs, and these are spot ETFs, all got delayed to January it looks like. And again, this doesn't mean that it's guaranteed to be approved in January, but at least the decision is going to happen ready in 2024. The Ethereum futures ETF seemed to be taking a different turn. First and foremost, there is a mixed futures ETF of Bitcoin and Ethereum with a 10 % Ethereum allocation, 90 % Bitcoin. That's going to be switched to 50 -50 next week. And that seems to have been approved already. And we can see this in the market. Suddenly, the futures all started to really jump up and generate quite a spread to spot. So someone is buying those futures and it's, I mean, sure, this can happen by anyone. But it's very likely that we're seeing these futures buying because the market or these players are getting ready to be listed. So it looks very promising. We don't have pure Ethereum futures ETFs yet. We have it for Bitcoin, but not for Ethereum. It's very likely that we're going to see an approval today on Friday or maybe beginning of next week. And this would be monumental for Ethereum. A lot of people are saying, oh, this is going to just crash the price of Ethereum. A couple of thoughts on this. First, if you look back on Bitcoin in 2021, a big part of the massive rally was actually those futures ETFs. Sure, afterwards it totally crashed. But this also has had a lot to do more with M2, in my opinion, getting completely compressed interest rates going up than anything else. So I'm not bearish on the Ethereum futures ETF. One has to be very careful, though, in what does the price do. The best scenario here would be that we are seeing maybe a rally up to 2000 or something, right, like a 10%, 20 % rally. I think that would be fantastic. But I think if we're going to see now suddenly a 50 % or 100 % rally, that would really scare me as well. And I would get very cautious on this. So I think the ideal scenario on this would be a strong bullish trend, but not like a 100 % pump or something. So I hope you understand where I'm coming from when I say, you know, I'm bullish on Ethereum, but I'm also not hoping that we're going to see 100 % kind of massive pump and then afterwards a dump. In general, such a futures ETF is definitely bullish because Ethereum doesn't have any institutional rails so far. And this would really be some rails. Now, suddenly everyone can invest in those ETFs, any pension fund could. So sure, they would all love to have a spot ETF, but futures ETF is kind of the second best here. And so you're going to see massive, massive drive. And you can see this also, the Ethereum price is outperforming Bitcoin at the moment. And this is something that I'm actually expecting going forward all the way until we may see a Bitcoin spot ETF. Until that point, I would be surprised if Ethereum rather underperforms simply because there's more speaking for Ethereum at the moment. We have the futures ETF, we have the dank sharding that's planned for November -ish. So it looks all very promising. And I sent out an email already. If you're not getting those emails, head over to ceonews .bake .io and really have a read on all those kind of strategies and ideas. At the moment, if you are not dollar -cost averaging into Ethereum, I mean, you can also dollar -cost average into Bitcoin. I'm also dollar -cost averaging into DeFi chain. If you're not doing this at the moment, you're either not believing that these futures ETFs are going to come out or you're in general bearish. But, I don't know, I am doing this and I think at the moment it makes just a lot, a lot of sense. By the way, on Bake, we do have a really cool dollar -cost averaging promotion right now where you even have the chance to win a Tesla. So if you want to check this out, head over to bake .io and have a look. Let me know your thoughts. What do you think? Do you think the Ethereum futures ETFs are going to get approved in the next two to three days? Do you think it's going to be bullish for the price? What is your course of action here? And again, I'm dollar -cost averaging. I'll stay long. I may take profits if the rally is too crazy, but like a 10 -20 % rally is not something that I'm going to take profit on. But if this suddenly becomes a 100 % rally, and look, this is possible, right? 100 % rally, suddenly we're shooting up to, I don't know, $3 ,000, $4 ,000 on Ethereum. It's easily possible because suddenly you have this institutional money coming in, then I would take profits, but not if it's like a 10 -20%. That's it. If you love these videos, let me know in the comments, share the video with other people, and I hope to see you soon with some more nice insights into the markets. Stay safe, stay healthy, subscribe to the channel, and I'll see you next time. Thank you so much. It was truly trillion. Bye -bye. Unfortunately, we are already at the end of today's episode. If you find The Crypto Show helpful and would like to continue being a part of it, don't forget to subscribe so you are notified when we have the next episode out. If you want to do me a huge favor, please leave a review. It literally only takes a few seconds, but it helps the podcast platforms to rank this show. Hear you next time. Julian.
Mutually CoDopendent
A highlight from Jen's Birthday
"Hey guys, welcome to Mutually Codependent with Adam and Jen. I'm Jen. And I'm Adam. I hope everybody is doing spectacular today. Today on Mutually Codependent we're gonna talk about what we thought the 40 would look like. We are not 40 yet but we're almost there. I turn 39 this coming Sunday which will be in the past once you've heard this episode. But yeah. We're close enough to realize that 40 was very different than what we thought it was gonna be. Yes. And we thought it would be worth a podcast to kind of talk about it and our expectations. Throughout the ages? Yeah, yeah. So if you don't know now you know that we have a strain of the show. I may end up with like a little rhyme, a little haiku or something. I hate haikus. I don't I still don't understand. I couldn't tell you the number. But anyway, Strain of the Show. 575, right? 535? 575. I think it's 575. Yeah. 5. Strain of the Show is something that we use. It's a flour that we are smoking that is available through Texas Canna Health. CentexCBD .net. This week it is a pre -roll from Happy Shaman, I think? No, this is from Hymn Living. This is a marshmallow OG. It's labeled as a hybrid. It is definitely something that we've learned that we can smoke anytime for any reason and it's kind of a marshmallow -y, oaky, sweet flavor. Yeah and some people are way better at pulling those notes out than I am but even Landon when he tried it he was like this yeah there's like a so like caramel and I'm like marshmallow he's like yeah and I'm kind of jealous. It's very sweet. I like it. This is one of my favorite strains. If you have a headache and you need it to go away but you don't want to fall asleep or take a nap or be too energized this is a pretty solid hybrid. You can smoke this anywhere and do anything like it's maybe not anywhere. Yeah and it's it's 18 .2 % THCA so it's enough to get you where you need to go but it's not like overwhelming like this is something you can just hang out and smoke for a bit and I think that's people forget that that's a thing. Yeah. The activity of smoking isn't just for the intoxication it's it's a time to sit back and just breathe literally that's what you do. Just breathe for a minute. Take a break. Just take a few minutes to breathe. Almost like smells like a cigar to me. Okay. Like when it's burning there's almost a cigar -y or maybe not a cigar but like I guess what's a Swiss or sweet? That's a cigar. I was gonna say like you're like a flavored cigar. Yeah. I was thinking like Swiss or sweet. Like a vanilla or or like. Yeah. Yeah that would make sense. Vanilla. Russian cream. Yeah see that's that's probably whatever it is that all those things have in common. The first thing I ever smoked was a clove strawberry clove cigarette when I was 14 with my cousins Amy and Brian. I the first time I smoked was a clove cigarette. Yeah. Yeah Kim. Yeah I can see that. Yeah we were we were laying down on the driveway cuz cuz both parents were gone there were no cars there and it was I think I don't know it was we were just hanging out she's like I'm gonna go smoke and I was like what? No I actually knew that she had smoked could but she would only do it like in her car like I don't remember her being. That makes sense. Or around I don't remember her doing it around the rinse if you will. That's something I I would I liked clove cigarettes I liked the way they tasted they were delicious I think that's ones that are flavored.
The Bill Simmons Podcast
A highlight from A Dame Trade Deep Dive With Ben Thompson, Plus Seth Meyers and Million-Dollar Picks
"Coming up, Dame gets traded. Million dollar pick Seth Meyers, it's all next. It's the Bill Simmons Podcast presented by FanDuel. Get in on the football action right from the opening kickoff with America's number one sports book. The app is safe, secure, easy to use. FanDuel always has exclusive offers. When you win, you'll get paid instantly. FanDuel has lots of ways to play, like the spread, money line, over -unders, team totals, player props, so much more. Jump into the action at any time during the game with live betting. Combine multiple bets from the same game in a same game parlay. Download the FanDuel sports book app today. Make every moment more of this football season. The Ringer is committed to responsible gaming. Please visit TheRinger .com slash RG to learn more about the resources and help lines available and listen to the end of this episode for additional details. You must be 21 plus and present in select states. Gambling problem, call 1 -800 -GAMBLER or visit TheRinger .com slash RG. This episode is brought to you by Uber Eats. I just use this. Here's something every football fan should know. You can get everything you need for game day delivered with Uber Eats. Well, almost, almost anything because you can't get the dream flex for your fantasy team delivered with Uber Eats. But Tex -Mex, yeah, great pass protection, can't get it. Great pizza selection, oh yeah. While they can't help on the field, you can get pretty much everything else you need to watch the game delivered with Uber Eats. So this season, get anything, almost, almost anything for game day by ordering on the Uber Eats app. Uber Eats, official on -demand delivery partner of the NFL. Order now. I'll call in select markets and 21 plus to order. Product availability may vary by region. See app for details. We're also brought to you by The Ringer Podcast Network where I put up a new rewatchables on Monday night. We did the big chill. It was very, very exciting. I have Kyle Brandt coming on Monday's podcast. I'm just gonna tell you the movie now because it is gonna be the best moment of your weekend if you spent two hours watching this classic. We're doing Toy Soldiers. It really brings everything possible to the table. So if you wanna watch it ahead of time, there it is. That podcast is going up Monday night. If you wanna hear stuff about the debate, we have Tara Paul and Mary's podcast, Somebody's Gotta Win. That reacted to it as well as the press box with Brian Curtis and David Shoemaker. So there you go. Our debate coverage has been on point. Also, higher learning. Van and Rachel had Larry Elder on this weekend. It made a lot of noise, man. That podcast is great. I hope you check that out as well. Hope you're checking out theringer .com. And on this podcast, gonna talk about the dame trade at the top. We're gonna bring in Ben Thompson from the Techery newsletter, which he's been on this podcast I think four weeks ago. And he's a huge Bucks fan. He's gonna give the Bucks fan side of things. We're gonna do million dollar picks. And then old friend Seth Meyers talking about a whole bunch of stuff. So really good podcast. It's all next. First, our friends from Pro Jam. What's up? All right, I'm taping this on Thursday afternoon. Normally when there's a big MBA trade, I always do the emergency trade reaction right after the podcast. But we just put up a podcast on Tuesday. So I decided to play it a little differently this time. I wanted a little distance, I wanted to listen to stuff, read stuff, and try to form some big picture opinions coming out of this. So I have four smaller ones, then one big one. First one, I thought Portland did an incredible job with this trade. I really liked this trade, especially everyone was trying to bully them in June and July about, oh, you got to take Miami's offer. You just got to. It's where he wants to go. It's the only offer you're going to get. And guess what? They waited. They played it perfectly. They stared Miami down, and they got a much better deal. First of all, they get the Drew Holiday piece that they can flip into a bunch out of their stuff, which we'll talk about in one second. I love the DeAndre Ayton gamble. As you know, on this podcast, I am a big DeAndre Ayton guy. Not in the sense of I'm the biggest fan of his in the world, but I'm a fan of the asset. I just think I love the valued assets, no matter what it is. Whatever market we're talking about, DeAndre Ayton, 18 and 10 for his career, 60 % field goals percentage, 25 years old. He's played in 45 playoff games. He played four rounds in the 2021 finals. Last year, he got his ass kicked by Jokic. Oh, sorry. Like, that never happens. And Phoenix just sold on him, which I can't wait to talk about. But just from a Portland standpoint, they not only get Ayton in whatever they get for holiday, they get the 29 first, they get the two swaps, and they dump Nurkic. Nurkic hasn't had a healthy start to finish all the way through the playoffs here since 2018, which I'm positive was a long time ago. He's basically 12 and 8. He's, you know, a 50 % shooter. I made a list of the top 30 centers. I encourage you to do this at home, because what's more fun than making lists of NBA centers? I can't imagine anything. I made a list of who I thought were the best assets of the center position for talent, contract, everything. He was 29th on my list. The only person I had ahead of him who's technically a starter, unless you start talking about the Detroit or Charlotte guys, was Zubats on the Clippers. I thought he was the 29th best center asset in the league. And Phoenix, you know, just quickly to go to them, they're trying to win this year. They got worse. They turned Ayton's money into Nurkic and Grayson Allen and Nasir Little. Grayson Allen, we already know with him, he can't play in playoff series. We saw him 22. We saw it last year. I heard and read in some places like that, I got two rotation players. Did they? Is Nurkic a playoff rotation player? Is Grayson Allen a playoff rotation player? Because I'm positive he's not. So for the same money that they were spending on Ayton, they got three guys that I don't think are going to help them. In 25, the money comes down a little bit to 23 million just for Nurkic and Little, which is 7 million less than Ayton. And then in 26, that money goes up to 25 .5. But I don't understand what Phoenix was doing. Why not wait to see if Ayton clicks with Vogel? Vogel has such a good history with centers. He rejuvenated Dwight Howard on the 2020 Lakers. He basically created Roy Hibbert's career in 2013 with the defense verticality thing. I thought he was going to do a good job with Ayton. I'm stunned that they gave up on him. I'm almost waiting for one of those, now they tell us stories when, you know, that's where Brian Curtis calls them, where like a week after something happens, there's this kind of notebook dump where it's like, here's seven terrible DeAndre Ayton stories. So maybe that'll happen. But for Phoenix just to be like, cool, we locked this down, man. We got Nurkic. You're trying to win the title. You have KD and Booker and Beal. And like, what are you guys doing? Anyway, from Portland's standpoint, I love the Ayton thing. I love that they didn't get bullied. And I know they're going to turn Drew Holliday into something. So this to me was at least an A minus for them, for where they were two months ago, where Dave's like, I want to go to Miami. That's it. And if you don't trade me there, that's kind of fucked up. And they made this work as it got reported that, uh, I think in the athletic, that he expanded his list to Brooklyn and to Milwaukee in the last two weeks. And that's what Portland was waiting on. You know, they were banking on the fact that he's a competitive dude. He's one of the best 75 pairs ever. He wanted a situation settled. So, you know, you wait, you wait, you wait, they expand the list and then you go. Uh, there's a Drew Holliday piece to this. That's awesome. He becomes a contender prize. I wouldn't call this a Drew Holliday sweepstakes. I reserved sweepstakes for the superstars, but it's a mini sweepstakes. This is somebody that could have a huge impact on the playoff race. You know, not only the usual suspects, everybody's talking about Boston, ironically, Miami is a really good fit for him. And in some ways, um, I'm a little more scared of them with Miami than Dame in some ways, especially at a much cheaper contract with giving up less and keeping some of their assets. Philly, if they could pull it off, they have to be in there in Golden State, Minnesota. I think I have to mention Sacramento, I think is a team that if they could figure out how to get Drew without giving up their core, which is basically Keegan Murray and Sabonis and Fox, like that's, you know, could Davion Mitchell be in that trade with some, with a salary and some picks, who knows. The team that I love for Drew Holliday is OKC. I have OKC, you know, I started doing my MBA research for the over -under spot and I haven't landed on a number for them yet, but to me, they feel like a high forties team with Chet and with the growth of their young guys. And if you just like, let's say they traded Lou Dort and a bunch of their picks, maybe two firsts and two of their lesser picks or three firsts and a second, whatever it is. And they just say, fuck it. And they get Drew and you put him with Giddy and SGA and Jalen fucking awesome Williams and Chet Holmgren and all these other dudes they have, that might be a top three team in the West. I mean, that, that's starting to give me some early 2010s OKC vibes. So where he goes is going to be important. I just feel like there was so much Drew Holliday slander the last couple of days. You know, he's one of my favorite players. Even Haralabob, who was the chairman of the board of the Drew Holliday fan club for years and would have the benefit dinners there and, you know, just did a lot of yeoman's work on that front. And even he was like, yeah, yeah, Dame's better than Drew. That trade makes sense for Milwaukee. I was hurt, Haralabob. I was 100 % hurt by that. But you know, Drew got his ass kicked by Jimmy Butler in the playoffs last year. I get it. It happens. Jimmy was unbelievable. I feel like he would have kicked anybody's ass. By the way, why is Drew Holliday guarding Jimmy Butler? That speaks more to some of the issues with Milwaukee. He was never supposed to be a point guard and a creator. I think he was always better as an off -the -ball guy. We saw that with Rondo and New Orleans and just in general. I want to see him with a point guard. I want to see him just being unleashed, not having the ball a lot, just worrying about hitting threes, being an occasional, you know, make -shit -happen guy and being like the third or fourth best guy on a team without having the offensive responsibility to have. All their half court issues got blamed on him for the last couple of years. And I get it. They weren't like an awesome half -court team, even the other one in the finals, but I really value that dude. I had him, even I did the trade value list in August and I had him 37th and I had Dame 23rd. I think he's one of the best 30 players in the league still. He's 33 years old, which, you know, I'm going to talk in a second about when guards hit their mid -30s, but just in general, I think he's a real asset. If he goes to a team like the Celtics and they can keep Derek White and Tatum and Brown in the center, it's like, look out, man. So little mini sweepstakes, rarely do we get the trade, but then we still get another asset to talk about. Thank you for everyone involved in the trade. And then the fourth small point is just that, you know, not rocket science, Milwaukee bought some Giannis time here. They have one of the best 20 players of all time. They were staring down the barrel of a situation that was not good. I was talking about it on this podcast in late June and early July. I thought he was going to put them on the clock. I thought Mark Lasry selling his stake was a really bad sign for all of this because that dude is smart. As I laid out in June, that guy is really smart. And if he's feeling like, you know what, it's time for me to sell my buck stock, that makes me nervous. And then all the stuff that Giannis said and did, which I thought he did really fairly and really smartly. And I think that dude's about titles and that's it. And I know we say that about players, but I think in his case, I don't think he cares about, you know, what's my legacy, how do I compare against Dirk DeWhisky, any of that stuff. I just think he wants more rings. I mean, think about the guys who have won two rings out of the best 35 guys on my list of my pyramid. Those are all guys in my top 35 that won multiple wings. You go to the one -ring side, Jerry West, Oscar, Moses, Dirk, Jokic, Giannis, Pettit, Garnett, Kawhi, Rick Barry. That's the list he's on now. I certainly don't think he's looking at that list going, I got to get away from these guys, but it's a slightly different list. I think when you win multiple rings in multiple situations, it elevates you in a certain way. I think he fundamentally understands that at least a little bit. I want to be the best player since LeBron James. I think that's a thing that he wants. How am I going to do that? I need more rings. I need more finals trips. He knew from last year and maybe even the Boston series that they just weren't good enough. Whether this trade is going to be the thing that propels them, we'll find out, but he's been in the league 10 years, two MVPs, five first teams, two second teams, and now we have this little two -year window. Kawhi and the Raptors was a one -year window. This is a two -year window, I feel like. With Giannis, he's got two years left in his deals. So does Lopez. Middleton has two in a player option. Dame's got two, and then this crazy $120 million player option extension thingy that he has that just keeps going and going. It's probably two years. There's a world where this could go terribly this season, at least for what the expectations are, and then maybe it becomes Kawhi, Raptors. Maybe Giannis is like, you know what? That didn't work. Trade me. And the Bucks, who have no picks left and no future, they look at it next summer, and they go, all right. We tried it. Giannis, what can we get for you? Dame, what can we get? And they just do a reboot, rehaul. Remember, they won in 2021, which just takes so much pressure out of this. It's so much different than the Clippers situation, where they went all in on Kawhi and Paul George. They give up all those picks and SGA, and they've gotten nothing out of it. They haven't even made the finals. So it's got to happen. I think they at least probably have to make the finals. If they get bounced in round two, do I think Giannis is going to stay because they made this Dame -Mower trade? Probably not. So that leads to the big question, is how good of a trade was this? So there's a big picture angle on Dame, and it's going to sound negative, but I really don't want it to sound negative because I think Dame, I voted for him for NBA Top 75. I think he's been one of the best guards in the last 15 years. I think there's a ton of great things you can say, and there's a chance that he goes to Milwaukee, and this thing is fucking awesome. I know any Celtic fan I've talked to, including Isaiah, who's helping produce this podcast today, the Giannis -Dame pick and roll is just terrifying. Other than Jokic and Murray, it's going to be the single most unstoppable offensive play in the league. It is. We are conceding that point. The spot Dame is in right now, big picture -wise, it's weird. He's a superstar, but he's not, and we've seen guys like this before. I judge superstars by, do you have the resume statistically, and is your team succeeding consistently at a certain level? You can't totally say that about Dame. He's never been on a 55 -win team. He's missed the playoffs completely four times in 11 years. He said three first -round exits. He made the Final Four once in 2019, which was really lucky because Golden State and Houston were the two best teams, and then they got smoked. He's never been on a true contender ever. Instinctively, you go, well, that's not his fault. Who's he played with? Well, he played with LaMarcus Aldridge and CJ McCollum and a couple other guys, but not really anybody. The reason I'm putting this up is there's a success element that he has not had yet that for somebody with his resume is actually kind of unusual. I went and I looked up how many guards in the history of the league averaged 22 points a game for their career and played at least 700 games. I thought the list would be like 20. I didn't know. I didn't know what I was walking into. Only I think 75 guys have averaged 22 a game. So I went and I looked up the list, and it was 10 guys, 700 games, 22 a game for their career. There were some guys who came close like David Thompson, who I think is one of the best guards I've seen in the last 45 years, but had a short career and had some drug issues. He didn't make it. He didn't play enough games. Pete Maravich, 24 .2 points a game, but he didn't play enough games. Kyrie hasn't played enough games yet. Bradley Beale is five games away. I'm actually kind of glad the cutoff's at 700 so we don't have to talk about him. And then Mitchell and Trey Young aren't there yet. There's only 10 guys that made it, and the 10 guys are all fucking awesome. And again, I mentioned this in the context of Dame, who we think he is versus the success he's had. So the 10 guys, Michael Jordan, 30 .1, Jerry West, 27 .1, Allen Averson, 26 .7, George Gervin, 26 .2, Oscar Robertson, 25 .7, Kobe, 25 .0, Harden, 24 .7, Curry, 24 .6, Wade, 22, barely made it, and Russ, 22 .4, and then Dame is at 25 again. All right, what does he not have that those other guys have? Well, MJ, don't need to talk about him. Don't need to talk about Jerry West, who's the freaking logo. Allen Averson, pretty good comparison, right? Big stats, really memorable player, but not a ton of success. Here's the difference. Averson made the finals once. He won an MVP. Dame has done neither of those things. George Gervin was the best scoring guard of the 70s. He made two final fours. He had some bad luck. He really, in 79, really should have came close. And some of it's on him, right? He could have come through. Bobby Dandridge is the one that ended up coming through for the Bullets. They lose. But two final fours, he had four top five MVP finishes, five first teams, four second teams. He was just unassailably the best guard in the league until MJ. Oscar Robertson, don't need to go through him, but he won a ring and an MVP. Kobe, five rings and an MVP. Eleven first teams for Kobe, by the way. James Harden, three final fours, an MVP, six top five MVP finishes, six first team MBAs. And even though Harden has never made the finals as the best guy, he made it with OKC as the sixth man, you could build a contender around Harden. We saw it. We haven't really seen it with Dame. I think that's a fair thing to bring up. Curry, four rings, two MVPs, you know, the Curry thing. Dwayne Wade, three rings, two top five MVPs, two first teams, three second teams. He's more in the Dame waters a little bit, but he had the 2006 finals and he was the second best guy with LeBron on those heat teams. And then Westbrook, who you would say, well, Dame had a better career than Westbrook. Did he? Westbrook made the finals in 2012. He was second best guy on that team. Almost made the finals in 2016. He won an MVP. He had two first teams and five second teams. It's at least like a real argument. And I think when you look at Dame, he only had that one 2019 round three, got bounced. He's only had one top five MVP finish. He's only had one first team MBA and four second team MBAs. Really, really good top 75 career. But the piece that's missing is, have you been on a really good team? Have you made a real run at it? Which is why, you know, I think this Milwaukee trade is so much fun. This is his real chance. I get nervous about a couple things with this trade. One is that, you know, if you look at the 33 and older guards who average 22 points a game in a season. Jordan did it twice. Curry did it twice. Still going. Kobe did it three times. Jerry West twice. Sam Jones once. Hal Greer once. That's the entire list. Now the NBA is different. We have more three -pointers now. It's easier to score. Scoring is the easiest it's ever been. Guys can play at a longer age. So I'm not ruling out Dane being good for the next three years. But just pointing out, history is saying, be a little nervous. In general with guards, like Chris Paul, we saw from age 35 to 36 to 37, like it just dropped. But that's two years older than Dane. Maybe it's fine. I just worry about guards. We have not a lot of instances with guards in their mid -30s of them either peaking as players or being able to sustain whatever success they had during their prime. It always starts to go down with really no exceptions, except for Steph Curry. He's the only non -exception. So if your case is Dane's as good as Steph Curry, or Dane can be as potent as Steph Curry on a winning team, like, you know, Steph Curry is better than Dane, but I'm not going to argue that he couldn't do a lot of the stuff that Curry did in Golden State. The bigger issue for me, the age I'm definitely worried about. Dane has not been healthy the last couple of years, and we have not seen him play nine straight months at playoff basketball with a big bullseye on his back. Everybody coming after you, you're the best team. We haven't seen him do that ever, much less than the last couple of seasons. So can he stay up? Can he stay healthy? That's one thing. The defense with Dane just got kind of swept under the rug the last couple days, and I don't really understand it because there's five categories of defensive player I feel like. There's excellent, there's good, there's average, there's not so good, and then there's bad. And I think Dane's a bad defender. I think the stats back it up. Like, his defensive rating last year was 245 out of the guards. He's the 245th guard for defensive rating. You know, 117 .4 individual defensive rating is 483 overall. Portland's team's always defensively, it was the Achilles heel for them. Partly because of Dane, because he couldn't guard anybody. He's too small. And, you know, think about what we saw from the playoffs the last couple years. I think about the 2020 bubble Celtics playoffs, not infrequently, because I think that team had a chance to potentially win a title. What happened? Everyone hunted Kemba Walker. It was hunting season. It's like, where is he? Got to get a switch. Got to get Kemba Walker guarding somebody who's bigger, or got to beat him off the dribble, and it just became a hunt session with him. And basically, he got played out of the league. He's not in the league anymore. You know, we had this with Isaiah Thomas, too, in the mid -2010s. I think it's been an issue with Kyrie Irving. The Celtics certainly went at him in the playoff series with Brooklyn a couple years ago. Curry, you saw, who I think is a better defender than people give him credit for, but the And he's a much better defender than Dame is. Jordan Poole is somebody that got hunted in playoff series recently. Chris Paul, obviously, is a big one. Jalen Brunson, remember what the Heat did to him? Mitchell, when he was on Utah, this was a huge issue. And then Trae Young, obviously. My fear with Dame is he's a DH, and I think in Portland, part of the reasons he was able to put up the stats he did was because he wasn't playing defense, right? It was just, how many points can I score? My team isn't very good, and I'm just going to do my thing. He's an incredible offensive player. But how much of a trade -off is the defense, right? Well, you think, all right, well, Milwaukee, they're really good defensively. They'll be able to protect him. Here's the team. Giannis, Dame, Lopez, Portis, Middleton, Conaton, Beauchamp, Crowder. Who's guarding Trae Young on this team? Who's guarding Jason Tatum? Here's a partial list of guys that I don't think this team will be able to guard this season. Devin Booker, Tatum, Butler, Trae Young, Kyrie, Curry. Who's going to be chasing Curry around the screens? Dame lowered? Good luck. SGA, Luca, Mitchell, Murray, Edwards, Brunson, Ja, Garland, Fox, Halburn. Are they going to be able to cover Derek White? I don't know. The way this team is constructed, they are not going to have the ability to guard other guards at all, which means they're just going to have to be in a shooting match with them, right? It's going to be not much different than what's going to happen with Phoenix, where they're just literally going to have to outscore the other team. I've just watched too much playoff basketball over the last couple years, where it's like, if you have that weak link on defense, and you're playing a team that's smart enough, they're going to go after that weak link. Like, think about them against the Lakers, right? The Lakers figure their crunch time. Let's say they make the finals. It's Milwaukee and the Lakers, and Lakers crunch time. They're going to have LeBron and Davis and Austin Reeves and, I don't know, a shooter and a point guard, whatever. All they're going to be doing is trying to find where Dame is on the court and going after him. What about when they play Boston? Boston puts out White and Brogdon and Tatum and Brown and a center, and all they're going to be doing is trying to make sure Dame is covering somebody who has the ball who's now torturing him. I think it's a real problem for them. And what's funny is they gave up Drew's defense and, you know, they, what they gave up on defense, which is significant, and they gained an offense, it might end up just being a wash and they might just be a different version of the same team where they still have a huge flaw. It's just on the other end of the court. I'm just shocked that nobody brought up the defense. I agree he's an amazing offensive player and what's cool about this trade and what I'm excited about as a basketball fan is, can he go up a level? Right? A lot of these stats he put up, especially the last couple years. They didn't mean anything. They were, he was on bad teams. Like, who cares? Ultimately, Bradley Beal scored 30 points a game on the Wizards. Who cares? I think most really good offensive players, if they're on a bad team, can get between 25 and 30 a night. Can you do it nine months in a row? Can you do it when you're getting hunted on defense all over the place? How much can Milwaukee protect him? And what does he have in the tank at age 33 with 900 plus games on the O 'Dominor already? I'm still afraid of the Bucks, but people have, like, FanDuel had them as best odds in basketball and I think most people feel like they're the favorite now. I don't feel like there's a favorite. I think you can go through every team. Boston, I could, I'm scared of Porzingis. What's going to happen with Jalen Brown out there? He has contracts. Can Peyton Pritchard, all these different things. Philly, God only knows. Miami, they're unquestionably worse. Yeah, Milwaukee is going to be really good, but depending where Holiday lands and how this all plays out, I just think it's still wide open. And the other piece, so if you're just talking Boston, Miami, Tatum kills Milwaukee. I have no idea why. Boston is kind of built to at least stay with Dame and, you know, Derek White is about as good of a person you're going to have to try to keep Dame in check, at least. And Boston's done a really good job of guarding Giannis over the years. They don't have Grant Williams this year, but I just don't think, I think there's as many ways this goes wrong as it goes right, I guess would be my final thought on this because for what they gave up, especially with that 29 unprotected and the two swaps and, you know, they are all in on this team. And you know my theory, when you go all in on a team, you better think you can win. Not positive, but it's an awesome trade. It really is. It makes the league so much more fun. Dame and Giannis together. I'm going to enjoy watching Portland. I still have my eating stock. Watching Phoenix fans slowly realize that Derkiszna isn't the answer is going to be fun and then we'll see where Drew Holliday goes. So really fun trade. We're going to talk about it a little bit more with Die Hard Bucks fan, Ben Thompson in one second. Let's take a break.
The Breakdown
A highlight from Congressional Republicans Lash Out At Gensler
"And at the end of it all, after dealing with several more non -answers from Gensler, an exasperated ogles closed the hearing with the call to open up the floodgates, hit him with subpoenas, get the information we need. The obfuscation, the not answering questions, I'm sick and tired of it. Dude, you wear tap dancing shoes better than Fred Astaire and enough is enough. It's time that questions are answered and that we have the information that we need. 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 Thursday, September 28th, and today we are talking about Gensler's combative hearing. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on The Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Well, friends, we had yesterday another hearing featuring SEC Chair Gary Gensler. This was a House Financial Services Committee oversight hearing. And what makes this one a little bit more interesting, even in the Senate hearing that we heard last week, is one, it had some interesting lead -in in the fact that a bipartisan group had just sent Gary Gensler a letter encouraging him, in the strongest possible language, to approve a Bitcoin spot ETF. And two, it had the setup for some very interesting fireworks heading in. And indeed, that is exactly what we got. Committee Chairman Patrick McHenry set the agenda from the beginning with his opening remarks. He addressed Gensler saying, Last time you were before the committee, I voiced my concerns regarding your reckless approach to rulemaking, lack of capital formation agenda, crusade against the digital asset ecosystem, and unresponsiveness to Congress. So many things changed, so many things remain the same. Those are the same issues on the docket today. McHenry went on to accuse Gensler of doing nothing over the past five months to remedy the legitimate and often bipartisan concern expressed by this committee, adding that this is disgraceful and that their patience was wearing thin. Now, the Republican critique of Gensler's rulemaking agenda is that a huge number of rules have been proposed during his term without an economic analysis being performed on their cumulative effect. Regarding the crypto crackdown, McHenry rebuffed Gensler's constant assertion that the law is clear. He stated, your actions have created more confusion and lasting damage. Indeed, he said that contrary to the SEC's role of consumer protection, that Gensler's actions had, quote, pushed legitimate digital asset activities outside of regulated financial institutions where consumers are best protected. Keep in mind, this is all in the opening statements. McHenry went on noting that the SEC's regulation by enforcement agenda has been ineffective and has been on a massive losing streak in the courts. Still, the main point, the main thrust of McHenry's opening, was that it was unacceptable that the SEC had not engaged with Congress. Wrapping it up, McHenry said, the SEC is not above the law, nor is it unique. I do not want to be the first chairman of this committee to issue a subpoena to the SEC, and you should not want to be the first SEC chair to receive a congressional subpoena. Either we find a path forward where the SEC recognizes Congress as a co -equal branch of government and is responsive to our oversight duties, or my option is to issue that subpoena. It's time for you to consider the lasting consequences of your actions and what that means to the SEC's reputation long -term. While your time in this role may be temporary, the repercussions for your actions may be permanent for the agency. It was a fierce opening that sent the signal right away of what we were in store for. Now, a couple other quick notes around other opening statements. Democrat Ranking Member Maxine Waters used her time to rail against MAGA Republicans for pushing the government into a shutdown, and effectively defended the SEC's agenda on all fronts, and asserted that their rulemaking agenda was moving quote thoughtfully and effectively. Now, Gensler himself also got a chance to give an opening statement, and most of his time was spent on justifying the agency's regulatory agenda. He claimed overall that the rulemaking process had been measured with ample time and consideration given to public comment. Now, from there we moved into the question section of the hearing. McHenry as committee chair got to go first and used his questions to focus on Bitcoin. He asked Gensler whether he stood by his previous comments that Bitcoin is not a security, which Gensler evaded by talking in circles, never reaching a point. Notably frustrated by this process, McHenry snapped, I'm asking you to answer my question now. This is not supposed to be hard. Unable to get a straight answer, McHenry moved on to his point that there is currently no regulator with authority over Bitcoin's spot markets. He asked whether Gensler believed legislation should be passed to close that regulatory gap. To the surprise of no one, Gensler continued in his noncommittal manner, acknowledging the existence of said gap but failing to engage with the need for legislation. After that, McHenry left the crypto topic to press Gensler about when he can expect a response to document requests. Becoming ever more frustrated with Gensler's mealy -mouthed answers, McHenry said, This should not be the hard work of a chairman. You have 30 major rulemakings, but you won't even provide basic documents to us. Your unresponsiveness is non -compliance and we'll have to take action if you're not willing to comply. Now Maxine waters again as ranking minority member got to speak next. She, too, continued on the crypto theme, although she used her time to accuse the industry writ large of quote gross violations of the law that end in investors getting ripped off. She asked Gensler what the SEC has done to quote shut down crypto firms and whether quote crypto firms are getting the message. This, of course, mainly served to set up Gensler's usual sound bites. This is a field, he said, that's rife with fraud, manipulation and scams, and the American public is still getting hurt by the non -compliance in this field. Waters also used this chance to castigate Republicans who quote too often protect crypto firms. Now it was very clear listening to Waters that she wants the public to see the crypto industry as just Luna and FTX, to extrapolate them to everything and effectively shut the industry down. Now moving into the rest of the questioning, much of the substantive discussion centered on SEC staff accounting bulletin 121. Better known as SAB 121, this measure requires financial institutions to place intangible assets on their own balance sheet rather than in segregated customer accounts. The rule has been widely criticized for making crypto custody essentially unworkable for banks. Dissatisfaction was expressed from numerous representatives, including one of Gensler's usual allies, Brad Sherman. Sherman noted that the rule lumps all intangible assets together from real estate to crypto. He suggested that specifically designed rules for vastly different asset classes would be more appropriate. The most robust questioning on this topic, however, came from Republican Mike Flood. Flood put to Gensler that his staff did not consult with prudential regulators on SAB 121, which Gensler acknowledged. After stating that he had personally looked into this issue, Flood noted that the Accounting Standards Board had not published any guidance around crypto custody. This contradicted Gensler's comments from a previous hearing when he stated that the SEC was simply applying existing accounting rules. Flood said quote, With regard to SAB 121's potential effects on a bank's balance sheet, it's fair to say that fact pattern we have is that the SEC is not just going out of its lane, but it failed to comprehend the existence of any conflict with prudential rules. He suggested that there are only two explanations for this action. Either the SEC knew there was no justification for SAB 121 and chose to do it anyway, or that there were fairly obvious mistakes made during that process. Flood concluded saying quote, The case of SAB 121 raises the question of whether the SEC is compromised. Now, as you might expect, minority whip Tom Emmer lined up to take his shot with a series of rapid -fire yes or no questions. The main thrust of his questioning was around whether Gensler's history as a partner at Goldman Sachs had colored his agenda at the SEC. To get a sense of Emmer's opinion on this, just look at his tweet from yesterday where he said, Fact, Gary Gensler is not an impartial regulator, and his answers to my questions today prove just that. He's made a career of being relentlessly loyal to the largest institutions in America at the clear expense of innovation, competition, and everyday Americans. One example, Emmer presented Gensler with a quote he previously gave about bank executives being concerned about depositors moving money into crypto. Emmer asked, Can you assure this committee that your style of regulation by harassment towards digital asset innovation is to the benefit of every American and not driven by your desire to protect industry incumbents? At another point, Emmer asked whether Gensler believed that all crypto tokens were securities, which was, once again, avoided with a rambling noncommittal answer. And all of this built up to the big finale in which Emmer said, Mr. Gensler, despite your years of rhetoric, I'm convinced you are not an impartial regulator. Instead, it's clear you are working to consolidate your own power even though it means crushing opportunities for everyday Americans and, frankly, the financial future of this country. Even the federal courts are highlighting the damage you, sir, are doing to our constituents and they are telling you you don't have the legal authority to accomplish your goal of squashing competition in the financial markets. Now, while this was extremely satisfying to watch if you happen to agree with Emmer, in general, I find that this type of interaction is exactly why these hearings are so much about and not really about productive anything. This was a chance to articulate the Republican position against Gary Gensler. There's no real place for listening. It's about laying out a narrative. Now, in this case, I happen to agree with Emmer's narrative, but it still doesn't make for the most effective governance. Another notable line of questioning came from Democrat Richie Torres. Torres used his time to dig into the issue of whether crypto should be governed by securities law. He said, I worry that the term investment contract has become so infinitely malleable and I worry that when it comes to crypto, your interpretation of the term investment contract has no limiting principle and therefore could invite arbitrary and capricious enforcement action. Torres referenced an August report from six law professors which examined the history of the Howey test. That report had noted that no Supreme Court ruling has ever determined the existence of an investment contract scheme without recognizing one or more contracts underlying that scheme. When pushed to provide a case that contradicts this research, Gensler was unable to do so. When Gensler began to waffle, Torres cut him off, stating that, This is a question to which you should know the answer because the definition of an investment contract is the central issue. That's what determines the extent of your authority. That's what determines the applicability of federal securities law to crypto transactions. Your inability to answer that question is baffling to me. Switching tactics, Torres asked whether purchasing a Pokémon card would constitute a securities transaction. Gensler, as always, was unable to give a straight answer, stating that he would know what the context was, although generally he acknowledged that it would not be. Torres followed up by asking whether purchasing a tokenized Pokémon card would be considered a securities transaction. He asked Gensler if, For you, the process of tokenization is what transforms a non -securities transaction into a securities transaction? Gensler, of course, did not get to a real answer and just fell back on restating the elements of the Howey test. One other topic that you might be wondering if it came up was the Prometheum question. Prometheum was, of course, the first crypto firm to obtain SEC registration as a crypto brokerage, despite the fact that that licensing seems to give them no ability to actually offer digital asset trading. Prometheum is also minority -owned by a prominent Chinese firm. After Gensler failed to express any serious concern with the Prometheum situation, Congressman Ralph Norman noted that the SEC had taken 10 weeks to respond to a letter on the issue. He said, Andy Ogles brought the four -hour hearing full circle, saying, And at the end of it all, after dealing with several more non -answers from Gensler, an exasperated Ogles closed the hearing with the call to, So, what can be drawn from this hearing, if anything? Well, Gensler appears to be stubbornly sticking to his plan to evade document requests and oversight from Republican representatives. Over the four -hour hearing, there were few, if any, answers from Gensler that produced any new information or even, frankly, attempted good -faith engagement with the questions. Throughout the hearing, Gensler acted as if he knew there would be no serious repercussions and he could continue to treat congressional oversight as a joke. Republicans, for their part, are clearly fed up and ready to act. McHenry began and ended the hearing with a threat to subpoena the SEC and Gensler to compel a response to the numerous document requests that have gone unanswered. The threat seemed to carry little weight for Gensler, who seemed more than willing to allow that controversial action to play out. Now, on the flip side, establishment Democrats appear entirely disengaged with the legislative process and committed to the current strategy of naming failed crypto projects and demanding that the SEC continue its rampage throughout the industry. No senior Democrats appear at all concerned that the SEC is losing in court, as long as that litigation remains a roadblock for the industry. Representative Torres remained a bright spot and one of the few Democrats breaking with his senior colleagues. His questions showed a deep understanding of the legal issues surrounding token lawsuits and the need for additional clarity and crypto regulation. Overall, the hearing really just confirmed what we already knew about Gensler and his leadership of the SEC, which is, of course, that it seems very unlikely that anything will change. However, Republicans have now clearly reached the end of their rope and are ready to play hardball by using subpoena power. As Bill Huizenga put it to Gensler, what's your plan? Because we've got a plan. Until next time, guys, be safe and take care of each other. Peace.
The Eric Metaxas Show
"Raising Conservative Kids in a Woke City" With Katy Faust
"Talking to Katie Faust, the head of thembeforeus .com, them being kids, us being non -kids, thembeforeus .com. So, Katie, the new book is Raising Conservative Kids in a Woke City. And what I was just saying to you off the air is that I believe, you know, when people say, hey, what's the answer? There is no answer in the sense that everyone has to be realistic about what they are able to do. Some people, you know, can move to rural Iowa, where the whole culture is helping them inculcate reality -based values, biblical values, conservative values. Some people can send their kids to wonderful Christian schools. Other people send their kids to Christian schools, which are frankly awful. A lot of the Christian colleges have bought into a lot of these woke ideas. So, each of us has to figure it out for himself. But you are saying, in fact, it is possible, at least for you and a few others, to have raised your kids with conservative values, traditional values, biblical values, in a genuinely woke city like Seattle. And that, to me, is delightful to hear. Well, it is. And it's actually kind of what Christians and parents are supposed to be doing all the time. I really do think, you know, what we've had for decades is we've had conservative parents who have had more kids than liberal parents have, right? And yet, somehow, all of those kids end up becoming liberal, or a lot of them do. And it's because we have not taken seriously the mandate to be the primary educators of our kids. And, you know, my co -author Stacy, you know, people will say, why don't you homeschool? And she's like, I do. Oh, I do. I outsource some of it to the public schools, but my husband and I take very seriously that it is our job to educate our kids, and our kids know it. And so, like, this is actually something that I really think is going to turn the tide. Why is it that parents and parental rights are so under attack right now? It is because it is the greatest threat to the woke machine. Parents are the greatest threat. If we are influencing our kids, if we are the ones that are instilling our values in them, the woke are not having children. They're having, you know, my woke friends, my liberal friends, are having zero to two kids. My conservative friends are having two to twelve kids. If we can actually raise our kids and instill our values in them, do you understand how different this country is going to look in a couple of decades? I mean, it's going to be a radical turnaround, but we have to be very serious about instilling our values. And it's not impossible. It is hard. And honestly, I think that one of the reasons why our kids have been given over to the culture is because we've thought, I don't have to do much. Cruise control, feed them, love them, which is all important. But it is a time for very purposeful training. Very purposeful training. You can do this.
The Eric Metaxas Show
A highlight from Katy Faust
"Hey you, have you checked your bucket list lately? Are you ready to take care of item number seven? Listening to The Eric Mataxas Show? Well welcome, tune in, and then move on to item number eight. Skydiving with Chuck Schumer and AOC. Here now is Mr. Completed My Bucket List at age 12, Eric Mataxas. Hey there folks, welcome. I'm excited to have back as my guest Katie Faust. Faust, Katie Faust. New book called Raising Conservative Kids in a Woke City. Katie, welcome back. So good to be with you. You've got a nice little feature in my storyline of authoring. I didn't write my first book until you were like, Katie, you need to write a book. And I was like, I don't have time. And you're like, well, then your little global children's rights movement is going nowhere. And I was like, well, then I guess I write a book. So credit to you for getting Stacy and I into the official publishing world because we wouldn't have done it without your coercive prompting. Wow, that's terrific. Now, the problem is biblically you have to tithe unto me after the order of Melchizedek. That's biblical since I was the one behind this. And you are without genealogy and eternal, is that how this is working? Well, this is Salem radio, so I guess it all makes sense now. Oh, my God. Oh, that is creepy. The priest of Salem, Melchizedek. All right. I love the fact that tons of people are saying, what, what, what are you talking about? Read your Bibles, people. All right, I don't have time. So Faust, Katie you are your organization is called Them Before Us. Talk about that a little bit before we get into the new book. Yeah, well, I am really passionate about two things. One is when it comes to the changes in culture, law and technology that are taking place in our world today. I'm very passionate about don't touch the kids. Leave the kids alone when it comes to changes in marriage, family, parenthood, reproduction. And right now the world is looking at kids and they're like, those are accessories that I can cut and paste into any and every adult relationship. So the first book is about no children have a right to be known and loved by their mother and father. All adults need to conform to those rights. So whatever is going on in your personal life, leave the kids alone. But I'm also very passionate about something else, and that is leave my kids alone. Don't touch my kids. But that's very challenging because this culture is insane and it's absolutely after our kids. They are hell bent in destroying children's life, family, mind and body. And they do that highly and very effectively through indoctrination, whether that comes through the schools, whether it comes through social media, whether it comes through mainstream media, their friend group, sometimes infiltrating their churches. And so my co -author Stacey and I have written a book about how we have been able to raise collectively our seven kids between our two families in one of the most hostile, progressive cities in the world, Seattle, and largely sending them to public schools. And you can't capture our kids. Like we have been able to locate our worldview in our kids to the point where they can spot the lie. They can stand against the crowd and they can push back. Right. And look, there are a few things that need to be said. First of all, the fact that we are now at a point where the left, broadly defined, is coming after our kids. This is when you move from like mere leftism or from liberalism or whatever we called it in the past into full blown Marxism, cultural Marxism, where they say and they believe the family is the enemy of the state. They want to crush families. They want to divide children from their parents. They want to divide husbands from wives. They want to destroy the family because the family, like God, like people of faith, is their enemy. And so this is something that we need to recognize. It's a new iteration in the long march to the institutions. They have now gotten to a point where they're open about wanting to steal our children, steal our children's minds. And you're quite right. You know, the buck stops here. That's that's not going to happen. We will die as parents before we let you do that. And we will die happily. That's right. Children from these vile ideas. So your book, the new book is Raising Conservative Kids in a Woke City. Now, I want to say there are other options, folks. You don't need to live in a woke city. Perhaps you don't need to send your kids to public school. You can homeschool your kids. I would say the first thing to anybody would be homeschool your kids. You know, go to Sam Sorbo, ask her how to do it. Everybody who says I'm not qualified to do it is totally qualified to do it. But what you're saying, Katie, is that even if you can't do that, even if you can't send your kids to a genuinely faith based traditional school, there is hope. Well, and the deal is like the woke is coming for your kids, even if you're homeschooling them, even if they're in a great private school, it is seeping into their world. I mean, I've got friends at great conservative Christian schools where the woke is infiltrating them as well, where kids are talking about being pansexual. You know, and it's a private Christian school. And I'm surrounded by homeschool kids who are awesome. And I love them. I'm currently running the youth ministry at our church and there's a lot of homeschooled kids. These kids are great. They're also battling these woke ideas. It is also infiltrating their world. So like you cannot bubble wrap your kids. And honestly, you should not try to bubble wrap your kids. There is an appropriate way to shelter your kids early on and then strategically expose them to these ideas. You, the parent, introduce them. You don't let the world introduce it to them. You introduce this in age appropriate ways, in developmentally appropriate stages. And that's what we do in the book is we kind of lay out sort of these stages of learning for kids what you need to be covering in each of these different phases, how to strategically make sure that you are getting to your kids first rather than letting the world introduce these concepts to your kids and thereby establishing yourself as the expert. And parents need to be doing this regardless of your zip code, regardless of how your kids are being schooled. You we all need to inoculate our kids against the woke virus. And if we can do it in Seattle with our kids going to public school, you can do it, too. Well, that's amazing. And listen, what you're saying is, is that, you know, when you say you can't bubble wrap your kids, the point is you want to let them understand why the ideas on the left are bad. Not just say that they're bad, but actually make them understand. No, no, no, no. They're actually bad. They're actually harmful. They're stupid. They're illogical. They're irrational. They're anti -human. They're inhuman. They are failed and failing and will fail. Our kids need to get that. So it's not just my parents believe that and they told me I have to believe that. No, no, no. It's actually true. It's like teaching your kid math. You know, then they can do it on their own. They don't they don't need you once they learn how to do it. So that's an important point to make. So the book is brand new folks raising conservative kids in a in a woke city. And I'd forgotten, Katie, that you lived in Seattle. Of course, I live in New York. And it needs to be said, you said it, but it needs to be said again and again that a lot of these places that we trusted, a Christian schools, Christian institutions, churches have themselves about the need to bail or are perfectly willing to go along with bowing the need to bail. A lot of the institutions that we once took for granted as on the good side have gone to the dark side. Christianity Today magazine completely gone over to the dark side. Campus Crusade, now called Crew, has opened the door to tons of bad ideas. The Gospel Coalition, which was once OK, has opened the door to tremendously pernicious ideas. And so it really does fall to us, the parents, to take this seriously and to understand it is our job. We can no longer entrust our kids to these to these places we once thought were safe. Well, and we talk about in the conclusion, like sometimes it feels like, what can I do? I don't have a huge platform. I'm not in political office. You know, I don't I'm not an author at any of these outlets. You actually have the most position as a parent. Do you understand the power of raising the next generation to embrace conservative ideas? And by that, we define conservatism as you're just recognizing historical, economic and biological reality. That is what conservatism is today. On team reality, folks, it's called reality. We believe in reality. That's right. It's no longer just return to the gold standard, you know, kind of people or or, you know. Hawks on foreign policy, it's like if you recognize that men and women are different, if you recognize that the free market is the best way to conduct ourselves in the economy, if you recognize that life begins at conception, if you recognize that, you know, we are defined by the content of our character, not the color of our skin. I mean, like if you recognize those things, you're a conservative. Welcome to the welcome. Welcome to the red pill, baby. And it's amazing. We have to go to a break. What's the website then before us? Then before us dot com is where you can keep up before us dot com. Katie Faust will be right back with the overturn of Roe v. Wade. Lots of companies are coming out saying they'll pay for employee abortion travel and expenses. Most of you have heard about some of these companies. You've decided to stop shopping or doing business there. But did you know that you most likely own stock in those companies through your 401ks, IRAs and other investment accounts? Folks, this is a huge problem. And we need to do something about this to send a message to Wall Street through our investments. You need to go to inspire advisors dot com slash Eric and get a free inspire impact report. This biblical investment analysis will educate you on what's really in your investment accounts, like companies paying for abortion travel. You need to go to inspire advisors dot com slash Eric to connect with an inspire advisors financial professional who can run your report and help remove companies paying for abortion travel today. Go to inspire advisors dot com slash Eric. That's inspire advisors dot com slash Eric advisory services are offered through Inspire Advisors LLC, a registered investment advisor with the SEC. Legacy Precious Metals has a revolutionary new online platform that allows you to invest in real gold and silver online. In a few easy steps, you can open an account online, select your metals of choice and choose to have them stored in a vault or shipped to your door. You'll have access to a dashboard where you can track your portfolio growth in real time, anytime. You'll see transparent pricing on each coin and bar. This puts you in complete control of your money. The platform is free to sign up for. Visit Legacy PM investments dot com and open your account and see this new investing platform for yourself. Gold can hedge against inflation and against the volatile stock market. A true diversified portfolio isn't just more stocks and bonds, but different asset classes. This new platform allows you to make investments in gold and silver, no matter how small or large, with a few clicks. Visit Legacy PM investments dot com to get started. You're going to love this free new tool that they've added. Please go check it out today. That's Legacy PM investments dot com.
The Eric Metaxas Show
A highlight from Kevin McCullough
"Welcome to the Eric Mataxas Show. Do you like your gravy thick and rich and loaded with creamy mushrooms? If no one was looking, would you chug the whole gravy boat? Chug! Chug! Chug! Chug! Stay tuned. Here comes Mr. Chug -a -Lug himself, Eric Mataxas. Hey folks, welcome to the program. If you're like me, last night you were able to watch the debate and you deliberately skipped it for your mental health. That's just where I am in life right now. I caught parts of it which made me wince and cringe, sometimes wince and cringe. I never wept, but you know what, it's probably better for me to find out what my guest thought. He may have watched the debate. My friend, Kevin McCullough, we call you votes tridamus because you are a prognosticator, a seer, a prophet politically speaking. Kevin McCullough of that Kevin show, how are you? I'm well and I can see some things very clearly today. There should be no more debates. These exercises in futility, and that's what they've turned into, are becoming embarrassing to the cause of what this election should be about. And last night, it's just hard to put into words how bad this debate was, from its execution to the policies, to the answers. It was just nothing good about it. Some people in my audience care about this. I'm in Irvine, California. I'm in a hotel room you people can see. I'm speaking today, so today's Thursday in Costa Mesa. So if anybody wants to come and hold my hand and hug me about the sadness of the debate, or just talk to me or get book signed or whatever I'm going to be tonight in Costa Mesa, you go to my website, ericmataxas .com, and you can see me and talk to me and hang out and whatever tonight in Costa Mesa. This is Thursday, folks. And tomorrow, there's a prayer breakfast here in Irvine that I'm speaking at. But the reason I bring this up, Kevin, is because I rarely have time to turn on the TV. And last night, I realized, oh, I'm pretty wiped out. Let me turn on the TV. Let me just look at the debate just to see. I literally really couldn't bear to watch it. So as someone who watched it, I'm talking to you. Am I being cruel or unfair? Because it was unfair. What little I saw was genuinely unbearable. No, as I was saying just a second ago, from the way it was structured, to the execution, to the answers to the substance, the format's wild and out of control. There's not really a possibility of getting very deep on any one of the single questions. And I think a lot of the questions that are being asked are not the right ones. And so as I've watched, and I didn't watch all of last night's debate in real time, I caught up on a bunch of it after the fact. But as I've sat through both of them now, it is easy for me to ascertain that no one in this field on that stage last night is serious about becoming president. And they're not biting into the enormous lead that the former president has only built on since the first debate occurred. The first debate, they had 11 million viewers put to put that in perspective, Eric, in 2015. For the first debate, they had more than 15 million viewers in 2020. For the first debate, they had about 18 million viewers. You're talking about a diminishing return a, a much less interested Republican base watching these, and they're not they're not going anywhere. And in the meantime, it's putting even with some of our better idea people on display as amateurs, even with Doug Burgum on the stage, hard to believe. Yeah. That would be like a rematch between Evander Holyfield and Mike Tyson. You're telling me people, Lisa Hutchinson was not able to be on the stage this time, as far as we know. Yeah, I think he took a, he took a face shot in the early rounds, and he was in his dressing room. Honestly, the thing there, what I said on Twitter this morning, was that they acted like it was 1985. We are living in a time in America, where most people see, we are in freefall, hell has been unleashed. Things have gotten so bad on so many fronts that it is, if you don't believe in God, which I do, and I trust in him, but if it weren't for that, I'd be scared to death. What is happening in this country? And they acted like it's 1985. And we're gonna, we're gonna have this conversation. And I thought, this is this is bad. I mean, the way the the deep state has been weaponized to go after Donald Trump, for example, I don't care if you're running against Trump, if you like Trump, but if that doesn't strike you as, as fundamentally un -American and sick as anything, as though, you know, we were being bombed by China, it's pretty bad. They seem not to be concerned. Well, they're responding to questions that have been supposedly thoughtfully put together by the moderators that are doing the debate. And Ron DeSantis did a little bit more of this last night, all of them to have done more of this, where he actually came with a little bit of an agenda to give little speeches every time that he was given the opportunity to speak. And he got more things out on the record than what he was asked about. But that should be the strategy of every candidate going into every debate. That should be the strategy of every thinker going on every media outlet that you can. Sometimes, Eric, it's better for me to go on Fox or Newsmax or somewhere and have something that I'm more intent on saying that what they want to ask me about. And if you're, if you're running for president in times of crisis, and I don't, I don't view the period that we're in right now as a peaceful time. We're not actively at war with anybody, but we are actively at war with evil on, on almost every front. So we need, there needs to be an urgency. There needs to be a sense of, we cannot phone it in and do it like we've done it in the past, especially knowing that we are going to run up against probably illicit, illegal, cheating schemes, trying to keep the election from actually being determined by the people that have the right to determine it. And before people criticize me for that, we've replaced the population of the bottom eight states in just illegal entries into the country over the last three years. Well, let's do that in a minute, because you wrote an article at townhall .com. That is one of the stunning nightmares that they acted like not, not really a big problem. But what you just said about cheating, I think most Americans know the Democrats cheat at elections. How is that not the most important thing to discuss when you're talking about a presidential election? Are you and I imagining, are millions and millions and millions and millions of Democrats actually cheat? Now they've done it for decades, but now we know that they have turned it into a science. They are at war with we, the people, they don't actually care about winning in a fair way. They just care about winning. How is that not unbelievably important and something that has to be discussed? But the Fox hosts and the Latina from Univision, which is another bizarre thing, they seem to act like January 6 was Trump supporters being violent. They seem to act like the election was fair. Biden won. What world are they living in? All of them. I don't know what to say. And obviously, I think Vivek and Ron DeSantis, they're the only two candidates that I can take seriously. I've got problems with them a little bit. But the whole thing was like, they were all play acting like we're living in a different America than the one most of us are living in. Well, I will hold one exception out to what you just said. And I believe that Nikki Haley had a sense of urgency about her last night. And she did in the first debate as well. And I think that's why she's now out polling DeSantis in several polls, is that people are beginning to understand that as a former governor, she probably has a shot at the VP pick. I don't think the VP pick is going to come out of this group. But if Trump did want one that I'm seeing kind of be serious on the issues that are the most pressing, she's the one that kind of gets the vote in terms of... I think of her as deep state, neo -con, next. All right. That's fine. I'm just saying in terms of her performance thus far. We've got you our wonderfully. I'm so glad that we do. We'll be right back. With the overturn of Roe v. Wade, lots of companies are coming out saying they'll pay for employee abortion travel and expenses. Most of you have heard about some of these companies. You've decided to stop shopping or doing business there. But did you know that you most likely own stock in those companies through your 401ks, IRAs, and other investment accounts? Folks, this is a huge problem. And we need to do something about this to send a message to Wall Street through our investments. You need to go to inspireadvisors .com slash Eric and get a free Inspire Impact report. This biblical investment analysis will educate you on what's really in your investment accounts like companies paying for abortion travel. You need to go to inspireadvisors .com slash Eric to connect with an Inspire Advisors financial professional who can run your report and help remove companies paying for abortion travel today. Go to inspireadvisors .com slash Eric. That's inspireadvisors .com slash Eric. Advisory services are offered through Inspire Advisors LLC, a registered investment advisor with the SEC. Legacy Precious Metals has a revolutionary new online platform that allows you to invest in real gold and silver online. In a few easy steps, you can open an account online, select your metals of choice, and choose to have them stored in a vault or shipped to your door. You'll have access to a dashboard where you can track your portfolio growth in real time, anytime. You'll see transparent pricing on each coin and bar. This puts you in complete control of your money. The platform is free to sign up for. Visit legacypminvestments .com and open your account and see this new investing platform for yourself. Gold can hedge against inflation and against the volatile stock market. A true diversified portfolio isn't just more stocks and bonds, but different asset classes. This new platform allows you to make investments in gold and silver, no matter how small or large, with a few clicks. Visit legacypminvestments .com. To get started, you're going to love this free new tool that they've added. Please go check it out today. That's legacypminvestments .com.
Scientific Sense
"sense" Discussed on Scientific Sense
"We're going to at least not do any more harm than human drivers when we start to introduce these technologies the as you look forward. Five years some education perspective from an academic perspective. What would you. What would you change. I'm thinking specifically about and applications and making it more reliable more practical. What would be from an academic perspective that you would. You would focus on if i was the grand poobah off academia i fantasize about this all the time. Well the very first thing that i would do if i could wave a magic one is that i would make all Computer science education free at the community college level across the country. Because i think we need that. I think understanding software and software code is. It's almost like another language that everyone needs to they. Don't have to be experts at it. You don't have to be a hacker. But i would like people just to be at least more familiar with these environments so i think we should have community college education free for anyone who wants to take computer science classes. I think we need to university. Need to to train all majors to have some basic coding ability. I don't care whether you're in liberal arts engineering and of course the liberal arts majors don't want to hear this but i think that that indeed than liberal arts majors you know they are digital art. Example is is huge upcoming so this would actually even help. I think you know i. I'm at a big liberal arts school duke university. I see where technology is going and it can help everyone. It's a tool in a toolbox right so why not give people the tools that they need to be successful just like learning how to read and write. Why aren't we putting coding out there for people to understand the basics and how to at least use the tools if not invented tools themselves And then the next big change our would make in and this is specifically an engineering including computer science and i would also jerk all the journals and make them start demanding this. We have got to start holding academics accountable for the claims that they make in their papers. We need to invest way more and testing and certification valuation of our technologies. So if you're going to have somebody come out and claim that their neural net is x. Percent better than somebody. somebody else's neural net. Than i think we should be. Not just these carefully. Curated data sets that you get on cagle for example but we should. We should start making people use these algorithms in the real world so that they can start characterizing the uncertainty indeed i would start an entirely kinda derivatives field which is a hybrid of statistics in engineering is an risk management. Like how do we start characterizing. The uncertainty around the systems that we design even if those systems just algorithms that makes sense. Excellent assistant great missy. Thanks so much for spending disney. I hope it's been helpful. Thank you thanks This is a scientific sense. Podcast providing unscripted conversations with leading academics and researchers on variety of topics. If you like to sponsor this sport gassed please reach out to info. At scientific sense dot com.
Scientific Sense
"sense" Discussed on Scientific Sense
"So when you give the coordinates to the the tomahawk missile it will get its target always and the only time there's ever a mistake made when human enters the wrong coordinates so because of that level of precision and people hear about surgical strike. Yes it is possible for us to to only bomb the seventh floor of a ten story building so we can be that precise and if we can be that precise i would argue under. Just what theory. We should be that precise. I think the real issue is When people people start to associate with killer. Robots in the terminator. And there's you know many hollywood depictions but even the technology the weapons that we've had for for a long time fall under those same ideas and so. I don't think we shouldn't throw the baby out with the bathwater under will in war in some form of warfare where you're bombing static targets like buildings where you can have very very low uncertainty about the target. You're getting. I am a big fan of using a i and i think we should use ai. Because of the propensity for humans for example we've had so many cases of humans bombing the wrong target..
Scientific Sense
"sense" Discussed on Scientific Sense
"I personally have had lots of former students start companies and fail. Almost all of them had failed in their first and second companies but then eventually they learn these hard lessons and then they leave and end up going on to create better companies. They learn the systems engineering lessons. And then eventually we get to the right place. But i just think it's. It's probably more expensive cycle than it needs to be that debate and so in a in a waldorf excess resources let's call it a private equity venture capital corporation's money is earning negative interest. You have an incentive to throw money out out of the window But i would argue. That is wasting resources. Business courses that if you don't have good ideas to fund you to give it back to shareholders in dividends or stock buybacks. Things make that but that does not sexy now for this technology companies like they just they just have to quantum computing. Or you know the next sexy thing because they got just billions of dollars in negative interest. And i think in the long run. This is going to come back and binders is my my fear. Sure i mean this is to say look i. In any of my investments i tell my broker do not invest in xyz. Because i don't want to waste my money. So i do agree and i. I think that we're being setup. I think we're already seeing it right now. I think urban kind of accelerated some of these problems the the issue of venture capitalists. But it's not just vc's it's actually even big well entrenched companies investing money in technology that has zero percent chance of being successful. I think that this is a pandemic. I call it the pandemic of incompetent. Ai and it is. It's just amazing to me on a truly on a daily basis. How many.
Scientific Sense
"sense" Discussed on Scientific Sense
"What kind of hyper parameters choose how you split the data how you test the data it turns out that what many people think is very objective based mathematical approach to analyzing data these statistical heuristic. That you're talking about. They are just basically heuristic and there are so many human judgements that are made. And we still don't really have any idea about how much the these different judgments can skew the outcomes of the data and indeed the in a very simple case. We showed how you analyse one transportation data said using slightly different humoristic statistical heuristic. She could come out with extremely different answers right. And so this is why we need to be careful about the tools as scientist. I think it's great when we come up with new tools for analysis but i think fundamentally were academia has fallen very short and indeed i fault. Academia for industry's problems because academia is not doing enough research in the area of self assessment. Like how do we know. These neural nets are good. How can we put some kind of quality index score on the veracity of these outfits because we see in computer vision..
Scientific Sense
"sense" Discussed on Scientific Sense
"That i move in we separate a into two different camps symbolic and connection est and symbolic is just what you were talking about. Expert based systems. So you know. I think these is wall based systems. If some set of conditions happens then i can execute Some set of rules and indeed. We often use heuristic simpson shortcuts shortest distance for example to help us do that. So symbolic has been around a long time connections day. I is kind of what it sounds. It's connecting these different components in this is where we start to hear about neural nets. I remember learning about artificial neural nets back in the early two thousands and thinking. Oh this is never gonna go anywhere because it's so You know learning the wait. There's just there's no real science behind it it's really just learning pattern recognition and and indeed. I've been using neural nets and my research for my entire career. But boy was i wrong. I was wrong because this idea. That neural nets. Replicate the neurons in your head and that somehow they're all these connections that are mimicking intelligence while i've never you know i've never thought that. That was a huge leap. It is actually. I had found to be very compelling for people who aren't deep researchers and so. I hear this all the time that neural nets replicate what is happening in the brain and that is could not be further from the truth but because it's a powerful metaphor. I think that this is the reason that we've seen deep learning. Take off in these really amazing ways in this not say that it's not a useful technology. There are some really awesome uses. A deep neural nets. My favorite are the artificial noses. Right they can..
Scientific Sense
"sense" Discussed on Scientific Sense
"My name is jill eappen. We talk with woods leading academics and experts about the recent research or generally of topical interest scientific senses at unstructured conversation with no agenda or preparation. Be color a wide variety of domains. Rare new discoveries are made and new technologies are developed on a daily basis the most interested in how new ideas affect society and help educate the world how to pursue rewarding and enjoyable life rooted in signs logic logic at inflammation v seek knowledge without boundaries or constraints and provide edited content of conversations. Bit researchers and leaders. Who low what they do. A companion blog to this podcast can be found at scientific sense..
Scientific Sense
"sense" Discussed on Scientific Sense
"Done on. Which leads you to believe that. Hey this screaming. I sometimes feel I think we have a focus on sort of research capabilities. But i d slack lacked before and still lack is sort of entrepreneurial aspects it. Oh sort of combining business of engineering that sort of set been behind. I would say in some sense to stanford or something like that and so then the question would be again. You know on fully objective exam is is. That is sufficiently predictor of success. I don't know it's an opium addict. I agree with in the sending of what we used to call them. You know mitchell. People just memorized things. But yes i'll fuel will get into the much easier for somebody who's smart to kids deputies somebody who just tries to memorize as much as he can so what you see. Even in despite i think often very bad teaching students we tell you at least one class whether had teachers and a lack of choices compared to get at stanford or any top school. These kids aren't really good as they see something. This smart enough to about the. Don't move very much about how the started when they for the each. Hp job to silicon valley then look for company for a few years. I can start by talking. These knocking it entrepreneurship. The number of startups. That these kinds of study very impressive. Excellent yet they. There's there's a lot here to to think about. I think Into himself. I'll be signed exams. What exactly should be test. Our often should one best. How many retailers. I like the idea of the scandinavian approach. Which is basically saying. You have woken now. So that's not really memorize begin. Google any fact. Any number is the internet so then education really has to be about about concepts About ideas about thinking right That's what it is now. it's not learning. It's learning to learn what education gives. You is the capability and the confidence that you can learn anything. Because you don't even before i think that's going to be because change. Nothing stays the same but as things change if you know how to non me. That's the most important thing excellent. Yeah this has been great. Thanks so much for spending time with me. Thank you very much the last thank you. This is a scientific sense. Podcast providing unscripted conversations bit leading academics and researchers on a variety of topics. If you'd like to sponsor this podcast please reach out to in full. At scientific sense dot com..
Scientific Sense
"sense" Discussed on Scientific Sense
"Some teams to class and it will. If that's why for example in penn state dish the english faculty of permits the ruins that can only be taught in small groups so we have acted why also convinced the pros economics can be taught in class sizes up to five hundred hundred dollars in economic it understand languages. I would have thought larger size might might benefit. But that's not the case here. I have seen the what is too. But i think if it's one on one instruction to getting eating some rules okay. Grandma maybe five classes teaching creative writing. We cannot economics doing some basic economics one maybe clauses fine choice exams. Be with you doing something. Which is more sophisticated. I mean i find teaching an advanced course. Undergraduate course in economics class size was over tokyo very busy community classes to begin with very little said. Then you can't take questions as well and you can't get into teams standing will depend on. Yes listen conclusion you get your perspective on each seems to me that we have sort of clean buck in some countries That is developing countries like india. Toki cassim to have video jacob hi-his centralized standardized espace admission criteria -bio countries like the. Us that appears to put a lot of emphasis on quality aspects Highly flexible and then began to scandinavian countries. Heading in a direction. That hasn't been clyde before which is to say education About skills it's not about content So from the perspective of the notable concede leading. Thank you two questions. What do you think is optimum and and number two video. Think these countries goal in the future i think for the us pack of a centralized testing system is really of reasons. I it allows holes to basically promotes to without giving them the basic skills that they need so this is less softer all.
Scientific Sense
"sense" Discussed on Scientific Sense
"You suggested you. you're getting some bench fogs that might give us information. But then if students are not really taking a seat asli that information is not valid. I always think that there could be some negative relation between high achieving students and scores potentially right because they could get. I mean it's also interesting. Because what do we find this. When given a north of exams by the assistant not bio teacher so if the system is testing you constantly you take the blue off outing ghana. This will teach testing. You don't have the same resentment and relation. it's not conversation but this is a correlation. We see the data. Which i thought was into mocked -nificant by and then due to teachers they have data on background. They have just the most beautifully carefully. You and explain a second to buy. You have to evade nice asian. That's responsible for this. International organization international pratt's agreements mats. And so so. It's fundamentally given from europe or yeah it's it's a shame that because there is an incentive into system you can really get the information as as useful from analytical perspective. But but something something needs to be done. i guess. So you got three just came out. In nineteen disclose slice matter and cow and what caused and the not of people have wondered about this. You say high-quality administrative data on geeze every shield. That klaus is a hump shape effect on achievement. So you find a sentence got league if it is really too small or too big that negative but it's sort of an optimum and inverted you type here right. Yeah is the you know good looks. Range extends exposed when we started this able sort of really shocked to find that invalid to be seeking allows out from worcester. Vigorously me took media. It goes up comes down so even help. She went to benjamin hump humps. Something's some and fines up some study finds dot against exactly what they don't. You not announced for this city and when we did that in in the data that we had my quarter actually register. She went to school in greece and managed to the data. We find very strong evidence hunting shaped it makes sense expos right when you think about the class. How not because teachers and also because of the students were found now some of the literature short that the more storms that are close to you in ability and understanding they.
Scientific Sense
"sense" Discussed on Scientific Sense
"It i mean in his so when done statistically yet when you think about what they're doing nonex- usually is why aren't ivy students bothering to putting any effort into this season doesn't matter for them. It doesn't matter this. Will it sitting there doing these exactly. Why why aren't you just goofing off. And they you will get the data realize they will say no and because of that you see these these rankings. People live and die by these families governments on because of these him why was the piece ranking country. X. dinovite it for by eight places and in some depressions in parliament and all kinds of stuff is happening these rankings. Actually and that's what we said. Dole's what we journalist was and this that makes it difficult is this varies a lot across country in some countries people digging producing why we some boxes. But we don't have any causing reasons why we just notice in some countries. The very few skipped questions viennese. Fueled questions where it's very apparent that is just take a what we to in this paper is we say. Let's document holidays of this non-serious behavior in many ways. So you could be one serious because non serious impro- little time when we do this we realized how can we collect for this. So the offense onto the for us was identified non serious data. We can just industrial battles awesome that it matters but august so often that you can't imputed using really good imputation apps that we have now so the invitation programs take into account everything done so get somebody will cost is and what you see in the batman's is when you answer for the scene difficulty question the chance to get it right for as as the exactly whereas all these place into the question exam how difficult it is how you doing so far. How people like you have. We can compute yours on tim's so when we do that then you get an estimate.
Scientific Sense
"sense" Discussed on Scientific Sense
"It's much much cheaper when these kinds of things. They have for richer countries like norway. Hopefully for more countries as we go more of this online. But i think this is. This makes sense right. Yeah so you know the one of the points you make in the paper. Is that this league. Taking of exam seemed to benefit disadvantaged students at again i can go back and look at my expedients. For example there's a section in a standardized exam and you're not an english speaking push them desolate detect much at all right. But you like put honey. Sat's wanted students offered memorize addictions. So then so they have said almost perfect verbal scores. And they can't speak enj-. That's exactly what i had to do for a gre. Victory at start memorizing i but legal faked it looks like it substantially improved by workout. So maybe there's a civilized day. But but i think standard is made to measure will capabilities. We assume that everybody is sort of you know. Same level of initial conditions. Wade and a and even analytical sections. I think there was a study. I so long time ago that debate the question of wooded is such that is going to have more difficulty for foreign students we internalize and these are highly timing timing race accent so if you're taking five seconds ten seconds small to really understand the meaning of the question then you're already at a big disadvantage but i mean it's not just foreign students. They were this evidence. it's been quoted on the sat. I've put words like we gotta when the return of what it means but the clinical so black students and discriminated not of the world being used as literally maybe why people more those words better than black people or foreign students know. These words ness this issue of how contests a famous. They difficult and they were very hard to try and make it.
Scientific Sense
"sense" Discussed on Scientific Sense
"To discourage this. You really don't want to take two years of college course. Which by the way highly subsidized because the issue is now at two universities really to compete. So i think it's very latch system. Yeah you mentioned in the paper that Clearly in the us we have a slightly different way of making the decisions. The lord of qualitative aspects Essays and so on item over from india. You know it was one exam. And that's it some downsides to that type of process to i would imagine doubts are getting depends on two things one is that you could retake taking nothing is eight and the other is. How much randomness as in the score into not randomness. Then and pretty. So that's part of what you have to estimate doing doing tonight g art where there's going to be good for society's bag for society's poll so you know it's it's not an easy answer in the us. One of the reasons. I like playing with the turkish data is the. Us is some complicated. This complication allows you to get away with extremely unfair decisions and harvard case just now each year we won choose how they've successfully discriminated against certain groups for many years and i mean it's their right but I think the money maybe not. I guess objection because i don't know i haven't really studied this myself would be if you look at outcomes if not robustly show bad exam scores. Heidi cool later with outcomes and be. Don't really have the counterfactual in that. Paul exempt leaguers. Get in and unexamined takers giddy the Eighty getting the best. Outcomes is is is the will be the question outcomes in terms of life late in life yes success. It's interesting that you several. Because there's a recent paper by petro person and becker diamond which looks at sweet and in sweden they have in high school. They have this thing which gives them. The teacher has the ability to decide which students get..
Scientific Sense
"sense" Discussed on Scientific Sense
"Welcome to the site of accents. Podcast where we.
Scientific Sense
"sense" Discussed on Scientific Sense
"We will come back tears. Bridges stable of the oldest motion and get otis differential tation. So they the whole body rotating but it's not precisely and same gray. Different parts of jupiter may loaded slightly different rate and and because of this differentiation the generate the distortion notation of distortion. Locate a body. the body's owed blade. Pitch distortion can be can be different. And that can change. The gravitational field produced by jupiter and that can be detected by juno so that have been detected for those detection. People can't infer or this kind of things but internal competition the size of the call the notation differential rotation on the inside the inside of jupiter and a lot of progress on dick sensually. Red spot going to right so that is hundreds of years. They've hundred years. Yes is still somewhat that people think them but i don offended i the quite non tribute to understand this. The atmosphere motions quite the quite a complicated things. Excellent yes You know there's a common theme running through. All of this is menu of serve phenomenon. Sometimes there is a body out there that is actually creating this nominee will help you. Yes is indeed. Yeah while the common theme or decide. What i get that talked about the you could say well if fema newton's law but you can see this fema. We learned in high school given context. They can play in the complaint. You can do very different things. Right and samson sometimes very subtle way can do all kinds of chicks nikki creating variety of phenomena. So that's actually quite interesting so ranging from planets to black hose excellent. Yeah this is great. Thanks so much time with me okay. Great pressure talked about the thank. You bye-bye this is a scientific sense. Podcast providing unscripted conversations with leading academics researchers on a variety of topics. If you'd like to sponsor this podcast please reach out to in fall. At scientific sense dot com..
Scientific Sense
"sense" Discussed on Scientific Sense
"A very useful approach and in five to ten years i hope to have some success but a as far as what will happen in a i I don't know. I think it's hard to predict really depends on whether in my opinion whether people will actually listen. Yes that's the fundamental difference. It might view candidate dead. You say you can. You can't build Practical robarts it's not going to take significant computation. It's sort of designed difference in some which is not assistance working together. There is a control of feedback mechanisms in the hierarchical organization of the system. It's not like the brain is doing of so that that is sort of the fundamental difference in your approach right. yes and i would argue the The important thing is there's a specific design and you can't really deviate from this. This kind of design so it's not like any hierarchy will work pacific hierarchy will work. And now that even when you have this you know the right anatomy. It doesn't mean that the system work you need the right in snapped weights and so song. So it's actually a very specific design and it's one that we're trying to discover by doing experiments and by modeling but it is highly constrained so it's not like anything but work but what will work. I believe i'm actually quite confident about that. Is a remarkably simple organization and far simpler than you know people currently assume because they believe you know that the brain must be able to compete all these saints even though of course. I can't compute anything interesting. I'm having trouble adding these days. Because he knows due to aging. So i don't believe that the the minority you know subconsciously computing. All these things that. I can't compute at all right so so i think that's the distinction. Maybe this relying on common sense. But i do think commonsense in court excellent. Yeah this has been great him. They thank so much for spending time with me. Thank you very much. Thank you mark. This is a scientific sense. Podcast providing conversations with leading academics and researchers on a variety of topics. If you like to sponsor this podcast please reach out to info. At scientific sense dot com..
Scientific Sense
"sense" Discussed on Scientific Sense
"On a book that is trying to draw out the language of racial innocence from james baldwin. Talk about the ways in which we insist on not knowing things that matter when it comes to our fellows on our social landscapes it you know in some sense. You're just getting started. I think. I think that's what i would take from this conversation paul There are many different things that could be done. perhaps tactical and and more practical but those need to be there For us to make progress and You know it sounds to me that just getting started. I hope we're getting started as we have said. There's ample ample grounds for pessimism. We may be going backwards instead of starting to go forwards but we shall see we shall see. There are a lot of people on the ground. Doing important work excellent. Yeah thanks so much. Thanks for spending time with me. Thank you my great pleasure. This is a scientific sense. Podcast providing unscripted conversations bit leading academics and researchers on a variety of topics. If you like to sponsor this podcast please reach out to in full. At scientific sense dot com..
Scientific Sense
"sense" Discussed on Scientific Sense
"That the deserting semantically close languages defined by i entre kaczynski to show that you can have semantically lose languages that are plastic So we can get You don't have to think of truth as fragmented in display the The myself send on and would we showed scheme for making sense of the concept of truth n. in any setting right Thinking of distracted. I'm thinking i don't know i don't know. If there's a dentist a pass live here in physics from newtonian mechanics to quantum mechanics. Been look at quantum mechanics using classical mechanics. Who doesn't make sense But you don't do that. You get a of different versions in eden thinking the ruling there was this idea. That module interdependence doesn't make sense and if you if you who if you go out logical interdependence economy sensitive there's a sense of the concept of troop and what what my was it. What should you can make sense of logically independent systems of concerts. You can even make sense of concepts and a and that in fact the beyond you. That truth is a central concept and given the function that is so close in over thinking. It has to concept only concept and serve that function. Now that people that you just mentioned A hundred field had a reason objection to us. saying that a certain kind of interest substituted with visible was at wired for truth to service function. And if you feel right then it would follow that you would have to abandon classical logic and that people of sean standoff of shoes that actually true to service function not. The kind of strong dependable view was talking about his needed. But something much weaker. Some can be accommodated within this interdependent definitions that we have so. That's that people was about okay. Excellent yeah this has been great. Thanks so much of this conversation. I gain joined it much. This is a scientific sense. Podcast providing unscripted conversations with leading academics and researchers on righty of topics. If you like to sponsor this podcast please reach out to info. At scientific sense dot com..