40 Burst results for "Singapore"
Markets Daily Crypto Roundup
A highlight from Crypto Update | Bitcoin Resilience in the Face of Macro Turmoil
"This episode of Markets Daily is sponsored by CME Group. It's Wednesday, October 4th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto as Macro Now newsletter on Substack. On today's show, we're talking about bond market alarm, Bitcoin resilience, Ripple, jobs, and more. And just a reminder, Coindesk is a news source and does not provide investment advice. So you don't miss an episode, be sure to follow the podcast on your platform of choice. Now a markets roundup. Debt markets around the world are in turmoil. But before we talk about that and why it matters for crypto, it's worth talking about how well crypto markets are holding up. Given the meltdowns and melt ups going on in traditional assets, you'd expect them to be down by even more. According to Coindesk Indices, at 10 a .m. Eastern Time this morning, Bitcoin was trading at $27 ,428, down half a percent over the past 24 hours. Ether was at $1 ,636, down 1 .4%. Bitcoin continues to lead the market. Its dominance index, known as BTC .d, measures Bitcoin's market cap relative to the total crypto market cap. When Bitcoin is outperforming the rest of the market, this goes up. Yesterday it climbed yet again and is now at 50 .5%. Bitcoin now accounts for more than half of the whole crypto market. Bitcoin's strength is surprising given the colossal tightening effect of rising bond yields around the world, a rising dollar and a rising oil price. Tightening especially impacts risk assets, and crypto assets are arguably the riskiest in that bucket. Were typical correlations to hold, Bitcoin would be suffering. But so far, it isn't. It is easily outperforming most stock indices, even those considered less risky, such as the Dow Jones. This suggests that there is meaningful support in the crypto market. But rather than seeing it in price increases, we're seeing it in prices not falling by more. Ripple was a strong outperformer in crypto markets today, up more than 4 % to trade at 53 cents. This boost comes from two pieces of good news for the network's XRP token. One is securing a license from the Monetary Authority of Singapore, allowing it to keep providing digital payment token services in the region. The other is the denial of the Securities and Exchange Commission's request to appeal a recent call ruling. I'll be talking more about this in a moment. Moving on to strong signals in the macro market. Earlier today, the US 10 -year yield almost reached 4 .9%, while the 30 -year yield broke through 5 % for the first time since 2007. There seems to have been a pullback over the past few hours, but markets are spooked. It doesn't help that Fed officials are out on the speaker circuit repeating the mantra that rates may have to go up some more and at best will be higher for longer. It also doesn't help that global confidence in the US government's ability to function took a hit. Yesterday, the House of Representatives voted to oust the speaker for the first time in history. It also doesn't help that the higher US debt yields go, the more the US government will be paying in interest expense. This is triggering doubts about the US government's fiscal health. The price of insurance against a US government default has more than doubled over the past month and is now at the highest levels since the aftermath of the banking crisis earlier this year. What we are seeing is not just about rising interest rate expectations. That explained much of the climate yields over the past month. What we are seeing now is more about confidence, or rather, the lack of. The jobs market delivered some positive data this morning, however. This has allowed the bond markets to come down a bit and stock markets to recover some or all of the day's losses. The ADP non -farm employment report is a narrower, private version of the official report we will get on Friday. This morning's release of the employment change for September came in much lower than expected, an increase of less than 90 ,000 compared to consensus forecasts of over 150 ,000. This suggests that the US job market is finally starting to cool down, which means that the Federal Reserve might be able to ease up on interest rates ahead of expectations. The official report due on Friday does not always move in line with the ADP version, but we may get some good news then as well. Over in stocks, this economic data point has given markets some breathing room. US stocks were a sea of red yesterday, with all three major indices down more than 1 .3%. The NASDAQ led the decline with a drop of 1 .9%, its biggest daily drop in two months. So far today, however, the losses are much more muted, with NASDAQ gaining 0 .3%. The S &P 500 is still up almost 10 % year -to -date, although its gain is rapidly disappearing. The NASDAQ is holding onto its lead with a year -to -date gain of over 23%. And a sobering statistic for those that are still betting on a soft landing for the US economy – the Dow Jones index is now below its January level. Major European indices were also hit hard yesterday, with declines of more than 1 % across the board. Both the German DAX and the broader Eurostock 600 indices are at their lowest levels since March. The yield on the 10 -year German government bond, considered the safest bond in the European market, broke through 3 % earlier today for the first time since 2011. This morning has brought some signs of relief with more muted losses from the main indices. In Asia, the decline in Japan's Nikkei index accelerated in today's trading with a drop of 2 .3%. This brings the accumulated drop for the month so far to 4%, but the index is still 18 % up year -to -date. Japanese investors are not just spooked by moves in global bond markets – they're also keeping a close eye on currency movements. Yesterday, the yen -US dollar exchange rate broke through the symbolic level of 150 for the first time since late last year. Shortly after, the currency saw a sharp recovery, leading many to speculate that the Japanese central bank was again intervening in the market. That's possible, but it would be unusual for the Bank of Japan to do so without an announcement of some sort. Central bank intervention would be a big deal. It's more likely, at least for now, that it was some buying triggered by the decline in anticipation of eventual intervention.
CoinDesk Podcast Network
A highlight from MARKETS DAILY: Crypto Update | Bitcoin Resilience in the Face of Macro Turmoil
"This episode of Markets Daily is sponsored by CME Group. It's Wednesday, October 4th, 2023, and this is Markets Daily from Coindesk. My name is Noelle Acheson, Coindesk collaborator and author of the Crypto as Macro Now newsletter on Substack. On today's show, we're talking about bond market alarm, Bitcoin resilience, Ripple, jobs, and more. And just a reminder, Coindesk is a news source and does not provide investment advice. So you don't miss an episode, be sure to follow the podcast on your platform of choice. Now a markets roundup. Debt markets around the world are in turmoil. But before we talk about that and why it matters for crypto, it's worth talking about how well crypto markets are holding up. Given the meltdowns and melt ups going on in traditional assets, you'd expect them to be down by even more. According to Coindesk Indices, at 10 a .m. Eastern Time this morning, Bitcoin was trading at $27 ,428, down half a percent over the past 24 hours. Ether was at $1 ,636, down 1 .4%. Bitcoin continues to lead the market. Its dominance index, known as BTC .d, measures Bitcoin's market cap relative to the total crypto market cap. When Bitcoin is outperforming the rest of the market, this goes up. Yesterday it climbed yet again and is now at 50 .5%. Bitcoin now accounts for more than half of the whole crypto market. Bitcoin's strength is surprising given the colossal tightening effect of rising bond yields around the world, a rising dollar and a rising oil price. Tightening especially impacts risk assets, and crypto assets are arguably the riskiest in that bucket. Were typical correlations to hold, Bitcoin would be suffering. But so far, it isn't. It is easily outperforming most stock indices, even those considered less risky, such as the Dow Jones. This suggests that there is meaningful support in the crypto market. But rather than seeing it in price increases, we're seeing it in prices not falling by more. Ripple was a strong outperformer in crypto markets today, up more than 4 % to trade at 53 cents. This boost comes from two pieces of good news for the network's XRP token. One is securing a license from the Monetary Authority of Singapore, allowing it to keep providing digital payment token services in the region. The other is the denial of the Securities and Exchange Commission's request to appeal a recent call ruling. I'll be talking more about this in a moment. Moving on to strong signals in the macro market. Earlier today, the US 10 -year yield almost reached 4 .9%, while the 30 -year yield broke through 5 % for the first time since 2007. There seems to have been a pullback over the past few hours, but markets are spooked. It doesn't help that Fed officials are out on the speaker circuit repeating the mantra that rates may have to go up some more and at best will be higher for longer. It also doesn't help that global confidence in the US government's ability to function took a hit. Yesterday, the House of Representatives voted to oust the speaker for the first time in history. It also doesn't help that the higher US debt yields go, the more the US government will be paying in interest expense. This is triggering doubts about the US government's fiscal health. The price of insurance against a US government default has more than doubled over the past month and is now at the highest levels since the aftermath of the banking crisis earlier this year. What we are seeing is not just about rising interest rate expectations. That explained much of the climate yields over the past month. What we are seeing now is more about confidence, or rather, the lack of. The jobs market delivered some positive data this morning, however. This has allowed the bond markets to come down a bit and stock markets to recover some or all of the day's losses. The ADP non -farm employment report is a narrower, private version of the official report we will get on Friday. This morning's release of the employment change for September came in much lower than expected, an increase of less than 90 ,000 compared to consensus forecasts of over 150 ,000. This suggests that the US job market is finally starting to cool down, which means that the Federal Reserve might be able to ease up on interest rates ahead of expectations. The official report due on Friday does not always move in line with the ADP version, but we may get some good news then as well. Over in stocks, this economic data point has given markets some breathing room. US stocks were a sea of red yesterday, with all three major indices down more than 1 .3%. The NASDAQ led the decline with a drop of 1 .9%, its biggest daily drop in two months. So far today, however, the losses are much more muted, with NASDAQ gaining 0 .3%. The S &P 500 is still up almost 10 % year -to -date, although its gain is rapidly disappearing. The NASDAQ is holding onto its lead with a year -to -date gain of over 23%. And a sobering statistic for those that are still betting on a soft landing for the US economy – the Dow Jones index is now below its January level. Major European indices were also hit hard yesterday, with declines of more than 1 % across the board. Both the German DAX and the broader Eurostock 600 indices are at their lowest levels since March. The yield on the 10 -year German government bond, considered the safest bond in the European market, broke through 3 % earlier today for the first time since 2011. This morning has brought some signs of relief with more muted losses from the main indices. In Asia, the decline in Japan's Nikkei index accelerated in today's trading with a drop of 2 .3%. This brings the accumulated drop for the month so far to 4%, but the index is still 18 % up year -to -date. Japanese investors are not just spooked by moves in global bond markets – they're also keeping a close eye on currency movements. Yesterday, the yen -US dollar exchange rate broke through the symbolic level of 150 for the first time since late last year. Shortly after, the currency saw a sharp recovery, leading many to speculate that the Japanese central bank was again intervening in the market. That's possible, but it would be unusual for the Bank of Japan to do so without an announcement of some sort. Central bank intervention would be a big deal. It's more likely, at least for now, that it was some buying triggered by the decline in anticipation of eventual intervention.
Thinking Crypto News & Interviews
Fresh update on "singapore" discussed on Thinking Crypto News & Interviews
"Gary Ganser is a failure. Now we know the Coinbase SEC saga continues and here Paul Grewal, chief legal officer at Coinbase, he highlighted the SEC just filed its opposition to our motion to dismiss their case against Coinbase. It's more of the same old, same old, but don't just take my word for it. Take a look for yourself and he highlights different notes. So the SEC is making things up as they go. They have no solid case. This is very much political. And also once again, Gary's a way of trying to kill these crypto startups, not kill crypto, kill crypto startups. So these BlackRock, Wall Street buddies can come in and take over because we see it happening in parallel, right? BlackRock wants a Bitcoin ETF, Charles Schwab, Citadel and Fidelity launch a crypto exchange. PayPal launching their stable coin. Much more is happening, right? So it's clear as day what's the agenda and what's happening here. We just have to keep fighting. We have to keep spreading the facts and the truth and we're going to win in the courts. Now here's what Miles Jennings of A16Z Crypto had to say regarding the SEC's opposition to Coinbase motion. He said the motion has a lot of holes in it. Even if the court were to agree with the SEC's main contention that investment contracts don't require legal contracts, the SEC's case should still fail. As we discussed in our brief in August, the SEC theory of an investment contract has endless breadth. While purporting to apply Howie, the SEC untethers that decision from its bedrock requirements, converting the requirement of reasonable profit expectations from the efforts of others into a free floating expectation of profits, even if the or tied to the actions of the developer or promoter itself. So the SEC not on a good footing here. And I hope the Coinbase folks mop the floor with this scumbag regulator, Gary Gensler, because this would be another major loss, right? If we're counting here, the SEC has lost to Ripple. I know they took some small victories because of initial sales and institutional sales, but we know the lion's share of the victory went to Ripple because the asset itself is declared intrinsically not a security. It's all about the packaging, right? Go back to the Howie case. Are the oranges at your supermarket and at your fridge and the oranges in Florida and the trees and so forth, are those securities, right? Did the Howie test make all them securities? No, it could have been apples. It's a matter of how is it packaged. It's not the underlying asset. How is it packaged? How is it offered? It's simple as that, but the SEC wants more power. They're trying to kill these crypto startups. So they're trying to go above and beyond a stretch the law as much as possible, right? Now it's funny. I think the Ripple team, they certainly plan this because after the news about Judge Torres's decision came out, how Ripple announced the following, that they are now fully licensed to provide digital payment token services in Singapore. And Brad Garlinghouse, Ripple CEO, proud of the team Ripple. Just four months after we received our in-principle approval from the monetary authority of Singapore, we've now secured the full major payment institution license for digital payment token services in Singapore. So I think they put that as the icing of the cake for the day there. I tweeted out that Gary Gensler is probably going to have a hard time sleeping tonight, right? First the judge ruling, then Ripple gets their license in another country, just showing that things are progressing outside the United States and he's the buffoon who's trying to just sow corruption and confusion. Now, speaking of the SEC, there's reports coming out that the SEC director of enforcement, Gurbir Gural, if I'm saying his name right, he's going to be under investigation and the Senate GOP is seeking a subpoena power to probe his ties in connection with Bob Menendez. And we all know what happened with Bob Menendez recently. So he might be in trouble and I say might because we don't have all the full details, but it seems that there's some smoke here. When there's smoke, there's fire. So let's see what happens because he might be exposed for some corruption. Now we're also seeing folks coming out and supporting Binance in the SEC versus Binance lawsuit. So Paradigm, they did an amicus brief on behalf of Binance, which is incredible. And I say that because Binance, obviously the majority of their operations are overseas with binance.com. Obviously this is related to Binance US, but I think folks are recognizing that even in a case where they may have, the SEC may have some things, I'm not saying a lot, to go against Binance US, they're still trying to break the law and bend the law and stretch it out as much as possible. And we got to push back on that. So even in different cases, folks, people are recognizing the SEC lacks faithful allegiance to the law. Even Circle, they came out in support of Binance. Circle weighs in on SEC versus Binance case, argues stable coins are not security. So we're seeing the industry even supporting Binance here. And the fact that the SEC would say stable coins are securities is asinine. Once again, intrinsically, the token itself is not a security. I can hold a stable coin. I'm not getting any profit on that. However, if you say, hey, come join my investment plan, which are stable coins, and you can get X amount of profits, okay, then the SEC has a case. They can say, hey, we think that's a security, right? Obviously, the details matter. So that's where Gary Gensler is a clown, a scumbag regulator. We're seeing, as time progresses, he's getting exposed by many different legal experts. Well, folks, that's the news. I'm happy about this. XRP is in the clear, in my opinion, for the next bull market. I still hold it. Obviously, I'm diversified, Bitcoin, Ethereum, and other coins. But if it wasn't for this stupid lawsuit by the SEC back in December 2020, we would have seen new all-time highs in the past bull market. And I think we're going to see new all-time highs in the coming bull market. Now, I'm not giving a certain price prediction. I'm just saying higher than the new all-time and then the all-time highs of 2018, which was about $3.60. I was here for that. And I made a little bit of money off of that. So I'm preparing for the next run up. And as always, like I said, I tell you guys, I'm diversified. So we never know what could happen. And that's why I hold Bitcoin, Ethereum, Matic, Chainlink, and so forth. I'm looking to make money in different ways. And I don't want to put all my eggs in one basket. So just make a note on that, folks. All right, let me know what you think. Leave your thoughts and comments below. Hit the thumbs up button. Hit the five-star rating on the podcast platforms. Thank you all. And I'll talk to you all later.
Thinking Crypto News & Interviews
A highlight from BIG RIPPLE XRP NEWS! JUDGE DENIES SEC GARY GENSLER APPEAL! RIPPLE SINGAPORE LICENSE, SEC VS COINBASE & BINANCE
"Welcome back to the thinking crypto podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. Please also hit the five star rating on the podcast platforms. Well, folks, as you can probably tell by my voice, I am sick. I'm under the weather. I think I picked up something at the ripple proper party, but it was certainly worth it. The ripple proper party was incredible. It was amazing to meet many of you in person and to chat with you all and then get to know you a bit better. Thank you all for your support. It was just an awesome experience. Well, folks, let's jump into the news. The SEC's motion to appeal the loss in the ripple case has been denied. Judge Torres once again denying the SEC and scumbag regulator Gary Gensler. Gary Gensler's lies, failed talking points and bullshit are not, of course, going to be holed up in court so he can continue going on TV and telling lies. But it's not going to happen with the judiciary branch. This is great, folks. We are seeing a government agency that is run by a corrupt bureaucrat being put in their place. They've obviously fallen far from their core mission of protecting investors. They become political and they are trying to go beyond above and beyond what powers have been given to them. Their goal is to protect investors, but they're doing all kinds of nonsense. We know Gary Gensler is a puppet on strings trying to protect the trad fi banking incumbents who are being disrupted by cryptocurrency and blocking companies. So this is amazing. Let me give you some details. So district judge Annalisa Torres said in that brief ruling Tuesday that the SEC had failed to meet its burden under the law to show that there were controlling questions of law or that there are substantial grounds for differences of opinion. So Gary is getting shut down. You know, there's obviously going to be a trial next year, but we'll see. There could be some sort of settlement here wrapping this up because I don't think the SEC can continue to take losses like this. Here's what Ripple CEO Brad Garlinghouse had to say on the matter. The SEC's request to file an interlocutory appeal is denied. I am not a lawyer, but it seems the court just told the SEC, you asked me to apply the Howey test. I did. And like it or not, you lost. Exactly. Stuart Alderadi, chief legal officer at Ripple said the court's July 13 ruling was and remains the law of the land. XRP is not a security. Here's what John Deaton's crypto law highlighted. In footnote six of her ruling today, Judge Torres raped the SEC for shifting the inconsistent arguments as to its legal theory about other distributions. This is in line with Judge Netburn's earlier admonition on the SEC's lack of faithful allegiance to the law. So you have a government agency that doesn't even respect the law folks. They use our tax money to do their jobs, right? That's how they're funded primarily. And they don't even It's unbelievable. This is why we need a total revamp. And if you've seen my interview with Congressman Warren Davidson just a few days ago, he has a bill called the SEC restructuring act or whatever it may be, where it would eliminate that chair role and add another commissioner to bring more balance. And I think we need something like that because clearly, I mean, whether you're a Democrat, Republican, independent, it doesn't matter if you just look at this reasonably, you see something is wrong here. There's this agencies rotten at its core. Here's what attorney Jeremy Hogan had to say. The SEC's motion for interlocutory appeal denied, which means the case either goes to trial in April or goes away. And this order allowed the judge to explain parts of her ruling even better, making the appeal that much harder for the SEC to win disaster for the agency. Now, quick word from our sponsor, and that is uphold, which makes crypto investing easy. I've been a user of uphold since 2018. So I can vouch for this platform. They have 10 plus million users, 250 plus cryptocurrencies, and they're available in 150 countries. You can also trade precious metals on here as well as 37 Fiat currencies. And you can very easily switch between the Fiat precious metals and cryptocurrencies. So that's a very unique feature to this platform. If you'd like to learn more about uphold, please visit the link in the description. Now, attorney Fred Rispoli also weighed in on this, and I've had him on the podcast many times. He said XRP community, the big win was on July 13th, of course, but this is a but this is also pretty sweet options for the SEC are dwindling at a rapid pace. This opinion to me oozed with contempt from Judge Torres for the SEC for wasting her time and in a disrespectful way. I still maintain it all went south for the SEC the day it took such widely hypocritical positions in the Hinman email saga. What an epic fail decision for show me the De Niro to narrow the TLDR of this order to me is the footnote six that first sentence the court further notes that in its summary judgment briefing, the SEC presented shifting and inconsistent arguments as to its legal theory about other distributions. This statement was completely unnecessary for Judge Torres to make and only exists to jab at the SEC out of character for Judge Torres but fully necessary. The SEC may seek an emergency writ to the Second Circuit, but that will be denied. It would waste time and money. So I cannot put that at a zero percent probability. The order's many references to facts yet to be decided was saturated with implications by Judge Torres and that any and all arguments by the SEC will be greeted from a starting point of being non -credible. Wow folks, these judges are taking the SEC out to the woodshed and it's Sarah Netburn going back to saying the SEC has no faithful allegiance to the law. Even recently in full of it. Like what are you trying to tell us what is the security and what's not? Obviously they can and they greenlighted Coinbase to go public. So I think these judges are seeing this is nonsense. What are we doing here? Right? The SEC is not abiding by the law. Now Neil Hartner of Ripple highlighted the following. He said, by my count, the SEC got an F on their interlocutory 10 times in her 14 page ruling.
Thinking Crypto News & Interviews
Fresh update on "singapore" discussed on Thinking Crypto News & Interviews
"Welcome back to the thinking crypto podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. Please also hit the five star rating on the podcast platforms. Well, folks, as you can probably tell by my voice, I am sick. I'm under the weather. I think I picked up something at the ripple proper party, but it was certainly worth it. The ripple proper party was incredible. It was amazing to meet many of you in person and to chat with you all and then get to know you a bit better. Thank you all for your support. It was just an awesome experience. Well, folks, let's jump into the news. The SEC's motion to appeal the loss in the ripple case has been denied. Judge Torres once again denying the SEC and scumbag regulator Gary Gensler. Gary Gensler's lies, failed talking points and bullshit are not, of course, going to be holed up in court so he can continue going on TV and telling lies. But it's not going to happen with the judiciary branch. This is great, folks. We are seeing a government agency that is run by a corrupt bureaucrat being put in their place. They've obviously fallen far from their core mission of protecting investors. They become political and they are trying to go beyond above and beyond what powers have been given to them. Their goal is to protect investors, but they're doing all kinds of nonsense. We know Gary Gensler is a puppet on strings trying to protect the trad fi banking incumbents who are being disrupted by cryptocurrency and blocking companies. So this is amazing. Let me give you some details. So district judge Annalisa Torres said in that brief ruling Tuesday that the SEC had failed to meet its burden under the law to show that there were controlling questions of law or that there are substantial grounds for differences of opinion. So Gary is getting shut down. You know, there's obviously going to be a trial next year, but we'll see. There could be some sort of settlement here wrapping this up because I don't think the SEC can continue to take losses like this. Here's what Ripple CEO Brad Garlinghouse had to say on the matter. The SEC's request to file an interlocutory appeal is denied. I am not a lawyer, but it seems the court just told the SEC, you asked me to apply the Howey test. I did. And like it or not, you lost. Exactly. Stuart Alderadi, chief legal officer at Ripple said the court's July 13 ruling was and remains the law of the land. XRP is not a security. Here's what John Deaton's crypto law highlighted. In footnote six of her ruling today, Judge Torres raped the SEC for shifting the inconsistent arguments as to its legal theory about other distributions. This is in line with Judge Netburn's earlier admonition on the SEC's lack of faithful allegiance to the law. So you have a government agency that doesn't even respect the law folks. They use our tax money to do their jobs, right? That's how they're funded primarily. And they don't even It's unbelievable. This is why we need a total revamp. And if you've seen my interview with Congressman Warren Davidson just a few days ago, he has a bill called the SEC restructuring act or whatever it may be, where it would eliminate that chair role and add another commissioner to bring more balance. And I think we need something like that because clearly, I mean, whether you're a Democrat, Republican, independent, it doesn't matter if you just look at this reasonably, you see something is wrong here. There's this agencies rotten at its core. Here's what attorney Jeremy Hogan had to say. The SEC's motion for interlocutory appeal denied, which means the case either goes to trial in April or goes away. And this order allowed the judge to explain parts of her ruling even better, making the appeal that much harder for the SEC to win disaster for the agency. Now, quick word from our sponsor, and that is uphold, which makes crypto investing easy. I've been a user of uphold since 2018. So I can vouch for this platform. They have 10 plus million users, 250 plus cryptocurrencies, and they're available in 150 countries. You can also trade precious metals on here as well as 37 Fiat currencies. And you can very easily switch between the Fiat precious metals and cryptocurrencies. So that's a very unique feature to this platform. If you'd like to learn more about uphold, please visit the link in the description. Now, attorney Fred Rispoli also weighed in on this, and I've had him on the podcast many times. He said XRP community, the big win was on July 13th, of course, but this is a but this is also pretty sweet options for the SEC are dwindling at a rapid pace. This opinion to me oozed with contempt from Judge Torres for the SEC for wasting her time and in a disrespectful way. I still maintain it all went south for the SEC the day it took such widely hypocritical positions in the Hinman email saga. What an epic fail decision for show me the De Niro to narrow the TLDR of this order to me is the footnote six that first sentence the court further notes that in its summary judgment briefing, the SEC presented shifting and inconsistent arguments as to its legal theory about other distributions. This statement was completely unnecessary for Judge Torres to make and only exists to jab at the SEC out of character for Judge Torres but fully necessary. The SEC may seek an emergency writ to the Second Circuit, but that will be denied. It would waste time and money. So I cannot put that at a zero percent probability. The order's many references to facts yet to be decided was saturated with implications by Judge Torres and that any and all arguments by the SEC will be greeted from a starting point of being non-credible. Wow folks, these judges are taking the SEC out to the woodshed and it's Sarah Netburn going back to saying the SEC has no faithful allegiance to the law. Even recently in full of it. Like what are you trying to tell us what is the security and what's not? Obviously they can and they greenlighted Coinbase to go public. So I think these judges are seeing this is nonsense. What are we doing here? Right? The SEC is not abiding by the law. Now Neil Hartner of Ripple highlighted the following. He said, by my count, the SEC got an F on their interlocutory 10 times in her 14 page ruling.
The Crypto Overnighter
"singapore" Discussed on The Crypto Overnighter
"Ross Albrecht is the man behind the first modern darknet market, Silk Road. He hit a grim milestone, 10 years in prison. Arrested in 2013, Albrecht was handed a double life sentence plus 40 years with no chance of parole. The charges? Operating a platform that facilitated illegal activities, all transacted in bitcoin. Silk Road was a pioneer in a way, the first of its kind to use bitcoin as its sole currency. From 2011 to 2013, the platform processed sales totaling 9,519,664 bitcoin, roughly equivalent to 1.2 billion dollars. Albrecht's cut? A cool 600,000 bitcoin, or around 80 million dollars at the time of his sentencing. Albrecht's case has polarized opinions. On one hand, he's hailed as a bitcoin hero, a man who accelerated the flagship cryptocurrency's adoption. His mother claims he started Silk Road to create a quote, truly free market, leveraging bitcoin for its monetary freedom. On the other hand, the platform he created was a haven for illegal activities, including the drug trade and money laundering. Albrecht himself has shown remorse. In a recent post, he admitted his poor choices led him to his current predicament. His only recourse now? A plea for mercy. Public sentiment is divided. While many call for clemency, citing the harshness of his sentence, others point to the darker aspects of Silk Road. The prosecution even claimed that Albrecht had hired hitmen, although he was never officially charged for this. The Silk Road saga serves as a cautionary tale, but also as a testament to bitcoin's disruptive potential. It provided early liquidity to the bitcoin ecosystem, and showed how cryptocurrencies could become the go-to option for transactions, especially in a world leaning towards decentralization. So, as Ross Albrecht marks a decade behind concrete walls and locked doors, the debate rages on. Was justice served, or was it a miscarriage? Either way, the Silk Road's legacy, for better or worse, is indelibly etched in the annals of cryptocurrency history. While some crypto giants face the gavel, others get a nod from regulators. Coinbase just scored a big win in Singapore. The question is, can the US learn a thing or two from this tiny island nation? Turn on those notifications to stay updated. Coinbase has been granted a major payment institution license by the Monetary Authority of Singapore. This is a big deal, and it's a stark contrast to the regulatory quagmire Coinbase faces in its home market, the United States. So, what does this license mean? It allows Coinbase to offer a wider range of digital payment token services in Singapore. Both retail and institutional customers are in for a treat. And let's not forget, Standard Chartered is Coinbase's local banking partner in Singapore. The company has even tailored its products to meet local demands, offering simple account funding options like PayNow and fast bank transfers. Now, why is this significant? Singapore is a crypto-friendly hub. Despite recent crises involving local crypto firms, the MAS is still willing to approve licenses. Coinbase joins a dozen or so other crypto operators in the region. This is a clear sign that Singapore is miles ahead of other crypto hubs, especially when it comes to regulation. Coinbase's country director for Singapore emphasized the importance of clear rules. He said that this license marks the end of their licensing journey and enshrines their commitment to the Singapore market. Coinbase has been actively collaborating with major local blockchain firms like Nance and AI, Blockdaemon and Infura. While US regulators are dragging their feet, Singapore is laying down the red carpet for crypto companies. This move by Coinbase is a message to regulators worldwide. If you don't adapt, you'll be left behind. Kind of a reversal role play. This license also lifts transaction limits for Coinbase. They're not subjected to the usual 3 million Singapore limit for any payment service. This gives them more room to breathe and operate, a luxury they don't enjoy back home. So what's the takeaway? Coinbase's new license is a win for the company and a win for the crypto community in Singapore. But it's also a glaring spotlight on the shortcomings of the US regulators. While the US isn't embroiled in legal battles, Singapore is fostering innovation. It's a tale of two approaches and right now, Singapore is winning. From a US crypto exchange to a Swiss banking giant, it seems like everyone's setting their sights on Asia. UBS is making Ethereum waves under Singapore's Project Guardian. What's it all about? Keep listening and find out. UBS, the leading Swiss bank, launched a live pilot of a tokenized money market fund on the Ethereum blockchain. This is a part of Project Guardian, an initiative led by the same monetary authority of Singapore we were just talking about. UBS isn't new to the blockchain game. They've been at the forefront, issuing digital bonds and even a $50 million tokenized fixed rate note. But this move is monumental. Why? Because it's not just about UBS or Ethereum. It's about the seismic shift in how assets are managed, traded, and even conceptualized. The pilot allows UBS to test various fund activities on chain, including subscriptions and redemptions. They're using their in-house tokenization service, aptly named UBS Tokenize, to carry out these activities. This isn't just a one-off experiment. It's the first of several live pilots that UBS plans to launch. Thomas Kagey, the head of UBS Asset Management in Singapore and Southeast Asia, stated that this is a, quote, key milestone in understanding the tokenization of funds. The project aims to improve market liquidity and market access for clients. And they're not going it alone. UBS plans to collaborate with both traditional financial institutions and fintech providers. Now let's talk about that project guardian. This MAS led initiative aims to tokenize various real world assets. It's not just about making transactions faster or more efficient. It's about redefining what a financial asset can be in the digital age. And it's not just a Singapore thing. The Japan Financial Services Authority has also joined the project. So what does this mean for crypto? It's another nail in the coffin for the naysayers who claim that blockchain and crypto are just a fad. It's a challenge to central banks and governments who are still dragging their feet on blockchain adoption. Now speaking of Ethereum, Grayscale is looking to transform Ethereum trading. From Swiss banks to U.S. investment firms, the stakes for Ethereum are sky high. Subscribe and stay tuned for this game changer.
Daily Crypto Report
Fresh update on "singapore" discussed on Daily Crypto Report
"Well, XRP saw a price boost thanks to Ripple's acquisition of a license to offer key services in Singapore and a setback for the Securities and Exchange Commission in the Ripple case. The SEC's motion to certify the Interlocutory Appeal in its legal battle with Ripple was denied by District Judge Analisa Torres. The judge stated that the SEC failed to demonstrate that the appeal would significantly advance the case's ultimate resolution. Well, crypto-friendly representative Patrick McHenry is temporarily taking over as Speaker of the House following the ousting of Representative Kevin McCarthy. McHenry chairs the House Financial Services Committee, which advanced bills over the summer to regulate crypto and stablecoins. He recently threatened a subpoena against SEC Chair Gary Gensler, accusing him of not being transparent about interactions with FTX. McHenry emphasized the need for the SEC to recognize Congress's oversight duties. This leadership change comes after a power struggle within the House, marking the first time in history that the House Speaker position has been vacant. Well, it's emerged that in 2019, Binance's CEO CZ turned down a $40 million offer from former FTX CEO Sam Bankman, freed to create a crypto futures exchange, opting to develop it in-house. That decision came as a departure from Binance's spot exchange model at the time. SPF then created FTX, which later went bankrupt and is at the center of his ongoing criminal trial. SPF had initially tried to create an exchange in 2018, leading him to pitch the idea to existing exchanges, with CZ being a potential buyer. While on SPF, his trial on federal fraud and conspiracy charges kicked off yesterday with jury selection, where more than 80 potential jurors were filtered to a final group of 12 jurors and 6 alternates. The selection process involved questions about their ability to serve impartially given the high-profile nature of the case. Some jurors revealed connections to the crypto industry and knowledge of the case through media coverage. The judge also mentioned the possibility of SPF testifying in his own defense. Jury selection is expected to conclude soon, and the trial will commence in earnest. Artificial intelligence firm Anthropic is raising new funds from investors like Google, potentially valuing the company between $20 billion and $30 billion. This development is seen as a positive sign for FTX creditors, as SPF had previously invested in the firm. However, it remains uncertain when FTX's bankruptcy restructuring team can sell its Anthropic stake. Creditors, including FTX 2.0 Coalition, see the increased valuation as a potential means to make FTX customers whole. Well, that's all for us today. Visit us at dailycryptoreport.io for sources and links. And listen to us everywhere else you podcast under Daily Crypto Report. I'm Dr. Rae Wingrant, wildlife ecologist and host of the award-winning podcast Going Wild, produced by Nature on PBS. In the brand new season of Going Wild, we're tackling the big question, how can humans look at our relationship to nature differently? And with the help of special guests like Christian Cooper, host of Nat Geo's Extraordinary Birder, and Ayana Elizabeth Johnson, co-creator of the How to Save a Planet podcast. Follow Going Wild with Dr. Rae Wingrant on your favorite podcast app. Are you looking for a podcast that'll make you laugh? You came to the wrong place. That's not us. That's not us. Well, it is. We are a husband and wife who chat about raw, real relationship topics. Like sex. Like money. Like marriage and kids. But we're not afraid to talk about how your newborn baby probably isn't as cute as you think it is. If you're in need of entertainment while you're driving to work, because that sucks, we can join you in the suckage, kind of like being in your ear. Not physically. So if you want to laugh, come check us out. Brought to you by the Laughing Couple podcast.
The Crypto Overnighter
"singapore" Discussed on The Crypto Overnighter
"Good evening and welcome to the crypto overnighter. I'm Nicodemus and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax and let's get started. And remember, none of this is financial advice. And it's 10pm Pacific on Monday, October 2nd, 2023. Welcome back to the crypto overnighter where we have no sponsors, no hidden agendas and no BS. But we do have the news. So let's talk about that. Tonight, we delve into the intricate dance between the crypto world and various power structures. Will Bitcoin maintain its golden status amid government turmoil? What's at stake for Sam Bankman Fried as he faces a monumental trial? As Ross Albrecht marks a grim milestone, we look back at Silk Road's complicated legacy. Meanwhile, Coinbase gets a warm welcome in Singapore. But what does that mean for its U.S. operations? Swiss Bank UBS is making waves on the Ethereum blockchain and Grayscale aims to revolutionize Ethereum trading. Lately, we've been talking about the recent political drama that could have led to a U.S. government shutdown, but it didn't. And Bitcoin reacted in a way that's worth discussing. At the 11th hour, Republicans and Democrats struck a deal to keep the U.S. government running for another 45 days. This is not a permanent solution. It's a Band-Aid. The disagreements over funding levels, borders and the Ukraine-Russia war are still there. But for now, the government stays open and the U.S. citizen bears the brunt of this political circus. Now let's talk about numbers. As news broke, Bitcoin shot up over 3% to hit 28,000. It also collided with its 200 week moving average, a critical resistance level. As of the latest data, Bitcoin is sitting at $28,360 apiece. If it consolidates above this level, we could see it test the local high of just under $32,000. Bitcoin's dominance in the crypto world also spiked well above 50%. On the flip side, the Dow Jones Industrial Average declined 171 points or 0.5%. The S &P 500 fell by 0.3%, while the NASDAQ composite rose 3%. So while traditional markets were shaky, Bitcoin showed resilience. Jay Hatfield, CEO at Infrastructure Capital Management, attributed Monday's tech sector rally as a relief sentiment from the averted shutdown. But he also pointed out that interest rates are the dominant factor in trading right now. The Senate passed the resolution just before the midnight deadline, and President Biden signed it into law. Initially, equity futures were in the green, but they fell into the red before the markets opened. Why? Because investors are now focusing on surging interest rates near 15 year highs. The 11th hour deal to avert a U.S. government shutdown had a ripple effect on financial markets but none more pronounced than Bitcoin. While traditional markets like the Dow Jones showed a decline, Bitcoin sees the moment, surging past significant resistance levels. This is a testament to Bitcoin's resilience and its role as a sort of financial safe haven during times of political uncertainty. The Dow's decline in Bitcoin surge presents a stark contrast. It's almost as if the investors are saying they have more faith in a decentralized digital asset than in the stability of the U.S. government. And if so, who could blame them? Both the Dow's dip and the spike in the 10 year treasury yield indicate that traditional markets are still heavily influenced by government actions and are not immune to the chaos of political breaksmanship. Bitcoin's dominant spiking above 50% is another key takeaway. It's not just leading the crypto bull market, it's dominating it. This could be indicative of a broader shift in investor sentiment, favoring Bitcoin over other assets including altcoins. The 45 day extension gives Bitcoin another window of opportunity. If the bulls can maintain momentum and keep Bitcoin above its 200 week moving average, we could see it test new highs. But let's not forget, liquidity is still scarce. Unless another significant event prompts more U.S. dollar printing, progress may be slow. Yet the message is clear. In a world where traditional systems are showing cracks, Bitcoin offers not just an alternative but perhaps a better way forward. In essence, Bitcoin has once again proven its mettle by not bowing to political uncertainties. It's a reminder of why we're all here. For a financial system that doesn't play by the rules of centralized entities. That Bitcoin resilience? It may help us weather storms like what SBF is facing. Speaking of Sam Bankman-Fried, his trial kicks off tomorrow and it's far from a simple legal hiccup. Here's what's unfolding. And hey, if you're as glued to these narratives as we are, hit that follow button. You won't want to miss a beat.
The Crypto Overnighter
Fresh update on "singapore" discussed on The Crypto Overnighter
"Tonight, we're diving into the recent layoffs at Chainalysis. This is a symptom of broader market conditions that should have us all paying attention. Chainalysis confirmed a workforce reduction on October 3rd, letting go of about 15% of its employees. That's roughly 135 people out of a workforce that was nearly 900 strong. This isn't the first time Chainalysis has had to make such a move. Earlier this year in February, they cut around 40 to 50 employees. The reason? A bearish crypto market affecting the demand for commercial products. Now let's talk about the sectors hit hardest within the company. The majority of these layoffs have impacted the marketing and business development teams, particularly those focusing on the private sector. This is a clear pivot towards government clients, which already make up 70% of the company's revenue. Their VP of communications, Madeline Kennedy, stated that despite the layoffs, Chainalysis remains financially stable with ample cash reserves. The move is more about future-proofing the company in a volatile market than a attempt to stay afloat. The crypto market's downturn is causing a shift in the tech job market itself. Data shows a surge in interest in AI jobs over crypto jobs. And that's something I'm seeing in my day job mining fiat currency as well. AI is exploding in terms of hype and breath. It's sucking all of the oxygen out of the room in the venture capital space, although it looks like the bubble is slowly starting to burst given the valuations of some of the funding rounds we've seen. While companies like Venmo, Mastercard, and PayPal are entering the crypto space, interest in crypto jobs is declining. Chainalysis, known for its collaboration with governments on crypto-related probes, remains optimistic. They're backed by Singapore's sovereign wealth fund, GIC, which adds another layer of complexity to the situation. Are they pivoting towards more centralized players while the market shows signs of decentralization? The layoffs at Chainalysis are a glaring sign of the crypto bear market's impact on the industry. While the company claims to be well-positioned for long-term success, the recent cuts suggest a more cautious approach. Chainalysis has been a key player in providing blockchain analysis to government agencies, financial institutions, and cryptocurrency businesses. The company's pivot towards clients in the public sector is a shift that could be seen more as aligning closely with government interests at a time when the crypto community is increasingly skeptical of regulatory overreach. The downturn in the crypto industry is mirrored by a shift in the tech job market, with the surge in interest in AI jobs over crypto jobs. This could be indicative of a broader trend where tech professionals are hedging their bets by moving to sectors that are currently less volatile. The AI tech sector is also well-hyped, new, and absolutely dripping with venture capital money. Chainalysis is adapting to survive, but at what cost? As the company pivots towards government contracts, it's moving away from the very essence of what crypto stands for, decentralization and financial freedom. So what happened? In FTX's unraveling case, the downfall serves as a stark lesson in the risks associated with centralized exchanges. The allegations against Sam Beckman Fried are severe, questioning the entire legacy of what was once one of crypto's largest platforms. Hong Kong is marching to the beat of its own drum, embracing crypto in a way that defies China's anti-crypto stance. It could reshape power dynamics in East Asia. The CFTC under chair Rostam Betum is actively targeting DeFi protocols. With settlements already made against three platforms, the agency is signaling a more complex regulatory landscape ahead for DeFi. In Kenya, the government is cracking down on Worldcoin, raising crucial questions about data privacy and government oversight in crypto projects. It's a tangled web of regulation and skepticism. The launch of Ethereum ETFs was underwhelming, to say the least. A total trading volume of less than $2 million across nine products indicates a general distrust or perhaps fatigue among investors. Chainalysis cut about 15 percent of its workforce. These losses are clear victims of the crypto bear market's impact on the industry. Tonight's episode takes us through a labyrinth of legal battles, regulatory overreaches and market downturns. From Sam's legal troubles to Hong Kong's emerging role as a crypto hub, we examined how centralized and decentralized forces are shaping the crypto landscape. The CFTC's focus on DeFi protocols signals a tightening regulatory grip, while the Kenyan government's action against Worldcoin showcases the pitfalls of data collection in the crypto space, as well as violating everything that makes crypto, crypto. Lackluster Ethereum ETF launches and Chainalysis' workforce cuts also echo the prevailing caution in the market. Each of these stories reveals a crypto ecosystem at a crossroads. The choices made by regulators, businesses and individual actors will determine whether we move toward a future of innovation and financial freedom or one of stifling controls and centralized power. In this volatile landscape, vigilance is not just advisable, it's essential. And that's going to do it for us tonight. I want to thank you, my listeners, because when you stop listening, I will stop talking. If you enjoyed tonight's show, then please like, follow, subscribe, leave a rating or maybe a review. And in the meantime, we'll see you tomorrow night.
The Crypto Overnighter
A highlight from 687:Bitcoins U.S. Shutdown Surge, SBFs Trial, and Coinbases Singapore Milestone
"Good evening and welcome to the crypto overnighter. I'm Nicodemus and I will be your host as we take a look at the latest cryptocurrency news and analysis. So sit back, relax and let's get started. And remember, none of this is financial advice. And it's 10pm Pacific on Monday, October 2nd, 2023. Welcome back to the crypto overnighter where we have no sponsors, no hidden agendas and no BS. But we do have the news. So let's talk about that. Tonight, we delve into the intricate dance between the crypto world and various power structures. Will Bitcoin maintain its golden status amid government turmoil? What's at stake for Sam Bankman Fried as he faces a monumental trial? As Ross Albrecht marks a grim milestone, we look back at Silk Road's complicated legacy. Meanwhile, Coinbase gets a warm welcome in Singapore. But what does that mean for its U .S. operations? Swiss Bank UBS is making waves on the Ethereum blockchain and Grayscale aims to revolutionize Ethereum trading. Lately, we've been talking about the recent political drama that could have led to a U .S. government shutdown, but it didn't. And Bitcoin reacted in a way that's worth discussing. At the 11th hour, Republicans and Democrats struck a deal to keep the U .S. government running for another 45 days. This is not a permanent solution. It's a Band -Aid. The disagreements over funding levels, borders and the Ukraine -Russia war are still there. But for now, the government stays open and the U .S. citizen bears the brunt of this political circus. Now let's talk about numbers. As news broke, Bitcoin shot up over 3 % to hit 28 ,000. It also collided with its 200 week moving average, a critical resistance level. As of the latest data, Bitcoin is sitting at $28 ,360 apiece. If it consolidates above this level, we could see it test the local high of just under $32 ,000. Bitcoin's dominance in the crypto world also spiked well above 50%. On the flip side, the Dow Jones Industrial Average declined 171 points or 0 .5%. The S &P 500 fell by 0 .3%, while the NASDAQ composite rose 3%. So while traditional markets were shaky, Bitcoin showed resilience. Jay Hatfield, CEO at Infrastructure Capital Management, attributed Monday's tech sector rally as a relief sentiment from the averted shutdown. But he also pointed out that interest rates are the dominant factor in trading right now. The Senate passed the resolution just before the midnight deadline, and President Biden signed it into law. Initially, equity futures were in the green, but they fell into the red before the markets opened. Why? Because investors are now focusing on surging interest rates near 15 year highs. The 11th hour deal to avert a U .S. government shutdown had a ripple effect on financial markets but none more pronounced than Bitcoin. While traditional markets like the Dow Jones showed a decline, Bitcoin sees the moment, surging past significant resistance levels. This is a testament to Bitcoin's resilience and its role as a sort of financial safe haven during times of political uncertainty. The Dow's decline in Bitcoin surge presents a stark contrast. It's almost as if the investors are saying they have more faith in a decentralized digital asset than in the stability of the U .S. government. And if so, who could blame them? Both the Dow's dip and the spike in the 10 year treasury yield indicate that traditional markets are still heavily influenced by government actions and are not immune to the chaos of political breaksmanship. Bitcoin's dominant spiking above 50 % is another key takeaway. It's not just leading the crypto bull market, it's dominating it. This could be indicative of a broader shift in investor sentiment, favoring Bitcoin over other assets including altcoins. The 45 day extension gives Bitcoin another window of opportunity. If the bulls can maintain momentum and keep Bitcoin above its 200 week moving average, we could see it test new highs. But let's not forget, liquidity is still scarce. Unless another significant event prompts more U .S. dollar printing, progress may be slow. Yet the message is clear. In a world where traditional systems are showing cracks, Bitcoin offers not just an alternative but perhaps a better way forward. In essence, Bitcoin has once again proven its mettle by not bowing to political uncertainties. It's a reminder of why we're all here. For a financial system that doesn't play by the rules of centralized entities. That Bitcoin resilience? It may help us weather storms like what SBF is facing. Speaking of Sam Bankman -Fried, his trial kicks off tomorrow and it's far from a simple legal hiccup. Here's what's unfolding. And hey, if you're as glued to these narratives as we are, hit that follow button. You won't want to miss a beat.
BTV Simulcast
Fresh "Singapore" from BTV Simulcast
"All the March way back and this is a level that basically shows skittishness in the market. The levels actually may not March to be clear with the VIX hitting 20 .8 think other the thing I want to get to is particularly around some of the bond moves that we've been seeing because bond are traders targeting treasury tenure yields above 5 % within weeks to start on the terminal. It tells little you bit a more about the technical level for the US long treasury it's around 20 your oversold line is at 30 but traders have bought a number of bearish is for new risk as the treasury market extended its sell -off most of the options has been in November and December in terms of the expiry's at BNP Paribas. They're staying year -end target you're going to be seeing 4 .3 % for tenure yields. The other thing I'm looking at is the energy equation Brent crude specifically since September 1 a story of volatility OPEC plus keeps talking about their goal of achieving market stability this goes against their mandate and the and see the joint monitoring committee is going to convene later Wednesday delegates are not expecting any change in terms of policy but nonetheless it's a chance for them to look at their numbers because they keep saying that the other data from the IEA and a few other outlets are to be taken with a grain of salt we'll see whether they will give any further guidance on that front this is a Brent over 24 days what a ride I it's want to get been I to want some of the action unfolding in Asia more broadly ever along is in our Singapore studio ever how negative has the bleed been today it's absolutely bad in the markets in the region as investors take their cue from the weakness in u .s stocks as well as treasuries the MSCI Asia Pacific headed towards technical correction South Korea markets back from a long break and the KOSPI slumped as much as 2 .3 % leading the losses in the region today the Nikkei also headed for a fifth day of pain now we are seeing how that higher for longer narrative is affecting not just stock markets but also the Japanese currency jolted by that US jobs unexpectedly openings data rising let's take a look at how the yen fed overnight that was at it one was point during New York trade actually reaching the 150 level and it within matter a of seconds move back down to 147 against the greenback so this sparked the speculation that there was intervention Japanese officials perhaps stepped in to intervene but the top currency official show in the country has so far declined to confirm if they have indeed stepped in to prop up the yen we are seeing some commentary from not just the Japanese officials but also those in in South Korea and Taiwan saying that they will step in to stabilize FX if necessary commentary not just from these central bankers but also those in Southeast Asia from Malaysia Indonesia Asia and Thailand certainly the big moves in the FX space drawing the attention is not just of traders but also Yusef central bankers thank you very much for the roundup but we'll get back to you later on in the program I I want to return to one of our top stories and that is Kevin McCarthy he's been toppled as the US House Speaker by dissidents within within his own party ending his tumultuous nine months in the job and sending a fractious Congress aggressive for this array I believe I can continue to fight maybe in a different manner will not run for speaker again I'll have the conference pick somebody out to Bloomberg's Derek Wahlbank for a bit more perspective Derek there was a little bit of thinking a out there that he might survive for a bit but the tables turned rather quickly in the I know you know Yusef we're talking about Kevin McCarthy faced a decision on the spending bill where he knew that if he put forward the compromise that all that always always had the votes to pass that he would risk a a rise up from his right flank that's eventually what he did and that's exactly what happened in return in the end McCarthy did not have the votes to stay as House Speaker it was a very small group of Republicans joining all democrats in opposition now this is like most parliamentary systems systems anywhere around the world right you know that the the leader serves at the pleasure of the majority of the house and if the majority of the house no longer backs you you no longer have the confidence of the house and that's that's exactly what happened to McCarthy there was some talk and some noise about whether or not democrats could would have or should have come to his aid and save them but there has been a lot bridge democrats have been quite angry with McCarthy some don't trust him to keep his word on on certain things that others say that they're not really thrilled with the way that that some of the moves moves against president joe biden have gone at and and basically there just wasn't a lot of goodwill will there so the party opposite was not really uh... in in a mood to go and try and stick their necks out for for mccarthy in the end he had a razor sharp majority of about four and when you have a very small majority and part of the deal to get in was to to make it easier to let people get rid of you ultimately that's exactly what happened the record thank you for running us through some of the media implications uh... tumultuous hours few for sure derek wall back there in singapore when i get to the important economic news of the moment the u .s. job openings that unexpectedly increase in the month of august fueled by a surge in white collar postings and highlighting durability of the labor market bloomberg still these are some of the stuff from hong kong so for anybody it hoping to see weakness continuing to mount in the u .s. economy still probably wrong yes he said i think that at this point this is again one of those indicators showing that resilience of the labor market here you had hiring edging up layouts remaining low i want to point to that quits rate so this is the number of people proportionally who are voluntarily leaving their jobs looking for other jobs is still at twenty twenty levels of being very low indicating that i'm you know there's not a whole lot of optimism even if you quit your job i'm you know going up against this really competitive market uh... i think at this point what we're looking at you safe is on you know it look this is this is one indicator it's it's a very unexpected indicator these estimates were topping everything that we were saying among economists surveyed by bloomberg so you know obviously there's more to come in terms of charting out the fed's policy as we go forward but i think coupled a with lot of the chat we've heard recently about rates being higher for longer this debate over whether there's going to be one more interest by the end of the year this is uh... certainly uh... i think it's over adding to that that pressure that idea that the really cooled off joe i thank you very much for the deeper and layer us as the central thesis in hong kong the third elements that were watching file the of infamous individual now that is uh... sandbank and free that this is him against the u s in terms of uh... the illegal implications of the been almost a year after collapse the of the f t x crypto exchange that he co -founded bloomberg that bankman sam frees trial began in federal court here in manhattan on tuesday worries he is facing seven charges related to fraud and money laundering the trial proceedings began with jury selection multiple pools of jurors were evaluated for any bias so that they ultimately can decide his feet here sam bankman
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1417: BlackRock Bitcoin ETF Will Send BTC to $200K
"In today's show, Bitcoin price posting the best September since 2016 as Bitcoin seller Xi 27 ,500 next. In breaking news, Mexican billionaire Ricardo Salinas says he holds 60 % of his portfolio in Bitcoin. Smart man. And quitting Max Keiser, Bitcoin inspires, assures, and monetizes peace and love. Fiat money monetizes war and hate. This is why El Salvador is growing in the US, UK, Canada, and almost every other country is shrinking or collapsing. Also in today's show, more breaking news. Three arrows capital, Suzhou arrested in Singapore. That's right. He was arrested at Singapore's airport while attempting to leave the country after a court granted a committal order. We'll also be discussing Bitwise announces their Ethereum ETF launch on October 2. That's right. Just two days away. Bitwise stated that this move will enable the investors to access CME Ether futures. We'll also be discussing Costco selling out of gold bars, but is it a better investment than Bitcoin? Oh, hell no. I'll be breaking this down for you. We'll also be discussing a $600 billion tipping point for crypto and that's Bitcoin ETFs fam. We'll also be discussing six reasons why the Bitcoin price will smash $200 ,000 per coin tied to the Black Rock ETF approval. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show.
Daily Crypto Report
"singapore" Discussed on Daily Crypto Report
"Well, Suzu, co-founder of the collapsed crypto hedge fund, has been apprehended at the airport in Singapore. This comes after a committal order sentenced him to four months imprisonment for failing to comply with a court order. His co-founder, Kyle Davies, remains missing. In September, the Monetary Authority of Singapore banned both Suzu and Davies from owning or running any registered capital markets firm for nine years. Well, over 2000 ETH, valued at over $4 million linked to the 2022 FTX hack, recently started moving. These funds have been stagnant for almost a year. The transactions involve splitting the funds and using privacy tools. There's still approximately 12,000 ETH, worth around $21 million remaining in the original wallet. That FTX hack, which occurred in November of last year, resulted in the theft of over $600 million worth of ETH, and the perpetrators were never identified. These transactions coincide with the upcoming trial of FTX founder Sam Bankman-Fried, who faces fraud and conspiracy charges in the US, with a trial beginning next week. Late this week, IYK, a Web3 startup that helps brands create digital physical experiences, has secured $16 million in seed funding led by A16Z. Other investors include 1KX, Collab Currency, Lattice Capital, and G-Money. IYK allows brands, musicians, and creators to build digital physical experiences that reward their customers and fans and connect with the community, with NFC communications for tokenizing physical products and events as NFTs, And finally, an Australian man, John Tender Singh, who received around $10 million from Crypto.com due to an accounting error now faces theft charges. Singh allegedly failed to report this erroneous windfall in 2021 and used the money to purchase four houses, cars, artwork, furniture, and other items. The accounting error occurred when a Crypto.com employee mistakenly entered Singh's account number into a company spreadsheet for customer refunds. Crypto.com discovered the mistake several months later. Singh attempted to transfer funds to a Crypto.com account in 2020, but was rejected due to a name mismatch. After realizing the error, Singh moved a significant portion of the funds to various accounts. Well, that's all for us today. Visit us at dailycryptoreport.io for sources and links and listen to us everywhere else you podcast under Daily Crypto Report.The world's greatest adventurers tell their best stories from the road. And four of us were swept down the side of the mountain. And then I knew there was no way out of this thing. From the heart pounding to the inspiring and the downright insane. Find Armchair Explorer, a part of APT Podcast Studios, wherever you get your podcasts. Go and find what it is in the world that matches that wildness in yourself. Hey, my name is Lo Van Roof, and I've been working my ass off as a celebrity stylist by day and a podcast host by night. At the Low Life Podcast, it's all about keeping it real. We're talking fashion, beauty to religion, sex, drugs, mental health. I mean, there's no topic off limits here, and vulnerability is mandatory. You can find my podcast, The Low Life, that's L-O, no W, everywhere and anywhere you listen to your podcasts. New episodes are out every Thursday. We'll see you then.
Daily Crypto Report
A highlight from "Su Zhu apprehended in Singapore" Sep 30, 2023
"As a person with a very deep voice, I'm hired all the time for advertising campaigns. But a deep voice doesn't sell B2B, and advertising on the wrong platform doesn't sell B2B either. That's why if you're a B2B marketer, you should use LinkedIn ads. LinkedIn has the targeting capabilities to help you reach the world's largest professional audience. That's right, over 70 million decision makers all in one place. All the bigwigs, then mediumwigs, also smallwigs who are on the path to becoming bigwigs. Okay, that's enough about wigs. LinkedIn ads allows you to focus on getting your B2B message to the right people. So, does that mean you should use ads on LinkedIn instead of hiring me, the man with the deepest voice in the world? Yes, yes it does. Get started today and see why LinkedIn is the place to be, to be. We'll even give you a $100 credit on your next campaign. Go to LinkedIn .com slash results to claim your credit. That's LinkedIn .com slash results. Terms and conditions apply.
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.
The Bad Crypto Podcast
A highlight from Crypto Kingpins: The War Between SBF and CZ
"It's been almost one year since FTX collapsed and created a horrific ripple effect in the crypto industry. Sam Bankman -Fried and Chengpeng Zhao have become key players in this incident, and a new podcast goes behind the scenes to tell about exactly what took place. With SBF's trial ramping up as we speak, we're pleased to welcome Tom Wright, one of the creators of the new Crypto Kingpins podcast to the show, to share some insights. So let's go ahead and get into it today on our episode number 697 of the Bad Crypto Podcast. Five, four, three, two, one, go. Who's bad? Well, what do you know? Once again, it's the Bad Crypto Podcast, the show for the crypto curious and crypto serious. We had a week off because I was traveling en France, and was Travis keynoting at a crypto event in Manila. He was the thriller in Manila. And how was it, Trev? I tell you what, you know, I think I maybe made a quote of this before. Somebody said, go where you're celebrated, not where you're tolerated. And I do think in Puerto Rico sometimes it's like, you know, the natives tolerate, they don't really like the gringos, but they tolerate them. And then there's some people that'll throw hate. So, but in the Philippines, oh my God, they are so open and welcome and kind. And like, hello, sir, how can I help you, sir? Like just most lovable people, probably that I've ever encountered in the world. Thailand, the same, very nice people. Not a lot of crime in these places. I think maybe the Buddhist nature of that. And they're like, oh, you know, and it was so nice, very nice. And the keynote was great. They had me kick off the whole conference. So the founder came up, Dr. Donald Lin, he came up, did a little thing. And boom, then they had me kick off the keynote. And I think it was one of the better ones that I've done. I think it'll be up on YouTube here shortly and we'll share the link when that comes available. I had a few people come up and tell me it was one of the best keynotes they've ever seen. So I was like, ah, you've not seen very many keynotes. Perfect answer. Well, I'm sure you did a fantastic job and represented the Republic of Bad Cryptopia. So, you know, it's hard to believe that it's been a year since the dominoes started falling. You know, Luna was first, then FTX and Three Arrows, and then Celsius. And it's just been, it's gonna be a bear market anyway, but boy, the downward pressure exerted by these, you know, horrible black swan incidents have made it a really, really bad bear market. And of course, we've been here with you guys throughout it all. We've not abandoned you. We've not turned into bears. It was like a kick to the ass, a nudge, an elbow to your face, and then a kick to the crotch. And here we are. And the bear markets can be - Here we are. Here we go, sweetie. It was fun, fun times. Crypto goes up, crypto goes down. Or as our next guest would say, number go up. You mentioned that book right there. So we're gonna have a great conversation here with maybe my long lost relative, Tom Wright, who's been doing, who's an investigative journalist, gonna talk about what happened with FTX and SBF and CZ. And he's got his own podcast around that, multiple topics or multiple episodes. So you're gonna want to tune in. This is a pretty good interview, Mr. Joel Kopp. I think so. Let's let the people decide as they listen now. Unless you're living under a rock, you have heard the names Sam Bankman -Fried and Chengpeng Zhao, or CZ, of Binance. And you've heard about the fall of FTX. Well, Sam Bankman -Fried's big trial for basically making off with countless billions of dollars is coming up shortly. Scam bank man fraud, right? That's the guy. We have a guy with us today who is the co -founder of Project Brazen, a journalism -focused content studio. He's a New York Times bestselling author and Pulitzer finalist. And his name is quite similar to Travis Wright's. His name is Tom Wright. We're talking, it's two T Wright's here today. There's two TWs here today. And Tom, welcome to the Bad Crypto Podcast. Thanks for having me on. Yeah, tell us, just kind of give us a little more meat on the bones of your background and how that led you to this new podcast called Crypto Kingpins. Well, I was at the Wall Street Journal for about 20 years, Dow Jones and the Wall Street Journal in 2019 after writing a book called Billion Dollar Whale, which is about the one MDB scandal. That's the scandal where a bunch of money was taken out of a sovereign wealth fund in Asia and used to make films like The Wolf of Wall Street and for all these guys to party on this fraudster Joe Lowe's tab. Clearly people like Paris Hilton and big actors, Leonardo DiCaprio and others. And then the guy who I wrote the book with, Bradley Hope and I quit the journal and set up this company Project Brazen. And what we do is we make podcasts and we also write magazine articles and other things, books as well, that we use as the basis for adaptation into TV and film. So that's Project Brazen, that's a business. And our latest podcast is Crypto Kingpins, which we've done in conjunction with USG Audio, which is Universal's audio. And that just started rolling out last week and the episodes are running weekly on Tuesdays. And it's about the huge rivalry between Changpeng Zhao, who you mentioned of Binance, and Sam Bankman -Fried of FTX and how that rivalry played out and how it led to the downfall of SPF. And we went based on exclusive access to CZ himself. There was some interesting stuff that was going down with that. A lot of personality clashes and then just like, oh, CZ is gonna come in and save the day. Oh no, he's not. Because it looked like he got some, he was feeling the heebie jeebies. He was looking at some stuff and going, whoa, we better get rid of all of my FTT because this ain't working. And so this is great. We're talking about some of the big crypto frauds, right? That's what you've done. You know, actually, since Joel and I have not done this show as regularly here in the last couple of weeks because of travel, a documentary just came out about Ruja Igniktova called The Crypto Queen on 2BTV and I was in there talking about that. So I'm featured on that. So it's like, it seems like there's a lot of stuff going on right now and I'll put that in the show notes if you guys wanna watch The Crypto Queen documentary. But this is fascinating. There's so many bad actors in crypto. Hopefully we can get past this and only the good people remain in crypto. The fraudsters are kicked out. Hopefully all the good people haven't left and are chasing dreams in AI now. So hopefully there's still some good foundations here in the crypto space. Well, we got into this podcast because I'm based here in Singapore and for a long time, CZ was based here. And what he was hoping to do was get a license from the Singapore government. I mean, a lot of people were here. Do Kwan of Terra Luna was here. Carl Davis was here. The Three Arrows guys were here. Their yacht Much Wow that they bought, I think was supposed to be in the marina here but never made it, as you said. A lot of people getting washed out of the system. But anyway, I got to know CZ because he was living down in this area called Sentosa Cove which is a lot like Miami. You know, it's big mansions with a marina. And at that time, now what a lot of people do know about is what happened last November, which you just alluded to, which is when CZ decided to sell his tokens and that caused a world of pain for Sam Bagman Frieden FTX, right? But what people don't really understand is the degree to which CZ and SPF had interacted over time. People know that the Binance was one of the big first investors in FTX back in the early days. They took a 25 million stake for 20 % of FTX. But Sam really looked up to CZ. Obviously CZ and Binance go back to 2017 and Sam didn't set up FTX until a couple years later. And we show in the podcast how CZ first met Sam when Sam invited him to this party in an aquarium in Singapore in 2019. And he was just a trader, one of many traders. I don't think he was a VIP trader, but just a trader nonetheless on Binance. And so that's really when the story begins and that's how we start the podcast by showing that relationship and how it evolves and then all of the stuff in between that initial meeting and then what happened last November, which was what we call the kill shot. So he kind of went from being a trader to becoming a traitor. We're gonna talk about some of that political stuff that he did down the road, which was really crazy. It's like you look at some of this stuff, Joel, and I go, man, anybody else was doing some of this stuff where they hadn't have donated so much money to the political parties? There's no way that you get taken out of a Bahamas prison and then immediately brought to America and then released on a first class flight to fly back home to go be with your mommy and daddy if you've done this amount of fraud. So there's so many different nuances to this story. I can't wait to get into this with you. Well, the most amazing thing about that is he was released on a $250 million bail, which was I think the biggest ever bail in American pretrial history. But was it really? It wasn't really like they didn't actually pay that. No, their house is not worth $250 million. I didn't quite understand that it was backed by their house, but that was the, I think they judged him a very low flight risk based on how recognizable he is. Yeah, did they think that house would be a collector's item someday or something? With a future value of this home, yeah, that's crazy. So do this for us. When everything went down, kind of set the stage for what happened that day when this story broke. How much money were we actually talking about? How many people were impacted? And just how far did the ripples extend? Well, I think it's November the 2nd is when this CoinDesk article comes out, which basically says, look, the Alameda, which was Sam's hedge fund, FTX's hedge fund, its financial situation isn't all that it looks like because somebody inside the company leaked these documents to CoinDesk. And they showed that they were heavily reliant on FTT tokens, which were basically a cryptocurrency that Sam had made up and bought himself to prop up the value. And then if you took those out, they were about almost a half of the total assets of the hedge fund. And so at that point, CZ is pacing in his penthouse in Dubai where he left Singapore where I got to know him and he moved to Dubai.
Crypto Cafe With Randi Zuckerberg
A highlight from Special Guest Krista Kim on Web3, Wellness, and Digital Consciousness
"Hello, and welcome to Crypto Cafe with Randi Zuckerberg, where we embrace newcomers and experts alike to all things crypto, NFTs, artificial intelligence, and all the latest disruptive and innovative technology. I am thrilled to bring you an exciting special guest episode today, focusing on tech as a mechanism for wellness. Definitely, for more on this topic, you can check out all of our resources at HUG, that's the HUG .XYZ. And with that, I am so excited to introduce today's special guest, who has been a guest on my radio show before. We had such an incredible conversation that I wanted to bring it here to the podcast. Christa Kim is a digital artist and founder of Techism. Her work explores the concept of digital consciousness. Also the co -founder of creative immersive production studio, Zero Studio. Her work has been featured everywhere, Christie's, Sotheby's, Times Square, Venice, you name it. Christa, what a pleasure to have you on the podcast today. It's such a pleasure to be with you today. Thank you, Randi. Anytime that I get to talk to you is a great day. I'd love to just hear a little bit about how you got into the digital art world. What inspired you? Was there one aha moment or was it a series of events? I love that question. Well, it actually came about when I was living in Japan. I was painting and I was very much interested in creating Zen art because I was very influenced by the art in Japan because there's so much Zen. It's really the pinnacle of Zen art and craftsmanship. It was in Kyoto when I visited, I was living in Tokyo for three and a half years. Kyoto is the place that really changed my life. It was in 2015 that I had my first encounter with the Roenji Temple Garden, which is one of the most sacred Zen gardens in the world. It was built about 500 years ago by Zen monks. My encounter with it was very, very shocking. Not shocking in a jolting way, but a revelation because the space was so Zen. It was composed so beautifully with a beautiful negative space, the concept of ma, creating the negative space as part of the composition and having an actual value in the composition. Zen came over me and I thought, my goodness, it's an immersive experience that these Zen monks created hundreds of years ago. I came away from that knowing that I too wanted to participate in this movement. It was when I was enrolled in the La Salle College of the Arts, Masters of Fine Art program in Singapore. I moved there in 2010. It was around 2011, 2012 when I started to really consider digital, of course, the future because my smartphone, social media, this was really taking over my interaction with pen and paper. I thought, light is the new ink. That's when I decided I want to use the screen because I saw that the screen was just so addictive and that TV screens also were very addictive. I thought, I want to use a screen as a mechanism for Zen, for healing, for wellness. That's what began my journey. It's so beautiful. I'm wondering after that experience, what is it that makes you get up in the morning and motivates you? What's the impact that you want your art and your life to have? I want to create healing, inspiring, and art that brings people together through the digital medium. I want to bring it around the world. I want to change people's consciousness from that of passive consumers into conscious co -creation. I want people to be empowered through creativity and also understand that ancient practices of meditation and well -being and wellness, all of these ancient practices that have basically served humanity for thousands of years should be reinterpreted for the digital age. That's what really makes me wake up in the morning and is motivated to create. I meditate every day, Randi. It's transcendental meditation that truly transformed my life and I really began to do it seriously while I was enrolled in the Masters of Fine Art program in Singapore. I started in 2013 and it has really informed my mission and to bring meditation to the masses through the digital medium.
The Breakdown
A highlight from ByBit Vacates United Kingdom as "Crypto Hub" Dreams Falter
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. What's going on, guys? It is Monday, September 25th, and today we are updating ourselves on the geopolitical landscape of crypto. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Hope you had a great weekend. There are lots of interesting things to catch up on. And today, a slight theme in some of these stories is where different countries are positioning themselves vis -a -vis crypto. Now, the UK has had an interesting relationship with the industry. They were for a time very harsh. The Financial Conduct Authority in the UK has never seemingly been that into the whole space. But then when Rishi Sunak became chancellor of the exchequer, he declared that the UK would be open for crypto business. He wanted to make the UK the most crypto friendly jurisdiction in the world. Well, of course, over the next few months, through a variety of weird ups and downs, Rishi eventually ended up the prime minister. And of course, it might be reasonable then to ask, is the UK getting friendlier for crypto companies? Well, on that front, Bybit have announced that they will suspend service to UK customers next week in response to regulatory changes. The UK's Financial Conduct Authority, or FCA, will begin enforcement of new marketing regulations starting on October 8. The regulations require crypto firms to ensure advertising is clear, fair, and not misleading, as well as presented alongside a risk warning. Advertisements are required to be certified by firms, but this process requires crypto firms to be registered in the UK. So far, UK licenses have been difficult to obtain for non -domestic exchanges. The rules also require a number of technical changes to exchange business operations around new customers. For example, exchanges need to implement a 24 -hour cooling -off period before a new customer is allowed to make transactions. They are also required to put in place client appropriateness testing and client categorization features. These measures could involve limiting the size, for example, of crypto investments based on the customer's net worth. Now, penalties for non -compliance in these new rules are harsh, with unlimited fines and even criminal charges available as punishments. As you might imagine, the crypto industry has been highly critical of these elements, especially those that require technical changes to platforms. In response to those critiques, the FCA said that they would provide a transition period for firms that request it, potentially giving exchanges until January to come into compliance. Last week, however, the regulators said that they are alarmed at the lack of engagement with foreign firms. Only 24 firms have responded to a survey sent to over 150 companies. In response, the FCA wrote, "...this lack of engagement gives us serious concerns about unregistered firms' readiness to comply with the new regime." Now, in their announcement that UK services would be suspended, Bybit claimed their "...primary objective is to operate our business in compliance with all relevant rules and regulations in the UK." Bybit said that they were making "...a choice to embrace the regulation proactively and pause our services in this market." They said that the "...suspension will allow the company to focus its efforts and resources on being able to best meet the regulations outlined by the UK authorities in the future." Practically, this means that from Sunday, Bybit will no longer be accepting new accounts from UK users. Existing users would be barred from making new deposits or increasing existing positions from October 8th. They will have until January to manage and wind down their existing positions. Bybit, as you might imagine, is not currently registered in the UK and is based in Dubai. Importantly, Bybit is not the only firm suspending service to UK customers in light of the new regulations. Last month, PayPal announced that it would temporarily pause crypto services in the country until next year. On top of that, crypto exchange LUNO said that it would be restricting some customer accounts from being able to invest on the platform until further notice. Bybit CEO Ben Zhao had flagged the firm's exit earlier in September warning of how overly broad the regulations are. He said, "...FCA has explicitly contacted all the major players — us, OKEx, Binance, everyone — and asked what our plan is to deal with this new law. And the new law is that if you use English as a language, they will see you as trying to solicit their users, so you cannot claim that you are in reverse solicitation. Everyone is in trouble. So everyone is thinking of plans of how to deal with this new law." George Morris, a partner at Simmons & Simmons, explained that the marketing regulations had been enforced for securities firms for decades but were now being expanded to cover the crypto industry. He said, "...the rules are extremely complicated and they're quite wide -ranging. It's not just UK firms that are subject to these rules. Anyone with a website that can be accessed in the UK is subject to these requirements." So there are a lot of different elements of this. One challenge is, yes, these advertising standards. But the bigger issue is this whole need to evaluate client suitability and potentially restrict investments. Practically, that either means a ton of financial disclosures from customers that they would have to manage and verify, or there's simply some self -attestation checkbox, which might not be that effective. Basically, with a set of marketing regulations, the FCA have figured out how to limit small retail's ability to buy crypto in the country. Now, one thing that is notable is that we haven't heard anything from the really big international exchanges yet in terms of how they're dealing with this. But in any case, it seems like a big detriment for UK crypto. As Leon TK put it, so much for the UK being a crypto hub, failing already. Now, speaking of places where there is more optimism, last week was, of course, the token 2049 conference in Singapore. And that led to a lot of different discussion around how different the Asian environment for crypto felt as compared to the US and European environments. Indeed, while Western jurisdictions seem to be bogged down with regulations that are unclear at best or hostile at worst, the vibes in Asia are reportedly immaculate. Major conferences around Asia during September saw an uptick in attendance, and regulatory regimes across South Korea, Singapore, Hong Kong and Japan appear to be giving the crypto industry a clear set of workable rules to allow firms to re -establish themselves coming out of crypto winter. The block's Frank Shapiro spoke with some conference attendees and reported on an optimism emerging in the East. One conference attendee said that South Korean retail is flocking back to crypto. They argued that young investors in particular view real estate and equities as massively overvalued and out of reach, so are instead opting to buy cryptocurrency. They said they don't buy houses, but they can buy tokens every week. There is a huge market. Another attendee spoke about the difficulty of accessing the Korean market due to South Korea's notoriously tough corporate climate for international firms. They said the liquidity is insane, but it is siloed and protectionist. You have to speak Korean. On that front, crypto custodian BitGo recently partnered with domestic juggernaut Hana Bank due to the difficulty in accessing the market without a local connection. What's more, one anonymous trading firm said they had been waiting five years to operate as a liquidity provider on domestic exchanges in South Korea. They said when they open up, we can be first in line. It's a great retail market. To get a sense of scale, the largest Korean exchange, Upbit, regularly outperforms Coinbase in terms of spot trading volumes. Then there is of course Hong Kong. Their new regulatory regime is off to a tough start in some ways with fraud investigations into crypto exchange JPX becoming public earlier this month. The most recent update is that there have been 11 suspects brought in for questioning and losses have been estimated at 178 million across 2 ,265 victims. Local police have said that the ringleaders of the operation are still at large and have enlisted the help of Interpol. Some are referring to JPX as the largest financial fraud to ever hit the city. Yet despite the major investigation, there are currently no signs that Hong Kong regulators are seeking to reverse course on unexpectedly open crypto regulations. Indeed, on Monday, the Hong Kong Securities and Futures Commission said that it would be releasing the full list of current applicants to ensure that users are able to identify false claims from exchanges. The theme appears to be the same across multiple Asian jurisdictions. Basically, that individual incidents of fraud and malpractice haven't tarnished enthusiasm for the industry as a whole. Another conference attendee told Chiparo, This Asia trip blew my mind. The excitement in Korea and Singapore is the polar opposite of what's going on in the U .S. Alex Vannevik of Nansen wrote, Vannek portfolio manager Pranav Kannadi added some color around how local investors are thinking about the space as well. On September 14, Pranav tweeted, Conversations were mostly positive and a key question was, We're in a crypto winter right now, but when should we expect the next bull run? Not a single convo mentioned the merits of the tech or whether the space survives, feeling optimistic. Now, hopping from Asia over to Europe again for a moment. According to a report from Fortune, Coinbase considered acquiring FTX's European business in the wake of FTX's November bankruptcy. Apparently talks never progressed to a late stage, but the preliminary interest highlights how important international expansion is to Coinbase, particularly regarding its derivatives products. Before the bankruptcy, FTX Europe was the only European firm registered to provide perpetual futures trading. And while derivatives trading remains heavily restricted in the U .S., both Coinbase and Gemini have launched offshore trading venues this year to provide derivatives markets to international customers with a keen eye on Asian regions. For Coinbase, the pivot to derivatives could provide a much needed boost to flagging spot volumes. According to Kiko Research, derivatives volumes in Quarter 2 of this year were six times large than spot. Now, the entity that became FTX Europe was originally acquired in late 2021 for 376 million. The firm was already licensed in Cyprus at the time, which allowed it to access European markets. Since the bankruptcy, the entity, along with its valuable license, have attracted interest from Crypto .com and Trek Labs as well. According to documents viewed by Fortune, Coinbase expressed interest immediately after the FTX bankruptcy and again as recently as last month. That said, FTX Europe has also been in the crosshairs of the U .S.-based FTX bankruptcy team for clawbacks. The estate launched a lawsuit against FTX Europe executives claiming that the original acquisition was a horrendous business decision, arguing that FTX effectively paid 376 million for a $2 million operating license, and on top of this, the sale of FTX Europe seems like a difficult task with active litigation surrounding the firm. In July, the U .S.-based FTX estate said, The FTX debtors' professional advisors have concluded that there is no realistic possibility of a sale. However, last Thursday, they said, The FTX debtors are committed to maximizing the value of FTX's assets to drive customer recoveries. As such, the FTX debtors are continuing to evaluate whether there are viable options for the sale of some or all of the assets of the FTX Europe business. Now one small aside on Coinbase. Arkham Intelligence claimed to have mapped Coinbase's bitcoin wallets and according to Arkham, Coinbase holds almost 1 million bitcoin worth around $25 billion at current market prices. This would amount to almost 5 % of the bitcoin in circulation, similar to the amount held in wallets believed to be owned by Satoshi Nakamoto. Arkham's report showed that Coinbase's largest cold wallet holds around 10 ,000 bitcoin, and the firm believes that Coinbase has additional bitcoin holdings which are not yet labeled and could not be identified. According to data published by CoinGecko, Coinbase only owns around $200 million worth of this gigantic bitcoin stash, with the rest attributable to client custody. However, staying on the Europe question and how valuable this Cyprus license actually is, with Europe's MICA regulations coming into force from June of next year, some firms are beginning to warn that a clear lack of guidance could lead to disruption. The MICA rules were intended to provide a comprehensive framework, but there are still numerous grey areas. One of the major problems surrounds stablecoins. There is currently no guidance on how MICA stablecoin regulations will apply to foreign and decentralized issuers. The default scenario seems to be a ban in Europe unless these issuers can obtain the appropriate licensing, with no arrangement to recognize approvals in other jurisdictions. The European Banking Authority has warned that there will be no grace period for coins already on the market. The EBA and its sister agency, the European Securities and Markets Authority, ESMA, are currently taking public consultation on how the MICA regulations should be implemented. Relatedly last week, the head of legal at Binance France said during a public hearing hosted by the EBA, we are heading towards a delisting of all stablecoins in Europe on June 30th. This could have a significant impact on the market in Europe compared to the rest of the world. Now, Binance CEO CZ quickly walked back the comments claiming, it was a question taken out of context. In fact, we have a couple of partners launching Euro and other stablecoins in fully compliant manners of course. A blog post from Binance explained further, stating that they would be required to delist stablecoins that fail to gain registration in Europe and that no licenses have been granted to stablecoin issuers currently. Binance wrote, While we are confident that there will be constructive solutions in place before the mid -2024 deadline, if left as is, this could have an impact on the European crypto market and the competitiveness of European crypto exchanges in the global market. Now the requirement that stablecoin issuers are EU -based could cause further problems for decentralized organizations. Thomas Vogel, a partner at law firm Latham & Watkins said, So, this is sort of the challenge with MICA. As comprehensive as the regulations are written, how they get implemented is still fairly up in the air. There was commentary around the time that MICA was being voted upon that it could either be a big step in giving the crypto industry a clear set of rules to function, or work as a de facto crypto ban depending on how it was implemented and whether enough licenses were granted. Now, with a little over nine months until MICA comes into force, there is still time to ensure that rules are workable for existing firms, but it appears that there is a lot of work left to do in that regard. Anyways, it's definitely a story to keep an eye on, as something that was seen as largely positive could become quite bad quite quickly. However, friends, that is where we're going to wrap for today. Lots going on in this fascinating world of crypto. Wherever you are enjoying it from, I appreciate you listening. And until next time, be safe and take care of each other.
Crypto Banter
A highlight from Pro Day Trader Teaches Me How To Make $100/Day
"What's up Banta fam? Welcome, welcome, welcome to a live trading stream. I am joined here today by Follis, one of the best traders that I've seen, primarily streams across Twitch. And he's also starting to gain a fair bit of traction across other platforms like Twitter and YouTube. So I thought today would be an amazing time for you to deep dive a little bit into Follis's trading style and maybe take some trades live. I don't know where this stream is going to take us. We're going to run it until, well, we'll see based on the market. We're going to run it until we see something or yeah, I guess we're just going to be a super chill stream. But thank you for joining Follis. If you just want to maybe introduce yourself to the audience, kind of explain who you are. You're a new face, sir. New face, yeah, baby. I'm class of 2021. So I haven't been around too long, to be fair. Yeah, I'm Follis, as Miles said. I've been trading for just over two years. And yeah, as he mentioned, I kind of got into the live trading, the Twitch trading side of things recently. And that's a lot of fun. I'll typically throw a couple of grand into an account and see how high we can run it up or run it down by taking trades live. So that's typically quite fun. I'm not sure how many trades we'll get to take today, but we can definitely have a look around. Market's been pretty dead as of late. But yeah, you can see there my Twitch channel, we just hit a year. So that's been a lot of fun. Yeah, live streaming is a lot of fun. It's something that I definitely recommend. Like even the guys in my Discord, we try and do live trading sessions whenever we can, because there's something about trading with an audience. You don't even have to trade big size. There's just something about trading with an audience, I think, that forces you to be a little bit more accountable, a little bit more responsible sometimes with the setups you take. I know for a fact, when I'm trading with 200 people watching me, I am way more risk averse. And that has upside and downside. Sometimes I'll find myself getting out of a trade too early, where if I was on my own, I would stay in that trade longer. Because, you know, the idea of losing money on stream with people watching you is not a good, you know, it's an ego thing. You can't take that well, you know. Your results are no joke though, like going through your Twitter, and you know, of course, we often want to post the good ones. But what I noticed through watching the YouTube and the Twitch and stuff is like, you're relatively consistent, like, you know, 28 % here, 298 % here, like, yeah, pretty much even at the club in Singapore, you'd open a huge position and you hit it nail like on their head. That was funny. That was funny. Yeah, I won't take credit for that. I was copy trading one of the traders I was with there, a guy called Miz, who's one of the best traders I know, but he said this thing is going to drop and I was inclined to believe him. So yeah, opened up a short so I could get a screenshot and about 30 minutes later, I was up like 1200 bucks. So yeah. You're in the club in Singapore, because we met at the conference. Wanted to get wanted to get a screenshot of me trading on the on the 40 something floor. And then yeah, this was like two hours later when we got back to the apartment. So wasn't too bad. Yeah.
Crypto Banter
A highlight from The #1 Crypto Sector For Insane Returns (These Alts Will Explode)
"Today, I want to talk about the emerging crypto sector that analysts from the Boston Consulting Group predict will increase by a 30x over the next six years. That's right, they expect this entire industry as a whole to grow by a 30x over the next six years. Imagine all the projects in this sector that are the major beneficiaries, just how much potential they have. Now, when I was at the conference in Singapore, because this logic isn't just coming out of nowhere, I noticed a trend. So I went to token 2049 with the rest of the banter team, we were talking to a lot of new projects, we were listening to the speeches, and one major trend that emerged, one reoccurring theme that kept presenting itself over the conference was the talk of this sector. Everyone was talking about it. Every single speech was referencing it. The reason why crypto is going to do a 50x, 100x, all the justifications for the future growth of crypto were embedded in this narrative. So I thought after I came back from the conference, I'm like, I have to make this video and I've done videos on this before a little bit, but I want to dive deep today and look through all the data and look through the potential and also show you some of the projects in this niche so you can start looking in the right direction. And then in the future, we're probably going to do a lot more content on this sector because I believe it's a massive growth vertical. And if you don't have any coins or any exposure in your portfolio to this sector, you might want to start rethinking that. And there are many ways to approach it that we'll get into in today's video. And there's a lot of nuance, but let's talk about this sector and let's dive in. So make sure to smash the like button if you're excited, click the subscribe button if you're not already subscribed. And without further ado, let's get into the show. So I'm talking about real world assets. This is a broad sector, but it's a massive sector and it's one of the biggest growth verticals I think that crypto has over the next five years to the next decade. This is something that not just I noticed, but many other accounts noticed when they went to token 2049. It's really the new established trend in the market. That is, I guess what you could call the new hottest thing in 2021, we had crypto gaming. Everyone was talking about crypto gaming in 2017. You know, you had the ICO boom, that was like the talk of the town. Every single cycle, there's a new trend and there's a new hottest kid on the block narrative that tends to gain a lot of investor mind share and also attract a significant amount of the new fresh VC capital into next cycle. What I'm seeing from a VC perspective anecdotally, but also on the financial side is a lot of the new investments being geared towards two sectors, real world assets. So protocols that are facilitating real world assets, and we'll get into what that means in a second. And also L2s and ZK, ZK privacy roll up solutions were also a major trend that I saw at the conference. These are the two trends. Today, we're going to talk about trend number one, which is real world assets. Now, why real world assets? That's the first question we need to answer. Well, here's the thing. In 2021, the fed funds rate was close to zero, meaning you could essentially borrow money from a bank for essentially zero. What this means is your ability to earn yield on your dollars in a bank account or through treasury bonds is extremely low. It was basically impossible to get yield. The traditional finance world was starved for yield. And I'll show you in front of you exactly what this looks like. Look at 2022, right? In fact, I'll go to the five -year chart. I'll make this very obvious. From 2020 to 2022, because of the pandemic, they had to cut rates. And because they cut rates, the fed funds rate was essentially zero. Money was free. There was no interest. Bonds weren't yielding anything. So it was an extremely dry yield environment. So what did people do? Well, they were searching for yield and they needed to go into new emerging sectors like tech and crypto. Crypto is the only place in a dry yield environment where people could earn yield. Why would they keep their money in T -bills when they could make 20%, 30%, 40 % in USDC farms on the blockchain? Sure, they weren't sustainable. But at the time, 30 % on USDC was a lot more attractive than 0 % on their dollars. So a lot of people put money into crypto. And there's been a lot of talk about why has the DeFi TVL dropped off so much over the last couple of years. It's very simple. The reason why the DeFi TVL has dropped off over the last couple of years is because we've seen this trend reverse. We've gone from an environment where people were starved for yield and were searching for it in DeFi to an environment, as you can see in the right of your screen here, where you can earn 6 % on T -bills. So now effectively, there's this risk -free rate of 5 .5 % where you can go in, earn 5 .5 % on your US dollars and just chill. And the opposite has happened to DeFi. With a lot of the DeFi applications now hitting the end of their vesting curves, meaning there's no emissions to subsidize fees, and because it's a bear market and fees are down, they're no longer generating the same percentages that they were generating. Look at yields across the board. ETH, 3%. Bitcoin, in some cases, you're getting less than 1%. Centralized lending went out the window with Celsius and Voyager, so you can kiss that goodbye. So there's no centralized yield anymore. People don't trust it anyway. So the existing yield is pretty much only being supplemented by trading fees. It's no longer being supplemented by emissions.
The Bitboy Crypto Podcast
A highlight from ATTACK AGAINST CRYPTO! (The WORST Is Yet To Come)
"Hey, what's up, everyone. Welcome to Discover Crypto. My name is A .J. Wright's crypto. And I really don't want to talk about this, but I have to get into this because you guys need to know things are probably about to get pretty messy in crypto. I mean, it's already been, you know, with the SEC going after Binance and Coinbase and this going to security this don't give up. But my message here is that the coordinated attack against crypto, you know, Operation Choke Point 2 .0 is alive and well. And in fact, I think Coinbase and Binance was just the beginning. Just today, the head of cryptocurrency assets and cyber unit of the SEC, David Hirsch, issued a serious warning that, you know, Binance and Coinbase, that was just the beginning. In the near future, they are going to be coming after not only similar platforms, similar exchanges, but also DeFi. I mean, you know, basically, if they can't control it, they they want to destroy it. It's the American way. Crypto is straight up a threat to the legacy system and everybody knows it. And this is why they're coming after the next thing so hard. You know, they've been taking losses in court. You know, SEC didn't fare well against Ripple. They just got denied an emotion in the Binance case today. But it doesn't matter to them. It's just fuel to the fire to go after the next person with more intensity. It's like as long as there's negative headlines about crypto in the news, they are winning maybe in the court of public opinion. Not everyone that knows about crypto is well informed and watches videos like this. You know, there's just people that see it on the news and will never invest because all they've heard is bad things from the news. And this is hurting the cause. This is hurting mass adoption. And this is by design because they are scared to death of the implications of what could happen to the legacy system, the status quo and even the dollar. If crypto wins this war, this is personal to them. Their jobs are seriously on the line here. And this is why exchanges like KuCoin, like BitGet, you know, remove themselves from the American equation because they wanted to stay out of hot water. I mean, can you blame them? I mean, you know, the spiel crypto is a threat to national security. Crypto is rife with fraudsters and hucksters. Answer me this. Everybody answer me this. Who uses the word hucksters? And also answer me this. Does the S is the SEC doing this because they really want to protect investors? Or is the SEC doing this to protect the American dollar? I mean, with the rise of the BRICS nations, the American dollar is becoming less and less relevant on the global scale with every passing day when money goes in the crypto that it goes away from the dollar, away from the fiat system. I mean, right now, we're 33 trillion dollars in debt. And because, you know, we keep hiking up the interest rates, that money just gets more and more expensive to pay back over time. And it's exponentially more expensive because the interest rates are hyped. It is evident, it is evident that our government is terrified of losing the crown of having the world reserve currency. I mean, if America loses the world reserve currency, I don't even know what that looks like. And this is why they are spending millions of taxpayer dollars every day to attack crypto. It goes against the legacy system. It goes against the status quo. But you know, it's not all bad. Like there is, you know, as this story came out, Hester Piris is still in the back telling crypto firms to not give up the fight, to keep fighting back because people like Hester Piris, they see the silver lining. She sees what is possible with crypto and how it can help in more ways than one. Elizabeth Warren, Gary Gensler, David Hurst, they don't want to see that. They are focused on keeping things the way they are. And the only thing that matters to them is power. And let's not forget that. I mean, why do you think crypto is such a hot topic right now? It's a hot button issue, especially at the polls with the upcoming election. They are on purpose politicizing crypto. You know why they're politicizing it? Because politics are polarizing. Politics turn family members against family members. Politics make friends stop being friends. They want to fuel that fire and make people think, oh, if you're one of those crypto people, I can't talk to you. Cancel culture. Like they're going to mix that in. I mean, they've mixed financial disparity in with crypto. They've mixed race in with crypto. They are trying to, you know, equate crypto to other hot topic, hot button issues to polarize people against each other. This is what they do. And this is why the SEC is going to keep coming after similar firms like Coinbase, like Binance and every firm under them. DeFi, they're going to do this. So negative crypto story stay in the headlines. It's that simple. And New York is leading the way. Like the green list for New York was pretty bad, but at least there were some coins on there. Now, just after the news that just came out, there's Bitcoin, Ethereum, and a bunch of stable coins. That's all you can get into if you are in New York. They just recently dropped over two dozen coins, including Litecoin, Dogecoin, and guess who? Ripple. Even though Ripple was deemed not a security in court on the secondary market, New York still dropped it. You know, it's kind of like they're on the same team as Gary. It's kind of like they're on the same agenda that wants to keep negative crypto stories in the news. It's like they're a part of Operation Chokepoint 2 .0 because they are. New York is leading the way with the regulation. New York has always led the way with financial regulations like they have in the past for the past however many years. It's been like this forever. And the thing is, is like, let's think about this. Let's really think about this. Do you think New York is doing this to protect investors or do you think New York is doing this to protect Wall Street? I mean, we all know the answer. It's pretty cut and dry to me. And at the end of the day, you know what this tells me? You know what this tells me? This tells me how powerful crypto really is. If crypto wasn't a threat to them, they would not be spending the taxpayer money that they're spending to go this hard in the paint against crypto assets. It is that cut and dry. We are on the precipice of cutting edge technology that could change the financial future for our kids and our grandkids and everything after that. And we are literally standing at the turning point. And we are, you know, this is a very, we're going to look back at 20 years and think like, wow, we didn't even realize what time we were living in. This is the turning point between which direction America is going to go. We've seen examples like how Singapore and how other countries like that are positively like Dubai, positively, you know, growing crypto. But you know, they're incentivized to do it. They want to grow the economy. It's like America wants to keep the world reserve currency, but they're cutting their own foot off by not adopting crypto out of fear of losing the world reserve. I mean, obviously you can see that I could heat it up about this. I'm very passionate about this, but listen, I don't want to talk in circles, but I want to know down below in the comments, if the SEC gets their way, what does that look like? What does crypto in America look like? If the SEC gets their way, I want to read what you think down below in the comments below, and have yourself a great day. Get season tickets at brewers .com slash post season.
Crypto Curious
A highlight from 96 - Token2049 Highlights, Binance's SEC Showdown, Yuga Labs Update & Friend.tech on roids!!
"One of the big questions is - What is money? For practical purposes, it exists in a series of heterogeneous databases, very different databases. Do you believe in crypto? Digital currency may be an answer, but it is a highly respectable disaster. I'd go on Bitcoin. There is no second best. Welcome to the Crypto Curious podcast, proudly brought to you by the Bamboo app. Crypto Curious is your go -to source for all things cryptocurrency. Whether you're a seasoned pro or new to the world of crypto, we've got you covered. Each week, we'll break down the top news stories of the past seven days, giving you the information you need to stay on top of the latest trends and developments. Plus, we'll share quick bites of news and insights that you won't want to miss. If you're new to crypto, we recommend starting in our early episodes, where we break down the basics and give you a solid foundation to understand the crypto world. Join us as we explore the ever -evolving world of cryptocurrency and educate ourselves along the way. On today's episode, we'll give you a complete rundown on the token 2049 event that Blake and I attended in Singapore last week. Sneak peek, it was pretty amazing. Then we'll get into a number of big stories over the past few weeks, including Yuga Labs producing a movie, Binance are in hot water again, the Friend Tech field day, and we can't miss out on more FTX shenanigans. So stay tuned. My name's Tracey, and I'm joined by my pals, Blake and Craig, as we catch up on the crypto news. Hey guys, how are you going? Very well, Trace. Back in the swing of things this week. How are you? Yeah, good. After a week off. Did you miss us, Craig? Yeah, sure. No. That convincing. was I got an extreme FOMO from the group chat photos that you were sending and the talks that you guys went to that looked like a lot of fun, and I wish I went, but maybe next year. Yeah, definitely. Definitely next year. Maybe we should just dive straight in then and talk all about the token 2049 conference, which is the largest annual digital asset events in Asia and Europe. And this year it was bringing together the leading voices and the most sensational projects in Web3. And we did. We had an awesome time. Singapore is amazing. It was my first trip to Singapore. And Blake, give us your initial impressions and what you loved about the event. Yeah, so this is probably the biggest crypto conference in Asia, really. And I think about 10 ,000 people came to the main event itself, but then there were also about 400 side events, more than you could pick, or even too many, too many, really. And really, I think it's an industry focused event. You know, there weren't that many retail investors coming along. Tickets were priced accordingly. And yeah, it was an incredible event. They brought the who's who of the crypto industry to speak, talk about where the other projects are at and what the future looks like, the state of regulation and where we are in the market cycle. And it was fascinating to be there learning and hearing about how everyone else in the industry is thinking. And there was certainly no indication of us being in a bear market. My God, no, it was money, wasn't it? It was out of control. You know, the big exchanges were, were splashing cash around. The Formula One was on at the same time. So lots of people added a bit of excitement, didn't it? Yeah, we're coming over for that. And yeah, we could probably, you know, maybe give us your high level thoughts, Trace, and then we can get into a couple of the interesting things that we learned. Yeah, look, I think it was a really vibrant atmosphere. There were some excellent speakers. I was impressed with the setup. And the event ran really smoothly trying to get 10 ,000 people in over two days. You know, you'd expect a few hiccups, but there wasn't. I thought it was pretty, it was pretty well done. You know, there was a real big emphasis on, on building. And like you said, you certainly didn't feel like you were in a bear market at all. There was just money being splashed everywhere. Lots of giveaways, you know, certainly went trying to get a bit of merch to make Craig feel jealous. Definitely got a few to pop into the chat. What about the talks, guys? Like, which one was your most impressive project, most impressive person that you saw? Yeah, there's a couple that really stood out for me. Firstly, there was a talk on stablecoins, looking at the data and the adoption rate. What was really interesting is that you're even through this bear market, the stablecoin adoption rate has is increasing as you know, the crypto prices go down and less activity happens on chain and on exchanges. And this is really pointing towards the utility of stablecoins and what they're going to mean for the future. And importantly, what was recognised in that talk was that in the US, US -based stablecoins are being used less and less and offshore and algorithmic stablecoins are being used more and more. And this is really because of the regulatory pressure in the US market. People don't want to interact with US businesses, essentially. And, you know, probably the second most interesting talk that I saw was, you know, the founders Yeah, that was my favourite. Yeah, that was interesting. I didn't think I'd love it as much as I did. But I think me and you both sat there and was like, this is really interesting. Yeah, we had the founder of Polygon, the founder of Arbitrum and the founder of ZK Sync. You can see that the ZK Sync group, probably the most technologically advanced and that's a scaling solution that uses zero knowledge protocols on top of Ethereum. And yeah, definitely the most advanced, you know, scaling solution on top of Ethereum. Secondly, your Arbitrum is very focused on research and creating a really great product that anybody could use. And of course, Polygon's focus is on business development and getting adoption from web two companies. So coming at it from three very different angles there, but all for the same purpose of increasing adoption and scalability of the layer ones. I really like that layer two talk, but much like a music festival, you had to pick who you wanted to see because they're all overlapping. There was, you know, there was a main stage upstairs, another one downstairs. There's a few different talks. I ended up stumbling into the Neo founder, do his chat, which was really interesting. I quite liked that one. And for everyone's information, Neo is a layer one blockchain that was founded in China, very much focused on, you know, being an Eastern kind of competitor to Ethereum or so on. You guys remember the Chinese Ethereum narrative and it pumped Neo like 200X? Been around for a long time. Yeah. So you just kind of, but there was a lot of stans, a lot of people, you know, shilling a lot of different things and, you know, you could kind of get lost there for a while. There was a strong push for mainstream adoption through Web3 and gaming. And I think that was on a lot of panel discussions and a lot of side events were also pushing that. I know Animoca Brands had a lot of big events as well. So I think that was a big focus also. I think we didn't get to see him, but Robbie from Immutable was over there speaking as well. Now, was there one project that you didn't hear of that sort of came across a token at the conference? Like, was there a project that you put into your watch list? Not really. Just the big dogs just reinforcing there. Yeah. Just talking about where the innovation is moving, you know. And one thing that really stood out to me is that, you know, the regulation conversation just isn't that prominent in Asia because the regulation in Asia, the regulation in Asia, there's no issues. And, you know, I think that we can easily have a US -centric point of view sometimes. But in Asia, they're ready to do business there. You know, there's lots of investment happening. There's lots of deals happening. There's lots of growth happening. And some of those stories we'll talk about in today's episode. All in all, the event was memorable one for us and worth attending for our team. And it really did reinforce, you know, our love for the industry and just how far we have all come. And so if anyone's referenced token 2049, the next event will happen in Dubai in early 2024, in April, I believe. So you can check that one out. In April? That's only like six months away. I know. I did say to Blake that I thought that was quite soon. I think they have multiple events. You know, they have them in different regions. There you go. Well, I'll go to that one for the crypto curious community. I'll fly the flag. Cheers. Now, folks, we're going to mix it up a little bit this week, and we're going to cut out our short, sharp news bites at the end, and we're going to go to a few biggest stories because, as you know, we missed our show last week. So we're going to cover off a few biggest stories, starting with Franklin Templeton, a large asset manager who has joined the race for the holy grail, the Spot Bitcoin ETF. As we've previously reported, the aim of many of these leading institutions applying for ETF is to attract large institutional investors, which could potentially bring trillions of dollars into the crypto industry. So Franklin Templeton's ETF will be based on a mix of crypto exchange Bitcoin prices to deter price manipulation. So just another big boy entering the space and solidifying the general thesis that it is inevitable that this Bitcoin Spot ETF will happen. There you go, boys. What else are we going to catch on that's happened in the last few weeks, Craig? Yeah. So last week Vitalik, the Ethereum founder, he had his Twitter or X account hacked, and he shared a malicious link, and it actually led to just under $700 ,000 that was drained from people's wallet. So it was just a scam. People connected their wallet, got drained. But it was coming from his official Twitter. Right. Okay. This was due to a SimSwap attack. Right. These big dogs, even they get hacked. So stay on it. Stay safe, everybody. Yeah, we had that story a couple of weeks ago where your people's private keys were being stolen from their password manager, which had a vulnerability. So even when you're doing best practice activities, you know, sometimes you're still not safe. Can't trust anything. All right. Next up, we have a story that came out on the 13th of September. So received FTX approval from the US bankruptcy court to sell and hedge its crypto holdings valued at $3 .4 billion. That's a lot of bloody crypto. This is when everyone was freaking out about where they were going to drop their salon. Yep. Yeah. So we talked about Galaxy Digital was engaged to help, which is a big crypto focused asset manager to help the liquidators or the administrators sell down these assets. So what they have is $1 .16 billion worth of Solana and they have $560 million in Bitcoin and the rest in other tokens. So, you know, this is a little bit concerning. I think the Bitcoin market could probably absorb, you know, the sell down of $560 million of Bitcoin over, you know, a period of time. But what's the market cap, Craig, of Solana? Well, Solana is still, you know, in the billions. Let me just fact check. They can't sell all the Solana at once or it's going to be $9 .2 million of Solana released for them to sell every month, which I think is fine. So not all the Solana will be dumped in the market, but they have an $8 billion market cap. Yeah. And Solana did take a bit of a dump. I think it dumped around 5 % off this news. It's about 20 % of 15 to 20 % of Solana's market cap. But if they're smart, they're going to do this strategically over time anyway. Yeah, well, the three biggest holdings are Solana, Bitcoin and Ethereum. And then the other ones I've got is APT, Updos, Doge, Tron, Matic, Ripple and BNB. Very minuscule amount of BNB. So, yeah, this caused a bit of a shakeout, didn't it guys? Yeah. But, you know, I'm sure that they'll work on a strategy to release those tokens back into the market over time. I will potentially suppress price, but, you know, hopefully not for too long. Next one. This has happened over the last four or five days. The SEC has gone after the Stoner Cats project. I remember this one from a few years ago and mainly for its connection with Mila Kunis and Ashton Kutcher because it was, you could buy the rights to, it was a TV show, a cartoon Stoner Cats show. I think they only produced a couple of episodes and Mila and Ashton were the voices of the Cats. I think Jane Fonda was also one of the voices. So the SEC has charged a project for conducting an unregistered NFT offering that raised $8 million and one of the arguments the SEC used was that the entire, the entity promoted the potential for its NFT prices to increase in the secondary market, similar to all NFTs. So Stoner Cats agreed to pay a $1 million penalty and to destroy all NFTs in its possession, but they did not have to admit that it was guilty of the charges. So setting precedent there, so I'm not sure if that was the best way to go for them. And the SEC, you know, are really going for different projects at the moment. This wasn't the first one in recent weeks. So one to watch here, I know Elliot from our marketing team, who you guys see sometimes on our Instagram page, sent an article around talking about the SEC going after NFT projects and Guy from the Coin Bureau also made a big statement about it recently that he's slightly concerned. What are your thoughts, Blake? Well, I think there's a big lesson here. Don't sell cryptographic assets to Americans. Stay the hell away and you'll be fine.
Crypto Banter
A highlight from "DO NOT Buy Bitcoin Now! Here's WHY..." | Gareth Soloway
"I'm back and we're one day before the FOMC Bitcoin still at 27 ,175 now Gareth says Gareth Soloway He says that Bitcoin can get back to $30 ,000 But then he also says that even though Bitcoin can get back to 30 ,000. He wouldn't actually buy it. Listen to this Now interestingly enough, let's talk about how high can price rally right? So, I mean, let's let's talk about it So if you're someone who's saying wow, do I buy Bitcoin now? Honestly the answer is no now But he does think you can go back to to $30 ,000 So listen, what we're gonna do is we're gonna get Gareth on the show a bit later on He's gonna talk to us about what he meant when he said he thinks Bitcoin can go back to 30 ,000 level But he wouldn't actually be buying Bitcoin right now and that's ahead of the FOMC now. Remember it's a big FOMC why because we haven't heard from Jerome Powell since the 25th and 26th of July, so we haven't heard anything from Jerome Powell since the 25th and 26th of July and Remember that since the 21st and 26th of July we've had two very big inflation readings So the big question is what is Jerome Powell going to do tomorrow? Is he going to engineer a soft landing that is one thing that he could be doing or or or is he going to Fly the plane like that plane that got lost I think what we need to do is we need to spend some time talking about this because honestly Honestly, honestly, honestly I Mean, how can anyone? Lose an 80 million dollar plane even the Biden administration. Like how can you lose an 80 million dollar plane? No one can lose an 80 million dollar plane. Not even the Biden administration So this we've got a lot to talk about today. We're also gonna talk about finance We're gonna talk about finance in the SEC. They did go to court yesterday There was a little bit of FUD that came out of the court case yesterday Usually as you know, I don't really pay attention to the finance FUD But this time it's coming from the same people that warned me about Celsius and they were right So I took the side of Celsius and they were right So as I said, I don't usually pay attention to finance FUD because I think it's like usually just bat And I think there's too much finance FUD But I do think we need to talk about what came out of the hearing yesterday. So listen, I'm back We've got a huge show today one day before the FOMC. Let's go guys I Mean we have to laugh we have to laugh Not only did they lose a plane But then like to make matters worse they want us to help them Find the plane now. I mean, this is a true story They lost an 80 million dollar plane and they want us to help them find a plane That's the type of discussion that I usually have with James like I lost the soundboard James. Where's the soundboard? I lost it on the way to work. Anyway, we'll talk we'll talk about the plane later. There's a lot to talk about Listen guys, I'm back. I'm back in the studio. We've got a lot to discuss today Got a big show ahead of the the FOMC Also, I want to talk to a little bit about Asia I want to talk to you about Binance I want to talk to you about altcoins because we are getting bounces in the altcoins as you can see right here on the bubbles But it seems like it's stuff going up one day and down the next day Which means that there's no new capital coming in we know that and what that also means is that we're getting Asset money rotation between between one place or another and then also as a city later on gathers Garrett's coming on the show So we've got a lot to talk about we're a lot we're gonna be here together But let's talk about remember if you haven't yet subscribed the channel help us because one of the things that I realized in Singapore Was the bigger our channel the bigger the guests we can get on the channel the more attention they pay their pay to us And so when you guys subscribe to this channel when you like this content And we get the content out there and you subscribe to the channel That helps the channel grow that helps us bring more bigger guests onto the channel. That's why we need you I'll bring you the highest alpha per minute show in the world every single day and You will just like the content and then everything's fine. Everything works. It's a symbiotic relationship. Anyway, let's talk about Where we are right now Let's go to the charts what we can see when we look at the charts is that Bitcoin is above 27 ,200 one day before the FOMC meeting now, I heard rumors earlier That the reason why Bitcoin was actually rising is because the mount gox trustee may be forced to delay the distribution of the mount Bitcoin 2024 till that was actually written up by the blocks I heard the rumors much earlier today and then the block wrote something about it They're saying Bitcoin bounce may be due to mount gox delay rumors, but still targeting 22 ,000. That's a fan manager called QCP bitcoins price is largely due to rumors of delay that mount gox may drag their payments into 2024 that's actually exactly what I heard earlier today. So it could be that we may not be getting the mount gox Bitcoin hit in the market. Now you ask yourself. Why would that happen? So you very simply why would that would happen mount gox was hacked in 2014 this this this story took place in 2014 The liquidator like the FTX liquidator earns money on The longer this drags out the more the liquidator and it's almost like think about it like a lawyer Okay so the more this thing drags out the more money that the liquidator makes and it looks like the liquidator is going to continue to Pressure the side of the year now, let's go back to the charts because I want to show you something back on the chart So then if you remember but Kyle dupes said something very interesting. He said look when we get this death cross What will happen after the death crosses, but Bitcoin will go down But then Bitcoin will go up back to the price of where the death cross happened, which is twenty seven thousand seven hundred so so far Kyle's little I don't know if you want to call it a prediction is is actually playing out and playing out exactly like said Gary says we can actually go even to 30 ,000. I actually think that both of them are wrong I think that we may at some point soon this year this this month this year We will break that 30 ,000 everyone. I've been saying it for a while I don't know if you remember but I did say at the beginning of September when everybody was completely bearish about Bitcoin and everyone said oh September's gonna finish down because it finishes down every single September. I said no guys I think September's gonna finish up so far. I'm up five point five two percent So so far it feels to me like like like like I'm gonna look I'm gonna Get this but you must realize what's actually happening here James. What what's for lunch? Scacra doesn't talk but he's chewing here. I can hear the chewing going in my one ear and out and out over there Anyway, what we are seeing here is you need to look at the open interest on Bitcoin and what you realize is that the open? interest is just Completely tracking the price which means that price goes up open interest goes up price goes down open interest goes down That's what's going on here, which means it's just short term Ups and downs so to speak that are happening in the market and it's not real volume or real buying coming in So we still I'm still not convinced that this is the pump that's gonna take us over 30 ,000 But I am convinced that bitcoins gonna go north of 30 ,000 end of September Maybe even early October and I think shaldino shares the same the same sentiment as me because he's just opening lungs and lungs and Lungs and you should I think today you opened another long on the show. Did you guys did you guys watch Sheldon show today? scarecrows Scarecrows don't talk but the children open along yes or no scarecrows He opened us a line along. Okay, so say he did open a lot the guys got big big big kahunas I think the same thing was happening with alts when I look at the alt coins It looks like we're just getting a shift from one old coin to another old coin So yesterday roll, but was up today roll, but is down yesterday rune was up today rune is down and that's exactly what's happening There's no big moves. Let's just quickly check on the one hour time frame. No big moves. No big moves in all coins it's basically just a rotation of Many the good thing is that the fundamentals of Bitcoin and I said I don't say this likely but the fundamentals of Bitcoin have actually Never ever ever been stronger and what I mean when I say the fundamentals of Bitcoin have never been stronger So there's two parts of the fundamentals. The one part of the fundamental is the research So what does the research say? What are the fundamentals behind it? The other part of the fundamentals is something that is unique to Bitcoin and unique this asset class Which is the on -chain data because if you look at other asset classes, they don't really have on -chain data Bitcoin has on -chain data So, you know like when we say fundamentals we can actually just go to the chain and we can just say look Well, what is it? What does the chain say? What is the the data on chain say and here this is where it gets a little Bit exciting so it gets very exciting. The first thing is long -term The supply held by long -term holders up to the highest that it's ever been so you can see the percentage Supply that is held by long -term holds the Bitcoin never ever ever been higher that is Also evident here where you can see that 80 % of all Bitcoin have not moved in the last six months so what we're seeing here is long -term holders keep growing and then when they lot they hold they They hold for forever because it hasn't moved for more than six months What we also see is we see the short -term holders have been capitulated. They're out of the market. We don't see them anymore They were here. They they were good tourists and then we said bye -bye and they were just sending their money back to exchanges When I look at the unchain The unchain data right now and I said I don't say this lightly the unchain data right now looks the most positive that's ever been because the coins are sitting with the people who ain't gonna sell the Coins and when I say anchor solid coins, they holding the coins for for six months plus The sentiment is also very good. And I saw this tweet by Chris Paniski and he He shares the same sentiment that I shared in Asia He was struck by how incredible and what the buzz is that happened in a token 2049. You can see his his These guys are killing my ears Thanks guys. Thanks for thanks for destroying my eardrums. I used to have eardrums now they're gone Anyway, that's his version of what happened at token 2049, but he's been around for a while He says contrasting token 25 20 49 to the first bear market conference. I went to inside Bitcoin in April 2015 the worlds are completely different and that's true because Even though from a pricing point of view, we're in a bear market I'm gonna show you something very very very interesting about where we are in the market The other thing that's happening now, which we haven't seen in Bitcoin for for for a long time Since I got into Bitcoin people have been promising me that the institutions are coming into Bitcoin. It's always been the narrative It's like look we've got to prepare ourselves got to prepare us off Because you know what the institutions are coming in when the institutions come in The price of it coins gonna go to the moon and every time the institutions never came in They launched a Bitcoin futures and bang the the price collapsed So I've always been hearing since I got you That the institutions are coming into Bitcoin when the institutions come into Bitcoin They're gonna bring all the money with him But it's been this letdown because it like as much as I've been hearing about it The institutions just haven't come but they just didn't arrive now the institutions are undoubtedly undoubtedly undoubtedly here So we have got Citibank. They are now Unveiling their own Separate blockchain which is going to which which they're going to start piloting you got this is old news But you got the LSE looking to tokenize assets in the line the stock exchange As your as you will recall if you saw my video about token 2049 in Singapore I thought hey said big bull market he predicts and if you go watch that video see what he said But he basically how he breaks down why the bull market is gonna happen in 2024 he also breaks down that AI is gonna be the narrative that's gonna lead it and then he says, okay Well, then you need to you need to be buying file coin Then a German banking giant will be able to hold a number of crypto currencies for its clients So you can see what's going on here. You can see exactly what's going on Yeah, this industry is becoming more and more institutional Deutsche Bank one step closer to launching a digital asset custody service You've got Japanese banking giant Nomura launching a Bitcoin adoption fund for institutional investors You see what's going on here the institutionals the institutions are here are finally actually getting here but we are in a very very very unique time now because this is What Michael Saylor described when I interviewed Michael Saylor last time you'll remember it if you watch the Michael Saylor discussion This is what he said about where we are now about the unique time that we are now in In the cycle able to pick up the phone and call your broker and buy 50 million dollars worth of it Right. So we're at that stage where we know it's coming but We really haven't plugged Wall Street into the asset yet We're in this in between period which in my opinion is the best time to be it's like, you know the future No one else can act on it. If you if you have a crypto account with a crypto Exchange to buy Bitcoin right now So so you hear what he's saying he's saying if you we know they're coming they just it's like it's like it's like this Imagine a concert, you know, the concerts gonna start everyone's waiting at the door, but the gates aren't open yet You know when the gates open everyone's gonna come in and go to the car the concert you have the inside information But they can't act because the doors are still closed. That is where we are. Now. The institutions are coming in this morning I saw that blockchain capital Which is one of the original og funds in crypto, these are like, you know, these are two brothers original og og og funds in crypto raised 400 and say five hundred and eighty million dollars for two new funds now if you read where did they get their money from? most of the firm's limited partners are traditional institutional investors including University endowments So they've got five hundred and eighty dollars from all of these sovereign wealth funds and guys I mean if you were here in 2017 and you were here in 2018 and you were here in 2019 and notice it you look You know in next year or in two years time you're gonna get five hundred and eighty million dollars Given to two brothers in the United States Who have got a good track record and the money's gonna be given to them by institutional university By university endowment private foundations the writing's all over the world. All you have to do is You just have to Act because it's inevitable. It's completely completely completely inevitable And I know like a lot of you may may be sitting here and going yeah But you're not crypto is full of scams and you know, you know We spoke about keeping our customers happy and how every time we get the big names in crypto coming into our into our industry We destroy them, etc, etc You need to remember that every single technology goes through the cycle and I want to read you something which I saw earlier today which made me smile and and again affirm that I was in the right direction so Visa seemed like a disaster when it was first launched the kind of people who attack new things would have been all over it from From the Wikipedia article it says listen to it says they're talking about visa However, the program was riddled with problems as Williams who had never worked in a bank's loan department had been too earnest and trusting in His belief in the basic goodness of the bank's customers and he resigned in December 1959 22 % of the accounts were delinquent not the 4 % expected the police departments around the state were confronted by numerous incidents of of a brand new crime called credit card fraud Both politicians and journalists joined the general uproar against Bank of America and its new fangled credit card Especially when it was pointed out that the card holder agreement held customers liable for all charges even those resulting from fraud Bank of America officially lost eight point eight million dollars in on on the launch of Bank of America card But when the full cost of advertising and overheads were included the bank actually lost around 20 million dollars I mean if you change the word credit card there and you replaced it with the word blockchain you'd say hell them This is exactly what's going on here.
Crypto Banter
A highlight from 3 Altcoins I'm Buying This Week! (Insiders Are Accumulating)
"Insiders are accumulating. At least that is what some of the on -chain indicators were showing us overnight. But in today's video, I want to break down exactly how the market is looking in what has been super interesting price action and give you the main altcoins that I am watching this week. As you guys know, it is a Monday stream which means it's an altcoin watch this show where I go through my favorite plays of the week, one of which is actually Bitcoin this week given the recent price action that we're seeing. And I'm actually live this week. So a lot of you guys that have been watching my shows over the last week or so would know I've been pre -recording. But now I'm back in the studio which means I'm back to live streaming most days. So yeah, I can interact with comments today, do a bit more of, you know, interacting with comments, talking about alts. So if you guys have any questions that you have about any of the plays that I'm setting up for this week, ask me in the comments and I'll get to them and we can make it more of a collaborative show. Welcome back all of my loyal viewers. I noticed we have some regulars here. We've got BlackSales, Rob, Crimson, you guys are back even though I haven't really been that consistent. So thank you guys for joining. Luigi says he's present as well. And let's get straight into the show. So before we get into the alts that I'm looking at this week, the first thing I want to do is look at Bitcoin because there are a few major things happening that I saw in both the on -chain data and the centralized exchange data. The first thing to note is that Bitcoin pivoted nicely off this horizontal range support at 25k. We know that structurally 25k is the key level to keep your eye on. Bitcoin actually responded pretty well in this region and I mean if you really want to simplify the market right now from a TA perspective, all you really need to know is that you have this major 25k support. You break below and Bitcoin is looking bearish from a momentum perspective. You break above the 31k zone and that puts Bitcoin into bullish territory. Maybe people don't really like simplifying things too much because we all love to know what's going to happen in the short term. But if we take a macro lens approach to viewing the market, we can assert that these are the two major ranges and any kind of price action in between then, although it would create opportunities, is not going to come in the way of a definitive bull market or a definitive bearish breakdown. So I think that's an important thing to note as well. Now going into more of the micro here, so going into the daily, going into the four hourly charts to look at what happened with Bitcoin, things start to get really, really interesting. We can see on the daily chart, we pivoted off the 25 .2k level. This was the level that was the initial structural level before the entire BlackRock ETF speculation. So when we got news that BlackRock was filing for an ETF that resulted in a strong pivot from this area at the 25k level, that was in correspondence with a bounce off the diagonal as well as the horizontal support. We pivoted recently off that level and now find ourselves chopping in a new range, which is being formed between the 25k level and the 27k level. Super interestingly, on the four hourly chart, Bitcoin showed like an extremely aggressive move yesterday to the upside and actually pumped into resistance at the 27k level. As you can see here, that was an area that acted as temporary support back in late August before it resulted in an eventual breakdown, therefore a test of the 25k region before Bitcoin actually reversed. And now we get another test, but instead of a support test this time, it's a resistance test into 27 ,300. Now this test was failed, but we can currently see right now Bitcoin is making up its mind on the four hourly chart, whether it wants to close above the 26 ,800 level or not. I still view this as a fairly key level, as it was the initial marking of the range that was initially set out in August. We can kind of hold above there that I think there's a large chance that we can actually smash the 27k level. But of course that's wishful thinking because right now Bitcoin is currently reversing and looks like it does want to close below, which would simply mean more chop over the next few days. So definitely keep your eye on that as well. In terms of open interest, this is where the tile and the title of this video comes in, at least at the time of recording. We might end up changing it later. That's the massive spike that we saw in open interest. So open interest is indicative of the total futures positioning in the market, both long and short for, in this case, Bitcoin. And what we saw last night was the largest open increase amount in a single day with a 15 % increase in the total open interest level. You can see here that's exhibited by this flurry of green candles to the upside. This is the open interest chart, which shows like insiders or someone like a big whale presumably was starting to position themselves. Because from a retail perspective, there wasn't much of a general catalyst over the weekend, over Sunday and Monday. But we still saw a massive increase in open interest. So this raised a lot of questions. Are insiders positioning themselves? Is there going to be a spot ETF approval this week? Is something happening behind the scenes? And although those questions are like extremely hard to answer, what we do know is that open interest was essentially faded in the 12 hours preceding the spike in open interest. So what does this tell us? Well, as I said, it's hard to get a definitive answer what the pump caused. It is likely that some sort of like big whale institution fund decided to open a position. I mean, that's what the volume and the open interest increase is suggesting. There was rumors flying around at the time, like by runner expertise, a few other traders, even I did mention this on my Twitter. Like, is this a potential ETF decision coming this week that insiders are starting to position themselves for? I maybe would have been leaning more on the side of yes yesterday. But given the fact that the move got really quickly faded and wasn't able to sustain, I would maybe now err on the side of no. And this was just irregular market movement or someone positioning themselves ahead of what was an eventual flush out. This doesn't mean that open interest can't recover again. Let's see what happens over the next day and see if it comes back. If this was just a short term leverage flush out after the finance news came out, which we're going to get into now. But let's just see where open interest tracks. It still was a huge spike though. And if we do look at open interest aggregated for Bitcoin over the last week or so, we could still see that even though we did have a massive reversal, we're still sitting higher. So we are kind of making higher lows on the open interest if we look at the month of September as a whole. In terms of the Binance news, we did get news that Binance US, the auditor of Binance US, found it very difficult to ensure the company was fully collateralized at specific points in time. Which led to a lot of FUD on Twitter and a lot of FUD online that Binance may in fact be insolvent. And I mean, this is something that has been floating around on Twitter for quite some time. And it seems to be every time the market gets a pullback, it seems to be some sort of Binance news. I mean, I was just a token 2049 in Singapore, by the way, amazing, amazing conference. But most of the negative like headwind -esque reasons why people thought the market could come down were mostly related to Binance. So although we have a lot of catalysts, a lot of tailwinds, the Bitcoin's body tip being one, the Bitcoin halving being one. Maybe like a positive liquidity injection sometime next year if the Fed's forced to pivot being another. So there's a macro argument both for the bull and the bears. Like the overarching bearish headwind that most people referred to was Binance. So it's quite interesting that in terms of just like retail and investor mindshare in general, this Binance FUD seems to be encapsulating the masses. And that is, I think, one of the reasons why every single time we get a pullback or every single time we get Binance news, because it goes hand in hand, right? News can cause price or price can sometimes actually cause news, even though that might sound counterintuitive. That's, you know, results in a Bitcoin dip. BlackSale says don't forget to hit the likes, of course. Remember to smash the like button. If you're watching the show, show me some support on my first livestream back in a while. I did do one last month, but I haven't been too consistent with it. But yeah, but I'm back to livestreaming now. So yeah, we could see the Binance news came out, and this is one of the reasons why Bitcoin decided to reverse. And this is just a topic that we're going to need to keep our eye on. I don't think there's some sort of kneejerk reaction we need to make, because just in order to say that it's difficult to ensure Binance is fully collateralized, that's not asserting that Binance is insolvent. Maybe that's hinting on the fact that their financials are skewed or their financials are ambiguous, but ambiguous financials don't necessarily imply any explicit wrongdoing. So I would be careful to make assertions. Adam Cochrane is definitely not careful in terms of making assertions, because he's asserted for some time now that Binance isn't solvent. If he does turn out to be right, obviously that would be pretty devastating for the market if the market was to realize and we saw some sort of Binance collapse. But people are certainly aware of it, and people are certainly positioning themselves in some way, shape, or form, whether that's in terms of their actual net positioning or just their mindset, that there could be some negative Binance news coming out over the next few months. And maybe that happens sooner rather than later, but I did think that was a contributing factor behind the OI and price reversal today. Someone said recession is coming. This will happen when everyone's unexpected, rates at an all -time high, debts at an all -time high, price at an all -time high. The economy is never the same as before. Yeah, I mean, it does seem like that. However, you've got to remember, every single time we've kind of called for a recession throughout history, I mean, it's a very common thing, right? Pretty much every single year that people are calling for a recession, the market has just gone higher and higher and higher over a wide enough standpoint. Does that mean we can't get downside because of recessionary fears this year? No. Does that mean the market couldn't correct next year? No. All I'm saying is that over time, people tend to assert that a recession is coming and it does come, recessions eventually do come, but a lot of the time they take longer and they come when people least expect it. And right now, I wouldn't say it's least expected. I would say most people are expecting a recession. The thing with recessions is you can't really time them. So even if you know they're coming, there's no real way to actually prepare yourself because even the best fund managers in the world, even the best analysts in the world, they can't pinpoint a recession. So there's no real tangible way to even trade off this. If you think a recession's coming, well, when's it coming? Next year? The year after? The year after? If you're waiting for a recession and there's a huge rally in the interim, then you're giving up potentially the best year of gains in the market, right? Just because you're waiting for a recession. We saw this in years like 2007, which were great years, 2006, leading into recessions, even though people thought the recessions were coming in 2003, 2004, 2005, because they didn't buy them, they gave up the gains over the next five years or three years in that case. Then by the time the recession came, sure, they were right, but markets pulled back to the levels that they were when they were first anticipating the recession. So it's a very difficult one to time. And yet that's why I'm kind of skeptical of letting these narratives infiltrate the way that I trade. The best way to prepare for a recession is to make sure you're adequately diversified.
The Breakdown
A highlight from Anti-CBDC Bills Advance in Congress
"Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Monday, September 18th, and today we are talking about anti -CBDC legislation being advanced. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or, if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to bit .ly slash breakdown pod. Hello, friends. Happy Monday. Welcome to another week, another frankly weirdly quiet week right now. I don't know. There's something out there. There's some bad juju. I guess it could just be another example of this weird period of the cycle that we're in that's sort of past the worst, but definitely before the good stuff starts again, but I'm excited. But we are not going to dwell on that. Instead, we are going to hop, skip, and jump through a number of things that have happened over the last few days, kicking it off with what has become a surprising political issue this election cycle, which is central bank digital currencies. The House Financial Services Committee will hold a markup section on Wednesday, which will include two bills aimed at preventing the issuance of a US CBDC. The first bill is Tom Emmer's CBDC Anti -Surveillance State Act, which would prevent the Federal Reserve from offering any products or services directly to individuals. Fed branches would also be prohibited from keeping accounts for individuals or issuing a CBDC or similar digital assets. Emmer's bill was recently reintroduced during last week's CBDC hearing and now boasts 49 co -sponsors. On September 14th, the House Majority Whip tweeted, A governmental tool for financial surveillance is un -American. We must urgently develop a digital financial system that is 1. Open and freely accessible to all. 2. Without requiring permission from the government or anybody else. 3. Private safeguarding the user's identity. In a separate tweet, he had said, If not open, permissionless, and private, like cash, a CBDC is nothing more than a CCP -style surveillance tool that can be weaponized to oppress the American way of life. The second bill is sponsored by Alex Mooney and is called the Digital Dollar Pilot Prevention Act. That bill is structured as an amendment of the Federal Reserve Act of 1913 that would prevent Federal Reserve branches from even conducting CBDC testing and development. Now, of course, senior Fed officials have gone on the record to say they have no plans to issue a CBDC without the approval of Congress. In May, Minneapolis Fed President Neil Kashkari even questioned the need for a CBDC given the existence of instant payment fintech services. He noted that CBDCs would be a powerful financial surveillance tool and could enforce negative interest rates, but questioned why the U .S. government would have any interest in constructing such a system. Now, all that said, some Fed branches still do seem to be interested in the development of CBDC technology. The San Francisco Fed, for example, recently advertised a position for a crypto -architect for a CBDC project, and Project Hamilton was concluded and wound down in December after two years of collaboration between the Boston Fed and MIT. Now, in terms of where this legislation actually is, the markup process allows committee members to comment on the drafting of bills. A vote is then taken on whether or not to approve legislation for a full House vote. Both bills are only a few paragraphs long, so shouldn't drag out to an all -day, contested affair as we recently saw with the stablecoin bill. Instead, the bills could act as a bellwether for congressional sentiment around CBDCs. Multiple Republican presidential candidates have made opposition to a CBDC a part of their campaign. For example, Florida Governor Ron DeSantis said at a July event, If I am president, on day one we will nix central bank digital currency. Done. Dead. Not happening in this country. Outsider Democrat candidate Robert F. Kennedy has also been outspoken on the need to oppose the issuance of a CBDC. So given all that, if either of these bills progress to a vote in the House, they could be an opportunity to put members of Congress on record about their support for a CBDC coming into election season. Now, we could spend shows and shows and shows talking about why this seemingly small issue, at least to the rest of the world. Obviously, I'm not talking about for our audience and our community. But this issue, which is for all intents and purposes very small to most people, has become such a central piece of the opposition narrative heading into this election cycle. I think there are probably a few different elements of it. One, I think it feels to many like an extension of government power. And as we've seen and discussed, it is quite clear that how much power governments have is going to be a major issue. And of course, while that's coming from the Republican side of the House, it's also coming from Democrats. And this is perhaps not surprising. It's not surprising because we're still coming off the COVID period, which brought up major questions of how much authority the government has to be involved in people's lives. And so in many ways, this is an extension of that conversation. I think there is also a little bit of nervousness around technology in general. This is something that we've seen in crypto. It's certainly something that we see in AI as well. And while this is technology in the hands of the government, not technology in the hands of big tech companies, it still has that feeling of lots of data, lots of power, lots of information, big black holes, and not a clear way for citizens to exert influence when it comes to this important domain of their lives. Anyway, right now, there's no one who's really actively arguing for a CBDC, which could frankly be another reason why it's a nice political issue. It gets to stay a little bit, at least in the realm of metaphor for some of these larger topics, but it's still something that can be legislated upon with lower stakes than going after government power directly. Anyways, it's one we're going to keep an eye on to see just to what extent it continues to be an issue in elections or whether it's just part of this early narrative testing process at this very nascent point in the election cycle. Next up, we go halfway around the world to Hong Kong, where the Hong Kong Monetary Authority has issued a warning to crypto users that unregistered crypto firms could be presenting themselves as banks. The HKMA, which serves as the region's banking regulator, said that firms which use language associated with the banking industry could be in violation of recently implemented Hong Kong crypto regulations. The regulator said it had become aware of firms using terms including crypto bank and offering quote banking services. They even went so far as to call out firms that use the word deposits or promote their quote savings plans as low risk with high return. The HKMA said in a statement that quote, The regulator noted that these firms advertising themselves as crypto banks were not supervised by the HKMA and are not covered by the region's deposit protection scheme. Now, Hong Kong's crypto regulations coming into force in June was one of the big stories of this year. The rules were intended to permit retail crypto trading on regulated exchanges and they're being administered by the local securities agency rather than the banking regulator. Since then, only a small handful of firms have been granted licenses. This includes HashKey and OSL, who were licensed to provide retail trading exchanges, as well as Swiss -based crypto bank Ciba, which has received in principle approval to offer over -the -counter derivatives trading and asset management services. Now, enforcement of Hong Kong's crypto regulations has also begun in earnest. Last Wednesday, the securities regulator issued a warning against Dubai -based crypto exchange J -PEX. They alleged the firm had been promoting its products and services in Hong Kong without applying for a license. A press release from the securities regulator included allegations that J -PEX were advertising their services using the prohibited terms deposits, savings or earnings. They noted that many J -PEX products had quote, The regulator also accused influencers and local OTC desks of making false and misleading statements on social media that J -PEX had applied for licensing. Following the warning, J -PEX employees seemingly disappeared from their booth at the Token 2049 conference in Singapore, where they were a platinum sponsor. And on Sunday, the exchange ramped up withdrawal fees to $999 and also implemented $1 ,000 withdrawal limits, essentially being a withdrawal halt. Now, J -PEX addressed this on Sunday, blaming quote unfair treatment by relevant institutions in Hong Kong towards J -PEX. They said that quote, J -PEX said they were currently negotiating with these market makers to resolve liquidity issues. The exchange promised to quote, They claim that emergency withdrawals are still being dealt with manually and also announced that trading on their earned trading platform would be halted on Monday. Now, adding something to the story, on Monday, the South China Morning Post reported that local police had received at least 83 complaints about J -PEX involving assets worth around $4 .3 million. They say the securities regulator had escalated investigations to the Commercial Crime Bureau on suspicions of fraud. Follow -up reporting said that lawyer turned crypto influencer Joseph Lamb -Chalk had been arrested on Monday in connection to promotion of the exchange. Sources also said an office building had been raided on Monday morning. Now, there's a lot that's actually really worth watching here. Hong Kong creating this licensing regime is not just relevant for citizens of Hong Kong, although it certainly is for them. This has been seen, rightly so, as a marker of slightly shifting Chinese attitudes towards crypto in general. When these rules were first announced as forthcoming at the end of last year, it was widely anticipated that it would include a retail trading ban. Remember, crypto trading has been banned in China for the last few years. However, in the wake of FTX, and in particular the US's aggressive response to it, it appeared that the Chinese authorities might be reconsidering their position and in so doing using Hong Kong as a vehicle for testing the waters on the market without changing any policy in mainland China. In that light, I don't know exactly what this enforcement action around J -PEX actually signals. Arresting an influencer certainly sends a signal, but to what the ends of that signal are, I'm just not sure. I do think, however, it's probably worth weighting this issue as a little bit more significant than just a regional crackdown, as it may have bigger implications given the unique role Hong Kong plays relative to China when it comes to crypto. Next up, we move back to bankruptcy proceedings in the US where Gemini have slammed the proposed settlement between DCG and their subsidiary, Genesis, calling it misleading at best in a court filing on Friday. Now you'll remember that earlier last week, DCG had filed a proposed deal which would settle approximately $630 million in outstanding loan payments to Genesis. DCG said the deal could result in 90 % recoveries for unsecured creditors and recoveries as high as 95 % to 110 % for Gemini Earn customers who form the largest creditor entity in the Genesis bankruptcy. Gemini said in their court filing, however, that, quote, DCG touts proposed recovery rates that are a total mirage, misleading at best and deceptive at worst. Make no mistake, Gemini lenders will not actually receive anything close in real value terms to the proposed recovery rates under the current agreement in principle, end quote. DCG had proposed a repayment schedule for $1 .65 billion in total loans over seven years. Although the agreement had a substantial payment in the first year, criticism of the deal noted that recovery calculations were contingent on crypto -denominated payments becoming more valuable over time. I think the numbers were something like Bitcoin going to $85 ,000 and ETH going to $8 ,500. Gemini customers are owed around $1 .1 billion and it appears that taking on long -term risks associated with crypto prices and the continued solvency of DCG are simply not acceptable to them. Gemini said in their filing, quote, receiving a fractional share of interest in principal payments over seven years from an incredibly risky counterparty is not even remotely equivalent to receiving the actual cash and digital assets owed today by Genesis to the Gemini lenders. They added that, quote, DCG's proposal is markedly parallel to an attempt to satisfy its significant obligations through the issuance of IOUs instead of paying any real cash and digital assets. Gemini lawyers also slammed DCG's negotiation tactics, claiming they had made efforts to suggest that they would become desperate enough to take a significant haircut just to move on. On their creditors update blog, Gemini put it even more pointedly, stating that, quote, DCG is gaslighting creditors and testing earned users' resolve by baiting them with false promises of high recoveries. Now, hanging over the current state of the Genesis bankruptcy is the firm's right to exclusively propose recovery plans. The judge had granted a 30 -day extension to the exclusivity period through to early next month. That order was contested by Gemini and ended up falling short of the 60 -day extension requested by Genesis. After the exclusivity period has elapsed, creditors will be able to organize their own proposed deal to bring the bankruptcy to a close. Finally, separately on Friday, Gemini updated their lawsuit against DCG and CEO Barry Silbert. They now include four direct allegations that intercompany loans between DCG and Genesis were designed to, quote, make the market believe it had actually fixed Genesis's cratering financial condition. So there you have it. There are a number of other things that happened over the weekend or around the end of last week that we may touch on in conversations later. Mark Cuban got fished for almost a million bucks, for example. The New York Times leaked parts of a 15 ,000 -word Sam Bankman -Fried ramble that amounts to a very self -pitying reflection on the state of affairs. And Google's head of Web3 is begging the industry to build something actually useful. For now, though, we are going to wrap it there. We're going to get to the hard work of building back this industry from the ground up. I appreciate you hanging out here with me as we go about that work. So until next time, be safe and take care of each other. Peace.
The Café Bitcoin Podcast
A highlight from Store of Value and Proof of Work with Ben Justman, Founder of "Peony Lane Wine" - September 18th, 2023
"Hello, and welcome to the Cafe Bitcoin Podcast brought to you by Swan Bitcoin, the best way to buy and learn about Bitcoin. I'm your host, Alex Danson, and we're excited to announce that we're bringing the Cafe Bitcoin Conversations Twitter Spaces to you on this show, the Cafe Bitcoin Podcast, Monday through Friday every week. Join us as we speak to guests like Michael Saylor, Len Alden, Corey Clifston, Greg Foss, Tomer Strohle, and many others in the Bitcoin space. Also, be sure to hit that subscribe button. Make sure you get notifications when we launch a new episode. You can join us live on Twitter Spaces Monday through Friday, starting at 7 a .m. Pacific and 10 a .m. Eastern every morning to become part of the conversation yourself. Thanks again. We look forward to bringing you the best Bitcoin content daily here on the Cafe Bitcoin Podcast. All right, all right. Good morning to all of you Cafe Bitcoiners. Happy Monday. It is time for another awesome week in Bitcoin. Man. It is so cool getting up on a Monday morning. You know, most people are like, oh, God, it's another Monday. They don't even want to get out of bed. They're dragging ass. They're like, oh, but Bitcoiners are like, let's go. All right. Good morning to all of you, Lisa. Good morning, Peter. Good morning, Mickey. Morning. Good morning. Don Bay Terrence. Good morning to all of you. Shout outs to my cobart in the audience. Joe Carla. Sorry. Hi, guys. Alex, the other Alex, there is another Alex. Alex talks tweets. She works at Swan. Shout out to you. You're welcome to come up. She does some amazing stuff. I'm not there's other people in the audience here who work for Swan. I'm not going to talk to you because you guys have some semi names. I don't know. Anyway, morning, Jacob as well. Welcome back from your golf excursion or the weekend. Tone vase morning there on you an invite. I just found out I'm on a panel with tone vase for Pacific Bitcoin. I'm moderating tone vase and Pierre Richard and Jimmy song. That's awesome. And I guess our mission is to talk about shit coins. So for whatever that's worth. All right. Welcome to Cafe Bitcoin episode four hundred and thirty six. Shout outs to our supporters on Fountain and Noster Nests. Our mission for this show is to provide the signal in a sea of noise, teach the other seven billion people on this planet why there's hope because of this bright orange feature we call Bitcoin. Today's show, we're going to be discussing BTC performance versus other assets. There's a tweet Saylor put out with a really interesting chart. We'll be talking about that. United States interest payments are at insane levels and the near perfect energy arbitrage of Bitcoin later today. We have Ben Justman from Penny Lane Wine coming on the show. Very excited. He's an example of the Bitcoin circular economy. So you've got people who are craftsmen making really fine high end things and they're selling them directly to big winners. And man, I love to see it because this is the future. Like we're moving away from this entire consumer rush, rush, rush, get on the hamster wheel, make money that is constantly devaluing and then spend it on shit that you're going to replace one month or one year from now because it's garbage. But that's the entire consumer economy system. It's insane. But Bitcoin is switching that. I think we're going to flip this thing completely on its head. How long will it take? I have no idea. But I think it's coming. Anybody have any opening comments you want to make before we start digging in here? Just that the coffee and the Bitcoin charts are hitting hard this morning. So let's go. Yeah, what's up with that? I saw there was something like, I don't remember the exact stat, but the open interest has is skyrocketing, I guess. We went from twenty six, what is this, five ish to twenty seven thousand two hundred and thirty ish per Bitcoin right as of right now this morning. Lisa Huff, what did you do? You know, I missed the days when Bitcoin was actually volatile, like I am excited to see that it moved and I was also excited to see that it moved down last week. But as for me personally, Alex, what you said is correct. Bitcoiners were ready to get up and do it. And in the last several months, I have, because of Bob Burnett's lovely wife, Lola, I heard a comment that she said she made about health and fitness. She said you have to approach it like it is your lifestyle. Yeah, kind of kind of changes things up. I'm raring to go at like five o 'clock in the morning. Start workout, just went to Pilates. That's my whole life story, guys. Now you know it. Nice. I like it. I think it's awesome. Like I've shifted also because now I'm on the East Coast. So the showtime starts differently for me now. And I have time first thing in the morning, get up and go do physical things. And man, it's it's been amazing. It's been awesome. You've got to exercise for life to keep your life long and healthy. It is a lifetime thing. And finding something that you enjoy doing while you exercise is critical to that. Personally, since I'm on the West Coast, I make my bed and it's a successful day before Cafe Bitcoin. And I am not qualified to discuss anything, just so everybody knows. It's all good. Shout out to Mike Germano in the audience, throwing you an invite if you would like to come up here and obligation to do so. Alex, good morning. Welcome. I think this is the first time you've been up here now. Hey, good morning, everybody. Yeah. Thanks for inviting me up. This is a lot of fun. I'm always listening while changing diapers in the morning and doing the whole mom thing before I clock in. So thanks for having me. Yeah. What are you excited about in Bitcoin and with Swan and with everything? What are you excited about? Wow. That's a loaded question. But I mean, short term, I am stoked on Pacific Bitcoin coming up. I sent out an email blast this weekend. Hopefully many of you guys received it. And I heard you mention your panel, Alex. And the description in the email of that panel is... So the title is Shitcoin Slayers, but that's pretty awesome. And basically, shitcoiners are shaking in their boots and stand no chance against Alex, Tone Vays, Jimmy, Pierre. There'll definitely be some fighting words and not some subtle jabs. It's going to be an awesome talk. Yeah, just a lot of good stuff in the pipeline for PB. Hope to see you guys there. Tone Vays, good morning. We're on a panel together. Good morning. Yeah, I saw that in the email that you were sending that over. Yeah, so that's great. Do you guys know which day that would be? That first day or second day? I have no idea. I just literally just found out myself because I got the email just like everybody else. It's funny, right? They're like, they don't even tell me. Yeah, no, it's good. I actually tweeted out just last night. Ethereum had a brand new weekly low 12 -month close against Bitcoin. And that is a very weak TA symbol for Ethereum. And it's already going down a little bit today as well. So I think, yeah, shitcoins are in a bit of trouble. But the weird thing is, though, have you guys seen what is going on over in Singapore right now with token 2049, which pretty much has become the biggest shitcoin conference in the world? It is crazy. That conference is so scary to me. It tells me that shitcoiners still have an unreasonable amount of money. And maybe the bear market's not over yet. I don't know if anyone's seen the party videos from there. No. What I wonder about is, in this next cycle, are they tapping Asia? Are you going to see a lot of shitcoin conferences over in Asia? And are they going to be gigantic? Oh, I was going to just say probably. But the scary thing is that that conference was massive. And they're renting out sweets with the best views of the... Let's get some context. Let's get some context. What do you mean by massive? What does this mean? What does massive mean to you? Numbers? Do you have an idea of a number of attendees kind of thing? I don't. I'm assuming 5 ,000 to 10 ,000 people. I wasn't going to watch that much. But it was like the after party, right? Like renting out the most expensive restaurant in Singapore. Getting front row seats or the best views of F1, a race that was happening the day after the event. If you just do the hashtag token2049 and just look at their after parties, I don't think anyone really cares. It seemed like a borderline Bitcoin 2022 or one of their older ones. It was insane. And based on how well the shitcoin community is doing, I'm like, man, this bear market may not be over yet. Well, Tone, they're long on other people's fiat, but that tells me they're short on their own tokens. That's why they're spending so hard. It's possible. Is Ethereum ever going to make new highs against Bitcoin? Nope. No, no way. And I said that on a show. I was on Ben Cohen's podcast and a lot of his audience is apparently shitcoiners. And I said that no shitcoin has ever made a new high versus Bitcoin in the following bull market of Bitcoin. Like it's never happened. Actually, I did find one exception. That exception was Doge. But that's because of Elon Musk. It's not because of anything Doge did. And BNB, right? No, BNB never really pumped in the 2017 market because it was just launching then. So BNB's high is the 2021 bull market, and that will never be surpassed. In the case of Ethereum, it's the 2017 bull market. In the case of Litecoin, it's the 2013 bull market. So if a token has been around for like a full year before the bull market, that is its ultimate high. Like it never breaches it. Ethereum will never break its 2017 high. No way.
The Crypto Overnighter
"singapore" Discussed on The Crypto Overnighter
"And it's not just the U.S.. Other countries too have accused binance of operating without a license. Binance is the largest cryptocurrency platform, especially following the collapse of other exchanges like FTX. U.S. regulators are now focused on regulating the $1 trillion crypto sector. In light of FTX rapid downfall. Binance's ability to handle the ongoing industry turmoil into interact with U.S. regulators will serve as a benchmark for the future of cryptocurrencies. Singapore police have started investigating terraform labs. Terraform labs, of course, the company responsible for the terror USD stablecoin. In an email statement, the police confirm that the investigation is ongoing and relates to terraform labs. Last month, the SEC filed a lawsuit against terraform. They're accusing the company and its cofounder do Kwan of deceiving investors about the stability of UST, Kwan is currently wanted by authorities in South Korea. Despite his claims to the contrary, it seems he's been on the run for nearly a year now. He fled Singapore in April last year, then he moved to Dubai, currently he's believed to be in Serbia. The Singapore police have stated that dokan is not present in their country. The failure of Terra USD last year caused numerous bankruptcies in the cryptocurrency industry. I hold it responsible for kicking off the demise of many companies, both good and bad. These companies include the likes of three arrows capital, Voyager, and Celsius. Newly released government documents show that laws to regulate the cryptocurrency industry and to protect retail customers may not be introduced in Australia for over a year. The government has not given a timeline for the introduction of crypto legislation. However, it has announced plans to release a consultation paper in mid 2023 to outline its proposed role in regulating the crypto ecosystem. According to a document from August, the Australian treasury has acknowledged that certain stakeholders may be unhappy with the perceived delay in implementing a licensing regime. However, the treasury also noted that the collapse of some crypto companies and the market crash earlier in the year might have mitigated these concerns to some extent. The Australian financial review reported that the treasury's plans for consulting with the industry and creating new legislation extends into next year. According to the Australian financial review, the final submissions regarding crypto legislation are not expected until the end of 2023, leading some industry observers to protect that the legislation may not be introduced until 2024 or 2025.
Places I Remember with Lea Lane
"singapore" Discussed on Places I Remember with Lea Lane
"There's <Speech_Female> <SpeakerChange> <Speech_Music_Female> <Laughter> <Silence> <Advertisement> <Music> a really <Speech_Female> cool brutalises building <Speech_Female> along <Speech_Female> the river. <Speech_Female> The river said <Speech_Female> it's a really <Speech_Female> really neat area <SpeakerChange> definitely <Speech_Female> walkable <Speech_Female> while also. <Speech_Female> Since we're talking <Speech_Female> about raffles there's <Speech_Female> a hotel. <Speech_Female> That's one of the most historic <Speech_Female> in the world called <Speech_Female> raffles and <Speech_Female> in his <Speech_Female> eighteen. Eighty nine <Speech_Female> book from c. <Speech_Female> To see registered <Speech_Female> kipling rights <Speech_Female> of a place <Speech_Female> called raffles <Speech_Female> where the food is excellent <Speech_Female> and the rooms <Speech_Female> are bad. <Speech_Female> Is that <SpeakerChange> still true. <Speech_Female> <Speech_Female> That's funny <Speech_Female> yes so. The <Speech_Female> rebels <Speech_Female> was just renovated <Speech_Female> again. I mean it looks. <Speech_Female> It looks amazing <Speech_Female> and parts of it date <Speech_Female> back to <Speech_Female> the mid nineteenth <Speech_Female> century <Speech_Female> but <SpeakerChange> originally <Speech_Female> it was a <Speech_Female> small <Speech_Female> small hotel <Speech_Female> was mediocre. Rooms <Speech_Female> like he said <Speech_Female> but it became a <Speech_Female> place where <Speech_Female> people like him would hang <Speech_Female> out and so the reputation <Speech_Female> was of <Speech_Female> being a place <Speech_Female> to meet other writers <Speech_Female> and politicians and <Speech_Female> bigwigs and stuff <Speech_Female> and then it evolved <Speech_Female> over. The years to <Speech_Female> have grander buildings. <Speech_Female> <SpeakerChange> And what you would <Speech_Female> see today <Speech_Female> but it really did start as <Speech_Female> sort of a humble <Speech_Female> almost tropical <Speech_Female> lodge <Speech_Female> like you said. The rooms <Speech_Female> were bad. But they're not <Speech_Female> bad now. trust me. they're <Speech_Female> really nice <Speech_Female> but either defensive. <Speech_Female> Yeah <SpeakerChange> <Speech_Female> you feel like <Speech_Female> you go back <Speech_Female> in time when you're there <Speech_Female> just walking <Speech_Female> around some <Speech_Female> of its of touristy <Speech_Female> like this singapore <Speech_Female> sling drank. <Speech_Female> I mean i'm just <Speech_Female> saying like <SpeakerChange> thirty dollars <Speech_Female> like doug do. <Speech_Female> Well if they're <Speech_Female> <Speech_Female> saying <Speech_Female> portland is a gin <Speech_Female> based cocktail <Speech_Female> and it contains <Speech_Female> pineapple juice <Speech_Female> lime juice curious <Speech_Female> sal and benedictine. <Speech_Female> <SpeakerChange> You're saying <Speech_Female> that's thirty dollars. <Speech_Female> I mean it's <Speech_Music_Female> tasty but <Speech_Female> can <Speech_Female> be a little too touristy <Speech_Female> gouge <SpeakerChange> like <Speech_Female> yeah well <Speech_Female> you can have high tea <Speech_Female> there. That's fun <Speech_Female> too you know. That's always <Speech_Female> some people enjoy <Speech_Female> when they go around the <Speech_Female> world and <Speech_Female> there's something called <Speech_Female> the long bar that's <Speech_Female> just a a famous <Speech_Female> place to look <Speech_Female> at. It's a tradition <Speech_Female> there to throw nuts <Speech_Female> on the wooden florida <Speech_Female> help with clearing the dust <Speech_Female> so people still <Speech_Female> throw nuts <SpeakerChange> on the <Speech_Female> floor. I gather <Speech_Female> right right <Speech_Female> but the long <Speech_Female> bar is one of the. That's <Speech_Female> that that <Speech_Female> rooms been completely redone. <Speech_Female> So <Speech_Female> of all the places in raffles. <Speech_Female>
Places I Remember with Lea Lane
"singapore" Discussed on Places I Remember with Lea Lane
"Yeah the little head is floating in there and you know for some people they. I'd say generally chinese often like to eat meat off the bone in so they like that. The the bone is there in the cartilage in. Its very tactile kuzina and i would say. Generally chinese tend to like that. There's something called. I don't know if you mentioned carrot cake. Now that's one thing. When i first arrived cara cake like carrot cake carrot cake with frosting on it but no carrot cake in a hawker centre is made from turnips. And it's so tasty shredded turnips. Almost made it sort of like pancakey thing syrup on. It's so tasty. So why do they call it carrot cake. That's the obvious question even india. This is white kind of turn-up that looks like a carrot. Am i know india. And so i think maybe it's connected to that because yeah i think it would be interesting for someone expecting that carrot cake with frost to get turnips. Yeah yeah but. I'm sure it's delicious. Let's see what are some of the other things. How about the singapore flyer this huge ferris wheel. It was the second largest in the world until las vegas high roller in two thousand fourteen. That gives you a good view of singapore. I would think have you been up. It's funny actually. i'm not crazy about heights. But my i said my husband and kids on it like ten years ago and you know i would say that as a little bit of much of a much less as actually my husband has great line much muchness. So it's quite expensive to go on it and it's not the best view actually. Oh really where is the best right. So what are the best of that i've written about. For instance is in a building. Swiss hotel is a building near the raffles hotel. Swissotel has a bar restaurant. unlike the seventy s laura. That's the best view the and so you could. There's a bar part of it and then there's a brunch plays. So tha that's a much better view. That singapore flyer isn't that high. And has you know. It's not a bad view but you can't see all of the islands from how about of you. From the helix the helix bridge the bridge. That's spiral in the form of a human dna. I know what has four viewing platforms. You get a good view there. That's pretty low. But it's a cool bridget. It's you could see the bay and see the singapore river. You can see some of the. The the oldest part of singapore colonial architectures at the mouth of the river and the helix bridge is in that area. But yet but it's not high up. It's so if i was a tourist i would. I'd say that you should walk across the helix pitch. How 'bout nightlife is is clark key finance clark key. Zakhar got the area. Well i think a lot of tourists go there. I mean clark is good for just the setting on the river. But i wouldn't recommend eating on. Clark east i mean. I don't wanna walk along but i would say just more touristy some of the bars i wouldn't go there for nightlife people there's robertson key. There's the downtown a lot of the top of the marina bay sands you know. That's the three towers you might have seen. It looks like a like a surfboard on top. That's an iconic building. They have some nightlife clubs on top of their. There's a place called buxton hill. Which is sort of more cool in terms of nightlife and cool bars. Chinatown the edge of china tennyson..
Places I Remember with Lea Lane
"singapore" Discussed on Places I Remember with Lea Lane
"Amazing old shophouses but some have some secret elements like one has an old painted facade that is starting to show through. That is the oldest painted facade in singapore. One lequan you. The former prime minister lived in most people. Don't know that. I think other secrets are old. Rail lines single used allotted rail lines running all through it. And if you live there you'll see there aren't any now but you can find pieces of old track so secret. Singapore is a lot of quirky history in it's part of a series called by by yang laid publishing. There's a secret new york. There's a secret rome. there's a secret. He has at least a hundred titles. At sort of corky secrets that mostly appealed to locals and people that are long term residents because many for some tourists. They cares much about some of these offbeat but you know there's some old mansions to in singapore that a lot of people don't know about because because it's a tropical country the jungle swallows up things quite quickly and so there can be things hidden in plain sight. And you just don't now because of the foliage but if you know you re blogs read my book period knows around the internet like i do you know you can sorta crawl around through through into the bushwack in like. There's here's another secret. There's an old shinto shrine the ruins of shinto shrines in world war two. The japanese occupied singapore for a couple of years brutal occupation and then they started building things all over singapore including a shinto shrine and then when the japanese were run out in the british came back. Most of these things were destroyed but there are still remnants in the forest and i went in there once with a local guy who knew where it was. That was so interesting stone steps. Were still there the fox. Some ceremonial stone fought but all hidden in the jungle. Like you wouldn't know it unless you know unless you insider tip abound really interesting because i know many people don't think of singapore's having any of this kind of thing as you said a.
Places I Remember with Lea Lane
"singapore" Discussed on Places I Remember with Lea Lane
"Singapore is a tropical island in southeast asia off the southern tip of the malay peninsula home to about six million people. It's been a city a state and a nation and it became part of malaysia on september. Sixteen nineteen sixty. Three poor consists of some sixty small islets plus. The main island separated from the malaysian peninsula to the north. The southern limits run through singapore straight. Where an indonesian archipelago extent within ten miles of the main island. Because of singapore's ethnic diversity. English mandarin chinese malay and to meal are official languages. Our guest today is heidi sarno. An ex pat living in singapore and author of secrets singapore. Heidi specializes in travel. Business and human interest stories and she's explored around eighty countries and sailed aboard a hundred and twenty cruise ships and county. Welcome heidi thank you. You know you've been on so many cruises. Can you first tell us what's going on. In the far east especially in singapore in regards to cruising well much of asia southeast asia is still sort of under lockdowns of different different levels. But there's cruises to nowhere which. I sampled actually that six months ago. Royal caribbean for instance is doing nowhere cruises. And they're quite popular. I have to say you had to do all the testing and all but very popular. And they're still. They're still happening and i did what it was interesting. But more and more ships are coming through singapore's correct they are but cruising has not opened up low as it has in north america in europe in his not open to that extent. There are some lines that are still paused. Unfortunately in that part of the world right. I think the future after this situation will be that the far east will be growing tremendously in terms of cruising. So that's something to look forward to scherzer pretty covered. That was the trajectory was definitely going that way. So hopefully so you wrote secret singapore..
Cyber Security Weekly Podcast
"singapore" Discussed on Cyber Security Weekly Podcast
"Preventive and our fixed slightly later on the zero trust. But let me come back to when as a bridge in turn environment, the question is, do you know your terrain itself, well enough, all right, the digital terrain, the upset, the network connected the well enough to that in the bds movement in the fastest response time, you can contain the attacker. Limit the assets, limit the damage on if in the next exercise, evict them from the environment. I think that that requires a lot of understanding of your network where all your crown jewels are, well, et cetera. So Denny, you can architect the kind of defense and the response action to that. If not, you are literally applying when the attackers enjoy a lot of the time what happens in many of the victims they don't understand. They can't find where the victim what they don't deploy the altogether. They collect the whole system. They shut down the horses don't resulting in losses of services and things like that. So that's one point. Yeah. Go ahead. Yeah, that's what we saw with the shamoon incident, isn't it? They pull out all the devices of the network. Indeed. When the CEO asked the CIS or the CCO, if engineer, can you tell me what can I do? What can I do to a container? And you can see I also have no visibility or asset does not know where the attacker comes in does not know how many systems affected the worst deal if I shut down one two three system. I do not know downstream. Four 5 6, how many others did someone impact that? The division of the very clear, right? Let me know options. I will pay the rent somewhere in case of Colonial Pipeline case. It's not even a very sophisticated attack to be fair to start with. And because I have no visibility in my operating environment, I have no choice I have to take a very binary and brush decision making of shutdown everything, just in case. Yeah, that's usually sort of like a knee jerk reaction, isn't it? Indeed. So one way towards understanding reactions to an incident is that is, of course, our practicing, given assimilation of an incident. And at this point, I'd like to bring up the program for the exercise cyber star. So this is where the cybersecurity agency as Singapore hold and exercise with the 11 critical information infrastructure sectors to test and validate the operational plans in response to a complex cyberattack scenarios. So can you share with us what were some of the key takeaways? So plant only plants where they are constructed. So plants is only as good when they are put to practice and when they are exercising in this case, we use a ton of exercise or run two, and then you barely get your plan. The cytoskeleton is also something that we found. It's the traditional assurance when I think assurance means that things like audits and.
Cyber Security Weekly Podcast
"singapore" Discussed on Cyber Security Weekly Podcast
"In fact, the cybersecurity practitioners attention that the application or can be very positive. So these are some of the things that cybersecurity partitions are grappling with trying to make sense and trying to most importantly how to combine a street of levers be protectively worth detection levers or recovery response beavers, we actually mitigate some of these risks that we have seen today. Yeah, talking about the challenges that the cybersecurity profession is now grappling with in the critical infrastructure that I think at this point is quite relevant to bring up the fact that there's a recently competency framework, which is quite the operational technology, cybersecurity competency framework, which was announced at the Singapore international cyber week that does concluded about a week ago. So I think in combination with that as well as with other initiators, that was released by cybersecurity agency of Singapore, such as the code of conduct that I believe was released in 2018 in conjunction with the cybersecurity act of 2018. So these are some of the latest developments. And I thought that, you know, you just mentioned solar winds. But I thought that one incident that is highly relevant in Singapore is of course the same health incident that happened in 2018. When 1.5 million personnel records helped by the Singapore's larger health institution were breached. So looking at these latest initiatives and looking at the thing health incident, can you share with us how the incident and perhaps other incidents as well? The developments of all these initiatives by the cybersecurity agency of Singapore. Right. Thank you. Let me take a step back to set the context in the whole grand scheme of things and especially the in terms of the time horizon, especially in the cyber domain. Time horizon is actually very compressed by compress. I mean, what happened in 2018? The taxiing health, things like three years? Yes. I've gone by actually..
Cyber Security Weekly Podcast
"singapore" Discussed on Cyber Security Weekly Podcast
"The cybersecurity weekly podcast I'm Jane loyal podcasting from Singapore today. And today we are very fortunate to have limp chien chin, who is the head of critical infrastructure, protection at the cybersecurity agency of Singapore..
Bloomberg Radio New York
"singapore" Discussed on Bloomberg Radio New York
"And over in Singapore. It is 6:30 P.m. on Wall Street time Rashaan Salaam and I'm Brian Curtis, looking at markets here in the Asia Pacific will get several key markets opening up in about 90 minutes. Tokyo Seoul in Sydney Big big Down Day for the Nikkei yesterday Down 3.3%. Almost 1000 points and then overnight we had a powerful rally on Wall Street, where energy in particular stood out with the X L E up. 4.3% will see. Whether that carries through here into Asia. At the moment, let's take a look at some of the top stories were shot. Yes, Brian we've got a number of influential voices, saying that the Fed's policy outlook needs to account for more inflation risks the risks. One of them is billionaire investor Ray Dalio. Saying that the US is headed for a period of overheating and inflation that could threaten economic recovery. Even so, Daddy said that the Fed made struggle to tighten policy. You saw the reaction in the markets when the Fed just even into the tightening. I don't think they can tighten a lot without having a big negative effect. Dalia also said he's less concerned with the potential 3% inflation rate and is more worried about the arising prices of financial assets. Charger and people will have an opportunity to add to the inflation debate tomorrow afternoon as it appears before a congressional panel now. In prepared written remarks, Powell said inflation had picked up but should move back toward the U. S. Central bank's 2% target. Once supply imbalances resolve, China has summoned officials from its biggest banks to reiterate a ban on crypto. That's, according to a statement from the central bank. Those invited include I CBC, Agricultural Bank of China, China Construction Bank and Ali pay, PBOC said that Cryptocurrencies are disruptive and breed risks of criminal activities. In this case, it's not alone. Former Treasury secretary Steven Pollution said the crypto transactions should be transparent. I believe that many of those industries should be in the regulated world. They should follow the same PSA. The bank secrecy Act requirements know your customer requirements and they shouldn't be the equivalent of secret Swiss numbered bank accounts. So as long as we do a lot of work, and that was being done at the G seven and G 20 as well, I think the idea is to make sure we we crack down on financial terrorism so it can't be used for ransom. And other illicit activities. Bitcoin fell more than 10% in the past 24 hours, and at the moment Bitcoin against the US dollar. 31,760 Rish, four of HSBC's most senior bankers in the U. S, are leaving the investment bank Bloomberg's. Additionally, Bazak told us this is part of a revamp of the bank's business in the Americas. HSBC is really changing its footprint trying to focus on its most profitable areas and where it can be competitive in Asia in particular, for example, So how can they say their clients in the America to better serve the client is that that's really what a lot of this will be about. They will be hiring right. They're not trying to cut down the investment bank so much that they won't be adding talents. Indeed, social, telling us the bank paying to hire four managing directors in another 50 bankers over this year and next, well, another interesting day in markets where we saw big rebound on Wall Street, telling a very different story than what we saw in Asia yesterday. Let's get to Doug Prisoner with details. Hey, Brian, you were talking about crude oil from the CFTC Net Bullish bets on New York crew that would be W T, now at a three year high. In New York trading The active contract was up 2.8% We closed 73 66. It was the rally in oil that touched off a rally in many of the big energy names. We had the S and P 500 Energy index today higher by About 4.5%. And that led the broader market higher the S and P today with a gain of about 1.4%. Now we also had to move up in long term interest rates. And if you put the oil story together with what we were apparently seeing in the bond market It's very much about the reopening trade right? We heard from ST Louis Fed bank president Jim Bullard. He was saying the American economy is booming right now, and it's on a path to recover more than it lost during the pandemic. So is it going to be a big surprise, then to learn that long term interest rates moved up Not really. 10 Year Treasury gaining more than four basis points in yield. We were last quoted at 1 48. We also heard from Dallas Fed bank president Robert Kaplan. He's kind of suggested this before basically coming out today and saying that he is in favour of beginning the tapering process. Sooner rather than later. W T Crude oil right now in the electronic session is at 73 42 where the dollar is concerned. We were weak today and that gives us a stronger yen here at 1 10 30 Chicago Nikkei futures now 7 28,035 So we're, um, a little bit above where we were in the cash market in Japan yesterday, But Brian was talking about that huge selloff in the Tokyo session will have more on that. As we continue here on daybreak Asia I'm Doug prisoner at the Bloomberg Interactive Brokers Studio in New York was shot. All right. It's what Just going, Uh, 25 to the top of the as time to have a look at some of the world News headlines.
Hie Skool Lyfe
"singapore" Discussed on Hie Skool Lyfe
"So <Speech_Male> <Advertisement> <Silence> <Speech_Music_Male> <SpeakerChange> <Speech_Music_Female> <Speech_Female> <hes> <Music> how many hours <Speech_Male> of school do you <Silence> do start <Speech_Male> at <Speech_Male> Clog <Speech_Female> and a <Speech_Female> we go home. Matt's <Speech_Female> <SpeakerChange> three <Speech_Music_Female> of <Speech_Music_Female> us <Speech_Music_Female> <Speech_Female> <Speech_Female> three <Speech_Female> thirty <SpeakerChange> so <Speech_Female> <Speech_Male> <Speech_Male> <Silence> <Speech_Music_Male> <Silence> <Advertisement> <Speech_Music_Female> <Advertisement> <Speech_Male> <Advertisement> seven <SpeakerChange> <Silence> <Advertisement> of our <Speech_Male> <Advertisement> <Speech_Male> <Speech_Male> <Speech_Music_Male> our <Speech_Male> school <Silence> <Speech_Male> That's <Speech_Male> awesome. What's your favorite subject <Speech_Male> <SpeakerChange> in school. <Speech_Male> <Speech_Music_Male> Maybe <Speech_Female> <Speech_Music_Female> drafts <Speech_Music_Female> are they <Speech_Female> <Advertisement> are <Silence> <Advertisement> they are. <Speech_Male> <Advertisement> <Speech_Male> <Advertisement> They are <Speech_Male> <Advertisement> relaxing <Speech_Male> <Advertisement> at <Speech_Male> <SpeakerChange> <Speech_Male> times. <Speech_Female> Not in china. <Speech_Female> The school <Speech_Female> <Speech_Music_Female> of the come <Speech_Female> chow. It's not <Speech_Male> <Speech_Female> Homework <Speech_Female> we <Speech_Male> <Speech_Female> We go <Speech_Female> <Advertisement> home at <Speech_Male> <Speech_Male> age. 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What's your favorite <Speech_Male> thing to do with your friends <Speech_Male> <SpeakerChange> and <Silence> you get together. <Speech_Female> <Speech_Female> Because i <Speech_Female> just been there for <Speech_Female> three weeks so <Speech_Female> sometimes <Speech_Female> we just <Speech_Male> played tag <Speech_Male> or <SpeakerChange> playing <Speech_Male> some <Speech_Male> deion at <Silence> the <Speech_Female> adr of <Speech_Female> the <SpeakerChange> dragon <Speech_Female> things in <Speech_Female> no. We just draw <Speech_Female> it by ourselves. <Speech_Female> I draw <Speech_Female> <Advertisement> a weapons. Things <Speech_Female> <Advertisement> <SpeakerChange> got <Speech_Female> <Advertisement> excited. <Silence> <Advertisement> <Speech_Music_Male> <Advertisement> <Music> <Advertisement> <Music> <Silence> <Advertisement> <SpeakerChange> <Silence> <Advertisement> <Speech_Music_Female> <Advertisement> <Silence> <Advertisement> <Music> <Advertisement> Armah <Music> <Speech_Music_Female> <Advertisement> <Speech_Female> <Advertisement> pack <Speech_Male> <Advertisement> we can't <Silence> <Advertisement> <Speech_Music_Female> <Advertisement> <Music> <Advertisement> <Music> <Advertisement> <Silence> <Advertisement> help <Music> <Advertisement> <Speech_Music_Male> <Advertisement> it <Silence> <Advertisement> <Speech_Male> <Advertisement> <Speech_Male> <Speech_Male> <Speech_Male> <SpeakerChange> really <Silence> good <Speech_Music_Female> <Speech_Music_Female> <Speech_Female> cost some hottest <Speech_Female> kind of <Silence> <Advertisement> boarding school <Speech_Female> <Advertisement> sometimes <Speech_Female> <Advertisement> because <Speech_Male> <Advertisement> we play <Silence> <Advertisement> offs. <SpeakerChange> <Speech_Male> <Silence> <Speech_Male> That's <Speech_Male> cool <Speech_Male> You should you <Speech_Male> should be an artist <Silence> for your career. <Speech_Male> <Speech_Male> You've got your <Speech_Male> really talented. <Speech_Male> That's <Speech_Male> both things you've shown <Speech_Male> me the dragon <Silence> and the <Speech_Male> <Speech_Male> the drawings. <SpeakerChange> That's <Speech_Male> really good. <Speech_Male> Thank you <Speech_Male> Eurocom <Speech_Music_Male> let's <Silence> see <Speech_Male> <Advertisement> <Speech_Male> <Advertisement> so what <Silence> <Advertisement> <SpeakerChange> <Speech_Female> <Advertisement> <Speech_Female> <Advertisement> tim pictures. <Speech_Female> <Advertisement> <Speech_Female> <Advertisement> I draw artists. <Speech_Female> art <Silence> class. <Speech_Male> Wants <Speech_Male> <SpeakerChange> me <Speech_Male> to show you <Speech_Male> yes. I'd <Speech_Male> love to see <Silence> <Advertisement> out problem. <Silence> <Advertisement> <Music> <Advertisement> <Silence> <Advertisement> <Silence> <Advertisement> <Music> <Advertisement> <Silence> <Advertisement> <Silence> <Advertisement> <SpeakerChange> <Music> <Advertisement> <Music> <Advertisement> <Silence> <Advertisement> <Silence> <Advertisement> <Silence> <Advertisement> <Silence> <Advertisement> <Music> <Advertisement> <Music> <Advertisement> <Music> <Advertisement> <Music> <Silence> <Silence> <Speech_Music_Male> <Speech_Music_Male> Wow <Speech_Male>
Hie Skool Lyfe
"singapore" Discussed on Hie Skool Lyfe
"Is hot. But not too wes. because shanghai's it's wet and kind of not Accomplishable sometime well. That's cool john. Just toss a little bit about yourself. Like how old you are what you like to do. What you're interested in. okay on a hollow. I will want on tarot and now twelve years old I'd like Making dragons stuff and interesting in dinosaurs greeting folks after movies and langrell of. I want to be a pretty by paleontologist. It's also a super cool. Have you seen the jurassic world movies. Yeah i recall So that's awesome by the way. Your english is really good. Tarot thank you. That's that's awesome own so You mentioned singapore's hawk right. So what's the weather like. There is a rain a law. Or is it mostly dry or it's ring Sometimes lie after school. And i ride. My buzzkill home is actually Have a store in. And i need to go up. Go back in storm like that. Oh wow that's cran. Like sports. Allott and davis play basketball in storm like this raining a lot on on just staring at him. But i don't want to play basketball in the rain. That's for sure. Yeah it's those last i saw. They slept they. want to. just pull the boeing. but it's just left and tripped. It's yet so what's your What was your favorite thing about coming to the land before time camp. favor thing it's just making Now have some kind of beautiful scope. Terse e. n. no problem it won't use even crimes turn gronk. That's what's that made out of clay dot like this. Yeah you're you're really good at making those. Oh that's super cool and this one. I kind of want to. Because i made ranting.
Hie Skool Lyfe
"singapore" Discussed on Hie Skool Lyfe
"Have a small time to drink co. love causse amum dumped lamis. He's is not healthy. So i don't get him out a lot but Drink it. i think it's good. Yeah cola good too much of it. Too much of it gives gives people big So you said you liked making dragons What are some of your favorite hobbies to do free time and yeah riding bicycle and swimming because in a turn and walk go downstairs and swimming. Those cool carter. My friend is on the swim team. He's a big swimmer or asked cool. Do do wanna do guys have like a swim team. Now maybe because i need to practice more cars. One of the few on a swimmer may be maybe not. I don't really know about this now. Because i dislike to me awhile awhile maybe some something. That bad happens so unprepared about. That's a good idea. Own quarter so fast moving. I'll be going like this in cargo Right bass me So you mentioned you like to ride a bike. What color is your bike now. It's red and whites. I don't have a big job or meziane. Let me see it will happen. I think that is kind of cool or do you go really fast on your bike yet. But sometimes because it's ads on the ground so his slip ring so i can go too fast. Yeah if a two loss our slips and we know just full atms go nowhere. Maybe yeah i don't have it on my phone. But i think i have it on my mother's.
Hie Skool Lyfe
"singapore" Discussed on Hie Skool Lyfe
"Is hot. But not too wes. because shanghai's it's wet and kind of not Accomplishable sometime well. That's cool john. Just toss a little bit about yourself. Like how old you are what you like to do. What you're interested in. okay on a hollow. I will want on tarot and now twelve years old I'd like Making dragons stuff and interesting in dinosaurs greeting folks after movies and langrell of. I want to be a pretty bad paleontologist. It's also a super cool. Have you seen the jurassic world movies. Yeah i bills are cool So that's awesome by the way. Your english is really good. Tarot fan came up. That's that's awesome own so You mentioned singapore's hough right. So what's the weather like. There is a rain a law. Or is it mostly dry or it's ring Sometimes lie after school. And i ride. My buzzkill home is actually Have a store in. And i need to go up. Go back in storm like that. Oh that's cran like sports. Allott and davis play basketball in storm like this raining a lot on on just staring at him. But i don't want to play basketball in the rain. That's for sure. Yeah it's those last i saw. They slept they. want to. just pull the boeing. but it's just left and tripped Yet so what's your What was your favorite thing about coming to the land before time camp. favor thing it's just making Now have some kind of beautiful scope. Terse e. n. no problem it won't use even crimes turn gronk. That's what's that made out of clay dot like this. Yeah you're you're really good at making those. Oh that's super cool and this one. I kind of want to. Because i made france.
Yah Lah BUT...
"singapore" Discussed on Yah Lah BUT...
"I'm all Monsieur just keeps talking about i. It was china. Renzo saying is all all about nesia and a lot is we don't look like Don't often malaysia. As much for various reasons and i'm sure one of them is if you're going to spend all that time travelling to k- already you were you quaveringly front to indonesia. Why don't you just focus on indonesian. Marcus is bigger. And you know Rising middle classes at tre. So i feel like there's a bill pinch de and obviously the iran all malaysians wanting to witnessing up all i think obviously the one is you can tell from the circuit breaker and everything. There's low militias who in singapore and Benefit from being able to travel to foster. And just i just culturally just having a trend and actually you know another form of travel out the country read. That could be an experience in itself is pretty awesome. I think about like the bullet. Trains in japan do do built to be like a to show the modernity of japan post war and everything and now. He's one of those things that you when you go japan. You just have to try it out at least once right you know the for some in this is just a pretty awesome experienced by itself and as you that you should eat while you are taking the training and things like that law. The builds its own like folklore and history. Right now is using. Shinkansen was almost like a rallying rallying after so there was the soviet postwar. It will just warriors projects to galvanize the nation in to put japan on the map. Because after shinkansen was first and then the the high speed rail started spreading to europe. and all that I i i believe so. I mean If if if by reputable sources of a netflix documentary are correct. La Basically it was around. I mean i it makes sense right there. One of the reasons. The japan like really I mean emerged from world war two as a superpower real quickly. Like we're talking about like twenty thirty years not right and yeah gooding. The bullet train and everything was a real testament to the engineering know-how and the ability to govern ice everyone to do something together. Which is something that you know Singaporeans we like to. We'd like to also boast the butler. Let we you know we can griddle teeth. Initially built something very quickly. If you really want to. How how response to covid so far has has appeared to wooller the high speed rail. I think we've been pretty awesome But i also wanted to just check view like Because you you have a lot of family and kale and everything and how how do you think they have been responding to high speed rail and lie driven insights to why why this might have fallen through. It happened so whenever i go to care which used to be a couple of times p pre covid i would always just try and be the brains about the political situation in malaysia. And why these happen. What happened and i would imagine voter. Ask them narrow they would say they probably had no faith in our ever happening in the going. Gonna shit like this. Leo ceo for yeah i didn't they will be the general sentiment and they would say it. Yeah exactly the most gone wins in. Would they will fuck up by the time you all just in this little bubble where y'all so small and his easiest run and your government okay. How competition they do shit shape. Malaysia holy from ballgame like earlier this february. When i when. I went off for reading before i left before a fucking salami. Nami of cova thing i did. I was your concern. Concerns covid delay. What fun is our political. Situation is shit. Everything's breaking down. Why will you give a shit of again. The hierarchy of priorities so covet was adept point not the highest and at this point honestly. I think the hitch as singapore. I don't know this coming. Our way as Singaporeans or at least singapore in the singapore malaysia dyes might more distraught at this than then. Because i mean the interesting thing that you said is like About how in the long run right is fucking garage because it's not just singapore and care on august. Seven stops along the way because they doesn't express train that is was planned to run every thirty minutes singapore malaysia. But then there was another And they will think ninety minutes. There was another train that also run half an hour and will make stops at each of these seven stations. I ended with eight hundred twenty minutes coming for so. He's not just beating up the journey from singapore to malaysia. But within these these major cities like sarim ban malacca which is pretty awesome because then it increases mobility within malaysia. But i mean. I'm just thinking i think it is. It might just be okay. Be probably maybe there's some politics may be some fucking haro some reason that we are not aware of where the weeden decided the duties and and fuck shit like that because it is my stunts and we all know matt. There still is very influential guy in meeting against matair maybe might do something do fuck up meetings or something because even Two months ago and was trying to derail meetings budget approval right there. So there's all shit. But then i think if if because malaysia rhino has a trillion trillion. Get a deficit. I think it might be one of those things. He realized you know like Let's see renting versus buying a house you know renting its elderly throwing away money money. That could be used against a mortgage to buy an asset but in the short term is easier whereas buying a house right or you need to fucking come up with this shit but it at one go so even makes long-term sense. Melissa may be the kids. Do it for them. Right now is really a huge fucking budget. Because i think it was planned to cost them about thirty five billion dollars. I think I could've any number of or how much is gonna costing for And he because people are xp money forty malaysia ship man and all but i think malaysia would-be bearing the brunt of the cost. Because the line is is more malaysia. And i've read reports that The line is not really sustainable. Only serving domestic travel neela for malaysia..