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BREAKDOWN: How Coronavirus Is Accelerating the End of Globalism, Feat. Peter Zeihan

“Some countries just aren’t going to emerge from the Coronavirus.”Peter Zeihan is one of the world’s foremost geopolitical experts. In his new book “Disunited Nations: The Scramble for Power in an Ungoverned World,” Zeihan argues that we’re at the end of the largest expansionary period in human history. As America withdraws from global leadership, a totally new (and for most parts of the world, more painful) ‘normal’ will emerge. On this episode of The Breakdown, Zeihan joins @NLW to discuss why the Coronavirus crisis is rapidly accelerating the end of the era of globalization. How the American-led global order used the dollar as the tool to keep the world together Why geopolitics and demography are coinciding to end the era of globalization Why Covid-19 will spark a massive return of American manufacturing Why, when it comes to the dollar’s status as the world’s reserve currency “Never before has the “exorbitant privilege” of being the world’s reserve currency felt more exorbitant or more like a privilege. Why the crisis could spell the end for the Euro Why China isn’t nearly as well positioned in the post globalization era as many assume Why the best positioned countries in the coming era are the US, Japan, Argentina, France and TurkeySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

49mins

1 Apr 2020

Rank #1

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BREAKDOWN: What Happens When Currencies Fail? Feat. Preston Pysh

Massive and novel government intervention in markets is now a foregone conclusion, but what happens to bitcoin as the dust settles? Description Yesterday, the Federal Reserve announced more than a trillion dollars in liquidity injections into the market. In the coming weeks, many observers expect trillions of more in stimulus in a variety of exotic new intervention tactics. While this will (hopefully) stem the still emerging economic fallout from the pandemic, it creates its own new set of problems. In this episode of The Breakdown, @NLW is joined by “We Study Billionaires” host Preston Pysh to discuss:How bond markets will react to the wave of stimulus The challenge of global coordination for a new Bretton WoodsWhy in the wake of stimulus some governments might turn to bitcoin The three factors that lead to currency failure See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

1hr 7mins

13 Mar 2020

Rank #2

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BREAKDOWN: Kraken’s Dan Held on What’s Different About Bitcoin at $10K This Time

Bitcoin is on a 7 week upward trend. Having already smashed through its $9,000 Vegeta memes, it is now inching closer towards $10k. On this episode, @nlw is joined by Kraken’s Dan Held to discuss how bitcoin has changed in a number of ways since the last time we were at the $10,000 price level last year. They look at:Narrative - Speculation around bitcoin as a safe haven and the role of the halvening continue to shape the conversationInfrastructure - The tools for how people can interact with bitcoin - from lending to derivatives - have never been broader Audience - Institutions are no longer just around the corner but actively participating in the marketSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

25mins

7 Feb 2020

Rank #3

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BREAKDOWN: The Great Monetary Inflation... Paul Tudor Jones' Complete Case for Bitcoin

This episode is sponsored by ErisX, The Stellar Development Foundation and Grayscale Digital Large Cap Investment Fund.Last week, investing legend Paul Tudor Jones rocked the world of crypto and traditional markets with his full throated entrance into the bitcoin market via his latest letter to Tudor BVI investors. While the headlines (and the quick price bump on the back of FOMO buying) were great, the story is even more interesting than the soundbite. In this episode, NLW breaks down Paul Tudor Jones complete case for bitcoin, looking at: The context and previous attitudes towards bitcoin of both authors of the letterThe “Great Monetary Inflation” thesis driving a focus on stores of valueHow money supply growth compared to real economic output growth hasn’t been this out of sync since inflationary periods in the 1970s and 1980sThe “Inflation Race” - a list of 8 potential inflation hedgesThe four categories by which a store of value can be judged: purchasing power, trustworthiness, liquidity, portabilityA ranked look at bitcoin, gold, fiat, and financial assets in the context of those four categories.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

27mins

11 May 2020

Rank #4

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Announcing: The Road to Consensus! (link in shownotes)

Subscribe to Road to Consensus here: https://art19.com/shows/road-to-consensus-by-coindeskWe've launched a new podcast featuring interviews with leaders of the blockchain industry. If you like this first episode, please subscribe at the link above! And if you want more info about Consensus in New York on May 13, visit Consensus2019.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

30mins

11 Mar 2019

Rank #5

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BREAKDOWN: Travis Kling on Bitcoin as a Safe Haven Asset | January 8th, 2019

The conversation about whether bitcoin is a safe haven asset continues in the wake of Iranian missile strikes, which saw the price of BTC both surge and retrace in parallel with crude and gold. To help explain what’s going on, we feature comments from Ikigai Asset Management’s Travis Kling. Also in today’s episode, we look at newly published priorities from the SEC around crypto including investor suitability, trading practices, and compliance program effectiveness. We also discuss former Bakkt CEO and now Georgia Senator Kelly Loeffler’s appointment to the committee that oversees the CFTC. Is it a conflict of interest, something good for the crypto industry, or both? Topics discussed:Bitcoin as a safe haven asset as it follows crude and gold after Iran missile strikesRelated Story: Bitcoin Hits New 2020 High Above $8,400 After Iranian Missile AttackSEC publishes 2020 crypto priorities Related Story: Former Bakkt CEO to Help Oversee CFTC in CongressKelly Loefller appointed to committee overseeing CFTCRelated Story: SEC Examination Office Gets Specific About Crypto Priorities in 2020See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

16mins

8 Jan 2020

Rank #6

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LTB!: Coronavirus Impacts on Bitcoin (And the IRS's Dumb Singularity)

The best Sundays are for long reads and deep conversations. Earlier this week the Let's Talk Bitcoin! Show gathered to discuss Coronavirus and its potential impacts or disruptions to the decentralized world of bitcoin.Later, we hear from correspondent George Ettinger about the indications of a "Dumb Currency Singularity" taking place at the IRS right now (also presented in full text below).Listen/subscribe to the CoinDesk Podcast feed for unique perspectives and fresh daily insight with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.On today's podcast we discuss Coronavirus and:The bitcoin mining industry and the slowing rate of hash-rate increases in the run-up to the 2020 halvingSafe haven, uncorrelated and risk asset narratives as the price of bitcoin bounces defies expectationsThe potential for shifts in how society thinks about money in the wake of a highly transmissible global diseasePlus a brief primer on virus families (skip to 13 minutes for blockchain only content if you're already up to speed)Credits for LTB#429 - Coronavirus Impacts on Bitcoin (And the IRS's Dumb Singularity)This episode of Let's Talk Bitcoin! is sponsored by Purse.io and eToro.com.This episode featured Stephanie Murphy, Andreas M. Antonopoulos, George Ettinger and Adam B. LevineToday's episode was produced by Adam B. Levine, edited by Adam B. Levine with music provided by Jared Rubens and Adam B. LevineWould you like to Sponsor a future episode of the Let's Talk Bitcoin! show? Do you have any questions or comments? Email adam@ltbshow.comThe Dumb Singularity: Crypto Currencies and Game Currencies are Overdue for a CollisionSo. It has come to this.One of the biggest barriers to entry for a disruptive technology is the incompetence of the average consumer. On the other hand, simply preying on the illiteracy of consumers can be a boon for some truly terrible inventions. It is in the clash of these two ideologies that we have reached the Dumb Currency Singularity.Digital currency has been on course for the Dumb Singularity for well over a decade, and we finally passed the event horizon late last year. At the end of 2019, the IRS quietly published a set of virtual currency guidelines that broadly lumped together mainstream cryptocurrency such as Bitcoin and Ethereum with honest-to-god Fortnite V-Bucks and Roblox Money.I have just been informed that the legal term for Roblox currency is "Robux." That seems... fair.My point, however roundabout it may be, is that somebody in a position of some influence at the United States Internal Revenue Service saw their grandkid beg for a Roblox card in the Walgreens checkout line and thought, "MY GOD, THE BIT-COINS HAVE COME FOR THE CHILDREN." And then, when he put his horror to print, enough a phalanx of fellow IRS employees looked it over and thought "yes, that sounds right" that it was greenlit for public consumption. That advisement (to which the IRS claimed players of Fortnite and Roblox must report any purchases of "Bucks", whether "V"- or "Ro"-) stood monolithically for nearly three months before it was escorted off the stage just as quietly as it had arrived. In a fit of Streisanding, this change caught more attention than the addition had garnered to begin with, and the IRS gave a formal explanation. "The IRS recognizes that the language on our page potentially caused concern for some taxpayers," they said. "We have changed the language in order to lessen any confusion. Transacting in virtual currencies as part of a game that do not leave the game environment (virtual currencies that are not convertible) would not require a taxpayer to indicate this on their tax return."This is, surprisingly, rather huge. Huge in that they got this follow-up explanation relatively right, and huge in that they still persist in getting so-called "virtual currency" wrong. You see, the IRS has been caught flat-footed over and over with every passing year that crypto currency has spread. They were slow enough recognizing the growing importance of Bitcoin that it wasn't until 2013 that they designated a team to begin planning for how to handle the currency… and they still haven't figured out how to handle it. Yet, dating back even earlier than this, the IRS has ALSO been blindsided at every turn by non-crypto "gaming" digital currencies. Their official language conflating the two isn't just a red flag- it’s a canary in the coal mine.Game Currencies- for simplicity, hereafter referred to as, uh, "Game Currencies"- run a wide gamut but the majority is exactly what the IRS failed to recognize in Fortnite and Roblox: a non-convertible, non-transferrable currency that cannot reasonably leave the confines of its game. Your Fortnite V-Bucks and Apex Legends Coins and… [SIGH].. Ro-Bux… are just an interstitial medium between your real money and the gameplay. You do not trade these with other players, nor do you have the options to take these chips up to the casino counter and cash them back out: once your USD enters the game, it cannot leave it in any reasonable form. After the original point-of-sale a Game Currency is no different from Sonic's rings.So, for as correct as the IRS eventually got it, they've still been handling Game Currencies wrong, and it has informed the ways they still get Crypto wrong. Many game currencies ARE transferrable and ARE dangerously viable mediums for exchange and laundering, and they have been around longer than Bitcoin. It's absolutely no secret that World of Warcraft gold is player-transferrable: it's the entire reason "gold farming" remains a legitimate source of income for so many. Though less ubiquitous than Warcraft, the seminal Supply Chain Actuary Simulator EVE Online notoriously monetized its monthly subscription cards into a consumable ingame item. For those unfamiliar, this means that when you buy a month of game time, it isn't simply added to your account: it becomes an item in your game inventory that can either be USED to extend your subscription, or TRADED with other players as a dollar-pegged commodity. Now, the truly fantastical economic tales of money laundering, actual virtual space piracy, and actual-million-actual-dollar banking deals in Eve Online can and HAS filled several books, so I will not go into detail here.The point is, simply, that player-exchangeable cash-value items have been a massive grey market for years and continued to slip under the IRS's nose. They didn't bat an eye at the horrifying headlines of Diablo 3's aborted real-cash auction house fiasco, yet now in 2020 they're fumbling to grasp onto its legacy. That fumbling is part-and-parcel with their fumbling of Bitcoin, and the timeline tells a story. A recent Government Accountability Office review of IRS virtual currency policies painted a somewhat scathing picture of a bureaucracy that was slow to notice and even slower to adapt. The IRS initiative in 2013 was a kneejerk response to the first truly landmark year of Bitcoin cash trading, where dollar parity was suddenly blown aside by hundred dollar parity. The impetus is obvious: disruptive changes to currency don't matter to the IRS until they see it on the "Wacky Stories" segment of their local station news. The financial establishments that stood to gain from digital currencies were quick on the uptake, but the groups tasked with oversight were responding to changing conditions and new developments with the grace of a grandparent still giftwrapping cabbage patch dolls for the kids' 35th birthdays. The GAO points out that, across three years, the IRS was trying to garner clues from the 900 people that had self-reported Bitcoin capital gains. That's right- from 2013 to 2015, nearly a thousand god-fearing Americans had the saintly humility to self-report their Bitcoin earnings to the feds, and it took three years of analysis for those feds to deduce that there might be more out there going unreported. Kudos, by the way, to those 900 honorable people who attempted to watch out for the watchmen while the watchmen weren't even watching.In these years since, the spectrum of cryptocurrencies has exploded and the applications of game currencies has become strangely homogenized. Convertible game currencies like Warcraft gold persist, but they are the exception rather than the rule. Publishers have found that stifling a cross-player economy gives them a better control over the experience and far less accountability for what is done with that money. Fortnite follows this modern standard; real currency is an aggressively-optimized one-way flow from player to publisher, with no convertible gains to tax. The IRS has long since missed the boat on game currencies.Why, then, did they so recently and so awkwardly collide with cryptocurrencies in the revenue service's jumbled mind? This, my friend, is the beginning of the Dumb Singularity: desperation and technological-illiteracy have finally boiled over, and the bureau is trying to play catch-up on the years that have passed it by. They may have smoothed over the initial blunder, but this is indicative of their intent to move forward with a more active hand, and the broad use the phrase "virtual currency" means that more blunders lie ahead. The GAO excoriated them for their slowness, vagueness, and all-around wishy-washiness in these regards, but to some extent it was not the IRS's fault. The organization has struggled under budget cuts and a dangerous lack of new blood, and yes, you may read that as younger-and-more-savvy blood. It was that same old blood that struggled to make any headway with their internal Virtual Currency Issues Team in 2013 and still wasn't seriously analyzing self-reported data from major crypto exchanges even into 2016. Some gentle flame finally reached their backsides sometime after, because by 2018 they were beginning to proactively reach out to users with obvious crypto gains and attempting to secure accurate reporting.Now, with the end of tax year 2019 upon us, they are finally facing the ontological conundrum at the center of the Dumb Singularity: What is the Enforceable Definition of "Virtual Currency?" What will distinguish between play money and dangerous money? While they dragged their feet comprehending the question, the answers have gotten only more muddled as technology blazed trails forward with no policy guidance. This year, game currencies are completely surpassing retail purchases as the primary source of publisher revenue and most of them aren't convertible or taxable; most, but not all. The IRS's complacency left it with a massive ecosystem to sift through and a lack of reliable, literate talent to do it. If their random grab at the most obvious game currencies they could think of was any indication, there will be more broad and clumsy strokes before there are any real answers. The IRS has the unenviable task of writing a perfect definition in a language it can't seem to speak, all because they never got around the asking the question that I accidentally stumbled on twenty years ago. When my 13-year-old self spent 10 bucks on eBay for a wealth of obviously-hacked Phantasy Star Online loot, I wondered: what laws can actually apply to the man who Game-Genies' his paychecks?See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

53mins

1 Mar 2020

Rank #7

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BREAKDOWN: The History of the Dollar System From Bretton Woods to QE Infinity, Feat. Luke Gromen

QE infinity. Corporate bailouts. Nudgin UBI. The incredible economic phenomena going on now didn’t happen out of the blue. They are the byproducts of a key events spread across the 70 year history of the US dollar led global monetary system. Luke Gromen is the founder of Forest From The Trees, a macro/thematic research firm. In this episode, Luke provides a TL;DR on those key events that got us to where we are today, including: Bretton Woods and why the world went on a USD-based system rather than Keynes idea for a non-sovereign ‘bancor’ world reserve currencyThe move to the Petrodollar in the 1970sThe financialization of commodities that started in the 1980sThe monetary policy vacuum after the Cold War endedHow a shift in executive compensation rules led to many of today’s problems with Wall StreetThe export of Treasury Bills as a business modelThe fallout of 2008 globally and domesticallyThe end of Treasury Bill buying in 2014Why the Fed is the only sugar daddy leftSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

1hr 16mins

22 Apr 2020

Rank #8

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BREAKDOWN: Mati Greenspan on the Technical and Macro Roots of Bitcoin’s Price Surge | January 14th, 2020

Bitcoin is up more than 8% in the last 24 hours. BSV, meanwhile, is up nearly a whopping 100%. The question is, of course, why? Is it some larger macro context? A pump-and-dump? Or just the crypto markets being as crazy as they are. The Breakdown invited guest Mati Greenspan, former e-Toro analyst and now founder of Quantum Economics to give his take. We also look at two stories around the growing crypto derivative markets: the launch of the CME’s options on bitcoin futures and CFTC Chair Heath Tarbert’s comments yesterday that regulated derivatives will bring legitimacy to the space. Finally, we look at a just-released Investor Alert from the SEC on IEOs. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

18mins

14 Jan 2020

Rank #9

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800k Bitcoin Miners Recently Shut Down

F2pool, believes that anywhere from 600k to 800k bitcoin miners have shut down since mid-November as the bitcoin network’s hashrate - and the cryptocurrency’s price - have declined.Ripple has released the latest version of its most popular product, xCurrent. Porn startup SpankChain raised $6 million in an initial coin offering in 2017.Ohio has officially become the first US state to accept bitcoin for taxes.Late Confirmation is a CoinDesk production. For more information, visit www.CoinDesk.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

7mins

26 Nov 2018

Rank #10

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BREAKDOWN: Davos, CBDCs, and the Rise of Bitcoin Art

That’s a wrap! The World Economic Forum is over, and the key ideas coming out of Davos for our industry are: 1) a continued ‘blockchain, not crypto’ narrative; 2) a believe in the inevitability of cashless futures (without much concern about the negative implications); and 3) the rise of CBDCs. On the CBDC front, the WEF put out a toolkit for governments that are considering their own currency; Japan announced a project to explore a digital currency as a counterweight to the influence a digital yuan might bring China; and a BIS study says 1 in 10 governments anticipate having a digital currency within 3 years. Finally, we close asking prolific bitcoiner and artist Brekkie von Bitcoin about the state of bitcoin art and why even the hardcore financially-minded folks in the space should care. Topics DiscussedThe WEF wraps up and it’s all ‘blockchain not crypto’ and cashless futureshttps://www.coindesk.com/notes-from-the-wef-cash-is-dead-long-live-digital-cash1 in 10 central banks planning CBDCs in the next 3 yearshttps://www.wsj.com/articles/central-banks-warm-to-issuing-digital-currencies-11579796156Japan floats idea of digital currency to counteract influence of Chinahttps://www.reuters.com/article/us-japan-economy-digital/japan-ruling-party-lawmakers-to-float-idea-of-issuing-digital-currency-idUSKBN1ZN0OUBrekkie’s Bitcoin Art Newsletterhttps://www.vonbitcoinart.com/newsletterSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

20mins

24 Jan 2020

Rank #11

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LTB!: Bailouts, Bitcoin, Disruption, Failures and Hope

On today's episode of Let's Talk Bitcoin we're discussing the coming bailout-everything regime in a topic that's both extremely timely but is also what originally forced many long-term bitcoin enthusiasts to learn about money and become interested in cryptocurrency originally. As much of the world on an almost uniform and bipartisan basis shuts down to slow the spread of COVID19 and prepares to bail out first financial markets and now basically everything that can't work on a fully remote basis, we're talking about crisis, bailouts, the limits of monetary policy and the real possibility that it's not a straw that breaks the back of our money but rather the whole world suddenly jumping on.This episode of Let's Talk Bitcoin is sponsored by eToro.comOn today's show we'll discuss:The growing bipartisan and global shutdown then bailout everything movementThe alternative to the bailout path we're onThe inability of even extraordinary monetary policy to resolve these issues and the markets growing cognitive dissonanceThe revival of the "system is breaking and when it does we'll need something new that doesn't share the same problems of being vulnerable to politically expedient over-reactions" narrative that, frankly, drove my initial interest in bitcoin in the first place.And more...See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

1hr 5mins

22 Mar 2020

Rank #12

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BREAKDOWN: State Power After Coronavirus, Feat. Peter McCormack

Peter McCormack is the host of What Bitcoin Did and the Defiance podcast. He recently returned from travel to a number of countries in South America including Venezuela and Colombia as well as the Turkey-Greece border. In this off-the-cuff and wide ranging conversation, Peter and @NLW discussBitcoiner politics and the bitcoin community’s reaction to the potential for increased state power in the wake of CoronavirusWhich types of state power growth we should be most concerned with How to push governments to retract power growth on the other side of crisis How travel around the world has informed Peter’s perspective on bitcoin and politicsWhy nuance is both disincentivized and sorely needed in times of crisis See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

1hr 14mins

20 Mar 2020

Rank #13

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'The Internet Was Illegal' and Other Early Stories With Zooko Wilcox

The best Sundays are for long reads and deep conversations. Earlier this week, the Let's Talk Bitcoin! show enlisted CoinDesk reporter Leigh Cuen and early cypherpunk Zooko Wilcox for a conversation on the history, challenges and long term development path of early, formative technologies. which we often hear modern blockchain movements compared against. From the pre-internet days, through the free/open source movement, linux's successes and challenges on the desktop, the peer-to-peer movement, cypherpunks, linux maximalism, fundamentalism as a concept as well as some brief excursions through some history and politics of the time... Later, we'll discuss how AI and lawyers have more in common than you'd think, and what kind of protections we may need as autonomous agents become ubiquitous. This episode of Let's Talk Bitcoin! is sponsored by Brave.com, eToro.com, and Purse.io   Original Photo by Museums Victoria on Unsplash. This episode featured CoinDesk Reporter Leigh Cuen and Zooko Wilcox. Music for todays episode was provided by Jared Rubens, and general fuzz, with editing by Jonas.  Have any questions or comments? Email adam@ltbshow.com  - And with luck we’ll be back next week with full host discussions. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

55mins

12 Jan 2020

Rank #14

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BREAKDOWN: Money Reimagined... Why the Dollar Has Never Been Stronger or More Set up to Fail

Two of CoinDesk’s most popular series, NLW’s The Breakdown podcast and the Money Reimagined newsletter by chief content officer Michael Casey, come together for a special podcast microseries in the run up to Consensus: Distributed, our first virtual big-tent event May 11-15. The Breakdown: Money Reimagined builds on themes Casey explores in his newsletter to tell the story of key arenas in the battle for the future of money -- from the incumbent dollar to the aspirational DCEP to the insurgent bitcoin -- in the context of a post-COVID19 world. The four-part podcast features over a dozen voices including Consensus: Distributed speakers Caitlin Long, Matthew Graham and more. New episodes air Fridays starting May 1 on the CoinDesk Podcast Network. Subscribe here.This episode is sponsored by ErisX, The Stellar Development Foundation and Grayscale Digital Large Cap Investment FundEven before COVID-19, 2020 was poised to be a big year in the battle for the future of money. 2019 had seen: Fed intervention in overnight lending markets; the launch of Facebook’s Libra; an acceleration of China’s central bank digital currency; growing acceptance of bitcoin as digital gold and more. When Coronavirus hit, however, it fundamentally altered the context in which this battle for the future of money would take place. In late January, China issued a lockdown for the city of Wuhan in Hubei Province. Over the next few weeks, that lockdown as extended to more than 200 million people. China-based blockchain investor Matthew Graham called living through it “the craziest thing I’d ever seen.” Yet despite such a chaotic blow to the economy of the supply chain capital of the world, US stock markets continued to mint new highs, with the Dow Jones Industrial Average reaching an all time high on February 12th and the S&P500 following suit exactly one week later. On Monday, February 24th the damn started to break. Caitlin Long, founder of the crypto bank Avanti and 22 year Wall Street veteran said that COVID-19 was “starting to overwhelm the ability of central banks to solve this…You can’t solve a pandemic with liquidity. It’s just not going to work.” That week would get messier still. By the end of the week, which completed a 10% drop from just 10 days earlier, crypto trader Scott Melker said “This is a historic drop. This is something we haven’t seen since World War II.”By the first week in March, the Fed sprang into action, calling an emergency weekend meeting to announce a 50 bps rate cut. Unfortunately, the market did the opposite of what the Fed might have hoped. Delphi Digital macro analyst Kevin Kelly put it this way: “What last week’s rate cut did was confirm to equity investors what they didn’t want to admit to themselves: that this was a real risk and something the Federal Reserve was watching as a real threat to economic activity.”As true fear crept in to markets, stage was now set for a torrent of action and intervention. In this first episode of Money Reimagined, we look at:Why US markets took so long to reactHow the stock market became a political utilityWhy, even before the crisis, “increasingly exotic forms of quantitative easing” were inevitableWhy the bailouts have some investors accusing our entire market of being cronyism rather than capitalism What unlimited money printing means for the US dollar. The key question explored in this episode is what happens to the US dollar next? On the one hand, monetary stimulus like the world has never seen suggests that at some point, we should anticipate an inflationary environment. On the other, the dollar has done nothing but grow stronger compared to other currencies. How can both of these things be true simultaneously. For that, we turn to insights from Matthew Graham, Caitlin Long, Scott Melker, Kevin Kelly, Ben Hunt, Luke Gromen, Travis Kling, Mark Yusko, Anthony Pompliano, Jared Dillian, Dave Portnoy, Michael Casey, Preston Pysh, Peter ZeihanMusic by DJ J-Scrilla "Faith In My Money (Money Printer Go Brrr)" from the new “Sound Money” album.Produced by NLW and Adam B. Levine. Edited, Scored and Announced by Adam B. Levine with production assistance from the rest of the team at CoinDesk.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

41mins

1 May 2020

Rank #15

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BREAKDOWN: Chainlink's Sergey Nazarov on What DeFi Can Learn From Early Exchange Hacks

The DeFi world continues to dissect the recent attacks on bZx. To most, the amount lost in the attacks is far less relevant than what the attacks suggest about how DeFi applications need to be designed. Within that, one key topic of conversation is the role of price oracles - the systems by which DeFi applications check the prices of assets that dictate what happens in a given smart contract. Since asset price manipulation was at the core of the recent attacks, this is a particularly pertinent area of inquiry. Yesterday, Chainlink announced that it would be helping bZx upgrade their systems taking advantage of Chainlink’s recently-launched “meta oracle.” On this episode of The Breakdown, Chainlink founder Sergey Nazarov discusses:The role of price oracles in DeFiHow price oracles were targeted in the recent attacksWhat the DeFi industry can learn from early crypto exchange hacksSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

34mins

19 Feb 2020

Rank #16

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RESEARCH: Miner Perspectives on Bitcoin Halving 2020, Part 1 of a New Podcast Series

In about 40 days, the world’s first and largest cryptocurrency by market capitalization, bitcoin, will undergo a pre-programmed block reward reduction known as the halving. Roughly every 4 years, bitcoin’s block subsidy rewards are cut by 50 percent in order to prevent currency inflation. Recurring halving events also ensure that total supply over time is capped at 21 million coins. It will take an estimated 64 halving events before the last bitcoin is mined. So far, there have only been two. To commemorate bitcoin’s third halving, CoinDesk Research is launching today a new weekly podcast series about the bitcoin mining industry. Each episode features discussions with leading experts in bitcoin mining hardware, operations and pool management on a variety of topics related to block subsidy reward reductions and their impact on the crypto markets. Hosted by CoinDesk Research Analyst Christine Kim, the first episode of the Bitcoin Halving 2020 podcast series is about the impact of bitcoin’s third halving on the concentration of miners in China. Discussing and debating this topic is Ethan Vera, head of finance at one of North America’s largest cryptocurrency mining pools Luxor Technologies. Also joining Kim and Vera on the show is Wolfie Zhao, a veteran member of the CoinDesk editorial team who specializes in news coverage on the Chinese bitcoin mining industry. For more information about the bitcoin halving, CoinDesk Research has recently published a 30-page explainer report on these events which features additional commentary from Vera and other mining industry experts. The report is free to download on the CoinDesk website. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

28mins

4 Apr 2020

Rank #17

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MICHAEL CASEY: Disruption, Money and a World of Change, Feat. Niall Ferguson

"...I think the right lesson to draw from all of this is that a global order needs to be based on a distributed operating system, not on a centralized architecture. And I think that applies not just in the realm of money but also across the board so that there is a greater capacity for local response than we currently have..."CoinDesk's Michael Casey speaks with author, historian and Hoover Institution senior fellow Niall Ferguson about our disrupted world, inevitable crisis and what it could mean for money. Album Art Photo by Christine Roy on UnsplashSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

39mins

28 Mar 2020

Rank #18

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The End of the ICO Era

The era of big ticket ICOs may be over, at least according to some cryptocurrency industry observers.-AND-The pioneer of the proof-of-stake consensus system wants to get into… hardware?-ALSO-Crypto payments firm Wyre has acquired a smart contract startup originally backed by investor Tim Draper. -DON’T MISS-CoinDesk’s Nikhilesh De joins host Marc Hochstein to discuss new developments in the EOS network that may be welcome news for developers.Recorded September 7, 2018 in New York, NY.Thanks to our sponsors!Said Business School, University of OxfordOxford Fintech ProgrammeOxford Blockchain Strategy ProgrammeLate Confirmation is a CoinDesk production made in collaboration with The Podglomerate.For more information, visit www.CoinDesk.comSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

11mins

7 Sep 2018

Rank #19

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BREAKDOWN: Art Haus Ethereum Meets Bitcoin Financialization

One of the most important (yet somehow quiet) narratives of 2019 has been the financialization of bitcoin and the emergence of a robust market for derivative products. That was reinforced today as Binance announced a significant investment in derivatives exchange FTX. How will key events coming up in 2020 like the bitcoin halving be impacted by the presence of derivatives? At the same time, not all crypto projects are trying to change money. Some, like the Saint Fame DAO, a fashion house-slash-human coordination experiment, are simply trying to do interesting things that people think are cool. Topics discussed:Binance invests in crypto derivatives exchange FTX https://www.coindesk.com/binance-invests-undisclosed-sum-in-crypto-derivatives-platform-ftxNew derivative products help miners hedge against volatility https://www.coindesk.com/gsr-partners-with-canaan-backed-startup-to-offer-crypto-miners-derivativesSaint Fame brings the DAO model and bonding curves to fashion. https://www.coindesk.com/meet-the-decentralized-fashion-house-bringing-overpriced-t-shirts-to-ethereumSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

14mins

20 Dec 2019

Rank #20