June 20: Celsius, 3AC, Babel: DeFi Looking More Like Bad TradFi - Transcripts

June 20, 2022

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from the media. This is the Decrypt Daily. My name is Matthew Diemer today on the show is defy looking like poorly run, very bad versions of traditional finance. Well, that's not for me to decide. But we have some news that's coming up today. Under the Crypt Daily. Mhm. A cast powers the world's best podcast. Here's the show that we recommend. Hey, we're the Sloppy Boys and let's say you're someone who wants to hear about cocktails. Yeah, like hey, what's in a tom Collins or hey, where'd the margarita come from? Or how the aperol spritz get so suddenly popular or like, hey, what kind of liquor isn't a whiskey sour anyway?

Well the answer to that last one is whiskey. But yeah, we talk about a different cocktail every friday and we even drink it. Two plus vulture just named the Sloppy Boys one of the top three comedy podcast of the year. Yeah. And we laugh a lot too. That's actually really funny. So listen to the Sloppy Boys podcast and you may just find great happiness beyond what you ever even dreamed? Check out the Sloppy Boys wherever you get your podcasts. Hey, cast helps creators launch, grow and monetize their podcast everywhere. A cast dot com. So have you ever searched for something online that you just don't want people to know that you're searching for 1st. Get your mind out the gutter, everything doesn't have to be porn, but maybe somebody's birthday present.

Maybe we're just searching for something online that you just were intellectually curious about a topic that might be taboo conspiracy theories, aliens, Messianic temples, devil worship. Who knows. Well you know what these days. The excuse intellectual curiosity doesn't go too far if people are asking why are you searching for that? And that is why you need a VPN. I know. Wait I know you're probably thinking why don't you just use incognito mode? Let me tell you something. Incognito mode doesn't hydro activity. It doesn't matter what mode you use or how many times you clear your browser history. Your internet service provider can see every single website you visited. That's why even when I'm at home I never go online without using Express VPN.

It doesn't matter who your internet service provider is. Your I. S. P. In the United States can legally sell your information to add companies. Express VPN is an app that reroute your internet connection through their secure servers so your I. S. P. Can't see the sites you visit. Express VPN also keeps all your information secure by encrypting 100% of your data with the most powerful encryption available. Most of the time. I don't even realize I have expressed VPN on it runs seamlessly in the background and it's so easy to use.

All you have to do is tap one button and boom you're protected. Express VPN is available on all your devices. I have it on my phone my computer. Even my apple Tv. So there's no excuse for not using it protect your online activity today with the VPN rated number one by business. Insider visit my exclusive link at Express VPN dot com slash decrypt and you'll get three extra months for free on a one year package. That is E X P R E S S Express VPN dot com slash decrypt Express VPN dot com slash decrypt to learn more. Good morning, how you doing? Welcome to the show today is monday june 20th 2022. Hope you guys had a great weekend. Obviously it was Father's Day yesterday, yesterday evening I got some steaks, got some beer, got some vegetables out of the garden right over to my brother's house. He lives around 35 40 minutes away and we cook some steaks and watch the Cleveland guardians game.

So it was great hanging out with him, my sister in law, my nephew pretty cool over the weekend, saturday we went down to Detroit for my girlfriend's sister's baby shower. So she's having a baby here in a couple of months And we did that. So there's quite a few people there. So I think it's probably 80 or 100 people. It was like more like a buffet sort of just kind of like all hang out sort of thing. But they did it really well. So we stayed in Detroit first time actually to Detroit and just let you know if you have an E. V. Or if you have a Tesla model. Y you can get to Detroit from Cleveland on about 80% charge. The interesting thing about Detroit is, there's no Tesla superchargers anywhere around Detroit, there's destination chargers, there is some kind of like other E. V.

Chargers, you see that everywhere, but there's no Tesla superchargers, the only one or the closest one that I could find was Toledo. And so even though you can make it there with a full charge, you're gonna have to go to Toledo top it up before you get into Detroit or else you're not gonna make it back into Ohio. So it's just, I don't know, it was kind of interesting considering, you know, ford and GM both are there and there's no Tesla superchargers in the city proper. I just think that's interesting. Oh yeah, by the way, yesterday was juneteenth as well, which a lot of people say why is this a holiday? And I'm just like why isn't it? I mean this is like one of the things that we should be celebrating as a nation and it should have been a holiday a long time ago. I just don't understand why some people just kind of wonder like why did we make this a new holiday? I think it should have been long, long, long time ago made into a holiday or recognized in some way, this is not only an accomplishment of the United States but of humanity itself to say that, hey, you know slavery, it's a bad thing, kinda been doing this for thousands of years and you know what I think it's bad and we should acknowledge that we all decided that it's bad. Anyway. Happy father's Day, happy juneteenth and everybody who has the day off today, happy day off now let's get into those crypto prices. Recording this at 8 15 eastern daylight savings time.

We have Bitcoin at $20,629 up 4.3% in 24. Still down 15% in seven. Everybody's on twitter going yay Bitcoin's up above 20,000 again. Who cares? I mean it already went down so much over the past couple of weeks and then you know we broke into the 18,000 area and I still think we probably have more of a downside. Um but everybody's really excited about $20,000 Bitcoin again. Which I don't know why I mean for me just call me when it hits 60 again and we're gonna be hitting another all time high. Other than that I'm just huddling keeping my head down doing the work and Reading the news. What about you anyway the theory was that number two at $1,140 up 7.8% in 24. Taylor's number three U. S. D.

C. Is number four and finances at 2 13 up 2% in 24. Running off the top 10. We have B. A. U. S. D. Card. Oh no ex RP Selena And does coin and Selena is on a tear. It's up 10% and 24 30% and seven and does coin is up 9% and seven only 4% in 24 total market cap. Red $911 billion.

Up 5% over the past 24 hours. A btc dominance of 43.3 and dominance of 15.2 and now it's time for coin of the day. Our quote of the day today is down maker not to be confused with Maker DAO. This is interesting. Ticker. D. AO right number 1 80 foreign coin market cap. Its current price is $1.33 up 2.7% and 20 for its current market cap is 94.3 million fully diluted market cap is 415 million. 23% of tao is in circulation. Its all time high was set a year ago at $8.75 is down 85%. Since then it's up 8% from an all time low which was set a day ago $1.22 you can buy. It adds coin gate dot io bit thumb swap.

So what is this down maker towel Maker Anyway. Down maker is a platform that aims to redefine venture capital for the masses. Redefining venture capital for the masses. And how are they gonna do this, Wow I'm gonna tell you by providing scalable technologies and funding support to tokenize startups. This venture capital fund was first conceptualized in 2017. It has since evolved to create low turnout frameworks which has enabled many retail investors and individuals to become active in venture capital when funding through down maker. The risks for both parties, the investors in the startups are significantly reduced how, how, how I want to know how because if you give startups money and they failed, your money is gone right. Anyway, that is down maker taker D AO rank number 1 84 on coin market cap. Moving into our headlines today, Celsius delivered an update on its situation stating that its objective continues to be stabilizing our liquidity and operations. But they say this process will take time. Celsius stated that it's maintaining an open dialogue with regulators and officials and it's seeking to find a resolution. However, the company said it's pausing its twitter spaces and Reddit A.

M. A. S. Or ask me anythings to focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community. I think some of your responsibilities to the community is to have an open dialogue not to suspend and just say, oh, we're navigating and focusing sounds more like you just don't want to talk about it because you have no clue what you're gonna do and you don't want real questions being asked Anyway, Celsius abruptly canceled their am a sessions last friday with Ceo Alex Moshinsky appearing in a short video on the company's Youtube channel with a message saying, hey, we're gonna try to find a resolution. We're gonna maintain an open dialogue. But this process will take time you ever watch those movies where like somebody just has a gambling problem and you know, they keep borrowing money and then they have to borrow money to pay off the other people who they have debt to because they have a problem and then they go back to somebody else and they borrow some money to pay off the other person they have a gambling problem with. And next thing, you know, they're in it for like millions of dollars because it kept on borrowing the money to pay off the bad best they had with the gambling problem. And so the whole movie is a bunch of people chasing after them saying we're gonna kill you and they're saying, hey, wait, wait, wait, I'll get you the money, but it's gonna take time. And we're like, what are you going to do this? They're like, wait, wait, wait. It's gonna take time.

Just wait, we'll get you the money. Um, No, I'm not saying there's a parallel here. I'm just saying, have you seen those movies if you thought the Wells were over with Celsius. No, no, no Babel Finance has become the latest crypto lending platform to suspend redemptions and withdraws. The firm stated that it was facing unusual liquidity pressures amid a broader crash in Cryptocurrency prices citing the lack of available assets readily on hand as the basis of his decision to prevent customers from moving their money out of their accounts. Babbles website said this recently, the crypto market has seen major fluctuations and some institutions in the industry have experienced conductive risk events. Huh? I mean they don't have money. Less than a month ago, Obama finance received evaluation of $2 billion $80 million 2011, the firm had outstanding loans totaling $3 billion $800 million $20 billion dollars in option products. By that point sam Beckman freed he has to weigh in on all of these different things. We're talking about Celsius and babble and three arrows capital, oh did we forget three arrows capital Anyway, he weighed on the current three year old capital crisis via twitter and the ceo of FDX said it couldn't have happened with an on chain protocol that was transparent as we all know, three arrows capital last week was rumored to be insolvent after allegedly failing to meet margin calls from several lenders including black fi and financial service company genesis. Researchers also claimed via Twitter that the company took out a $264 million a B and a $35 million dollar compound loan.

The transactions haven't been confirmed but several big lenders to three arrows capital including crypto exchange bit max have started liquidating their positions while portfolio companies are distancing themselves from the hedge fund. The F. T. X. Ceo tweeted regulations can help here jutsu and Kyle Davies, the founders and ceos of three arrows capital were accused of ghosting the public after their social media accounts were inactive for a couple of days. It was just called a few days. That's what it says here actually a few days juice. Ooh eventually broke his twitter silence on Wednesday admitting that the hedge fund was having problems but didn't elaborate. We're in the process of communicating with relevant parties and fully committing to work this out On Friday. Davies told the Wall Street Journal that three arrows capital has hired legal and financial advisors to help work out a solution for its investors and lenders. He mentioned several options including asset sales or bailouts by other firms. I want everybody to see that word bailout because isn't this the issue that we're trying to solve to begin with?

Isn't this why Bitcoin is created? Isn't why this why everybody was so pissed off at the financial traditional finance industry because of the practices of these mortgage loans. And then we saw the fall and going into a big recession, we saw people lose their wealth, their homes there livelihoods. Bitcoin comes out to be transparent, non inflationary sound money only to have it spur hyperbole of traditional finance. And then you see these companies operating just like traditional finance with fractional reserve banking and in loaning out money that they don't have all pegged to a speculative asset that has sown big volatility. You can like Bitcoin, you can like ethereum as much as you want but they are very volatile and so now we see the dominoes start to fall and now we're asking for bailouts because of irresponsibility and we should have predicted this in the future because this is why the whole like space exists in the first place. But not only are we seeing it play out kind of just like history repeating itself. We're seeing it play out in a faster fashion because of the volatility because of the newness of the space. And so it's just a hyperbole of traditional finance, prove me wrong. Matthew into crypto ceo tell me Why C and three arrows, capital and Babel or anything different and if they are different. Sure tell me how it's an improvement. Beware if you're on linkedin Cryptocurrency investment scammers on linkedin or a significant threat to user safety said FBI special agent Sean Reagan in an interview with CNBC Reagan said he believes that Lincoln has a problem when it comes to investor scams.

Reagan said this type of fraudulent activity is significant, there are many potential victims and there are many past and current victims and these cameras, they're not lazy. He says they are always thinking about different ways to victimize people victimize companies and they spend their time doing their homework defining their goals and their strategies and their tools and their tactics that they use linkedin is different than other social media platforms because you don't get a blue check. So you know you can verify an account on twitter and instagram, anybody can clone your account on linkedin. It doesn't have a verification process. Now we know verifications aren't foolproof but at least it's something maybe linkedin has to step up their game. So you're not making scam spoof accounts and finally what I want you to read today which I think is a really good I guess thought experiment and um let's say case study of making an N. F. T. S and incorporating FTS in brands how brands should approach MTs and web three with vain er N. F. T. And this is an article that breaks down or summarizes different conversations with key people at Banner in FT Gary Vaynerchuk obviously being one and avery Mcenany, the president of the county who I interviewed, I met also in real life and decrypt has spoken with many times and to discuss helping Budweiser Pepsi and other people explore the web Three space recommended link is in the show notes, Thank you for listening to this episode of the daily my name is Matthew Diemer.

Don't forget to go to Apple podcasts if you like the show like it. Five stars. Leave me a nice comment and tell everybody about it. If you don't like the show then you know what they say. You don't have anything nice to say, Don't say anything at all. Just leave that blank. Don't go there, but I'll be back tomorrow and until then. Good luck huddling everyone. A cast powers the world's best podcast. Here's the show that we recommend

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