June 22: BlockFi’s Credit, Elon & Twitter, Listener Questions - Transcripts

June 22, 2022

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Yes From the media. This is the decrypt daily. My name is Matthew Diemer. Tay on the show Black five, they get a line of credit twitter, are they actually gonna get acquired by Ellen and I answer some listener questions that's coming up today on the Decrypt daily. Mhm. A Cast powers the world's best podcast. Here's the show that

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Good morning. Everybody welcome to the show. Today is Wednesday, 22, 2022 I have a actually pretty big long show for you today. I think it's really hard to tell how long it's gonna be before I record it but I want to get straight into those crypto prices to make sure we stay on track. I'm recording this at 804 Eastern daylight savings time. Bitcoin is in at $20,540 down 2.2% in 24 or 2.4% and seven ethereum is at 1096. Down 4% in 24. Tyler's number three. U. S. D. C.

S. Number four and finances at 2 15 down 1.6% in 24. Running off the top 10. We have B. U. S. D. Card oh no X. R. P. Selena and does coin which is down on the day. But up on the week Total market cap is down 1.8%.

Sitting at $903 billion. We have a. BTC dominance of 43.3 and an f dominance of 14.7 and now it's time for coin of the day. Our coin of the day is gollum ticker G. Lm. Right number 1 59 coin market cap. Its price is 23 cents down 4.7%. In 24. Total market cap is 230 million fully diluted market cap is 230 million which means 100% of G. Lm is in circulation of its total supply of one billion. And by the way I just want to make a note. It's very interesting to only do the top 200 coin of the day's top 200 rank on coin market cap.

Because in this downturn it has changed so much. There was a point where I was getting to is like we're running out of coins to do for the day. I can't find what I didn't do. And now because of the ups and downs of the market the whole top 200 has basically changed. Okay not the whole top 200 But probably 40 or 50% of coins. And now new things are coming up which is totally interesting. So what is the all time high for G. Lm. Well it was four years ago january 8th 2018. The last bowl before this bull. But the last bowl it was $1.25. It's down 81%.

Since then it's up 2500% from its all time low six years ago in 2016 of 20160.87 cents. You can buy this on the finance bit coin base coo coin unit swap and there you have it. So what is this? G L M I know you're very curious. I am too. It's an oldie. I remember seeing it a lot when I was trading back in 2017, On April 28. It says 2016 the Garden project was announced. The network launched on Main Net on april 10th 2018. The album network is a decentralized computation network. A new way of distributing redundant computing power to those who are in need of it on demand. It creates a peer to peer network where users can join on an equal basis to buy and sell computation, splitting up complicated tests in the smaller sub tests on the network in Garland.

There's no central authority and no user is more or less important than the other. That is very interesting. I wonder how it works as a use G. LM let me know Matthew and crypto Ceo. But that is our coin today. Moving into our show today. We have a lot of listener questions that has been piling up in my inbox and I want to address them today. So we're gonna start with listener questions before we get into headlines. The first question comes from Andy and he says, I'm sure you listen to the GM episode and GM is the podcast from the crypt, Another podcast from the crypt and they had stepping on the other day, the ceo of stepping and as you know, it was queen of the day. So, and he wants to talk about it and he says Stefan is gaining a lot of traction a few episodes. You ask, what's the deal? And it seemed like a Ponzi, she answered most of your questions on GM.

Also the project I think is pretty unique regarding his token nomics. There are two coins, G. S. T and G. M. T. There is an unlimited supply of G. S. T, which is used for daily activities, upgrading, repairing and so on, so forth. GMT is the governance token limited supply deflationary and that's where you make the money in the future. Also you noted that the money coming in is just from a few users true, but for now they're signing big companies. I think a six is already on board.

So that's where the game changes and it becomes less of a Ponzi. They will have events like marathons and so on and so forth. Dude, it's a dating and there's a component of gambling involved. Ben GST to mint and there's a chance you'll get expensive sneakers. I've lost £20 using this since april if nothing else, there's that keep up the good work Andy and first of all Andy I am super stoked that you lost £20 walking around earning tokens with this app. Congratulations. Keep up the good work, that's amazing. But for the token ah mix, this is literally the playbook of the industry. You have two tokens, this is nothing original. This is very much in line with like a standard playbook cotton copy. Um, one of my favorite Youtubers MK Bhd always says that never buy tech for future promises and I am a very good guess case study of that. I have a moderate performance.

I've been waiting for a track mode for my model y performance for ever since I bought it. They said it's coming, it's still not here pisces me off. I want track mode also my full self driving, I don't have full stuff driving on that car at all. There's, I mean, yes, it does, lane changes it navigates on autopilot but it's not driving on the streets. Could I sign up for the beta? Yes, but I don't want the monitoring, how I drive. I mean, first of all I like to drive like how I like to drive and I don't want somebody monitoring and me, it's not worth it for me. So just give me what I paid for. Long story short is I bought the car with future promises and now my expectations have not been met and I want my track mode at the very least and self driving will come sooner or later. But this is the same thing with the industry, it don't buy tokens because they're promising of all these, you know, partnerships with these different companies. I've worked at these startups. I've been in these startups, I've seen what these partnerships are.

These partnerships are a load of crap half of the time and they put their name on something with no real, I guess substance to it. No revenue, no partnership really. And nothing more than just saying, let's have an email exchange. Honestly, I'm waiting for the money and there in lies. The problem, like I said on the show, the only revenue stream they have is that new users are buying the token and they're burning the token. So if you're just using new users to come in and put money into it and then you're paying out users based off that money and then to get your other token to increase in value? You burn said token. It is literally the playbook that everybody's been running on for a long time. Little Ponzi ask, however, there's no sustainable revenue or no sustainable future. I also want to know what is their plan if you're using this? Are they selling your data? Are they?

I don't, I don't really know what they're trying to do here. So is a sex coming in here to partner with them? Great. But even so Tell me how a six is going to have a sustainable model for them. Are they going to fund all of the token payouts for everybody that's walking around. Probably not even if they were for a short term because of some kind of partnership, is it a sustainable future? They have their own business to run with their own private margins. They can't add that to their business unless it's just to buy Asics shoes and therefore they will acquire Steppin, it will become an A six product. So again, I am very curious how this works now. I'm not saying that this company will not work itself out. I'm not saying that in the future it won't be something special, a revenue generating great product that it can stand on its own or may even go on the stock market. However right now, their model is unsustainable and the only thing that's fueling this thing working is people buying into it, the token without any product that they're actually selling and it's all about weird token nomics with Ponzi esque, like trickle down sort of things and deflationary tokens and they're getting you stoked because of partnerships, let me know when the revenue comes in.

Next email comes from Jack. Jack says I was listening to your podcast today and I was really pleased to hear you bring up the NPR story in the Morning Edition about Bitcoin, I to listen to NPR Morning Edition and other news podcast and the story they put out about Bitcoin. Just seemed weird. It seemed like an attempt to drag crypto through the mud by being rather misleading. It felt like the conclusions that were coming to missed the mark, but I also could see how that story could have a negative effect on the image of crypto for someone who has a limited understanding of it. It was kind of a bummer to hear that kind of story on NPR today but I was really great hearing you talk about the story on your podcast and sharing your thoughts with all of us. I always appreciate your insights and always asking your listeners to email so I thought I'd reach out keep up the great work Jack Jack, thank you for writing in and and thank you for listening to the podcast yesterday. So again, the problem with this is that they're only touching the tip of the iceberg and they're focusing on Bitcoin for some rather strange reason if in fact our data is controlled by only a couple of internet service providers there is a huge implication or huge repercussions from this, not just Bitcoin and Bitcoin honestly is small to be perfectly honest, I don't know enough how the internet works or if the miners actually can see that data is being withheld from them and that's a big thing. I think I don't know if the T X. I. D. S.

Or the transactions on the Bitcoin network and things going from wall to wall it sooner or later if they're being this information is being added into a block can a minor or minors start seeing like hey we're not getting all the transactions and information and that actually could be, may be mitigated by the miners themselves by saying looks like there's a clog up here or somebody's manipulating the blocks. We're going to take a different approach. I think that could be possible but somebody have to understand the process of mining and Bitcoin and block creation a lot better than I do to comment on that. However, I do think it's disingenuous to say, hey our information is controlled by three companies. Oh, by the way that could affect Bitcoin, that's super weird. How about write a story that say what about freedom of speech data, commerce, all of that? Now, that's the real story. If we're worried about data going anywhere. Yes, maybe Bitcoin. But what about just communication? What about our freedom of speech rights? What about freedom of the press?

What about religion? What about all of these different things that these companies can manipulate by controlling the flow of data. NPR I think MR Mark on this and the actual gravity of the situation and that was kind of depressing. But thank you for listening Jack and thank you for writing next thing up is I get a lot of emails every day from different companies trying to pitch their products or their guests or whatever or pr companies and literally I think it's probably about 30 to 50 a day, some days I get even more than that and I love it, thank you If I change the model of the show, I would definitely be reaching out to a lot of people to talk to a lot of these different companies and projects in the space or these thinkers or whoever. But sometimes I get things that make me understand that there is a problem with preying on the situation and this is one of them that really upset me yesterday and I wanted to make sure that I pointed out to you, it said the email said hi Matthew Diemer looks like we're in a recession again. But this time it's different price hikes of this magnitude have been seen for generations but recession or no recession, there's always a way to improve things bag a lottery win with us. You don't even need to buy a ticket to be in with a chance of winning a lifetime changing jackpot. Good luck from all of us at crypto millions. Lotto. What a predatory email. Don't click on this, don't give them money. Don't give them your information.

Who does this, Who owns crypto millions. Lotto, if anybody knows, let me know Matthew in a crypt dot c o. Maybe I'll d Y O R and try to get to the bottom of it. But as right now it looks pretty predatory. The wording is just trying to prey on people's fears prey on real situations where people are having less and less disposable income or having harder and harder times to make ends meet, wow wow, who are these people if you know, let me know Matthew and decrypt ASIO. And the final email that I got was from Grant and Grant talked about toca nomics and Grant wrote an email that says, Hey Matthew, I started listening to around 2021. I have enjoyed every episode. The only problem I have and I know this isn't your fault is that even though I want to listen to your show every morning when I start work, I'm always behind a day behind why because I'm in England and well time zones, yep. Anyway, Sutherland a. F. C. Is a team I follow and long story short minority shareholders reported selling his shares around 30% to a crypto group claiming to be a dow.

This hasn't been met with much enthusiasm from fans including me with most asking where the money is coming from to buy those shares. Even with the current crypto situation set aside, I think it's a bad idea from you. Talking about how unfair dial voting systems might be and yes of how one person could control or had all the power to the fact that I believe running a football club like that removes some of the passion out of the decisions made and here's some links for this dow as you can see, it doesn't shine the best light on the crypto and I'm wondering your thoughts on the subject, I don't want the club to be turned into a guinea pig? And I hope this doesn't go through Grant. Oh, and by the way, Grant says, I sound like William Shatner when I say coin of the day from another Trekkie, I'm gonna say thank you. Anyway, here's my whole thing on Dow's and tao is only as good as its bylaws, its rules or its constitution. One only has to look at who writes the rules of voting and then realized that they mostly write them not in the best interests of the dow, but in the best interests of the product or themselves. Dousing the idea of doubts have been around long enough to have ironed out the details of voting. In fairness. Also voting has been around for a very long time. There's no reason that a well thought out system of democracy hasn't been implemented for a dow. The fact is that while the idea of Tao's democracy, decentralization, immutable, transparent and accessible is a great idea of the flaw is in the humans, the thought experiment, everybody should do when they see a dow is can I think of a better system who has the power in this system?

Do we need a dow? Who wrote the rules and what are its economics and there's probably some more in there. So my whole thing with dowels is it's very flashy democracies and we have systems of democracies, will this make the democracy better? But the rules and bylaws and the way they operate often are written in a way that only favors the creator or the largest Hodler's the people with the money, the people with the tokens. And where did this tao come from? I don't know. How are they buying it, where the money comes from, it's probably pulled who controls what? Not too sure. Again it's all about the rules. So I bet if you deep dive into this you're gonna see that this is stacked in favor of the creator of the dow or the largest token holders and yes is probably not gonna be good for the football team in general. Moving into some headlines, Hong Kong authorities are prosecuting a former senior manager at Crypto Exchange will be accusing them of illicitly making $5 million dollars by secretly trading against the company. The case revolves around trade allegedly executed in february and March of 2020 by Chen bao liang a former senior manager in hobbies, institutional clients department channels a resident may of 2020 and charged with accessing internal systems with criminal or dishonest intent.

A civil lawsuit by Hobie alleges that chun set up an account in his father's name using the authority to approve $20 million credit line from the trading platform. The illicit scheme reportedly didn't stop there as chun then traded against the corporate account he controlled making a profit of about $5 million in the form of U. S. D. T. Twitter's board according to an sec filing today is unanimously asking short holders an upcoming special meeting to approve llamas bid of $44 billion Twitter. If completed. The bio could become a major milestone in crypto because musk wants to add payment services to twitter and it could be possibly does coin on the all in podcast at the summit. Musk has said hey we need something like Wechat. If you guys don't know Wechat it's an app in china that does everything and you have to use it in china to understand the amazing um total I guess package that this app is and how it integrates in everything in society which is kind of dystopian but also very very convenient. Anyway he's saying could twitter be that crypto lender. Black Fire has secured a $250 million line of credit from crypto exchange FT.

X. Said Ceo Zac Prince today at Black Fight signed a term sheet with F. T. X. Official to secure $250 million revolving credit facility providing us with access to capital that further bolsters our balance sheet and platform strength. Prince said the proceeds from the F. T. X. Loan are contractually supporting it to all client balances meaning that Black Fi will satisfy its obligations to client accounts. Black interest accounts. Black Fire personal yield and loan collateral before paying back F. T.

X. So that means black five products and services will continue to operate normally and finally Cryptocurrency Exchange F. T. X withdrew from talks to sponsor a jersey patch or a patch on the jerseys of a major league baseball team, the Los Angeles Angels. I can't find how much the deal was worth, but obviously the industry is tightening its belts and I think everybody for listening to this episode of the Decrypt Daily. My name is Matthew Diemer again. Apple podcast like subscribe share, leave us a comment and until tomorrow. Good luck coddling everyone.

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