June 23: Voyager Hit, NPR Criticism, Crypto Hotline Bling - Transcripts

June 23, 2022

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Transcript

from the media. This is the decrypt daily. My name is Matthew Diemer today on the show. Voyager has exposure. Oops we have more NPR criticism. This one from a professional and crypto

hotline bling.

That's coming up

today on the crypt daily.

So have you ever searched for something online that you just don't want people to know that you're searching for first? Get your mind out the gutter. Everything

doesn't have to be porn

but maybe somebody's birthday present. Maybe you'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.

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to learn more.

Good morning

Everybody Welcome to the show. It's Thursday, 23, 2022. Let's get into those crypto prices time is 8 13 Eastern daylight savings time. And we have Bitcoin sitting at $20,680 up a% 24 down 2.2 and seven. The three rooms at $1,108 up 1.11%.

Tell There's # three U.

S. D. C. is number four and

B. And B. Is number

five at 2 25. up 4.6 Rounding off the Top 10.

We have B. U. S. D. Card. Oh no X. RP Selena and

does coin Total market cap is up one

0.1%

At 912.1 billion. We have a BTC dominance of 43.1 and an f dominance of 14.7. And now it's time for coin of the day according to day. Today is

something I'm surprised we haven't covered yet. Al gore and

ticker A L G 00 algo. It's right. Number 26 on coin market

Cap its price is 32.6 cents. It's

Up 1.2% in 24. Its current market cap is 2.5 billion. Its fully diluted market cap is 3.2 billion which means

69% is in circulation. So what is the all time

high for this algo? Well it was three years ago at

$3.28

cents. It's

Down 90% since then. Its all time low was two years ago. It's only 200%. Since then its all time ago was 10.2 cents. You can buy

algo on finance coin

base coin gate dot io hobby finance that us

bit thumb bit for next cracking. It's a top 30 coin. So you know you're gonna get it everywhere. Now the question is what does this

thing this coin this whatever this is. Dude what

is this? What is this?

Well algorithm is a self sustaining, decentralized

Blockchain based network that supports

a wide range of applications.

These systems

are secure, scalable and efficient. These are all critical properties for effective applications in the real world.

Al gore and will support computations that

require reliable performance guarantees to create new forms of

trust the algorithm. Main net became live on June of 2019 and was

Able to handle almost one million transactions per day

and that's al gore and

ticker A L G O

algo rank number

26 on coin market cap. Moving into today's

headlines. But first I'm gonna start with listener email because it

talks about an article we've been talking about all week. Jason writes in and says, hey Matthew, first of all, thanks for your podcast. I listen more or less every

day while I'm on my way to or from the gym or yoga. I'd like to say that always brightens my day, but I've invested

heavily in terror and Celsius. So I'll say

I appreciate the

information. So who am I?

I want to introduce

myself for context.

I'm a solutions architect for the juniper

networks professional service division onto the NPR article

I to with great

punctuation and grammar by the way, thank you very much for your

commerce. I too am frustrated by the NPR article

that you mentioned yesterday in reference today in the listener questions, comments section. However, I have a slightly deeper frustration in the article implies

a misunderstanding

of the capability of SPS which rings of the same technical misunderstandings that

have often played conversations around que os and

net neutrality

three key

points here which I can get into deeper if it would interest

you. The first implication that playing with individual crypto transactions is somehow

practicable

for SPS

is misleading at

best while possible without doing

so in some very broad format like blocking DNS responses for common RPC endpoints, thus completely

disconnecting typical users from black chains until they

work around it. Doing

so would be cost prohibitive and require some level of user

or browser participation in their own censorship example, generally

SPS don't run fire browse

Except to secure their own infrastructure. # two, such censorship is easily defeated with a VPN

that's a very good and obvious

point. Damn it. Okay, I should have just made that connection

and # three A

larger concern should be the amount of decentralized applications

running on the small set of public clouds which

all have more Blockchain expertise on their bench than I S

P s do

Jason. And

by the way, Jason, he put

out a call, he said my expertise in perspective

as outlined above. I have extensive

experience in building, designing and operating service provider networks. I am engaged in some fashion with the most significant service

providers in

the United States so if anybody would like Jason services email me, I will send you his information or Jason,

that's okay, I will send that information.

Um and by the way, if you want Jason to go deeper let me know. Matthew Aaron decrypt a ceo but

that's some good points.

Um

Dun dun dun, dun dun dun. That's like a dooming music sort of thing. Let me see if I can't find a clip to insert there. If not you just have my stupid voice. Anyway.

Voyager

Digital implements 60%. After revealing

it has

$661 million dollars in exposure to

Our Buddies three Arrows Capital. They announced today that it may issue

a notice of default to the

struggling crypto investment firm. Three arrows capital. If it fails to make loan repayments,

Its exposure to the three

Arrows capital is 15

250. Bitcoin or

$311 million dollars at current prices and $350 million dollars

in U. S. D. C.

The new york based firm claims it made an initial request for repayment of $25 million in U. S. D. C. By june 24th or 20

22 which is

tomorrow.

And a subsequent request of a repayment

of the entire amount owed in U. S. D. C. And Bitcoin by june 27th

which is in

three or four

days.

So Let me get this straight they went $25 million dollars tomorrow. And then the remaining

what

587 $88 million four days. That doesn't seem

reasonable but

I don't know anything about the terms of repayment or how this business really works but that seems like a lot of money in four days. Neither of these amounts have been

repaid and failure by €3 capital to repay Either requested amounts

by the specified dates will

constitute in the event of a default. Last week voyages occurred a revolving line of credit

from Alameda Research

including cash usd based

credit facility with

An aggregated principle of $200 million dollars

And a revolving credit line of 15,000 Bitcoin. So here's the thing

me and staking just you know stories because I like to tell you stories sometimes

I saw the tea leaves, you know with all of this, you know what they're

doing, fractional reserve banking and giving out loans and people are not using these loans to buy houses or assets they're going back into the crypto market. It's just

that's what they're doing. I mean okay don't quote me on that

but I'm saying they're staking Bitcoin to buy Bitcoin to stake Bitcoin to buy Bitcoin or cults or whatever and they're paying back their loans. Their it's it's all about you know working the market. I mean that's what I think. I mean what else they use doing with these kind of terms of the loan and the uh it's not like a 30 year mortgage. It's like six months loans or three my phones

anyway.

I got my money

out was getting it out of

black fire not getting that interest even though they got a line of

credit from Alameda research or F. T. X. Or some

might be freed or whoever it was.

Um Was it stupid? No it was the right decision. And we have to understand because a lot of people don't really put risk. Everybody talks about risk. Are you high risk? Are you

risk on a risk adverse?

But there's risk and there's stupidity, right?

And so if you're

doing something putting your money in black fi in

Celsius in Voyager in itself

is inherently risky. It is high risk. It's

not the bank, it's not bonds,

it's not stock, it's defi

it's these companies that are unregulated that came out of

nowhere for the most part and you're putting money in there to get

interest.

That is inherently risky and anybody who does that

should know you're taking a major risk with your money. However,

when this price

volatility number go down number go down big,

then your risk turns into not just high

risk but

is it really worth it?

According to analysis, legitimate use of

crypto is far outpacing

criminal usage.

just .15% of all transactions last year was

involved in criminal usage. However, between 2019 and 2020 there was a queen suckling of the total value

looted by ransomware Attackers

From 144 million to 728 million

dollars.

And that level is

holding steady

Through 2022.

Well because of this analysis has now launched a crypto

incident response program

to assist organizations that have been targeted by hackers and ransomware to recover

their funds,

targeted organizations

that have opted for coverage from the

unit will now gain

Access to a 24

seven hotline. And if you are wondering is crypto going

mainstream, There's a hotline now for hacks

and ransom wares

and fraud.

You tell me if it's going to mainstream

when there's a hotline

and now we're just waiting for Miss Cleo to come out with a hotline 1 800 predict crypto prices

right? Coin based announced today that it has plans to discontinue its advanced

trader focused coin based pro

service by the end of the year will be replaced by Advanced trade, a service that offers

comparable features but will live inside

the main coin based app in sight.

The

company however, has committed to honoring queen

based pros fee structure in the new advanced trade section

of Coinbase dot com. Advanced train is

already live for desktop users and Queen based plans to roll

out the mobile version in the coming weeks,

which makes sense

because finances had this the whole time. I

mean even back in the day when they first launched, it

was, it was, I don't know what they call it. I think it's just

like simple

or basic and then advanced basically advanced in the business that you have to have more of like a which I made a mistake of doing it. I didn't know that there was two different fee structures pissed me off because

I was living in the same app or the same desktop site where you can buy it just like a coin base just by now with a flat fee and some kind of fees and you don't really mess with it

or you can trade normally, which I messed up and I know that there's two different things and there's two different free

structures. I

remember when first people started using coin

based pro, it was like is this actually coin base which was always totally weird. We had transfer funds between

coin base and Queen Bass Pro. I

mean the transfer is free and you got two different prices

from the same company

but it was just such a fast

to do the whole moving money in and out and

then you can connect

Your bank to one

or the other or both. I'm actually really happy that they're doing this just as long as they keep the same fee structure. Coinbase pro is

always weird and it was always

kind of like sketchy because you're like,

am I on the right site? Is this really coin base?

But anyway, I think it's gonna be a good

move just as long as they keep that fee structure moving into N. F. T. News. N. F. T. News is definitely not my favorite sometimes when there's businesses or artists or people doing cool stuff.

That's great. But

you know, things like this

like actor Bill Murray

will launch an N. F. T. Project in july the N. F. T. Will

include artwork, stories of his life and career and access to events in discord communities which I'll tell you about it. I guess here's another one. Shopify adds an empty gated option for online retailers. Okay

and Ebay snaps

up N. F. T. Marketplace

known origin. That's your NFC News

today. Tether the world's largest stable coin issuers said it would introduce a token peg to the british pound next

month. The stable coin G. B.

P. T.

According to a company statement on Wednesday an

issue will be supported

by the ethereum Blockchain. Mhm The Fed is closely watching the crypto world but it isn't worried According

to statements from Fed chief Jerome Powell where he said in the senate committee meeting that the bank saw no macro economics

implications

from Bitcoin in the wider crypto market during its volatile price swings.

So that's great. Can we

get a spot Bitcoin E. T. F. Now

please. And finally been since dot us is no longer charging fees for buying or selling Bitcoin

with US dollars that includes eliminating fees for Bitcoin trades

for the top three stable coins. U. S.

D. T. U. S. D. C. And B. U. S. D.

So just to say

it again if you buy

Bitcoin with us dollars or US dollar backed

stable coins. You

are fee free

from

thank you for listening to this episode of The Daily. My name is Matthew Diemer. Don't forget to go to Apple podcast like subscribe share. Leave us a

comment. You can send me an email, Matthew Internet to crypto Ceo and I'll see you tomorrow until then.

Good luck huddling

everyone.

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