Exchange Invest Weekend Edition 2787: Crypto Extinction Level Event
Alien proof? Goldmans V Malaysia. Bicoastal money flight. A forgotten end to WW2. Big boats, big bucks, mega strong weaves.
Exchange Invest is a unique information resource combining the day’s stories in a newsletter for investors in exchanges/financial markets infrastructure.
Exchange Invest was founded by former exchange CEO and author of the first bestselling book of fintech (“Capital Market Revolution!” FT 1999) Patrick L Young. Monday through Friday our daily paid subscriber email discusses the business of bourses of all kinds across the world.
On this day in 2008, National Spot Exchange Limited (NSEL) commenced live trading and was the first commodity spot exchange of the country.
IN BIGWORLD
From Exchange Invest 2783 & 2784: Wednesday & Thursday, October 11th &12th:
The Florida flight is real…
In New York alone the financial centre has seen 158 financial firms depart since the end of 2019 removing a hefty trillion bucks (okay okay, precisely the stats say $993 billion if you must be pedantic) of assets to other parts, most notably the warm, less taxed and much less crime ridden entrepots of Florida…
Further to yesterday’s discussion of a trillion dollar ($993 billion) asset relocation from New York’s financial centre, predominantly to Florida, things aren’t much better way out west where — by a remarkable coincidence — another group of police defunding fruit loop Democrats run the local government. Thus California, home to notable financial centres in Los Angeles and San Francisco has also lost a cool trillion dollars in AUM… albeit the corporate emigres are often moving to Texas from the west coast…
IPO-VID LIVESTREAM
NEXT WEEK TUESDAY!
Season 21: Episode 01: IPO-VID Livestream 121
Guest: John Ensley
Tuesday, October 17th: 1800 UK, 1900 CET, 1400 EST
“John Ensley How To Bank On Yourself”
John Ensley, is leading a financial planning revolution to help you take back control of your money. After losing almost everything during the great recession, John became obsessed with finding safe, predictable ways to save and create wealth.
Watch the stream on:
NOW ONLINE!
Season 20: Episode 06: IPO-VID Livestream 120
Guest: Rod Blondin
Tuesday, October 10th: 1800 UK, 1900 CET, 1400 EST
“Commodities Markets- On the Road With Rod Blondin”
“The agricultural derivative market in South Africa grew from nothing to a world market trading futures and options contracts in grains in a space of 5 years. A system of warehouse receipts was developed for delivery on the market and traded volumes increased from a total of 3343 contracts in 1996 to 1 969 346 contracts in 2002.”
This week’s IPO-VID talks to the man who went on the road to make that growth happen…
Rod Gravelet-Blondin has a lifetime of experience in agricultural economics having been Agricultural Counselor at the South African Mission to the United Nations in Geneva, Switzerland responsible for South African agricultural representation at the GATT (now WTO.) and Agricultural Counselor at the South African Mission to the European Union in Brussels, Belgium responsible for agricultural relations between South Africa and the European Union.
Thereafter Rod made a magnificent career quantum leap, becoming the marketing and product guru of the South African Futures Exchange (SAFEX) in 1995 where his legendary road trips built a market across the vast geography of South Africa.
Watch the stream on:
IPO-VID LIVESTREAM PODCAST
In the 113th IPO-VID episode, Patrick Young engaged in an insightful conversation with the eminent RFD-TV Markets Anchor, a seasoned luminary in the capital markets realm, Scott Shellady.
Listen as Scott expounds on the pivotal role of financial media in shaping our complex and ever-changing economic landscape.
EI Website Spotify Google Podcasts Apple Podcast
EI WEEKLY PODCAST
London Has Myopia
In Chicago — The Love Has Gone
And In Sydney: The RBA Are They Twisting The ASX Knife
The Exchange Invest Weekly Podcast 215
VICTORY OR DEATH
20 years on from the first fintech bestseller “Capital Market Revolution!”… “Victory Or Death” is a must-read book for anyone interested in the intersection of Blockchain, Cryptocurrency and FinTech as part of the whole future of finance.
FINANCE BOOK OF THE WEEK
In response to reader’s queries, we have added a book of the week column to the EI weekend edition — You can sign up for EI Weekend for free at ExchangeInvest.com incidentally.
We’re choosing interesting books pertaining to exchanges and markets, investment et al..
This week’s book was written by acclaimed author, former Euromoney Editor, adjunct professor at Trinity College Dublin, and IPO-VID guest 114, Hamish McRae:
A bold and vital vision of our planet, The World in 2050 is an essential projection for anyone worried about what the future holds. For if we understand how our world is changing, we will be in a better position to secure our future in the decades to come.
Get the book here.
Suggestions welcome if you would like to nominate a book for us to cover!
Our next Book of the week will be unveiled Saturday in the EI Weekend Edition.
& don’t forget if you want all the news on the bourse business sent daily to your Inbox subscribe to Exchange Invest — via Exchange Invest.com — it’s only $349 per annum to join “The Exchange of Information.”
BITCARNAGE
This week in Bitcarnage has seen a lot of to and fro as the SBF case got underway. After a day and more picking jurors, things quickly got into stride and the accusations have been flowing fast and thick at SBF, who his defence seek to present as some kind of uber-nerd semi-larrakin kind of figure who just made a few normal kind of startup errors. As we recounted in Bitcarnage:
“Also, in a version of the Chewbacca defence, SBF wants to talk about his investment in Anthropic AI which we mentioned yesterday. In essence. SBF wants to say “look this has accumulated value and can pay creditors which ergo proves I didn’t steal anything.” It’s one of those nifty but stupid syllogisms which presumably Ivy League ‘frat prats’ still think are clever. In any case, the DOJ is against SBF even making the slightest attempt to Chewbacca the jury: Sam Bankman-Fried $500M Anthropic Stake Irrelevant To Case, Prosecutors Say (CoinTelegraph) / DOJ Wants To Block Sam Bankman-Fried From Bringing Up Anthropic AI Raise In Court (CoinDesk).
One element which strikes me as not merely curious but — to my non-legal mind — amounts to fraud is noted by Matt Levine via this The Verge article The FTX Jury Suffers Through A Code Review. It seems the “backstop fund” — a form of consumer insurance guarantee fund was calculated by a random number generator: “it took the daily trading volume on FTX, multiplied it by a random number, divided it by a billion, and added it to the existing number displayed on the site. It had nothing to do with the actual amount of money in the insurance fund.”
Who would like to step forward and argue that is a startup kinda thing that just happens?
Oh and then there are the planes, clearly again one of those ‘boys will be boys’ kind of startup errors… as the DOJ moves to have SBF’s interests forfeit their various private jets — ‘normal everyday startup stuff’ as his defence will be swift to add.
…This all logically leads to one of many stings in the tail. The body of evidence above contrasts starkly with last week’s frankly laughable concept that the FTX trial could be good for crypto. There is simply too much dirty washing in public right now to help crypto bounce meaningfully other than in the usual squeezes amongst the cult members. Trying to promote crypto to a financially strapped wider public isn’t going to work. Right now hoi polloi are focussed on surviving the inflation fiasco unleashed by the Carney cabal of Z grade central bankers. Anyway this may be the big publicity moment that sinks crypto V1.0. Or at least it’s another hole in the becalmed boat which will be washed away to Mum’s basement for a new round of innovation soon:
Crypto Goes On Trial Alongside SBF
Financial Times
It’s Not Just Sam Bankman-Fried On Trial — It’s The Entire £660bn Crypto Industry
iNews
If you enjoyed this excerpt you may be interested to know that you can read Bitcarnage every day in Exchange Invest.
Alternatively, if you want to follow Bitcarnage — the daily update on happenings in the world of crypto and digital assets, then you can find Bitcarnage as a standalone on Substack.
MACRO THOUGHTS
From the Middle East this week came a distributed tsunami which I think that may have dire consequences for crypto V1.0. It is potentially the trigger for the extinction level event I have long been wondering about.
The macro is GUBU ugly as an increasing number of headlines point to the terrorist Hamas movement having raised millions via Cryptocurrency for their genocide on Israelis.
Who wants to back crypto now?
The extinction level event for crypto V1.0.may finally be upon us.
OF INTEREST
As always, a review of interesting reading to provoke thoughts and consideration… Not sure we agree with much of it….but it’s thought-provoking!
The Forgotten End Of The Second World War
The Spectator
Cruising Back
ChatR
Have We Already Recorded Proof Of Alien Civilizations? There’s Only One Way To Know For Sure
Singularity Hub
Transgenic Silkworms Spin Spider Silk 6x Tougher Than Kevlar
Singularity Hub
Why Is Goldman Sachs Suing Malaysia Over 1MDB Scandal?
MSN
LAST WORD
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You can also check out the “Reflections From Young’s Pyramid”, it illustrates the relative value of exchanges around the world.
Or the “ICE Cost of Borrowing 2020–2022” An Interest Rate Comparison, which illustrates the end of the funny money era of QE and how interest rates have already had a major lurch up from their previous region of zero to, even negative, levels.
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The future continues in the water cooler of the bourse business…
- Patrick
