Podcasts about CTF

The Wealth Formula Podcast is one of the longest-running personal finance podcasts still standing. For more than a decade, I've shown up every single week to talk about investing, markets, and the forces shaping the economy. What's interesting is how much my own thinking has evolved over that time. Early on, I was more rigid. I was—and still am—a real estate guy. But back then, I didn't give much thought to ideas outside that lane. I was dogmatic, and I didn't always challenge my own beliefs. Time has a way of doing that for you. I've now lived through multiple market cycles. I've watched the stock market melt up to valuations that felt absurd—and then keep going. I've seen gold go from flat for a decade to parabolic over a year. I've seen interest rates sit near zero for a decade and then snap higher at the fastest pace in modern history. And I've learned, sometimes the hard way, that diversification is about survival and that every asset class has its day. One lesson I learned that I am thinking a lot about these days is: ignore major technological shifts at your own peril. Back in 2014, I first started hearing people talk seriously about Bitcoin. At the time, I dismissed it. I listened to the critics, was convinced it was a scam, and didn't take the time to truly understand it. That was a mistake—not because everyone should have bought Bitcoin, but because I ignored a structural change happening right in front of me. Bitcoin went from a cypherpunk expression of freedom to the largest ETF owned by BlackRock. Today, the dominant story is artificial intelligence. And whether you love stocks, hate stocks, prefer real estate, or focus exclusively on cash flow, you cannot afford to ignore AI. This isn't a fad. It's a general-purpose technology—on the scale of electricity, the internet, or the industrial revolution itself. That doesn't mean it's easy to invest in. It's hard to look at headline names trading at massive valuations and feel good about buying them today. But investing in AI isn't about chasing a single company. It's about understanding second- and third-order effects: energy demand, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of it. What experience has taught me is this: you don't need to be first to invest—but you do need to be early in understanding. If you wait until something feels obvious, most of the opportunity is already gone. This week's episode of the Wealth Formula Podcast is focused squarely on AI and blockchain—what's real, what's noise, and where the long-term implications may lie. Listen to this episode. You'll come away smarter. And years from now, you may look back and realize this was one of those moments where paying attention really mattered. Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com.  Welcome everybody. This is Buck Joffrey with the Wealth Formula Podcast. Coming to you from Montecito, California. Today we wanna start with a reminder. We are in a new year and we are already doing deals, uh, through the Wealth Formula Accredit Investor Club. You can go and sign up for that for free. Uh, wealth formula.com just hit investor club and you just get on there and, and you’ll get onboarded. And from there, all you gotta do is wait for deal flow and webinars coming to your inbox. And, um, you know, if nothing else, you learn something. So go check it out. Uh, go to. Wealth formula.com and sign up for Investor Club now onto today’s show. Uh, the, it is interesting. I don’t know if you are aware it’s a listener, but we are, wealth Formula is, uh, probably I would say one of the, certainly in the one of the top longest running personal finance podcasts still. Standing. Uh, I’ve been around, well, I think the first episode was on like 2014, so it was a long time, but in earnest, you know, at least for over a decade. And, you know, during that time, I’ve shown up every week, every single week. Don’t Ms. Weeks, but none, none. Isn’t that incredible? I’ve shown up, uh, talked about investing and talked about very way markets are working, forces, shaping the economy, all that kind of stuff. But you know, as you can imagine, as a. As a younger individual versus, um, my crusty self. Now, you know, a lot of my own thinking has evolved over that time, you know, back then. And I, you know, I think this appealed to some people, but, um, you know, I was really dogmatic. I’m a real estate guy, right? And I still am a real estate guy, but back then I wouldn’t give anything else the time of day to even think about, you know, and, and, uh, I, I, you know. I was dogmatic and didn’t always challenge my own belief systems. Um, I’m different now, right? I’ve softened And time is a way of, of changing all of that dogmatic stuff for you. You know, I’ve lived through multiple market cycles. I’ve watched, well, I’ve watched the stock market, which I, which I always maligned, you know, melt up to valuations. Uh, that felt absurd. And then keep going higher. I’ve seen gold, which was kind of ridiculous for the longest time. I watched it for like a decade, just pretty much flat, and then it goes parabolic. Over the last year, I’ve seen interest rates sit near zero for a decade and then snap higher. Uh, not even as time, just launch higher at the fastest space in modern history. And I’ve learned sometimes I guess, the hard way that diversification is about survival and that every class, every asset class has its day. Just like every dog has its day. And um, you know, one other lesson that I learned that I’m thinking a lot about these days is ignore major technological shifts at your own peril. So what am I talking about? Well. It’s kind of a, it is a technological shift, whether you think it about not, but Bitcoin. Okay. Back in 2014, I first started hearing people talk seriously about Bitcoin, and at that time I dismissed it. I was, uh, I was listening to critics beater Schiff that constantly called it a scam, said it was going to zero and so on. I didn’t, I didn’t take the time to truly understand it, to try to understand it the way I understand it now, that makes me a believer in Bitcoin. That, of course was a big mistake, not because, you know, everyone should have bought Bitcoin and, uh, back then, well, they, you know, would’ve been nice if they did, but because fundamentally I ignored something that was a structural change happening right in front of me. And since then, Bitcoin went from a cipher punk expression of freedom to the large CTF owned by BlackRock today. The dominant story is actually artificial intelligence. Now, whether you love stocks, hate stocks, prefer real estate focused exclusively on cab, whatever, you cannot afford to ignore ai. It’s not a fad. It’s a general purpose technology and a technology shift, and the scale of electricity. The internet bigger than the internet, bigger than the industrial revolution. Now, that doesn’t mean it’s easy to invest in. I mean, I’m gonna go invest in AI and make a bunch of money because I mean, what does that even mean? It’s hard to look at headline names, trading at massive valuations like Nvidia and all that right now, and saying, oh, I’m gonna go buy that. Who knows? That’s gonna work out. When I talk about investing in AI isn’t really just investing in stocks or any individual company or data centers or whatever. It’s about understanding. The second and third order effects, energy demand. You know, as I mentioned, data centers, productivity gains, labor displacement, capital flows, and how blockchain and decentralized systems intersect with all of that. It is very, very complicated. Um, but it’s really important to start to try to understand, you know, an experience that stop me is this. You don’t need to be the first to invest, but you do need to be early in understanding. If you wait until something feels obvious, usually the opportunity’s gone by then. And you know, the thing about AI is even if you think it’s obvious now. The reality is that most people haven’t really caught on. Maybe they played with chat GPT, but I don’t think they’re understanding what this whole, you know, this thing is gonna do to our world. Um, anyway, so that is what this week’s episode of Wealth Formula Podcast, uh, is about. It’s about AI and also, um, a little bit about, you know, bitcoin and blockchain and that kind of thing. Um, we’re gonna talk about what’s noise, uh, you know, where the long, what the long-term, uh, implications are all of this stuff. This is a show that, uh, I really enjoy doing really, really good stuff. Um, so make sure you listen in. We’ll have that interview for you right after these messages. Wealth Formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net. The strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own bank to invest in other cash flowing investments. Here’s the key. Even though you borrowed money at a simple interest rate, your insurance company keeps paying you compound interest. On that money, even though you’ve borrowed it, that result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show, everyone. Today. My guest on Wealth Formula podcast is Jim Thorne, chief Market strategist at Wellington. L is private wealth with more than 25 years of experience in capital markets. He’s previously served as chief capital market strategist, senior portfolio manager, chief economist, and CIO. Uh, equities at major investment firms and has also taught economics and finance at the university level. Uh, Jim is known for translating complex economic, political, and market dynamics into clear actionable insights to help investors and advisors navigate long-term capital decisions. Uh, Jim, welcome with the program. Thanks for having me Buck. Well, um, Tim, I, I, I, uh, had been following a little bit of, uh, what you discuss on, uh, on X and, um, one of the things that caught my eye is, you know, your, your narrative on, on ai, a lot of people are tend to be still sort of skeptical of AI and what’s going on, uh, with the markets. Um, uh, but at the same time, uh, there’s this. Sense. I think that ignoring AI altogether as an investor is, is, is downright potentially dangerous. So, uh, at the highest level, why is AI something people simply can’t dismiss? Well, we live in an, uh, uh, you know, many other people have coined this term, but we live, we’re living in an exponential age of, of technological innovation. And, you know, AI and I’ll just add into their, uh, blockchain is just the normal evolutionary process that, you know, for me started when I left graduate school and came into the business in the nineties where everybody had this high degree of skepticism of the computer and the, the, the phone, the, the. And the internet. And so, you know, what we do is we go through these cycles and there are periods of time where the stars align. And we have a period of time where we have what I would call an intense period of innovation where I would suggest to you that. People are skeptical. Skeptical, and yet at the same point in time, they very early on in the, in the, in the trade, call it a bubble when it’s not. And so I think it comes from the position of ignorance. One, I think two, fear, and then three. If you think about if you are an active manager, I in a 40 ACT fund, um, you know, and you’re sitting there with, uh, you know, mi. Uh, Nvidia at, you know, eight or 9% of your index. And that’s a big chunk that you’ve gotta put into your fund, uh, just to be market neutral. So there’s a lot of people that hate this rally. There’s a lot of people that are can, going to continue to hate this rally. But the thing I anchor my hat on are a couple of things. Look at if this is no different than the railroad. Canals, any major technological innovation, will it become a bubble? Yes. Just not now. So, so let’s follow up on that, because a lot of people think, or are talking about the, do you know the.com bubble, uh, comparisons, and you’ve argued that that sort of misses the real story. So, so where are we getting it wrong right now? Are those people getting it wrong? In the nineties buck, you’d walk into a bar and there wouldn’t be ESPN on there’d be CNBC on people were getting their jobs to become day traders. Folks didn’t go to the go to university because they were basically getting their white papers financed. You had companies that were trading off of clicks. So I lived that. Anybody who is of a younger generation has no idea what a bubble is, and it’s specious and pedantic for them to use that term when they have no clue about what they’re talking about. But you did mention that it could become a bubble. How do we know when it does become a bubble? Oh, it’ll become a bubble. Well, when, when, when you know, the, what, what I am looking for is, you know, when we, when the good investment opportunities start to dry up, when liquidity starts to dry up. So what I, it’s not about valuation, to me it’s about liquidity. So in 2000, what, and I’m roughly speaking, what went down was you had all these companies that were trading at Strat catastrophic valuation, this stupid valuations, and you walked in one day and they didn’t get financing. And if you read the prospectus or you followed the company, you knew that they were not going to be free cash flow positive for another two or three rounds of financing. All of a sudden you walked in and everybody goes, oh my God, this thing, you know, trading at 250 times sales. And everybody went, yeah, of course. And so what it was is, was when does liquidity dry up? So I’ll give you a date, um, you know, with Trump’s big beautiful bill act. 100% tax deductibility of CapEx and that goes until Jan 1, 20 31. So to me, that’s a very motivating factor for people to, um, invest. The last thing I would say to you in more of a game theoretic context book is, look, if you are a big tech company and you don’t invest in ai. You are ensuring your death. Yahoo, Hela Packard. I can go through the list of companies that cease to invest, so they’re looking. If it was you and I when we were running this company, I would say, dude, we gotta invest because if we don’t have a poll position in this next platform, whatever it is, we’re done. We’re toast. And I think that’s why you’re seeing all these hyperscalers spending as much money as they are. ’cause they get this, they saw it. So, you know, you framed ai not necessarily as a a tech trade, but as a capital expenditure cycle. Can you explain that to people? Well, what we need to do is we need to build out the infrastructure of ai. Then, and that’s the phase that we’re in right now. So it’s more like we’re building out all of the railroads, the railway tracks and the railway stations across the United States back in the 18 hundreds. And then we’re gonna go through that building phase. And then as that building phase goes, some companies, some towns, are going to basically realize and recognize what’s happening and start to basically take ai. Bring it into their business model, into enhanced margins. Right. So right now we’re building it out. I mean, you know, we all focus on the hyperscalers, but the majority of companies, pardon me, governments. Individuals, they haven’t used AI and, and what is interesting about this is back in the nineties, they were talking about how the internet had to evolve to be much more. You know, uh, have critical thinking in, in, in it. And it was more explained when you went to these conferences, as you know, you know, think about this. You’re hearing this in 99, okay? Not today. You go in and you ask Google or dog pile at the same time, or excite, okay? You would say, I wanna go to Florida in the third week of March and I wanna stay here and I wanna spend this amount of money and I wanna rent a car. Plan it for me. And they would come back and they would tell you that it would come back and it would, it would, everything would be there. And you would have your over here and all you would have to do is drop your money and you had your thing planned. So none of this is as, it’s aspirational, but we’ve heard it before. And in technology, what happens is it’s not like it’s new. We’ve been talking to, I did machine learning in in graduate school. Ai, you know, I did neural networks and I’m a terrible Ian. This isn’t, you know, Claude Shannon wrote about this in 1937, right? But it’s about when does it hit, and so it was chat GBT. Can we argue, was that right? As an investor, it’s stop arguing, start investing. Then what you’ve gotta figure out, which is the question you ask, is when does the music stop? I think it goes until the end of the decade. You know, one of the things that, uh, is interesting about this, uh, AI investment, uh, it’s, it’s unfolding in a higher interest rate environment. Why is that detail so important? Understanding its significance? Well, it’s the cost of capital, right? And so this phase that we have right now. It’s funny you say that, right? ’cause our reference point is zero interest rates, right? Yeah, yeah. Right. That’s right. So, you know, you know, so, so think about this, what it happens right now. Now we’re in the phase where you’ve got these hyperscalers that instead of taking all their free cash flow and buying bonds and buying back stock, are increasing CapEx because there’s a great tax deduction on it. So you get a lot of, so we’re in this phase where, for where, where a lot of the money is, you know, was. Was, let me, let me be clear, was a hundred free cashflow. Now we’re getting these guys, these companies like Oracle and what have you, you know, starting to issue debt and look at debt isn’t bad as long as the rate of return on debt is higher than the interest rates. And so, you know, you know, I, I would say historically speaking, for a lot of these high quality names, the interest rates are not, uh, at levels that will stop them from investing. Right. Right. You know, you’ve written that, um, productivity is ultimately the real story behind ai. So why does productivity matter more than the technology headlines themselves? Well, let me just put it this way, right? So we’ve grown, I grew up, I, I joined, I’m up here in Toronto, right? So I’m gonna give it to you in Canadian dollars, right? So I joined, I joined here. You know, I grew up here, went to the states, came back home. Growing this company I joined when we’re about three and a half billion. We’re getting close to 50 billion, and we’re the fastest growing independent platform in the country. I’m a one man band, right? I use three ai. In the old days, I’d have four research assistants. Where’s the margin in that? And so I, that’s how I see it. And let me be clear, it’s, you know, this isn’t we’re, it’s not perfect. But if I wanted to say, instead of you, but hey, write me a 2000 word essay on the counterfactual of what happened with railroads up until 1894 when the, when the bubble popped, give me a f, you know, a a thousand word essay and, and just a general overview. I can get that in less than five minutes. Michael Sailor is writing product on ai, which, which, which you would take, which you would take. He’s in his presentation, say it would take a hundred lawyers. So it’s gonna be more about those. And it’s, it’s no different than Internet of things or, you know, it was, uh, Kasparov that talked about this. Gary Kasparov talking about the melding of, of technology in humans. He would ran, run this chess tournament called freestyle. You could use a computer, you could use, you know, grand Masters. You could use whatever you wanted to compete. And who won? Well, who won it Was that those teams that were generalists that had a little bit of that, the knowledge of the computer and the knowledge of the test. Uh, o of chess, right? That’s what’s gonna happen. So this isn’t we’re, as far as I’m concerned, we’re not, yes, there’s going to be some d some jobs that are going to be replaced, but that is always the case in technology. I’m not a Luddite, okay? I am not Luddite. But the same point in time. I, I would suggest to you that it, it is just a really, for me, it’s a, helps me. Do research no different than when I was an undergrad and they went from cue cards in the, the library at the university to actually having a dummy terminal and I could ask questions in queue. You know, it stalked me from having to go to the basement of the library and going to microfiche. Right. Have helping that way. Now can it, can, will it do other things? I’m sure it is, and I’ll lead that to Elon Musk and the crew. You know, that’s above my pay grade. But for me, I see it as a very helpful way of, you know, allowing me to process and delineate. Much more information a a and not have me waste so much time trying to figure out what got went on in the past or, you know, QMF. Right. You know, summarize me the talk five, you know, academic papers in this area, what are they saying? And then they gimme the papers. Right. It just speeds the process up. Yeah. You know, um, one of the things that I’ve been sort of talking about and thinking about. Is that it’s hard to not see AI as a very, very strong deflationary force. Um, how do you think about that? Yeah. Technology is deflationary, right? Doubt about it. And so I look at it this way, Ray. Um, so I work at the financial services industry, okay. You know, Mr. Diamond of JP Morgan is talking about how they are starting to embrace blockchain and ai. They are going to cut out the back end of that in the, the margins in that, in that company by the end of the cycle are going to be fantastic. People just do not get in. You know, the financial services industry is built on a platform. Of the 1960s, dude. I mean, they’re still running Fortran, cobalt. So you know what I, how I look at this is much more as a margin type story, and there’s going to be a lot of displacement. But at the same point in time, I look at Tesla and automation and ai. And you know, people look at Tesla as a car company. I look at Tesla as an advanced manufacturing company. Elon Musk could basically go into any industry and disrupt it if it wanted to. Right. So that’s how I look at it. And so, you know, the hard part is going to be, you know. Nothing. If we get back to where we were, it’s not going to be perfect, right? Because here’s, here’s where the counter is, here’s where the counter is. Right? If you, if, if you think about, and we’re, I’m gonna take Trump outta the equation and ent outta the equation right now, but if we just went back to the way things were before COVID, we would have strong deflationary forces. Okay. Just with demographics, just with excessive levels of debt. Just with, you know, pushing on a string in terms of, in terms we couldn’t get the growth up, you know, and, you know, and the overregulation of financial institutions. Trump and descent are basically applying what’s called supply side economics, and they’re deregulating. It’s says law, which is John Batiste, that says basically supply creates his own demand and it’s non-inflationary. But really what they’re going to try to do is they’re going to try to run the economy hot and they’re gonna try to pull this way out of the debt. And if you do that and you deregulate the banks. And allow the banks to get back to where they were before the financial crisis. Okay. You know, and, and the Fed takes its interest rates down to neutral, expands the balance sheet. Then I don’t think we’re gonna go back to the zero bound in deflation. I think this thing’s gonna run hot for a long time. And I think it, the real question is, is, is is 2 75 in the United States the neutral rate? I think it is. Uh, but as, as, as Scott be says, and, and, and, and, and let’s be clear, buck, the guy’s a superstar. Okay. Guy is a legend. Just you sit there, just shut up and listen to him. Okay. They keep up, right? Well, so they’re gonna run it hot, but where we are is, in his words, mine, not mine. We’re still in this detox period, you know what I mean? We still got the Biden era. We still got, you know, a over a decade of excessive ca of Central Bank intermediation. That needs to get, you know, go away. So what I say, and what I’ve been writing about is 26 is going to be the year that the baton is passed back to the private sector. Let’s get rates down to 2 75. That’s, I mean, I’m going off the New York Fed model. That says real fed funds, the real, the real neutral rate is 75 to 78 basis points. I think inflation’s at two. That that gets you 2 75. Get the rates there and then get the balance sheet of the Fed to the level so that overnight lending isn’t loose or tight. It’s just normal. And then step back, go away and let Wall Street and the private sector create credit. Create economic growth and let’s get back to the business cycle. And if we do that, we’re gonna have non-inflationary growth. It’s gonna be strong, but we’re not going back to the zero bound and we’re gonna grow our way out of this. And so that’s where I get really excited about. This is a very unique time in history. A very, very, very unique time in history where, and I don’t know how long it’s going to last because of the compression that we have now because of the, you know, we live in such a digital world, but let’s say it’s five years demographic says it’s to 33, 32 to 33. That’s, you know, that’s how long this run is. And, and to me, uh, AI is a massive play. I, I, to me, blockchain is a massive play and to me it’s to those countries and companies that get it is, whereas investors, we wanna think, start thinking about investing. Yeah. You mentioned, um, non non-inflationary growth. Can you drill down on that a little bit just so people understand a little bit where. Usually you think of an economy running super hot, you, you think automatically there’s an, you know, an inflationary growth. So I want you to think in your mind into your list as think in your mind. Go back to economics 1 0 1 with the demand curve. In the supply curve, okay? And there are an equilibrium. And at that equilibrium we have a price at an equilibrium, and we have an output as an equilibrium. Okay? Now what I want you to do is I want you to keep the demand curves stagnant or, or, or anchored. Then I want you to shift the supply curve out. Prices go down, output goes out. We can talk all this esoteric stuff, you know, you know Ronald Reagan and, and Robert Mandel and supply side economics. But it’s really your shift in the supply curve out, and that’s what, and that’s what BeIN’s doing. I mean, this is a w would just sit down and be quiet. He’s talking about, you know, what is deregulation? He’s pushing the supply provider. Oh, hold on. My phone. My, my thing. And what did, since the two thousands, what did, what was the policy? It was kingian, it was all focused on the demand curve. Everything was focused on demand. And so all we’re doing is we’re, we’re getting the keynesians out. I use 2000 ’cause that’s when Ben Bernanke really came in and was very influential. Let me just say he’s a very smart, I learned so much from reading. Smart, smart, smart, smart guy. But his whole thing was Kasan. He came from MIT, his thesis supervisor was Stanley Fisher, right? We’re going back to, you know, Mario Dragons thesis supervisors, Stanley Fisher, all these guys came from MIT, Larry, M-I-T-M-I-T, Yale, and Princeton. Whereas previously it was the University of Chicago. It was Milton Friedman. It was, it was supply side economics. We’re going back, they’re going back to supply side economics and right now we need it. We need balance. But my god, what did we end off with? We ended off with four years of mono modern monetary theory. Deficits matter. That’s insanity. You had mentioned a little bit, uh, you, you’ve talked about blockchain a few times here. Talk about the significance. I mean, it’s sort of, you know, blockchain was a thing that everybody was, everybody was talking about it, you know, three, four years ago, but now it’s all about ai. But you know, now you’ve got, um, but in, but in the background, blockchain has grown, uh, adoption has grown. Uh, tell us what’s going on there, and if you could tie it into the significance of, of where we’re at today. Yeah. Um, uh, Jeff Bezos gave a wonderful speech, I think in two thou, early two thousands, where he basically talked about the fact that, you know, once this innovation is led out of the genie’s, led out of the bottle, whether or not, you know, buck and Jim, like it as an investment, the innovation continues. And so after the internet bubble pop, right? Really smart guys like Jeff Bezos, uh, Zuckerberg, you, you, the whole cast of characters, right? Basically built it out. Okay. And it wasn’t perfect and everybody knew it wasn’t perfect. I mean, that was the whole thing that was so bizarre. But they knew it wasn’t perfect and they knew that they needed to solve some problems. Right. And you know, it was a double spend problem. I mean, the internet that we were dealing with right now was developed in the 1950s and so on and so forth. And so, you know, that always stuck with me. Right. A couple of things stuck with me because I’ve lived through a couple of these cycles. The first one is Buck. When the, when Wall Street coalesces around something just shut up and buy it, right? I mean, I, I spent too much of my life arguing about whether dog pile and Ask Gees was better than Google. Wall Street said Google was the best. Shut up. Invest, right? And so, so look, blockchain solved the double spend problem. Blockchain solved all the problems that the original iteration of the internet could solve, and everybody knew it was coming along okay. So it’s a decentral, it’s decentralized, right? Uh, does, does not need to be reconciled. So no. Not only do you have another iteration of the internet. You have basically introduced into society the biggest innovation in accounting or recordkeeping since double entry. Bookkeeping accounting was introduced in Florence, Italy centuries ago by the Medicis and, and buck. All this is out there like, so this is a profound, right? So think about you’re in an accounting department and you don’t have to reconcile, right? So look. The first use cakes was Bitcoin. And what was the, what was the beautiful thing about it? Well, first off, it grew up by itself. And secondly, it’s got perfect scarcity, right? And so let’s just full stop. And I mean, yes, gold and silver had the run that they should have had decades. So I had been waiting and listening to people, gold bugs, talking about this type of run since the nineties. Okay. Um, but look, you know, and the problem with fi money, right? I mean, this is, this goes back decades. It’s an old argument. The way you solve it is, is Bitcoin. That’s the solution. I mean, forget about it. I mean, if they’re gonna whip it around and do all this stuff, fine. But the other thing that people miss and Sailor hasn’t, and Sailor is brilliant, is look. Bitcoin is pristine collateral in 2008, in September. What caused the, the system to stop was the counter. We could not identify counterparty risk for near cash. It was a settlement problem. Anybody you talk to Buck that says it was, you know, the subprime this and it, yeah, that was crap. I get that. But when the system shut down is you had a $750 million near cash instrument with X, Y, Z, wall Street firm, and you did this for three extra beeps and it was no longer cash. Guess. And guess what? Your institutional money market fund broke the buck. That’s when the system blew sky high. When the money market broke the buck and it was a settlement problem, blockchain and Bitcoin solved that. Sailor knows that, look where Wall Street’s gonna go. They understand now that. Bitcoin is pristine, collateral and capital that is 100% transparent. Let’s lend against it, and that’s what Sadler’s doing. That’s why Wall Street hates the guy so much, right? Think about that. Think of where is he going after he’s going after all the stranded capital on Wall Street. And, and the whole point is he’s sitting there going, I’m too busy for this. And you’ve got all these other people that are gonna live off of other people’s ignorance. Meanwhile, Jing Diamond knows exactly what he’s talking about. We can identify, if I hear one more person on me in, in the meeting say, I don’t know. You know, you know, uh, micro strategies balance sheet is so complicated. Really. Compared to JP Morgans, I mean, you know what his capital is. It says Bitcoin, like, what are you guys talking about? But hey, fucking in this business, people make generational wealth on ignorance of people who think they know what they don’t know. So, you know, just going back to Jamie Diamond, you know, he spent, I don’t know how long. Throwing every insult, uh, he could towards Bitcoin. And now they’ve really kind of, they haven’t backtracked. I think he’s, he’s, you know, his, his, um, I think the way he phrases is the blockchain’s a real thing. He never seems to really say the word Bitcoin, uh, in this regard. Um, banks in general, where do you think they’re headed with this stuff? I mean, I, you know, right now, again, you can kind of see even. Um, I think, you know, some of the big advisory firms suddenly recommending one to, you know, one to 4% of people’s portfolios in Bitcoin. I mean, this is all, I mean, gosh, I, I’ve, you know, been talking about Bitcoin since 2017. This is in unbelievable transformation in less than a decade. Where do you see this going in the next five to 10 years? It’s called the, it’s called, what is it? It’s called, I’m gonna call it the Evolution of Jim. Me, you know, in my business and, and, and, and you know, the thing I have book is I’ve survived and I’ve gone through a lot of cycles. I’ve done a lot, you know, and you ask yourself, you scratch your head a lot and you’re, and you, but you’re continually doing objective research and you’re this, if you, this is why I love this game so much. Right? So let’s just go stop for a second. Let’s get some context. Right. My first summer job, one of my first summer jobs, I worked in the basement of a bank in the in, in downtown Toronto, right up the street from the Toronto Stock Exchange. And my job was to let guys in with beak, briefcases into the cage, into the big vault, to basically bring in certificates. Okay. And, and what? Stock certificates. And so remember, you know, and I remember my grandfather when we, when he died, look at, we couldn’t sell the house because he didn’t believe in the banks. And we were finding certificates all over the house in the walls. Okay? Right. So in the 1960s it was bare based. The whole industry was bare based. And there was the volume in Wall Street started to pick up to the point where they couldn’t handle the volume. There was a paper crisis where almost a third of the companies went down bankrupt because of the cage. The cage. Okay. So basically what happened was, to make a long story short, they came out with, they came, Hey, why don’t we get two computers At one point in time, they said, okay, crisis. Let’s solve it. Well, why don’t we get these two computers and we can solve, or we can sell trades among, amongst each other. Okay. And then we don’t need to have guys riding around Wall Street with bicycles and big briefcases. Okay. And then what we did was, what we did was we sat there and said, well, why don’t we have a centralized clearing, and we’re gonna call it DTC or CDS, depending on what country you’re in. And what we’re gonna do is we’re gonna offer paper, we’re gonna, we’re gonna issue paper rights to the underlying stock that was developed in the early 1970s. That’s the system that we’re on right now. There are a lot of faults with that. Let me give you, when you’ve talked about the GameStop a MC situation, when you have a company that’s basically have more shares outstanding short, sorry, more shares short than outstanding, that shows you that the old system doesn’t work. It’s called ation. The paper writes to the underlying assets, it, it doesn’t match up. There have been guys that make a career outta this and write books about this, right? Dole Pineapple. They had a corporate, a corporate event, right? Hostile takeover. 64,000 for 64 million shares, voted, I think, and there was only 3,200 on. We all know this, so this has to be solved. The way you solve it is you tokenize assets, and this was talked about a decade ago, and they know about it and true tofor, they, and if you’re thinking about it, it’s totally logical, right? But if we allow this innovation to go full stream ahead, we’re wiped out, right? So what did they do? They delayed. They delayed. And as you know, you could talk about, it’s called Operation choke 0.2 0.0. Right. You know, the Fed overreached their bounds, they de banked people. I mean, this is why, why Best it’s going after them. They, yet they stepped over their constitutional mandate. Right. The federal, the Fed Act is not, uh, does not supersede the US Constitution. Elizabeth warned the whole thing. They did it. Okay, so let’s not complain about it. So now Atkins is gonna, we’re gonna have the Clarity Act come out and they’re gonna basically deregulate New York Stock Exchange already there. They’re gonna put everything on the blockchain and when you put everything on the blockchain, trade a settlement. There’s no hypo. Immediate settlement. Immediate, which is a benefit if you can get your act together because it, you know, for Wall Street firms you need less capital, right? So it’s a natural evolutionary process. And then you sit there and go back in history, if you and I were writing it, we’d sit there and go, well, should we be surprised that the incumbents right, the status quo pushed back on innovation? No, there was a guy, there was a prophet, um. At, at Harvard, his name was Clay Christensen, and he wrote this wonderful book called The Innovator’s Dilemma. You know, why does, why don’t companies evolve, or why do they go bankrupt? It’s because they cease to evolve and the status quo doesn’t allow the evolution of the companies to take place. Right? Well, that’s what happened in RA. We’re gonna complain about it. No, it, it is what it is. It’s water under the bridge. And so what I think is happening is, you know, Mr. Diamond is basically saying. He’s pragmatic, he’s a realist. And now he’s saying, we gotta evolve. And hey, by the way, now I’ve gotten to the point where I think I can make a tunnel. Think about that. Yeah. Think about his own stable coins, right? So his own stable coins. And, uh, well think about this. If you trade like internal meetings, right? And I’m hyped this hypothetical, right? I go, fuck, don’t screw this up this time. And you’re gonna go, Jim, what are you talking about? I go. We want a nice bread between bid and ask in these financial price. We don’t wanna go down to pennies. Okay? Can we go back to the old days when we were, you know, trading in quarters and sixteenths and so we can make some skin in the game? I think you’ve got the deregulation of the banking industry where the banks are gonna, they’re fit. It’s gonna be baby steps. But what’s gonna happen is they’re gonna basically say, stop taking all that capital that’s sitting at the Fed, making four or fed funds rate overnights wherever it’s four half, 3 75 right now. And you can now trade it. Go back to prop trading, which is what they did. And they’re gonna start off, they will start off with, its only treasuries. Eventually they’ll be able to expand throughout our lifetime. So the old way you gotta look at it is, you know. We’re bringing the ba, you know, we’re putting the band back together, man. Right. And the banks are gonna deregulate, they’re gonna deregulate the banks, they’re going to innovate, they’re gonna be able to use the capital, their earnings profile going out into the end of the decade. It’s, it’s gonna be monstrous, it’s gonna be, you know, it, it’s, it’s, and, and that’s how I get, you know, when people say, where do you think the s and p goes? You know, I say, you know, 14,000, you know, double from here by the end of the decade. And he goes, well, what about ai? I go, well, they’re gonna, that’s important, but it’s the banks. I think the banks are gonna have a renaissance. Yeah. Yeah. Um, one thing just to get your thoughts on, so when you look at the banks, you talked about sort of the inevitability of tokenization. Um, the stock exchange, uh, we talked about stable coins. I mean, another great way for banks to make money. Uh, essentially where does that, how, how does that help or hurt Bitcoin adoption? Because Bitcoin is a sort of a separate, separate, you’re not, you’re not building on Bitcoin as much as you are, say, Ethereum, Mar Solana or, you know, some of the, some of the blockchain things. So, so is it just that. Is it just a, an adoption issue? Because you live in a, in a different world. You live in a world of blockchain and Bitcoin is, its currency. It’s weird, right? Because I, I’m writing this feed like, so Buck, where are you right now? Where, where, where are you located? I’m in Santa Barbara. You’re in California. So, yeah, so I’m in Toronto, right? Uh, you know, I lived in, worked in the States for, you know, a decade, a couple of decades, and I’m back home and it’s like, man, they don’t get it. Right, and, and, and, and what am I talking about? Well, well, this, this is the, the thing that you’ve gotta understand is this, right. Ethereum was invented by Vladi Butrin in this town, Joe Alozo, who’s the head of one of the largest Ethereum groups. Father is a dentist at Bathurst and Spadina. We’re up here and people are saying, oh, you know, president Trump don’t talk about being a 51st state. We act like a colony, duke. We are a, you know, we forget about calling us one. We are. So, look, it, look, there is no doubt in my mind that Ethereum is going to have a place and, and we’re going to use it. Seems like we’re going to use Ethereum and that’s the smart contract, you know? Um. And that’s fine. Um, you know, but going back in time. But, but remember, there’s not per, there’s not perfect scarcity there. So I like Ethereum, don’t get me wrong, but I look at Bitcoin and I look at the, I look at the scarcity, and I also look at the fact of, you know, what sa, what Sailor, if you sailor did a presentation in the middle of next year and all hell broke loose. What he did, and it’s, you know, and of course I’m hypothesizing. He basically went to New York and said, I am going to create fixed income products and I am going to give yields. On those products, and I’m coming after the stranded capital that sits on Wall Street that you guys have been ripping on for years. In the middle of last year, staler went public and declared war. Okay. Are we surprised that Jim Shane Oaks came out and everybody came out basically guns a blazing. Are we surprised? But what he, what Sailor did and put and slammed on the table is it’s pristine capital, it’s transparent capital. And what are you willing to pay for that? And now you GARP banks trading at. We have no idea what their capital structure really is. Honestly, we have an idea, but it’s very opaque, right? You know, the high quality names are trading at two, two to, you know, two times tangible book. You’ve got fintech’s companies trading at four to five times, right book, and you know, what’s Sailor doing right now? Diluting his stock so he can buy as much Bitcoin as he wants because he sees the next game. He says the hell with what you guys think the next game is going to be. Wall Street’s going to realize that Bitcoin is pristine capital and there’s only 21 million of it. What do you and, and what just happened today? What did Morgan Stanley just file a treasury company. So everything you and I are talking about, they know they’re smart guys, right? They’re real, they’re not. That’s, this is the whole point. They’re really, really, really smart. Okay. They see they’ve gone through the history. They know. Okay, so you’re sitting there, you get around the room, you say, so wait a minute. Wait. Whoa, sailor’s over here. And he’s basically saying he’s gonna give you a a pref that’s basically backed by Bitcoin charging 10%. And he’s going after our corporate clients. I mean, and what’s the pitch Buck? You’ve got a hundred million dollars. Okay, you got a hundred million dollars in the kitty. Okay, buck. What happens is you need $10 million a year for working capital, which is in cash, which means you’ve got $90 million sitting there idle. Hey, buck, I can give you 10% on that. You go to Jamie, he’s giving you two. What are you gonna do? Yeah. I think one of the issues right now is I the, the perceived risk profile of that. Right. Uh, you know. I tend to agree with you about the, uh, pristine nature of Bitcoin s collateral, but just in general, the perception. I don’t know that, that that’s. That’s the case. Well, you gotta go back to the fact that, do you think Bitcoin’s going to zero or not? No, of course not. Yeah. ‘ cause the Bitcoin doesn’t go to zero. There’s no, then, then that are, there’s Bitcoin could go to zero. There’s no, I mean, I don’t think, I mean, non-zero probability, of course, right? I don’t think it is. And if that has been, if it has been selected and now you have Wall Street coalescing it, I haven’t even mentioned the president of the United States or his family. Right. Uh, or the Commerce Secretary and his family, right? Or if you go to New York, wall Street, right, they’re all talking about it, right? So, I, I, you know, to me, I, I, the question about micro strategy, to me it’s not. That it’s a treasury company and it’s got a pile of Bitcoin. What does he do with it? Does he become a bank? Like why does it, this is me. I’m pitching him. Right. Hey, Mike, why don’t you just become a FinTech, say you’re like a FinTech company and you’ll get, and you, you’re gonna instantaneously trade it five to six times book. Why don’t you, why are you, you’re talking like you’re attacking them, but you’re still, you’re still a software company with a, with a big whack of Bitcoin that you are writing pres. Right? So, and, and so that’s, that’s how I look at it. I think the wave is too big. We are going to digitize. And the other thing that we didn’t really touch on with respect to AI and blockchain, and I’m gonna paraphrase the president. Right. Um, Mr. Trump is, look, um, it’s a matter of national security, duke, and when I hear that, I go back to the nineties in the eighties when I was in late eighties when I was an undergrad. Right. And it wasn’t China, it was Japan. And, and you know, what happened was, you know, it, it’s funny, Al Gore did deregulate so that. The internet could become for-profit. We all stood around and said, you know what the hell could, how do we make money on this? That’s, you know, what do we do? And then what did we do? We, we, we threw a ton of money at it and the United States controlled it. And what did we get out of it? We got out, we got, you know, all those companies. Right. The last thing I would say to you, and this is much more of a personal story, is I, when I was younger, I was in New York and it was 2000 and I was at the Grand Hyatt, and it was a tech, it was a tech conference and, uh, Larry Ellison Oracle was there and he gave a, he gave a, he gave a a, a fireside chat. Then, um, we go to a breakout room and, you know, in a break, I don’t know about if you’ve been to one, but you go to a breakout room, it’s a smaller room at the hotel, and you know, sometimes you got 25 people, sometimes you got 50 people, right. And, you know, I went to the, I went to the breakout with Mr. Allison ’cause of Oracle and I went in there and it was absolutely jammed and I was sweating and he just looked at us and he just ripped us. He AP Soly, just, I still have the scars today. I’m talking to you about it. Okay. He called it a bubble. He called it a bubble. He, he was early in calling it a bubble. I never forgot that. And then you sit there and see what he’s doing right now. Where he’s levering up the balance sheet. Now, to me, having survived in this game for such a long period of time, and I call it a game, it’s a game of strategy, whatever, you know, how does that not, you know, I would say to you, we were, your office was next to mine. Fuck. I remember New York, he’s loading the goose loaded in. He go in, he’s borrowing money from his grandmother. He’s, you know, what is going on. And he’s really stinking smart. You know, he’s, he, Larry Allenson just doesn’t do, and people, oh, he’s in, you know, he’s, no, he’s not, he’s, he’s like the mentor of all of these guys. You know what I mean? So there’s a, to me, there’s a discontinuity that these need to believe that we’re still early on because you know, what, if Larry’s, what do we take when Larry or Mr. Ellison is leveraging up to me, it’s profound because I’m anchoring off of my bias to the New York, the New York high at, at the Tech Co. I think it was, I think it was at Bear Stearn. I couldn’t remember Bear Stearns or Lehman. But you know, one of those I carry that experience on with the rest of my life. I do. It’s like, what is Larry thinking? Right? So he’s leveraging up buck. That’s all I know. He’s a priest or guy. Well, that’s probably a good place for us to stop, Jim, uh, chief, uh, market strategist at Wellington Elta Private Wealth. Thank you so much for joining me. Thanks so much and be safe. You make a lot of money but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to the show everyone. Hope you enjoyed it. Uh, and, uh, as I said before, do not ignore ai. This is something that you need to start using. Have your kids start using it. Uh, make sure that they, you know. They use it every day because this whole world is turning AI and it’s gonna happen. You know, it’s gonna happen in, in a blink of an, uh, blink of an eye. And the world is gonna change and there are gonna be real winners out there. And the winners are gonna be people who knew where there was, was going and kind of used it in their mind’s eye as they looked on navigating how. You know how to allocate their money. Anyway, that is it for me. This week on Wealth Formula Podcast. This is Buck JJoffrey signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit wealth formula roadmap.com.

　SECCON事務局は12月22日、「CTF for GIRLS」発起人の中島明日香氏が「Cybersecurity Woman of Japan 2025 Awards」に選出されたと発表した。

Heather and Jared Barnhart return to the Forensic Focus Podcast for a wide-ranging conversation covering Cellebrite's growing Case-to-Closure Summit, behind-the-scenes insights from building one of the industry's toughest CTFs, and their digital forensic work on one of the most high-profile US murder cases in recent years. They share why the C2C Summit focuses on practitioner-led talks rather than product pitches, what made the first event such a success, and what's planned for the next gathering — including expanded training and a keynote from Terry Crews. The discussion also dives into how they design complex CTFs, why intentionally frustrating questions teach critical thinking, and how their mobile forensics analysis helped reveal behavioural patterns, intent, and attempts to hide activity in the Idaho murders investigation. They finish by exploring the future of investigations and AI — from cautious, evidence-bounded implementations to the importance of validation and avoiding confirmation bias. Get 50% off Cellebrite C2C User Summit 2026 registration with promo code: 2026-c2c-ForensicFocus #DigitalForensics #DFIR #MobileForensics #Cellebrite #CTF #incidentresponse #ForensicFocus #AIForensics 00:00 Introduction and Guest Introductions 01:33 C2C Summit Overview 03:35 C2C Summit Success and Highlights 09:45 Challenges and Insights from CTF 19:56 Introduction to the Idaho Murders Case 25:10 The Slow Process of Justice  25:53 Key Evidence: The Knife Sheath and the Car 27:46 Digital Footprint and Intent 28:58 Challenges in Mobile Forensics 31:49 Behavioral Patterns and Digital Evidence 42:30 AI in Forensics 43:17 Future of Digital Investigations 44:00 The Role of AI in Investigations 50:52 Validation and Confirmation Bias  54:24 Closing Remarks and Future Plans

All works contained in this podcast are not intended to constitute legal or professional advice and may not reflect the views and opinions of CPA Australia. CPA Australia does not warrant or make representations as to the accuracy, completeness, suitability or fitness for purpose of this podcast and disclaims all liability and responsibility for any acts or omissions made in reliance of this podcast. Individuals should seek their own independent legal, financial or other advice for their specific circumstances. When anti-money laundering (AML) comes to mind, most accountants assume it only applies to large transactions – but that's now changing.  This episode explains new AML obligations for accountants. Specifically, how the reforms to AML and counter terrorism financing (CTF) in 2026 will affect many accounting practices.  You'll gain a clear understanding of what the changes will mean, including which services fall under the new designated services rules, how the regulator AUSTRAC (Australian Transaction Reports and Analysis Centre) will assess compliance and what firms can do now to prepare.  Key learnings include:  An explanation of the regulator AUSTRAC's role and tranche two reforms to the AML/CTF regime  The timeline for implementation of these new reforms  How to identify whether your services qualify as "designated" services  How to conduct risk assessments  Why client onboarding and beneficial ownership checks will become more detailed  What sole practitioners should consider in meeting new compliance obligations  Tune in now for valuable information on this key reform in 2026.    Host: Neville Birthisel, Advisor, Regulations and Standards, CPA Australia  Guest: Adrian Verdnik, Partner and Section Leader, Banking and Financial Services Practice, Hall & Wilcox. His financial services law practice covers superannuation, managed funds, insurance and financial advice.  Learn more about today's episode guest at the Hall & Wilcox website.  AUSTRAC's site has more information on what accountants need to know about AML and CTF reform.  Additionally, CPA Australia's Public Practice My Firm My Future site has further information on AML and CTF obligations for many practitioners in Australia.  Loving this episode?  Listen to more With Interest episodes and other CPA Australia podcasts on YouTube.  CPA Australia publishes four podcasts, providing commentary and thought leadership across business, finance, and accounting:  With Interest  INTHEBLACK  INTHEBLACK Out Loud  Excel Tips  Search for them in your podcast platform.  Email the podcast team at podcasts@cpaaustralia.com.au 

Almost a year after it happened, the Canadian Taxpayers Federation (CTF) is sharing an investigation into what it dubbed a "March Madness spending spree" by the federal government. Just in time to also share this year's naughty and nice list, Evan welcomes Franco Terrazzano, CTF federal director and author of Axing the Tax: the Rise and Fall of Canada's Carbon Tax, to the show to share more about problematic government spending in 2025.

Podcast: ICS Arabia PodcastEpisode: Hands-On ICS/OT Testbeds | 18Pub date: 2025-11-26Get Podcast Transcript →powered by Listen411 - fast audio-to-text and summarizationJoin Us Dr. Sridhar Adepu from University of Bristol . as we delve into the Bristol University-developed testbed by The Bristol Cyber Security Group. We'll cover specifications, physical processes, software, cybersecurity, training, and explore the ICS/OT capture the flag (CTF) challenges conducted in this lab. The podcast and artwork embedded on this page are from ICS ARABIA PODCAST, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.

Episode #522 consacré au CTF de la DRSD Références :  https://www.clubic.com/actualite-583738-agents-secrets-militaires-et-experts-cyber-francais-s-affrontent-pendant-14-heures-sur-des-defis-de-hacking.html https://www.defense.gouv.fr/drsd   The post CTF de la DRSD appeared first on NoLimitSecu.

Nick Kartsioukas joined us to talk about security in embedded systems.  Common Vulnerabilities and Exposures (CVE) is the primary database to check your software libraries, tools, and OSs: cve.org. Open Worldwide Application Security Project (OWASP, owasp.org) has information on how to improve security in all kinds of applications, including embedded application security. There are also cheatsheets, Nick particularly recommends Software Supply Chain Security - OWASP Cheat Sheet.  Wait, what is supply chain security? Nick suggested a nice article on github.com: it is about your code and tools including firmware update, a common weak point in embedded device security. Want to try out some security work? There are capture the flag (CTF) challenges including the Microcorruption CTF (microcorruption.com) which is embedded security related. We also talked about the SANS Holiday Hack Challenge (also see Prior SANS Holiday Hack Challenges). This episode is brought to you by  RunSafe Security. Working with C or C++ in your embedded projects? RunSafe Security helps you build safer, more resilient devices with build-time SBOM generation, vulnerability identification, and patented code hardening. Their Load-time Function Randomization stops the exploit of memory-based attacks, something we all know is much needed. Learn more at RunSafeSecurity.com/embeddedfm. Some other sites that have good information embedded security: This World Of Ours by James Mickens is an easy read about threat modelling Cybersecurity and Infrastructure Security Agency (CISA) is at cisa.gov and, among other things, they describe SBOMs in great detail National Institute of Standards and Technology (NIST) also provides guidance: Internet of Things (IoT) | NIST  NIST Cybersecurity for IoT Program  NIST SP800-213 IoT Device Cybersecurity Guidance for the Federal Government: Establishing IoT Device Cybersecurity Requirements There is a group of universities and organizations doing research into embedded security: National Science Foundation Center for Hardware and Embedded Systems Security and Trust (CHEST). Descriptive overview and the site is nsfchest.org European Telecommunications Standards Institute (ETSI) - Consumer IoT Security Camera Ubiquiti configuration issue (what not to do) Finally, Nick mentioned Stop The Bleed which provides training on how you can control bleeding, a leading cause of death. They even have a podcast (and we know you like those). Elecia followed up with Community Emergency Response Teams (CERT). Call your local fire department and ask about training near you! Transcript

Parce que… c'est l'épisode 0x670! Shameless plug 25 et 26 février 2026 - SéQCure 2026 CfP 14 au 17 avril 2026 - Botconf 2026 28 et 29 avril 2026 - Cybereco Cyberconférence 2026 9 au 17 mai 2026 - NorthSec 2026 3 au 5 juin 2025 - SSTIC 2026 Description Ce podcast réunit François Proulx, Alexis Maurer-Fortin et Sébastien Graveline, chercheurs chez BoostSecurity, une startup montréalaise spécialisée en sécurité applicative. L'épisode explore les coulisses de leur travail de recherche et développement, particulièrement leurs découvertes récentes sur les vulnérabilités de type “race condition” dans les pipelines CI/CD. Structure et méthodologie de recherche L'équipe de recherche de BoostSecurity fonctionne de manière structurée mais flexible. François Proulx définit les grandes orientations annuelles basées sur les tendances émergentes et les apprentissages de l'année précédente. Alexis apporte son expertise en développement backend et son approche défensive, tandis que Sébastien, joueur avide de CTF, contribue avec une perspective offensive de red team. Garance, absente lors de l'enregistrement, assure la rigueur académique en effectuant des revues approfondies de la littérature scientifique. Infrastructure de recherche massive L'équipe a développé une infrastructure impressionnante pour la détection de vulnérabilités à grande échelle. Au cœur de leur système se trouve Poutine, un outil open source développé en Go pour scanner les pipelines de build, particulièrement les GitHub Actions. Cette infrastructure analyse continuellement l'écosystème open source, accumulant plusieurs téraoctets de données sur des millions de projets. Leur système “Threat Hunter” ingère en quasi-temps réel tous les événements publics sur GitHub avec un délai d'environ cinq minutes, capturant même les dépôts éphémères qui n'existent que brièvement. Cette capacité leur permet de détecter des attaques en cours, comme l'attaque par “confused deputy” de Kong qu'ils ont pu capturer et analyser. Les données sont stockées dans Google Cloud BigQuery, permettant des analyses complexes qui auraient autrefois nécessité des semaines de travail. Découverte d'une nouvelle technique de malware François décrit une découverte récente concernant une technique d'obfuscation utilisant les “Private Use Areas” d'Unicode. Ces plages de caractères, réservées mais jamais attribuées officiellement, permettent d'encoder des données arbitraires dans des chaînes de caractères invisibles. Un malware peut ainsi être caché dans du code source JavaScript, Python ou Go sans être visible dans les éditeurs standards comme Visual Studio Code. En réponse, l'équipe a développé “Puant”, un outil open source capable de scanner efficacement des millions de fichiers en quelques secondes pour détecter l'utilisation de ces caractères suspects. L'outil peut s'intégrer facilement dans les pipelines CI/CD pour bloquer du code contenant ces caractères invisibles lors de la révision de pull requests. Vulnérabilités “Time of Check, Time of Use” dans les pipelines CI/CD La découverte majeure présentée concerne une classe de vulnérabilités de type “race condition” appliquée aux build pipelines. L'équipe a identifié six cas significatifs affectant des entreprises comme Nvidia, GitHub Copilot et Jupyter Notebook. Le premier cas découvert impliquait le “copy-pr-bot” de Nvidia. Ce bot copie le code d'une pull request dans une branche dédiée après qu'un mainteneur ait commenté “ok to test”. L'équipe a découvert une fenêtre d'environ cinq secondes entre la commande du mainteneur et l'exécution du bot, pendant laquelle un attaquant pouvait modifier le code malicieusement puis le rétablir, rendant l'attaque invisible. Pour GitHub Copilot, la vulnérabilité était encore plus exploitable manuellement. Lorsqu'un mainteneur assignait Copilot pour résoudre un bug décrit dans une issue, un attaquant pouvait modifier les instructions pendant la race condition, demandant au bot d'insérer une backdoor tout en affichant une tâche légitime à l'écran. Le cas de Jupyter Notebook était particulièrement ironique : la vulnérabilité résidait dans le code de mitigation d'une race condition précédemment rapportée. La correction initiale présentait une erreur typographique dans la référence temporelle utilisée, rendant la mitigation complètement inefficace. Recommandations et mitigations L'équipe propose plusieurs stratégies de mitigation. La plus importante consiste à utiliser des mécanismes atomiques qui lient l'approbation du mainteneur à un commit SHA spécifique. GitHub offre la fonctionnalité “Pull Request Review” qui garantit cette atomicité, contrairement aux simples commentaires ou labels qui restent vulnérables aux race conditions. Les environnements GitHub constituent une autre défense robuste. Ils permettent de définir des règles d'approbation liées à des commits précis et de limiter l'accès aux secrets sensibles. L'équipe recommande fortement de restreindre la permission “Workflow Write”, qui permet de modifier les workflows GitHub Actions, car elle amplifie considérablement l'impact potentiel d'une attaque. Finalement, l'adoption du principe “fail-close” plutôt que “fail-open” est essentielle : en cas d'erreur inattendue, le système doit arrêter l'exécution plutôt que de continuer. Des outils comme Poutine peuvent scanner automatiquement les workflows pour détecter ces vulnérabilités avant leur déploiement. D'ailleurs, une recherche académique récente a identifié Poutine comme l'un des meilleurs outils du domaine, particulièrement pour son excellent ratio signal/bruit. Impact de l'intelligence artificielle L'équipe observe que l'IA générative crée involontairement de nouvelles vulnérabilités. Certains pipelines vulnérables qu'ils ont découverts provenaient clairement de code généré automatiquement, créant ainsi de nouvelles chaînes d'attaque dans la supply chain logicielle. Cette conversation met en lumière l'importance croissante de la sécurité des pipelines CI/CD dans l'écosystème open source moderne, où l'automatisation accrue multiplie les vecteurs d'attaque potentiels. Notes Split-Second Side Doors: How Bot-Delegated TOCTOU Breaks The CI/CD Threat Model Collaborateurs Nicolas-Loïc Fortin Alexis-Maurer Fortin Sébastien Graveline François Proulx Crédits Montage par Intrasecure inc Locaux virtuels par Riverside.fm

In the electric chaos of DEF CON—where dial tones, solder smoke, and hacker legends collide—one figure stands out: John Aff, aka PANDA.A veteran in the hacker community, he moves effortlessly between challenge design, telephony wizardry, mesh networking experiments, and the culture that surrounds it all.Behind the reputation is a journey that started with game hacking, shifted into enterprise security, and evolved into a life built around creativity, community, and technical obsession. It's also a story of identity—of finding a place where personal expression and professional skill finally intersected.This conversation pulls back the curtain on a mind shaped by curiosity, lived experience, and a deep love for the craft.CHAPTERS00:00 - Introduction to Barcode Podcast00:24 - Meet Panda: Cybersecurity Icon01:47 - Panda's Journey into Cybersecurity10:12 - Creating Interactive Challenges for Conferences22:11 - Badge Building: The Art and Science28:00 - Lessons from Offensive Security for Defenders30:11 - Winning the TeleChallenge: A Team Effort35:10 - Nostalgia in Gaming: The Phone Verse Experience37:30 - Understanding LoRa and Mesh Networking43:20 - Real-World Applications of MeshTastic Technology49:14 - The Intersection of Furry Culture and Cybersecurity56:54 - Community Building and Future Aspirations in TechLINKSTeleFreak – https://telefreak.org Home of the legendary TeleChallenge and a cornerstone of phreaking culture at DEF CON.DEF CON – https://defcon.org The world's largest hacker conference and the backdrop for many of Panda's stories, competitions, and breakthroughs.RedSeer Security – https://redseersecurity.com The security practice Panda supports on the defensive and strategic side.Assura, Inc. – https://assurainc.com Where Panda leads offensive security operations and continuous testing programs.MeshTastic – https://meshtastic.org Open-source long-range mesh communication project central to Panda's community work.Comms For All – https://commsforall.com Panda's initiative focused on mesh networking, LoRa radios, and community education.B-Sides Jax – https://bsidesjax.org Conference where Panda built the interactive phone-based badge challenge.HackSpaceCon – https://hackspacecon.com The first conference where you and Panda crossed paths; a major Florida hacker gathering.JLCPCB – https://jlcpcb.com PCB manufacturing service used for producing custom badge hardware.EasyEDA – https://easyeda.com Design tool Panda uses to create the multilayer art and circuitry for badges.Vectorizer.AI – https://vectorizer.ai The AI-powered tool Panda relies on to convert artwork into vector format for PCB badge design.KiCad – https://kicad.org Open-source PCB design suite used for laying out circuits and prototyping badge hardware.Adtran – https://www.adtran.com Telecom hardware vendor whose legacy gateways were used in the BSides Jax phone challenge.QueerCon – https://www.queercon.org Long-running LGBTQ+ hacker community at DEF CON that collaborated with Panda on early badge projects.National Cyber Games (NCA Cyber Games) – https://nationalcybergames.org Competition platform where Panda designed MeshTastic-based CTF challenges.UNF Osprey Security – https://www.unf.edu University of North Florida's student security group that runs CTFs and collaborated locally with Panda.HackRedCon – https://hackredcon.com Security conference where Panda volunteers and participates in community events.Jax2600 – https://2600.com Local chapter of the classic 2600 hacker community, part of Panda's long-term involvement in grassroots infosec groups.Backdoors & Breaches – https://blackhillsinfosec.com/projects/backdoors-breaches Incident response card game Panda used for blue team development and tabletop exercises.

This week, The Laundry set itself a challenge: head to Hvitvaskingskonferansen 2025 – Norway's biggest AML and CTF conference – and come back with a learning about the state of the industry today. Conferences are more than just a chance to gossip over free coffee – these events really matter for information sharing, finding new strategies to tackle financial crime, and bringing the industry closer together. Our expert hosts, Marit Rødevand, Fredrik Riiser, and Robin Lycka, are revealing: Three big takeaways from Norway's biggest AML eventThe panel discuss: effective public-private collaboration and sharing, how it's getting harder to be a bank, and why it's the people who do the work that matters most! Producer: Matthew Dunne-MilesEditor: Dominic Delargy____________________________________The Laundry podcast explores the complex world of financial crime, anti-money laundering (AML), compliance, sanctions, and global financial regulation.Hosted by Marit Rødevand, Fredrik Riiser, and Robin Lycka, each episode features in-depth conversations with leading experts from banking, fintech, regulatory bodies, and investigative journalism.Tune in as we dissect headline news, unpack regulatory trends, and examine the real-world consequences of non-compliance — all through a uniquely compliance-focused lens.The Laundry is proudly produced by Strise.Get in touch at: laundry@strise.aiSubscribe to our newsletter, Fresh Laundry, here. Hosted on Acast. See acast.com/privacy for more information.

Podcast: ICS Arabia PodcastEpisode: Interview with Mike Hoffman | 35Pub date: 2025-11-14Get Podcast Transcript →powered by Listen411 - fast audio-to-text and summarizationIn this episode , we talked about how Mike got started in OT security, his work at Dragos, and discussed OT penetration testing and CTF . Mike also described the SANS 612 course briefly.The podcast and artwork embedded on this page are from ICS ARABIA PODCAST, which is the property of its owner and not affiliated with or endorsed by Listen Notes, Inc.

「サイバー分野の人材確保へ　国際大会開催　26歳以下の若者が9時間にわたり熱戦」　日本政府が主催した、サイバーセキュリティーの知識と技術を競う国際大会が開幕しました。千葉市の幕張で開幕した、情報セキュリティーの知識と技術を競い合う国際大会「サイバーセキュリティーチャレンジ2025」。2025年で4回目となる大会を主催したのは、7月に内閣官房に発足した「国家サイバー統括室」です。内閣官房 国家サイバー統括室・仙崎達治内閣参事官：（政府として）サイバーセキュリティーの人材育成・確保は重要な課題。こういった大会を通じて、サイバー分野を志す若い人が出てくれると良いなと。大会の参加者は全員26歳以下。6名の日本人選手がアジアチームの一員として出場しました。競技のルールは、各チームのサーバー内にフラグと呼ばれる破られてはいけない重要なパスワードなどを設置。8つのチームがフラグを奪う攻撃と、セキュリティーの穴を修正する防御を同時に行い、最終的な得点を競います。チームにはそれぞれアバターが設定されていて、攻撃や防御の様子を可視化し、動きと光で演出する日本ならではの工夫も。サイバー空間での激しい攻防がモニター越しに見える演出は、まるでeスポーツのよう。9時間に及ぶ戦いを終えた若き人材たち。大会を通して感じたことについて参加者は、「まだ私は社会人ではないので、セキュリティーエンジニアを目指すためにこのようないCTFの経験を多く積んで、しっかり目指していきたい」「今回初めてチームアジアのキャプテンをやった。日本人は国際的なコミュニケーションには課題があると思うので、国際的にコミュニケーションがとれる人材が必要」と語りました。アサヒホールディングスやアスクルなど国内の大手企業のサイバー被害が相次ぐ中、このような国際的な交流の場を未来の担い手の育成につなげたいとしています。内閣官房 国家サイバー統括室・仙崎達治内閣参事官：トップエンジニアを育てる取り組みもそうだし、一般の方のリテラシー向上もバランスよくやって行く必要がある。

My guest this week is Kris Sims, Alberta Director of the Canadian Taxpayers Federation. We discuss the various deceptive talking points used by the Liberal Government in presenting its $78.3 billion deficit budget last week. We also talk about the need to educate young Canadians on the history behind Remembrance Day, the sacrifices made by veterans in the two World Wars and the need to improve Canada's preparedness and national defence capability to keep the true north ‘Strong and Free'. Learn more about the Canadian Taxpayers at: https://www.taxpayer.com 

In a very dry year, Scott Keller of Keller Farms near New Norway, Alta., is seeing impressive canola growth, a result he attributes largely to adopting controlled traffic farming (CTF) a decade ago. In this episode of RealAgriculture’s Profitable Practices series, Keller says that with less than half of normal rainfall, his soil’s ability to... Read More

Synopsis Dans cet épisode avec Julien Turcot de GoSecure, on revient sur le succès du concept « dépanneur » au Hackfest 2025 et l'énergie exceptionnelle de l'équipe de vente qui a même participé au CTF. La discussion explore ensuite les parallèles entre la sécurité de l'IA et les vulnérabilités classiques du web, rappelant que les problèmes d'injection se répètent à travers les nouvelles technologies. L'épisode se termine sur une note nostalgique avec la redécouverte de photos du Hackfest 2009, rappelant les débuts modestes de la communauté dans le sous-sol d'un hôtel. Invité Julien Turcot de GoSecure Crew Patrick Mathieu Shamelessplug GoSecure Join Hackfest/La French Connection Discord #La-French-Connection Join Hackfest us on Masodon POLAR - Québec - 29 Octobre 2026 Hackfest - Québec - 29-30-31 Octobre 2026 Crédits Montage audio par Hackfest Communication Music par Nibana – Earth From Above - Gods From The Machine Locaux virtuels par Streamyard

Send us a textThis episode digs into the habits that actually hold up: learning from CTF wins and post-event reviews, exploring scholarships and Reno trainings that build technical muscle, and walking through expert-witness prep that turns courtroom stress into structured, confident testimony.We'll unpack Brett Shavers' reminder that truth alone doesn't win cases—procedure, documentation, and bias-aware methods do. Clear writing matters too; vague language can undermine solid work.On the tools side, RabbitHole v3 now recovers deleted SQLite records and rebuilds them into query-ready databases—speeding validation and reporting without losing traceability. We'll also demo the new Android Logical Extractor: pull device info, logs, and scoped chat data with hashes and ready-to-file PDFs. It's ideal when consent is limited or full file systems aren't on the table, and integrates cleanly with downstream workflows.Throughout, we emphasize one idea: tools are abstractions. If you can't explain how a result was produced or reproduce it, you don't own the finding. That's especially true with AI. Generative models are nondeterministic—useful when documented, risky when their prompts or scope stay hidden. We'll cover prompt disclosure, reproducibility, and how to write about “deleted” data with precision: previously existing, marked deleted, not referenced—describe state, not intent.If you're serious about improving testimony, validating results, and adopting new tools without losing forensic footing, join us. Then share your take on AI prompts and language precision—what will you change in your next report?Notes: IACIS Scholarshipshttps://www.iacis.com/awards-and-scholarships/will-docken-scholarship/https://www.iacis.com/awards-and-scholarships/womens-scholarship/Training Opportunities!IACIS Renohttps://www.iacis.com/events/in-person/reno-nv/Free DFIR Test Images + Industry Tools to Analyze Themhttps://www.dfir.training/downloads/test-imagesNew Blogs from Brett Shavers!https://www.linkedin.com/pulse/theres-lot-more-trial-than-you-may-know-even-have-100-brett-shavers-br4sc/https://www.linkedin.com/pulse/case-almost-made-me-quit-dfir-shouldve-news-brett-shavers-pie1c/https://www.linkedin.com/pulse/i-when-digital-forensics-lost-its-soul-brett-shavers-otkec/https://www.linkedin.com/pulse/end-dfir-again-dfir-training-ab5jc/https://www.linkedin.com/pulse/how-wreck-your-report-affidavit-testimony-one-word-brett-shavers-qkyvc/Free Webinarhttps://www.suspectbehindthekeyboard.com/fighting-city-hall-dfir-lessons-from-a-pro-se-plaintiffRabbithole Updatehttps://www.linkedin.com/posts/rabbithole-dataviewer-sqllite-ugcPost-7384144022065274880-0d0Dhttps://www.cclsolutionsgroup.com/forensic-products/rabbitholeALEX Releasehttps://github.com/prosch88/ALEXhttps://github.com/RealityNet/android_triage

The AccountingWEB team celebrates the 200th podcast episode by looking back in time at some notable moments and reflecting on the first episode. Matthew Ord takes a look at the Financial Conduct Authority's (FCA) new role as anti-money laundering (AML) and counter-terrorism financing (CTF) supervisor for all accountancy and legal firms. He recalls his chat with AML expert David Winch, who warned it won't be a light-touch regime. Ord explores why the move has frustrated supervisory bodies and whether the FCA really understands the profession. Tom Herbert turns to Making Tax Digital (MTD) and the part that banks are starting to play. With 840,000 taxpayers not yet using commercial software, Herbert talks about which banks have made their MTD move, his concerns about this approach and how he sees it all playing out. Back from the US, Richard Hattersley shares his experience at NetSuite's SuiteWorld where AI was the topic of conversation. The team unpacks the launch of NetSuite Next and the push toward the “autonomous close”, asking whether finance teams are ready for AI.

Lee Eagling is joined by Andy Holton to discuss the recent response by HM Treasury to the consultation on anti-money laundering (AML) and counter-terrorism financing (CTF) supervision. They explore the government's decision to appoint the FCA as the single professional services supervisor, the implications for firms currently regulated by professional bodies, and what practitioners should expect as the transition unfolds. With practical insights and advice, this episode is essential listening for firms preparing for a tougher compliance landscape.For more information on this topic and more, please visit www.mercia-group.com for further details.

What if revival isn't an event but God crashing in? In this powerful conversation, Duncan & Kate sit down with Gen Z host Peter Sprecher to unpack how to prepare for the next great revival, the key to generational handoff, and how to stay on fire for life. From the Father's love to the weight of glory, from honor across generations to welcoming the manifest presence of the Holy Spirit, this episode offers practical steps to steward a move of God without controlling it. Check out Peter's youtube channel @jesusradio154

A XGN Intermax AI Edición celebra desde mañá, día 10, ao domingo, a súa edición número 25 no recinto feiral de Silleda. Este ano o evento, no que a intelixencia artificial contará cun papel destacado, crece ata contar con 70 actividades entre as que se inclúen competicións, conferencias, talleres e xogos centrados nas novas tecnoloxías. "Este ano aumentamos de 50 a 70 actividades, apostando pola formación con referentes no sector". "Temos 867 inscritos na edición deste ano. a media de idade está en 31 anos". A Intranet, dirixida exclusivamente aos rexistrados, contará con competicións de arte dixital e de CTF, nas que os participantes terán que resolver retos de ciberseguridad. No apartado hardware contará, entre outras, con propostas de introduccón e creación de proxectos de modificación e personalización de equipos, a carreira de leds Open Led Race e unha zona de impresoras 3D, así como un espazo Maisprinter. Organizaranse torneos para máis de 20 videoxogos, entre eles oito competicións con premio, que serán League of Legends, CS2, Valorant, Rocket League, FC26, Mario Strikers, Battle League, Super Smash, Bros Ultimate e Mario Kart Deluxe 8. A zona Extranet, aberta a rexistrados e visitantes, os días 10 e 11 cun amplo programa de conferencias e talleres, moitos delas relacionados coa intelixencia artificial. Do mesmo xeito que outros anos, o evento dispoñerá tamén de áreas de videoconsolas, lentes de realidade virtual e de simuladores de videoxogos. Hoxe, ás 16.00 horas, a XGN Intermax abrirá de forma non oficial para facilitar o acceso graduado dos rexistrados. A iniciativa conta co apoio da Xunta e o patrocinio oficial da empresa galega Intermax Tecnology. ️ "SUSCRÍBETE" ao podcast Máis Información e outras entrevistas: ✔️Facebook: https://www.facebook.com/PabloChichas ✔️Twitter: https://twitter.com/pablochichas ✔️Instagram: https://www.instagram.com/pablochichas/ ✔️Clubhouse: @pablochichas ✔️Twich: https://www.twitch.tv/pablochichas

Pax8 Beyond EMEA 2025 is less than a week away, and I wanted to take a minute to talk about the cyber sessions. What Matt Lee, of Pax8, is doing (today's guest), specifically his AI and CTF session. We might drift a bit in our conversation and go down a deep rabbit hole when setting up a home lab on the cheap. Enjoy!

On today's episode of The Candice Malcolm Show, guest host Kris Sims takes a closer look at Prime Minister Mark Carney's latest overseas appearance. Speaking at the Global Progress Action Summit in England alongside UK Prime Minister Keir Starmer, Carney praised carbon taxes as “textbook good policy.” At home, the Parliamentary Budget Officer is sounding the alarm. With federal debt now at $1.2 trillion, interim PBO Jason Jacques warns that Ottawa's current path is “stupefying” and unsustainable. Canadians are already paying $1 billion a week just to service the interest — the equivalent of burning down a brand-new hospital every seven days. Canadian Taxpayers Federation Atlantic director Devin Drover joins to examine the Liberals' firearms “buyback” program. Experts and police warn it will waste billions while targeting lawful gun owners instead of criminals — and the CTF is stepping in with free legal advice to help Cape Breton residents push back. This episode is brought to you by unsmoke, to learn more visit unsmoke.ca Learn more about your ad choices. Visit megaphone.fm/adchoices

Lynley Allan interviews Kate Smith as they unpack what true teamwork in ministry looks like. From trusting Jesus as the head of the Church to honoring each person's unique gifts, Kate shares how slowing down, celebrating others, and leading at the “speed of trust” creates Spirit-filled teams that go further—together. Check out Lynley and Stuart Allan's new podcast on all podcast platforms by typing "Stuart and Lynley Allan" in the search!

In this episode, we share updates from the Department for International Tax Cooperation; supervisory insights from CIMA; the National Risk Assessment and the new Office for Strategic Action on Illicit Finance; Virtual Asset Service Providers Update; forthcoming legislation and open consultations; and best practice for AML, CTF, CPF and sanctions training.SPEAKERS:Chris Capewell, Partner | +1 345 814 5666 | chris.capewell@maples.com | View bioPatrick Head, Partner | +1 345 814 5377 | patrick.head@maples.com | View bioJennifer Parsons | Professional Support Lawyer | +1 345 814 5429 | jennifer.parsons@maples.com | View bioRESOURCES:Click here for Episode 22 Presentation slidesRelated Services:Maples Group Regulatory and Financial Services AdvisoryWith a depth of experience across all regulated sectors, the Maples Group Regulatory and Financial Services team is positioned to address client needs and sensitivities. We have the largest dedicated Cayman Islands Regulatory and Financial Services team in the offshore market.Follow Us: LinkedIn: https://www.linkedin.com/company/maplesgroup/Instagram: https://www.instagram.com/maplesgroup/Twitter: https://twitter.com/maplesgroupFacebook: https://www.facebook.com/maplesgroup/Website: https://maples.com/podcasts/15-15 Blog: https://maples.com/regulatory-round-up

Returning from this year's DEF CON, hear from our Offensive Team Managers, Dowd and Findlay, and Pinky, IR Manager and co-host of The Hackle Box. Hear about new highlights, CTF's, and villages, and reflection from Brad as a Blue Team member navigating past challenges. Have something to say? Contact us at unsecurity@frsecure.com and follow us for more!LinkedIn: frsecure Instagram: frsecureofficialFacebook: frsecureBlueSky: frsecureAbout FRSecure: https://frsecure.com/ FRSecure is a mission-driven information security consultancy headquartered in Minneapolis, MN. Our team of experts is constantly developing solutions and training to assist clients in improving the measurable fundamentals of their information security programs. These fundamentals are lacking in our industry, and while progress is being made, we can't do it alone. Whether you're wondering where to start, or looking for a team of experts to collaborate with you, we are ready to serve.

Youtube Video of podcast Shownotes and Links In this episode, adamd and Zardus talk finally talk to Vie from Maple Bacon / MMM in an environment where we can actually hear her. We discuss the evolution of CTF teams, the importance of community and mentorship, and the journey of Vie from a competitive gamer to a key player in the CTF scene. Links Google CTF CTF Radiooo 006 with sirdarckcat CTF Radiooo 016 interview with Vie

Got a question or comment? Message us here!Fresh off the chaos of DEF CON 33, Tanner, Hickman, and Will break down the four-day hacker conference, from the eye-opening hacker villages and mind-bending talks to Hickman's clutch CTF victory and Will's bold dive into the Social Engineering Community's Vishing Competition. No sleep, all signal.Support the showWatch full episodes at youtube.com/@aliascybersecurity.Listen on Apple Podcasts, Spotify and anywhere you get your podcasts.

Duncan and Kate Smith dive deep into what Abba truly means and the power behind that name. They explore what it means to be adopted as sons and daughters, to live free from striving, and to walk in the fullness of our true identity as beloved children of God. If you've ever struggled with performance, father wounds, or feeling distant from God, this message will release healing, revelation, and the embrace of Abba's perfect love. Don't just know about God—experience Him as your Father.

マジックの世界大会FISMで、Ibukiさんが世界一に。演出は、マジックを組み込んだイマーシブ演劇にも出演する、せとなさん。世界一までの道のりの話から、パフォーマンスを現地で「体験」する価値や、ネット共有の意義を語りました00:46 マジックの世界大会FISMで、日本人マジシャンのIbukiさんがクロースアップ・マジック部門でグランプリ（世界一）を獲得01:36 サッカーのワールドカップでいうとMVPを取るのと同じ、オリンピックだと金メダル級というものすんごい成果らしい05:09 FISMは3年に1度開催で、次回2028年は韓国で開催予定07:07 技量だけではなく、エンタメ性、芸術性なども総合的に審査される厳しい賞らしい 08:39 パフォーマンスはIbukiさん、演出・構成はせとなさん（マジシャン兼役者）が担当するチーム体制で作った演目09:05 せとなさんを知ったきっかけ − 宿泊型イマーシブシアターで演劇にマジックが組み込まれた独特なパフォーマンス14:26 世界大会へのチャレンジでクラウドファンディングをして、受賞までの過程を動画やVlog、写真、テキストでシェア15:11 ライブストリーミングだけでもいいからパフォーマンスを動画でシェアしてほしい（欲）15:47 フジロックでは録音録画・SNS投稿を控えるよう呼びかけていたが、シェアされる動画が興味を生むのではないか19:21 サイバーセキュリティの世界大会が今年11月に日本で開催、若手ホワイトハッカーがチーム戦で競う20:07 世界から8チームが参加し、サーバー攻防や暗号解読などの技術力を競う23:20 テニスのUSオープンは気軽に見にいける 24:41 沖縄のジャングリアがオープンしたけど賛否両論の模様エピソード内で取り上げた情報へのリンク： FISMでグランプリを獲ったマジシャンIbukiさんのプレスリリース FISM（フィズム）マジックの世界大会テック業界で働く3人が、テクノロジーとクリエイティブに関するトピックを、視点を行き交わしながら語り合います。及川卓也 @takoratta プロダクトマネジメントとプロダクト開発組織づくりの専門家 自己紹介エピソード ep1, ep2関信浩 @NobuhiroSeki アメリカ・ニューヨークでスタートアップ投資を行う、何でも屋 自己紹介エピソード ep52上野美香 @mikamika59 マーケティング・プロダクトマネジメントを手掛けるフリーランス 自己紹介エピソード ep53Official X: @x_crossing_ https://x-crossing.com

AOL Dial Up going away… Fugitives captured thanks to CTF listeners?... One of Ten still on the run from New Orleans… Fugitive let go by mistake… P'Nut owners sue for millions… www.fastgrowingtrees.com Promo code Jeffy… Canyon Fire under control… Gifford Fire now Mega Fire... California Dreamin ( burnin )... Milwaukee flooding… Uncomfortably Humid in many U.S. places… Email: ChewingTheFat@theblaze.com Promo code: Jeffy, if needed?... Watched half of The Pick Up… Watched Chief of War… Top Weekend Movies… Fran Drescher's out at SAG-AFTRA… Who Died Today: Jim A. Lovell Jr. 97 / Jane Etta Pitt 84 / Art Fein 79 / Michael Lydon 82 / Bobby Whitlock 77 / Luigi Di Samo 52 / Shigetoshi Kotari 28 / Hiromasa Urakawa 28… A look at Lotto… AI Domain making money… Showrunner AI movies and shows… Joke of The Day… Blaze TV www.blazetv.com/jeffy Learn more about your ad choices. Visit megaphone.fm/adchoices

Join us for an insightful conversation at DEF CON 33! Tiffiny interviews Leron, live from the Blacks in Cybersecurity Village, as he shares his experience in creating Capture the Flag (CTF) challenges.Discover the mindset behind designing challenges that cater to both beginners and experienced professionals, and get valuable tips for first-time CTF participants. Leron highlights the importance of practice and points to resources like Hack the Box, TryHackMe, and more for newcomers to enhance their skills.Guest ConnectLeron GrayLinkedIn: https://www.linkedin.com/in/leron-gray/Blacks in CybersecurityWebsite: https://www.blacksincyberconf.com/

Can you spot the difference between real cybersecurity talent and someone using ChatGPT to fake their way through interviews? In this episode of The Audit, Thomas Rogers from Meta CTF reveals how Capture the Flag competitions are becoming the ultimate litmus test for authentic cyber skills—and why traditional hiring methods are failing in the AI era. Whether you're a CISO looking to revolutionize your hiring process, a security professional wanting to level up your skills, or just curious about what happens when cybersecurity meets escape room logic, this episode delivers actionable insights you can implement immediately. Key Topics Covered:  How Meta CTF's Jeopardy-style competitions work and why they're addictive Real examples of CTF challenges that test critical thinking over pure technical knowledge The shocking rise of AI-assisted interview cheating (and how to spot it)  Why "CTF culture" is becoming the new hiring differentiator for top security teams  Practical tips for using competitions to build team camaraderie and retention How smaller companies can compete with Big Tech for cybersecurity talent Don't let your next hire fool you with AI-generated answers. Learn how CTF competitions reveal the real problem-solvers from the pretenders. Like, share, and subscribe for more cybersecurity hiring secrets that actually work! #MetaCTF #CybersecurityHiring #CTF #InfoSec #CyberSecurity #AIInterviews #TechRecruiting 

We sit down with the creative minds behind Last Flag, the brand new 5v5 capture-the-flag shooter from Night Street. Hear directly from the team—and voice actor Eli Harris—about what makes this retro-inspired, game show-style shooter stand out. Plus, we dig into how Imagine Dragons made the leap from chart-topping musicians to launching a full-fledged game studio.Learn how this bold new project mixes music, mayhem, and multiplayer magic to bring something truly different to the CTF genre.

Hey friends, today we start pwning Ninja Hacker Academy – cool CTF-style lab that has you start with no cred and try to conquer domain admin on two domains!

Title: "Catching Up With Ken Munro After Infosecurity Europe 2025 — Hacking the Planet, One Car, One Plane, and One System at a Time"A Post–Infosecurity Europe 2025 Conversation with Ken MunroGuestsKen Munro Security writer & speakerhttps://www.linkedin.com/in/ken-munro-17899b1/HostsSean Martin, Co-Founder at ITSPmagazineWebsite: https://www.seanmartin.comMarco Ciappelli, Co-Founder, CMO, and Creative Director at ITSPmagazineWebsite: https://www.marcociappelli.com___________Episode SponsorsThreatLocker: https://itspm.ag/threatlocker-r974___________After a whirlwind week at Infosecurity Europe 2025, I had the chance to reconnect with Ken Munro from Pen Test Partners — a longtime friend, hacker, and educator who brings cybersecurity to life in the most tangible ways. From car hacking escape rooms to flight simulators in pubs, we talked about why touching tech matters, how myth-busting makes us safer, and how learning through play might just be the key to securing our increasingly complex world. Tune in, and maybe bring a cocktail.⸻There's something special about catching up with someone who's not just an expert in cybersecurity, but also someone who reminds you why this industry can — and should — be fun. Ken Munro and I go back to the early days of DEFCON's Aviation Village, and this post-Infosecurity Europe 2025 chat brought all that hacker spirit right back to the surface.Ken and his crew from Pen Test Partners set up shop next to the main Infosecurity Europe venue in a traditional London pub — but this wasn't your average afterparty. They transformed it into a hands-on hacking village, complete with a car demo, flight simulator, ICS cocktail CTF, and of course… a bar. The goal? Show that cybersecurity isn't just theory — it's something you can touch. Something that moves. Something that can break — and be fixed — before it breaks us.We talked about the infamous “Otto the Autopilot” from Airplane, the Renault Clio-turned-Mario Kart console, and why knowing how TCAS (collision avoidance) works on an Airbus matters just as much as knowing your Wi-Fi password. We also dug into the real-world cybersecurity concerns of industrial systems, electronic flight bags, and why European regulation might be outpacing the U.S. in some areas — for better or worse.One of the biggest takeaways? It's time to stop fearing the hacker mindset and start embracing it. Curiosity isn't a threat — it's a superpower. And when channeled correctly, it leads to safer skies, smarter cars, and fewer surprises in the water we drink or the power we use.There's a lot to reflect on from our conversation, but above all: education, community, and creativity are still the most powerful tools we have in security — and Ken is out there proving that, one demo and one pint at a time.Thanks again, Ken. See you at the next village — whichever pub, hangar, or DEFCON corner it ends up in.⸻Keywords: cybersecurity, ethical hacking, pen testing, Infosecurity Europe, embedded systems, car hacking, flight simulator, ICS security, industrial control systems, aviation cybersecurity, hacker mindset, DEFCON___________ResourcesLearn more and catch more stories from Infosecurity Europe 2025 London coverage: https://www.itspmagazine.com/infosec25Catch all of our event coverage: https://www.itspmagazine.com/technology-and-cybersecurity-conference-coverageWant to tell your Brand Story Briefing as part of our event coverage? Learn More

This week I'm working on a mixed bag of fun security and marketing things: A pentest I'm stuck on My latest lab CTF obsession: Ninja Hacker Academy A cool “about 7MinSec” marketing video that was recorded in a pro studio!

On today's episode, George Halford sits down with Nate Dunlap, a recent Tennessee Tech graduate originally from Tullahoma. Nate moved to Florida at age 3 and returned to Tennessee around age 12. His passion for understanding how things work led him to excel in math and robotics during high school. At Tennessee Tech, he became a standout member of the Cybersecurity Education, Research & Outreach Center (CEROC), helping his team secure second place in the 2023 Department of Energy CyberForce competition and placing in top tiers of regional CTF events. He also co-developed YourTour, an award-winning travel app prototype that took first place at the February 2025 Eagle Works Idea Challenge. Nate praises Tech as an excellent choice for cybersecurity and robotics education, and previews the YourTour pilot launching this August, with a full app rollout expected by spring 2026. Listen To The Local Matters Podcast Today! News Talk 94.1

Our guest this week is Mac Reynolds, CEO and co-founder of Night Street Games, making the PvP shooter Last Flag. As manager of the band, Imagine Dragons, he learned how to find magic from the grind and now applies that to a videogame. We discuss Eagle Scouts, learning to advocate and CTF - this week! Episode Highlights[00:00:00] Realizing How Hard It Is to Make a Game Mac shares how his early assumptions about game development were quickly shattered after launching Night Street Games.[00:08:00] From Managing Imagine Dragons to Founding a Game Studio Learn how Mac transitioned from music manager to game studio co-founder with his brother Dan Reynolds, lead singer of Imagine Dragons.[00:11:00] Building Night Street Games: A True Family Venture Mac discusses starting Night Street Games, working with Dan, and their love for classic developers like LucasArts and Sierra.[00:17:00] Designing Last Flag: A New Take on Capture the Flag Hear how Last Flag evolved from a simple concept into a competitive third-person multiplayer game inspired by hide-and-seek.[00:21:00] Innovative Gameplay: Radar Towers, Seeker Drones & Strategy Mac breaks down the unique mechanics that make Last Flag stand out—like territory control and high-stakes flag defense.[00:29:00] Leaving Law for Creativity and Founding a Studio From law school to the Grammy Awards to launching a game studio, Mac reflects on choosing passion over a traditional career path.[00:44:00] Building a Remote, Scalable Game Team from Scratch He explains how Night Street scaled to over 50 people, balancing internal hires with tightly integrated outsourcing.[00:56:00] Comparing Music & Games: Creativity, Community & Joy Mac reflects on what games and music have in common—creation, community, and the magic of bringing people joy.Thank you for listening to our podcast all about videogames and the amazing people who bring them to life!Hosted by Alexander Seropian and Aaron MarroquinFind us at www.thefourthcurtain.com Join our Patreon for early, ad-free episodes plus bonus content at https://patreon.com/FourthCurtain Come join the conversation at https://discord.gg/KWeGE4xHfeVideos available at https://www.youtube.com/@thefourthcurtainFollow us on Twitter: @fourthcurtainEdited and mastered at https://noise-floor.com Audio Editor: Bryen HensleyVideo Editor: Sarkis GrigorianProducer: Shanglan (May) LiArt: Paul RusselCommunity Manager: Doug ZartmanFeaturing Liberation by 505

Ep 262BumerangA1 Slovenija iPhone 16 + AirPods 4More than One Million Anker Power Banks Recalled Due to Fire and Burn Hazards; Manufactured by Anker InnovationsColin Cornaby: Another interesting tidbit from “Apple in China”Terence Eden: I've locked myself out of my digital lifeHow Kagi is building a better search for teamsRiccardo Mori: In case of emergency, break glassRose-Gold-Tinted Liquid GlassesTuomas Hämäläinen: Mockup time!Interview: Craig Federighi Opens Up About iPadOS, Its Multitasking Journey, and the iPad's Essence – MacStoriesiPhone Reportedly Moving to All-Screen Design in Two StagesApple to finally let iPhone games offer promo codes for IAP - 9to5MacApple Again Changes EU App Store Rules and Fees to Comply With DMASteve Troughton-Smith: So, upfront CTF cost is gone…Jeff Tyrrill: What Apple should doGary Marcus: LLMs don't do formal reasoning - and that is a HUGE problemChuck Darwin: After nuclear weapons testing began in 1945,atmospheric radiation contaminated new steel production worldwide. Graham-Cumming sees a parallel with today's web, where AI-generated content increasingly mingles with human-created material and contaminates it.Anthropic wins a major fair use victory for AI — but it's still in trouble for stealing booksJoe Fabisevich: That's the ballgame, copyright is effectively done for.Alek: AI sceptic in LLM adventure landJay Menna: sajt za tri i po sata i još jedan njegov sajt generisan korišćenjem N8N.I Convinced HP's Board to Buy Palm for $1.2B. Then I Watched Them Kill It in 49 DaysZahvalniceSnimano 28.6.2025.Uvodna muzika by Vladimir Tošić, stari sajt je ovde.Logotip by Aleksandra Ilić.Artwork epizode by Saša Montiljo, njegov kutak na Devianartu

On this episode of AwesomeCast, co-hosts Michael Sorg and Dave Podnar welcome Greg McMillan of the iPhoneography Podcast to unpack Apple's latest WWDC 2024 announcements. From the iOS 18 redesign with liquid glass effects to groundbreaking video tools and local AI integrations, the crew dives into the most impressive—and sometimes frustrating—developments. They explore the new iPad OS multitasking features, how Final Cut might be more viable on mobile, and what spatial scene photography could mean for creative workflows. Plus, they break down the new CarPlay UI upgrades, AI assistant integrations like ChatGPT, and potential applications for live streaming and podcasting. Chachi returns with a jam-packed Video Game Minute covering PlayStation updates, Imagine Dragons entering game dev, and how even 90-year-olds are gaming now. And yes, there's some solid Apple vs Android real talk with pro wrestler Zeke Mercer. Find more episodes and tech insights at AwesomeCast.com and SorgatronMedia.com

On this episode of AwesomeCast, co-hosts Michael Sorg and Dave Podnar welcome Greg McMillan of the iPhoneography Podcast to unpack Apple's latest WWDC 2024 announcements. From the iOS 18 redesign with liquid glass effects to groundbreaking video tools and local AI integrations, the crew dives into the most impressive—and sometimes frustrating—developments. They explore the new iPad OS multitasking features, how Final Cut might be more viable on mobile, and what spatial scene photography could mean for creative workflows. Plus, they break down the new CarPlay UI upgrades, AI assistant integrations like ChatGPT, and potential applications for live streaming and podcasting. Chachi returns with a jam-packed Video Game Minute covering PlayStation updates, Imagine Dragons entering game dev, and how even 90-year-olds are gaming now. And yes, there's some solid Apple vs Android real talk with pro wrestler Zeke Mercer. Find more episodes and tech insights at AwesomeCast.com and SorgatronMedia.com

In this deeply personal and powerful episode, Duncan Smith interviews Dan Slade about what happens when the Holy Spirit fills you so strongly that your body can no longer contain it. From uncontrollable joy to prophetic symbolism, Dan reveals the mystery behind physical manifestations of the Spirit—and why yielding to God's presence changes everything.

Kris Sims is the Alberta Director for the Canadian Taxpayers Federation (CTF), a citizens' advocacy group focused on lower taxes, less government waste, and accountability. With over 20 years of experience in journalism and politics, she has worked in radio, CTV's Parliamentary Bureau, and was a founding reporter for Sun News Network, covering issues like big government and personal liberty. Franco Terrazzano is the Federal Director of the Canadian Taxpayers Federation. Before joining the CTF, Terrazzano worked as an economic policy analyst at the Calgary Chamber of Commerce and as a fellow with the Canadian Constitution Foundation.Cornerstone Forum ‘25https://www.showpass.com/cornerstone25/Get your voice heard: Text Shaun 587-217-8500Substack:https://open.substack.com/pub/shaunnewmanpodcastSilver Gold Bull Links:Website: https://silvergoldbull.ca/Email: SNP@silvergoldbull.comText Grahame: (587) 441-9100Bow Valley Credit UnionWebsite: www.BowValleycu.comEmail: welcome@BowValleycu.com Use the code “SNP” on all ordersProphet River Links:Website: store.prophetriver.com/Email: SNP@prophetriver.com

Spies among us… Microsoft 50 years and now richest company… Apple is second richest company… Kris Cruz from London / Prince Harry Trial… Playing Tarriff Chicken… Email: ChewingTheFat@theblaze.com All About Cookies survey… NCET no longer exists…Madonna wants to make up with Elton… Elton berates Madonna during an event… Dying for Sex on FX… Talked about this podcast: CTF ep 331... Who Died Today: Judith Parker Harris 74 / Michael Haley 67… Hippos dead in DRC… My Hippo History story-CTF ep 7 www.blazetv.com/jeffy Promo code Jeffy… Ronin the mind sniffing HeroRAT… Nothing for Playboy casino chips… Joke of The Day… Learn more about your ad choices. Visit megaphone.fm/adchoices

Key Topics* [03:00] Ryan's background in offensive cybersecurity and defense contracting* [04:30] The mindset and challenges of vulnerability research and hacking* [09:15] How security researchers approach attacking embedded devices* [13:45] Techniques for extracting and analyzing firmware* [19:30] Security considerations for embedded developers* [24:00] The importance of designing security from the beginning* [28:45] Security challenges for small companies without dedicated security staff* [33:20] Address Space Layout Randomization (ASLR) and other security measures* [37:00] Emulation technology for testing embedded systems* [45:30] Tulip Tree's approach to embedded system emulation and security testing* [50:15] Resources for learning about cybersecurity and hackingNotable Quotes> "When you're on the vulnerability research side, you're trying to find a time when the software does something wrong. When it does something unexpected." — Ryan Torvik> "Don't roll your own cryptography. Use a standard library for cryptography." — Ryan Torvik> "We're seeing that the maintenance costs are what are getting people now. You're expected to maintain this device, but now you got to be able to actually update the device." — Ryan Torvik> "It's so much more expensive to put security in after the fact if it's possible in the first place. Why is that even something that needs to be debated?" — Luca IngianniResources Mentioned[Tulip Tree Technology](tuliptreetech.com) - Ryan's company focused on embedded system security and emulation* IDA Pro - Interactive disassembler for firmware analysis* Binary Ninja - Interactive disassembler from Vector35* Ghidra - NSA's open-source software reverse engineering tool* Microcorruption - Beginner-friendly CTF challenge for learning embedded system hacking* National Vulnerability Database - Public database of security vulnerabilitiesThings to do* Join the Agile Embedded Podcast Slack channel to connect with the hosts and other listeners* Check out Tulip Tree Technology's website for their emulation tools and security services* Try Microcorruption CTF challenges to learn about embedded system security vulnerabilities* Consider security implications early in your design process rather than as an afterthought* Use secure programming languages like Rust that help prevent common security issues You can find Jeff at https://jeffgable.com.You can find Luca at https://luca.engineer.Want to join the agile Embedded Slack? Click here

What really happens when we take communion? In this deeply revealing conversation, Duncan Smith sits down with Dan Slade to uncover the biblical truth behind communion and the power of the blood of Jesus. This is more than symbolism—it's a living encounter with the power and presence of Jesus. Whether you come from a charismatic, evangelical, or traditional background, this conversation will challenge and refresh your understanding of communion.

What happens when the Glory of God fills a room? Can we experience Heaven on earth? In this powerful episode, Dan Slade, an apostolic ambassador for Catch The Fire, shares his life-changing encounters with God's manifest presence—where Heaven invaded his reality and left him undone.

Host Alex Pierson is joined by the Federal Director of the Canadian Taxpayers Federation, Franco Terrazzano about why the CTF is suing the Canadian Revenue Agency for trying to collect on the capital gains tax when it hasn't even achieved its royal assent. Learn more about your ad choices. Visit megaphone.fm/adchoices