Podcasts about issuers

Tune in to this episode of the Security Token Show where this week Kyle Sonlin and guest contributors Marcus Martin from MPact Capital and Adrian Alvarez from InvestReady cover the industry leading headlines and market movements, including how tokenized stocks are becoming more relevant, enhanced yield strategies with tokenization, and more RWA news!   Company of the Week - Kyle: Kraken   The Market Movements 1. Robinhood's SEC Submission and RWA Exchange   2. Kraken and Backed Finance to Launch 50+ xStocks on Solana   3. MPact Capital Launches RIA for Tokenized RWAs, Targeting Impact Investing   4. Apollo's ACRED to Expand Leverage Loop to Solana via Kamino Finance & Steakhouse Financial   5. JPMorgan, Bank of America, Citi, and Wells Fargo Considering Joint Stablecoin   6. Apex to Acquire Tokeny   7. InvestReady and Accreditoken Partner with TrustNFT for Onchain Identity   The Token Debrief 1. VanEck Launching Blockchain-Asset Venture Fund on Avalanche   2. SocGen Building USD Stablecoin on Ethereum   3. HSBC Launching Tokenized Deposits with Ant International   4. BNP Paribas Asset Management Natively Tokenizes Money Market Fund on Allfunds   5. BounceBit Delivers Double-Digit Yield Using BUIDL as Collateral    6. IXS' “BTC Real Yield” Enables BTC Collateralization, Unlocked Capital Invested into RWAs   7. Qatar Financial Centre (QFC) to Prioritize Real Estate Tokenization   8. Hong Kong Passes Stablecoin Bill, Issuers to Attain License From HKMA   9. City of Lugano Issued 4th Bond (CHF 100 Million) on SDX   10. Dubai Land Department Brings Tokenized Land Deeds to XRP Ledger   11. Black Manta and SBI Digital Markets offer Tokenized Note on UBS MMF (USMO), Available on 21X   12. Amber Premium Allows Credit Card Access to UBS Tokenized Funds   13. Ozean and Brickken Partner with over $300M of Tokenized Assets   14. R3 Integrates with Solana   STM Predicts $30-50T in RWAs by 2030: https://docsend.com/view/7jx2nsjq6dsun2b9 More STM.co Reports: https://reports.stm.co/ Join the RWA Foundation and Read the Whitepaper: RWAF.xyz   ⏰ TABLE OF CONTENTS ⏰ 0:00 Introduction 0:16 Welcome 1:52 Market Movements 43:02 Token Debrief 54:49 Companies of The Week

Agenda: 04:34 Chime's IPO Announcement: Who Wins & Who Loses 06:28 The Lopphole That Means Chime Has a Better Business than JP Morgan 10:51 Why Investors Who Invested at $25BN Will Make Money When it IPOs at $12BN 18:59 Are IPOs Dead & The Future of the Late Stage Private Market 27:32 Exits are Larger Than Ever: So What? What Happens? Who Wins? Who Loses? 40:51 Is Europe Totally F******* 43:48 Challenges of Going Public & What Needs to Change? 46:12 OpenAI's Future and Predictions 49:45 Rippling vs. Deel Lawsuit: Is Deel Screwed? 59:28 Why So Many Companies Are About To Become Database Companies 01:08:07 The Future of Salesforce: Buy or Sell? 01:13:28 Quickfire Round Please read the offering circular and related risks at invest.modemobile.com. This is a paid advertisement for Mode Mobile's Regulation A+ Offering. Past performance is no guarantee of future results. Investing in private company securities is not suitable for all investors because it is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities. DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck.    

Yuhki Yamashita is the Chief Product Officer at Figma, where he leads the development of one of the world's most beloved design platforms. Previously, he was Head of Product at Uber, overseeing the core rider experience used by millions globally. A master of product storytelling and team-building, Yuhki has redefined how world-class digital products are built and scaled. Items Mentioned in Today's Episode:  04:30 – "Simple is Lazy?" — Yuhki Challenges Product Dogma 07:45 – The Secret Behind Figma's New Product Ideas (Hint: Users Hack It First) 09:00 – From Hack Week to Roadmap: How New Figma Products Are Born 10:00 – Are PRDs Dead? Yuhki's Spicy Take on the Death of Specs 12:30 – The ‘Screenshot Test': Can Your Product Explain Itself in 1 Frame? 14:15 – Code Layers and ‘Living Designs'—This Demo Blew Everyone's Mind 15:30 – Designers vs Coders: Who Really Owns the Future of Product? 17:45 – The Most Controversial Product Decision Inside Figma 19:00 – Why Figma's Org Structure Could Kill the PM Role (For Real) 21:00 – Should Everyone Be a Designer and a Builder Now? 23:15 – Will Figma Have Fewer Engineers in 5 Years? 24:00 – Cursor, Windsurf & AI Coding Tools—What Figma Engineers Really Use 25:30 – AI's Dual Power: Lowering the Floor, Raising the Ceiling 27:00 – Figma's Biggest Product Flop? Yuhki Owns It 29:30 – The Magic of Product Storytelling—Even for Boring Compliance Tools 31:00 – Why Joy Must Be in the Product (and How Figma Bakes It In) 33:00 – Does Product Market Fit Even Mean Anything in 2025? 35:30 – Is Great Design Enough? Or Is It ALL About Distribution? 37:15 – Dylan's Secret to Early Growth: Hacking Design Twitter 39:00 – Community Mistakes Startups Keep Making 41:00 – The One Thing Yuhki Wishes He Could Change at Figma 43:00 – Should They Have Launched 4 Products at Once? Time Will Tell 45:00 – When Do You Know a New Product Is Doomed? 46:30 – Why Designers Still Don't Ship What They Design (and How to Fix It) 48:00 – From Uber to Figma: Yuhki's Playbook for Massive Product Swings 53:00 – The Adobe Deal Breakup—How Figma Rallied 56:00 – What Yuhki Needs to Improve as a Leader (His Own Feedback Review) 58:00 – The Product Leader He Admires Most—and Why 59:30 – What Figma Still Gets Wrong About Product Culture Please read the offering circular and related risks at invest.modemobile.com. This is a paid advertisement for Mode Mobile's Regulation A+ Offering. Past performance is no guarantee of future results. Investing in private company securities is not suitable for all investors because it is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities. DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck.

with @rhhackett @smc90 @DarenMatsuoka @SamBronerWelcome to web3 with a16z, a show about the next generation of the internet. I'm Robert Hackett.There has been a flurry of stablecoin news lately, so we're doing a special bonus episode to cover everything that's been going on. Sonal and I are joined by a16z crypto's Data Science lead Daren Matsuoka who shares the actual data behind the stablecoin trend. Then we have Sam Broner — who is a Deal Partner here and our frequent author on stablecoins — to analyze the news, and help highlight the signal versus the noise.Here's a selection of the news:USDC issuer Circle filed to go public on the New York Stock ExchangeCoinbase released an agentic payments standard with support for stablecoin paymentsVisa and Mastercard enhanced stablecoin supportStripe announced stablecoin financial account balances, a programmable stablecoin (via Bridge), a stablecoin-backed card, and moreMeta is reportedly in talks to introduce stablecoins as a means for payoutsAnd much moreWe also have one of our regular episodes covering the broader stablecoins trend and big picture, dropping separately in the feed, also with Sam and a16z crypto Founder Chris Dixon, so be sure to check that out next.Timestamps:(0:00) Introduction(1:30) Stablecoin Data Overview(3:55) Stablecoin Adoption and Infrastructure(4:24) Market Share of Issuers and Blockchains(6:10) Stablecoin Growth vs. Crypto Market Cycles(7:45) Stablecoin News and Developments(9:44) Fintech Embraces Stablecoins(12:44) Legacy Payment Systems vs. Stablecoins(17:04) The Future of Stablecoins and Open Networks(22:11) ConclusionLinks to related resources:Everything stablecoins: Big picture, deep dive with Chris Dixon, Sam Broner, and Robert Hackett (a16z crypto, May 2025)A chart of stablecoin usage growth vs. crypto market cyclicality (@DarenMatsuoka on X)The month fintechs embraced stablecoins by Sam Broner (a16z crypto, May 2025)What Stripe's acquisition of Bridge means for fintech and stablecoins by James da Costa and Sam Broner (a16z crypto, April 2025)A guide to stablecoins: What, why, and how by a16z crypto editorial (a16z crypto, April 2025)As a reminder, none of the content should be taken as investment, business, legal, or tax advice; please see a16z.com/disclosures for more important information, including a link to a list of our investments.

Alexandra Levis, Founder & CEO of Arro Financial Communications, provides an in-depth look at how ETF issuers should think about approaching marketing.  VettaFi's Roxanna Islam breaks down some of the year's top-performing ETFs, from international plays to precious metals.

Tune in to this episode of the Security Token Show where this week Herwig Konings and Kyle Sonlin cover the industry leading headlines and market movements, including RWA DeFi vaults, venture funding coming back, and more RWA news! Company of the Week - Herwig: Particula Company of the Week - Kyle: KfW  The Market Movements 1. Circle Rejects Ripple's $5B Acquisition Offer, New $20B Offer Reported: https://cointelegraph.com/news/ripple-circle-bid-rejected-bloomberg  https://x.com/Cointelegraph/status/1918261724224098651  2. BlackRock Files to Tokenize $150B Treasury Trust Fund with BNY Mellon: https://www.coindesk.com/markets/2025/04/30/sec-filing-shows-blackrock-preparing-150-billion-tokenized-treasury-trust-offering  3. Particula Closes $5.5M Raise and Moves to USA: https://particula.io/particula-raises-5m-funding-round/  4. Dinari Raises $12.7M Series A led by Hack VC and Blockchange Ventures: https://dinari.com/blog/12m-series-a-equities-onchain  5. Tether Attestation Report: More than 7.7 Tons of Gold Backing XAUT: https://crypto.news/tether-holds-more-than-7-7-tons-of-gold-backing-its-xaut-token/  6. MetaWealth Now Registered in Lithuania as VASP: https://thepaypers.com/online-mobile-banking/metawealth-gains-a-virtual-asset-service-provider-licence-in-lithuania--1273351  7. Sony's Soneium and Plume Partner for Onchain Staking and Yield Opportunities: https://www.techinasia.com/news/sonys-blockchain-plume-partner-tokenized-yields  The Token Debrief 1. Calastone Announces Fireblocks as Infrastructure Partner for Fund Tokenization: https://financefeeds.com/calastone-partners-with-fireblocks-to-launch-fund-tokenization-platform/   2. Centrifuge Introduces RWA Launchpad: https://centrifuge.mirror.xyz/Ujcfp4flrFUGxLUEXiDlwZH1ZCfLmh4HMdXI1CUP-XQ  3. ERC3643 Association Announces Interoperable DvP Proof of Concept: https://www.linkedin.com/posts/erc3643_erc3643-activity-7323571899043659776-aPCX 4. Goldman Sachs to Expand Crypto Trading and Explore Crypto Lending & Asset Tokenization: https://www.coinspeaker.com/goldman-sachs-eyes-expansion-in-crypto-trading/  5. Nairobi Securities Exchange (NSE) and DeFi Technologies Create Kenya Digital Exchange: https://coingeek.com/kenya-prepares-tokenizing-rwas-on-homegrown-exchange/   6. Securitize and Gauntlet Use Morpho to Launch Vault for Apollo's ACRED: https://securitize.io/learn/press/securitize-and-gauntlet-launch-levered-rwa-strategy-on-apollo-diversified-credit-securitize-fund  7. Libre to Bring Institutions to TON with $500M Telegram Bond Fund ($TBF): https://www.librecapital.com/insights/libre-and-ton-foundation-launch-500m-telegram-bond-fund-tbf-on-ton-blockchain  8. Hilbert Group Announces Tokenized Bitcoin Yield Offering on Rebranded Syntetika Platform: https://finance.yahoo.com/news/hilbert-group-announces-launch-tokenized-082000090.html  9. KfW Moves from Issuer to Investor, Invests €10M in Berlin Hyp's €100M Covered Bond: https://www.kfw.de/About-KfW/Newsroom/Latest-News/Pressemitteilungen-Details_848192.html  10. Wormhole to Provide Interoperability for Mercado Bitcoin's $200M Pipeline and Invests in Offering: https://www.tronweekly.com/mercado-bitcoin-partners-with-wormhole/  11. MultiBank to Tokenize $3B of MAG's UAE Real Estate on Mavryk: https://cointelegraph.com/news/multibank-mag-mavryk-3b-rwa-tokenization-launch  12. Liquid Noble Adds More Utility to $LGAU Tokenized Gold: https://coingeek.com/liquid-noble-revamps-for-improved-tokenized-bullion-trading/  13. Solana Policy Institute, Superstate, and Orca Submit Proposal for Project Open: US Equities on Public Blockchains https://www.linkedin.com/posts/solana-policy-institute_project-open-wireframe-blueprint-4282025-activity-7323417793951895553-e_W0 14. Pakistan Approves First Tokenized Gold Solution under Fasset's Sandbox License: https://www.urdupoint.com/en/technology/fasset-secures-sandbox-license-to-launch-paki-1971443.html 15. Argentinian Regulator Presents Tokenization Framework: https://invezz.com/news/2025/04/27/latam-crypto-news-itau-to-invest-210m-in-bitcoin-and-argentinas-cnv-to-present-new-tokenization-regime/ 16. World Federation of Exchanges Releases Report on CBDC Impact on Tokenization: https://www.ledgerinsights.com/world-federation-of-exchanges-explore-cbdc-for-tokenization/ 17. Deloitte Predicts 25% of Cross-Border Payments Delivered Onchain by 2030, $50B in Savings: https://fintechmagazine.com/articles/deloitte-tokenised-networks-to-reshape-global-payments   = Stay in touch via our Social Media = Kyle: https://www.linkedin.com/in/kylesonlin /   Herwig: https://www.linkedin.com/in/herwigkonings/  Opinion articles, interviews, and more: https://medium.com/security-token-group   Find the video edition of this episode on our Youtube Channel: https://www.youtube.com/@stmtvofficial     STM Predicts $30-50T in RWAs by 2030: https://docsend.com/view/7jx2nsjq6dsun2b9  More STM.co Reports: https://reports.stm.co/ Join the RWA Foundation and Read the Whitepaper: RWAF.xyz ⏰ TABLE OF CONTENTS ⏰ 0:00 Introduction 0:16 Welcome 1:05 Market Movements 14:14 RWA Foundation Update 15:04  Token Debrief 26:04 Companies of The Week

Send us a text◆ Running a bond business in a crisis ◆ Bank issuers find their way back into the bond market ◆ Can frontier emerging market sovereigns fund themselves?This was supposed to be a decent year for banks in the debt and equity capital markets. But the uncertainty generated by a chaotic US tariff policy has wrecked investment banks' ability to plan and operate in their markets.We look at what is grinding the sell-side's gears and investigate how banks should navigate the volatility to meet their budgets.One area of the bond market where issuance has been slow to resume since the US first announced its new tariffs is the senior unsecured FIG market. Issuers returned this week, so we took the opportunity to examine where FIG borrowers can raise debt capital from covered bonds all the way down to subordinated debt.The yields on many frontier emerging market sovereign bonds have gapped higher this month to above the 10% level that many consider the beginning of the death zone for debt sustainability. We ask whether this has the makings of a debt crisis, or if issuers are well prepared to weather the storm.

Mak Yuen Teen, Professor (Practice) of Accounting & Director at the Centre for Investor Protection, NUS Business School, National University of Singapore discusses his inaugural study reveal many gaps in the whistleblowing policies, raising concerns about their overall effectiveness in ensuring good corporate governance. He also shares how City Developments and SingPost stack up in the scoring, amid their recent respective dramas raising questions over corporate governance. Produced/Presented: Ryan HuangSee omnystudio.com/listener for privacy information.

Send us a text◆ Rob Murray, the Defence, Security and Resilience Bank's creator, explains all ◆ Why US must be involved ◆ Three point strategy to augment defence spendingThe idea of a new multilateral bank to help fund defence spending in Europe has shifted to the fore in recent weeks. European leaders are understood to be discussing the idea this week and a plan for one could be announced soon.Rob Murray, a former British army officer, is the person who first came up with an idea while working at Nato in 2018. He joined the podcast this week to discuss how it would work, the three things it would do that no other institution could do as well, and who would be part of it.

Paul Frazee is the CTO of Bluesky. He previously worked on the Beaker browser and the peer-to-peer social media protocol Secure Scuttlebutt. Paul discusses how Bluesky and ATProto got started, scaling up a social media site, what makes ATProto decentralized, lessons ATProto learned from previous peer-to-peer projects, and the challenges of content moderation. Episode transcript available here. My Bluesky profile. -- Related Links Bluesky ATProtocol ATProto for distributed systems engineers Bluesky and the AT Protocol: Usable Decentralized Social Media Decentralized Identifiers (DIDs) ActivityPub Webfinger Beaker web browser Secure Scuttlebutt -- Transcript You can help correct transcripts on GitHub. [00:00:00] Jeremy: Today I am talking to Paul Frazee. He's the current CTO of bluesky, and he previously worked on other decentralized applications like Beaker and Secure Scuttlebutt. [00:00:15] Paul: Thanks for having me. What's bluesky [00:00:16] Jeremy: For people who aren't familiar with bluesky, what is it? [00:00:20] Paul: So bluesky is an open social network, simplest way to put it, designed in particular for high scale. That's kind of one of the big requirements that we had when we were moving into it. and it is really geared towards making sure that the operation of the social network is open amongst multiple different organizations. [00:00:44] So we're one of the operators, but other folks can come in, spin up the software, all the open source software, and essentially have a full node with a full copy of the network active users and have their users join into our network. And they all work functionally as one shared application. [00:01:03] Jeremy: So it, it sounds like it's similar to Twitter but instead of there being one Twitter, there could be any number and there is part of the underlying protocol that allows them to all connect to one another and act as one system. [00:01:21] Paul: That's exactly right. And there's a metaphor we use a lot, which is comparing to the web and search engines, which actually kind of matches really well. Like when you use Bing or Google, you're searching the same web. So on the AT protocol on bluesky, you use bluesky, you use some alternative client or application, all the same, what we're we call it, the atmosphere, all one shared network, [00:01:41] Jeremy: And more than just the, the client. 'cause I think sometimes when people think of a client, they'll think of, I use a web browser. I could use Chrome or Firefox, but ultimately I'm connecting to the same thing. But it's not just people running alternate clients, right? [00:01:57] Paul: Their own full backend to it. That's right. Yeah. Yeah. The anchoring point on that being the fire hose of data that runs the entire thing is open as well. And so you start up your own application, you spin up a service that just pipes into that fire hose and taps into all the activity. History of AT Protocol [00:02:18] Jeremy: Talking about this underlying protocol maybe we could start where this all began so people get some context for where this all came from. [00:02:28] Paul: For sure. All right, so let's wind the clock back here in my brain. We started out 2022, right at the beginning of the year. We were formed as a, essentially a consulting company outside of Twitter with a contract with Twitter. And, uh, our goal was to build a protocol that could run, uh, Twitter, much like the way that we just described, which set us up with a couple of pretty specific requirements. [00:02:55] For one, we had to make sure that it could scale. And so that ended up being a really important first requirement. and we wanted to make sure that there was a strong kind of guarantees that the network doesn't ever get captured by any one operator. The idea was that Twitter would become the first, uh, adopter of the technology. [00:03:19] Other applications, other services would begin to take advantage of it and users would be able to smoothly migrate their accounts in between one or the other at any time. Um, and it's really, really anchored in a particular goal of just deconstructing monopolies. Getting rid of those moats that make it so that there's a kind of a lack of competition, uh, between these things. [00:03:44] And making sure that, if there was some kind of reason that you decided you're just not happy with what direction this service has been going, you move over to another one. You're still in touch with all the folks you were in touch with before. You don't lose your data. You don't lose your, your your follows. Those were the kind of initial requirements that we set out with. The team by and large came from, the decentralized web, movement, which is actually a pretty, large community that's been around since, I wanna say around 2012 is when we first kind of started to form. It got really made more specifically into a community somewhere around 2015 or 16, I wanna say. [00:04:23] When the internet archives started to host conferences for us. And so that gave us kind of a meeting point where all started to meet up there's kind of three schools of thought within that movement. There was the blockchain community, the, federation community, and the peer-to-peer community. [00:04:43] And so blockchain, you don't need to explain that one. You got Federation, which was largely ActivityPub Mastodon. And then peer-to-peer was IPFS, DAT protocol, um, secure scuttlebutt. But, those kinds of BitTorrent style of technologies really they were all kind of inspired by that. [00:05:02] So these three different kind of sub communities we're all working, independently on different ways to attack how to make these open applications. How do you get something that's a high scale web application without one corporation being the only operator? When this team came together in 2022, we largely sourced from the peer-to-peer group of the decentralized community. Scaling limitations of peer-to-peer [00:05:30] Paul: Personally, I've been working in the space and on those kinds of technologies for about 10 years at that stage. And, the other folks that were in there, you know, 5-10 each respectively. So we all had a fair amount of time working on that. And we had really kind of hit some of the limitations of doing things entirely using client devices. We were running into challenges about reliability of connections. Punching holes to the individual device is very hard. Synchronizing keys between the devices is very hard. Maintaining strong availability of the data because people's devices are going off and on, things like that. Even when you're using the kind of BitTorrent style of shared distribution, that becomes a challenge. [00:06:15] But probably the worst challenge was quite simply scale. You need to be able to create aggregations of a lot of behavior even when you're trying to model your application as largely peer wise interactions like messaging. You might need an aggregation of accounts that even exist, how do you do notifications reliably? [00:06:37] Things like that. Really challenging. And what I was starting to say to myself by the end of that kind of pure peer-to-peer stent was that it can't be rocket science to do a comment section. You know, like at some point you just ask yourself like, how, how hard are we willing to work to, to make these ideas work? [00:06:56] But, there were some pretty good pieces of tech that did come out of the peer-to-peer world. A lot of it had to do with what I might call a cryptographic structure. things like Merkel trees and advances within Merkel Trees. Ways to take data sets and reduce them down to hashes so that you can then create nice signatures and have signed data sets at rest at larger scales. [00:07:22] And so our basic thought was, well, all right, we got some pretty good tech out of this, but let's drop that requirement that it all run off of devices. And let's get some servers in there. And instead think of the entire network as a peer-to-peer mesh of servers. That's gonna solve your scale problem. [00:07:38] 'cause you can throw big databases at it. It's gonna solve your availability problems, it's gonna solve your device sync problems. But you get a lot of the same properties of being able to move data sets between services. Much like you could move them between devices in the peer-to-peer network without losing their identifiers because you're doing this in direction of, cryptographic identifiers to the current host. [00:08:02] That's what peer-to-peer is always doing. You're taking like a public key or hash and then you're asking the network, Hey, who has this? Well, if you just move that into the server, you get the same thing, that dynamic resolution of who's your active host. So you're getting that portability that we wanted real bad. [00:08:17] And then you're also getting that kind of in meshing of the different services where each of them is producing these data sets that they can sink from each other. So take peer-to-peer and apply it to the server stack. And that was our kind of initial thought of like, Hey, you know what? This might work. [00:08:31] This might solve the problems that we have. And a lot of the design fell out from that basic mentality. Crytographic identifiers and domain names [00:08:37] Jeremy: When you talk about these cryptographic identifiers, is the idea that anybody could have data about a person, like a message or a comment, and that could be hosted different places, but you would still know which person that originally came from. Is that, is that the goal there? [00:08:57] Paul: That's exactly it. Yeah. Yeah. You wanna create identification that supersedes servers, right? So when you think about like, if I'm using Twitter and I wanna know what your posts are, I go to twitter.com/jeremy, right? I'm asking Twitter and your ID is consequently always bound to Twitter. You're always kind of a second class identifier. [00:09:21] We wanted to boost up the user identifier to be kind of a thing freestanding on its own. I wanna just know what Jeremy's posts are. And then once you get into the technical system it'll be designed to figure out, okay, who knows that, who can answer that for you? And we use cryptographic identifiers internally. [00:09:41] So like all the data sets use these kind of long URLs to identify things. But in the application, the user facing part, we used domain names for people. Which I think gives the picture of how this all operates. It really moves the user accounts up into a free standing first class identifier within the system. [00:10:04] And then consequently, any application, whatever application you're using, it's really about whatever data is getting put into your account. And then that just exchanges between any application that anybody else is using. [00:10:14] Jeremy: So in this case, it sounds like the identifier is some long string that, I'm not sure if it's necessarily human readable or not. You're shaking your head no. [00:10:25] Paul: No. [00:10:26] Jeremy: But if you have that string, you know it's for a specific person. And since it's not really human readable, what you do is you put a layer on top of it which in this case is a domain that somebody can use to look up and find the identifier. [00:10:45] Paul: Yeah, yeah, yeah. So we just use DNS. Put a TXT record in there, map into that long string, or you could do a .well-known file on a web server if that's more convenient for you. And then the ID that's behind that, the non-human readable one, those are called DIDs which is actually a W3C spec. Those then map to a kind of a certificate. What you call a DID document that kind of confirms the binding by declaring what that domain name should be. So you get this bi-directional binding. And then that certificate also includes signing keys and active servers. So you pull down that certificate and that's how the discovery of the active server happens is through the DID system. What's stored on a PDS [00:11:29] Jeremy: So when you refer to an active server what is that server and what is that server storing? [00:11:35] Paul: It's kinda like a web server, but instead of hosting HTML, it's hosting a bunch of JSON records. Every user has their own document store of JSON documents. It's bucketed into collections. Whenever you're looking up somebody on the network you're gonna get access to that repository of data, jump into a collection. [00:11:58] This collection is their post collection. Get the rkey (Record Key), and then you're pulling out JSON at the end of it, which is just a structured piece of stuff saying here's the CreatedAt, here's the text, here's the type, things like that. One way you could look at the whole system is it's a giant, giant database network. Servers can change, signing keys change, but not DID [00:12:18] Jeremy: So if someone's going to look up someone's identifier, let's say they have the user's domain they have to go to some source, right? To find the user's data. You've mentioned, I think before, the idea that this is decentralized and by default I would, I would picture some kind of centralized resource where I send somebody a domain and then they give me back the identifier and the links to the servers. [00:12:46] So, so how does that work in practice where it actually can be decentralized? [00:12:51] Paul: I mentioned that your DID that non-human readable identifier, and that has that certificate attached to it that lists servers and signing keys and things like that. [00:13:00] So you're just gonna look up inside that DID document what that server is your data repository host. And then you contact that guy and say, all right, I'm told you're hosting this thing. Here's the person I'm looking for, hand over the hand over the data. It's really, you know, pretty straightforward. [00:13:18] The way that gets decentralized is by then to the fact that I could swap out that active server that's in my certificate and probably wanna rotate the signing keys 'cause I've just changed the, you know. I don't want to keep using the same signing keys as I was using previously because I just changed the authority. [00:13:36] So that's the migration change, change the hosting server, change out the signing keys. Somebody that's looking for me now, they're gonna load up my document, my DID document. They're gonna say, okay, new server, new keys. Pull down the data. Looks good, right? Matches up with the DID doc. [00:13:50] So that's how you get that level of portability. But when those changes happen, the DID doesn't change, right? The DID document changes. So there's the level of indirection there and that's pretty important because if you don't have a persistent identifier whenever you're trying to change out servers, all those backlinks are gonna break. [00:14:09] That's the kind of stuff that stops you from being able to do clean migrations on things like web-based services. the only real option is to go out and ask everybody to update their data. And when you're talking about like interactions on the social network, like people replying to each other, there's no chance, right? [00:14:25] Every time somebody moves you're gonna go back and modify all those records. You don't even control all the records from the top down 'cause they're hosted all over the web. So it's just, you can't do it. Generally we call this account portability, that you're kinda like phone number portability that you can change your host, but, so that part's portable, but the ID stays the same. [00:14:45] And keeping that ID the same is the real key to making sure that this can happen without breaking the whole system. [00:14:52] Jeremy: And so it, it sounds like there's the decentralized id, then there's the decentralized ID document that's associated with that points you to where the actual location of your, your data, your posts, your pictures and whatnot. but then you also mentioned that they could change servers. [00:15:13] So let's say somebody changes where their data is, is stored, that would change the servers, I guess, in their document. But [00:15:23] then how do all of these systems. Know okay. I need to change all these references to your old server, to these new servers, [00:15:32] Paul: Yeah. Well, the good news is that you only have to, you, you got the public data set of all the user's activity, and then you have like internal caches of where the current server is. You just gotta update those internal caches when you're trying to contact their server. Um, so it's actually a pretty minimal thing to just like update like, oh, they moved, just start talking to update my, my table, my Redis, that's holding onto that kind of temporary information, put it on ttl, that sort of thing. Most communication won't be between servers, it will be from event streams [00:16:01] Paul: And, honestly, in practice, a fair amount of the system for scalability reasons doesn't necessarily work by servers directly contacting each other. It's actually a little bit more like how, I told you before, I'm gonna use this metaphor a lot, the search engines with the web, right? What we do is we actually end up crawling the repositories that are out in the world and funneling them into event streams like a Kafka. And that allows the entire system to act like a data processing pipeline where you're just tapping into these event streams and then pushing those logs into databases that produce these large scale aggregations. [00:16:47] So a lot of the application behavior ends up working off of these event logs. If I reply to somebody, for instance, I don't necessarily, it's not, my server has to like talk to your server and say, Hey, I'm replying to you. What I do is I just publish a reply in my repository that gets shot out into the event logs, and then these aggregators pick up that the reply got created and just update their database with it. [00:17:11] So it's not that our hosting servers are constantly having to send messages with each other, you actually use these aggregators to pull together the picture of what's happening on the network. [00:17:22] Jeremy: Okay, so like you were saying, it's an event stream model where everybody publishes the events the things that they're doing, whether that's making a new post, making a reply, that's all being posted to this event stream. And then everybody who provides, I'm not sure if instances is the right term, but an implementation of the atmosphere protocol (Authenticated Transfer protocol). [00:17:53] They are listening for all those changes and they don't necessarily have to know that you moved servers because they're just listening for the events and you still have the same identifier. [00:18:10] Paul: Generally speaking. Yeah. 'cause like if you're listening to one of these event streams what you end up looking for is just the signature on it and making sure that the signature matches up. Because you're not actually having to talk to their live server. You're just listening to this relay that's doing this aggregation for you. [00:18:27] But I think actually to kind of give a little more clarity to what you're talking about, it might be a good idea to refocus how we're talking about the system here. I mentioned before that our goal was to make a high scale system, right? We need to handle a lot of data. If you're thinking about this in the way that Mastodon does it, the ActivityPub model, that's actually gonna give you the wrong intuition. Designing the protocol to match distributed systems practices (Event sourcing / Stream processing) [00:18:45] Paul: 'cause we chose a dramatically different system. What we did instead was we picked up, essentially the same practices you're gonna use for a data center, a high scale application data center, and said, all right, how do you tend to build these sorts of things? Well, what you're gonna do is you're gonna have, multiple different services running different purposes. [00:19:04] It gets pretty close to a microservices approach. You're gonna have a set of databases, and then you're going to, generally speaking for high scale, you're gonna have some kind of a kafka, some kind of a event log that you are tossing changes about the state of these databases into. And then you have a bunch of secondary systems that are tapping into the event log and processing that into, the large scale, databases like your search index, your, nice postgres of user profiles. [00:19:35] And that makes sure that you can get each of these different systems to perform really well at their particular task, and then you can detach them in their design. for instance, your primary storage can be just a key value store that scales horizontally. And then on the event log, you, you're using a Kafka that's designed to handle. [00:19:58] Particular semantics of making sure that the messages don't get dropped, that they come through at a particular throughput. And then you're using, for us, we're using like ScyllaDB for the big scale indexes that scales horizontally really well. So it's just different kind of profiles for different pieces. [00:20:13] If you read Martin Kleppman's book, data Intensive applications I think it's called or yeah. A lot of it gets captured there. He talks a lot about this kind of thing and it's sometimes called a kappa architecture is one way this is described, event sourcing is a similar term for it as well. [00:20:30] Stream processing. That's pretty standard practices for how you would build a traditional high scale service. so if you take, take this, this kind of microservice architecture and essentially say, okay, now imagine that each of the services that are a part of your data center could be hosted by anybody, not just within our data center, but outside of our data center as well and should be able to all work together. [00:20:57] Basically how the AT Proto is designed. We were talking about the data repository hosts. Those are just the primary data stores that they hold onto the user keys and they hold onto those JSON records. And then we have another service category we call Relay that just crawls those data repositories and sucks that in that fire hose of data we were talking about that event log. App views pull data from relay and produces indexes and threads [00:21:21] Paul: And then we have what we call app views that sit there and tail the index and tail the log, excuse me, and produce indexes off of it, they're listening to those events and then like, making threads like okay, that guy posted, that guy replied, that guy replied. [00:21:37] That's a thread. They assemble it into that form. So when you're running an application, you're talking to the AppView to read the network, and you're talking to the hosts to write to the network, and each of these different pieces sync up together in this open mesh. So we really took a traditional sort of data center model and just turned it inside out where each piece is a part of the protocol and communicate it with each other and therefore anybody can join into that mesh. [00:22:07] Jeremy: And to just make sure I am tracking the data repository is the data about the user. So it has your decentralized identifier, it has your replies, your posts, And then you have a relay, which is, its responsibility, is to somehow find all of those data repositories and collect them as they happen so that it can publish them to some kind of event stream. [00:22:41] And then you have the AppView which it's receiving messages from the relay as they happen, and then it can have its own store and index that for search. It can collect them in a way so that it can present them onto a UI. That's sort of thing that's the user facing part I suppose. [00:23:00] Paul: Yeah, that's exactly it. And again, it's, it's actually quite similar to how the web works. If you combine together the relay and the app view, you got all these different, you know, the web works where you got all these different websites, they're hosting their stuff, and then the search engine is going around, aggregating all that data and turning it into a search experience. [00:23:19] Totally the same model. It's just being applied to, more varieties of data, like structured data, like posts and, and replies, follows, likes, all that kinda stuff. And then instead of producing a search application at the end. I mean, it does that too, but it also produces a, uh, you know, timelines and threads and, um, people's profiles and stuff like that. [00:23:41] So it's actually a pretty bog standard way of doing, that's one of the models that we've seen work for large scale decentralized systems. And so we're just transposing it onto something that kind of is more focused towards social applications [00:23:58] Jeremy: So I think I'm tracking that the data repository itself, since it has your decentralized identifier and because the data is cryptographically signed, you know, it's from a specific user. I think the part that I am still not quite sure about is the relays. I, I understand if you run all the data repositories, you know where they are, so you know how to collect the data from them. [00:24:22] But if someone's running another system outside of your organization, how do they find, your data repositories? Or do they have to connect to your relay? What's the intention for that? Data hosts request relays to pull their data [00:24:35] Paul: That logic runs, again, really similar to how search engines find out about websites. So there is actually a way for, one of these, data hosts to contact Relay and say, Hey, I exist. You know, go ahead and get my stuff. And then it'll be up to the relay to decide like if they want it or not. [00:24:52] Right now, generally we're just like, yeah, you know, we, we want it. But as you can imagine, as the thing matures and gets to higher scale, there might be some trust kind of things to worry about, you know? So that's kind of the naive operation that currently exists. But over time as the network gets bigger and bigger, it'll probably involve some more traditional kind of spiraling behaviors because as more relays come into the system, each of these hosts, they're not gonna know who to talk to. Relays can bootstrap who they know about by talking to other relays [00:25:22] Paul: You're trying to start a new relay. What they're gonna do is they're going to discover all of the different users that exist in the system by looking at what data they have to start with. Probably involve a little bit of a manual feeding in at first, whenever I'm starting up a relay, like, okay, there's bluesky's relay. [00:25:39] Lemme just pull what they know. And then I go from there. And then anytime you discover a new user you don't have, you're like, oh, I wanna look them up. Pull them into the relay too. Right. So there's a, pretty straightforward, discovery process that you'll just have to bake into a relay to, to make sure you're calling as much the network as possible. ActivityPub federation vs AT Proto [00:25:57] Jeremy: And so I don't think we've defined the term federation, but maybe you could explain what that is and if that is what this is. [00:26:07] Paul: We are so unsure. [00:26:10] Jeremy: Okay. [00:26:11] Paul: Yeah. This has jammed is up pretty bad. Um, because I think everybody can, everybody pretty strongly agrees that ActivityPub is federation, right? and ActivityPub kind of models itself pretty similarly to email in a way, like the metaphors they use is that there's inboxes and outboxes and, and every ActivityPub server they're standing up the full vertical stack. [00:26:37] They set up, the primary hosting, the views of the data that's happening there. the interface for the application, all of it, pretty traditional, like close service, but then they're kind of using the perimeter. they're making that permeable by sending, exchanging, essentially mailing records to each other, right? [00:26:54] That's their kind of logic of how that works. And that's pretty much in line with, I think, what most people think of with Federation. Whereas what we're doing isn't like that we've cut, instead of having a bunch of vertical stacks communicating horizontally with each other, we kind of sliced in the other direction. [00:27:09] We sliced horizontally into, this microservices mesh and have all the different, like a total mix and match of different microservices between different operators. Is that federation? I don't know. Right. we tried to invent a term, didn't really work, you know, At the moment, we just kind of don't worry about it that much, see what happens, see what the world sort of has to say to us about it. [00:27:36] and beyond that, I don't know. [00:27:42] Jeremy: I think people probably are thinking of something like, say, a Mastodon instance when you're, when you're talking about everything being included, The webpage where you view the posts, the Postgres database that's keeping the messages. [00:28:00] And that same instance it's responsible for basically everything. [00:28:06] Paul: mm-Hmm [00:28:06] Jeremy: And I believe what you're saying is that the difference with, the authenticated transfer protocol, is that the [00:28:15] Paul: AT Protocol, Yep. [00:28:17] Jeremy: And the difference there is that you've, at the protocol level, you've split it up into the data itself, which can be validated completely separately from other parts of the system. [00:28:31] You could have the JSON files on your hard drive and somebody else can have that same JSON file and they would know that who the user is and that these are real things that user posted. That's like a separate part. And then the relay component that looks for all these different repositories that has people's data, that can also be its own independent thing where its job is just to output events. [00:29:04] And that can exist just by itself. It doesn't need the application part, the, the user facing part, it can just be this event stream on itself. and that's the part where it sounds like you can make decisions on who to, um, collect data from. I guess you have to agree that somebody can connect to you and get the users from your data repositories. [00:29:32] And likewise, other people that run relays, they also have to agree to let you pull the users from theirs. [00:29:38] Paul: Yeah, that's right. Yeah. [00:29:41] Jeremy: And so I think the Mastodon example makes sense. And, but I wonder if the underlying ActivityPub protocol forces you to use it in that way, in like a whole full application that talks to another full application. [00:29:55] Or is it more like that's just how people tend to use it and it's not necessarily a characteristic of the protocol. [00:30:02] Paul: Yeah, that's a good question actually. so, you know, generally what I would say is pretty core to the protocol is the expectations about how the services interact with each other. So the mailbox metaphor that's used in ActivityPub, that design, if I reply to you, I'll update my, local database with what I did, and then I'll send a message over to your server saying, Hey, by the way, add this reply. [00:30:34] I did this. And that's how they find out about things. That's how they find out about activity outside of their network. that's the part that as long as you're doing ActivityPub, I suspect you're gonna see reliably happening. That's that, I can say for sure that's a pretty tight requirement. [00:30:50] That's ActivityPub. If you wanted to split it up the way we're talking about, you could, I don't know, I don't know if you necessarily would want to. Because I don't know. That's actually, I think I'd have to dig into their stack a little bit more to see how meaningful that would be. I do know that there's some talk of introducing a similar kind of an aggregation method into the ActivityPub world which I believe they're also calling a relay and to make things even more complicated. [00:31:23] And NOSTR has a concept of a relay. So these are three different protocols that are using this term. I think you could do essentially what a search engine does on any of these things. You could go crawling around for the data, pull them into a fire hose, and then, tap into that aggregation to produce, bigger views of the network. [00:31:41] So that principle can certainly apply anywhere. AT Protocol, I think it's a little bit, we, we focused in so hard from that on that from the get go, we focus really hard on making sure that this, the data is, signed at rest. That's why it's called the authenticated transfer protocol. And that's a nice advantage to have when you're running a relay like this because it means that you don't have to trust the relay. [00:32:08] Like generally speaking, when I look at results from Google, you know, I'm trusting pretty well that they're accurately reflecting what's on the website, which is fine. You know, there's, that's not actually a huge risk or anything. But whenever you're trying to build entire applications and you're using somebody else's relay, you could really run into things where they say like, oh, you know what Paul tweeted the other day, you know, I hate dogs. [00:32:28] They're like, no, I didn't. That's a lie, right? You just sneak in Little lies like that over a while, it becomes a problem. So having the signatures on the data is pretty important. You know, if you're gonna be trying to get people to cooperate, uh, you gotta manage the trust model. I know that ActivityPub does have mechanisms for signed records. Issuers with ActivityPub identifiers [00:32:44] Paul: I don't know how deep they go if they could fully replace that, that utility. and then Mastodon ActivityPub, they also use a different identifier system that they're actually taking a look at DIDs um, right now, I don't know what's gonna happen there. We're, we're totally on board to, you know, give any kind of insight that we got working on 'em. [00:33:06] But at, at the moment, they use I think it's WebFinger based identifiers they look like emails. So you got host names in there and those identifiers are being used in the data records. So you don't get that continuous identifier. They actually do have to do that hey, I moved update your records sort of thing. [00:33:28] And that causes it to, I mean, it works like decently well, but not as well as it could. They got us to the point where it moves your profile over and you update all the folks that were following you so they can update their follow records, but your posts, they're not coming right, because that's too far into that mesh of interlinking records. [00:33:48] There's just no chance. So that's kind of the upper limit on that, it's a different set of choices and trade-offs. You're always kind of asking like, how important is the migration? Does that work out? Anyway, now I'm just kind of digging into differences between the two here. Issues with an identifier that changes and updating old records [00:34:07] Jeremy: So you were saying that with ActivityPub, all of the instances need to be notified that you've changed your identifier but then all of the messages that they had already received. They don't point to the new identifier somehow. [00:34:24] Paul: Yeah. You run into basically just the practicalities of actual engineering with that is what happens, right? Because if you imagine you got a multimillion user social network. They got all their posts. Maybe the user has like, let's say a thousand posts and 10,000 likes. And that, activity can range back three years. [00:34:48] Let's say they changed their identifier, and now you need to change the identifier of all those records. If you're in a traditional system that's already a tall order, you're going back and rewriting a ton of indexes, Anytime somebody replied to you, they have these links to your posts, they're now, you've gotta update the identifiers on all of those things. [00:35:11] You could end up with a pretty significant explosion of rewrites that would have to occur. Now that's, that's tough. If you're in a centralized model. If you're in a decentralized one, it's pretty much impossible because you're now, when you notify all the other servers like, Hey, this, this changed. How successful are all of them at actually updating that, that those, those pointers, it's a good chance that there's things are gonna fall out of correctness. that's just a reality of it. And if, so, if you've got a, if you've got a mutable identifier, you're in trouble for migrations. So the DID is meant to keep it permanent and that ends up being the anchoring point. If you lose control of your DID well, that's it. Managing signing keys by server, paper key reset [00:35:52] Paul: Your, your account's done. We took some pretty traditional approaches to that, uh, where the signing keys get managed by your hosting server instead of like trying to, this may seem like really obvious, but if you're from the decentralization community, we spend a lot of time with blockchains, like, Hey, how do we have the users hold onto their keys? [00:36:15] You know, and the tooling on that is getting better for what it's worth. We're starting to see a lot better key pair management in like Apple's ecosystem and Google's ecosystem, but it's still in the range of like, nah, people lose their keys, you know? So having the servers manage those is important. [00:36:33] Then we have ways of exporting paper keys so that you could kind of adversarially migrate if you wanted to. That was in the early spec we wanted to make sure that this portability idea works, that you can always migrate your accounts so you can export a paper key that can override. [00:36:48] And that was how we figured that out. Like, okay, yeah, we don't have to have everything getting signed by keys that are on the user's devices. We just need these master backup keys that can say, you know what? I'm done with that host. No matter what they say, I'm overriding what they, what they think. and that's how we squared that one. [00:37:06] Jeremy: So it seems like one of the big differences with account migration is that with ActivityPub, when you move to another instance, you have to actually change your identifier. [00:37:20] And with the AT protocol you're actually not allowed to ever change that identifier. And maybe what you're changing is just you have say, some kind of a lookup, like you were saying, you could use a domain name to look that up, get a reference to your decentralized identifier, but your decentralized identifier it can never change. [00:37:47] Paul: It, it, it can't change. Yeah. And it shouldn't need to, you know what I mean? It's really a total disaster kind of situation if that happens. So, you know that it's designed to make sure that doesn't happen in the applications. We use these domain name handles to, to identify folks. And you can change those anytime you want because that's really just a user facing thing. [00:38:09] You know, then in practice what you see pretty often is that you may, if you change hosts, if you're using, we, we give some domains to folks, you know, 'cause like not everybody has their own domain. A lot of people do actually, to our surprise, people actually kind of enjoy doing that. But, a lot of folks are just using like paul.bsky.social as their handle. [00:38:29] And so if you migrated off of that, you probably lose that. Like your, so your handle's gonna change, but you're not losing the followers and stuff. 'cause the internal system isn't using paul.bsky.social, it's using that DID and that DID stays the same. Benefits of domain names, trust signal [00:38:42] Jeremy: Yeah. I thought that was interesting about using the domain names, because when you like you have a lot of users, everybody's got their own sub-domain. You could have however many millions of users. Does that become, does that become an issue at some point? [00:39:00] Paul: Well, it's a funny thing. I mean like the number of users, like that's not really a problem 'cause you run into the same kind of namespace crowding problem that any service is gonna have, right? Like if you just take the subdomain part of it, like the name Paul, like yeah, only, you only get to have one paul.bsky.social. [00:39:15] so that part of like, in terms of the number of users, that part's fine I guess. Uh, as fine as ever. where gets more interesting, of course is like, really kind of around the usability questions. For one, it's, it's not exactly the prettiest to always have that B sky.social in there. If we, if we thought we, if we had some kind of solution to that, we would use it. [00:39:35] But like the reality is that, you know, now we're, we've committed to the domain name approach and some folks, you know, they kind of like, ah, that's a little bit ugly. And we're like, yeah that's life. I guess the plus side though is that you can actually use like TLD the domain. It's like on pfrazee.com. [00:39:53] that starts to get more fun. it can actually act as a pretty good trust signal in certain scenarios. for instance, well-known domain names like nytimes.com, strong authentication right there, we don't even need a blue check for it. Uh, similarly the .gov, domain name space is tightly regulated. [00:40:14] So you actually get a really strong signal out of that. Senator Wyden is one of our users and so he's, I think it's wyden.senate.gov and same thing, strong, you know, strong identity signal right there. So that's actually a really nice upside. So that's like positives, negatives. [00:40:32] That trust signal only works so far. If somebody were to make pfrazee.net, then that can be a bit confusing. People may not be paying attention to .com vs .net, so it's not, I don't wanna give the impression that, ah, we've solved blue checks. It's a complicated and multifaceted situation, but, it's got some juice. [00:40:54] It's also kinda nice too, 'cause a lot of folks that are doing social, they're, they've got other stuff that they're trying to promote, you know? I'm pretty sure that, uh, nytimes would love it if you went to their website. And so tying it to their online presence so directly like that is a really nice kind of feature of it. [00:41:15] And tells a I think a good story about what we're trying to do with an open internet where, yeah, everybody has their space on the internet where they can do whatever they want on that. And that's, and then thethese social profiles, it's that presence showing up in a shared space. It's all kind of part of the same thing. [00:41:34] And that that feels like a nice kind of thing to be chasing, you know? And it also kind of speaks well to the naming worked out for us. We chose AT Protocol as a name. You know, we back acronymed our way into that one. 'cause it was a @ simple sort of thing. But like, it actually ended up really reflecting the biggest part of it, which is that it's about putting people's identities at the front, you know, and make kind of promoting everybody from a second class identity that's underneath Twitter or Facebook or something like that. [00:42:03] Up into. Nope, you're freestanding. You exist as a person independently. Which is what a lot of it's about. [00:42:12] Jeremy: Yeah, I think just in general, not necessarily just for bluesky, if people had more of an interest in getting their own domain, that would be pretty cool if people could tie more of that to something you basically own, right? [00:42:29] I mean, I guess you're leasing it from ICANN or whatever, but, [00:42:33] yeah, rather than everybody having an @Gmail, Outlook or whatever they could actually have something unique that they control more or less. [00:42:43] Paul: Yeah. And we, we actually have a little experimental service for registering domain names that we haven't integrated into the app yet because we just kind of wanted to test it out and, and kind of see what that appetite is for folks to register domain names way higher than you'd think we did that early on. [00:43:01] You know, it's funny when you're coming from decentralization is like an activist space, right? Like it's a group of people trying to change how this tech works. And sometimes you're trying to parse between what might come off as a fascination of technologists compared to what people actually care about. [00:43:20] And it varies, you know, the domain name thing to a surprising degree, folks really got into that. We saw people picking that up almost straight away. More so than certainly we ever predicted. And I think that's just 'cause I guess it speaks to something that people really get about the internet at this point. [00:43:39] Which is great. We did a couple of other things that are similar and we saw varied levels of adoption on them. We had similar kinds of user facing, opening up of the system with algorithms and with moderation. And those have both been pretty interesting in and of themselves. Custom feed algorithms [00:43:58] Paul: So with algorithms, what we did was we set that up so that anybody can create a new feed algorithm. And this was kind of one of the big things that you run into whenever you use the app. If you wanted to create a new kind of for you feed you can set up a service somewhere that's gonna tap into that fire hose, right? [00:44:18] And then all it needs to do is serve a JSON endpoint. That's just a list of URLs, but like, here's what should be in that feed. And then the bluesky app will pick that up and, and send that, hydrate in the content of the posts and show that to folks. I wanna say this is a bit of a misleading number and I'll explain why but I think there's about 35,000 of these feeds that have been created. [00:44:42] Now, the reason it's little misleading is that, I mean, not significantly, but it's not everybody went, sat down in their IDE and wrote these things. Essentially one of our users created, actually multiple of our users made little platforms for building these feeds, which is awesome. That's the kinda thing you wanna see because we haven't gotten around to it. [00:44:57] Our app still doesn't give you a way to make these things. But they did. And so lots of, you know, there it is. Cool. Like, one, one person made a kind of a combinatorial logic thing that's like visual almost like scratch, it's like, so if it has this hashtag and includes these users, but not those users, and you're kind of arranging these blocks and that constructs the feed and then probably publish it on your profile and then folks can use it, you know? [00:45:18] And um, so that has been I would say fairly successful. Except, we had one group of hackers do put in a real effort to make a replacement for you feed, like magic algorithmic feed kind of thing. And then they kind of kept up going for a while and then ended up giving up on it. Most of what we see are actually kind of weird niche use cases for feeds. [00:45:44] You get straightforward ones, like content oriented ones like a cat feed, politics feed, things like that. It's great, some of those are using ML detection, so like the cat feed is ML detection, so sometimes you get like a beaver in there, but most of the time it's a cat. And then we got some ones that are kind of a funny, like change in the dynamic of freshness. [00:46:05] So, uh, or or selection criteria, things that you wouldn't normally see. Um, but because they can do whatever they want, you know, they try it out. So like the quiet posters ended up being a pretty successful one. And that one just shows people you're following that don't post that often when they do just those folks. [00:46:21] It ended up being, I use that one all the time because yeah, like they get lost in the noise. So it's like a way to keep up with them. Custom moderation and labeling [00:46:29] Paul: The moderation one, that one's a a real interesting situation. What we did there essentially we wanted to make sure that the moderation system was capable of operating across different apps so that they can share their work, so to speak. [00:46:43] And so we created what we call labeling. And labeling is a metadata layer that exists over the network. Doesn't actually live in the normal data repositories. It uses a completely different synchronization because a lot of these labels are getting produced. It's just one of those things where the engineering characteristics of the labels is just too different from the rest of the system. [00:47:02] So we created a separate synchronization for this, and it's really kind of straightforward. It's, here's a URL and here's a string saying something like NSFW or Gore, or you know, whatever. then those get merged onto the records brought down by the client and then the client, you know, based on the user's preferences. [00:47:21] We'll put like warning screens up, hide it, stuff like that. So yeah, these label streams can then, you know, anybody that's running a moderation service can, you know, are publishing these things and so anybody can subscribe to 'em. And you get that kind of collaborative thing we're always trying to do with this. [00:47:34] And we had some users set up moderation services and so then as an end user you find it, it looks like a profile in the app and you subscribe to it and you configure it and off you go. That one has had probably the least amount of adoption throughout all of 'em. It's you know, moderation. [00:47:53] It's a sticky topic as you can imagine, challenging for folks. These moderation services, they do receive reports, you know, like whenever I'm reporting a post, I choose from all my moderation services who I wanna report this to. what has ended up happening more than being used to actually filter out like subjective stuff is more kind of like either algorithmic systems or what you might call informational. [00:48:21] So the algorithmic ones are like, one of the more popular ones is a thing that's looking for, posts from other social networks. Like this screenshot of a Reddit post or a Twitter post or a Facebook post. Because, which you're kinda like, why, you know, but the thing is some folks just get really tired of seeing screenshots from the other networks. [00:48:40] 'cause often it's like, look what this person said. Can you believe it? You know, it's like, ah. Okay, I've had enough. So one of our users aendra made a moderate service that just runs an ML that detects it, labels it, and then folks that are tired of it, they subscribe to it and they're just hide it, you know? [00:48:57] And so it's like a smart filter kind of thing that they're doing. you know, hypothetically you could do that for things like spiders, you know, like you've got arachniphobia, things like that. that's like a pretty straightforward, kind of automated way of doing it. Which takes a lot of the spice, you know, outta out of running moderation. [00:49:15] So that users have been like, yeah, yeah, okay, we can do that. [00:49:20] Those are user facing ways that we tried to surface the. Decentralized principle, right? And make take advantage of how this whole architecture can have this kind of a pluggability into it. Users can self host now [00:49:33] Paul: But then really at the end of the day, kind of the important core part of it is those pieces we were talking about before, the hosting, the relay and the, the applications themselves, having those be swappable in completely. so we tend to think of those as kind of ranges of infrastructure into application and then into particular client side stuff. [00:49:56] So a lot of folks right now, for instance, they're making their own clients to the application and those clients are able to do customizations, add features, things like that, as you might expect, [00:50:05] but most of them are not running their own backend. They're just using our backend. But at any point, it's right there for you. You know, you can go ahead and, and clone that software and start running the backend. If you wanted to run your own relay, you could go ahead and go all the way to that point. [00:50:19] You know, if you wanna do your own hosting, you can go ahead and do that. Um, it's all there. It's really just kind of a how much effort your project really wants to take. That's the kind of systemically important part. That's the part that makes sure that the overall mission of de monopolizing, social media online, that's where that really gets enforced. [00:50:40] Jeremy: And so someone has their own data repository with their own users and their own relay. they can request that your relay collect the information from their own data repositories. And that's, that's how these connections get made. [00:50:58] Paul: Yeah. And, and we have a fair number of those already. Fair number of, we call those the self hosters right? And we got I wanna say 75 self hoster going right now, which is, you know, love to see that be more, but it's, really the folks that if you're running a service, you probably would end up doing that. [00:51:20] But the folks that are just doing it for themselves, it's kind of the, the nerdiest of the nerds over there doing that. 'cause it doesn't end up showing itself in the, in the application at all. Right? It's totally abstracted away. So it, that, that one's really about like, uh, measure your paranoia kind of thing. [00:51:36] Or if you're just proud of the self-hosting or, or curious, you know, that that's kind of where that sits at the moment. AT Protocol beyond bluesky [00:51:42] Jeremy: We haven't really touched on the fact that there's this underlying protocol and everything we've been discussing has been centered around the bluesky social network where you run your own, instance of the relay and the data repositories with the purpose of talking to bluesky, but the protocol itself is also intended to be used for other uses, right? [00:52:06] Paul: Yeah. It's generic. The data types are set up in a way that anybody can build new data types in the system. there's a couple that have already begun, uh, front page, which is kind of a hacker news clone. There's Smoke Signals, which is a events app. There's Blue Cast, which is like a Twitter spaces, clubhouse kind of thing. [00:52:29] Those are the folks that are kind of willing to trudge into the bleeding edge and deal with some of the rough edges there for pretty I think, obvious reasons. A lot of our work gets focused in on making sure that the bluesky app and that use case is working correctly. [00:52:43] But we are starting to round the corner on getting to a full kind of how to make alternative applications state. If you go to the atproto.com, there's a kind of a introductory tutorial where that actually shows that whole stack and how it's done. So it's getting pretty close. There's a couple of still things that we wanna finish up. [00:53:04] jeremy so in a way you can almost think of it as having an eventually consistent data store on the network, You can make a traditional web application with a relational database, and the source of truth can actually be wherever that data repository is stored on the network. [00:53:24] paul Yeah, that's exactly, it is an eventually consistent system. That's exactly right. The source of truth is there, is their data repo. And that relational database that you might be using, I think the best way to think about it is like secondary indexes or computed indexes, right? They, reflect the source of truth. [00:53:43] Paul: This is getting kind of grandiose. I don't tend to poses in these terms, but it is almost like we're trying to have an OS layer at a protocol level. It's like having your own [00:53:54] Network wide database or network-wide file system, you know, these are the kind of facilities you expect out of a platform like an os And so the hope would be that this ends up getting that usage outside of just the initial social, uh, app, like what we're doing here. [00:54:12] If it doesn't end up working out that way, if this ends up, you know, good for the Twitter style use case, the other one's not so much, and that's fine too. You know, that's, that's our initial goal, but we, we wanted to make sure to build it in a way that like, yeah, there's evolve ability to, it keeps, it, keeps it, make sure that you're getting kinda the most utility you can out of it. Peer-to-peer and the difficulty of federated queries [00:54:30] Jeremy: Yeah, I can see some of the parallels to some of the decentralized stuff that I, I suppose people are still working on, but more on the peer-to-peer side, where the idea was that I can have a network host this data. but, and in this case it's a network of maybe larger providers where they could host a bunch of people's data versus just straight peer to peer where everybody has to have a piece of it. [00:54:57] And it seems like your angle there was really the scalability part. [00:55:02] Paul: It was the scalability part. And there's great work happening in peer-to-peer. There's a lot of advances on it that are still happening. I think really the limiter that you run into is running queries against aggregations of data. Because you can get the network, you know, BitTorrent sort of proved that you can do distributed open horizontal scaling of hosting. [00:55:29] You know, that basic idea of, hey, everybody's got a piece and you sync it from all these different places. We know you can do things like that. What nobody's been able to really get into a good place is running, queries across large data sets. In the model like that, there's been some research in what is, what's called federated queries, which is where you're sending a query to multiple different nodes and asking them to fulfill as much of it as they can and then collating the results back. But it didn't work that well. That's still kind of an open question and until that is in a place where it can like reliably work and at very large scales, you're just gonna need a big database somewhere that does give the properties that you need. You need these big indexes. And once we were pretty sure of that requirement, then from there you start asking, all right, what else about the system [00:56:29] Could we make easier if we just apply some more traditional techniques and merge that in with the peer-to-peer ideas? And so key hosting, that's an obvious one. You know, availability, let's just have a server. It's no big deal. But you're trying to, you're trying to make as much of them dumb as possible. [00:56:47] So that they have that easy replaceability. Moderation challenges [00:56:51] Jeremy: Earlier you were talking a a little bit about the moderation tools that people could build themselves. There was some process where people could label posts and then build their own software to determine what a feed should show per a person. [00:57:07] Paul: Mm-Hmm [00:57:07] Jeremy: But, but I think before that layer for the platform itself, there's a base level of moderation that has to happen. [00:57:19] Paul: yeah. [00:57:20] Jeremy: And I wonder if you could speak to, as the app has grown, how that's handled. [00:57:26] Paul: Yeah. the, you gotta take some requirements in moderation pretty seriously to start. And with decentralization. It sometimes that gets a little bit dropped. You need to have systems that can deal with questions about CSAM. So you got those big questions you gotta answer and then you got stuff that's more in the line of like, alright, what makes a good platform? [00:57:54] What kind of guarantees are we trying to give there? So just not legal concerns, but you know, good product experience concerns. That's something we're in the realm of like spam and and abusive behavior and things like that. And then you get into even more fine grain of like what is a person's subjective preference and how can they kind of make their thing better? [00:58:15] And so you get a kind of a telescoping level of concerns from the really big, the legal sort of concerns. And then the really small subjective preference kind of concerns. And that actually that telescoping maps really closely to the design of the system as well. Where the further you get up in the kind of the, in that legal concern territory, you're now in core infrastructure. [00:58:39] And then you go from infrastructure, which is the relay down into the application, which is kind of a platform and then down into the client. And that's where we're having those labelers apply. And each of them, as you kind of move closer to infrastructure, the importance of the decision gets bigger too. [00:58:56] So you're trying to do just legal concerns with the relay right? Stuff that you objectively can, everybody's in agreement like Yeah, yeah, yeah. You know, no bigs don't include that. The reason is that at the relay level, you're anybody that's using your relay, they depend on the decisions you're making, that sort of selection you're doing, any filtering you're doing, they don't get a choice after that. [00:59:19] So you wanna try to keep that focus really on legal concerns and doing that well. so that applications that are downstream of it can, can make their choices. The applications themselves, you know, somebody can run a parallel I guess you could call it like a parallel platform, so we got bluesky doing the microblogging use case, other people can make an application doing the microblogging use case. So there's, there's choice that users can easily switch, easily enough switch between, it's still a big choice. [00:59:50] So we're operating that in many ways. Like any other app nowadays might do it. You've got policies, you know, for what's acceptable on the network. you're still trying to keep that to be as, you know, objective as possible, make it fair, things like that. You want folks to trust your T&S team. Uh, but from the kind of systemic decentralization question, you get to be a little bit more opinionated. [01:00:13] Down all the way into the client with that labeling system where you can, you know, this is individuals turning on and off preferences. You can be as opinionated as you want on that letter. And that's how we have basically approached this. And in a lot of ways, it really just comes down to, in the day to day, you're the moderation, the volume of moderation tasks is huge. [01:00:40] You don't actually have high stakes moderation decisions most of the time. Most of 'em are you know pretty straightforward. Shouldn't have done that. That's gotta go. You get a couple every once in a while that are a little spicier or a policy that's a little spicier. And it probably feels pretty common to end users, but that just speaks to how much moderation challenges how the volume of reports and problems that come through. [01:01:12] And we don't wanna make it so that the system is seized up, trying to decentralize itself. You know, it needs to be able to operate day to day. What you wanna make is, you know, back pressure, you know, uh, checks on that power so that if an application or a platform does really start to go down the wrong direction on moderation, then people can have this credible exit. [01:01:36] This way of saying, you know what, that's a problem. We're moving from here. And somebody else can come in with different policies that better fit people's people's expectations about what should be done at, at these levels. So yeah, it's not about taking away authority, it's about checking authority, you know, kind of a checks and balances mentality. [01:01:56] Jeremy: And high level, 'cause you saying how there's such a high volume of, of things that you know what it is, you'd know you wanna remove it, but there's just so much of it. So is there, do you have automated tools to label these things? Do you have a team of moderators? Do they have to understand all the different languages that are coming through your network? [01:02:20] Yes, yes, yes and yes. Yeah. You use every tool at your disposal to, to stay on top of it. cause you're trying to move as fast as you can, folks. The problems showing up, you know, the slower you are to respond to it, the, the more irritating it is to folks. Likewise, if you make a, a missed call, if somebody misunderstands what's happening, which believe me, is sometimes just figuring out what the heck is going on is hard. [01:02:52] Paul: People's beefs definitely surface up to the moderation misunderstanding or wrong application. Moderators make mistakes so you're trying to maintain a pretty quick turnaround on this stuff. That's tough. And you, especially when to move fast on some really upsetting content that can make its way through, again, illegal stuff, for instance, but more videos, stuff like that, you know, it's a real problem. [01:03:20] So yeah, you're gotta be using some automated systems as well. Clamping down on bot rings and spam. You know, you can imagine that's gotten a lot harder thanks to LLMs just doing text analysis by dumb statistics of what they're talking about that doesn't even work anymore. [01:03:41] 'cause the, the LLMs are capable of producing consistently varied responses while still achieving the same goal of plugging a online betting site of some kind, you know? So we do use kind of dumb heuristic systems for when it works, but boy, that won't work for much longer. [01:04:03] And we've already got cases where it's, oh boy, so the moderation's in a dynamic place to say the least right now with, with LLMs coming in, it was tough before and

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.This next episode of our 2024 SEC comment letter podcast miniseries discusses Foreign Private Issuers (FPIs). Many of the considerations we talk about for other SEC filers also apply to FPIs; however, there can be some differences and added complexities. We discuss the issues most frequently raised by the SEC staff, including those unique to FPIs, and offer advice to preparers for getting ahead of them. In this episode, we discuss:7:24 – Comment letter trends specific to FPIs, including those related to: 8:55 – Non-GAAP performance measures16:15 – Segment reporting21:32 – Revenue25:01 – Management's Discussion and Analysis30:29 – Financial instruments41:39 – FPI status re-assessment44:53 – IFRS segment reporting considerations  47:45 – Other accounting and reporting reminders related to FPIsFor more information, see our full analysis of SEC comment letter trends. Also, check out our other episodes in this miniseries:SEC comment letters – What's trending in 20242024 SEC comment letter trends: Revenue2024 SEC comment letter trends: Business combinations2024 SEC comment letter trends: Segment reporting2024 SEC comment letter trends: MD&AAdditionally, follow this podcast on your favorite podcast app for more episodes.Patrick Higgins is a Deputy Chief Accountant in PwC's National Office responsible for our SEC foreign private issuer and IFRS teams. Patrick has also served as a global signing partner in a variety of countries and industries.   Kevin Vaughn is a PwC National Office partner specializing in SEC reporting matters. Kevin leverages his extensive experience to support PwC public company and pre-IPO clients on accounting and SEC reporting matters. Prior to joining PwC in 2023, Kevin spent over 18 years at the SEC, most recently serving on the leadership team in the SEC's Office of the Chief Accountant where he focused on technical accounting consultations, SEC rulemakings, and standard setting matters.Kyle Moffatt is PwC's Professional Practice leader, leading a team responsible for working with standard setters and regulators as well as delivering brand-defining thought leadership and educational materials. He also consults with engagement teams and audit clients on SEC reporting matters. Before PwC, Kyle spent almost 20 years with the SEC, most recently as Chief Accountant and Disclosure Program Director in the Division of Corporation Finance.Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com. 

In this podcast, Stefano Pierini, Head of Finance and Investor Relations at Ferrovie dello Stato Italiane and a member of the ICMA Corporate Issuer Forum, discusses how Ferrovie engages with the debt capital markets, the importance of - and access to - sustainable labelled instruments, and measures to mobilise capital and ensure more inclusive access to markets.

In this podcast, Patricia Gentile, Group Head of  Finance & Insurance at A2A and member of the ICMA Corporate Issuer Forum, discusses the profile of A2A's sustainable finance instruments, their benefits, alignment with the EU Green Bond Standard and measures enhancing accessibility in the debt capital markets.

Issuers are temporarily motivated to raise capital before any potential volatility that may arise from the election. Follow UsTwitter @NYLInvestmentsTwitter @MacKayMuniMgrsFacebook @NYLInvestmentsLinkedIn: New York Life InvestmentsLinkedIn: MacKay Municipal ManagersPresented by New York Life Investmentswww.newyorklifeinvestments.com MacKay Municipal Managers is a team of portfolio managers at MacKay Shields. MacKay Shields is 100% owned by NYLIM Holdings, which is wholly owned by New York Life Insurance Company. “New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

In this podcast, Alessandro Canta, Head of Finance and Insurance at Enel and Steering Committee member of the ICMA Corporate Issuer Forum, discusses the challenges of achieving carbon neutrality, especially in a landscape heavily influenced by global geopolitical uncertainty. He explains how Enel is addressing these challenges by leveraging sustainable finance instruments, while also exploring opportunities to enhance innovation and accessibility in the debt capital markets.

IntroductionVineeta Tan, Managing Editor and Director, Islamic Finance newsExploring Non-Rupiah Funding Routes and Shariah Compliant Options for Indonesian Corporate Issuers The Indonesian corporate finance market and how it has evolved.Assessing funding options for Indonesian corporate issuers: capital markets vs bank financing vs alternative funding (P2P and equity crowdfunding).Offering an overview of the legal, tax and regulatory environment for Indonesian corporate capital raising.Rupiah versus non-Rupiah denominated corporate financing and capital raising activities.Shariah bank and syndicated financing versus the Islamic capital markets: comparisons and contrasts.Common non-Rupiah Sukuk structures and their applications for corporate issuers.Balance sheet management: asset-based versus asset-backed structures, and Rupiah versus non-Rupiah.Other key considerations for potential issuers of Shariah compliant facilities: tenor, rating, risk management, liquidity, credit enhancement, investor base.The opportunities offered by Shariah compliant, non-Rupiah green, transition and sustainability linked capital raising products.Moderator:Elias Moubarak, Partner, Trowers & HamlinsPanelists:Aditya N W Martowardojo, Director Corporate Client Solutions, PT CIMB Niaga SekuritasBilal Parvaiz, CEO, Standard Chartered SaadiqRitesh Agarwal, Head of Debt Capital Markets, Investment Banking, Emirates NBD CapitalRomy Buchari, Shariah Banking Director, MaybankZach Ang Chiang Yong, Head, Asia Clients, GLCs and Financial Sponsors, CIMB

AP Washington correspondent Sagar Meghani reports the Justice Department is targeting another big American company for alleged antitrust law violations.

The US Treasury's focus on issuing short-term bills to limit price discovery at the back end of the yield curve is keeping interest rates down on longer maturity instruments. This practice is supporting risk assets and stimulating the economy, but it's also costly with short duration securities currently having higher financing costs then longer duration bonds. In this podcast, IBKR Senior Economist Jose Torres and IBKR Chief Market Strategist Steve Sosnick interview Nouriel Roubini and Stephen Miran to explore the downside of the Treasury as an activist issuer.

Episode 180: Reimagining Global Offers: Tokenization's Impact on Issuers, Merchants & ConsumersThis week on Commerce Code we speak with Peter Schultze, Chief Executive Officer of Kigo, and Ben Straley, President and Chief Product Officer at Kigo. Kigo has developed a tokenized offer delivery system that complements existing card-linked offer networks. Today we're talking about how their approach makes it possible to reimagine value delivery for issuers, merchants and consumers.Through tokenization, the Kigo system is able to deliver more content, more merchant flexibility, instant value to the cardholder, and better attribution. On top of that, offers are shareable and dynamic, so the offer can change even after a consumer has received it.Taken together, this can drive astonishing new relevance and personalization for the cardholder community—and significant new sources of income for issuers and payment networks.

Learn about the global investment opportunities unlocked by the HSVIL token for financing the new Hampton by Hilton at San Salvador Airport with Michelle Matioda, Director at Mikro Capital and Roberto Laguardia, CEO of Inverlag. Investment details:

30th July: Crypto & Coffee at 8

Gijs op de Weegh is a seasoned executive and entrepreneur in the financial technology sector, with a particular focus on the payments industry and the integration of blockchain technology. In April 2023, Gijs founded StablR, where he currently serves as CEO and Founder. StablR is dedicated to developing a robust Euro stablecoin ecosystem, emphasizing regulatory compliance and transparency in the digital currency space. Gijs is particularly passionate about the application of stablecoins and their potential to enhance transaction efficiency and security within the financial sector.Gijs holds a Master's degree in Law from the University of Amsterdam, which complements his strategic vision and operational expertise. He is fluent in Dutch and English, with limited proficiency in German, allowing him to engage effectively in diverse business environments.Throughout his career, Gijs has been an advocate for the adoption of innovative technologies in finance, believing that blockchain can significantly reshape the industry. His thought leadership is evident through his publications and speaking engagements, where he shares insights on the evolving landscape of fintech and the critical role of compliance in the adoption of digital currencies.In addition to his professional achievements, Gijs is committed to fostering a collaborative ecosystem in the fintech space, working closely with partners to drive growth and innovation. His vision for StablR includes leveraging cutting-edge technologies to create a seamless financial infrastructure that benefits businesses and consumers alike.Social links: LinkedInTwitter/X --- Support this podcast: https://podcasters.spotify.com/pod/show/crypto-hipster-podcast/support

As Europe's MiCA rules go into effect, the continent narrowly avoids serious stablecoin-crypto-trading issues by granting a license to Circle. NLW also looks at a settlement in the Silvergate case. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Host Jennifer Sanasie breaks down the news in the crypto industry from Circle's stablecoin license in the EU to Polymarket's record volume in June.To get the show every day, follow the podcast here."CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines in the crypto industry today, as Circle became the first global stablecoin issuer to comply with the EU's MiCA regulatory framework. Plus, Polymarket recorded over $100 million of volume in June on U.S. election enthusiasm. And, Silvergate Bank's $63 million settlement with regulators.-This episode was hosted by Jennifer Sanasie. “First Mover” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Americans have an average of four credit cards. Do you really need that many? And how many is enough?Too often, we hang on to credit cards we no longer use…providing an unnecessary invitation to identity thieves to run up charges in our names. Canceling them is a good idea if done correctly.The Risks of Holding Unused Credit CardsMany of us hang on to credit cards we no longer use, but this can invite identity thieves to run up charges in your name. Canceling unused cards is a good idea, but it needs to be done correctly. Let's explore why and how to do it.Why Closing a Credit Card Affects Your Credit ScoreOne common concern is whether closing a credit card will affect your credit score. The short answer is yes, it will drop a little. This drop happens because of the way credit scores are calculated.Algorithms used to calculate your score favor long-standing accounts, available credit, and a mix of account types (like credit cards, auto loans, and mortgages). Closing a credit card affects these factors, hence the drop in your score. However, this drop is usually minor and temporary.When to Be Cautious About Closing a Credit CardIf you're shopping for a mortgage or another major loan, it's essential to maintain the highest credit score possible. A lower score, even by a few points, can result in a higher interest rate, costing you more money over time. In other cases, the drop in your credit score from closing an account is not something to worry about too much.Why Close Unused Credit Cards?There are two main reasons to close unused credit card accounts:Reduce Temptation: An unused credit card can become a temptation during financial stress. Instead, rely on your emergency fund for unexpected expenses.Prevent Identity Theft: Unused accounts are a target for identity thieves. Closing these accounts reduces your risk.How to Properly Close a Credit Card AccountIf you decide to close an unused credit card account, here's how to do it properly:Pay Off the Balance: Ensure there is no remaining balance on the card.Cancel Recurring Charges: Check for any recurring charges and cancel or transfer them.Notify the Issuer: Call your card issuer to cancel the account and follow up with an email or letter for confirmation.Check Your Credit Report: Verify the account is closed by checking your credit reports from Experian, TransUnion, and Equifax. You can access these reports for free at AnnualCreditReport.com.Gradually Closing AccountsAvoid closing several accounts at once. This can multiply the negative impact on your credit score. Instead, close no more than one or two accounts every six months. This gradual approach minimizes the adverse effects while keeping your credit utilization low and maintaining timely payments on other accounts.Following these steps, you can manage your credit cards wisely and protect yourself from potential risks. And remember, a slight dip in your credit score from closing an account is usually not a cause for concern.On Today's Program, Rob Answers Listener Questions:What are the tax implications of selling a rental property I own in Montana? I recently sold the property and want to reinvest the money from the sale into my business and possibly another investment property. What will my tax obligations be for the sale of the property? Is there a way that I can put the money into something like a 1031 exchange to use the funds for reinvestment without being taxed on it as income?I'm paying an extra $115 over my normal monthly payment amount. However, when I check my statements, I notice that my bill is not changing, and the extra $115 I'm paying is not reducing my principal balance. I've called my loan servicer about this, and they tell me that I still have one more payment to make, but that doesn't make sense if I'm paying extra each month.I have some retirement funds that I have from working as a government employee that I have not utilized yet and will need to move. I have two TSP funds sitting there and was looking for recommendations on what to do with the money. I'm also retired, so I wanted to check if my age will impact anything when moving the funds to an IRA. Additionally, I was curious about keeping the money in an IRA for a long time and potentially making a trust the beneficiary instead of just leaving it to my kids directly.Resources Mentioned:The Sound Mind Investing Handbook: A Step-by-Step Guide to Managing Your Money From a Biblical Perspective by Austin Pryor with Mark BillerAnnualCreditReport.comRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

Max Boonen, CEO, and Co-Founder PV01, shares the advancements in technology and the war over regulation for tokenization.This episode is sponsored by Consensus 2024 Now Available for pre-order | Michael Casey's New Book with Frank H. McCourt, their forthcoming book: Our Biggest Fight: Reclaiming Liberty, Humanity, and Dignity in the Digital Age-In this episode of "Money Reimagined," host Michael Casey is joined by Max Boonen CEO and Co-Founder of PV01 to discuss the tokenization of real assets and the issuance of treasuries and corporate bonds on the blockchain. Boonen highlights the advantages of tokenized bonds, including increased accessibility, transparency, and liquidity, as well as the potential for tokenization to revolutionize the credit market and provide alternative fundraising opportunities for crypto companies.Takeaways | The tokenization of real assets and the issuance of bonds on the blockchain offer increased accessibility, transparency, and liquidity.Tokenized bonds allow investors to have direct ownership and control over the assets, eliminating the need for intermediaries.The use of blockchain technology in the credit market can provide greater transparency and efficiency, reducing the risk of credit crunches.Tokenization provides alternative fundraising opportunities for crypto companies, allowing them to issue bonds directly on the blockchain.Chapters | 00:00 Introduction and Background of Max Boonen01:22 Exploring Tokenization and Real-World Asset Movement06:10 Natively Issuing Corporate Bonds on the Blockchain09:08 Advancements in Technology and Regulation for Tokenization14:22 Contrasting Tokenization with Real-World Asset Tokenization23:19 The Importance of Fungibility and Asset Seizure Risk24:13 Cutting Out Intermediaries and Lowering Capital Costs26:28 Interest from Issuers and Investors in Tokenized Bonds30:10 Upcoming Consensus Event and ConclusionLinks | Max Boonen's PV01 Tokenizes $5M Treasury Bill, Plans to Look at Corporate Bonds PV01 Crypto Council for Innovation CoinDesk.com-Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry's most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Take 15% off registration with the code MRP15. Register now at consensus.coindesk.com-Money Reimagined has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Our theme song is “The News Tonight ” by Shimmer. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Max Boonen, CEO, and Co-Founder PV01, shares the advancements in technology and the war over regulation for tokenization.This episode is sponsored by Consensus 2024 Now Available for pre-order | Michael Casey's New Book with Frank H. McCourt, their forthcoming book: Our Biggest Fight: Reclaiming Liberty, Humanity, and Dignity in the Digital Age-In this episode of "Money Reimagined," host Michael Casey is joined by Max Boonen CEO and Co-Founder of PV01 to discuss the tokenization of real assets and the issuance of treasuries and corporate bonds on the blockchain. Boonen highlights the advantages of tokenized bonds, including increased accessibility, transparency, and liquidity, as well as the potential for tokenization to revolutionize the credit market and provide alternative fundraising opportunities for crypto companies.Takeaways | The tokenization of real assets and the issuance of bonds on the blockchain offer increased accessibility, transparency, and liquidity.Tokenized bonds allow investors to have direct ownership and control over the assets, eliminating the need for intermediaries.The use of blockchain technology in the credit market can provide greater transparency and efficiency, reducing the risk of credit crunches.Tokenization provides alternative fundraising opportunities for crypto companies, allowing them to issue bonds directly on the blockchain.Chapters | 00:00 Introduction and Background of Max Boonen01:22 Exploring Tokenization and Real-World Asset Movement06:10 Natively Issuing Corporate Bonds on the Blockchain09:08 Advancements in Technology and Regulation for Tokenization14:22 Contrasting Tokenization with Real-World Asset Tokenization23:19 The Importance of Fungibility and Asset Seizure Risk24:13 Cutting Out Intermediaries and Lowering Capital Costs26:28 Interest from Issuers and Investors in Tokenized Bonds30:10 Upcoming Consensus Event and ConclusionLinks | Max Boonen's PV01 Tokenizes $5M Treasury Bill, Plans to Look at Corporate Bonds PV01 Crypto Council for Innovation CoinDesk.com-Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry's most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Take 15% off registration with the code MRP15. Register now at consensus.coindesk.com-Money Reimagined has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Our theme song is “The News Tonight ” by Shimmer. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Fraudology is presented by Sardine.In this episode of Fraudology, host Karisse Hendrick sits down in the hot seat and answers questions from the host of Banking on Fraudology, Hailey Windham. Together, they explore the intricate challenge of combating fraudulent activities without disrupting genuine transactions—a balancing act that every fraud fighter grapples with. Karisse will share her insights on the importance of analyzing transaction patterns to enhance machine learning tools, which are crucial in identifying and preventing e-commerce fraud.They also delve into the nuances of the chargeback process, discussing everything from the initial claim filed by a cardholder to the investigation undertaken by processors and banks. Moreover, Karisse sheds light on the potential pitfalls merchants face, such as the financial burdens of chargebacks, the critical importance of proper documentation, and effective responses that can recover substantial revenues.Now, let's get started and dive into the world of banking fraud with fraud fighters Karisse Hendrick and Hailey Windham. Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast semi weekly, on Tuesdays and Thursdays.------------------------Connect with Hailey.As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees. Windham's initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization's size.

A growing number of governments and state agencies is turning to the green bond market to fund measures aimed at helping countries to adapt to and mitigate the effects of climate change or tackle issues such as social inequality.Listen to this Talking Heads podcast with Malika Takhtayeva, ESG analyst, and Ilan Tamsot, Portfolio Manager, as they discuss the sovereign green bond scoring methodology of BNP Paribas Asset Management and today's green bond market challenges with Daniel Morris, Chief Market Strategist. For more insights, visit Viewpoint: https://viewpoint.bnpparibas-am.com/ Download the Viewpoint app: https://onelink.to/tpxq34 Follow us on LinkedIn: https://bnpp.lk/amHosted by Ausha. See ausha.co/privacy-policy for more information.

The issuer of an exchange-traded fund has one main goal, and that's to get assets—but being recognized is nice, too. Just like the Oscars, the ETF industry has its own awards show, held by ETF.com every April in New York City. Categories include ETF of the Year, Issuer of the Year, Best New Fixed Income ETF and even a Lifetime Achievement Award. Now that the tenth annual ETF awards ceremony is in the history books, we can tell you that—just like the Academy Awards—there were some notable winners as well as a few surprises.  Om this episode, Joel and Eric look through a number of winners with ETF.com's editor-in-chief Kristin Myers and finance reporter Lucy Brewster. See omnystudio.com/listener for privacy information.

The issuer of an exchange-traded fund has one main goal, and that's to get assets—but being recognized is nice, too. Just like the Oscars, the ETF industry has its own awards show, held by ETF.com every April in New York City. Categories include ETF of the Year, Issuer of the Year, Best New Fixed Income ETF and even a Lifetime Achievement Award. Now that the tenth annual ETF awards ceremony is in the history books, we can tell you that—just like the Academy Awards—there were some notable winners as well as a few surprises.  Om this episode, Joel and Eric look through a number of winners with ETF.com's editor-in-chief Kristin Myers and finance reporter Lucy Brewster. See omnystudio.com/listener for privacy information.

Ari Sussman of Collective Mining joined us in PDAC this week to talk about the influx of $18M cash from a new unnamed strategic investor and how the money will continue to help the advancement and exploration of the Guayabales Project in Colombia. We also talk to him about the rumblings of concerns about the Canadian government being unsupportive of Chinese money coming into Canadian equities.

Exchange, the biggest ETF conference of the year just concluded at the Fontainebleau in Miami. Issuers, advisors, service providers and just people who just love ETFs gathered to network and discuss all the latest trends in the industry and market.  On this week's episode, Joel and Eric recap this big annual event and listen to clips from a dozen interviews that Eric took while he was at the conference. Topics include the bitcoin boom, active's increasing presence, how ETF share classes are next big thing, passive fears and the indie spirit of thematic ETF issuers.See omnystudio.com/listener for privacy information.

Exchange, the biggest ETF conference of the year just concluded at the Fontainebleau in Miami. Issuers, advisors, service providers and just people who just love ETFs gathered to network and discuss all the latest trends in the industry and market.  On this week's episode, Joel and Eric recap this big annual event and listen to clips from a dozen interviews that Eric took while he was at the conference. Topics include the bitcoin boom, active's increasing presence, how ETF share classes are next big thing, passive fears and the indie spirit of thematic ETF issuers.See omnystudio.com/listener for privacy information.

We discuss the cataylsts behind the stall in the muni rally, examine the results of CIO's annual review of widely held New York credits, and look at some muni-related portfolio themes. Featured is Kathleen McNamara, Senior Municipal Strategist Americas, UBS Chief Investment Office. Host: Daniel Cassidy

A special report from Moody's Investor Service features the results of a 2023 90-question survey of more than 1,700 respondents that gauges cybersecurity practices among global debt issuers. A new podcast on Cybercrime Radio, "CISO Q&A," highlights this survey with commentary from Adam Keown, Global CISO at Eastman. In this episode, host Paul John Spaulding is joined by Steve Morgan, Founder of Cybersecurity Ventures and Editor-in-Chief at Cybercrime Magazine, to discuss. The Cybercrime Magazine Update airs weekly and covers the latest news, interviews, podcasts, reports, videos, and special productions from Cybercrime Magazine, published by Cybersecurity Ventures. For more on cybersecurity, visit us at https://cybersecurityventures.com

TransUnion financial services sales leader Stephanie Donaghy joins this month's podcast to ask Craig and Josh about recent trends in the card market — based on key questions she's hearing from within the industry. The conversation covers everything from consumer credit health and sentiment continuing into 2024; how consumer spending is impacting balances across risk sectors; and the relationship between utilization and stress. Josh and Stephanie also discuss the right balance of anti-fraud measures within application experiences geared toward younger consumers. Craig speaks to private label card balances being at an all-time high, and Josh weighs in on the drivers and impacts of high delinquency rates and charge-off balances. The information discussed in this podcast constitutes the opinion of TransUnion, and TransUnion shall have no liablity for any actions taken based upon the content of this podcast.

The launch of the first-ever spot Bitcoin exchange-traded funds has dominated the ETF conversation over the last few months. Issuers are jockeying for position in what's fast-becoming a successful and ultra-competitive category. But who's the target market for these products? What do advisers think of them? And how are they talking to their clients about them? On this episode of Trillions, Joel and Eric speak with Douglas Boneparth, founder and president of Bone Fide Wealth. They discuss how he's speaking with clients about Bitcoin, how he views the new ETFs, how much exposure to really consider and what they might displace in a portfolio. And then there's how he thinks crypto compares with gold.See omnystudio.com/listener for privacy information.

Bitwise's Matt Hougan and VanEck's Matthew Sigel delve into the details of the first two days of trading and what each company tried to focus on with its offering. Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.Thursday was a momentous day in crypto as the first SEC-approved spot Bitcoin ETFs finally began trading after more than a decade of waiting, and by almost all accounts, it was a huge success, with more than $625 million in inflows on the first day of trading. Bitwise CIO Matt Hougan and VanEck head of digital assets research Matthew Sigel joined Unchained to discuss their approaches towards selling their products in the market, the challenges of competing with larger firms like BlackRock and Fidelity, the fee wars and where those are headed, the importance of specialist expertise in the crypto investment space, and how Bitcoin prices might react to all the new supply in the market. Show highlights:Why Matt Hougan regards the first week as a massive success for BitcoinHow Matthew Sigel emphasizes the costs and benefits ETFs offer to retail investorsThe strategic marketing approaches of VanEck and Bitwise aligning with Bitcoin community valuesThe reasons for Bitwise's standout performance in the first days of trading, according to MattWhether the introduction of Bitcoin ETFs will reshape the broader ETF landscapeMatt's perspective on why some financial institutions resist Bitcoin, and their eventual openness to cryptoWhether the established players in finance feel threatened by the rise of open-source technologiesWhether Gary Gensler's statement after the approval is “totally crazy”Why data for the various ETFs in the market should be analyzed on a weekly or monthly basisThe ongoing fee competition and how smaller entities can compete against giants like BlackRock and FidelityGrayscale's strategies to remain competitive with higher fees and the possibility of launching a new, low-fee ETFHow investment advisors might adapt to these new crypto products and the potential for mainstream adoptionMatthew's predictions for when BTC investors, both short-term and long-term, will take profitsWhy they are both closely monitoring Ethereum's performance and the prospects for a spot ether ETF in the marketThank you to our sponsors! Arbitrum Foundation | Popcorn NetworkGuests:Matt Hougan, Chief Investment Officer at Bitwise Asset ManagementPrevious appearances on Unchained: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10Matthew Sigel, Head of Digital Assets Research at VanEck.LinksPrevious coverage of Unchained on spot Bitcoin ETFs:Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFsWhy Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday Why the SEC May Want Cash Creation of Spot Bitcoin ETFsWhy It Looks Like BlackRock Could Win America's First Spot Bitcoin ETFWill a Spot Bitcoin ETF Finally Get Approved?The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market ShareHow Much Money Will Flow Into Bitcoin ETFs? Here's One ProjectionApproval:Unchained: Spot Bitcoin ETFs Finally Receive SEC Seal of ApprovalWhat Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF ApprovalsLaura Shin's op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for CryptoDavid Z. Morris' op-ed on Unchained: The SEC's Bumbling Bitcoin ETF Rollout Was Perfectly On-BrandFirst days of tradingUnchained: Spot Bitcoin ETFs Record $4.6 Billion First Day Trading VolumeSpot Bitcoin ETF Inflows Topped $625 Million on First Day in ‘Phenomenal' Debut, Led by BitwiseVanguard Isn't Allowing Customers to Buy Spot Bitcoin ETFsEther Rallies on Optimism Following Spot Bitcoin ETF ApprovalsSpot Bitcoin ETF Approval Sparks Altcoin RallyCoinDesk: UBS and Citi Will Let Some Customers Trade Bitcoin ETFs, Contrary to RumorsThe Block: Elizabeth Warren slams SEC over decision to allow spot bitcoin ETFs, says crypto needs to follow anti-money laundering rulesBlackRock's new spot bitcoin ETF tops $1 billion in big first day of tradingBlockworks: Spot bitcoin ETF volumes eclipse $4.5B on first day of tradingFees Unchained: VanEck Pledges 5% of Profits From Yet-to-Be-Approved Spot ETF to Bitcoin Core DevelopersFee Competition Heats Up Among BlackRock and Other Spot Bitcoin ETF ApplicantsBitcoin ETF Fee War Could Make Investing in Bitcoin Cheaper Than Using an ExchangeBlackRock, ARK 21Shares Lower Bitcoin ETF Fees Again as Approval LoomsBitwise will donate 10% of the profits of the Bitwise Bitcoin ETFLearn more: Unchained: Bitcoin ETFs Explained: What Are They & How Do They Work?Why The Spot Bitcoin ETF Is a Big DealDeciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF?-Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Thursday was a momentous day in crypto as the first SEC-approved spot Bitcoin ETFs finally began trading after more than a decade of waiting, and by almost all accounts, it was a huge success, with more than $625 million in inflows on the first day of trading.  Bitwise CIO Matt Hougan and VanEck head of digital assets research Matthew Sigel joined Unchained to discuss their approaches towards selling their products in the market, the challenges of competing with larger firms like BlackRock and Fidelity, the fee wars and where those are headed, the importance of specialist expertise in the crypto investment space, and how Bitcoin prices might react to all the new supply in the market.  Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: Why Matt Hougan regards the first week as a massive success for Bitcoin How Matthew Sigel emphasizes the costs and benefits ETFs offer to retail investors The strategic marketing approaches of VanEck and Bitwise aligning with Bitcoin community values The reasons for Bitwise's standout performance in the first days of trading, according to Matt Whether the introduction of Bitcoin ETFs will reshape the broader ETF landscape Matt's perspective on why some financial institutions resist Bitcoin, and their eventual openness to crypto Whether the established players in finance feel threatened by the rise of open source technologies Whether Gary Gensler's statement after the approval is “totally crazy” Why data for the various ETFs in the market should be analyzed on a weekly or monthly basis The ongoing fee competition and how smaller entities can compete against giants like BlackRock and Fidelity Grayscale's strategies to remain competitive with higher fees and the possibility of launching a new, low-fee ETF How investment advisors might adapt to these new crypto products and the potential for mainstream adoption Matthew's predictions for when BTC investors, both short-term and long-term, will take profits Why they are both closely monitoring Ethereum's performance and the prospects for a spot ether ETF in the market Thank you to our sponsors! Arbitrum Foundation Popcorn Network Guests: Matt Hougan, Chief Investment Officer at Bitwise Asset Management Previous appearances on Unchained: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Matthew Sigel, Head of Digital Assets Research at VanEck. Links Previous coverage of Unchained on spot Bitcoin ETFs: Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday  Why the SEC May Want Cash Creation of Spot Bitcoin ETFs Why It Looks Like BlackRock Could Win America's First Spot Bitcoin ETF Will a Spot Bitcoin ETF Finally Get Approved? The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share How Much Money Will Flow Into Bitcoin ETFs? Here's One Projection Approval: Unchained:  Spot Bitcoin ETFs Finally Receive SEC Seal of Approval What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals Laura Shin's op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto David Z. Morris' op-ed on Unchained: The SEC's Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand First days of trading Unchained:  Spot Bitcoin ETFs Record $4.6 Billion First Day Trading Volume Spot Bitcoin ETF Inflows Topped $625 Million on First Day in ‘Phenomenal' Debut, Led by Bitwise Vanguard Isn't Allowing Customers to Buy Spot Bitcoin ETFs Visit Unchained for more links and details Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's episode of the Coin Stories News Block, we cover the major headlines related to Bitcoin and global finance: ETF Issuers are Dropping Fees in Anticipation of Approvals How Liquidity Will Determine Bitcoin ETF Winner Bitwise Survey Shows Financial Advisors Want Bitcoin Exposure  Billionaire Chamath Palihapitiya Says Bitcoin Will Go Mainstream in 2024 15th Anniversary of Hal Finney's Legendary Bitcoin Tweet -- References mentioned in the episode:  Issuers Rush to Submit Revised Forms for ETF Approval  Bitcoin Issuers Clear Major Hurdle in Bid to Get ETF ListedBloomberg Analyst's Table of Updated ETF Fees  VanEck Pledges to Donate ETF Profits to Bitcoin Devs BlackRock Expects SEC Approval By Wednesday  Bitwise's 2024 Financial Advisor Survey Coinshare's Report Shows Report Inflows to ETP Products  Standard Chartered Predicts $50-$100 Billion of Inflows into ETFs Erik Vorhees Tweet On ETF Trojan Horse  Hal Finney's Legendary “Running Bitcoin” Tweet Coin Stories Running Bitcoin Challenge Team -- The News Block is powered exclusively by Bitdeer Technologies Group (NASDAQ: BTDR), a publicly-traded leader in Bitcoin mining that stands alone as the only vertically-integrated, technology-focused Bitcoin mining company. Learn more at www.bitdeer.com.  — This podcast is for educational purposes and should not be construed as official investment advice. -- #money #Bitcoin #investing

Fraudology is presented by Sardine. Learn more about how their one platform covers you for fraud, compliance, and payments.In this episode of Fraudology, host Karisse Hendrick is again joined by recurring guest Gil Rosenthal, an expert in Credit & Risk Management for Fintechs, Banks, and Issuers. Karisse recently received a couple of great questions from Fraudology listeners in the financial services space, and asked the best person she knows in this side of fraud prevention & risk management to help her answer their questions. Question One: We've been getting slammed with CNP, Token, COF and general eCom fraud for the past year or so. We are having difficulties understanding what's happening, since we only know what fraud looks like on our end!! We don't understand what we're looking at when we see the same merchant ID with multiple acquirer IDs. We don't know how to identify if a terminal is legitimate or a possible stolen terminal that's been changed programmatically. We don't know if we're looking at legitimate monthly charges being runs seconds apart from each other, or if we're looking at a dark web purchased list of cards being tested!! Do you know where an issuer could go to learn these things?Question Two: I'm in the financial services sector and would like to transition to a role in fraud and payments risk at a retailor or processor. Any advice?Listen to this episode to hear answers to these questions from guest Gil Rosenthal & host Karisse Hendrick. They'll discuss the significance of identifying any abnormal activity and spikes in transactions, the importance of understanding specific terminology in different industries, and the benefits of networking and connecting with others in the field. From career transitions to detecting potential issues, Gil & Karisse provide valuable advice and actionable tips for fraud prevention professionals.To connect with Gil Rosenthal or to inquire about his consulting services: https://www.linkedin.com/in/gil-rosenthal/Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line. Connect with her on LinkedIn She brings her experience, expertise, and extensive network of experts to this podcast semi weekly, on Tuesdays and Thursdays.Mentioned in this episode:2023-q4-postroll sardine 1

Meet John Sutton — Co-Founder and CEO of Mansion, a new fractional ownership offering for those looking to get into short-term rental investing without needing to own or operate an Airbnb. Before starting Mansion*, John was the Chief Digital Officer at Red Ventures — the parent company for brands like Lonely Planet, The Points Guy, Reviews.com, and many others, so it's safe to say John knows his way around building and scaling brands at the intersection of travel, hospitality, and technology. In this conversation, John talks about: Mansion's vision of making real estate investing more accessible and exciting — fun fact, you can own a piece of your own Mansion for as little as $9/share.  Some of the learnings he garnered while at Red Ventures about the future of travel and hospitality  How Mansion's approach is different from that of Techvestor's, Here,  or Wander who have similar offerings. And what he predicts will happen over the next 5-10 years as more of these branded, professionally managed STR funds continue to grow. Learn more about Mansion here Follow John Sutton on LinkedIn This episode is brought to you by Minoan! Want to save 30-40% off West Elm purchase for your Airbnb?  Or hundreds off of instagram famous mattresses from Bear or Purple? Then you'll want to create your free account with our partner Minoan. Minoan provides hosts with a one-stop-shop to get hundreds of discounts on the world's leading brands, and a system where you can manage all of the ordering, tracking, returns, etc. in one place. Saving you time and money! Sign up and tell them that Zach from Behind the Stays sent you there way. Like this episode?  Here are a few others you'll love: How to Build a Portfolio of 100 Single-Family Airbnbs and Transform Them into Unique Experiences How to Build a Franchise-Worthy Hospitality Brand — The Story of Casiola How AI Will Enable Hospitality Entrepreneurs to Scale Their Brands (and Portfolios) Have you signed up for Ping yet? Ping makes it easy for guests to be notified when their favorite Airbnbs become available — and it's the secret tool the best Airbnb hosts use to maximize bookings. Sign up today at bnbping.com About the Show Behind the Stays is brought to you twice a week by Sponstayneous — a free, biweekly newsletter that brings subscribers the best last-minute deals and upcoming steals on Airbnb.   You can subscribe, for free, at www.sponstayneous.com.  Behind the Stays is hosted by Zach Busekrus, co-founder of Sponstayneous, you can connect with him on Twitter at @zboozee.   *The Issuer is conducting public offerings pursuant to Regulation A under the Securities Act of 1933, as amended, through this Website. The most current offering circular for Mansion Collection I is available here. Past performance is no guarantee of future results. Investments such as those on the Mansion Group platform are speculative and involve substantial risks to consider before investing, outlined in the respective offering materials and including, but not limited to, illiquidity, lack of diversification and complete loss of capital. Key risks include, but are not limited to, limited operating history, limited diversification, risk of asset damage or theft and lack of voting rights. An investment in an offering constitutes only an investment in a particular series and not in the underlying asset(s). Investors should carefully review the risks located in the respective offering materials for a more comprehensive discussion of risk.

The Daily Gwei Refuel gives you a recap every week day on everything that happened in the Ethereum and crypto ecosystems over the previous 24 hours - hosted by Anthony Sassano. Timestamps and links to topics discussed: https://daily-gwei-links.vercel.app/recent 00:00 Introductory song 00:19 Judge rejects SEC Motion to Appeal Ripple Ruling https://twitter.com/tier10k/status/1709341555008401506 00:54 SEC files opposition to Coinbase's motion to dismiss case against them https://twitter.com/iampaulgrewal/status/1709317024516817068 04:50 Grayscale file to convert their private ETH trust into an ETF https://twitter.com/EricBalchunas/status/1708822647369273637 06:33 Trading volumes for ETFs https://twitter.com/EricBalchunas/status/1708841958020366838 06:47 Approving futures clarifies ETH's status as non-security   https://twitter.com/BrianQuintenz/status/1708966869284073929 07:15 Futures ETF dramatically increases chance of spot ETF approval https://twitter.com/sassal0x/status/1708999918587933080 09:21 Issuers feeling more confident of Bitcoin Spot ETF Q4, or Q1 '24 https://twitter.com/NateGeraci/status/1708954390701236544 18:02 UBS pilots tokenized money market on Ethereum https://twitter.com/TheBlock__/status/1708795336070778953 21:19 OP Lab's Fault Proof System live on testnet https://twitter.com/OPLabsPBC/status/1709236296604930487 23:38 Dawn Wallet w/ AI as your intelligent gateway to Ethereum https://twitter.com/dawn_wallet/status/1709262178832752790 26:06 Farcaster passkeys backup https://twitter.com/dwr/status/1708868634679083028 28:17 Dune Analytics dashboards tracking Farcaster metrics https://twitter.com/DuneAnalytics/status/1709145717619453977 This episode is also available on YouTube: https://youtu.be/3qTZX_PTA8w Subscribe to the newsletter: https://thedailygwei.substack.com/ Subscribe on YouTube: https://www.youtube.com/channel/UCvCp6vKY5jDr87htKH6hgDA/ Follow Anthony on Twitter: https://twitter.com/sassal0x Follow The Daily Gwei on Twitter: https://twitter.com/thedailygwei Join the Discord Channel: https://discord.gg/4pfUJsENcg DISCLAIMER: All information presented across all of The Daily Gwei's communication channels is strictly for educational purposes and should not be taken as investment advice.

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Issuer tokens, network tokens, EMV tokens - whatever you call them - continue to be a hot topic for merchants, payment service providers, issuing banks, processors, and the networks themselves. This “sleight of hand” substitution of a payment account number with an indistinguishable alternative carries with it a robust set of capabilities that have promised to reduce the value of breached payment account information, lower the cost of card replacement, and enable unique account numbers for the expanding universe of payment-enabled devices. In this episode, Chris Uriarte and Russ Jones discuss how tokens are implemented in the “card present” and “card not present” environments and how EMV tokens are becoming normalized in interchange tables, scheme fees, and provider services. As tokens move squarely into mainstream card processing, this conversation highlights important distinctions in network and provider implementations, fees, and regulations that should be on everyone's radar.

Plus, FTX plans to restart its crypto exchange for international customers.Today's episode is sponsored by Kraken Pro.Today's Stories:Tether Reports $3.3B in Excess Reserves in Q2, Up $850M for the QuarterFTX Plans to Restart Crypto Exchange for International CustomersMarkets Links:BRN00 | Brent Crude Oil Continuous Contract Overview | MarketWatch First Mover Americas: Bitcoin Starts August in the Red After Losing Ground in JulyEther Options Market Shows Bias for Price Weakness Over Next 6 Months-From our sponsors:Meet the all-new Kraken Pro. The powerful, customizable, beautiful way to trade crypto.It's Kraken's most powerful trading platform ever - packed with trading features like advanced order management and analytics tools — all in a redesigned, modular trading interface.Head to pro.kraken.com and trade like a pro.Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax.-This episode was hosted by George Kaloudis. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Plus, FTX plans to restart its crypto exchange for international customers.Today's episode is sponsored by Kraken Pro.Today's Stories:Tether Reports $3.3B in Excess Reserves in Q2, Up $850M for the QuarterFTX Plans to Restart Crypto Exchange for International CustomersMarkets Links:BRN00 | Brent Crude Oil Continuous Contract Overview | MarketWatch First Mover Americas: Bitcoin Starts August in the Red After Losing Ground in JulyEther Options Market Shows Bias for Price Weakness Over Next 6 Months-From our sponsors:Meet the all-new Kraken Pro. The powerful, customizable, beautiful way to trade crypto.It's Kraken's most powerful trading platform ever - packed with trading features like advanced order management and analytics tools — all in a redesigned, modular trading interface.Head to pro.kraken.com and trade like a pro.Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax.-This episode was hosted by George Kaloudis. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Each episode of Reorg's weekly EMEA Core Credit podcast series features detailed discussions on issues and companies across the credit lifecycle. This week's podcast includes discussions on: -The half-year report for 2023 on leveraged loans and high-yield bond covenants and what trends can be seen; -Key credit metrics trends for European automotive issuers and the market prices of their debt instruments; -TalkTalk's RCF lenders who are taking pitches from financial advisors ahead of 2024 maturity; and -Highlights of the primary market. If you are not a Reorg subscriber, request access here: go.reorg-research.com/Podcast-Trial We're looking for feedback to improve the podcast experience! Please share your thoughts here: www.research.net/r/Reorg_podcast_survey For more information on our latest events and webinars: reorg.com/resources/events-and-webinars/ Sign up to our weekly newsletter Reorg on the Record: reorg.com/resources/reorg-on-the-record/ #leveragedfinance #highyield #restructuring #performingcredit #distresseddebt #debtrestructuring #leveragedloans