Podcasts about NFTs

The Emblem Show is hosted on Twitter Spaces and livestreamed across YouTube/X on Tuesdays and Thursdays at 1:00PM EST. The show focuses on news and events in the cryptocurrency industry, as well as inviting guests on from all sectors across DeFi, NFTs, AI, and interoperability.Adam McBride: https://twitter.com/adamamcbrideJake Gallen: https://twitter.com/jakegallen_Chris Devitte: https://twitter.com/chris_devvEmblem Vault: https://twitter.com/EmblemVaultMigrate Fun: https://x.com/MigrateFun

#249 - What happens when the thing you're most tempted to hide becomes the reason other people feel brave? Fashion designer and artist Wildy Martinez joins me for a conversation that moves from New York City childhood memories in Washington Heights and the Bronx to a hard-earned kind of confidence that only comes from being seen. Wildy shares what it was like growing up first-gen Dominican, learning independence early, and using imagination as a way to build a world bigger than her block. We talk about her path into fashion, from sketching as a kid to studying at FIT and working in the industry, plus the pressure that can come with trying to be “cool” when you're a young teen who actually loves school. Then the story pivots into the pandemic reset that sparked Wildflower Fields, her creative umbrella for fashion, art, and storytelling, and how the NFT wave introduced her to new ways of thinking about digital art, proof of ownership, and legacy. At the center is vitiligo. Wildy breaks down what vitiligo is as an autoimmune condition, what it felt like to spend more than a decade covering her skin, and why representation matters for kids and adults who are living with visible differences. We also get into AI in creativity, the ethics of who gets represented in datasets, and how tools can be used to expand human imagination rather than erase it. If you've ever felt different, underestimated, or stuck hiding a part of yourself, this one will land. Subscribe to The Human Adventure, share this episode with a friend, and leave a rating or review so more people can find these stories.To learn more about Wildy check out her website www.wildflowerfields.art and check her out on Instagram @thewildflowerfields.To learn more about me and see clips from past, present, and future shows give me a follow on Instagram @humanadventurepod.Want to be a guest on The Human Adventure? Send me a message on PodMatch, here: https://www.podmatch.com/hostdetailpreview/journeywithjakeDiscover the journeys that do more than take you somewhere new—they change the way you see yourself and the world. Wayfinder Life-Changing Travel explores unforgettable adventures, hidden places, and the transformative power of stepping beyond the familiar.Check out Wayfinder Life-Changing Travel and listen wherever you get your podcasts. Xploreum connects you with authentic wilderness expeditions led by trusted local experts. Browse real adventures, book directly with experienced guides, and get $200 off your first trip using code HumanAdventure2026 at xploreum.io/humanadventure. 

Have you ever wondered why people spent millions on cartoon apes in the NFT frenzy? Beyond the obvious desire for profit, emotions likely played a role. In this episode of The Behavioral Divide, Professor Hal Hershfield sits down with Alex Edmans, Professor of Finance at the London Business School, to discuss his new book, The Madness of Markets. Beyond the many fun, memorable stories found in his research (like cartoon apes), he examines the emotions and biases that can drive even smart investors to make suboptimal choices. Joining them is Jason Gentile, Chief Wealth Officer at Apella Wealth. Together, they get at the importance of remaining tethered to your own objectives when others may be chasing quick wins, and why one of the hardest things in investing is being aware of what you know versus what you merely think you know. If you enjoy the show, please subscribe or let us know by giving our series a five-star rating. We'd also love to hear from you. To join in on the discussion, send us a note at BehavioralDivide@AvantisInvestors.com. Important Disclosures The views expressed in this presentation are the speaker's own and not necessarily those of American Century Investments. This presentation is for general information only and is not intended to provide investment, tax or legal advice or recommendations for any particular situation or type of retirement plan. Please consult with a financial, tax or legal advisor on your own particular circumstances. Hal Hershfield is not affiliated with American Century Investments. Follow us on social media:   LinkedIn: https://a.vant.is/4ppUSVI   X: https://a.vant.is/4psIwMw   Subscribe to The Behavioral Divide podcast:   Spotify: https://a.vant.is/3IlDEIy   Apple: https://a.vant.is/3IgEhDe 

After seven years of being in development, Tari finally launched in 2025. Why did it take so long and how many of the initial promises were delivered? Naveen Jain, Mr. Fox & Marguerite de Courcelle join the show to offer their best answers. 0:00 - Intro 0:47 - Welcome to S17 E45: Naveen, Mr. Fox & Marguerite 3:02 - What Is Tari? Mimblewimble, Four Mining Lanes & the Oodle 5:21 - Can Tari Compete With Solana? 6:32 - Meme Coins vs. Real Businesses 8:22 - The Ticketmaster Killer That Wasn't 9:18 - Big Neon, the Pandemic & the Spotify Exit 11:20 - How Dependent Is Tari on Monero's Hashrate? 12:26 - Why Four Mining Lanes and Two Tokens? 14:48 - The One-Way Peg: Burning XTM for the L2 15:43 - Tari Script on L1, Full Programmability on L2 16:13 - Sponsors: Layer 2 Labs & Braiins Hashpower 19:24 - The C29 Consensus Bug & How the Lanes Held Up 23:02 - The Beam Question: Great Tech Is Not Enough 26:18 - What Is Tari's Killer Use Case? 29:21 - Programmable Confidentiality: Securities, Escrow & Stigma Markets 30:15 - Fox's Cat Shirt & the $100 Monero Giveaway 31:36 - Sharing Security With Monero: The Underappreciated Part 34:09 - Did the Monero Community Stick Around? 36:52 - From White Papers to Tickers: The Decline of Ideas 39:14 - Naveen's Linkin Park Lesson: The Lowest Common Denominator 43:11 - Build Contests, Encrypted Messengers & Private Voting 44:48 - Learning English From Linkin Park 47:31 - The Meteora Bank Vault Listening Party 49:27 - Mining Q&A: Pool Censorship & RandomX Changes 53:19 - The Pool That Kept the XTM 53:38 - Will Other Privacy Chains Copy the Model? 54:52 - Sponsors: SideShift & Orange Rock 56:31 - Marguerite (Coin Artist) Joins 57:45 - From the Ethereum ICO to MaidSafe to Decred 1:00:45 - The First Crypto Puzzle Ever: Dark Wallet, Amir Taaki & Cody Wilson 1:02:12 - There Is Treasure Hidden in Tari's Blockspace 1:02:55 - What Marguerite Does on the Tari Council 1:05:52 - Building for Humans or for AI Agents? 1:09:09 - Giveaway Mechanics: Three Numbers, One Winner 1:10:00 - Attracting Normies: Blink, Browser Agents & Small Beginnings 1:13:00 - Tari Universe: Mining Without the UX Nightmare 1:14:28 - Where to Buy XTM (Or Just Mine It) 1:16:15 - Mining Monero and Tari at the Same Time 1:17:41 - Satoshi's Email to Laszlo 1:18:11 - Naveen's Number Is 43 & He Has to Go 1:18:31 - Does Gaming Belong on a Blockchain? 1:19:29 - Neon District, Axie & the PFP Ceiling 1:21:40 - Vibe Coding Three Games in One Weekend 1:25:01 - Online Poker, Frozen Accounts & the First Bitcoin Gamblers 1:27:42 - The Winning Number: 40 1:30:00 - If Monero and Tari Were Roommates 1:31:31 - Privacy-First Games: Fog of War & Front-Running 1:39:21 - Skybox, Modding Communities & Creator Royalties 1:43:39 - Mr. Fox Is a Furry (the Third One on This Podcast) 1:45:46 - The Real Use Case: Commissioning Art Without Bank Permission 1:47:46 - The Manicure Question 1:48:37 - Lessons From Neon District & Loot Boxes 1:50:56 - Vlad's Brother, the CS:GO Knife & the Rome Vacation 1:53:40 - Top Three Games of All Time 2:01:45 - John Carmack & the Open Source Doom Engine 2:03:11 - Tim Sweeney: The Cypherpunk Behind Unreal 2:06:59 - Amir Taaki's Lara Croft Origin Story 2:08:01 - Vitalik Rage-Quitting WoW & Colored Coins 2:11:06 - Bringing the Soul Back to Open Source 2:12:55 - What Fox Wants Built First: Payments Without Permission 2:14:55 - The Community Takeover & the Core Contributor Program 2:18:09 - Councils, Leaders & the Decentralization Paradox 2:22:16 - Andreas Antonopoulos, Vitalik & the Need for Faces 2:25:42 - The NATO Problem: Organizations Without a Purpose 2:28:49 - Steemit, Twitter Tip Bots & Make It Rain Doge 2:31:22 - Counterparty, Rare Pepes & NFT Archaeology 2:34:41 - When VCs Discovered OpenSea 2:36:30 - Infinite Fleet & the Game That Never Shipped 2:39:37 - John Romero: Why Play-for-Money Kills Fun 2:43:05 - Cats: Hunter & Salieri 2:46:43 - A Mini-Game for Vlad's Website 2:47:24 - The Trojan Horse Thesis Revisited 2:48:24 - The Builders Never Left 2:49:02 - Different Leaders for Different Eras 2:52:08 - Why Seven Years? And How Long Until the L2 Matters? 2:54:41 - How to Start Mining Tari Today 2:55:41 - Outro

AI Won't Fix Your Chaos, It Will Amplify It with Jeff MacPherson   Find Rocky Lalvani @ www.ProfitComesFirst.com  or email him at rocky@profitcomesfirst.com Make more, work less video: https://youtu.be/   You just spent real money rolling out an AI tool because every advisor and every LinkedIn post said it would save you time. Instead, your team is more confused, your process feels messier, and you're starting to wonder if AI was oversold to you. It wasn't oversold. It was just handed to a business that hadn't been standardized yet, and nobody warned you that AI amplifies whatever is already running underneath it, good or bad.   In this episode, Rocky sits down with Jeff MacPherson, co-founder of Cloud37 and a three-time tech founder who built the first Instagram DM automation platform (processing over a billion messages) before a legal battle with Facebook ended that company. Jeff has spent the last several years helping coaches, consultants, and service businesses standardize a core process before automating it, so the technology scales what already works instead of accelerating what's broken.   In This Episode: Why AI accelerates chaos instead of fixing it when the underlying process was never standardized The difference between raising the ceiling (your best people) and raising the floor (everyone else executing at that level) Why roughly 95% of businesses have no real infrastructure for AI to plug into Why team adoption of a new system typically takes 18 to 24 months, and how to plan around that instead of fighting it Why collecting more data doesn't make your business more valuable once patterns and data are commoditized What actually keeps a client once AI can replicate almost any deliverable   Key Takeaways: Standardize your inputs, your process, and your outputs before you automate anything. The real bottleneck is usually waiting on people and process, not effort. Close that gap first. Plan for 18 to 24 months of adoption time, don't expect a fast flip. Data without a defined use case is a cost, not an asset. Retention comes from accountability, relationships, and community, not the deliverable itself.   About Jeff MacPherson: Jeff MacPherson is a three-time tech founder and co-founder of Cloud37. He built the first Instagram DM automation platform, processing more than 1 billion messages for clients including Tony Robbins, Nelk Boys, and Atlantic Records before Facebook shut it down and later released competing functionality. He later became a top creator on Crypto.com, launching an NFT project that generated $2.5 million in under 14 days with zero ad spend. Today, Jeff helps coaches, consultants, and service-based businesses transform their expertise into AI-powered Expert Studios that create scalable client experiences, recurring revenue, and lasting business value.   Links: Website: http://www.cloud37.ai Facebook: https://www.facebook.com/jeffmacp/ Instagram: https://www.instagram.com/jeff.macpherson/ LinkedIn: https://www.linkedin.com/in/jeffmacai/    Profit Blueprint Calculator I Profit Comes First: https://lp.profitcomesfirst.com/profitblueprintcalc-page   Watch the full episode on YouTube: https://www.youtube.com/@profitanswerman Sign up to be notified when the next cohort of the Profit First Experience Course is available! Free Copy of the Profit Blueprint Book: https://lp.profitcomesfirst.com/landing-page-page  Monthly Newsletter signup: https://lp.profitcomesfirst.com/newsletter-signup Relay Bank (affiliate link): https://relayfi.com/?referralcode=profitcomesfirst Profit Answer Man Facebook group: https://www.facebook.com/groups/profitanswerman/ My podcast about living a richer more meaningful life: http://richersoul.com/ Music provided by Junan from Junan Podcast Any financial advice is for educational purposes only and you should consult with an expert for your specific needs.       

Debata XXX Festiwalu Nauki w Warszawie z udziałem dr Grzegorza Sobieckiego, mec. Marceliny Szwed-Ziemichód, dr inż. Jacka Wytrębowicza i prof. dr hab. inż. Jarosława Arabasa [25 września 2026 r.]Czym właściwie są kryptowaluty? Skąd bierze się ich wartość? Dlaczego można przesyłać cyfrowe aktywa bez pośrednictwa banku? I czy prawo nadąża za technologią blockchain?W debacie głównej XXX Festiwalu Nauki w Warszawie eksperci przyglądają się kryptowalutom z trzech różnych perspektyw: technicznej, ekonomicznej i prawnej. Punktem wyjścia są podstawy matematyczne kryptografii, bezpieczna komunikacja i cyfrowa identyfikacja, ale rozmowa prowadzi znacznie dalej - do pytania o pieniądz, zaufanie, wartość i regulację nowych rynków.Uczestnicy wyjaśniają, czym są kryptowaluty i jakie ich rodzaje można wyróżnić. Przyglądają się także technologii blockchain i mechanizmom, które umożliwiają funkcjonowanie systemów rozproszonych bez jednego centralnego podmiotu kontrolującego całość.Co właściwie sprawia, że Bitcoin czy inne kryptoaktywa mają określoną wartość? Czy wynika ona z technologii, ograniczonej podaży, zaufania użytkowników, możliwości wykorzystania, czy przede wszystkim z tego, ile ktoś jest gotów za nie zapłacić?Debata dotyczy również praktycznych problemów bezpieczeństwa. Czym jest klucz kryptograficzny? Jak potwierdzamy własność cyfrowych aktywów? Co właściwie oznacza „posiadać kryptowalutę” i jakie ryzyko wiąże się z utratą danych umożliwiających dostęp do niej?Osobny wątek stanowią prawo, podatki i regulacje rynku kryptowalut. Technologia rozwijała się początkowo poza tradycyjnym systemem finansowym, ale wraz z jej upowszechnieniem pojawiły się pytania o odpowiedzialność, ochronę użytkowników, opodatkowanie oraz zasady funkcjonowania giełd i innych podmiotów związanych z obrotem kryptoaktywami.Czy kryptowaluty są pieniądzem?Czym różni się Bitcoin od innych tokenów i aktywów cyfrowych?Dlaczego blockchain może działać bez centralnego administratora?Skąd bierze się wartość kryptowalut?Jak wygląda ich opodatkowanie i regulacja?I czy kryptowaluty są początkiem nowego systemu finansowego, czy tylko jednym z wielu zastosowań technologii rozproszonych rejestrów?To debata dla osób, które chcą zrozumieć mechanizm, a nie tylko śledzić kurs Bitcoina.W spotkaniu udział biorą:Dr Grzegorz Sobiecki - ekonomista, adiunkt w Katedrze Systemu Finansowego Szkoły Głównej Handlowej w Warszawie. Bada m.in. pieniądz, blockchain, kryptowaluty, DeFi, tokenizację i cyfrowe systemy finansowe. Kieruje studiami podyplomowymi SGH „Blockchain: biznes, prawo, technologia” i jest współtwórcą Stowarzyszenia Ekspertów Blockchain.Mec. Marcelina Szwed-Ziemichód - adwokatka i doradczyni podatkowa specjalizująca się m.in. w prawnych i podatkowych aspektach nowych technologii, blockchainu, kryptowalut, NFT i działalności podmiotów sektora finansowego. Prowadzi także szkolenia dotyczące opodatkowania transakcji kryptowalutowych.Dr inż. Jacek Wytrębowicz - informatyk związany z Instytutem Informatyki Politechniki Warszawskiej, od wielu lat zajmujący się systemami komputerowymi, ich projektowaniem i technicznymi podstawami funkcjonowania infrastruktury cyfrowej.Prowadzenie: prof. dr hab. inż. Jarosław Arabas - profesor Instytutu Informatyki Wydziału Elektroniki i Technik Informacyjnych Politechniki Warszawskiej.Debata „O kryptowalutach” odbywa się 25 września 2026 r. w ramach XXX Festiwalu Nauki w Warszawie. Oficjalny program zapowiada rozmowę właśnie jako spojrzenie na kryptowaluty od strony technicznej, ekonomicznej i prawnej.#Kryptowaluty #Bitcoin #Blockchain #Krypto #Finanse #Technologia #Kryptografia #Prawo #Ekonomia #DeFi #FestiwalNauki #WszechnicaZnajdź nas: https://www.youtube.com/c/WszechnicaFWW/https://www.facebook.com/WszechnicaFWW1/https://anchor.fm/wszechnicaorgpl---historiahttps://anchor.fm/wszechnica-fww-naukahttps://wszechnica.org.pl/

Very Important Links!Support the show at Patreon! - https://patreon.com/gogOther ways to support the show! - https://gog.show/donateJoin our Discord! - https://discord.gg/r4ZmSHBBuy some merch! - https://shop.gog.show/Recorded on Wednesday, September 23rd, 2026.Jason, Brian, and Dave head to the Dark Side for a deep dive into vibe coding—and, against all odds, Jason may finally be cracking. After Salesforce decided to sunset Quip, Jason used AI to rebuild the collaborative show-notes system the guys have relied on for a decade, adding more features while cutting the monthly cost to almost nothing. Then he took up Dave's challenge to modernize an aging open-source ham-radio application, turning it into a native-looking Mac app in a matter of hours. The catch: after decades of programming, Jason knows exactly what to ask for, what to watch for, and when the AI is confidently doing something stupid.That leads to the bigger question: what happens when software that once took months and tens of thousands of dollars can be built in an afternoon? The guys get into value-based pricing, the disappearing entry-level programming ladder, whether AI makes people lazy or gives curious people superpowers, and how custom software could start eating away at expensive SaaS subscriptions. Jason also lays out what he's learned from actually building with these tools: keep everything portable, use Git from day one, make the AI document its work, and never build something you can't eventually maintain yourself. Turns out the future may not belong to vibe coders after all—it may belong to people who already know what the hell they're doing.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tork's dad lived to 99, flew fighters, practiced law, and paid for a farm. In July 2018 he fell down the basement stairs, and Tork brought him home to die in the same house he was born in. No guest this week. Sawyer and Tork each picked three days that changed their lives, and this is all six. Tork sat up alone that night giving the hospice doses every few hours, and his dad passed around 5:30 in the morning. The first year he went to the gravesite about once a month, by himself, and bawled most times. He felt guilty grieving a man who had lived to 99. Sawyer was 12 when he rolled a four wheeler at 60 miles an hour, ruptured his spleen, and spent seven days at the University of Iowa. In 2001 Tork was out of hogs, setting trusses on a 2,400 head finisher near Wayland, when a phone call changed his whole life. The part most farm guys never say out loud is what comes after. When your dad goes, nobody is coming to save you. Every field and bin site has a memory. You don't want to be the generation that screws it up. And now Tork is tearing out the hog buildings his dad put everything into, and he feels guilty about it. Also in this one: how to know she's the one, the 10 percent days in a marriage, why it gets easier to quit the second time, 380 yards of concrete and a trip to Texas Roadhouse, the boss who taught Tork to stack equity, and the Market Update with copper near a record. Some may be bigger, but this'll do. What day changed your life? Drop it in the comments and we read them. JOIN THE BARN TALK NEWSLETTER & GET LIVE EVENT ACCESS: We're on a mission to get 10,000 subscribers, and once we do, we're hosting a live event at the barn! Sign up to get exclusive access to tickets and details.

Merriam-Webster's Word of the Day for September 28, 2026 is: fungible • FUN-juh-bul • adjective Fungible describes things, such as currency, goods, and commodities, that can be exchanged for something else of the same kind or value. In broader usage, fungible can also mean “interchangeable,” as well as “readily changeable to adapt to new situations.” // A dollar bill is considered fungible because it can easily and acceptably be traded for ten dimes, four quarters, twenty nickels, or one hundred pennies, as well as any other dollar bill. // Since fruits and vegetables are regarded as fungible in this diet, you are allowed a total of five servings of either or both. // Some baseball team managers set their batting orders in stone, while others prefer to keep their lineups fungible, to respond to the strengths or weaknesses of different opposing pitchers. See the entry > Examples: “... bitcoin is regulated differently from securities such as stocks and bonds. It's treated as a tradable, fungible asset whose value is determined by global supply and demand.” — Becca Bratcher, Forbes, 12 Aug. 2025 Did you know? Before expectations about the origins of fungible mushroom into mycological fantasy: no, fungible has no relation to the noun fungus and its plural fungi. The fungi in fungible is there because of the Latin verb fungi, meaning “to perform,” ancestor of both fungible and function. Fungible is considerably less familiar than its cousin to most English users, but it pops up like toadstools (sorry) in legal, technological, and economic contexts. Something described as fungible can be exchanged for something else of the same kind. For example, when we say “oil is a fungible commodity,” we mean that when a purchaser is expecting a delivery of oil, any oil of the stipulated quantity and quality will usually do. Another example of something fungible is cash. It doesn't matter what twenty dollar bill you get—it's still worth the same amount as any other twenty dollar bill. In contrast, something like a work of art (or an NFT, aka a “non-fungible token”) isn't fungible; a purchaser would expect a specific, identifiable item to be delivered. In broader use, fungible can mean “interchangeable,” or sometimes “readily changeable to adapt to new situations.”

Marc De Mesel talks about on selling BTC for Bitcoin Cash in 2017, funding BCH devs for years, why BCH failed despite being the best big block version of Bitcoin, what's in his privacy coin basket, his Tesla investment & having multiple girlfriends. 0:00 - Intro 0:47 - Welcome: Marc De Mesel, the Guardian Angel of Bitcoin Cash 2:01 - The Trade: Selling BTC for BCH in August 2017 5:00 - $300 Then vs. $300 Now: The Inflation Math 7:39 - From Investor to Benefactor: Funding BCH Development 8:49 - Amaury's IFP: Treasury Model or Dev Tax? 11:54 - Mike Hearn's Prophecy & the Flipstarter Model 14:21 - Bitcoin XT, Bitcoin Classic & the Article That Scared Vlad 16:00 - Sponsors: SideShift & Layer 2 Labs 18:36 - Why Bitcoin Cash Failed: Death by a Thousand Splits 23:03 - Miner Voting vs. Forking Off 25:54 - The Merchant Adoption Mistake 27:39 - Vlad's SegWit Argument: BCH Launched as Only 2x 31:58 - The Spam Attack Theories 34:25 - "Hijacking Bitcoin": The Store of Value Narrative Shift 36:37 - Never Sell, Borrow Against It: The Saylor Doctrine 40:08 - Stablecoins as the Free Market CBDC 41:59 - Saylor's Leverage & the Dot-Com Track Record 45:12 - Weak Hands and Strong Hands 47:30 - Marc's Altcoin Origin: Litecoin, Peercoin & 2012 50:34 - Network Effects: From 90% to 50% Dominance 55:09 - The Bear Market Liquidation Scenario 56:31 - Sponsors: Braiins Hash Power, Orange Rock & Cake Wallet 59:23 - Q&A: If Satoshi Returned and Disowned BCH 1:01:23 - Q&A: A Contrarian Opinion Too Far 1:05:24 - Q&A: Why Hold Tesla Through Five Flat Years 1:09:35 - Giveaway Reveal: The Number Is 69 1:10:55 - CME Bitcoin Cash Futures & the Thesis Update 1:12:22 - Privacy as Crypto's Last USP 1:13:52 - Vlad's Pushback: Transparent Ledgers vs. Bank Privacy 1:20:18 - What BTC Maximalists Missed in 2017 1:25:13 - Marc's First Bitcoin at $13 on Bitcoin-24 1:29:88 - Selling Too Early & Roger's Slower Hand 1:34:21 - Privacy Coins as Today's Bitcoin-at-$1 1:40:06 - The Zcash 40x 1:45:00 - The Privacy Basket: XMR, ZEC, Zano, Firo, ARRR, Dash 1:46:57 - Visiting Roger Ver Under House Arrest in Mayotte 1:51:46 - Zcoin, Firo & the Week Before Zcash 1:54:56 - Cryptonote, Bytecoin & the Monero Lineage 2:03:31 - The Biggest Wrong Assumption: Adoption Speed 2:06:21 - USDT in the Global South 2:10:17 - Conviction vs. Stubbornness 2:16:00 - NFTs on Zcash 2:20:52 - Shielded Zcash Adoption: Vlad Corrects the Record 2:27:03 - Selling Strength: Marc's Zcash Dilemma 2:33:56 - Rebuilding the Portfolio From Zero 2:39:16 - The Holy Grail Portfolio & the 2022 Wipeout 2:44:52 - Bitcoin, Tesla or BCH: Which Taught the Most? 2:47:36 - The Guardian Angel Costume Question 2:50:10 - The Dating Profile Question 2:58:18 - From Dating Sites to Cold Approach 3:07:58 - From Monogamy to Polygamy 3:16:45 - Does Polygamy Go Both Ways? 3:19:00 - Seven Children and Counting 3:20:27 - The Kenya Years & the Court Cases 3:25:42 - What It Costs 3:29:14 - Living Arrangements & Family Structure 3:37:00 - Old-School Fatherhood 3:51:28 - Trust Across Cultures 3:56:02 - The Tesla Model X in Amsterdam 3:58:00 - Buying Tesla in 2019: Sentiment at Rock Bottom 4:02:50 - Robotaxis, Humanoids & Chinese EVs 4:04:30 - Vlad's Toyota Supra Dream 4:08:07 - Eastern European Honesty 4:20:14 - Plan B If Alt Season Never Comes 4:19:37 - The 20% Target & Where to Follow Marc 4:20:00 - Closing Advice: HODL & Spotting the Top 4:24:42 - The Flip Scenario: What If BCH Wins? 4:26:01 - "I Was a Real Whale Once" 4:26:45 - Outro

From the earliest days of open-weight models to becoming the neutral routing layer for more than 10 million developers, OpenRouter is one of the clearest bets that the future of AI will be multi-model. In this episode, OpenRouter co-founder & CEO Alex Atallah, with AMP's Anjney Midha returning with swyx to unpack how OpenRouter emerged from the first wave of Llama, Alpaca, Mistral, and Midjourney, why model diversity mattered before it was consensus, and how a company dismissed as “just a wrapper” became critical infrastructure for the AI ecosystem.We go deep on the product and distribution lessons behind OpenRouter: why model labs can spend billions training a checkpoint and still struggle to get it into developers' hands, how Mistral helped prove the value of a competitive inference marketplace, why OpenRouter chose focus over expanding into fine-tuning, memory, and other adjacent products, and how its rankings became a real-time map of how AI usage was changing. Alex also explains OpenRouter's early experiments with model fusion, why they deleted the first version and brought it back years later, and how the platform grew to more than 10 trillion tokens per day.Finally, Anjney explains why Stripe and OpenRouter fit together, why token fraud may become one of the defining security problems of the AI economy, and why the next wave of fraud won't just come from humans but from autonomous agents attacking increasingly valuable token flows.We discuss:* Why OpenRouter bet early that no single AI model would win everything* Alpaca, Llama, and open models becoming impossible to ignore* Why Discord's early AI deployments exposed the limitations of closed models* Why model labs can spend billions on training and still fail at distribution* How OpenRouter became a neutral distribution layer for model developers* Why VCs dismissed OpenRouter as “just a marketplace” or “just a wrapper”* The Mistral price war and the first real proof of an inference marketplace* How Midjourney scaled through Discord and what it taught the AI ecosystem* Why crypto infrastructure became a dress rehearsal for generative AI* OpenRouter vs. LM Arena and why their missions are fundamentally different* Why focus became one of OpenRouter's biggest strategic advantages* Anthropic's early focus on AI pair programming and coding* The OpenRouter products that were prototyped but never launched* MOM, OpenRouter's early Mixture of Models experiment* Why model fusion failed in 2024 — and why it works much better now* How OpenRouter's leaderboard became a live map of the AI industry* OpenClaw, auto-routing, and agents reshaping AI usage* How OpenRouter reached 10+ trillion tokens per day* Why inference gateways are increasingly becoming targets for fraud* Why Stripe's fraud infrastructure is strategically important to OpenRouter* The coming rise of agentic fraud and attacks on the token economy* What changes and what stays the same as OpenRouter joins StripeAlex Atallah* LinkedIn: https://www.linkedin.com/in/alexatallah/* X: https://x.com/alexatallah* Website: https://alexatallah.comAnjney Midha* LinkedIn: https://www.linkedin.com/in/anjney/* X: https://x.com/AnjneyMidha* AMP: https://www.amppublic.com/Timestamps00:00:00 Introduction00:02:12 Alpaca, Llama, and the Multi-Model Bet00:06:04 Discord, Open Models, and OpenRouter's Origins00:14:28 Why “One Model Wins” Was the Wrong Bet00:17:27 Why Model Labs Struggle With Distribution00:23:04 “Just a Wrapper”: Why VCs Misunderstood OpenRouter00:27:58 Bootstrapping OpenRouter Through Community00:36:16 Crypto, Midjourney, and the Early Generative AI Ecosystem00:43:38 Mistral and the Birth of the Inference Marketplace00:47:10 OpenRouter vs. LM Arena00:52:08 Focus, Anthropic, and Roads Not Taken00:59:34 Mixture of Models and Model Fusion01:02:44 Sonnet, OpenClaw, and OpenRouter's Explosive Growth01:09:03 Why Stripe Acquired OpenRouter01:12:45 Fraud and the Emerging Token Economy01:17:47 The Coming Wave of Agentic Fraud01:19:07 What's Next for OpenRouter at StripeTranscriptIntroduction: OpenRouter, Marketplaces, and Pub-Sub as a Product PrincipleSwyx [00:00:00]: Okay, we are here in Anja's house, which is where all big startups in San Francisco start.Anjney Midha [00:00:08]: Howdy.Swyx [00:00:08]: And, congrats on Cursor, Mistral. I don'- God knows what else. You got so much stuff going on.Anjney Midha [00:00:17]: There's, there's a lot going on. Well, OpenRouter is probably the - has been the most, I would say, like, one I'm excited about recently.Swyx [00:00:24]: Yeah. And we have Alex, first time on the pod, but,Anjney Midha [00:00:27]: Thanks for having me.Swyx [00:00:27]: You've been in the IE a few times. I appreciate every time you've shown up, for the community. Congrats. I just, like, what a journey. When I was looking back at your past posts, one of the earliest principles that I saw you write as a product person is sub as a product principle. And I wanted - you to maybe explain how you think about what should exist in the world.Anjney Midha [00:00:49]: Yeah. The sub piece, which was early 2023, I didn't think about it until we talked like 10 minutes ago, is about how there is like a way of thinking about products as an intersection between subscribing to data and publishing data. And marketplaces are an easy example of this. You have suppliers that are publishing some product to a SKU. And the SKU is like a sub topic that a consumer is subscribing to and just going to, like, consume whenever they want. And humans consume in a very, like, discreet, ad hoc way. It's not very scalable. all their attention is on the topic when they're buying the thing, and their attention is nowhere else when that happens. agents and consumers of inference don't act like that. They're consuming continuously, and they're changing the SKUs that they consume from all the time. So OpenRouter is like a blend between a normal API experience and a marketplace where we create model slug. We have the auto router. We have all kinds of, like, product SKUs that you can subscribe to. And then you can, like, continuously add, like, derive value and make decisions based on those consumers.Alpaca, Llama, and the Multi-Model BetSwyx [00:02:11]: Yeah. This is something that was more consensus now, but not consensus when you guys started, which was that there is such a demand for swapping models and changing things out and, that people would not use the native SDKs. I guess, for each of you, what was your realization moment that this would be it? I, - You've, you've given a talk at EIE about Alpaca as,Anjney Midha [00:02:33]: Yeah.Swyx [00:02:33]: One of your inspiring moments.Anjney Midha [00:02:35]: Alpaca, I can, like, rehash the Alpaca moment for a sec. Like, the very beginning, at the end of 2022, OpenAI was the only game in town. There was, like, OpenAI, Cohere,Swyx [00:02:47]: Yes.Anjney Midha [00:02:48]: And then a smattering of, like, early attempts at open weight models.Swyx [00:02:54]: Yeah.Anjney Midha [00:02:54]: When Llama came out in January of 2023, it was like, “Wow, really exciting. This is really big.” It outperforms 3 on, one or two benchmarks. but you can't chat with it. It wasn't like - It wasn't an engaging model, but it seemed like someone just needed to fix a couple things and do some RLHF on it to get it all the way there. And Alpaca was the first model that I saw that did that. It only took $600 to do. A team at Stanford generated a bunch of synthetic data, tuned Llama, and made Alpaca, billion parameter model. Or was - Maybe it was thirteen billion parameters. And it was so good. Like, I was just, like, on an airplane using it. I, - in many cases, I, like, you could not discern a ChatGPT versus an Alpaca result. And I figured if it was this easy to make a model, one, we have a whole new way of monetizing data for the first time. you can just, like, take really valuable data and turn it into a service in $600. and that cost will probably go down over time.Swyx [00:04:03]: When you - So sorry. when you say monetizing your data as, what eventually will become an MCP endpoint or as a training data for a model?Anjney Midha [00:04:12]: Yeah, training data for a model.Swyx [00:04:13]: Awesome.Anjney Midha [00:04:13]: Like, an abstract way of saying like, “Hey, I have this data.”Swyx [00:04:15]: Compress it into a model.Anjney Midha [00:04:16]: Like, it makes sense for me in my product, but, like, I could repackage it in the form of a model and sell it. And so it's just a whole new business model for the economy. It also, of course, provides, like, a way of following what Frontier Labs are doing, but in a way that, like, a single developer or a small team of developers can roll on their own. And so - Whenever you have an example of that, like a breakout app that's doing really well, and then some framework for imitating it with - in your own flavor, you have an immediate ecosystem of, like an immediate ecosystem, like, should arise because there's just a huge gap between the, like, decisions that the single company is making and all of the variations in those decisions that, like, a wider ecosystem can create themselves. And so then, you need a marketplace to, like, discover all of those, services and all of those products. There wasn't any place on the internet that, like, was like a home base for LLMs in terms of seeing how much they were being used and seeing who was using them and why.Swyx [00:05:29]: The closest would be Hugging Face.Anjney Midha [00:05:30]: Hugging Face was the closest at the time, yeah.Swyx [00:05:31]: They just started Hugging, like, a few years ago before that.Anjney Midha [00:05:34]: Yeah, and Hugging Face also didn't have the closed-source models.Swyx [00:05:37]: Yeah.Anjney Midha [00:05:38]: And they didn'- you couldn't use the models at the time. and there wasn't data about who was using them. There were, like, a bunch of differences between OpenRouter and Hugging Face, and those differences felt really critical to me, especially when I was just trying to learn about LLMs and, like, why people are choosing, like, Different little ones that are emerging over time.Discord, Open Models, and the Origins of OpenRouterSwyx [00:06:03]: Got it. And then, Ansh, no stranger to wanting more model diversity, at the time, you're a couple of years into your Anthropic journey, which we covered in the previous podcast as well. What was your introduction to Alex?Alex Atallah [00:06:16]: Well, the introduction was, I think, thirteen years before that.Swyx [00:06:20]: Oh.Alex Atallah [00:06:20]: But the OpenRouter handshake happened right over there, if you remember.Anjney Midha [00:06:23]: Yeah.Alex Atallah [00:06:24]: Which - So Alex and I, met, I believe as sophomores now, if I remember at the Stanford Review,Anjney Midha [00:06:32]: That's rightAlex Atallah [00:06:32]: Meeting for the first time.Anjney Midha [00:06:33]: I think so, yeah.Alex Atallah [00:06:35]: Yeah.Anjney Midha [00:06:35]: Yeah.Alex Atallah [00:06:35]: So Stanford Review was the libertarian newspaper on campus at Stanford that Peter Thiel started back in the day. And, whatever-- for whatever reason, I, Alex and I both showed up to one of the meetings, and I remember, the editor-chief was a mutual friend of ours. Lisa was really a really great editor-chief, where, part of an editor-chief's job is to assign responsibilities to people and make sure the work gets done. and I, I may be misremembering the details, but I remember wanting to. It was surprising to me that at the time there was no dedicated technology section in the newspaper.Alex Atallah [00:07:11]: YouSwyx [00:07:13]: Because it's political, right?Alex Atallah [00:07:14]: It is primarilySwyx [00:07:14]: Like, it's talkingAlex Atallah [00:07:15]: It originally started as like aAnjney Midha [00:07:16]: Yes.Swyx [00:07:17]: Yeah, states and all those things.Alex Atallah [00:07:17]: Correct.Swyx [00:07:18]: Yeah.Alex Atallah [00:07:18]: But it, - To take us back in time, you may remember this, but, there was this technology, legislation that was being debated called, the Net Neutrality Act. And net neutrality is, like, inherently this political concept, right? It's, it's about the regulation of - internet broadband access. And so there was a community of us who were technologists, but also debating the politics of the technology. And I thought the Review would be a great place - to, like, write about that. And I was working on, I think, a net neutrality article, and I remember proposing, “Well, maybe we should start a technology section.” And Alex was one of the only people who said, “Yes, that would be cool.” And said. I forget whether we ended up writing stuff together, but - that's when we first met,Alex Atallah [00:08:03]: Was 2011 or twelve. I forget which year it was. It was one of those.Anjney Midha [00:08:09]: Yeah.Alex Atallah [00:08:09]: It was at Old Union, if I remember correctly.Alex Atallah [00:08:11]: That's where we used to meet. But, along the way, Alex and I have had a chance to, To hang out often. And probably the time when we had the most professional overlap was when I was running the platform at Discord, and it had become this explosive platform for cryptoSwyx [00:08:32]: YeahAlex Atallah [00:08:32]: And NFTs in the middle of the pandemic.Swyx [00:08:35]: Which also, by the way, you were in charge of safety and security as well, right?Alex Atallah [00:08:38]: I was the head of platform, which meant all of the crypto - the DAO and NFT launch security debugging fell onSwyx [00:08:45]: And their phishing and.Alex Atallah [00:08:47]: The phishing, the social engineering attacks, the katana DDoS that we were getting hit by. but it's around the time I first started teaching security at scale at Stanford, CS 153. And Alex was on the, - at OpenSea at the time, and I was trying to figure out how we could defend against all these attacks that we were. Like, and at peak, I forget, if you remember how much NFT volume was running throughSwyx [00:09:10]: DiscordAlex Atallah [00:09:10]: Discord, but it was, like, a meaningful amount of, like, it was, like, several billion dollars in NFT volume of GMV, so to speak, were running through the platform, and it was all coming from OpenSea. It was these, like, buy, sell,Swyx [00:09:20]: TheAlex Atallah [00:09:21]: ServersSwyx [00:09:21]: The D in DAO is Discord.Alex Atallah [00:09:25]: Yes. And so that's when I think we had hung out professionally. But a year after that, OpenAI gave Discord early access to GPT. Sorry, three. No, it was five. Yeah, five, which is the RL version of three. And that's around the time we made a Discord bot with, OpenAI for internal deployment, and that's when I realized we would need. Like, since I was part of the deployment team.Anjney Midha [00:09:50]: What was the use case?Alex Atallah [00:09:51]: There were two that were. And there's, there's a post now called “Discord is Your Place for AI with Friends” that somebody sent me recently that I wrote, and published in twenty-three. But There were two use cases. One was Clyde, which was the - like, a party friend inside of Discord that could help you set up your Discord server and talk to you about onboarding and get your friends to hang out more. and then there was content moderation. And one of the realizations we had with content moderation was - it would refuse to moderate. Like, it would just refuse our prompts because the The training was. We were very early in the training era, and it would just. Our prompts would trigger it, its, like, guardrails. And we told OpenAI, “Hey, guys, we need access to the weights because if we're gonna be doing content moderation at scale, we had 250 million monthly active users, we need more reliability that the model will do what we need it to.” And they said, “Well, sorry, guys, that's not how this works. We're a closed-source company.” And so that was my first realization that we needed open models, and the enterprises would need more control over capabilities, and then ultimately would need some control plane or management system to orchestrate these open models. But there weren't no good - there were no good open alternatives until maybeAlex Atallah [00:11:10]: Six months later when Llama came out. And six months after that, I led the series A into Mistral, which was started by Guillaume and the Llama team. And - That, - Around that time is when I remember hearing about Alex launching OpenRouter and going, “These worlds are gonna collide, and I don't know when it'll make sense to team up.” But Alex was so early and could see. I think he was totally right about this ecosystem starting with Llama that then needed, like, a, an easy layer to manage for, especially for. I was approaching it from the enterprise perspective because I had been that, like, the. As the VP of platform at Discord, it was my job to ensure that when we deployed models to, like, 250 million users, they did what we wanted them to. And that was very hard, because if you outsourced it to the labs and they controlled the guardrails and their guardrails are their safety policies. Forbid the model from responding to your prompts. That was quite catastrophic.Swyx [00:12:05]: Yeah. But what, a moderation is the thing that they want to support. And obviously, beyond that, they would - OpenAI would work with you, presumably to give you a moderation endpoint, which they offer for free.Alex Atallah [00:12:16]: It was an interesting use case, that - So they did give us a moderation endpoint. However, as you guys know, every Discord server is like a mini deployment of itself. And so the use case was instead of having human moderators that have to interpret the norms of the community, you just give the, - Often, like every, subreddit, Discord servers, public ones have their own rules that the user, the users create.Swyx [00:12:41]: Oh, yeah. We run the LinkedIn Discord in. Yeah.Alex Atallah [00:12:43]: And then humans used to read those norms and then enforce it every day manually, like observing each message in these communities. And these communities have like millions of users. So we had a 5,000+ person team globally in the, on the Discord content moderation team. These are outsourced contractors who had a really tough job. And so the idea was instead, if you could give the norms of that server To the LLM, then the LLM would do custom moderation for that server. It's almost like a, like context moderation for that server. And many of those servers' norms just violated OpenAI's rules. And so - It was like we had our own custom eval. So each server had its own custom eval. But Discord-- at the time, OpenAI's evals, we were all soAlex Atallah [00:13:28]: Primitive in our thinking about how to deploy these LLMs that often the training prompts were super handed. It said, “Oh, anything about Harry Potter, anything that has trademarked content, don'- refuse.” And if it was a fan - Harry Potter fan community, this is a real use case, that had content moderation, the LLM would just refuse.Swyx [00:13:48]: Yeah.Alex Atallah [00:13:49]: And that was just not precise enough.Anjney Midha [00:13:52]: Another one that we heard was like if someone was trying to write like a detective story, and there's one chapter with a lot of violence, like maybe someoneAlex Atallah [00:14:01]: RightAnjney Midha [00:14:01]: Like kills someone, the LLMs would just refuse to, like, help with that part of the story.Alex Atallah [00:14:07]: Yeah.Anjney Midha [00:14:07]: And then - like, we used to be like, okay, this is not like structurally inherent to LLMs. There must be, like, some choice out there so that I can, like, switch to another model, when I'm getting, like, a refusal or a bad result from the main one that I have. And that, like, tension also drove me for a marketplace.Why “One Model Wins” Was the Wrong BetSwyx [00:14:28]: Yeah. I think that is well accepted now. What was it like back then when you were raising or, starting this? did people get it? what was the, some of the struggles? I like getting stories out of him about how other VCs don't get it. So like anything you wanna, talk about, now - Let's, let's call it, that the early journey of OpenRouter is done, right? You can obviously talk about some of the early days stuff.Anjney Midha [00:14:54]: Well, I was gonna say that, like, the biggest objection we got is big model win, which is - all of theSwyx [00:15:03]: Scaling laws.Anjney Midha [00:15:04]: Huh?Swyx [00:15:04]: Scaling laws.Anjney Midha [00:15:05]: Yeah, scaling laws, and natural network effects are just gonna accrue to one company, which will be - It'll be a Google-style monopoly, just like how Google won the search market, by a large margin, and you'll just be fighting for scraps at the end. That was probably the biggest objection we got. it is interesting that Google won the search engine race with such a huge margin. I think, like, had there been more interesting benchmarks or had, like, search engines been, - had people, like, seen them a little bit more like LLMs where they're services that you can build companies on top of, that might not have been the case. but LLMs don't merely have a user interface. They're also, like, ways of building entirely new businesses. And, a Google-level monopoly would be like the Dutch East India Company times, quadrillion in magnitude because the whole economy ends up, like, depending on the one monopoly as well. So it didn't seem like would be a really crazy outcome if that happened. And it's also less likely because the economics of, like, creating good competitors are much, like, much more decentralizable.Alex Atallah [00:16:25]: Everything Alex said is true, And I came at it from a completely different perspective, whichSwyx [00:16:31]: Yes, this is why we're here.Alex Atallah [00:16:32]: The scaling laws were never - In my mind, were always a feature, not a bug for why OpenRouter would be very valuable. Because, I was one of the first investors in Anthropic, and it was obvious to me that other researchers in our friends - I went to grad school for machine learning, and I just had a lot of friends in the ML community who it was very obvious to us that the bitter lesson holds. And so I was like, “Oh, fantastic. Now we have at least two proof points that compute scaling works.” It was OpenAI and Anthropic. and by the time I think we decided to team up on OpenRouter, I had already invested in Mistral and Black Forest Labs and Luma. So there was multiple model companies and teams that I was, working with.Why Model Labs Struggle With DistributionSwyx [00:17:14]: But you did other modalities, whereas this is literallyAlex Atallah [00:17:16]: Across different modalities, yesSwyx [00:17:17]: Text.Alex Atallah [00:17:18]: Exactly. And it was so obvious to me that an ecosystem of different kinds of models were being created, and that this whole narrative of, like, Only one company will dominate like Google was, well, like maybe true, but one, I don't believe that. But two, there was so much extraordinary innovation happening across several different research teams. But the shared problem I was noticing across all of them was often, the research teams were fantastic at figuring out how to reason about new capabilities. They think in terms of capabilities, but never - like, are not developer mindset-oriented. Like, what happens after the training is done and the checkpoint comes out? Like, you'd be shocked how, like, similar the early training teams at OpenAI, sorry, Anthropic, BFL, Mistral, were in their, like, default approach to. Taking their research out of the, lab and scaling their impact, which is often, oh, the checkpoint is done, put it out as an API, done, and then there'd be crickets. in the case of Claude, the first Claude checkpoint was done a year before they released it internally. And then ChatGPT came out, and we decided, okay, yes, it's a good idea to release a Claude version externally.Alex Atallah [00:18:34]: And they had no plan, like no plan for how to get developers to try it out. And so if you go to the Claude one blog post, you'll notice there are, like, three developer examples for users of the API, and one is a Discord bot, and the second is Vivian, my wife's startup called Juny Learning, ‘- And then there was, like, Notion, because these were all friends of, like, the Anthropic Because that's how - like, last minute the planning was around, hey, once the model's done training, how do you get it out to the world? There was no distribution platform that understood what developers needed, all the key management, provisioning, like, simple, like, endpoint management, versioning control. Like, all these things that the scientists and researchers go, “ that's plumbing. I don't really think about it.”Swyx [00:19:15]: Implementation detail.Alex Atallah [00:19:16]: Right. And instead, Alex came at it from that perspective. And so, it was so obvious to me that, like, every single lab I was funding would spend - like, literally sometimes billions of dollars into training, and then a checkpoint would be done, and there'd be crickets, like, during early access because they're like, “Oh, that's right.”Alex Atallah [00:19:35]: It's hard to use a checkpoint to make anything. You need a whole bunch of plumbing around it to make it usable by a developer. And so by the - I think - it was so obvious to me that a distribution platform like OpenRouter was critical to have in the ecosystem if we wanted there to be competition to Google. Like, unless-- ‘cause with Google, DeepMind is done training a new checkpoint, and then they push a button, and it gets blasted out across all their surfaces from Google Docs to,Swyx [00:20:01]: Everywhere, even if I don't want it.Alex Atallah [00:20:02]: Everywhere. You wanna know about, like, on Android, like, overnight, they can deploy a new checkpoint to, like, a billion devices, right? And that invisible infra advantage, distribution advantage, most people don't realize, but until OpenRouter showed up, - you had to think about all of that yourself as a model lab. And it was very daunting. at Anthropic, I think it took, well, more than twelve months to get to our first 10 million in revenue. And in contrast with Black Forest Labs, I remember the early days, you guys had a conversation with the BFL team, and, it was so simple for OpenRouter to say, “Oh, no problem. Like, the day you launch, we can send 1 million developers to you.” that was crazy. That was like a step function change in, like, an hour.Swyx [00:20:46]: Is that a real number, a million?Alex Atallah [00:20:47]: I,Swyx [00:20:48]: Okay. All right.Alex Atallah [00:20:48]: I think today it's, like, 4 million. How many developers are on OpenRouter today?Anjney Midha [00:20:52]: Over ten,Alex Atallah [00:20:54]: Yeah.Anjney Midha [00:20:54]: Over 10 million, but, like, it's, it's hard to, youAlex Atallah [00:20:59]: I, yeah, I don't know how to. Yeah.Anjney Midha [00:21:00]: We do a lot of, like, account duping work, but, noAlex Atallah [00:21:04]: If you could get 1,000 developers, just to put in context If you get 1,000 developers who try the model on day one after you release it and just, like, do inference and give you feedback, that's a thousandAnjney Midha [00:21:15]: That's hugeAlex Atallah [00:21:16]: More developers than they knew how to get to on their own.Swyx [00:21:19]: Well, BFL had a reputation, but yes.Alex Atallah [00:21:21]: They had one in Stable Diffusion.Swyx [00:21:22]: Yeah.Alex Atallah [00:21:23]: And with Mistral, I don't know if you guys remember, but the first checkpoint they released was, like, torrents. It was, like, torrent weights.Swyx [00:21:31]: Yeah, they just put up a magnet link.Alex Atallah [00:21:33]: Yeah, there was no API.Anjney Midha [00:21:34]: Yeah.Alex Atallah [00:21:34]: Because they didn'- they weren't infra people.Alex Atallah [00:21:37]: ? Like, it's like, okay, download these weights, and you guys go figure out how to host it.Swyx [00:21:39]: Well, he has a story on his side, yeah.Anjney Midha [00:21:41]: Yeah, in addition to the, like, building a really good developer experience around it, the marketing that we do on, like, for different models is totally different and perceived totally differentlyAlex Atallah [00:21:54]: RightAnjney Midha [00:21:54]: From the marketing that a model lab does for itself.Alex Atallah [00:21:56]: Yes, 1,000%.Anjney Midha [00:21:57]: Right? We are like a, neutral layer looking at this market like it's a big dark room with all the corners completely obscure to users, and users are walking into the room and, like, feeling aroundAlex Atallah [00:22:09]: YeahAnjney Midha [00:22:09]: And trying to figure out what objects to grab off the tables and, like, build into, their companies. And it's just an insane way of working. Like, models are not products where you can just enumerate all their features onto a web page. They're all black boxes, including the open weight ones. So you need to, like, shine lights on all corners of this room, so that people can see what makes this model good, and you need the company shining that light to be a neutral third party, which is what we specialize in. So the, like. It'- In addition to developer experience, there's also, like, a very important, like, marketing and product packaging componentAlex Atallah [00:22:50]: YeahAnjney Midha [00:22:50]: And a way of, like, routing and discovering models becomes, like, critical to your market as a provider or a model lab or a server tool and more in the future.“Just a Wrapper”: Why VCs Misunderstood OpenRouterAlex Atallah [00:23:03]: And this value, to your earlier point about how many VCs, like, just don't. One of my biggest frustrations is that venture capitalists, many of them, like, just don't have any operating experience in the field. so unlike a traditional investor who's just maybe come up through the ranks as, like, a associate working on financial modeling or maybe hasn't been a real operator in the field for, like, more than ten years, which is a big part of the industry now, I had just arrived at a16z, like, a year after running the platform. And so I knew what the challenges were of, like, building a real - great developer experience and like, being able to create a working piece of software with a model. And there were a few, I won't name names, but there were investors who were looking at OpenRouter, and, felt at the time, like, when I would compare notes with people, that it was just, I quote unquote, “just a marketplace.”Swyx [00:23:59]: Yeah, just a thin layer, just aAlex Atallah [00:24:00]: CorrectSwyx [00:24:00]: JustAlex Atallah [00:24:01]: A wrapper or whatever on other people's APIs. And I was like, “You have no idea how strategic the value that OpenRouter has created by being able to orchestrate even three.” APIs in production. The amount of both engineering work and community design that goes into getting that live and running in production at the scale the OpenRouter team had started just doesn't happen by default. And that was one of the things that stood out to me about Alex from the earliest days. Like, he just understood, like, - from a systems perspective, like, how do you get these flywheels going? Like, that stood out to me with OpenSea when we were working together on the NFT integration at Discord. Like, Alex had a level of community-- like, systems thinking on how you get these flywheels going that most scientists and machine learning people just don'tAlex Atallah [00:24:48]: Think of. Like, we often think in terms of training.Swyx [00:24:52]: It's a linear stage.Alex Atallah [00:24:53]: It's this linear pipeline.Swyx [00:24:53]: There's no loop yet.Alex Atallah [00:24:54]: Yeah. It wasn't until much later that the modern context feedback loop cycle really got standardized in the industry. But at the time, if you remember, machine learning was like. Like, mostly we did a lot of ML, like, when I was in grad school on a laptop. So you just, like, download a dataset, ran some ablations, and you looked at the loss curves, and you're like, “Great, I made AI.” And the idea that you have to, like, deploy those capabilities, collect feedback trajectories, then, like, put those into a continuous loop, like, came much later. And it was very counterintuitive to the - like, the traditional AI mindset. I do remember doing the investment phase for, OpenRouter, I just didn't try and educate a bunch of other VCs on why it was not just a marketplace. I was like, “ what? I'm just gonna invest.”Anjney Midha [00:25:41]: Yeah.Alex Atallah [00:25:41]: And I'm going to, like, take the opportunity to partner with Alex, and if - no other VCs get it, that's totally fine. ‘Cause at the time, - it was not obvious, I think, to several of the investors that, like, OpenRouter was not more than just a wrapper around APIs. And - that infuriated me. And I was like, “ what? I don't have time to debate you. I'm - we're gonna, we're gonna invest.” And then I think, like, a month later, Matt Murphy marked it up by 10x. Like, - I think. I forget what the exact money was and so on, but, to his credit, Menlo Ventures realized, “Okay, there's much more strategic value here as well.” Maybe you didn't hear all these conversations behind the scenes But that frustrated me a lot. there's a lot of this, like, opining about wrappers. and if you're like, “Oh, an app is just a wrapper on a model,” then, like. And, OpenRouter is, like, this wrapper on top of other APIs, and this is the most stupid, reductive framework.Alex Atallah [00:26:31]: And so it's clearly somebody who has no experience deploying product at scale.Swyx [00:26:34]: It's the thing you dismiss other things with. Like, you're a - everyone's a wrapper on everything, right? Like, and there's, there's some Some wrappers have value.Alex Atallah [00:26:40]: Investors are wrappers and LPs, right?Alex Atallah [00:26:42]: Like venture capitalists. So, yeah, it's all wrappers down, all down to bare metal, I guess, and like energy.Swyx [00:26:46]: Yeah, there - When I started the whole AI engineer, I guess, the coining, in 2023, like, that was, like, the number one pushback is that this is no value. You should just train models.Anjney Midha [00:26:56]: Right.Swyx [00:26:57]: And, yeah, obviously this is, like. you guys are one of the testaments to the fact that you can build very valuable wrappers, but also very valuable model companies.Alex Atallah [00:27:06]: It's so, hard to be. Like, the day a model launches, the fact that you have an OpenRouter, endpoint for that model frequently at the top of Hacker News on day one, people don't realize the amount of work that goes into accomplishing that. And OpenRouter used. Like, that would happen over and over again, and I remember going, “People have no idea how hard that is.”Alex Atallah [00:27:30]: That's not.Swyx [00:27:31]: Yeah, we've covered some of the inference engineering that goes behind,Alex Atallah [00:27:34]: YesSwyx [00:27:34]: Some of - with Base Ten and all those. Well, today you have, all those, like, cool code name things that people guess what Oxy Alpha is and all those things. But, like, I guess one of the things that you're teasing is, how do you get that initial flywheel going, right? Because today you have your scale and your reputation, all these things, so obviously you - you're driving immense distribution. But when you were early on, when it's mostlyBootstrapping OpenRouter Through CommunityAlex Atallah [00:27:55]: The bootstrap, yeah.Swyx [00:27:56]: Yeah.Alex Atallah [00:27:56]: What was the bootstrap like?Anjney Midha [00:27:58]: To bring it back to early Discord days, I think we, like, initially connected with. This is an OpenSea story, technically. But, and we initially connected when you were at Discord, and we talked about, like, - the Axie Infinity server.Alex Atallah [00:28:13]: Oh, yes. Yes.Anjney Midha [00:28:14]: This server was, like, the biggest server at theAlex Atallah [00:28:17]: YeahAnjney Midha [00:28:17]: At Discord.Alex Atallah [00:28:18]: That's right.Anjney Midha [00:28:19]: And you were like, constantly bumping up theAlex Atallah [00:28:22]: The limits on the server. Oh, my GodAnjney Midha [00:28:24]: Of how many people could be in the server.Swyx [00:28:24]: For those who don't know, like, 10% of Philippines was Axie.Alex Atallah [00:28:29]: Was on that server. That's a big hit.Swyx [00:28:31]: It was, like, a meaningful contributor to the GDP of the country.Alex Atallah [00:28:33]: It was an NFT, like, crypto game, but itSwyx [00:28:35]: It was like a Pokémon breeding thing.Anjney Midha [00:28:36]: Yeah.Alex Atallah [00:28:36]: Yeah. Similar. Yeah. There was battling, there was breeding, and then there was, like, a marketplace for trading.Swyx [00:28:43]: Earn as well.Alex Atallah [00:28:45]: Yeah, earn. And, like, the graphics were really cute and fun, and you like, you get emotional about your Axie that you make. So to, like, start a community like that, which we had to do many times at OpenSea with every early project, for us to create a marketplace for it, we need to make sure that the, like, the community wants it.Anjney Midha [00:29:09]: Right.Alex Atallah [00:29:09]: And it's like building something that people want and going and telling them about it. Like, you can do that on a one basis, but there's way higher leverage to do that in a community where everyone can talk to you at the same time. So we spent a lot of time, like, building things that the community really wanted. We did the same thing for OpenRouter. And, like, the Axie community was one of, like, a zillion communities we did that with. And Anj, like, saw us doing it and. ‘Cause you could just see people sharing OpenSea links constantly in that Discord. Like, users sharing links is a really clear indicator that, like, something important is going on. So we spent, a lot of time, like, first figuring out what the gap is in the technology that people care about. Like, what was the actual problem that needs to be solved? in early LLM days, it was, OpenAI refusing to finish the prompt or,Anjney Midha [00:30:09]: YeahAlex Atallah [00:30:10]: To, like, complete the task. It was also.Anjney Midha [00:30:13]: Inability to customize models. and so there are communities that, like are just completely blocked on that issue, and those are the communities that are most useful to learn about and dive into and explore.Alex Atallah [00:30:28]: Something that really struck me at that time, - as I was just hearing your talk, I remember noting - you may not remember this, but we - we had these, like working, Zoom calls that we were doing a sprint around for, like this OpenSea integration with Discord. and, we'd, we'd - it was myself, my engineering team. I think you were there. And I remember, Alex, in the middle of one of those calls, just like there was like silence. we were all like, “Oh, yeah, this totally makes sense. Let's do this.” And then there's - every, like everybody aligned. And Alex was like, “No, this makes no sense to me.” And everyone's - I remember going, “What? Like, it works. Like, you click on a link and this, then it bounces you out to, like, OpenSea.” And he was like, “It's not a good user experience. Yeah, we should not do this.” And I remember going, he was the only one person out of all of us to raise his hand and go, yes, it made sense from a technical implementation perspective. Like, we were bouncing the user out into the, into OpenSea. And so it kinda checked the box of the product manager's requirements on both sides. But Alex went one step further and was like, “ what would be better, guys? If we just embedded the experience right here inside of Discord so the link opened up as an embedded iframe, and you can just check out right there.”Alex Atallah [00:31:47]: And not one person on the call, and there's like seven of us who had met, like, week after week.Swyx [00:31:52]: And it's the guy who doesn't work for Discord.Alex Atallah [00:31:53]: And it's the guy who doesn't work for Discord.Swyx [00:31:55]: Like, technically, you benefit if they bounce.Alex Atallah [00:31:57]: Exactly. And that was, like, adversarial. To keep the user inside of Discord would be adversarial to OpenSea. And yet Alex put that user experience first. And I was like, “That's special.”Swyx [00:32:08]: Wow.Alex Atallah [00:32:08]: Because it's very hard to have somebody who's technical like Alex and understands the developer flow, but also understands the best user experience and wants to prioritize that. And that's two sides of the flywheel that if you can get spinning, like is often hard to stop. And you just reminded me, like that one was one of those moments where I go, I - I realized I gotta be better at user experience because I should have been the one who came up with that, and I didn't. And I learned from you. And, I think that went into one of our case studies for the PM training program at Discord.Swyx [00:32:34]: Whoa.Alex Atallah [00:32:36]: I don't know if it there is Because ofSwyx [00:32:38]: You need an Alex is the conclusion.Alex Atallah [00:32:40]: Yeah. You need an Alex. And this is why I'm not, nobody should be surprised why Stripe decided like they had to buy OpenRouter because it's a really rare combination of people who understand the machine learning community, the developer experience, and the user experience. And putting all that together has resulted in this extraordinary scale that very few other marketplaces have been able to achieveWindow AI, BYOM, and Finding the Right Form FactorSwyx [00:33:02]: Yeah.Alex Atallah [00:33:02]: Over the last, five years.Swyx [00:33:04]: Yeah. Well, we should talk about the other reasons for acquisitions, whichAlex Atallah [00:33:07]: Yes, we should.Swyx [00:33:07]: You've written about. I wanna proceed somewhat chronologically as well. So - there is a point that, one of the questions that, Dave from H of Zero sent in was, when did it - really started to work? And you brought up Mixtral. I don't know if you wanna bring up that story.Alex Atallah [00:33:22]: Oh, yeah.Swyx [00:33:23]: Which obviously you overlap with, so.Anjney Midha [00:33:26]: Yeah, the MoE was. I don't know when. there's no like one moment where I was like, “Oh, this is, officially starting to work.” It wasSwyx [00:33:36]: The moment where you had a Chrome extension, like, really super early on.Anjney Midha [00:33:39]: Oh, yeah. But, well, - yeah. So before OpenRouter, I wanted to, like, explore a bring-your-own-model experiment. And,Swyx [00:33:47]: Which anyone familiar with crypto is like, yeah, Phantom and all these things.Anjney Midha [00:33:50]: Yeah. So it felt like doing a MetaMask analogy for AI would be a fun way of exploring that. And at the time, there were no AI apps. There were probably as many AI apps that were, like, hitting AI - like, hitting an LLM via an API call as there were, like, games just doing it in JavaScript. like there was a, there was a moment in time where it could have been the case that web apps call LLMs through the browser, like through some desktopAlex Atallah [00:34:27]: Yes.Anjney Midha [00:34:27]: Managed app that is controlled by the user. and of course, there are like, I think, many reasons that did not happen. But back when the days were that primordial, I built a Chrome extension called Window AISwyx [00:34:43]: With Plasmo.Anjney Midha [00:34:44]: With Plasmo.Swyx [00:34:45]: I had come across early on, and I was like, “Who's gonna use this?” You did.Anjney Midha [00:34:49]: Plasmo had a couple, like, I think Phantom was using it. there were some other, like real companies using it.Alex Atallah [00:34:56]: It was like a shim.Swyx [00:34:57]: React for Chrome extension. It compiles to allAnjney Midha [00:35:00]: Yeah.Alex Atallah [00:35:00]: I see.Anjney Midha [00:35:00]: Like Next.js for Chrome extensions.Swyx [00:35:01]: Next.js, Next.js.Alex Atallah [00:35:02]: Okay.Anjney Midha [00:35:03]: And yeah, built Window AI on top of it. The creator of Plasmo, like started contributing code to Window AI, in GitHub, and that turned out to be Louis VicchiAlex Atallah [00:35:15]: Oh, you'Anjney Midha [00:35:15]: Who is the founder of OpenRouter.Alex Atallah [00:35:17]: That's right. You have told me this is how you met Louis. Yes.Anjney Midha [00:35:19]: Yeah.Alex Atallah [00:35:19]: Okay.Anjney Midha [00:35:20]: So, that allowed users to like configure which model they wanted to use for a web page in their browser, and then, like the app would just call out to that model when it needed to do things. not the right form factor for LLMs, but, it's like fun experiment. You learn a lot, and like I open sourced it. And the main learning is like, okay, this has to be an API, and it has to look a little bit - like, there has to be more of a developer experience here and more of a discovery experience as well. Like, I don't know where to use these models, and a little Chrome extension is not gonna help me discover. It's not enough real estate. I need more space. I need visuals. I need graphs. I need, examples. I need images. I need to, like, I need to be able to, like explore both as a human and as an agent.Crypto, Midjourney, and the Early Generative AI EcosystemAlex Atallah [00:36:10]: Yeah.Anjney Midha [00:36:10]: So that's how OpenRouter came to be.Alex Atallah [00:36:13]: A meta point that.Alex Atallah [00:36:16]: I think is underappreciated, but Alex is reminding me, is that we were quite lucky that we were so. we were, like, adjacent to the crypto community in those days. Because in hindsight, crypto ended up being like a dress rehearsal for generative models, right? If you think about the Axie experience, Alex is totally right, there were not that many AI apps at the time. And while I was dealing-- my job was to be the head of platform at Discord, which meant to be a general purpose place for communities and friends to create-- for developers to create apps and bots and, other services that could be deployed across Discord. And while 80% of the attention at the time was being spent on crypto, because that's where all the NFT volume was, there was, like, twenty percent of my time I was spending with a friend, who would get hotbot with me and ask me for. We would play Magic: The Gathering on weekends, and he was working on a little Discord bot that could take a text input and turn it into an image, and it was called Midjourney. YouSwyx [00:37:15]: Is that David?Alex Atallah [00:37:15]: It was David Holz.Alex Atallah [00:37:16]: He was a good friend. And David and I have both been failed ARVR founders, in the before that. And, I remember this. Midjourney was one of the fastest-growing communities we had after Axie Infinity started to peter off. And many of the, like, the abstractions and the infrastructure decisions we made to scale Axie happened just in time because they. Axie did this and then fell off a cliff. And then as Midjourney was taking off, we, like, explicitly decided to help David make the server, the Midjourney server, as the primary place for interaction with the model, because it was very hard for people to understand how to use the model if they couldn't see other people using it and copy them. And so the single-player Midjourney web app on its own, like midjourney.com, had, like, terrible retention because people would show up, they'd see this empty field. It's like E 2, and they would type in, like, cat or dog. And it was, like, paralyzing for them to have this blank canvas that they had to fill because they'd never used an AI model before. But instead, in a Discord server, you could see other people using it and riff off of their prompt, and the engagement was off the charts. And so scaling, Midjourney from zero to, like, 10 million monthly actives was a much smoother approach Axie Infinity. And so,Swyx [00:38:29]: Don't forget the best of four pictures, and you choose one.Alex Atallah [00:38:31]: The best, yeah, and then the other, weSwyx [00:38:32]: Which is the feedback loop.Alex Atallah [00:38:33]: The RLHF feedback loop, which, by the way, separately, like, Tom Brown, David and I used to play Magic: The Gathering on weekends. And so, like, it was one group of friends would hang out, and we'd. Like, these concepts were all being discussed all the time. But, there was.Alex Atallah [00:38:47]: I think there were few of us who bridged both the crypto worlds and the AI worlds. And compared to crypto, where it was - the question was always, what's the use case, for this technology? There was never any need to ask that for AI because it's, like, the use case was so visceral. It was like, I can create now anything at - I can imagine. I can write novels, I can code. And the infrastructure that those of us who believed in the distributed systems, like, value of crypto, like the censorship resistance part, found this use case that was explosive. And I think between Midjourney, the, Claude was a Discord bot launch, that we were using internally as an LLM. ElevenLabs had a TTS model that we had on Discord as well. Like, Discord became this petri dish for, like, early apps to innovate. And I don't think it's a coincidence that they found a home there before OpenRouter gave the world, like, a public home store or, like, a, storefront. Discord was this, like, almost petri dish storefront that - had, like, piggybacked on the infra we'd built for crypto communities. And then I think Alex was one of the first people to realize, wait a minute, like, these apps need their own home, on the internet. And then OpenRouter, to me, was a continuation of that community's needs. And of course, there was the crazy distribution that you enabled for a lot of these developers.Why OpenRouter Couldn't Just Live Inside DiscordSwyx [00:40:07]: So then my question is, how come you were. My perception is OpenRouter is not that Discord-centric, right? You have a Discord.Anjney Midha [00:40:14]: Yeah.Swyx [00:40:14]: And you use it to engage your community, but it's not like Midjourney where, like, no, that is like the primary way people experience OpenRouter.Anjney Midha [00:40:21]: Yeah, Midjourney, like, it really helps to see visually really quickly how people are using the model and how to prompt it.Swyx [00:40:29]: Yeah.Anjney Midha [00:40:29]: And I think that is partly why the server was so critical. It's like it is the user experience. It adds a ton.Swyx [00:40:36]: Yes.Anjney Midha [00:40:37]: And you can go the whole mile with just, like, prompting via Midjourney, like, the, via the Midjourney Discord server, getting your images and then sharing them and having fun. For OpenRouter, for LLMs, like, you need a lot of user experience around LLMs to make them, like, really usable.Swyx [00:40:54]: Charge point.Anjney Midha [00:40:55]: And yeah.Anjney Midha [00:40:57]: The, like, seeing the examples of other people is also not as useful because it's a lot of stuff to read. It takes a long time.Swyx [00:41:03]: Yeah.Anjney Midha [00:41:04]: You need, like, based integration. Not possible to do in a Discord server. You need, Or technic- it's possible. I shouldn't say that. It's just not a great developer experience. you need, like, - you need governance for. At the point where you got based integration, now you need governance for managing the LLMs that have access to it, the data policies, which teams. All that stuff needs a lot more than a Discord server can provide. So it's justSwyx [00:41:30]: YeahAnjney Midha [00:41:30]: It's not the right.Alex Atallah [00:41:32]: Well, in addition, you're not wrong, but also there's the very important distinction that, Midjourney was an end user application.Swyx [00:41:40]: Right.Alex Atallah [00:41:40]: And, that's why Discord, which has 250 million monthly end consumers, made, it made sense for Discord to be a host for that application experience. What I knew was gonna happen soon after Midjourney found explosive product-market fit, because we. I think when Midjourney launched, from launch to $100 million revenue run rate, it was less than eight months. And shortly thereafter, Stable Diffusion launched. And, all of us used to hang out in the Discord server. There, I think it was the,Swyx [00:42:13]: The Stability Discord?Alex Atallah [00:42:14]: It was theSwyx [00:42:16]: Yeah, LAION.Alex Atallah [00:42:16]: Yeah, the LAION Discord server.Swyx [00:42:17]: The image community that spawned Stable Diffusion.Alex Atallah [00:42:19]: The image community. Yeah. And so when Stable Diffusion came out, I realized- Oh, now other people can build their own Midjourney.Alex Atallah [00:42:27]: Because until then, Midjourney did not have an API, so they were a stack company, right? They were training their own models, and they were deploying them as an application. But if you wanted to build your own Midjourney, there was no API of that quality. and I think E two was still quite primitive. Like, Midjourney had great quality. And then when Stable Diffusion came out, suddenly there was this new person who - there was - this new capability in the world, which is a developer could create their own Midjourney. And that, I think, created the need for something like OpenRouter, because then you need an API to. If you - if you had the creativity of David Holz and you had Stable Diffusion as the model and you wanted to put these things together, how could you do that without having to figure out how to host the weights? And what OpenRouter, - the shape of OpenRouter enabled is that. Right? When you have open model alternatives to closed applications, OpenRouter's value in the world becomes extraordinary because now any developer can just show up and use theStable Diffusion and the Need for a Model API LayerSwyx [00:43:20]: You just love model diversity.Anjney Midha [00:43:21]: Did you just say the shape of OpenRouter?Alex Atallah [00:43:23]: Oh, no.Anjney Midha [00:43:25]: Were you in cloud? What is this the real Han?Alex Atallah [00:43:26]: I've been, I've been - I'm, I'm misaligned now. I've been overtrained. I've been using Cloud way too much, haven't I?Swyx [00:43:34]: Claude-ish is what people would say.Alex Atallah [00:43:35]: Claude-ish. Oh, God, I gotta untrain myself.Swyx [00:43:38]: Okay. - And I just wanna cap off the Mistral side. my TLDR is there was a Mistral price war, is what they called it, right? Like, round about NeurIPS is twenty-three or twenty-four.Mistral and the Birth of the Inference MarketplaceAnjney Midha [00:43:47]: Yes. DecemberSwyx [00:43:48]: They launched, the Mistral 8x7B, and like the price went down like 80%.Anjney Midha [00:43:54]: Yeah.Swyx [00:43:54]: To me, that's very positive because it's like the first, like, real competition to host Mistral. Is there more?Anjney Midha [00:44:01]: Yeah, that was. I'm, like, trying to remember it, all the things that happened. It. Like, we saw that model come out and immediately saw people say that it was the best model in the world.Alex Atallah [00:44:15]: Yes.Anjney Midha [00:44:15]: Like, this was, to my knowledge, the first time an open weights model was called that in real seriousness.Swyx [00:44:22]: It's hype, right? Is it?Anjney Midha [00:44:25]: It was hype. It was hype. It was also, like, hype from AI influencers at the time. And there were many examples where it was, like, outperforming four. So people really wanted to try it out and see, is this gonna be true for me too? And if so, at what price? And, the, like, inference landscape was really messy.Alex Atallah [00:44:49]: Yes.Anjney Midha [00:44:50]: We cleaned it up. - it allowed, like, providers to compete on price, so we could give you just the best price in one spot. And so it was, I think, the first clear example of, like, a provider marketplace working in a way that adds value to end developers.Alex Atallah [00:45:08]: Sean, you may not remember this, but I think we met for the first time a few days after Mistral came out at NeurIPSAnjney Midha [00:45:15]: Yeah.Alex Atallah [00:45:15]: At a luncheon.Swyx [00:45:16]: Yeah. That's where I also met BFL as well. Yeah.Alex Atallah [00:45:18]: And Guillaume was there.Swyx [00:45:19]: Yeah.Anjney Midha [00:45:19]: I was at NeurIPS at that time.Alex Atallah [00:45:20]: You were there too. And, we had just announced the Mistral investment, and I remember Guillaume was over there, and I remember turning to Guillaume and asking him, Like, “Is it is all the. Like, how are you feeling after the launch of Mistral and seven B?” And, him in his typical French fashion was like, “ it's a, it's an okay model. It's not that good.” And I was like. It was so, in contrast. But I remember him also saying that part of the reason he felt a lot of people Thought that it was better than four was because of the speed. - it was an MoE model that they had, like, absolutely figured out how to make super efficient. It was on the Pareto frontier. And this is an important thing about LLMs, right? Sometimes when they're faster, you think they're smarter, even though, like, if you did, N of, these common, like, evals that are - you do seven tries, and I don't remember. I think we should go back and figure out what the data says, but I wouldn't be surprised if it turns out, oh, on an N of seven attempts, four was smarter on evals, but the perception of on, like, or correctness would be smarter or more accurate. But, people, like, from a human preference perspective felt that it was faster because it - or smarter because it's so fast.Swyx [00:46:36]: Yeah. And most queries do not take that levelAlex Atallah [00:46:39]: Don't take that. That's true.Swyx [00:46:40]: Right? So this is the start of humans as routerAlex Atallah [00:46:42]: Yes.Swyx [00:46:42]: Which then eventually becomes OpenRouter as router of like theAlex Atallah [00:46:45]: Oh, that's interesting way to think about it. Yeah.Swyx [00:46:47]: Like, because humans are the routing mechanism. Like, I will ask the fast model first, and then if, like, oh, not good enough, I'm gonna upgrade manually.Alex Atallah [00:46:52]: Yes.Swyx [00:46:53]: But then he's gonna auto it.Alex Atallah [00:46:54]: I didn't, I hadn't thought of it that way, but that makes sense.Swyx [00:46:57]: Which then there's, there's a lot more techniques, like fusion. Fusion is the thing that we should talk about. Before I move on to those things, I just want to close off the early years. one thing that I observe, which you are also an investor in Arena.OpenRouter vs. LM ArenaAlex Atallah [00:47:10]: Right.Swyx [00:47:10]: And we talked about Midjourney having that feedback loop of, A, B, C, D, and choosing that very. being very important. And you understand the flywheel. So how come you didn't build Arena, and how come Arena didn't build OpenRouter?Anjney Midha [00:47:23]: Well, Arena started before OpenRouter, right?Swyx [00:47:27]: They had the school projectAnjney Midha [00:47:29]: Yeah, LMSwyx [00:47:29]: And then it became a company.Anjney Midha [00:47:31]: LM Arena, yeah.Swyx [00:47:32]: So, but, and I know you had some Arena experiences, like the up comparison type things.Anjney Midha [00:47:37]: Yeah.Swyx [00:47:37]: But you never really went as hard as Arena did.Swyx [00:47:40]: And,Anjney Midha [00:47:40]: In doing up experiences?Swyx [00:47:42]: Yes. And LM Arena did have a router project based on LM Arena ELOs, which they never commercialized.Anjney Midha [00:47:48]: It's hard to do a company that does both because one company is taking data and selling it, and the other company really can't by default. So, I think there is, like, a branding reason that there are two companies here. like, when you set up OpenRouter, there's no training, there are no prompts, right, aside from what your provider policy set. Like, OpenRou- like, OpenRouter can't see your prompts or completions. If you want to see that as an org, you have to opt into it and enable it. And so we're, like, pretty conservative and careful about data policy and security. And privacy. And LM Arena is like, their business model is like oriented around the labs and,Swyx [00:48:34]: Because they give it for free, right? You don't give it for free to give it for free.Anjney Midha [00:48:37]: Yeah.Anjney Midha [00:48:38]: But we do give some. We like have free endpoints too, but like those free endpoints, we, I think we're not collecting any prompts. We're not like monetizing the data unless you, opt into it for some reason.Alex Atallah [00:48:48]: This comparison. you're not the first person to ask me this, and Alex knows this, but I was the interim, like the founder, like first CEO of Arena for the first five months when, and we were helping Anastasios and Waylin spin out of Berkeley. And, I did invest in that before, OpenRouter, but it was very strange to me the comparisons that outside, folks would make between the two projects because the missions were completely different. The founding entity for Arena, we called it the AI Reliability Institute because it was there as an eval service. Like the data, so to speak, that they were originally, offering the labs was how do you make the evaluation of models more reliable than like the state of the art at the time, which was like really just finger in the wind.Alex Atallah [00:49:38]: That's what Anastasios and Waylin's PhD work was as scientists at Berkeley, was on statistical methodologies for correcting, eval estimates, based on like intrinsic biases and how you collected the data.Swyx [00:49:54]: Yes.Alex Atallah [00:49:54]: AndSwyx [00:49:54]: Style control.Alex Atallah [00:49:55]: Style control and stuff like that. And which is very much like a, hey, how. If you're a scientist and you're trying to. the highest expectation customer for Arena was always like a training and, like a researcher at a lab. Whereas the highest expectation customer from my perspective that Alex like really understood and was the mission was to serve was like a developer, right? Who then takes the result of the research and then produces an application that's deployed to the world. It was a completely different problem and person that these two teams were focused on. And so from the outside in. I don't know if you remember this, but I have a distinct memory of a few weeks before we did the term sheet, together for OpenRouter, I'd given you a call because we were trying to get a pooled data set together from OpenRouter and from Arena to, create like an open source repository of prompts. these projects were so different in their goals that it was totally normal to me to be like, “Oh, yeah, let's call Alex and see if he'd want to team up on pooling data,” because they're so different. We need. We don't have that data at all. We. Like, we didn't have API prompts. We didn't, we didn't have like what developers want to do with the models, which is very different from what researchers inside a model lab want to do before releasing the model.Swyx [00:51:15]: Yeah.Alex Atallah [00:51:15]: Does that make sense? And so to this day, I think you see that this difference, even though at a 30,000-foot level you could. I guess you could conclude that Arena and OpenRouter are adjacent, but, the roadmaps, the missions and so on at the time at least were like in very different directions.Swyx [00:51:36]: That ideal customer, I get. I totally get that.Alex Atallah [00:51:39]: Yes.Swyx [00:51:39]: As a founder, I want to own everything, right?Alex Atallah [00:51:41]: That's possible.Swyx [00:51:42]: Like this is clearly an adjacency that I'm like gonna explore that.Anjney Midha [00:51:45]: Own everything meaning like you don't know what to do yet, so you wanna like make sure you catch PMFocus, Anthropic, and Roads Not TakenAlex Atallah [00:51:51]: No, I think what heAnjney Midha [00:51:52]: As quickly as possible.Alex Atallah [00:51:53]: You want to own the entire infrastructure space, and so you expand to whatever demand you can capture.Swyx [00:51:58]: You want to have a play in each end.Alex Atallah [00:51:59]: Yeah, I think that's, that's hard, in reality, because serving multiple customers is difficult.Swyx [00:52:05]: Clearly, this is the one focus, right?Alex Atallah [00:52:08]: Yeah.Anjney Midha [00:52:08]: Yeah. I still think even in the age of AI, like focus is,Alex Atallah [00:52:12]: Is criticalAnjney Midha [00:52:13]: Underrated and critical, not just because you end up with a better product by focusing your humans on it, but also because the world knows what your focus is.Alex Atallah [00:52:22]: One thousand percent.Anjney Midha [00:52:23]: The world can map like, “Oh, I have this issue. Which brand out there is going to help me with that issue? This is the brand that's known for that focus.”Alex Atallah [00:52:31]: Yes.Anjney Midha [00:52:32]: So like if I want real attention on this issue, like this really matters to me, I should go with the brand that cares the most about it.Alex Atallah [00:52:39]: To underscore Alex's point about how important focus is, in the early days of Anthropic, it was not easy to. Like people think that the early days of Anthropic were like super easy because they were on their 3 guys who left, but it was very

Bitget suffers a $387 million hack on its exchange hot wallets. An attacker exploits a bug in Limit Break's NFT marketplace settlement contract. Payy Network suffers an exploit on its Ethereum L1 bridge contract. And Aave v4 supports Coinbase Tokenized Stocks on Base. Read more: https://ethdaily.io/exploits-hit-bitget-payy-and-nft-contracts Disclaimer: Content is for informational purposes only, not endorsement or investment advice. The accuracy of information is not guaranteed.  

Very Important Links!Support the show on Patreon! - Other ways to support the show!Join our Discord! - Buy some merch!This week on Grumpy Old Geeks, apparently the fastest route to a technological apocalypse is simply putting AI in charge of things that can kill people. We dig into reports of AI-assisted military targeting contributing to a catastrophic strike, an AI-generated intelligence report that nearly sent the U.S. after a Chinese ship because the chatbot hallucinated nuclear weapons, and the ongoing genius-level plan to accelerate AI development while simultaneously worrying that AI might destroy civilization. Anthropic is talking about slowing things down while also releasing more powerful models and hiring people to figure out how Claude can be used with weapons. Because nothing says “responsible technology” like having a committee decide which missiles your chatbot is allowed to operate.Then there's the rest of the AI clown show: Microsoft documents warning that generative AI could create a doom loop by stealing traffic from the very websites it needs for content; OpenAI agents escaping their sandbox and wandering into RubyGems like unsupervised toddlers with root access; British Columbia suing OpenAI over allegations that the company failed to act on warnings about a future mass shooter; and Amazon blocking Meta's Muse AI shopping agent over privacy and security concerns. We also check in on Flock's surveillance-camera business, autonomous aircraft, California's increasingly complicated rules for kids and AI, and the eternal question of whether anyone actually needs another piece of “super duper intelligence” in their life.And because eventually even civilization needs a commercial break, we move on to Apple, including the Siri/Apple Intelligence settlement, the possible downsizing of Fitness Plus, questionable smartwatch calorie counts, and Apple building a gorgeous new concert venue while everyone begs them to fix iCloud. We talk AI-generated music and Suno's latest copyright headaches, Kunk on Cinema, Star Trek: Strange New Worlds, Daredevil: Born Again, The Traitors, Jesus Jones, The Church, Neil Stephenson, and the latest reasons to distrust wellness influencers. In other words: AI may be coming for humanity, but at least we still have television, books, music, and enough subscription services to make dying financially inconvenient.Sponsors:DeleteMe - Get 20% off your DeleteMe plan when you go to JoinDeleteMe.com/GOG and use promo code GOG at checkout.Private Internet Access - Go to GOG.Show/vpn and sign up today. For a limited time only, you can get OUR favorite VPN for as little as $2.03 a month.SetApp - With a single monthly subscription you get 240+ apps for your Mac. Go to SetApp and get started today!!!1Password - Get a great deal on the only password manager recommended by Grumpy Old Geeks! gog.show/1passwordShow notes at https://gog.show/764Watch on YouTube at https://youtu.be/JV9U-p1kTu4SHOW NOTESIt Turns Out the US Military Really Did Use AI to Blow Up a School Full of Iranian ChildrenUS Military Nearly Started World War III After AI Chatbot Hallucinated Nuclear Weapons Aboard a Chinese ShipNow Trump says he's creating an AI ForceTrump Says He's Changing Artificial Intelligence to 'Super Intelligence' on Government Documents‘Doom Loop': OpenAI and Microsoft Admits LLMs Are Destroying the Web and Built on TheftHow Scared Should We Be of A.I. Right Now?OpenAI faces lawsuit from British Columbia over Tumbler Ridge shootingFlock reportedly tries to shrink workforce with employee buyoutsAmazon Brings Down the Hammer on Meta's Muse AI AgentJoby Aviation completed a fully autonomous flight from California to North CarolinaYou can now claim your payout from Apple's $250 million Siri settlementSmartphone AI SettlementApple Fitness+ team hit by layoffs, as ‘major changes' reportedly loomThe higher your body fat percentage, the less accurate your smartwatch is at measuring calories you burn when exercising – new studyApple opens a dedicated concert venue with spatial audio and multi-cam video recordingSony Music and UMG say Suno's new models still violates their copyrightImagine Philomena Cunk Talking to Michael BayStar Trek: Strange New Worlds Episode ListStar Trek: Strange New Worlds - S4.E9 Once La'An a TimeNeagley Season 1‘Daredevil: Born Again' Won't Continue After Season 3Disney+ and Hulu just increased prices, here's how muchJesus Jones - TwilightThe Church - WesternD: Heavy Water – A Gripping Historical Espionage Thriller Set on the Eve of World War II (Bomb Light Book 2) by Neal StephensonHe's a Controversial Titan of “Wellness.” I Read All 540 Pages of His New Book. Let Me Tell You the Maddening Truth.Scientists Extracted DNA From Medieval Parchment—and Found a Hidden DiseaseDave BittnerThe CyberWireHacking HumansCaveatOnly Malware in the BuildingBryan Bishop, “Bald Bryan” of The Adam Carolla Show, Dies at 48See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Emblem Show is hosted on Twitter Spaces and livestreamed across YouTube/X on Tuesdays and Thursdays at 1:00PM EST. The show focuses on news and events in the cryptocurrency industry, as well as inviting guests on from all sectors across DeFi, NFTs, AI, and interoperability.Adam McBride: https://twitter.com/adamamcbrideJake Gallen: https://twitter.com/jakegallen_Chris Devitte: https://twitter.com/chris_devvEmblem Vault: https://twitter.com/EmblemVaultMigrate Fun: https://x.com/MigrateFun

For episode 776 of the BlockHash Podcast, host Brandon Zemp is joined by Mark Zalan, CEO of GoMining, an innovative global crypto platform that makes Bitcoin mining accessible and easy through unique digital miners backed by real-world data center infrastructure. By replacing expensive hardware and complex setups with NFT-based computing power, the ecosystem allows users worldwide to earn daily Bitcoin rewards effortlessly. Today, GoMining continues to expand into a full-scale crypto super app, offering integrated wallets, payment solutions, and community-driven rewards.

What if collecting digital art felt like opening a pack of TGC cards?With 40 artists, 117 artworks, seven rarity levels and physical cards linked to digital originals, Kento is experimenting with a new way to discover, own and collect digital art.Digital art you can hold in your handsThe idea behind Kento is surprisingly simple: collectible cards, but for digital art.Each pack contains physical cards featuring works by digital artists. On the back of each card, a scratchable QR code gives its owner the possibility to claim the corresponding digital artwork as an NFT.Collectors therefore face an interesting choice: keep the physical card untouched, scratch it to claim the digital work, or hunt for duplicates and do both.It creates a fascinating tension between the physical object and its digital original, while bringing the familiar rituals of card collecting into digital art.Rarity, Grails and mini-collectionsKento isn't a trading card game. The TCG influence is primarily about the collecting experience.The first season features 117 artworks from 40 artists, divided across seven rarity levels, with the rarest category appropriately called “Grail.”Some artists have created several cards, creating mini-collections within the larger set. Collectors can therefore chase a particular artist, complete a series, search for rare cards or simply collect the artworks they love.The theme of this first season is “Web Nostalgia.”Can collectible cards onboard the next generation of digital art collectors?Kento deliberately chose Kickstarter rather than a token launch or a traditional Web3 drop.The objective is to reach beyond the existing crypto community and introduce digital art to people who already understand the pleasure of collecting cards.And that strategy appears to be working: according to the team, much of the community built ahead of the Kickstarter campaign came from outside Web3, helping Kento reach around $100,000 in backing during its first 24 hours.The Kickstarter cards are also being released as First Edition cards, making this initial run distinct from the future general release.Ultimately, Kento is an experiment in bringing two collecting cultures together: people who collect cards and people who collect digital art.Key quote of the episode“It's collectible cards, but for digital art. Imagine Pokémon, but you actually get digital art inside the packs.” — BrianMore details* Official website of Kento Cards* Kento Kickstarter campaign (the campaign funds the First Edition release of the cards)* Objkt.comThe Tezos digital art marketplace co-founded by Brian and the ecosystem from which Kento has evolved. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.nftmorning.com

This episode is a compilation of answers to YOUR questions that were asked directly from my listeners who attend my weekly business education YouTube live webcast. I'll be covering the topic on: Why Rates Are Rising + How AI Will Transform Jobs & Investing and more. Refer to chapter marks below for a complete list of topics covered and to jump to a specific section. Book a call with us to help you scale your side hustle: https://harounventures.com/startGet mentored by Chris: Book a Zoom call to discuss joining my Business Academy, Finance Bootcamp (to get a job in finance) or MBA Degree Programs or for investing/business/personal development coaching: https://haroun.short.gy/1on1CallYTWDownload my free "Networking eBook": www.harouneducation.comAttend my weekly YouTube Live every Thursday's 8am-11am PT. Subscribe to my YouTube Channel to receive notifications. Chapter Marks: 0:25 Introduction to rate hikes2:45 Fed mandate and rate decision  4:58 Inflation and energy costs  6:20 The logic of interest rate hikes  8:21 Monetary vs fiscal policy  9:40 Mechanics of rate control  13:28 Impact on loans and mortgages  14:55 The economic brake pedal  15:48 Investment and strategy advice  18:06 Key takeaways and Q&A intro  19:15 AI development and jobs  20:36 Future rate outlook and trade  22:08 Career sectors: long or short  23:53 Evaluating business models  25:37 Education and community building  27:19 Cryptocurrency outlook  28:50 The shift in career structures  29:42 NFTs and market scarcity  31:39 AI competition and media  33:55 Economic and tax discussions  35:58 AI development and ethics  37:53 The importance of Excel  39:10 Yield curves and recession risks  41:24 Global markets and China AI  42:25 More career sector long/shorts  44:58 University value debate  45:52 AI regulation and risks  48:04 BRICS and systemic importance  49:47 Entrepreneurship and location  51:30 Bootcamp announcement  54:20 Raising venture capital  57:49 Founding mistakes and planning  1:02:17 Reality vs media drama  1:06:26 Liability and hedge fund losses  1:09:19 Side hustles and legal advice  1:10:32 Investment strategy metrics  1:12:18 Capital raising and lessons  1:14:26 Billions and media analysis  1:17:32 Universal income and robots  1:20:37 Taxes, careers, and networking  1:24:45 Authenticity and AI  1:26:57 Economic outlook and wrap-up  1:33:41 Closing thoughts Connect with me: Schedule a 1:1 call with Chris: https://haroun.short.gy/1on1CallYTWYouTube: ChrisHarounVenturesCompleteBusinessEducationInstagram @chrisharounLinkedIn: Chris HarounTwitter: @chris_harounFacebook: Haroun Education Ventures  TikTok: @chrisharoun

What happens to your crypto if you lose your phone, or die? Bron founder Dmitry Tokarev explains how a self-custodial wallet works with no seed phrases, guardian recovery, and digital inheritance for passing crypto to your family.Guest: Dmitry Tokarev, Founder of Bron~This episode is sponsored by BRON~Download BRON app now!➜https://bit.ly/BRONapp00:00 Intro01:00 Traders outlook on custody products02:50 Tokenizing TradFi06:15 Staking and yield earning on BRON09:20 Next gen investors12:45 No private keys?15:45 Top 20 crypto exploits19:20 Pricing plans21:20 NFTs on BRON22:45 Custody wallet trends26:30 Roadmap~Death Proof Wallet?

Investor and buyers agent Bayu discusses how he started property investing later, but has turned his corporate job income into a 9 property portfolio in record time.Being 'spoiled' as an only child, to side hustles in uni, then working in banking risk management. Attempts to 'get rich quick' (including crypto/NFTs) didn't pay off for Bayu, but property did. He bought his 1st property later in life at 26years old ($260k in Griffith NSW), yet has grown his portfolio impressively to 9 properties in just 6 years. NSW, QLD, SA, WA, VIC.Which suburbs he is looking for clients now? (hint: regional VIC including Bendigo...and a few more he reveals)And we discuss some opportunities but pitfalls with commercial. Bayu shares his recent commercial purchase, a warehouse in Perth circa 3M with a 6% yield.Find out more about Bayu-Unlocked PropertyAnother amazing big portfolio investor, listen here-How a couple built a 40 property portfolio in AustraliaMusic Credit: Bass Nation.New episode every fortnight.Send in your questions to: passiveincomedoctors[AT]gmail.comIf you are a doctor or dentist interested in property investing Australia, join my community: https://www.facebook.com/groups/315108673770810Follow me on Instagram for first peek at new content, and my day-to-day life. Dr Dan (@passiveincomedoctors) • Instagram photos and videosYoutube channel/video podcast: Passive Income Doctor - YouTube

The CLARITY Act died and the backlog broke loose: Binance bought into Circle, Ondo stocks went live on NEAR, SoFi moved $25 billion onto stablecoin rails, and crypto plugged into Meta's Muse. We run through everything announced and why they were all waiting on Washington to finish.~This Episode is sponsored by Ether.Fi~Join Ether.Fi and Earn cashback on trades of tokenized stocks and more!➜ ether.fi/@paulbarron00:00 Intro00:10 Sponsor: EtherFi00:50 Bitcoin Maxis mad at altcoin rally01:25 XRP on the battlefield01:35 Crypto vs Stocks 02:00 Tom Lee: Face ripper this month03:15 Intel flying03:49 META AI pumps the stock04:25 NEAR x ONDO partnership04:55 SOL flippening?05:35 JUP perps LIVE06:00 HUGE: CRCL x Binance partnership07:00 Uniswap pumps again07:10 NFTs are back?07:30 CLARITY sell outs08:00 Democrats leading the midterms#Crypto #Ethereum #Solana~Sentiment Eruption!

Lang, länger, That's What He Said! Das wird man ja wohl noch erwähnen dürfen, wenn Folge zweihundertvierundachtzig über 60 Minuten Marke geht. Das sagen jedenfalls Johannes und die Regie. Und wer sind wir, die Regie in Frage zu stellen? Auch wenn unser Host meint heute etwas boomerig unterwegs zu sein, so kommen doch alle hippen Tech- und Internetprofis ganz auf ihre Kosten. Hier ist alles dabei: Krypto, NFTs, Switch 2. Das sind doch die Themen der jungen Leute, richtig? RICHTIG? Na, spätestens wenn Zocker-Donnie über Pokémon, Zelda und Bloodborne spricht, sind doch alle im Boot. Denn hier wird die Liebe zum Gaming noch zelebriert. Ebenso viel Liebe geht raus an die lieben Kommentierenden, das ist letzte Folge nicht unbemerkt geblieben. Da dankt nicht nur Donnie, sondern auch das riesige Team dahinter. Und seid ihr fleißig am kommentieren, dann erwähnt doch "Kammer", wenn ihr wisst, was wir meinen :) Alles Gute, Ciao.Codes, Support und Partner:innen von Donnie unter https://linktr.ee/dosullivanMehr von Donnie gibt es auf Twitter, Instagram, Twitch und YouTube: Donnies Hauptkanal und Donnie Uncut.Ihr wollt Donnie unterstützen? Hier geht's zur Patreon-Seite von TWHS: https://www.patreon.com/TWHSBock auf Merch? Hier geht's zu Donnies Supergeek-Shop: https://supergeek.de/de/donnieosullivan/Feedback oder Fragen an Donnie? Schick eine Mail an donnie@poolartists.de! Hosted on Acast. See acast.com/privacy for more information.

We're feeling a little overwhelmed by the world right now. AI is moving faster than we can keep up, and somehow we're supposed to teach our kids how to navigate all of this when we're still trying to figure it out ourselves. We're talking about schools going back to pen and paper, kids using AI, algorithms deciding what we see, and whether we're actually losing some of our ability to think, focus and trust our own instincts. We also get into AI scams, voice cloning and why every family might need a secret code word. And somewhere along the way, we decide that maybe the only reasonable solution is to move to a farm, raise baby chickens and completely opt out of modern life.KeywordsAI, education, parenting, online betting, NFTs, digital assets, technology, AI safety, social media, internet cultureKey topicsAI safety and escape from sandboxImpact of technology on education and note-takingParenting challenges with digital and social mediaThe rise and fall of NFTs and online assetsOnline betting and gambling risks for teensAI literacy and education policiesThe speed of technological change and societal adaptationParental strategies for digital safety and awareness Hosted on Acast. See acast.com/privacy for more information.

He grew up with kiddie pools in the attic catching roof leaks and frost forming on the inside of his bedroom wall, and today 1.33 million people watch him drag dead cars out of Iowa fence rows. Kevin Brown runs Junkyard Digs out of Ames, two hours up the road from the barn, and this one is mostly about what being broke actually builds. The house sagged corner to corner and the ceiling collapsed while the family was gone for a weekend. Four of them lived in one room of an office building in town, no walls, three beds, for three years of his high school life. His dad pulled his entire 401k to put up a shell so they could finish the inside themselves. He paid for Iowa State by joining the National Guard as a Chinook mechanic, deployed to Kuwait and Iraq, and built the channel from a cot on government internet. He came home with 130,000 subscribers and two paychecks. His rule is the part worth sitting with. He would not quit engineering school until the channel paid double an engineer's starting salary. He says the first time in his life he felt safe was the day the math cleared, not the day the subscribers did. The farming is the cheapest operation in this state. Four and a half acres, a John Deere 620 with three gallons of gas in the oil pan, a $500 planter, and a 6600 combine he bought for $2,200 and drove home. He put $212 into inputs one year and sold the crop for $2,000. Also in this one: only 3 percent of channels ever crack 100,000 subscribers, a million Shorts views that paid $412, copper at a record and the wire in your grain bin, and why his dad said the 1980s sucked while his buddy's dad called them the best years of his life. His advice at the end sounds exactly like his dad: do not put your hands in your pockets. Learn to work hard and you will not fail in life. What do you want us to dig into next week? Drop it in the comments and we read them. JOIN THE BARN TALK NEWSLETTER & GET LIVE EVENT ACCESS: We're on a mission to get 10,000 subscribers, and once we do, we're hosting a live event at the barn! Sign up to get exclusive access to tickets and details.

Welcome back to The Season 10 premiere marks the return of the podcast with an official introduction to the PMTR NFT Collection, also known as the Pyramid Mystery Temple Reunion. With a new short stories and a new comic book series The Adventures of Nichel MOLIAE with Chris Jenkins, along with a beautiful first jingle /New Age Rnb beat, sung by Multi-Talented Artist Jadhe' as the official podcast show opening music! YAyS! What a fantastic season ahead of great divine storytelling by Nichel Anderson. Lets get into this 10th year Podcasting MOLIAE Short Stories And Beyond! Are you ready?  In this special deep-dive episode, Nichel Anderson opens the vault on the 10K PMTR collection and explores the symbols, data points, storylines, character connections, future plans, and larger mythology behind these living digital assets. Listeners will learn how the PMTR NFTs connect to the MOLIAE Short Stories universe, including the future stories of Nahor and Princess Aamina, the mystery surrounding the HUJTA Swords, and the Lions assigned to uncover who took them.  Check out that podcast episode referencing the royal Swords given to Princess Aamina, this was recorded BEFORE even the thought to create of the PMTR NFTS Collection ! prophecy here; https://nichelandersonshortstoriesandbeyond.podbean.com/e/moliae-future-series-of-nahor-and-princess-the-commune-of-leadership-bestows-upon-a-future-mitsry-queen-bonus-6/   This premiere also introduces the future MOLIAE Token, stacking objectives, the PMTR Game, donation opportunities, upcoming merchandise, the PMTR music project, and the connection between the NFT collection and the broader MOLIAE World ecosystem. The episode includes a look back at the history of the Short Stories podcast, beginning with Mitsryaim Dream, while also celebrating 10 years of podcasting and the continued growth of the MOLIAE movement. Listeners will hear about MOLIAE World Magazine, advertising and media placement opportunities, MOLIAE Beauty, the When Love Was Divine music album, and the forthcoming PMTR music EP. Whether you are new to the PMTR universe or preparing to mint and decode your own NFT, this episode serves as an essential introduction to the collection and the stories still waiting to be revealed. Important Episode Note

Surviving Your Journey Towards Success (SYJTS) returns for a new season in 2026–2027, celebrating an incredible 10 years of podcasting, motivation, purpose, and forward movement. In this special anniversary episode, host Nichel Anderson reflects on the history and evolution of SYJTS, expresses gratitude to the listeners and supporters who have helped build the show, and shares the new vision for the podcast as it continues growing into a broader broadcast and media network. This episode also celebrates SYJTS being recognized by FeedSpot as the #17 Best Motivational Show out of 100 U.S. motivational podcasts. With prayer, gratitude, and a renewed commitment to serving the audience, Nichel introduces the next chapter of the show and the expanding DTC Movement.   The featured guest is CEO Peter Swimm of Toilville, who joins the program for an exclusive conversation about the future of technology, artificial intelligence, Web3, and blockchain. Peter discusses how people can begin to understand and use AI in practical ways while also exploring how emerging technologies may influence business, creativity, communication, and everyday life.   |* Connect with Peter: [PeopleMakeItBetter.com] Peter also shares an exclusive preview of his upcoming product and app software, Spelwork, including how it may help consumers and users engage with new digital tools. The conversation includes insight into Peter's broader work, Toilville objectives, and the mission behind PeopleMakeItBetter.com Nichel also introduces listeners to the continued development of the PMTR NFT project, a 10K collection built on the Ethereum blockchain. The episode explores the vision behind PMTR, the future MOLIAE Token, token-stacking objectives, and the relationship between blockchain technology, storytelling, digital ownership, and the growing MOLIAE universe. The show also announces the expanding DTC Movement, inviting leaders, authors, technology professionals, entrepreneurs, and industry experts who have a message to share to explore future opportunities to appear on the program. Through media placements, advertising opportunities, and guest interviews, SYJTS is creating more ways for meaningful voices to be heard. This season premiere is both a celebration and a beginning—a look back at 10 years of podcasting while stepping boldly into the future of AI, Web3, blockchain, entrepreneurship, and purpose-driven success.  

From the archive: This episode was originally recorded and published in 2022. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL's in these archive episodes are still relevant. Anthony Mongiello is a business leader with a passion for team culture and leadership development. He is the Co-founder of Bulls & Apes Project. Top 3 Value Bombs 1. Running a Web3 business means knowing which feedback to take and which to ignore. 2. It's not just digital connection, it's also about real-world meetings and handshakes. 3. Stay highly engaged with your community to bring ideas to life. Learn more about Bulls and Apes Project - Bulls and Apes Project Sponsors HighLevel - The ultimate all-in-one platform for entrepreneurs, marketers, coaches, and agencies. Learn more at HighLevelFire.com. Fitnexa - If better sleep is a priority for you, Fitnexa helps you create the environment and routine to make it happen. Visit Fitnexa.com and use code EOFIRE10 to save 10 dollars on SomniPods 3 today. Expat Money - Looking for more options for where you could live, invest, and protect what you've built, without being completely tied to any one country, government, or system? Expat Money has created a free report to help you get started. Go to ExpatMoney.com/fire today.

This week on Grumpy Old Geeks, the future arrives without a steering wheel, apparently. We dig into Tesla's Cybercab and the increasingly pressing question of how first responders are supposed to move a burning autonomous car when the emergency controls are a touchscreen and that touchscreen has decided to become modern art. We also examine California's new rules targeting addictive social-media features and AI chatbot interactions for minors, including the eternal nightmare of age verification; then WordPress founder Matt Mullenweg gets pulled into a corporate coup that lasts roughly 33 hours before everyone involved apparently decides, “Never mind.”Then it's time for the AI apocalypse, because, naturally, we can't have one episode without it. Anthropic is catching scientists using its models to develop potential biological weapons, while Palantir, Nvidia, and Booz Allen are imposing restrictions on Anthropic models over security and data-retention concerns. Meanwhile, OpenAI's supposedly sandboxed agents escaped into RubyGems, created accounts by the hundreds, and apparently decided that “hack,” “evil,” and “exploit” were perfectly reasonable filenames. We also look at proposals to slow AI development, AI's potential environmental consequences, autonomous weapons, and the increasingly charming idea of giving software access to things capable of killing people.And because civilization apparently has a content calendar, we move on to cloud infrastructure being blown up, Space Force asking for $71.3 billion, Dr. Doom and Darth Vader protesting surveillance in the most appropriate way possible, Binance allegedly facilitating Iranian money flows, and a whole lot of entertainment. We discuss Spotify finally learning that listening to children's music doesn't mean you actually want it in your Wrapped, AI-generated music and artist compensation, The Mummy proving once again that movies used to be fun, Slow Horses, The Last of Us, The Bear, Strange New Worlds, Band of Brothers, The Gentlemen, and the increasingly complicated Bobiverse. Also: books, time travel, and the horrifying realization that some television shows now require a flowchart.Sponsors:DeleteMe - Get 20% off your DeleteMe plan when you go to JoinDeleteMe.com/GOG and use promo code GOG at checkout.HIMS - Visit Hims.com/gog to get a personalized, affordable plan that gets you.Private Internet Access - Go to GOG.Show/vpn and sign up today. For a limited time only, you can get OUR favorite VPN for as little as $2.03 a month.SetApp - With a single monthly subscription you get 240+ apps for your Mac. Go to SetApp and get started today!!!1Password - Get a great deal on the only password manager recommended by Grumpy Old Geeks! gog.show/1passwordShow notes at https://gog.show/763Watch on YouTube at https://youtu.be/7iLAWNsZCY0SHOW NOTESFirefighters Say There's a Glaring Issue With Tesla's CybercabUS agency orders Tesla to answer questions on Cybercab certificationCA governor signs 'landmark' laws on youth use of social media and AI chatbotsAutomattic CEO Matt Mullenweg Put on 'Leave of Absence'Automattic's Matt Mullenweg Claims He's Back 'In Control'Sources say Automattic's board is out after failed attempt to oust CEO Matt MullenwegAnthropic caught scientists using Claude to further biological weapon researchPalantir, Nvidia curb AI model use over data fears, The Information reportsOpenAI agents hacked a software service before the Hugging Face incidentSam Altman says OpenAI won't file for IPO this year‘Runaway Industrialization' Could Make Earth Inhospitable, OpenAI Researcher WarnsAnthropic's CEO proposes a three-step plan to curb AI developmentWorried About AI Ending Humanity, Anthropic Is Hiring Someone to Help Dictate Terms of the End of HumanityAmazon's AWS is unable to restore access to Bahrain, one UAE cloud data zone after war damageDoctor Doom Shows Up to Support Seattle's Surveillance NetworkDOJ says companies used Binance to funnel $1.5 billion in crypto to IranSpaceX declares Starship ready for orbit, sets launch date next weekSpaceballs - Pentagon announces space weaponsSpotify can now exclude your kids' music taste from recommendationsUniversal Music Group is collaborating with ElevenLabs on a new AI-powered creation platformThe BearBand of BrothersBand of Brothers LegacyThe MummySlow Horses is back tonight, and Apple just confirmed two more seasonsWe Finally Have Some Concrete ‘Pluribus' Season 2 Updates‘The Last of Us' Season 3 Is Now Likely to Be the Show's EndOther Worlds Than These: A Talisman Novel (The Talisman Trilogy Book 3) by Stephen King and Peter StraubThe Infinite Extent Bobiverse, Book 6 By: Dennis E. TaylorThis Is How You Lose the Time War by Amal El-Mohtar, Max GladstoneDave BittnerThe CyberWireHacking HumansCaveatOnly Malware in the BuildingAn AI writing assistant designed to write like you.Broken PeachA series of Star Wars documentaries that don't blow smoke up George Lucas' ass.My new cook top, just in case.Community PreppingHacker got inside a Flock cameraJason DeFillippo's Pocket Shot ReviewSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Emblem Show is hosted on Twitter Spaces and livestreamed across YouTube/X on Tuesdays and Thursdays at 1:00PM EST. The show focuses on news and events in the cryptocurrency industry, as well as inviting guests on from all sectors across DeFi, NFTs, AI, and interoperability.Adam McBride: https://twitter.com/adamamcbrideJake Gallen: https://twitter.com/jakegallen_Chris Devitte: https://twitter.com/chris_devvEmblem Vault: https://twitter.com/EmblemVaultMigrate Fun: https://x.com/MigrateFun

De cryptomarkt zakte deze week duidelijk terug. Bitcoin noteert rond de 76.500 dollar, vorige week schurkte de koers nog tegen de 80.000 dollar aan. XRP verloor 10 procent, en cryptoaandelen als Coinbase en Circle leverden ongeveer evenveel in. De renteverhoging van de Federal Reserve speelt mee, maar de duidelijkste aanleiding is het nieuws rond de Clarity Act. Die wet sneuvelde dinsdagavond Nederlandse tijd in de Senaat. Er werd gestemd over de vraag of er verder gepraat mocht worden, en 50 van de 99 aanwezige senatoren stemden tegen. Daarmee is het voorlopig einde oefening voor een wet die moest vastleggen welke toezichthouder hoofdverantwoordelijk is en welke assets een cryptobedrijf mag aanbieden. Het liep vast op Donald Trump zelf. De ethiekparagraaf ging vooral over zijn eigen cryptoactiviteiten: hij verdiende vorig jaar 1,5 miljard dollar met een memecoin, aandelen in cryptobedrijven en eigen NFT's. Over die paragraaf was overeenstemming, maar niet over wie erop toe moest zien. In de laatste versie werd dat het Amerikaanse ministerie van justitie, en dat vertrouwden de onderhandelende democraten niet. Met de midterms in zicht is de kans klein dat de wet snel terugkomt. Die midterms worden het volgende strijdtoneel van de cryptolobby. In 2024 was de sector met 130 miljoen dollar de grootste donateur, eind juni stond de teller voor deze verkiezingen al op 189 miljoen dollar. Dat geld gaat vooral naar nieuwe democratische bondgenoten en naar het wegwerken van cryptokritische congresleden. Super PAC Fairshake wint meer dan 90 procent van de races die zij steunt. Maine en Georgia zijn de races om te volgen. Tot slot een brief die via het Amerikaanse ministerie van justitie openbaar werd. Daarin raden de Al Qassam brigades, de militaire tak van Hamas, donateurs aan om Binance te mijden en in plaats daarvan ByBit of OKX te gebruiken. Binance heeft geen vergunning onder de Europese cryptowet, ByBit en OKX wel. Het gaat om losse Europese entiteiten, maar het zegt iets over de bedrijfsvoering van de moederorganisaties. Deze week in de Cryptocast Een gesprek met de Financial Intelligence Unit, de FIU, en dat is de opsporingsdienst die kijkt naar ongebruikelijke transacties bij banken en cryptobedrijven. Rebecca van Essen legt co-host Mauro Halve en Daniël Mol uit hoe ze transacties kunnen volgen en dat een spoor soms helemaal tot in de Seychellen loopt. En verrassend genoeg zit daar OOK een FIU! Ze nemen alleen niet altijd de telefoon op. Senaat blokkeert Clarity Act in procedurele stemming XRP verliest 10 procent en bitcoin zakt naar 76.000 dollar Fed verhoogt de rente voor het eerst sinds 2023 Cryptosector stopte al 189 miljoen dollar in de midterms Hamas raadt donateurs Binance af en noemt ByBit en OKX Cryptocast 447B | Hoe de FIU criminele geldstromen op het spoor komt, tot aan de Seychellen Met Daniël Mol (BNR Cryptocast) of Bart Mol (Satoshi Radio) bespreken we elke week de stand van de cryptomarkt. Luister live donderdagochtend rond 8:50 in De Ochtendspits, of wanneer je wilt via bnr.nl/podcast/cryptocast See omnystudio.com/listener for privacy information.

It's time to celebrate a massive milestone: Episode 500 of The Edge of Show! To mark five years of exploring technology, culture, ownership, and innovation, host Josh Kriger reunites with his original co-founders Jeff Kelley and Ethan Janney, along with recurring co-host Richard Carthon.In this special reunion, the crew takes a nostalgic look back at the early days of Edge of NFT, from explaining digital collectibles to family members and ranking on global charts to hosting massive 4,000+ attendee events like NFTLA. Looking forward, the team discusses the hyper-acceleration of artificial intelligence, autonomous robotics, quantum computing, and the philosophical debate around a potential post-money economy. Plus, Josh officially unveils a new chapter for the company: Edge of AI Advisory Services, helping businesses harness multi-AI workflows to move into the future faster.Support us through our Sponsors! ☕ Want to make content like ours? Sign up with Castmagic to make your creative process easy: https://bit.ly/CastmagicReferral Work smarter, grow faster. Automate your SEO, get AI insights, and manage all your clients in one place with Helm. Start today 50% off your first month at helmseo.comOpenmax provides dedicated AI employees for copywriting, research, social media, CRM and more — double your team's efficiency.Use Our link for an exclusive 5% off your first order:

He stacked every FSA beginning farmer loan he could get, went from about 100 cows to 550 in roughly a year, and when the balance sheet finally settled he was positive by $278. That is the number this whole episode hangs on. Luke and Natalie Kovarik run Kovarik Cattle Co., a first generation Angus seedstock operation out of Ord, Nebraska, selling around 100 bulls a year in a January sale that started at 30. Luke was a town kid with 160 acres and a dental school plan. Natalie is fourth generation Hereford out of Montana, and today she works four jobs off the ranch, including marketing and equity in Red Ants Pants. Almost everything they earn away from the cows exists to pay for the cows. The middle of this one is the direct to consumer beef autopsy, twelve straight minutes on why selling your own beef is so much harder than the internet makes it look, why she dreaded Sunday nights, and what happened to the freezer inventory. Then the influencing pivot, why she stepped back from putting her family online, and what she does with the audience now. Also in this one: custom AI and backgrounding somebody else's calves to make equipment payments, $5,000 of blackjack money wired for embryos, reading bull catalogs like a swimsuit edition, meeting at her family's bull sale, lab grown meat and consumer trust, putting cattle back on grain farms and the pasture that rural towns already lost, hiring and keeping good help, bricking their kids' phones and putting a landline back in the house, twelve landlords and not one under 68, and why they are not building this ranch for their kids. His line on who the ranch is for: no, we're doing it for us. What should we dig into next week? Put it in the comments. JOIN THE BARN TALK NEWSLETTER & GET LIVE EVENT ACCESS: We're on a mission to get 10,000 subscribers, and once we do, we're hosting a live event at the barn! Sign up to get exclusive access to tickets and details.

In this episode of The Truth In This Art, the guest is Johab Silva!About Johab Silva: Brazilian artist and arts educator who has lived in the Washington, D.C. region for 18 years. Based in Virginia, Silva works across AI, NFTs, VR and AR, generative media, animation, video projection, and 3D modeling to explore environmental and community issues connected to urban development.Johab reflects on how his practice shifted around 2017, after a major, material-focused exhibition at Transformer prompted him to investigate where his materials came from and how they connected to the environmental issues already present in his work. He also discusses how his education in the D.C. area, including earning the final Master of Arts in Education degree from the Corcoran before its acquisition by George Washington University, shaped his professional practice.We get into the hands-on nature of working with digital tools. Even when he is using a mouse and computer, Johab explains that he still needs to feel the work visually and remain deeply engaged with what he is making. His process can move through three or four different software programs, from sketching and 3D modeling to animation, rendering, and video projection—each stage adding another layer to the final piece.Johab also shares why he created New Media Workshop while teaching in the University of Maryland's immersive media department. Beginning with YouTube tutorials for his students, the project grew out of his desire to make intimidating technologies more accessible to artists and people working in the humanities. Drawing from his own experience learning software independently during his MFA, he emphasizes patience, kindness, and side-by-side support as essential to helping artists enter new media.Be sure to follow Johab Silva and New Media Workshop to keep up with his work, educational resources, and future projects.Photo courtesy provided by subject The Truth In This Art is supported by William G. Baker, Jr. Memorial Fund, the Maryland State Arts Council's Creativity Grant and Mayor's Individual Artist Award - Creative Baltimore Fund (Baltimore). Host: Rob LeeMusic: Original music by Daniel Alexis Music with additional music from Chipzard and TeTresSeis.Production:Produced by Rob Lee & Daniel AlexisEdited by Daniel AlexisShow Notes courtesy of Rob Lee and TransistorPhotos:Rob Lee photos by Vicente Martin for The Truth In This Art and Contrarian Aquarian Media.Guest photos courtesy of the guest, unless otherwise noted.Support the podcastThe Truth In This Art Podcast Fractured Atlas (Fundraising): https://www.fracturedatlas.orgThe Truth In This Art Podcast Bluesky: https://bsky.app/profile/thetruthinthisart.bsky.socialThe Truth In This Art Podcast Instagram: https://www.instagram.com/truthinthisart/?hl=enThe Truth In This Art Podcast Website: https://www.thetruthinthisart.com/The Truth In This Art Podcast Shop: Merch from Redbubble ★ Support this podcast ★

Diego Borgo helped bring Adidas into the NFT and metaverse world during one of the wildest moments in crypto history.In this episode, Diego takes us behind the scenes of Adidas' move into Web3 and reflects on whether the NFT boom was a failed experiment, a successful one, or simply too early.We also dive deep into branding and storytelling: why great products aren't enough, what tech founders get wrong when explaining what they build, and how brands like Patagonia, Salesforce and Tesla create stories people want to become part of.But the conversation eventually becomes much more personal. Diego opens up about faith, fatherhood, hope, leaving security behind, and the importance of showing your kids what's possible.He also shares the story of the wall of images he created during one of the hardest periods of his life — pictures representing the future he wanted — and what happened when he looked back years later and realized he was living it.

In this week's episode, I take a look back over the last fifteen years and recount how I learned to write quickly. This week's coupon code will get you 50% off the audiobook of Ghost in the Stone, Book #5 in the The Ghosts series, (as excellently narrated by Hollis McCarthy) at my Payhip store: FALLSTONE The coupon code is valid through September 28, 2026. So if you need a new audiobook this fall, we've got you covered! TRANSCRIPT 00:00:00 Introduction and Writing Updates Hello, everyone. Welcome to Episode 320 of The Pulp Writer Show. My name is Jonathan Moeller. Today is September 11th, 2026, and today I'm discussing how I learned to write fast. Before we get to all that, we will have Coupon of the Week and a progress update on my current writing, publishing, and audiobook projects. This week's coupon code will get you 50% off the audiobook of Ghost in the Stone, Book #5 in The Ghosts series (as excellently narrated by Hollis McCarthy) at my Payhip store. That coupon code is FALLSTONE. As always, we will include the links and the coupon code in the show notes for this episode. This coupon code will be valid through September 28th, 2026. So if you need a new audiobook this fall, we have got you covered. Now let's have an update on my current writing, publishing, and audiobook projects. For Blade of Visions, which is my main project right now, the rough draft is done, the first editing pass is done, and I'm hoping to start on the second editing pass as soon as I finish recording this episode. So if all goes well and nothing unexpected happens, I very much hope that the book will be out a week from when this episode goes live. So a week from whenever you listen to this, check your favorite ebook store and hopefully Blade of Visions will be there. And of course you can always listen to this podcast and watch my website and social media for other announcements. My secondary project is Elven-Warlock, the seventh book in the Rivah Half-Elven series. I am currently 16,000 words into that. As soon as Blade of Visions is published, Elven-Warlock will then be my new main project and if all goes well, I hope to have that out in October sometime. In audiobook news, as I mentioned last week, Blade of Thieves and Cloak of Worlds should now be available at all the different audiobook stores. Hollis McCarthy is currently recording Cloak of Summoning and we should have some updates on that soon. In a bit of exciting audiobook news from that or related to that, I should mention that Hollis McCarthy was announced as a finalist for Narrator of Distinction for the Professional Audiobook Narrators Association for her work on Cloak of Embers, which was Cloak Mage #10. So if you get a chance, be sure to congratulate Hollis for that if you hang out on my social media pages. So that's where I'm at with my current writing, publishing, and audiobook projects. 00:02:25 How I Learned to Write Fast Now let's move on to my main topic, how I learn to write fast. Occasionally I will see a new indie author looking with dismay at how much time it takes to write and expressing the opinion that it must be impossible to write a million words a year without the aid of generative AI. Ha, no. I should point out that I wrote a million words in 2016, 2017, 2018, 2019, and 2020 and back then the current AI tech bros were still searching for the big scam that would one day make them rich. They tried crypto and NFTs in the interim. ChatGPT would not be inflicted upon the world until the end of 2022. Admittedly, I didn't write a million new words in 2021, 2022 and 2023, but that was from a combination of personal issues taking up time and illness. I still hit between 800,000 and 900,000 in those three years. In 2024 and 2025, I wrote a million new words. I might or might not hit a million new words in 2026, and it largely depends on how the rest of the year goes. I had to take a lot of time off in spring and summer, and that really slowed me down. I did hit 700,000 words once Blade of Visions was done, so we'll see what happens the remaining four months of the year. But yes, if you're writing full-time, a million words in a year is certainly achievable, though as with all things it takes practice and can be subject to events. With that in mind, I thought I would explain how I was able over time to ramp up to writing a million new words in a year. It was less something I set out consciously to do when I started this in 2011 and more a step-by-step evolutionary process that took several years. By the grace of God, I have been indie publishing for almost 15 and a half years now. So here's the process of how I ended up writing a million words in a year. #1: Tech Writing Back in the second half of the 2000s, I used to do a lot of tech blogging, mostly about Linux, and I also did tech support, which frequently involved writing FAQs and guides for how to connect your Blackberry or Windows Mobile device to the company email or whatever. In retrospect, Blackberry and Windows Mobile were both terrible operating systems, so it's not surprising the iPhone and later Android blew them out of the water. Anyway, tech blogging taught me the value of writing quickly. Back then, you could still make money off Google AdSense, and so if I could write quickly on a tech topic, I could post it, get Google traffic, and then make a little bit of money from Google Ads. Writing FAQs and guides also taught me the value of writing as concisely and as clearly as possible. President Franklin D. Roosevelt famously said of public speaking that the best approach to public speaking was "be sincere, be brief, be seated", and that's also true of technical guides. Back then, I was working on novels as well, specifically what would end up becoming the first three Caina books, but I never wrote more than a thousand words a day of fiction unless I was bored or I was really inspired, neither of which happened all that often. #2: Soul of Serpents By the end of 2010, I had sworn off trying to get traditionally published and decided to focus on tech blogging, but then I got my first Kindle after Thanksgiving in 2010, and I realized there had to be a way to make money off this thing. This led me to discovering Kindle Direct Publishing, Barnes & Noble, Smashwords, and the other early self-publishing platforms. I published Demonsouled, Soul of Tyrants, and the first three Caina books, and then I decided I'd write one more Demonsouled book to finish off the story. It always annoyed me to no end that I'd never gotten to write a sequel to Soul of Tyrants, but now that the opportunity was here, I decided that I would have a Demonsouled trilogy and Soul of Serpents would be the last novel I would ever write, which goes to show I may not be that great at telling the future. Soul of Serpents was the first book I ever wrote specifically intended for self-publishing instead of submitting it to legacy publishers. I wrote it over the summer of 2011, and I figured if I wrote 1,500 words a day, I could get the rough draft of the book done by the end of the summer, which I did, and I ended up publishing it at the end of August of that month. That was also why I made Demonsouled and Child of the Ghosts free for the first time, which meant that their sequels started to sell a little bit. I was actually beginning to make a little bit of money off my novels for the first time in my life, which was very exciting. It also meant that I wanted to continue the Demonsouled series past the third book, which leads us to the next phase of our story. #3: Soul of Dragons In the second half of 2011, I was extremely busy. I had a full-time job and I had a part-time job that required a lot of off-the-clock preparation. Despite that, I was determined to write Soul of Dragons, so I pushed onward when I could. This was when I began writing during my lunch break for the first time, but I often didn't get to my 1,500 words a day during lunch. So by the time I got home at the end of the day, which was frequently between 9:00 and 10:00 PM, I would frequently squeeze in my remaining words (sometimes all my words), before I went to sleep, only to wake up at 5:45 AM to go to the gym. This level of workload, as you can imagine, was absolutely exhausting, and I don't recommend it, but I still did it. I think it was necessary to learn to write a novel under a state of extreme strain since that was good practice for the 160 books that would follow Soul of Dragons. If I wrote only when I was perfectly calm and there was nothing else demanding my time or attention, I would never get any writing done at all. I really hate to give career advice to younger people since so much of the advice they receive these days is obsolete at best and malicious and condescending at worst. In economic terms, 2026 might well be another planet compared to 1976 or 2000, but sometimes in life you really do have to put in a maximum effort over a sustained amount of time (even if it's approaching midnight, you have to get up in five hours, and you still have 500 words to go before you can sleep). That said, if at all possible, I would advise only putting in that kind of effort if you're working for yourself and not for an employer that will lay you off the instant the stock price dips slightly. It took a while, but I did it. Soul of Dragons came out in February of 2012 and sold pretty well. By this time, the books were selling well enough that while I didn't want to go full-time, they were providing a nice cushion against the unexpected vagaries of life. My full-time employer was also heading towards trouble, so I decided to keep writing. #4: Ghost in the Storm My next book in early 2012 after finishing Soul of Dragons was Ghost in the Storm. Like with Demonsouled and Soul of Tyrants, I was always disappointed that I never got to continue Caina's story past the end of Ghost in the Blood, and so I was excited to start Ghost in the Storm. Little did I know that Caina's story would continue for another 30 books past that. I wanted to write faster, so I settled on a goal of 3,000 words a day for Ghost in the Storm. I would write as much as I could in the morning, then over my lunch break, and then finish my 3,000 words, hopefully in the evening before I went to bed. I very distinctly recall that in March of 2012, I was in the process of moving to a new apartment. I bought a couch and scheduled it to be delivered that morning at about 10:00 AM. So I took the morning off, brought my laptop and a folding chair to the empty apartment and wrote, and I kept writing and writing, and the couch never showed up. Finally, in exasperation, I had run out of my hours off, so I had to go to work only to get the call at 4:00 PM that the couch guys had finally showed up and needed me to let them in. I begged them to stay where they were, broke the speed limit to get back to the apartment, and arrived just as they were walking back to their truck. Thankfully, I was able to convince them to deliver the couch. As annoying as that day turned out to be, it worked out well because I got the new couch and I also wrote a bunch of Ghosts in the Storm, which ended up coming out towards the end of April 2012. #5: Ghost Aria In summer 2012, I wrote Soul of Sorcery, which was a huge book that took a long time to write, but it was also the first book I ever wrote that made it to any bestseller list of any kind on amazon.com, which was a pleasant milestone. After Soul of Sorcery, I started working on Ghost in the Stone and finished it up in early 2013. For both Soul of Sorcery and Ghost in the Stone, I had stuck to 3,000 words a day. By then, I had started working more on marketing, so I had an email newsletter. It had occurred to me that giving something away for free in the newsletter might be a great way to drive newsletter engagement, and I'd always liked writing short stories back in the 2000s. So why not write a bonus short story related to the book and give it away for free? So that was where Ghost Aria came from. It was the first short story I gave away for free with my newsletter. Since then, I've written hundreds of short stories and given away tens of thousands of them, so I think it was a good decision. #6: Dual projects In 2015, I had the opportunity to write a tie-in novel for a game product, which I wanted to do, yet I hesitated because I was working on Ghost in the Inferno at the time, and I knew Ghost in the Inferno would actually sell and make some money. The tie-in book was a roll of the dice, but it was a good enough opportunity that I wanted to take it, or so it seemed at the time, but I didn't want to stop working on Ghost in the Inferno, so I did both. Ghost in the Inferno was my main project, and the game book was my secondary one where I squeezed out a couple hundred words a day. Once Ghost in the Inferno was done, I finished the game book relatively quickly. Of course, nothing ever came of it. The game company and the book company fell out and then respectively went out of business, and the game tie in book never saw the light of day. I would've been better off not writing the tie in novel, except I gained a valuable skill from the experience. Before that, I had only ever worked on one fiction project at a time. Now I had taught myself to do two at once. Ever since then, I have followed my primary/secondary project model while trying to get as many words down as possible in my primary project, but I also write 250 words or so of my secondary project before I go to the gym in the morning while I'm having my coffee. So when I finish my primary project, I'm usually about 10,000 to 20,000 words into my secondary project, which gets promoted to my new primary project. For example, Blade of Visions is almost done, but my secondary project, Elven-Warlock, is currently at 16,000 words, so that gives everything a nice little speed boost. I suppose this is yet another example of the lesson that if you're going to work really, really hard on something, if possible, you should be working for yourself and not on spec for someone else. Anyway, the primary/secondary project system has been really helpful to me, especially after I went full-time, which we will discuss next. #7: Time for Full-time So that was the paradigm I followed for the next four years from 2012 to 2016. I aimed for 3,000 words a day and mostly kept to it. I usually ended up writing between 500,000 and 600,000 words a year. I finished Demonsouled and The Ghosts and started on Frostborn and Ghost Exile, and then on a whim started writing Cloak Games in 2015 as a secondary project. 27 books later, Cloak Games/Cloak Mage has likewise turned out to be much longer than I thought. Frostborn also really took off in 2016, which was nice. I would've been perfectly content to continue working full-time and writing as a side gig, especially since I no longer had that part-time job because the books were paying better. That said, I knew in the back of my mind I could go full-time if it became necessary, especially if my employer went under or had layoffs. I admit going full-time started to become tempting as I took on more work and responsibilities after the layoffs. From 2012 to 2016, I got up at 4:30 AM every workday so I'd have time to get everything done. Admittedly, that's not a big deal and lots of people have to do that, yet I admit to this day, I still find 4 in the morning the worst time to get up to use the bathroom or to wake up before a long road trip or whatever. Somehow waking up and seeing 4 on the clock just seems so hateful. Ironically, for all the time I spent thinking about layoffs and preparing contingency plans about what I do afterward, I never actually got laid off. In 2016, I ended up needing to move to a new US state for a combination of family and personal reasons, so I had to quit. I thought about finding a new job in the tech field, but decided the time had come to start writing full-time. Since this was now my full-time job, there was no reason not to write as much as possible. In fact, that was probably a good idea if I wanted to eat, and that's when I started to trying to hit a million words a year. #8: The Rest of the 2010s So from 2016 onward, I wrote full-time. I had a million new words in 2016, 2017, 2018, 2019, and 2020. I finished Ghost Exile and started Ghost Night, finished Frostborn and Sevenfold Sword and wrote most of Dragontiarna. I finished Cloak Games, started Cloak Mage, and I wrote, I think, the first nine books of Silent Order and also finished Malison. I also started doing self-published audiobooks in 2018 with Child of the Ghosts and Frostborn: The Dark Warden. 2017 was my absolute peak for word count since I hit 1.4 million words that year. Not surprisingly, that was probably my best year of sales ever since I finished Frostborn and started Sevenfold Sword in 2017, but I did hit a million words every year for the rest of the 2010s, including 2020. However, after 2020, there was trouble ahead, and you've probably guessed what it is. #9: Fun with COVID 2020 was a productive year for writing since I reached 1.2 million words and I took some Photoshop classes, which turned out to be really valuable in terms of cover design and creating marketing and ad images. It's pretty rare that I don't use Photoshop for something at least once a day now. However, as it would turn out, my big long-term problem was that the gyms in my local area closed for a long time during COVID, and I never found an adequate replacement for them. I ended up gaining a bunch of weight (with all the related health concerns that causes). In 2021, I only reached 974,000 words. Not a big deal. I thought. I'll hit a million next year. However, that didn't work as well because for a variety of personal health reasons in 2022, I only reached 814,000. I also tried a couple of new things during the early 2020s that really didn't work. In 2021, I published the two Cormac Rogan books, which people liked, but it really didn't have an audience. In 2022, I published the first book of what would become the Stealth & Spells Online trilogy, and that didn't sell very well because I misread the audience for LitRPG. Essentially, the LitRPG market wants Isekai/portal fantasy or system apocalypse type stuff, and I've written a science fiction thriller with LitRPG elements. Then in 2023, I actually got COVID, and that just laid me flat for six weeks. I barely got any work done in May and about half of June, and I realized I was going to have to make some changes. #10: Rivah Half-Elven to the Rescue First of all, I realized that I was doing too much by myself. I thought about stopping audiobooks and the podcast entirely, but instead I hired an audiobook proofer and a transcriptionist/researcher to help with that. Second, I still wanted to try something new. Cormac Rogan and Stealth & Spells hadn't worked all that well, but in April of 2023, I'd written about 8,000 words of what would become Half-Elven Thief. When I got sick over the summer, I stopped working on it to focus on finishing Dragonskull and the Silent Order series, but at the end of 2023, I dusted off the Word file, finished it, and published it in December of 2023. It had a substantially stronger first month than Stealth & Spells, so it was time to embark on the Half-Elven Thief series. #11: The Super Summer of Finishing Things I also realized that I gotten too scattered with five ongoing series at once. I decided to cut it down to three. So in the summer of 2025, I finished The Shield War, Stealth & Spells Online, and Ghost Armor. My ongoing series would be Blades of Ruin, Cloak Mage, and Half-Elven Thief. I wouldn't start on a new series until I finished one of these. From summer 2023 onward, things improved a good deal over 2021 through 2023. Audiobooks were a lot easier to do with an audiobook proofer to do the final listen, so I've done quite a bit more of those. From 2024 to 2026, I got my weight back down to a pre - COVID level with a lot of calorie counting and exercise (aided by sublimating the desire to snack into blowing up space pirates in Starfield). I did hit a million new words in both 2024 and 2025. As I mentioned, I'm not sure if I will hit a million words in 2026 or not. As I said earlier, I had to take a lot of time off this year, and it will depend on how the rest of the year goes, but I think 900,000 will be definitely achievable. #12: So What Have We Learned From All of This? As you can see, while I can write a million words a year, it took a long time to learn how to do it and a lot of practice, and if enough other things demand time and attention in a year, it's not going to happen. I think the biggest keys to writing as many words as possible in a year are persistence and tenacity. There will be many times you don't want to write, like at midnight when I still had 500 words to go on Soul of Dragons before I could go to bed, but you will need to push through and get to it. Maybe you cut back a little on time-wasting activities like TikTok, doomscrolling, and TV, especially TikTok. It is distressing to see people repeating the nonsense they see on TikTok as absolute fact. Or maybe you learn to type on 15-minute bursts in your phone in those odd blocks of time like waiting rooms or being on hold that would otherwise go to waste. I have read interviews with several people who wrote their novels on their phones while taking the train to and from work. Tenacity is also important. If you wait until circumstances are perfect to write, you will never get anything written. Granted, there are times when writing has to take a backseat to more important things in life. That's okay, that's as it should be. If you can't get a thousand words written, aim for 500. If you miss one day, then tomorrow is another day and you can try again. That is also true over a long time scale as well. If I miss writing a million words in one year, well, tomorrow is another day and next year is another year. And of course, thank you for reading all the books. There'd be no point in writing a million words a year if people didn't read them. So that is it for this week. Thank you for listening to The Pulp Writer Show. I hope you found the show useful. A reminder that you can listen to all the back episodes at https://thepulpwritershow.com. If you enjoyed the podcast, please leave a review on your podcasting platform of choice. Stay safe and stay healthy, and we'll see you all next week.  

The Emblem Show is hosted on Twitter Spaces and livestreamed across YouTube/X on Tuesdays and Thursdays at 1:00PM EST. The show focuses on news and events in the cryptocurrency industry, as well as inviting guests on from all sectors across DeFi, NFTs, AI, and interoperability.Adam McBride: https://twitter.com/adamamcbrideJake Gallen: https://twitter.com/jakegallen_Chris Devitte: https://twitter.com/chris_devvEmblem Vault: https://twitter.com/EmblemVaultMigrate Fun: https://x.com/MigrateFun

MapleStory Universe announces its financials, Yuga talks Otherside resources, Colony: Survival is live via app stores.[00:15] MapleStory Universe has announced its H1 2026 financials. [02:22] Q1 had revenue of 14.4 M NXPC vs 13.2M NXPC given away in rewards.[03:55] Q2 was 16.6M in revenue vs 14.9M in rewards. [04:11] However, the NXPC price continues to drop; down 69% in the past 12 months. [04:38] Total H1 2026 revenue for MapleStory Universe was $9.9M.[05:00] Trading volume on the NFT marketplace was $10.4M.[05:36] MapleStory also burned $2M of NXPC as part of its quarterly burn process. [09:08] Yuga Labs has announced more details of Otherside's resource economy. [12:28] Parallel Studios has launched 4X strategy game Colony: Survival via app stores. [14:01] Animoca and AWS' Agentic Football Cup is now live.[16:03] Axie Infinity's Vibeathon is live and submissions close on 21st September. [16:35] Axie and Onchain Heroes launch degen dungeon crawler Den of Mysteries 2.0.

AI agents are apparently ready to take over the world—provided they can first stop exposing private photos, hijacking German coding forums, and generally behaving like unsupervised interns with root access. Meta launches Muse despite employees reporting security problems. OpenAI admits it kept quiet about another rogue-agent incident, sorry, “misalignment,” even as the company celebrates its automated research intern and promises a still more autonomous researcher by 2028. Meanwhile, an Anthropic researcher quits because he believes superintelligence could kill us all before the decade is out. Naturally, the industry's response is essentially: “Yes, but what if we did it responsibly?”There is some genuinely encouraging news: AI-generated drugs are showing intriguing early results in aging research. That's exactly the sort of AI application the Geeks can get behind—as long as we're talking about actual science and not an LLM confidently hallucinating a cure for everything.The autonomous future isn't looking much better. Tesla's Cybercabs arrive in Austin and almost immediately attract federal scrutiny over their self-certification and conspicuous lack of steering wheels, pedals, mirrors, and apparently even conventional door handles. Bitcoin's Liquid Network is relieved of roughly $320 million, after which the thieves return most of it and call the whole thing a “white hat” operation—because apparently robbing the bank and giving some of the money back now counts as a bug bounty.On the surveillance front, Massachusetts police are being forced to disclose where their license-plate readers are and what data they collect, while the backlash against Flock cameras continues. Meanwhile, the UK's attempt to protect children from online sexual abuse risks creating exactly the kind of universal scanning and surveillance infrastructure we've spent years warning about. Good intentions, meet spectacularly bad implementation.And because we apparently haven't suffered enough, Twitter is now Tweet.app. Star Trek turns sixty, and Paramount celebrates with cookware and a questionable episode. Silo gets a spinoff tease, Ted Lasso gives us a Christmas episode in September, and The Gentlemen returns with a season so good it makes reality TV feel like a traumatic brain injury. South Park becomes South America, Donnie Darko gets a 25th-anniversary 4K theatrical run, and several tech-industry documentaries promise varying degrees of psychological damage.Plus, Netflix keeps stuffing games into your subscription; LaCroix, sorry, Le Creuset, wants to put Star Trek in your kitchen; and the Geeks debate books, Libby, time travel, and whether surviving Dungeon Crawler Carl is worth the emotional investment.Welcome back to the future, where everything is automated, surveilled, self-driving, subscription-based and somehow still requires us to do all the damn work.Sponsors:CleanMyMac - Get Tidy Today! Try 7 days free and use code OLDGEEKS for 20% off at clnmy.com/OLDGEEKSPrivate Internet Access - Go to GOG.Show/vpn and sign up today. For a limited time only, you can get OUR favorite VPN for as little as $2.03 a month.SetApp - With a single monthly subscription you get 240+ apps for your Mac. Go to SetApp and get started today!!!1Password - Get a great deal on the only password manager recommended by Grumpy Old Geeks! gog.show/1passwordShow notes at https://gog.show/762Watch on YouTube at https://youtu.be/uP_Ookm5q0gShow NotesOpenAI responds after report exposed another incident in which its AI agents went rogueOpenAI says it reached its goal of creating an automated research internTwo more news organizations sue OpenAI and Microsoft for copyright infringementAnthropic researcher quits over fears AI ‘could kill us all by the end of the decade'Three hikers ignored Mount Shasta's rules, trusted Gemini, and nearly paid for itTesla's Cybercab is under federal investigation almost immediately after hitting the streetsA Plane Almost Crashing Into a Bunch of Cybercabs Is a Reminder That They're ‘Piling Up' UnusedHackers Drain $320 Million From Bitcoin's Liquid Network, Keep $47 Million for Themselves in ‘White Hat' OperationCourt Says Massachusetts Has to Say Where License Plate Readers Are, What They're RecordingApple and Google Miss Deadline to Block Child Nudity on Their Phones in the UKStudy Suggests AI-Generated Drug Could Slow AgingNew Twitter rebrands to Tweet.app after court's double-edged rulingTo Boldly Dough! Le Creuset Sent Its New Star Trek Cooking Collection Into SpaceNetflix includes 80+ ad-free iPhone and iPad games, here's every appWhite House Launches Arcade.Gov, a Minigame Site Where You Catch Immigrants, Build a Tetris Border Wall, and 'Fill Your Kids' Trump Accounts' With BitcoinWhite House ArcadeStar Trek: Strange New Worlds goes back to the dumb wellStar Trek Boldly Celebrates 60 Years: Everything You Need To Know for September 8Silo Season FinaleTed Lasso : S4 E6 Don't Jump Around Much AnymoreReport: Apple TV working on spin-off to its hit series SiloThe Gentlemen Season 2‘South Park' Changes Name to ‘South America' as Creators Roast Apple and Google for Obeying Trump's Lake America Name Change‘Donnie Darko' Will Spread Dread Anew With a 4K 25th Anniversary RereleaseOrbital by Samantha HarveyA Gift of Time by Jerry MerrittTime Pebbles by Jerry MerrittThe Infinite Extent Bobiverse, Book 6 By: Dennis E. TaylorThe Nerd ReichThe Turd ReichDave BittnerThe CyberWireHacking HumansCaveatOnly Malware in the BuildingLG TVs Are Capable of Listening to More Than Your Screen, Report ClaimsAnother searchable database of Usenet.I guess I won't be going to RenFest this year...I know where I'll be February 19th...THE EMPIRE STRIPS BACK - A BURLESQUE PARODYSTAR WARS COMPARISON - Stereo VS Mono Sound MixSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Send us Fan MailThe web is starting to feel like a hall of mirrors. With AI cranking out endless “good enough” text, images, and video, it's getting harder to know whether you're reading a real fact, seeing a real person, or walking straight into a scam. That's why I sat down with Anthony Anzalone, better known online as Burnt Banksy, to dig into a question that's becoming impossible to ignore: how do we prove what's real on the internet without sacrificing privacy?Anthony's story starts with a now-famous act of digital ownership provocation: buying a $95,000 Banksy, burning it, and then selling the work as an NFT for around $400,000. From there, we trace the deeper theme behind the headline, verification. Crypto proved that when you can verify money and transactions, you can build entire new markets on top. Anthony argues the next frontier is verified information, the kind of trustworthy data that can help humans, brands, and AI systems operate without drowning in fraud, deepfakes, fake credentials, and bot traffic.We unpack how Verona (evolving from earlier infrastructure work on chain abstraction) aims to become an intelligence layer for AI agents, what an AI agent actually needs to know before we let it act on our behalf, and why zero-knowledge proofs matter for real-world privacy. We also get into the unglamorous truth about adoption: people don't buy “blockchain,” they buy outcomes like less risk, safer onboarding, and higher trust. If you care about AI trust, identity verification, data privacy, and a future internet with less “AI slop,” you'll get a lot out of this conversation.This episode was recorded through a Descript call on September 8, 2026.Read the blog article and show notes here: https://webdrie.net/from-burning-a-95000-banksy-to-building-online-trust/If the ideas resonate, subscribe for more, share this with someone who worries about online trust, and leave a review to help more listeners find the show........................................................................... 

On this episode of CoinDesk's Public Keys from the New York Stock Exchange, host Jennifer Sanasie is joined by special guest co-host Ophelia Snyder, Co-Founder of 21Shares. Payward Chief Commercial Officer Mark Greenberg breaks down Kraken parent Payward's new partnerships with SoFi and the London Stock Exchange, and how xStocks is bringing tokenized equities and 24/7 markets to investors around the world. Bullish Exchange President Chris Tyrer unpacks Bullish's $4.2 billion acquisition of transfer agent Equiniti, its first tokenized-share trades on a GFSC-regulated venue, and the competing models shaping the future of tokenized stocks. Plus, Sanasie and Snyder break down another billion-dollar week for Bitcoin and Ethereum ETFs and what shifting macro conditions could mean for crypto. - Learn more at bullish.com. - Register now for CoinDesk's Policy and Regulation event on September 22, 2026: policy-regulation.coindesk.com. - To get market-moving news delivered daily, download CoinDesk's mobile app: linktr.ee/coindeskapp. - Chapters/Timecodes: 00:00 Welcome to Public Keys 00:40 Has the Mood Shifted on the Clarity Act? 03:32 The ColdCard Hack and the Case for Intermediaries 05:26 Payward's Mark Greenberg Joins 05:47 Inside the London Stock Exchange xStocks Deal 07:11 Will xStocks Come to the US? 08:41 The AMC-Robinhood Tokenized Stock Spat 09:57 Why Issuers Should Embrace Tokenized Equities 11:13 Nasdaq Equity Tokens and Yield on xStocks 13:20 Bullish's Chris Tyrer on the $4.2B Equiniti Deal 14:23 The Three Models of Tokenized Equity 15:10 Who Owns Your Stock? Cede & Co. and Issuer Visibility 17:51 Tokenization as the Next Mega Trend 19:31 Turning Shareholders Into Members 21:31 Tokenization, NFTs, and the Governance Problem 24:28 Another $1.2B Week for BTC and ETH ETFs 25:04 Reading the Flows: Macro and a Bitcoin Regime 27:47 Alt Flows and the First US Staked TRON ETF

The Emblem Show is hosted on Twitter Spaces and livestreamed across YouTube/X on Tuesdays and Thursdays at 1:00PM EST. The show focuses on news and events in the cryptocurrency industry, as well as inviting guests on from all sectors across DeFi, NFTs, AI, and interoperability.Adam McBride: https://twitter.com/adamamcbrideJake Gallen: https://twitter.com/jakegallen_Chris Devitte: https://twitter.com/chris_devvEmblem Vault: https://twitter.com/EmblemVaultMigrate Fun: https://x.com/MigrateFun

 Andrew Pelekis (CEO of HEEBOO) and Nicholas Cabana (Co-Founder of Claynosaurz and Chief Creative Officer at HEEBOO), break down how a Solana-based digital collectibles brand and a small team of Hollywood animators grew into an entertainment franchise now streaming on Amazon Prime Video. They unpack the decision to give 15% of company equity back to collectors; how selling products funds content production; and why treating fans as co-owners (not just customers) became their unlikely path to overcoming Web3's biggest adoption hurdle. Key Takeaways: Why short-form content became the deliberate first move for Claynosaurz, long before the existence of any long-form series How giving equity away to early collectors solved a problem most brands don't realize they have What it takes to get kids excited about digital collectibles without ever mentioning crypto Why obsessing over token price charts can undermine a community's long-term value How pairing streaming with digital collectibles could turn passive viewing into something interactive Guest Bio: Andrew Pelekis is the CEO of HEEBOO, the studio behind the Claynosaurz entertainment IP. He leads the company's efforts to turn Claynosaurz from an internet-native community and digital collectible project into a broader entertainment franchise, including its recent expansion onto Amazon Prime Video.   Nic Cabana is the Co-Founder of Claynosaurz  and Chief Creative Officer at HEEBOO, where he leads the creative vision behind the Claynosaurz universe. He's focused on building an entertainment IP that brings together storytelling, community, and emerging technology in new ways.   ---------------------------------------------------------------------------------------- About this Show: The Brave Technologist is here to shed light on the opportunities and challenges of emerging tech. To make it digestible, less scary, and more approachable for all! Join us as we embark on a mission to demystify artificial intelligence, challenge the status quo, and empower everyday people to embrace the digital revolution. Whether you're a tech enthusiast, a curious mind, or an industry professional, this podcast invites you to join the conversation and explore the future of AI together. The Brave Technologist Podcast is hosted by Luke Mulks, VP Business Operations at Brave Software—makers of the privacy-respecting Brave browser and Search engine, and now powering AI everywhere with the Brave Search API. Music by: Ari Dvorin Produced by: Sam Laliberte

Forty companies own 70 percent of the hogs in this country. Fewer than 100 plants slaughter 99.7 percent of them. Small farms running their own processing account for 0.3 percent of the pork on shelves, 2 percent of the beef. So when a menu names a farm, the math says it almost never is one. Greg Gunthorp is a fourth generation pastured hog farmer in Indiana, 400 sows on 275 acres, with a USDA-inspected plant on his own farm and pork sold by name at Rick Bayless restaurants, including inside Disney. In 1998 hogs were bringing 8 cents a pound minus trucking. He maxed his credit cards, pulled pennies out of his daughter's piggy bank for a school field trip, and drove a pig packed in ice in the back of his wife's Suzuki Swift into Chicago, where Wine Spectator had just named the restaurant he was selling to the best in the world. Then the big packers noticed. He calls it winning a few battles and losing the war, shadow brands priced 25 to 40 percent over commodity, selling the same conventional product the independent farmers built their name on. Until January of 2026, foreign meat repackaged here could legally say Product of USA on the label. Also in this one: why farmers get 14 cents of every food dollar, the JBS bribery scandal and the 97 day pause on Brazilian imports, why he ranks solar grazing above his own kill floor, why 70 percent of the lamb sold in America is imported, and the same four point reform pitch that landed the same way with a MAHA crowd and an antitrust crowd. His line on what these farms actually export: the topsoil and the kids. What should we dig into next week? Put it in the comments. JOIN THE BARN TALK NEWSLETTER & GET LIVE EVENT ACCESS: We're on a mission to get 10,000 subscribers, and once we do, we're hosting a live event at the barn! Sign up to get exclusive access to tickets and details.

In this episode, Roy sits down with award-winning actor, writer, and producer Niki J. Borger, creator and star of the upcoming sitcom NFTease. Niki traces her path from growing up in Germany with only 10% depth perception, to becoming a musical theatre performer, to transitioning into Hollywood film and eventually producing her own work — including a five-minute short film shot for $367 on two iPhones that went on to earn 20 festival selections, 7 nominations, and 4 awards. As a performer who's worked everything from musical theatre stages to documentary theatre in active conflict zones, Niki speaks candidly about the craft behind holding an audience, adapting to wildly different performance environments, and turning setbacks into her strongest material. They dig into NFTease itself: the premise of three insecure NFT-startup founders forced to partner with a group of "influencers" who turn out to be something else entirely, and the investor structure behind it. Niki also opens up about the realities of the acting industry — vanishing residuals, non-union commercial rates, and her strong stance on AI, consent, and protecting an artist's likeness — before closing with a full cast rundown for the show's eight core characters. Timestamps 0:02 – Introducing Niki J. Borger and NFTease 0:47 – From Germany to Hollywood: growing up with 10% depth perception and finding dance 5:35 – The $367 short film shot on two iPhones that won 20 selections and 4 awards 7:54 – How film festivals actually work — selections, nominations, and a virtual award from Malaysia's Crown Prince 13:34 – Into NFTease: the premise, the plan to shoot the full series (not just a pilot) 16:09 – The investor structure: 120% return before profits split between cast, crew, and investors 17:26 – Minimum investment levels and ways to get involved beyond investing 17:59 – Smart contracts, blockchain, and why the show kept the name NFTease 19:26 – Creating actual NFTs for the show and building in royalties 20:56 – Casting 6,000 applicants down to a core cast 24:29 – Life on a film set: the machinery of production and what a delay actually costs 27:54 – The reality of life as a touring performer, including a documentary theatre project in Russia and Ukraine 29:59 – Green screens, motion capture, and a long, candid take on AI, consent, and protecting a performer's likeness 40:27 – Full character and cast rundown for NFTease 44:21 – Where to find Niki and NFTease online About Niki J. Borger Niki J. Borger is an award-winning actor, writer, and producer, known for her original performances in the Extravaganza One Act Fest in Los Angeles, her award-winning short films "Because I Could" and "A Portrayal of a Subtle Suicide," and her collection of original one-act plays "In-Between: Eight Gender-Neutral One-Act Plays Between Life and Death." Her work has been screened around the world, and she has performed in Europe, Russia, North America, and South America. Niki is fluent in four languages and currently travels the world before returning to her base in California to film NFTease — her upcoming sitcom series. Connect with Niki & NFTease:

In this episode, Roy sits down with award-winning actor, writer, and producer Niki J. Borger, creator and star of the upcoming sitcom NFTease. Niki traces her path from growing up in Germany with only 10% depth perception, to becoming a musical theatre performer, to transitioning into Hollywood film and eventually producing her own work — including a five-minute short film shot for $367 on two iPhones that went on to earn 20 festival selections, 7 nominations, and 4 awards. They dig deep into NFTease itself: the premise of three insecure NFT-startup founders forced to partner with a group of "influencers" who turn out to be something else entirely, how the show plans to build its audience through social media before shooting the full series, and the investor structure behind it. Niki also opens up candidly about the realities of the acting industry — vanishing residuals, non-union commercial rates, and her strong stance on AI, consent, and protecting an actor's likeness — before closing with a full cast rundown for the show's eight core characters. Timestamps 0:02 – Introducing Niki J. Borger and NFTease 0:47 – From Germany to Hollywood: growing up with 10% depth perception and finding dance 5:35 – The $367 short film shot on two iPhones that won 20 selections and 4 awards 7:54 – How film festivals actually work — selections, nominations, and a virtual award from Malaysia's Crown Prince 13:34 – Into NFTease: the premise, the plan to shoot the full series (not just a pilot) 16:09 – The investor structure: 120% return before profits split between cast, crew, and investors 17:26 – Minimum investment levels and ways to get involved beyond investing 17:59 – Smart contracts, blockchain, and why the show kept the name NFTease 19:26 – Creating actual NFTs for the show and building in royalties 20:56 – Casting 6,000 applicants down to a core cast 24:29 – Life on a film set: the machinery of production and what a delay actually costs 27:54 – The reality of life as a touring actor, including a documentary theatre project in Russia and Ukraine 29:59 – Green screens, motion capture, and a long, candid take on AI, consent, and protecting an actor's likeness 40:27 – Full character and cast rundown for NFTease 44:21 – Where to find Niki and NFTease online About Niki J. Borger Niki J. Borger is an award-winning actor, writer, and producer, known for her original performances in the Extravaganza One Act Fest in Los Angeles, her award-winning short films "Because I Could" and "A Portrayal of a Subtle Suicide," and her collection of original one-act plays "In-Between: Eight Gender-Neutral One-Act Plays Between Life and Death." Her work has been screened around the world, and she has performed in Europe, Russia, North America, and South America. Niki is fluent in four languages and currently travels the world before returning to her base in California to film NFTease — her upcoming sitcom series. Connect with Niki & NFTease:

The Emblem Show is hosted on Twitter Spaces and livestreamed across YouTube/X on Tuesdays and Thursdays at 1:00PM EST. The show focuses on news and events in the cryptocurrency industry, as well as inviting guests on from all sectors across DeFi, NFTs, AI, and interoperability.Adam McBride: https://twitter.com/adamamcbrideJake Gallen: https://twitter.com/jakegallen_Chris Devitte: https://twitter.com/chris_devvEmblem Vault: https://twitter.com/EmblemVaultMigrate Fun: https://x.com/MigrateFun

Very Important Links!Support the show on Patreon! - Other ways to support the show!Join our Discord! - Buy some merch!The AI apocalypse has lawyers now, and apparently that's progress. A federal judge tells the Pentagon its Anthropic ban was “illegal and baseless” after Anthropic refused to remove safeguards that would allow Claude to be used for mass surveillance and autonomous weapons. Meanwhile, Sony and Warner are suing Anthropic over allegedly scraping and torrenting copyrighted music to train Claude, while a separate lawsuit accuses xAI of using child sexual abuse material in Grok training. Because nothing says “revolutionary technology” quite like a growing stack of lawsuits and federal judges.Elsewhere in the dystopian workplace, employees are increasingly fed up with AI, communities are pushing back against data centers, and one AI startup is fleeing that backlash for Saudi Arabia. Google's AI shopping mode is also accused of recommending products that cost significantly more than traditional search results, while Waymo and Zoox rack up injuries among test drivers. Tesla's Autopilot is implicated in another fatal crash, and FSD apparently still has a complicated relationship with freight trains. In the prediction-market casino, a federal appeals court sides with Nevada against Kalshi, while George Santos earns the platform's first lifetime ban for allegedly manipulating a market. And Meta's AI glasses are facing another privacy lawsuit, this time from the people who never bought the glasses but may have been recorded by them anyway.Plus, the new Twitter is back from the dead, complete with a $20 admission fee and an AI fact-checker named Vera; Sony would like you to understand that buying a digital game means you don't actually own the damn thing; Siri on the Apple Watch moves at approximately the speed of continental drift; JBL makes Wi-Fi speakers and we have Star Trek, Ted Lasso, Silo, Spaceballs, Wicked, The Traitors, The Gentlemen, and more. Welcome to the future. Please bring your wallet, your lawyer, and possibly you're best eye-roll.Sponsors:Private Internet Access - Go to GOG.Show/vpn and sign up today. For a limited time only, you can get OUR favorite VPN for as little as $2.03 a month.SetApp - With a single monthly subscription you get 240+ apps for your Mac. Go to SetApp and get started today!!!1Password - Get a great deal on the only password manager recommended by Grumpy Old Geeks! gog.show/1passwordShow notes at https://gog.show/761Watch on YouTube at https://youtu.be/Y9B6C6nzO50SHOW NOTESJudge rules that the Pentagon's Anthropic ban was 'illegal and baseless'Elon Musk's xAI used child porn to train Grok models, lawsuit saysSony and Warner sue Anthropic for 'blatant violation' of copyright lawResearchers Warn AI Could Be Changing Us in an Unexpected WayMore Evidence Emerges That Gen-Xers Feel the Most ‘Whatever' About AIEmployees Absolutely Loath AI in the Workplace, Survey FindsFleeing Data Center Backlash at Home, American AI Startup Sets Up Shop In Saudi ArabiaTrump to Communities Fighting Data Centers: Have Fun Being PoorGoogle's AI Mode Is Ripping Shoppers Off With Vastly Higher Prices, Study ClaimsWaymo, Zoox Vehicles Still Causing Injuries to Test Drivers: ReportAnother Tesla on Autopilot Stopped on Freeway, Driver Died: ReportTeslas Are Still Driving Into Oncoming Freight TrainsUS appeals court sides with Nevada in legal fight with KalshiGeorge Santos Gets Kalshi's First-Ever Lifetime BanMeta Hit With Sweeping New Claims That Its AI Glasses Violated the Consent of “Millions” of Bystanders in Searing LawsuitRichest Man in the World Currently Ranks 4th in Race to Bribe the Most PoliticiansJBL just introduced a trio of Wi-Fi speakers for whole-home audioThere's a new Twitter in town, even though a judge has yet to rule on a trademark injunctionSony says ‘reasonable consumers' know they don't own the digital games they buyStar Trek: Strange New WorldsTed LassoSiloWicked: For GoodSpaceballsDave BittnerThe CyberWireHacking HumansCaveatOnly Malware in the BuildingRoland's new digital piano has built-in Wi-Fi that integrates with a teaching appRoland FP-40 Digital Piano ReviewElton John - I Don't Wanna Go On With You Like ThatRoland RD-1000The Brutalist ReportSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A rancher outside Kansas City put collars on 30 cows and went from moving them every two days to every four or five days on the same ground, at the same cow condition. That is double the carrying capacity overnight, and we spent most of this episode on how virtual fencing works and what it costs. The collar runs $280 plus a subscription. Users report getting back 8 to 10 hours a week. The GPS is accurate to about 4 or 5 feet, which is roughly one fat cow in any direction. One challenger cow averaged 800 sound warnings a day for three weeks, about one every 30 seconds she was awake, while other cows in the same group got one a week. When a cow does get out, she is back inside 80 percent of the time within 5 to 10 minutes, because her friends are still there. There are around 6,000 of these collars in North America and they only started selling here in June. Then we put the skeptic hat on. What happens to your herd if the company runs out of money. Who owns the data. Why he tells customers to never trust a virtual fence alone along a highway, because the liability is too big. And what happens to cattlemen when Silicon Valley decides cattle are a robotics problem. Also in this one: an engineer who quit a VP title in Norway, visa on Monday and a plane on Friday, a farmhouse built in 1318 and the man who will not give it up, why so many farmers keep a town job for the insurance, and what a Norwegian thinks of American water, groceries, and youth sports. Low profit is the one problem every farmer in every country has in common. The other is that not one of them thinks he owns the land. What do you want us to dig into next week? Drop it in the comments and we read them. JOIN THE BARN TALK NEWSLETTER & GET LIVE EVENT ACCESS: We're on a mission to get 10,000 subscribers, and once we do, we're hosting a live event at the barn! Sign up to get exclusive access to tickets and details.

Keith explores how real estate strategies have shifted from the 1980s to today and explains why investors need to adapt deal structures to changing interest rates, lending conditions, and market cycles.  He highlights current opportunities in new construction and builder rate buydowns, along with the long-term benefits of fixed-rate debt.  Keith is joined by economic futurist and author Richard Vague, who challenges conventional beliefs about inflation and interest rates and explains how government intervention, war, and supply constraints shape asset prices and leverage decisions. Together, they provide a big-picture framework for understanding how today's macro environment affects real estate investing decisions. Episode Page: GetRichEducation.com/621 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  FAMILY to 66866  Join Mid South Home Buyers' one-time, free live webinar featuring Keith Weinhold on September 30 at GetRichEducation.com/MidSouth to learn how Memphis' economic expansion could create new real estate investment opportunities, and have your questions answered in real time. Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host Keith Weinhold. Learn how dramatically real estate has changed from the 1980s through the late 2020s. We'll be sure that your approach is changing with it. Then a great guest and I discuss how war and future calamities will affect mortgage rates, inflation, and your real estate today on Get Rich Education. What if I told you that one of America's strongest cash flow real estate markets is also becoming the new brains and brawn behind AI? That city is Memphis, believe it or not. In September 30th, we're going to show you why the smart money is paying attention now, along with an investing opportunity you won't want to miss. Join me, Terry Kerr and Matthew Van Horn of Mid South Home Buyers, the largest turnkey company in Memphis with more than 6,000 homes under management, for a free live webinar, the likes of which I've never done before. We're going to look at what billions in new investment could mean for jobs, housing demand, neighborhood appreciation, and your portfolio. Everyone who attends live will also get exclusive access to the best deal terms Mid South has ever offered. Reserve your free seat at getricheducation.com/midsouth. Again, that September 30th. Don't say we didn't tell you. Save your spot at getricheducation.com/midsouth.   Speaker 1  1:35   You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get Rich Education.   Keith Weinhold  1:51   Welcome to GRE from Cambridge, England, to Cambridge, Massachusetts, and across 188 world nations. I'm Keith Weinhold. You're inside Get Rich Education. You could be doing anything with your time. I'm grateful that you choose to listen to me every week. You know, real estate investors sometimes say, "Ah, there aren't any deals anymore. What they usually mean is the deal structure that they learned five years ago stopped working. There are always opportunities in real estate, but your approach changes with interest rates, lending standards, inventory, construction, government policy, and just the overall economic cycle. The best investors don't wait for yesterday's market to return. That's like someone still hoping for Blockbuster Video Store to reopen. They identify what today's market is offering instead. Just consider this historic retrospective on real estate investing from the Reagan administration to today, in 1981, the 30-year mortgage rate peaked above 18.6%. I mean, just imagine proudly telling your friends that you locked in at 17% before rates went higher. That mortgage needed its own defibrillator. By 1984, rates were still near 16%. The strategy then, the approach, was for a buyer to assume the existing owner's lower rate mortgage that they locked in a few years earlier, perhaps in the late 70s, that's how you got a good deal, assuming that existing owners lower-rate mortgage. You can't do that so easily today.   Keith Weinhold  3:50   By the late 80s and early 90s, the opportunity shifted from assuming attractive debt to buying distressed properties. The S and L crisis was upon us. Savings and loan failed lenders found themselves holding piles of distressed real estate, so investors bought foreclosures and REOs at discounts. They improved neglected buildings and then they repositioned them for income. You probably know that REO stands for real estate owned on a bank's balance sheet. All REO means is bank-owned property, but that's what you did. You found those, and then you scooped up a deal that way. As the 1990s progressed, interest rates declined, and loans also became really easy to obtain. We were tilting into the loosey-goosey easy lending environment. In the 90s, it was popular to buy an undervalued property, renovate it, raise the rent, and refinance it based on the improved value. That process later got a buzzy acronym and became known as the Burr strategy: buy, rehab, rent, refinance, repeat. By 2005, financing got more creative. This is when I was a new real estate investor. I remember obtaining what were known as 8015 five combo loans. This meant an 80% first mortgage, 15% second mortgage, and 5% down payment. You remember those? If you've been around for a while, you do. And see, this way you could avoid paying PMI, and you could control property with an astounding 20 to one leverage ratio due to that 5% down payment, but soon enough lending just got absolutely too creative and easy. The quiet lending party turned into a boisterous kegger, delivering the 2008 financial. crisis, and pretty soon I could no longer get any loans. From 2009 through the early 2010s, you could buy foreclosures and short sales at enormous discounts if you could find the loan.   Keith Weinhold  6:20   Financing was tough, but prices were super low. It might have even made sense to pay cash at that time. Fear was everywhere right after the global financial crisis. I mean, it really took courage to act when others were hiding under the bed. By 2020 and 2021, the opportunity changed from cheap property to cheap money. Mortgage rates dropped below an absurd 3% as a result of the COVID pandemic. You could lock up extraordinarily cheap debt for less than the inflation rate, and then let inflation nibble away at it like Pac-Man. Of course, a lot of us are still benefiting from that today, but that opportunity is long gone now. But it doesn't mean that deals are gone today. Where's the opportunity? One of the best ones is often found in new construction, large build. have got to keep moving their inventory as they build these homes because they have got to keep their crews busy. An unsold house for a builder-I mean-that produces as much income as an unplugged Bitcoin miner. Rather than make conspicuous price reductions, builders use their financial muscle to buy down mortgage rates for you, often in the 5% range or even lower.   Keith Weinhold  7:52   Builders might also offer you closing cost assistance, upgraded finishes, or other incentives that a single resale seller just can't match. So from the Reagan administration to today, over 45 years, the winning strategy just keeps morphing. It started out back then as assume the loan, over to buy distress, then to renovate and refi, then it was a creative financing wave, and then cheap debt, and today take the builders buy down. That's where we are. The mistake is deciding in advance what a deal is supposed to look like. The best deal structure changes, and of course, it's going to change again. The investor who keeps fighting the last war is always going to conclude that the opportunity has disappeared, but it hasn't. It's just changed clothing. Still, though, today's new purchases now-they're not as good as the deals that they were five years ago, but the best investors keep investing. They keep adding to their portfolio. It's what they've always done. Absolutely zero winning investors that are successful over time look back and say things like, "I didn't add anything to my portfolio during that 10-year span for this or that reason, the market changes, and you've got to adapt with it. That's a way to think about it. Take solace in knowing a few things. Deal structure changes over time are inevitable. And larger picture, you are investing in a product that is sustainable residential real estate in the form of long-term rentals. These entry-level properties are a scarce asset that people are going to continue to need. I mean, that's what we do here. Just compare. To the fads that we avoid around here, like NFTs, metaverse real estate, which we discussed on the show a few years ago, but said is highly dangerous, eye buying, value add apartment syndications, SPACs, or how about ICO funded altcoins? We don't chase the latest hot thing here at GRE. It is about what's sustainable, necessary, and cannot be easily disrupted by AI, and that's one reason that Get Rich Education is still standing strong after 52 episodes every year for almost 12 years now. Shortly, we're going to bring in a rather esteemed guest today on the future direction of interest rates and inflation. Interestingly, he believes that raising interest rates does not cool inflation, and that's contrary to popular belief. I'm going to press him on this and ask why, but first, our new Fed chair, Kevin Warsh. He's only been on the job a few months now.   Keith Weinhold  11:07   He is gaining a reputation for not forecasting what they're going to do ahead of time, like his predecessor had. I guess I tend to like his disposition and the way that he communicates, I sense some pragmatism with Warsh, but gosh, it often seems that a new Fed chair gets off to a well liked start, and then they do something that lots of people criticize. Like, remember in 2004, late Fed Chair Alan Greenspan suggested more borrowers could benefit from adjustable rate mortgages shortly before rates rose and ARM resets became financial landmines. In 2007, Ben Bernanke said that subprime mortgage problems were likely to be contained. Oh, right after that, they helped trigger the global financial crisis, and more recently, the Jerome Powell gaffe, which I'll mention in the interview shortly. Here's what current Fed Chair Warsh says about inflation:   Kevin Warsh  12:14   For some households, businesses, and market professionals, five years of high inflation have left a mistaken impression, that's hard to shake, that the Fed's implicit inflation target was somehow above 2% Let me reiterate, there is no soft inflation target. There is no soft implicit target, not on this committee's watch. There's only a target, and it's 2%   Keith Weinhold  12:42   It's obvious that he is serious about getting inflation back down to 2% That tends to point toward interest rate increases. Let's discuss that and more with this week's brilliant guest. This week's guest is an economic futurist keynote speaker, and he's quite a popular author. He is chair of the board of the Public School Employees Retirement System. That's the largest public pension fund in Pennsylvania. Previously, the Pennsylvania governor appointed him as the secretary of banking and securities for the Great Commonwealth of Pennsylvania, he's also the founder and president of several various organizations today, and he serves on several boards, including at the University of Pennsylvania and the School District of Philadelphia. I mean, I hardly know how he has time to do it all, but he made time for us today. Hey, it's great to welcome back Richard Vague.   Richard Vague  13:45   It's such an honor to be with you. I certainly enjoyed our last session, and it's really wonderful to be back.   Keith Weinhold  13:51   Well, and so much has changed since you were last here, Richard. First, why don't we pull back and talk to us about the general state of the national economy today, as you see it.   Richard Vague  14:04   ou know the economy was rocking along okay, and you know since you guys are such experts in real estate, I'll tell you one of the most important statistics, in my opinion, is the number of unsold homes, and by all rights, that number should be about 2 million homes. It's only about a million and a half. So there's a deficiency in our housing stock in the United States, which is, yeah, I think good news for the housing industry. It's always good to have a reason to have to grow. You may recall that in 2007, that had gotten up to four millinomes, which was a catastrophe, as we all know. So, it's the economic statistic I looked at first and most closely, and that was, you know, an okay number, and a lot of the things were going along. You know, not fabulous, but not terrible. Things were kind of moving. And all of a sudden now we have the war in Iran, and that's creating all sorts of problems for us, which you know I think you guys are concerned about. So I generally think the economy's been good, but there's a lot of dark clouds on the horizon.   Keith Weinhold  15:15   You know, Richard, I was recently sharing something remarkable with our audience. To your point, just since 2020, consider all the calamities that we've had: COVID, Ukraine, Israel, Gaza, tariffs, and the Iran War. Just since 2020, what's the result of all that? Both stocks and residential real estate are near all time highs.   Richard Vague  15:42   Yeah, well, you know, one of the things that's true is that this is something I go to in great detail in my book Paradox. But the more debt there is, the higher asset prices go.   Keith Weinhold  15:53   Yeah.   Richard Vague  15:54   You know, in the case of housing, that broadly helps middle America. In the case of the stock market, the top 10% of the country owns 87% of the stocks, so that tends to go to the wealthiest instead of to the broad population. But yeah, those two things are at highs.   Keith Weinhold  16:12   You're touching on your well-received 2023 book, The Paradox of Debt, and you know, Richard, amidst all these calamities and all this potentially unprecedented level of government intervention that we've had-you know-it makes one wonder during the next crisis, which is inevitably going to happen, will the government just step in and provide relief again? And how would that look?   Richard Vague  16:38   You know, I think that's one lesson that government has learned indelibly. Way back in 1929, in the couple of years that followed, the government did not step in, and we saw what happened. And I think there's a generation of economists that understand the role of government in a calamity, and you know it's pretty simple. You know the government comes in and crops up financial institutions as they did in 2008, simply by providing the liquidity or buying the bad assets, or the government steps in with relief checks as they did in such a massive way in 2020. But the government has learned that at least to some degree, it needs to intervene. I can't imagine that ever not being true.   Keith Weinhold  17:26   Goshmright when you think about 2020s stimulus and how emergency lending facilities were set up, you had the payment protection program, stimulus checks, mortgage loan forbearance. It's just like this government won't let the asset holders fail.   Richard Vague  17:46   Well, yeah, you know, there's failure, and then there's something that's hurtful but not quite failure. You know, I can imagine that the government will be able to prevent, in some circumstances, certain asset prices going down some amount, it's actually fairly commonplace for stocks to go down 10 or 20% I can see real estate prices going down as they have in the commercial office space. Yeah, but yes, the government will step in when those things become extreme to prevent a true calamity.   Keith Weinhold  18:19   Of course, one consequence of the interventionism is elevated inflation. I know how you've talked before about how the level of inflation is higher than most people think. For example, you'll see today's CPI numbers in the mid threes. Talk to us some more about why inflation is higher than most people think.   Richard Vague  18:41   Well, I have studied inflation, you know, fairly diligently, and inflation really relates to the constriction of supply. And if you look over the 250-year history of the United States, we haven't had that many episodes of bad inflation, and they've always related to a constriction of supply. Most of them have occurred during a war when, for obvious reasons, you know, supplies are constricted. The big 1970s episode of inflation was because OPEC, which had so much more power back in those days, acted to you know punish the United States by constricting supplies, and the price of a barrel of oil went from $4 to $40 a barrel. Yeah, between 73 and 79. COVID was another instance where inflation related to constriction of supply. That was you know people couldn't go to the meat factory to cut meat. People couldn't go to the factories to build things, so all of a sudden our supplies were decimated, and we had a short burst of very painful inflation. Well, now we've got the straight of four moves, and that is impacting the price of oil. I think it's going to impact the price of oil more going forward because. Because we've been able to rely on reserves, both the U.S. has been able to rely on reserves, and China has been able to rely on even greater reserves. And you know we haven't seen the brunt of that, but unless something's resolved pretty quickly, I think in the fall and winter we're going to see even more problematic prices there. But we know agricultural prices and even the flow of commodities like wheat are constricted by the constraints in the Strait of Hormuz and, frankly, other waterways as well. Now, one of the things the numbers that you see reported tend to underreport inflation because it looks at a year-over-year number and doesn't really capture it if it's moved up more sharply in the last month or two. So we look at it on a month-by-month. We you know we break it down about as to as many parts as you can break it down into. But PPI, which is kind of a leading indicator on the eventual CPI PPI's producer price index, it was 4.7% this last month. That would suggest to you that things which are in the mid threes now, which is more higher than we want, you know, probably trending over. Maybe not next month, but you know, over the next three to six months, I'm not going to be surprised if the number's more in the four to five range. So, yeah, I think inflation's being somewhat underreported at the moment.    Keith Weinhold  21:29   The PPI being that harbinger of consumer prices, often four to six months down the road. And Richard, the last time you were here, when it comes to checking and controlling inflation, you said something so interesting. You said that higher rates, which is typically the response in order to try to quell inflation, higher rates actually do not lower inflation, and you did not get a chance to expand on that because we ran out of time. Tell us more about why higher rates do not reduce inflation.   Richard Vague  22:05   Well, I'm going to answer that a couple of ways. One of them is higher rates don't open the Strait of Hormuz.   Keith Weinhold  22:12   Right.   Richard Vague  22:13   You can put rates as high as you want, and it's not going to open the Strait of Hormuz.    Keith Weinhold  22:16   Chairman Warsch doesn't open the Strait. Yes, he doesn't get oil produce nothing.   Richard Vague  22:20   Strait of Hormuz.   Keith Weinhold  22:21   Yeah.   Richard Vague  22:21   And so we can do all we want to on raids, which is a very blunt instrument, and it's not going to address the supply constraints that are geopolitical and war related. So, if you want to curb inflation right now, there's two things to do. One of them's you know end the war with Iran, and the other is to kind of back off a lot of these tariffs that have become so problematic. I think there's a place for tariffs. I think there's certain things China's doing that you know a call for an appropriate level of tariffs. I'm not sure we should be big tariffs on Canada and some of these other places, which have the effect of increasing the cost of our farm equipment and cars and other things like that. So, if you really want to address inflation and address the things that truly underlie inflation, and if the second way I'd answer this is to say, go look at the debt, track the data from you know 1945 or 50. You know, we really look at the post World War II period as the place we really learn things from, and over that period, increased government spending has been accompanied by reduced interest rates and reduced inflation. So, reduced interest rates and reduced inflation have gone hand in hand, and rising interest rates and rising inflation have gone hand in hand, and it's a really easy thing to look at. We've got the data on our site, but there's only been three periods where you've had big shifts in government spending and rates. They're pretty easy to look at, and there's actually empirically an inverse relationship between rising interest rates and it's the opposite of what economists tell you.   Keith Weinhold  24:09   I think, in general, economists tell us that when inflation is high, you raise interest rates because consumer spending is about 70% of the economy, and those higher rates therefore incentivize people to be savers because they're getting paid a higher yield, keeping those dollars out of the economy, and they're less incentivized to be borrowers and expand the economy that way. I think in general that's why economists say that higher interest rates reduce inflation. Do you agree with that?   Speaker 2  24:40   Well, no, I don't, and the reason I don't is because when you look at the data, that doesn't happen. These are easy things to check, and what I would say to you is that rising interest rates increase costs, and you guys know that better than anybody in the world.   Keith Weinhold  24:56   With mortgages. Yeah.   Richard Vague  24:58   What do rising interest rates do to? Cost of your mortgage.   Keith Weinhold  25:02   Everything increased substantially.    Richard Vague  25:03   It has system prices at the grocery store. Well, the grocery stores have to pay our interest for their inventory. So the more intuitive and obvious thing is that rising interest rates increase prices. And by the way, if you and I were to go look at the data right now, which I look at almost daily, that we would see periods of rising interest rates correlate to periods of rising increased costs.   Keith Weinhold  25:29   Well, I'm glad you look at history because I often say here at Get Rich Education, if you want to know what's going to happen in the future, it's easy to have a hunch, but it's more important to look at history. Can you talk to us some more about how, over the long term, higher interest rates don't suppress inflation? If that's what you're saying,   Richard Vague  25:47   yeah. The greatest rise in inflation, you know, in my lifetime was the late 1970s.   Keith Weinhold  25:55   Yeah,   Richard Vague  25:56   and for the entire time that interest rates were going up, prices and inflation were going up, and it wasn't until interest rates started coming down that inflation started coming down. So we could look at any number of periods, and if you're going to argue the opposite, you need to go find me some data.   Keith Weinhold  26:15   Okay. Well, speaking in more modern times, in the last wave of inflation that we had, the CPI peaked at 9.1% in June of 2022. This is the whole famous Jerome Powell: inflation is only transitory. Oh shoot, no, it's not. I better hike rates. He did, and then inflation came down. Is it as simple as that cause in effect, or did something else make inflation come down post COVID.   Richard Vague  26:42   Inflation came down, and it came all the way down in July of 2022. It didn't come down gradually over six, 912, 18 months. You go look at the length monthly inflation. Inflation came all the way down in July of 2022, and stay has stayed down all the intervening period until very recently with the Iran War. July of 2022 was before there was a dramatic increase in interest rates.   Keith Weinhold  27:18   Right,   Speaker 1  27:19   that's simple.   Keith Weinhold  27:21   What caused inflation to come down? Then is it because supply began to arrive on the market again?   Richard Vague  27:27   People went back to work, started building things again.   Keith Weinhold  27:30   Producing.   Richard Vague  27:32   And the problem was folks had not been able to go to the factories and make things, and so we had a you know global supply deficit. Well, the nice thing about that is that you know money incends people to scramble back to work, make things again, and you know once they start doing that, and the Fed actually produces something they call the Global Supply Chain Pressure Index. You can get it on the Fed site. If you look at it, it's supposed to be kind of at zero, and anytime supply chains are disrupted, it shoots up. And any you know, any time the opposite happens, you know there's overcapacity. It goes down, and you can see exactly when supply chains repair is happening. So go look at the. It's called the GSCPI. It's on the Fed side. You'll see that global supply chains had largely started to be dramatically repaired in the spring and summer of 2022, and naturally, supply and demand works. All of a sudden, supply starts showing up, and prices go to hell.   Keith Weinhold  28:39   We're talking with economic futurist author and Pennsylvania's governor-appointed former secretary of banking and securities Richard Vague, more when we come back on the affliction of inflation, what this means for real estate investors, and more. This is Get Rich Education. I'm your host Keith Weinhold. What if you got your mortgage loans the same place I get mine. You sure can at Ridge Lending Group NMLS 42056. They provided GRE listeners with more loans than anyone because Ridge specializes in investment property. They'll help you build a long-term plan for growing your real estate empire with leverage. Start your prequal and even chat directly with President Caeli Ridge. While it's on your mind, start at ridgelendinggroup.com. That's ridgelendinggroup.com.   Keith Weinhold  29:29   Let me ask you something: If you've worked hard to build wealth, is your money positioned to actually support your goals? A lot of accredited investors leave capital sitting in cash because it feels safe, but inflation and missed income opportunities can quietly erode its value. Freedom Family Investments offers freedom notes for investors seeking structured income backed by real estate. It's a straightforward approach built on real assets, not speculation. In full disclosure, I'm an investor myself. What I like is that their team walks you through how it all works, so you can decide if it aligns with your portfolio and income goals. Every investment carries risk, and nothing is guaranteed. But with a track record of consistent, on-time investor payouts, they built real credibility. Go to freedomfamilyinvestments.com to book a clarity call or text family to 66866. That's family to 66866.    Dolph Derues  30:31   This is the king of commercial real estate, Dolph Derues. Listen to Get Rich Education with Keith Weinhold and don't quit your daydream.   Keith Weinhold  30:45   Welcome back to Get Rich Education. We're talking with Richard Vague. Richard is the founder and president of so many organizations today. He's the author of several popular economic books. He chairs the board of the Public School employees retirement system. That's the largest public pension fund in Pennsylvania. He's in a lot of places at once, seemingly. Richard, we're talking about inflation before the break. What is the right inflation rate?   Richard Vague  31:16   Well, like I said, inflation. If you look at the entire 250-year span of the United States has it been an affliction that has affected us that often? It is political kryptonite. So when it does happen, it steers our consciousness, and it you know certainly affects your industry. But you know, if we look historically, the Fed targets 2% It's not a bad thing to target. We never really have achieved that level for any length of period. I think if you look at it over the past several decades and take out the high inflation periods, it probably has averaged closer to three. So I don't think two to 3% is an inappropriate level, and I kind of suspect it'll be a level that typifies our future once we get past, if and when we get past this more.   Keith Weinhold  32:09   Yes, not long ago, I was looking at the history of the CPI or the CPI's equivalent, and over the last 100 years, the rate is about 3.2% and we haven't hit that government-mandated 2% target, which is stated right on the Fed's website. We haven't hit that for any month in about five years now, and this asset inflation, as we know, this disproportionately enriches existing asset owners, and it widens this inequality. Something that's more recently been known as the K-shaped economy, can you talk to us some more about this exacerbating wealth inequality?   Richard Vague  32:48   Well, you hit the nail on the head. Something on the order of 80% of all the net wealth held by Americans is in the form of two things: stock and real estate. If you want to talk about wealth, it's those two things, and those two things, probably 60 or 70% of all of those in the U.S. are held by the top 10% I think it's a single-digit number of those that are held by the bottom 50% So you know, if inflation and debt growth push asset prices up over time. It is a mathematical inevitability that the rich get richer faster than those in the middle and at the bottom, and that simply means inequality will increase through time. I believe that's structural. Unless you address that in very some very specific way it will continue.   Keith Weinhold  33:43   Inflation affects real estate investors more than it does the average person because we borrow these big pools of money often at 75 to 80% loan to value, and in a sense, although we know it's bad for general society, and we do think about the K-shaped economy. Of course, inflation benefits us because it debases our debt. But even if you're not a real estate investor, even if you just own your own home, you know, Richard, I really think it begs the question: Is a 30-year fixed-rate mortgage one of the best forms of debt ever created for ordinary Americans?   Richard Vague  34:22   The 30-year mortgage, which was created, you know, that started on that path in the 1930 s for the very reasons we all know and love, which is getting Americans to own their own home, and has been, you know, a game changer for the country, and truly one of the great things that's been done, and I hope it's something that we continue to defend and preserve.   Keith Weinhold  34:46   Well, that brings up leverage and the prudent use of leverage. As real estate investors, we have this benefit of getting all these 30-year fixed-rate loans without the threat of a. Margin call being made. We're not borrowing over in the stock market. When you sign your loan documents, it doesn't say that the bank can call your note due at any time, but one could take it too far. And when it comes to debt, I think that really begs the question: Where does intelligent leverage end, and then dangerous leverage begin. What's the border?   Richard Vague  35:25   Well, you guys are experts, and I'm not. But the very simple premise is starts with not overpaying for the property to begin with. It is not an exact science, but generally speaking, I think we can tell when prices are relatively high in a given market and or a given year and relatively low, and you you'd always want to kind of be at least in the middle or somewhat on the low end before you acquire a property. So that's step number one, and then step number two is really just giving yourself a buffer, you know. We saw in the global financial crisis that real estate loans were being made in some cases at 100% of value. Yeah, and frankly, we saw at least some episodes within that folks borrowing over 100% of value, and certainly they were very happy when that happened. But we know there's zero margin for error when you do that, and perhaps even a negative margin for error when you do that. So I would think, you know, you guys know better than me, but you know, I hate to borrow it much more than like 90% of value, maybe 95% if it's a smaller asset and you have a government guarantee, and if you can do it at lower leverage, you know, 70 or 80% of value, that's not a bad thing to consider. I tend to think in the real estate world that you know I've seen many investors, particularly in the commercial space, buy things with lower leverage, 50 or 75% But then, as the asset proves itself, they work with their lender to increase the debt-to-value ratio, you know, and get more money at it over time as it becomes an increasingly proven asset. So they migrate their way from 75% to 95% over time. I think that's a logical path.   Keith Weinhold  37:20   That acronym Ninja Loans, which were popular from about 2000 to 2007, that acronym Ninja means no income, no job or assets, and you might still get a loan of 110% of the value of the property. It was profligately irresponsible. Well, Richard, in a moment, I want to ask if you have a resource that our audience can follow along with you if they would like to do so. But before I do that, do you have any last thing that you would like to talk about? Maybe something that I did not ask you, whether it has to do with the general economy or real estate or interest rates or inflations. Is there something else that we should know?   Richard Vague  38:00   What I would do is just endorse your podcast.   Keith Weinhold  38:04   Thanks.   Richard Vague  38:05   You're approaching this in a very intelligent way, and you're very empirical, and I think your listeners are doing themselves a service by continuing to follow what you do. That's a really reasonable, secure, and yet bold path towards creating wealth, then I think you're to be commended.   Keith Weinhold  38:27   Oh, I appreciate the endorsement. I'm always blown away at our following, but you have some resources worth following as well. Tell us about that.   Richard Vague  38:36   Well, we do. We have a weekly video ourselves that it's about a five-minute video, and you can go to our website, which is tycos.com. So t y c h o s.com, and you know we have data on the site. If you're a real geek, you could go in and you can look at our macroeconomic data. You know, but if you're not, you can sign up for the video, and we come out with what we hope is a short but relevant video once a week talking on some aspect of the economy, and you know we'd love to have folks join that if they're interested.   Keith Weinhold  39:10   Well, it's valuable. I suggest you, the listener, check that out. Richard oftentimes turns conventional economics on his head, just like he did with us today, talking about how if there's higher interest rates, that does not necessarily mean lower inflation. Richard, it's been valuable as always. It's been great having you back on the show.   Richard Vague  39:30   It's an honor to be with you. Keep up the great work.   Keith Weinhold  39:38   In this remote interview, I got a beautiful look over Richard's shoulders there on the screen at Center City, Philadelphia, in the ornate buildings there. I will be in that part of the nation again shortly. Big thanks to Richard Vague. If you're looking him up, it is spelled V-A-G-U-E. We've got a. A lot of terrific content coming up on the show over the next few weeks, including fresh takes on building your wealth that you've never heard before. Until next week, I'm your host Keith Weinhold. Don't quit your daydream.   Speaker 3  40:18   Nothing on this show should be considered specific, personal, or professional advice. Please consult an appropriate tax, legal, real estate, financial, or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Get Rich Education LLC exclusively.    Keith Weinhold  40:46   The preceding program was brought to you by your home for wealth building. getricheducation.com  

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