You’ll Still Hate Your Manager in The Metaverse

With everything that has gone on in crypto over the past year, Wall Street would be excused for wanting to take a rain check on digital assets. But some big banks and other large financial firms– like exchanges and asset managers–are moving ahead with their plans in the space.  Initiatives range from launching new cryptocurrency trading platforms, offering custody of digital currencies or focusing on how blockchain can be used to issue and trade traditional assets like bonds. Some executives at these firms see recent scandals in crypto, like the collapse of FTX as a big opportunity to capture a new market as it is likely to drive more regulation.  And If more regulation is coming to digital assets, who would be better placed to offer services in the space than a big regulated financial institution? Bloomberg reporter Yueqi Yang joins Bloomberg senior editor Anna Irrera in this episode to talk more about what Wall Street is thinking. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

14 Helmi 202319min

If you’ve heard the name Winklevoss, it’s likely that you’ve watched the movie The Social Network. The movie featured a memorable depiction of the Harvard twins and Olympic rowers who sued Mark Zuckerberg for allegedly stealing their idea for a social network.  Or you might know that Cameron and Tyler Winklevoss set up a crypto exchange called Gemini, which is currently involved in a very public dispute with the folks over at Genesis. Both Genesis and Gemini - We know, so many G names - are facing serious allegations from US regulators about their products and services. Or you might be familiar with their cover band, Mars Junction. Tyler’s the lead singer; Cameron jams on guitar. The twins certainly lead a very interesting life - and according to the Bloomberg Wealth tracker, they’re worth billions of dollars. That wealth comes in part from their early adoption of digital assets like Bitcoin - when they settled out of court with Zuckerberg, for around $65 million, they put some of their assets into crypto.  To break down what’s up with the Winklevoss twins and their presence in digital assets, Bloomberg reporter Olga Kharif joins this episode.  Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter  This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.

13 Helmi 202317min

Crypto is an asset class that runs 24/7. It’s hard to keep up. So we’re back with a show that reviews the biggest stories of the week. Here’s one: the United Kingdom is amping up plans to launch a digital currency, which folks have started calling Britcoin.  And there’s been a significant development in the dispute among various crypto billionaires. On one side: Tyler and Cameron Winklevoss and their Gemini Exchange. On the other, Barry Silbert and Genesis. Plus: how this year’s Super Bowl will be different from last year’s ...at least when it comes to crypto ads. Senior editor Anna Irrera joins this episode to review the week’s top crypto news. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter  This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.

10 Helmi 202319min

One of the more interesting phrases used by folks in crypto is this one: “code is law.” Think of it this way. Under the idea that “code is law”, what governs whether something - say a transaction - is valid or not isn’t the whims or caprices of any individual. Instead, what determines whether something is acceptable, permissible, or appropriate is what’s written into the software that enabled that transaction in the first place. It is another way of thinking about the so-called immutability of the blockchain - if the blockchain says it, then that’s what’s going to remain.  Sounds logical, right? But what happens when the code doesn’t do what you were expecting it to do - or when someone exploits loopholes in the logic of the software for their own personal financial gain? These questions are at the crux of today’s episode, that will review an interesting precedent set by a crypto trader named Avraham Eisenberg, who exploited the “idea of code is law” for millions of dollars - and then was arrested and charged with fraud. Bloomberg reporter Muyao Shen and Bloomberg Law correspondent Matthew Bultman join this episode to discuss. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter. This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.

9 Helmi 202317min

Crypto markets, and Bitcoin especially, had a strong start to the year. That’s had a couple of interesting consequences for some of the most important players in the market: Bitcoin miners.2023 has also seen a lot of significant weather events affecting the US, including recent winter storms in Texas that have left hundreds of thousands of people without power. Energy is one of the most important costs that Bitcoin miners must absorb - and of course, they can’t run all those machines in their data centers if there’s no electricity. In the past, the show has talked about the challenging conditions that Bitcoin miners in the US and around the world have been facing. On this episode, the focus centers on the miners that have been able to adapt and take advantage of current market conditions, to try to put themselves on slightly more stable financial footing. Bloomberg reporter David Pan joins this episode to talk about his reporting. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

8 Helmi 202313min

Like many buzzy, fast-growth, high-risk industries, companies operating in and around crypto and the blockchain have relied heavily on venture capital to fund their activities. Venture capitalists, or VCs, manage pools of private money. What sets them apart from many other kinds of investors is that they focus on the riskiest possible bets - for every 10 or so investments, they expect at least eight or nine of them to fail. But what keeps them in business is that every now and again, one of those high-risk bets pays off spectacularly - covering the losses in the rest of the portfolio. Given their appetite for risk and reward, it’s no surprise that for a time, VCs big and small flocked to crypto. But what does this relatively depressed environment mean for VC investments in digital assets? Bloomberg reporter Hannah Miller joins this episode to discuss.  Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter  This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.See omnystudio.com/listener for privacy information.

7 Helmi 202316min

Nearly five months ago, the Ethereum blockchain successfully completed what was — at the time — a very complicated and years-in-the-making update. Called The Merge, it allowed the blockchain to move from validating transactions using computers, that took a lot of energy to run, to a proof-of-stake model. The switch cut Etherium’s power consumption by more than 99 percent. After The Merge, the price of Eth rallied a bit, but has since fallen about 15 percent. Now, software developers who work on Ethereum are gearing up for a new upgrade called Shanghai. It will allow the tokens being used to order transactions on the blockchain to be withdrawn. Right now all those tokens are tied up in staking wallets. To talk more about what’s entailed in the Shanghai upgrade, Bloomberg reporter Olga Kharif joins this episode. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

6 Helmi 202313min

Surprising to some, it turned out to be a decent month for crypto. Bitcoin rose almost 40% and some smaller coins did much better. Speaking of risk taking: Wall Street firms are still keen on crypto, despite all of last year’s calamities. And a failed crypto lender known for its risk appetite, Celsius, just got some harsh criticism from its bankruptcy examiner. Bloomberg senior editor Anna Irrera and Bloomberg reporter Emily Nicolle join senior editor Philip Lagerkranser to discuss the latest digital asset trends of the week. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.

3 Helmi 202318min