199: Money Talks #57: FTX WTF | Musk Monetizing Twitter | UK Tech Nation Revolts | Big Tech vs. Irish Startups

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Hey there, I'm Pete Townsend,
and this is money, never sleeps.

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We look inside the minds of
entrepreneurs, and at the

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crossover of startups,
Enterprise Finance, technology

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and Life.
As We Know It, This episode of

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money.
Never sleeps is sponsored by

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security.
Centrex security Centrex is a

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trusted cyber security company.
With offices.

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In Dublin, Cape Town in London,
security, Centrex provides

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expert advice.
Zuri Services primarily in the

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finance and fin Tech Industries
with tailored Security Solutions

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to fit your specific needs and
Regulatory challenges in this

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episode on Fitzgerald.
And I take the inevitable plunge

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into what to make of the ft x
mess.

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And then we resurfaced with some
of the scenarios unfolding on

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what Elon Musk has in mind for
the 250 million daily active

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users of Twitter.
We also look at the hubbub

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around the control of tech
nation in the UK, a digital

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dollar pilot in the US and how
the big Tech layoffs and Ireland

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may be short-term pain but
long-term gain.

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All right here on money, never
sleeps.

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Heyo and heard you're sick, boy.
I hope a piece.

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Yeah, vomiting bug in my house
all week.

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It's been a disaster.
That sucks.

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Sorry to hear that.
Nobody's too bad.

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It's just you can't do anything
when people are getting sick

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around you.
Yeah, yeah.

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Constant.
I need a new tell.

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I need a new change of clothes.
I need a new.

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Yeah.
And demanda washing of had to do

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in the meantime as well.
Yeah.

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Yeah.
Sounds a lot.

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Like what's going on in the
crypto markets, everyone puking.

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Exactly.
So it's not just you brother or

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your, and your and your kids
contagion effect, from one of

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us, spread to the rest.
Let's count this moment in

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history, folks.
It's the Fitzgerald, Family

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that's attributable for
everything that's happening

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right now.
Oh, I wouldn't wish that upon

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anybody, but listen, it's been a
nut.

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So, 10 days, obviously, we're
Recorded last week's episode.

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When all of this was unfolding
and I did the emergency brake,

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and on Friday morning is, the
editing was going on and gave it

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a little bit of a rant.
They're just some of my own

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personal feelings, but this is
just been crazy.

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It's moving faster every single
day, with everything, that's

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coming to light, isn't it?
Yeah, Joe, I saw and, I can't

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remember who to attribute it,
but I saw a very good artist,

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comment on Twitter and someone
just said, you know, a lot of

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the madness around f.
Dax was already public by gets,

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you know, it's a bit Rich, after
the fact, coming back and say

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no, they did this and they did
this and this are the operated

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at most of the stuff was already
known, you know, whatever about

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moving money and customer funds.
But like how they run the

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business was known to everybody.
Yeah, yeah, this was, this was

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out there.
I've been seeing emails, you

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know, I don't know how true this
stuff is.

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Obviously it's if it's on
Twitter, has to be true, right?

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You Lon so it's but things like
meth amphetamines and you SPF

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giving instructions and
orientation presentations on how

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to use methamphetamines to be
more efficient, and more have to

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accelerate your work practices,
right?

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I'm like, okay, that's but who
knows, who knows?

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But listen, I think the one, the
one, the one thing that I kind

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of came up with out of nowhere,
yesterday was SPF right now, is

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reminding me of that evil Biff
Tannen in Back to the Future 2.

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Okay.
Where He what happened was that

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not to ruin the movie?
I mean, it's like, I don't know,

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30 years old now, it's going to
care, but in Back to the Future

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Biff is introduced in 1985.
Is a middle-aged man who pushes

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around Marty's father George and
then when Marty goes back to the

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1955, he's a high school bully
who makes fun of George and

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harasses Marty's mother
Lorraine.

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But then when Marty and Doc
Brown, travel to the future of

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2015, at Back to the Future Part
2, they meet this angry. 78 year

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old Biff Tannen and he overhears
Marty's plan to use a 2015

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Sports almanach to go back in
time and make money in the 80s,

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right?
So because they did that in the

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year 2015 Biff goes back steals
the DeLorean goes back to

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himself in 1955 and gives
himself this Sports Almanac and

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he's got all the results for the
next.

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I don't know.
Oh, 60 years or whatever, what's

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happening in the world.
And he comes a millionaire, and

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you end up in this very evil
version of Hill Valley, which is

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a town that this all takes place
in were Biff is like mayor.

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He owns Casino, he runs it.
He's stolen for the rain and so

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on and so forth.
And then through the rest of

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Back to the Future, they go back
and they eradicate all that.

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So, like what SBF has done and
it's, you know, it's not him

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alone.
And there's been a gaggle of

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individuals around him and both
that were part of FDX and

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external to FTX and Alameda that
have promoted this and have

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allowed it to happen, allowed it
to continue and allowed.

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This this snowball to go
downhill that are now, you know,

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these, I don't know, evil
co-conspirators that and we just

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need to go find whenever that
Sportsbook was handed over to

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SPF and get rid of that.
Alternate reality.

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That feels like we're in right
now where SB F stands for

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scammy.
Biff Tannen exactly.

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So just to give a bit of a
rundown here, the uninitiated.

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So what happened was that Sam
set up Alameda, research it

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Squad, trading firm / hedge fund
back in 2017 and they became

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known for their super aggressive
strategies and Caroline Ellison

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was implanted as CEO.
I don't know if that was at the

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beginning or sometime during the
run-up between 2017 and now, but

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it she was and well, I think
gone now obviously the CEO.

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So Sam.
Then set up the FTX crypto

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Exchange in 2019 with the
tagline Designed by Traders for

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Traders, which sounds a hell of
a lot like Enron.

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And now, John, Jay re the second
or third, well, what are you,

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whatever, he is his, he's the
new FTX CEO and he helped wind

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down and Ron, so then FTX built
up, billions of deposits and

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crypto on their exchange and
going against our terms and

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conditions.
They decided to reuse those

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deposits as they.
Please not sure when they

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started doing that might have
been back around the time of

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Voyager, and three hours capital
and Tara Luna happening.

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And basically what it means is
that you're holding Things tab

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in your in your FTX app is just
a bunch of iou's so they're not

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crypto asset secure digitally in
your own wallet.

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So one of the ways they reused
your assets and probably the

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biggest way is that they loaned
your assets to Alameda research,

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the super aggressive Quan
trading firm, / hedge fund also

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owned by SBF to leverage their
trading with borrowed assets,

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But the loans from FDX to
Alameda needed to be

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collateralized.
So, what did Alameda use for

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collateral?
Well, they had bought a bunch of

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the FTX tokens called ftt that
FDX had created is basically

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these loyalty points.
The more you hold the cheap,

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your trading Alameda held over
two billion dollars on their

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balance sheet of ftt that they
used as collateral for the,

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basically the customer deposits,
or what were in effect customer

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deposits that At Alameda
borrowed from FTX all under the

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watch of sandbank been freed.
So this token ftt was basically

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created out of thin air and then
staple on top of the exchange

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and they help to keep the price
of float of ftt.

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With one Alameda is Market
making the token and to FTX

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using the profits that they
earned on the exchange with

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transaction fees to buy ftt on
the open market.

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But when when CZ from Finance,
who also held a huge amount of

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Ft Tito, Ins over 500 million
dollars worth of them announce

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that he's liquidating.
People run for the doors and

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they dumped ftt, the ftt token,
drop 90% Alameda is collateral

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goes through the floor and they
can't repay the loans back to

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FTX and then FDX can't meet
customer withdrawals.

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So you file for chapter 11
bankruptcy.

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Yep, that's it.
It's I feel like we've been on

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such a wonderful path with
crypto even with Tara Luna Three

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arrows, Capital Voyager, this is
now for bad things, don't happen

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in threes, they happen in fours.
This is the fourth crypto winter

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as well that all this work that
we've been doing.

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It's not there's an SPF and
there's a ft x and Alameda

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research House of Cards but
there's you know, the whole

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digital asset.
March the crypto March, the web

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three progress that we've made
over the last 10, 12 years, all

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of that is still critically
important, all of that will

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still Continue.
Its that.

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We've just got this big black
mark, that is called SPF on

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what's happened.
And we've talked about and

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plenty of times and talked about
him on.

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This podcast is positive.
How could he could be the guy,

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you know, he was gonna vote for
lobbying regulators and stuff

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like that.
And go go doing it.

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What it look appeared to be in
the right way.

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But again, we're not looking too
much under the hood.

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No, never snowed.
We, we haven't been an end and

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shout out to Paki McCormick
because in his not boring

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newsletter, this This week.
The kind of said, listen, I

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don't want to write too much
about this because so much has

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been said already, but he did
point to what he thought was the

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best summation, not summation of
the events that happen, but kind

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of, of the perspectives around
the world right now on, what's

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going on with all this.
And that was from Mario,

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Gabrielle the generalist
newsletter from the 13th and

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November that he pointed to.
And in this post and the

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generalist Mario, gave this
whole view into what he called

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the casino and the Jeanne, I
won't get into the casino

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description.
I think we know what that is

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when it comes to crypto.
There's a lot of gambling going

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on and uninformed trading going
on that is just obviously like

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ambling, but he was drawing this
analogy to a genie turning up

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with 10 chocolates and saying,
one of them will make you rich

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Beyond Your Wildest Dreams.
The other nine are poisonous.

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So what he's going to do, we're
going to pick one.

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Well start to dig into your
research blah blah, I'll let our

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listeners read the post.
I'm not going to give a full

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rundown of it but it gets to the
end of Of it, and he's kind of

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like, you know, doing this
analogy around chocolate and

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crypto.
He said, I think there's

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something to this chocolate.
I've thought about it a lot,

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I've studied and I believe it
could be something remarkable.

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Something miraculous he said,
this is why I am still long

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crypto despite its many flaws.
I believe it has miraculous

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potential to improve our world
self Sovereign money, smart

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contracts, and digital property
rights or radical revolutionary

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ideas that we are in the early
Innings of understanding.

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And applying in a matter of
decades, we may look back on the

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state's rigid Stranglehold on
money as Quirky artifact in

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obvious.
Over each decentralized Finance

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has its own quirks but is held
up well by comparison showing

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that code is often less
corruptible than people.

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We may see it blue more fully in
the coming years, right?

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So you know really good kind of
you know view into all of this.

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I've been saying to everybody.
It's a massive massive speed

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bump but it's not a stop sign.
Anyone, that is selling to

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financial institutions and
trying to enable financial

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institutions in their customer
base.

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Has to connect into defy Connect
into crypto.

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There is some analysis of
personalities making decisions

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that we need to dig into a lot
more and say, how can we unlock

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some of these conversations even
in the face of what's happening

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right now to show?
Listen, that's be F and F DX are

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not crypto.
They are a nasty combination of

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multi Fiat crypto, eMoney wallet
type of thing following no

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rules, right?
Because I think what came out

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was that they held they held
zero Bitcoin A major fds for a

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00:12:10,508 --> 00:12:14,900
major crypto exchange to hold,
no Bitcoin crazy that because

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they, all they had, was Bitcoins
a nominated liabilities because

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they had loaned it all out.
Okay, against the terms and

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00:12:21,400 --> 00:12:26,300
conditions of the Ft x.com
website, your assets will not be

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reused.
So it's it's a nasty turn of

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events.
Yeah.

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00:12:32,600 --> 00:12:35,800
And one that I think is going to
have a lot more implications.

223
00:12:36,500 --> 00:12:39,800
You know, Gary Gensler has been
coming out, you know, even

224
00:12:39,800 --> 00:12:43,700
before this happened and said,
you know, with his view on that

225
00:12:43,700 --> 00:12:47,900
most crypto are securities, most
crypto assets are securities.

226
00:12:48,600 --> 00:12:50,900
As it turns out, there's a
connection between Gary Gensler

227
00:12:50,900 --> 00:12:53,600
and MIT going back to 2019,
2018.

228
00:12:53,700 --> 00:12:57,600
I met Gary Gensler in Dublin,
when he was speaking at a

229
00:12:57,600 --> 00:12:59,700
educational event.
When he was teaching a

230
00:12:59,708 --> 00:13:05,400
blockchain course at MIT.
Cool and he was involved, I

231
00:13:05,408 --> 00:13:10,100
think he was working Working in
the department of it was some

232
00:13:10,100 --> 00:13:12,500
economics department.
And the head of that economics

233
00:13:12,500 --> 00:13:16,700
Department was the father of
Caroline Ellison, who was ahead

234
00:13:16,700 --> 00:13:20,500
of Alameda research, which Sam
Bank been freed also owned.

235
00:13:21,600 --> 00:13:25,600
So there's some voices going
around in d.c. right now that

236
00:13:25,600 --> 00:13:29,100
are suggesting that there's
going to be some type of

237
00:13:29,100 --> 00:13:31,700
investigation here as to what
Gary Gensler is, involvement

238
00:13:31,700 --> 00:13:34,100
might have been allegedly,
right?

239
00:13:34,300 --> 00:13:38,300
I'm not going to, you know, You
can't, what do we always say?

240
00:13:38,300 --> 00:13:39,600
You can't make this stuff up,
right?

241
00:13:39,700 --> 00:13:43,200
Yeah, that's it.
I look I saw I saw it

242
00:13:43,200 --> 00:13:45,100
interesting.
Just told in the end, I

243
00:13:45,100 --> 00:13:48,900
subscribe to net interest which
is a newsletter by guy named

244
00:13:48,900 --> 00:13:51,900
Mark Rubenstein and he was just
talking to they point.

245
00:13:51,900 --> 00:13:54,800
He was making is that you know
Banks go bust more often than we

246
00:13:54,800 --> 00:13:57,600
think or we might not even
realize in like in the five

247
00:13:57,600 --> 00:14:02,200
years from 2016 to 2020 in the
u.s. 21 Banks went bankrupt.

248
00:14:02,500 --> 00:14:06,100
You know, the most recent one is
October 2020, which was a lie.

249
00:14:06,300 --> 00:14:10,300
Nina State Bank in Kansas and I
suppose you know there's just a

250
00:14:10,500 --> 00:14:13,800
regular kind of failures in
banking in the US as well as the

251
00:14:13,800 --> 00:14:15,500
different.
The point he was making here was

252
00:14:15,500 --> 00:14:17,600
even in that example of the one
in Kansas.

253
00:14:18,400 --> 00:14:21,000
You know that wasn't a large
Bank as such but The Regulators

254
00:14:21,000 --> 00:14:23,800
went in over the weekend on a
fried Bank closed.

255
00:14:23,800 --> 00:14:25,800
Its doors on a Friday.
Regulators went in over the

256
00:14:25,800 --> 00:14:27,900
weekend transferred.
All the assets and liabilities

257
00:14:27,900 --> 00:14:31,400
to a different bank which is
like 60 miles away or whatever.

258
00:14:31,400 --> 00:14:33,700
And then a Monday morning
customers woke up to say that

259
00:14:33,700 --> 00:14:36,200
there were customers of a new
bank, all dirt, all Dyrdek.

260
00:14:36,300 --> 00:14:39,900
As it were covert under a
depository at deposit interest

261
00:14:39,900 --> 00:14:42,700
scheme and it all worked out for
everybody.

262
00:14:43,200 --> 00:14:45,400
And like obviously we've seen
that in a larger scale here and

263
00:14:45,400 --> 00:14:49,300
he was but suppose you know
making the direct comparison to

264
00:14:49,600 --> 00:14:53,200
that's the difference for all
the bad and for all that you

265
00:14:53,200 --> 00:14:56,000
know the selling on your own
crypto and not being regulated

266
00:14:56,000 --> 00:14:58,100
and everything.
The fact is people can be

267
00:14:58,100 --> 00:15:01,000
people's money is safe on the
other hand.

268
00:15:01,500 --> 00:15:03,800
Yep, you know, or those
mechanisms to try protect

269
00:15:04,000 --> 00:15:07,200
customers and people's money.
Jesus Christ.

270
00:15:07,200 --> 00:15:12,900
You know, the the I had and of
course, I could look at this,

271
00:15:13,000 --> 00:15:15,100
you know, quarterback Monday
Morning Quarterback.

272
00:15:15,100 --> 00:15:19,400
Hindsight is 20/20, I had opened
in FTX account at some point

273
00:15:19,400 --> 00:15:24,100
last year and just so I could
buy the audio token, which is

274
00:15:24,100 --> 00:15:27,900
the token that is part of the
whole Audience Network, its

275
00:15:28,000 --> 00:15:35,400
digital music and I set up the
account I sent some, I might

276
00:15:35,400 --> 00:15:40,200
have sent some eith over and
exchange the E3 for audio and

277
00:15:40,200 --> 00:15:43,800
then I let it sit there for
about a week and then I move the

278
00:15:43,800 --> 00:15:47,200
audio out of FTX to my metal
mask account and that's it.

279
00:15:47,600 --> 00:15:50,300
So, I still have that FTX app on
my phone.

280
00:15:50,400 --> 00:15:52,000
I actually just deleted it this
morning.

281
00:15:52,400 --> 00:15:56,400
So I know that people were
saying delete it right away over

282
00:15:56,400 --> 00:15:57,800
the weekend.
The last few days.

283
00:15:57,800 --> 00:16:01,000
It may contain malware.
Now that FDX has been hacked so,

284
00:16:01,100 --> 00:16:05,100
But the I made that move but to
your point a lot of people

285
00:16:05,100 --> 00:16:07,300
didn't, I don't know what
happened to Tom Brady, right.

286
00:16:07,300 --> 00:16:10,800
He had a lot of his savings, I
think not a lot of his savings

287
00:16:10,800 --> 00:16:12,300
but he had considerable amount
of value.

288
00:16:12,300 --> 00:16:14,300
It probably was sort of deep
relationship with them

289
00:16:14,300 --> 00:16:16,200
sponsorship and everything.
Yeah I do.

290
00:16:16,200 --> 00:16:19,000
Anything of the kind of last
note commented make may be

291
00:16:19,000 --> 00:16:20,200
honored would be.
I wonder.

292
00:16:20,200 --> 00:16:23,800
Will this be a kind of Tara
knows moment for the industry.

293
00:16:24,500 --> 00:16:26,700
You know, it's only now really
that you're seeing kind of

294
00:16:26,700 --> 00:16:30,400
Biotech Solutions being brought
back to Market, you know, it set

295
00:16:30,400 --> 00:16:34,300
it back nearly Ten years in
terms of wider spread adoption

296
00:16:34,300 --> 00:16:36,700
or customer-facing sort of
stuff.

297
00:16:36,700 --> 00:16:38,300
And I just wonder will it have
that effect?

298
00:16:38,300 --> 00:16:41,300
Because like I said my anything
else, it is really embarrassed.

299
00:16:41,300 --> 00:16:45,500
A lot of investors.
Big-time big-time who said,

300
00:16:45,500 --> 00:16:49,300
listen, I don't know why I feel
this but it's like I'm talking

301
00:16:49,300 --> 00:16:51,200
to the world's first
trillionaire this.

302
00:16:51,200 --> 00:16:55,800
What one investor said?
Yeah, what was that?

303
00:16:55,800 --> 00:16:58,500
Stupid one, where they were
interviewing him about giving

304
00:16:58,500 --> 00:17:00,500
him money and he was playing
League of Legends at the same

305
00:17:00,500 --> 00:17:02,600
time?
Oh yeah, this was great.

306
00:17:03,100 --> 00:17:06,200
Yeah, honestly, no hyper.
Smart people do that.

307
00:17:06,200 --> 00:17:09,200
They can listen in and have an
intelligent conversation like

308
00:17:09,200 --> 00:17:10,900
that.
Well, imagining that they're

309
00:17:10,900 --> 00:17:12,800
sitting in a boardroom and
they're looking up with the

310
00:17:12,800 --> 00:17:15,700
walls and seeing monkeys jumping
around that actually happened to

311
00:17:15,700 --> 00:17:16,900
me.
Once I wasn't the guy seeing

312
00:17:16,900 --> 00:17:19,900
imaginary monkeys but someone
else in the in a boardroom with

313
00:17:19,900 --> 00:17:21,900
me say that to me.
So what are you thinking at?

314
00:17:21,900 --> 00:17:24,300
He's like, oh kind of bored.
I'm imagining there's monkeys

315
00:17:24,300 --> 00:17:27,900
jumping around up there and this
was a hyper intelligent very

316
00:17:27,900 --> 00:17:30,700
smart person.
Also in Quant trading like Sam.

317
00:17:31,200 --> 00:17:34,900
So there are people like that
out there.

318
00:17:34,900 --> 00:17:38,900
So instead of seeing monkeys
jumping around and you play

319
00:17:38,900 --> 00:17:46,600
League of Legends which you know
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320
00:17:46,600 --> 00:17:50,100
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338
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One to watch out of all of this
is easy, the CEO of finance and

339
00:18:54,700 --> 00:19:00,400
he's done a number of things in
in spfs apology.

340
00:19:00,400 --> 00:19:05,500
Tweet, he points to what he
calls a sparring partner as in.

341
00:19:05,500 --> 00:19:08,200
Well, played I won't get into
the whole debacle of what

342
00:19:08,200 --> 00:19:12,100
happened over last weekend or
over last week between CZ from

343
00:19:12,100 --> 00:19:16,500
finance and SPF.
But by Nance have now set up,

344
00:19:16,500 --> 00:19:18,500
this kind of Recovery Fund for
those.

345
00:19:18,700 --> 00:19:21,600
That were wiped out or
significantly damaged, you're

346
00:19:21,600 --> 00:19:26,700
hurt by what happened with FTX.
They are kind of mopping up

347
00:19:27,000 --> 00:19:31,200
right now and, you know, there's
it's going to be interesting to

348
00:19:31,200 --> 00:19:34,600
see how, how, by Nance do out of
all of this.

349
00:19:35,000 --> 00:19:38,500
And I still think it's so funny
to things to close on this.

350
00:19:39,600 --> 00:19:43,800
All of the folks who don't say
the word Finance, they say the

351
00:19:43,800 --> 00:19:46,800
word Finance.
How do you say it Finance?

352
00:19:47,200 --> 00:19:48,500
Yeah, you know I hear them
actually.

353
00:19:48,600 --> 00:19:55,700
Ali refer to finance as banants
and there's a certain

354
00:19:55,700 --> 00:20:00,600
demographic of usually Bros from
West Coast or east coast well,

355
00:20:00,600 --> 00:20:05,100
educated in finance, I'm gonna
say Finance, not finance, that

356
00:20:05,100 --> 00:20:08,000
called Finance Finance.
So look out for those folks.

357
00:20:08,300 --> 00:20:10,600
Once you see more and more
people referring to finances

358
00:20:10,600 --> 00:20:14,500
banants, you know that, okay?
They've really one coming out of

359
00:20:14,508 --> 00:20:18,500
this whole FTX drama.
The last thing I'll say about

360
00:20:18,700 --> 00:20:23,900
This today is shout out to bury
Skinner who in one of our signal

361
00:20:23,900 --> 00:20:27,400
channels.
Talking about all this to SBF as

362
00:20:27,400 --> 00:20:34,100
scam bankrupt fraud and a
penniless itinerant and we'll

363
00:20:34,100 --> 00:20:35,100
leave it that.
I don't think he's that

364
00:20:35,100 --> 00:20:39,800
penniless anyway.
Anyway, moving on, moving along

365
00:20:39,800 --> 00:20:43,600
to Back to the Future.
All right, Elon Musk with

366
00:20:43,600 --> 00:20:47,000
Twitter, this just clicked.
When you sent it to me.

367
00:20:48,000 --> 00:20:52,600
He didn't actually buy Twitter
because he loves social media,

368
00:20:53,100 --> 00:20:57,200
he bought a big, Global
hyperactive audience, didn't he?

369
00:20:57,500 --> 00:20:59,300
Yeah.
And going back to the future

370
00:20:59,300 --> 00:21:02,500
with what he tried to do with
x.com back in the 90s that

371
00:21:02,500 --> 00:21:05,400
became PayPal.
But that just became totally

372
00:21:05,400 --> 00:21:07,200
different than I think.
What is perhaps, what his

373
00:21:07,200 --> 00:21:11,000
original Vision was?
And now looking at well, I've

374
00:21:11,000 --> 00:21:13,000
got a massive, huge Global
audience here.

375
00:21:13,000 --> 00:21:15,400
I've got tons of millions of
users.

376
00:21:16,000 --> 00:21:17,700
Let's look at how we might be
able.

377
00:21:17,800 --> 00:21:23,000
Well to leverage that into what
his original x.com version was

378
00:21:23,500 --> 00:21:27,300
of being this WeChat like super
app and that's where we chat

379
00:21:27,300 --> 00:21:29,500
started.
It's in the name, it's chat and

380
00:21:29,500 --> 00:21:30,600
Twitter.
What do you do?

381
00:21:30,700 --> 00:21:35,200
You chat sort of were, you know,
you troll, you comment, you

382
00:21:35,200 --> 00:21:37,200
profess you pronounce, you
distribute, whatever you want to

383
00:21:37,200 --> 00:21:40,700
do.
That was that that looks really

384
00:21:40,700 --> 00:21:42,200
interesting.
You want to talk us through

385
00:21:42,200 --> 00:21:45,200
what's going on with him?
Detailing his vision for a

386
00:21:45,208 --> 00:21:47,400
Twitter payment system?
Yeah, yes.

387
00:21:47,400 --> 00:21:51,000
So I saw this on a few sites
French times comment on it and

388
00:21:51,000 --> 00:21:53,200
TechCrunch actually, which is
the one I was referring to.

389
00:21:53,200 --> 00:21:57,600
But yeah, I believe he applied
for a license broader kind of

390
00:21:57,600 --> 00:22:01,100
financial services, but when
you're in payments initially and

391
00:22:01,100 --> 00:22:03,600
detailed it to the staff and
there were some questions around

392
00:22:03,600 --> 00:22:06,000
loans and he talked about, you
know, you didn't certainly was

393
00:22:06,000 --> 00:22:08,200
going to leave out the
opportunity to provide a key,

394
00:22:08,200 --> 00:22:12,100
kind of financial So Services
product But ultimately I think

395
00:22:12,100 --> 00:22:16,300
he was talking about providing
some sort of access to high

396
00:22:16,300 --> 00:22:18,900
yield deposits and payments
within Twitter.

397
00:22:19,400 --> 00:22:21,800
And I think he's ultimately it's
like we talked about with odor.

398
00:22:21,800 --> 00:22:23,100
Is it?
You know, if you have that

399
00:22:23,100 --> 00:22:26,200
captive audience, how do you
monetize them by providing

400
00:22:26,200 --> 00:22:29,300
fairly easy to roll out
Financial Services products?

401
00:22:29,600 --> 00:22:32,600
Payments being the first one
within the app payments seems

402
00:22:32,600 --> 00:22:35,900
like a no-brainer especially
when you have people having to

403
00:22:36,000 --> 00:22:37,500
start paying for the
verification.

404
00:22:37,500 --> 00:22:38,700
They've already got their card
details.

405
00:22:39,000 --> 00:22:40,600
Open everything.
Now you can start paying

406
00:22:40,700 --> 00:22:42,600
different kind of Partners a
different people that you're

407
00:22:42,600 --> 00:22:44,800
following or whatever
subscriptions, you can see all

408
00:22:44,800 --> 00:22:48,300
that kind of been moved inside.
So even like we reference for

409
00:22:48,300 --> 00:22:50,300
five people.
Now, that of newsletters that we

410
00:22:50,300 --> 00:22:54,300
subscribe to some of those offer
page options, I'd say there's no

411
00:22:54,300 --> 00:22:56,400
reason why you wouldn't see
those people start to put two

412
00:22:56,400 --> 00:22:58,400
subscription links and
everything within Twitter so

413
00:22:58,400 --> 00:23:01,900
that you can pay in Twitter.
So it makes a lot of sense when

414
00:23:01,900 --> 00:23:04,400
you have Dash much of a captive
audience I suppose, the

415
00:23:04,400 --> 00:23:07,000
challenge is that it doesn't
appear from the outside that

416
00:23:07,000 --> 00:23:09,300
he's doing a good job of Twitter
in the First instance.

417
00:23:09,300 --> 00:23:13,800
Anyway, yeah, boss, anyone that
has a massive following on

418
00:23:13,800 --> 00:23:15,800
Twitter is not going to be in a
mad rush to leave it.

419
00:23:16,700 --> 00:23:20,200
So you know, he probably has
plenty of time and kind of

420
00:23:20,200 --> 00:23:24,600
Goodwill to get things right and
it makes total sense.

421
00:23:24,600 --> 00:23:26,700
Why wouldn't you try do it?
If it's not going to be a huge

422
00:23:26,700 --> 00:23:29,700
Endeavor to start bringing in
some payments and some other

423
00:23:29,700 --> 00:23:32,800
Solutions in the same way we've
seen in other kind of, you know,

424
00:23:32,800 --> 00:23:35,300
Square I suppose is one and
block that we've talked about

425
00:23:35,400 --> 00:23:38,700
it, considerably away with cash
app, you know, that's probably

426
00:23:38,800 --> 00:23:41,200
The model is looking at, it's
just that they've had 10 years.

427
00:23:42,300 --> 00:23:44,500
Ahead of them.
Yeah.

428
00:23:44,700 --> 00:23:50,600
So yeah II it's fascinating
because the, this is all, you

429
00:23:50,600 --> 00:23:53,800
know, rolling into so many
different directions that this

430
00:23:53,800 --> 00:23:57,900
could all go with Twitter.
And I'm just sitting here

431
00:23:57,900 --> 00:24:01,000
thinking about how Twitter works
today.

432
00:24:01,600 --> 00:24:05,800
So much noise out there but then
a, you know, at least 10% of it

433
00:24:05,800 --> 00:24:09,900
is genuine helpful thoughts that
I use and leverage in what I do

434
00:24:09,900 --> 00:24:11,800
every day from an investment
perspective.

435
00:24:12,000 --> 00:24:15,300
Yeah.
So what I pay for it?

436
00:24:15,300 --> 00:24:18,700
Yeah I probably would because I
still find myself.

437
00:24:18,700 --> 00:24:22,900
Hey I heard someone talking
about a tweet on a podcast.

438
00:24:22,900 --> 00:24:26,200
I want to go find that tweet
because I know if I look further

439
00:24:26,200 --> 00:24:28,500
down in the thread there's going
to be a helpful snippet that's

440
00:24:28,500 --> 00:24:30,100
going to get me to think about
something a little bit

441
00:24:30,100 --> 00:24:32,700
differently and give me some
more conviction in a certain

442
00:24:32,700 --> 00:24:37,600
area, right?
So if Twitter were to expand

443
00:24:37,600 --> 00:24:41,500
into some type of financial
account Would it be something

444
00:24:41,500 --> 00:24:43,400
that I would feel comfortable
using?

445
00:24:44,100 --> 00:24:49,600
Well, not if it was just some,
you know, insecure message

446
00:24:49,600 --> 00:24:53,800
board, but if it were, you know,
intended to become an ecosystem.

447
00:24:53,800 --> 00:24:59,800
And, yeah, this could go in a
lot of different ways, but,

448
00:24:59,800 --> 00:25:02,100
yeah, sorry.
And I see just the beginning, I

449
00:25:02,100 --> 00:25:04,800
found some bit more detail out
here is talking about initially

450
00:25:04,800 --> 00:25:07,500
monetizing content creation.
So like that.

451
00:25:07,500 --> 00:25:10,800
If you want to pay for specific
content that you've In from

452
00:25:10,800 --> 00:25:14,200
packing McCormick, for example,
but more as a one-off, you know,

453
00:25:15,000 --> 00:25:17,400
low value, high volume, types of
payments.

454
00:25:17,400 --> 00:25:19,900
That's what they're targeting
initially, which, you know,

455
00:25:19,900 --> 00:25:22,500
they'll take a quarter of and
it's both the article here, this

456
00:25:22,500 --> 00:25:25,800
is a Forbes article that what
they're saying is the challenge

457
00:25:25,800 --> 00:25:28,800
with that around, economics will
be that, you know, they're dead.

458
00:25:28,800 --> 00:25:32,200
He's then responsible for the
in-app payment on a particular

459
00:25:32,200 --> 00:25:34,000
platforms.
Anyway.

460
00:25:34,000 --> 00:25:36,800
So for example, the IOS app
would have to pay a 30 percent

461
00:25:36,800 --> 00:25:38,100
fee.
So Twitter would have to add a

462
00:25:38,108 --> 00:25:41,700
fee on top of that.
So the economics will be very

463
00:25:41,700 --> 00:25:45,200
tough on it.
However, you know, it's

464
00:25:46,300 --> 00:25:48,400
potentially peer-to-peer
transfers vertical be

465
00:25:48,400 --> 00:25:51,000
considerable value.
And that's what he talks about

466
00:25:51,000 --> 00:25:53,000
in a separate conversation.
You talking about if you've got

467
00:25:53,000 --> 00:25:55,100
a balance on your account, you
want to send money to it,

468
00:25:55,100 --> 00:25:59,100
someone else within Twitter.
So you could see in a situation

469
00:25:59,100 --> 00:26:03,900
where we would, you know, load
up our Twitter wallet and every

470
00:26:03,900 --> 00:26:06,600
so often you see a piece of
content that you want to access

471
00:26:06,600 --> 00:26:09,700
or purchase and that's it, you
just purchase it as a one-off.

472
00:26:10,400 --> 00:26:14,100
And by sending Ash within the
app to somebody you can see huge

473
00:26:14,100 --> 00:26:16,600
potential market and not, you
know what I'm thinking.

474
00:26:16,600 --> 00:26:20,000
Now like back the problem, the
90s with all this is that the

475
00:26:20,000 --> 00:26:25,200
internet wasn't designed and
they base layers of technology

476
00:26:25,200 --> 00:26:28,900
in this and the coding software
what was not developed for

477
00:26:28,900 --> 00:26:34,500
payments and what we've done
over the last 25 years is really

478
00:26:34,500 --> 00:26:38,500
just, you know, put Band-Aids
and and bubblegum on top of the

479
00:26:38,500 --> 00:26:41,400
whole thing too.
Be able to support payments.

480
00:26:41,900 --> 00:26:46,200
Now, look at things.
Now in the year 2022 is a social

481
00:26:46,200 --> 00:26:50,200
media system.
Really the social media platform

482
00:26:50,300 --> 00:26:55,000
really safe secure engineered
for all this wood, Facebook move

483
00:26:55,000 --> 00:26:58,300
to Facebook, pay.
I'm not sure how much of that

484
00:26:58,300 --> 00:27:02,700
has taken off and it's just
because people aren't used to

485
00:27:03,000 --> 00:27:09,700
engaging in everyday spending
and decisions based upon what's

486
00:27:09,700 --> 00:27:14,700
going on on their Facebook
account, right.

487
00:27:14,800 --> 00:27:21,500
But but Twitter's different to
an extent, could a critical mass

488
00:27:21,500 --> 00:27:26,700
of Twitter users who are
monetizing content and at

489
00:27:27,100 --> 00:27:31,500
critical mass of Twitter users
who are want to consume that

490
00:27:31,500 --> 00:27:35,700
content, will they would there
be enough value Changing Hands

491
00:27:35,900 --> 00:27:39,500
in either Fiat or crypto?
Here because that is a real

492
00:27:39,500 --> 00:27:41,700
possibility.
Will it be enough of a critical

493
00:27:41,700 --> 00:27:46,400
mass to move in the direction of
Twitter?

494
00:27:46,800 --> 00:27:50,100
Becoming the original x.com
vision?

495
00:27:50,300 --> 00:27:54,000
And that he did just buy a
massive Global audience for what

496
00:27:54,000 --> 00:27:56,600
our don't like anyone to be.
What it would be Elon Musk

497
00:27:56,700 --> 00:27:58,800
probably the better comparison
here will be YouTube.

498
00:27:58,800 --> 00:28:02,400
Ultimately look makes a majority
of its revenue from.

499
00:28:02,400 --> 00:28:05,700
Yeah, it's bullsh.
You know, obviously feels I'd

500
00:28:05,700 --> 00:28:08,900
Siddharth with content.
So I don't think he's looking to

501
00:28:08,900 --> 00:28:12,000
turn this into a, you know, it's
entirely funded by content

502
00:28:12,000 --> 00:28:15,000
creation, but the majority of
people on Twitter with large

503
00:28:15,000 --> 00:28:17,600
followings, are creating content
of some kind.

504
00:28:17,600 --> 00:28:22,200
So, you know, being able to
replace some of that revenue is

505
00:28:22,200 --> 00:28:26,300
lost from advertising by
bringing in subscriptions or

506
00:28:26,300 --> 00:28:29,700
payments or whatever, seems to
be a good move.

507
00:28:29,700 --> 00:28:32,400
Given the types of users that
are on Twitter and what they're

508
00:28:32,400 --> 00:28:34,600
using it for.
Yeah.

509
00:28:34,900 --> 00:28:39,200
Yeah, I'd say it's the audience
of Twitter.

510
00:28:39,500 --> 00:28:43,000
The user base.
Twitter is big enough where

511
00:28:43,000 --> 00:28:46,000
they're going to spend a
boatload on trying to build this

512
00:28:46,000 --> 00:28:48,600
that they should, at least have
break.

513
00:28:48,600 --> 00:28:53,300
Even with all the layoffs that
Twitter has been doing in the

514
00:28:53,300 --> 00:28:56,000
manner in which Elon Musk he's
communicating that which is

515
00:28:56,000 --> 00:28:58,300
pretty crappy.
Look that payments, First Step,

516
00:28:58,400 --> 00:29:00,900
you know, if he can get payments
right on it and get people using

517
00:29:00,900 --> 00:29:03,600
it, even if that, just breaks
even then, obviously being able

518
00:29:03,700 --> 00:29:06,500
Ball to roll out.
Whether it's short small loans,

519
00:29:06,800 --> 00:29:09,300
you know, small dollar loans.
Whatever it is you know, do

520
00:29:09,300 --> 00:29:10,600
following along with cash.
What?

521
00:29:10,600 --> 00:29:12,800
Cash app is doing?
Yeah, you know.

522
00:29:12,900 --> 00:29:15,200
It's great potential there then.
Yeah.

523
00:29:15,700 --> 00:29:19,800
Yeah.
Well, we'll see where he ends up

524
00:29:20,100 --> 00:29:21,600
with this.
It's way too late.

525
00:29:21,600 --> 00:29:24,700
But it was like I said, it was,
you know, you start thinking

526
00:29:24,700 --> 00:29:27,600
about these things differently.
When while someone like going

527
00:29:27,600 --> 00:29:30,300
Fitzgerald, send you a post and
says this is more than just what

528
00:29:30,300 --> 00:29:33,200
it looks like.
Yeah, absolutely definitely.

529
00:29:33,200 --> 00:29:36,900
So thank you.
Next thing you wanted to look at

530
00:29:36,900 --> 00:29:40,400
were this startup Founders in
the UK going to war with the UK

531
00:29:40,400 --> 00:29:43,500
government, over its moves to a
point eight?

532
00:29:43,500 --> 00:29:48,400
Yes, into this key ecosystem
role right?

533
00:29:48,600 --> 00:29:53,800
Which is okay, let's appoint
Barclays to run Tech nation in

534
00:29:53,800 --> 00:29:59,000
the UK which is kind of the
startup policy and promotion,

535
00:29:59,200 --> 00:30:03,100
arm of the UK startup industry
more or less.

536
00:30:03,100 --> 00:30:07,300
So you Katie Tech startup tech
industry which just doesn't feel

537
00:30:07,300 --> 00:30:09,600
right A Bank kind of taking that
over.

538
00:30:09,800 --> 00:30:12,400
Where did this one come from
again?

539
00:30:12,400 --> 00:30:14,700
This is one on TechCrunch to,
but I saw this a couple weeks

540
00:30:14,700 --> 00:30:17,000
back.
So it was for technician was to

541
00:30:17,000 --> 00:30:19,700
previous government.
Bodies was formed in 2019

542
00:30:19,700 --> 00:30:24,100
supporting about 4,000.
UK companies, get 75 percent of

543
00:30:24,100 --> 00:30:26,200
its revenue from government
grants.

544
00:30:26,200 --> 00:30:29,600
So, effectively a government
agency, or semi state, or

545
00:30:29,608 --> 00:30:33,700
whatever acquaintance as it's
before going.

546
00:30:34,000 --> 00:30:39,000
Yeah, quasi NGO across, and it
went out to Tender and Barclays,

547
00:30:39,000 --> 00:30:41,500
got awarded the contract and
like I remember seeing it and

548
00:30:41,500 --> 00:30:45,000
thinking well that just, you
know, that Joe, we talked about

549
00:30:45,000 --> 00:30:48,000
this version of this a few weeks
ago when we talked about, oh

550
00:30:48,000 --> 00:30:49,400
God.
What was that Finn tank

551
00:30:49,400 --> 00:30:51,800
utilities like?
Yes, fintech utilities.

552
00:30:51,800 --> 00:30:53,200
Exactly.
And we said is it right?

553
00:30:53,200 --> 00:30:56,900
That a valuable resource in the
industry would be acquired or

554
00:30:56,900 --> 00:31:00,000
majority owned by one particular
player.

555
00:31:00,000 --> 00:31:01,600
And we were of in agreement
that?

556
00:31:01,600 --> 00:31:03,700
No and then you have an
important resource.

557
00:31:03,800 --> 00:31:07,400
Is to an industry being owned by
one particular player owned by

558
00:31:07,400 --> 00:31:10,100
one particular player.
Like, you can't argue that in

559
00:31:10,100 --> 00:31:12,500
any way that there's going to
be, you know, that everyone's

560
00:31:12,500 --> 00:31:14,800
going to be treated fairly or it
would appear to be treated.

561
00:31:14,800 --> 00:31:17,600
Fairly like, you know, you're
talking about some of the best

562
00:31:17,600 --> 00:31:20,000
and brightest companies
potentially coming out of the UK

563
00:31:20,000 --> 00:31:22,200
here and Barclays have an inside
track on it.

564
00:31:23,100 --> 00:31:24,300
Yeah, yeah.
Yeah.

565
00:31:24,308 --> 00:31:26,300
I mean, just a parallel to
what's going on in Ireland.

566
00:31:26,300 --> 00:31:30,600
I mean, you know, the the
national digital Research Center

567
00:31:30,600 --> 00:31:34,400
which was not quite Tech Nation
but at least it was A government

568
00:31:34,400 --> 00:31:37,200
entity that was helping to
promote sponsor investment into

569
00:31:37,200 --> 00:31:40,800
startups and research alongside
it was being run by someone

570
00:31:40,800 --> 00:31:44,000
called digital Hub, I think.
And then the the contract went

571
00:31:44,000 --> 00:31:48,000
up for tender and Dogpatch Labs
one it and just had a big Vision

572
00:31:48,000 --> 00:31:51,900
doing wrong patch Labs doing
this versus say, Bank of

573
00:31:51,900 --> 00:31:54,800
Ireland.
Jesus, that would be night and

574
00:31:54,800 --> 00:31:58,200
day, right?
So there is it just it doesn't

575
00:31:58,200 --> 00:32:01,700
feel right and and you know
Barclays have done a number of

576
00:32:01,700 --> 00:32:03,700
things over the years with
startup ecosystems.

577
00:32:03,800 --> 00:32:06,600
And that have been incredibly
helpful, you know, they salute

578
00:32:06,600 --> 00:32:09,600
me, it's not, it's not a slight
or knock on Barclays, like, you

579
00:32:09,600 --> 00:32:12,400
know, we both said, involved in
stuff to be Dune UK, they're

580
00:32:12,400 --> 00:32:15,100
incredibly good at us.
It's just that the, I don't

581
00:32:15,100 --> 00:32:18,000
think you can allow a situation
where something that's that

582
00:32:18,000 --> 00:32:21,800
important to the industry can be
owned by one player at the

583
00:32:21,800 --> 00:32:24,200
detriment of others.
So I think what happened here

584
00:32:24,200 --> 00:32:27,700
was 60 kind of co-signature,
he's, you know, cofounders of

585
00:32:27,700 --> 00:32:31,300
wise and things like that.
All signed up to a letter saying

586
00:32:31,300 --> 00:32:35,500
that they thought But they are
what they say that this should

587
00:32:35,500 --> 00:32:38,100
be, the government should be
funding this and it should stay

588
00:32:38,100 --> 00:32:41,300
like, that should be grounded in
the startup ecosystem and local

589
00:32:41,300 --> 00:32:43,400
Easton system, not looking to
write on.

590
00:32:43,400 --> 00:32:45,000
Its coattails is what they said.
Another.

591
00:32:45,900 --> 00:32:47,900
Yes.
I just thought like that look.

592
00:32:47,900 --> 00:32:50,800
We were both well, a verse on
what goes on in the industry

593
00:32:50,800 --> 00:32:52,600
here and how that helps and
supports.

594
00:32:53,000 --> 00:32:56,200
And that just thought it was an
interesting kind of comparison

595
00:32:56,200 --> 00:32:59,300
to what goes on here.
Yeah, definitely, definitely

596
00:32:59,300 --> 00:33:02,100
jumping across the Atlantic to
the United States of America.

597
00:33:03,200 --> 00:33:06,600
We have a announcement that US
banks are launching a digital

598
00:33:06,600 --> 00:33:10,600
asset settlement platform proof
and alongside that that story

599
00:33:10,600 --> 00:33:13,100
that you shared, which I think
is the reference to the same

600
00:33:13,100 --> 00:33:16,000
thing, Global Banks partner with
New York fed for 12-week digital

601
00:33:16,000 --> 00:33:18,900
dollar pilot, right?
So just thought it was

602
00:33:18,900 --> 00:33:21,100
interesting context to
everything else that's going on

603
00:33:21,100 --> 00:33:23,400
in the Crypt was base.
Yeah, yeah, totally.

604
00:33:23,400 --> 00:33:26,100
And it's kind of like saying,
well, you know, let's see if we

605
00:33:26,100 --> 00:33:30,200
can leverage some of this
technology to introduce to the

606
00:33:30,200 --> 00:33:32,400
traditional Financial
infrastructure.

607
00:33:32,500 --> 00:33:35,200
Are some of the benefits of
blockchain Technology.

608
00:33:35,200 --> 00:33:39,400
Now, there's a story that's been
going on since 2014 2015 and in

609
00:33:39,400 --> 00:33:42,600
reality what it is, is that any
technology?

610
00:33:42,800 --> 00:33:47,500
Whatever it is, if you want a
big bunch of banks to adopt new

611
00:33:47,500 --> 00:33:50,300
technology and do something
together, that's going to take a

612
00:33:50,300 --> 00:33:55,000
heck of a long time.
So there's been a initiative on

613
00:33:55,000 --> 00:34:00,000
this side of the pond in Europe
for well, back since 2015, when

614
00:34:00,000 --> 00:34:02,400
I first saw it coming out, it
was Universal set.

615
00:34:02,600 --> 00:34:04,800
And Coin.
And I forget that the original

616
00:34:04,800 --> 00:34:09,000
name of the player who was
promoting this project, but

617
00:34:09,000 --> 00:34:12,400
they're now called finality, and
they have become very

618
00:34:12,400 --> 00:34:14,699
institutional and it was the
same thing that is being

619
00:34:14,699 --> 00:34:19,100
proposed here in the US and
where I think it's being, you

620
00:34:19,100 --> 00:34:22,699
know, a regulated liability
Network.

621
00:34:23,300 --> 00:34:26,500
So to be able to have wholesale
or Central Bank money, moving

622
00:34:26,500 --> 00:34:30,000
around between banks in a
tokenize form which is great but

623
00:34:30,400 --> 00:34:34,199
this is kind of a precursor To
Central Bank, digital currency

624
00:34:34,199 --> 00:34:37,199
or one of the elements of parts
of a framework that you would

625
00:34:37,199 --> 00:34:39,100
need to have in place for
Central Bank, digital currency

626
00:34:39,100 --> 00:34:43,900
to work and Central Bank,
digital currency to me is way

627
00:34:43,900 --> 00:34:45,900
too much of a government looking
over my shoulder in terms of

628
00:34:45,900 --> 00:34:48,000
what I'm doing with that money,
right?

629
00:34:48,000 --> 00:34:51,500
So what it is it was you know
some of the names that are in

630
00:34:51,500 --> 00:34:56,000
here in the other story on
fenestra were bny.

631
00:34:56,000 --> 00:35:00,400
Mellon HSBC PNC, TD Bank, truest
and US Bank are all

632
00:35:00,400 --> 00:35:04,400
participating in the experiment
which critical were dotted with

633
00:35:04,400 --> 00:35:07,000
the technology provided by
settle which tried to do

634
00:35:07,000 --> 00:35:10,000
something on this side of the
pond settle with a few different

635
00:35:10,000 --> 00:35:13,000
directions and digital asset,
which have been working on

636
00:35:13,000 --> 00:35:17,800
replacing the Australian stock
exchange system with blockchain

637
00:35:17,800 --> 00:35:19,800
technology for the last five or
six years.

638
00:35:19,800 --> 00:35:22,000
And it keeps getting delayed and
delayed and delayed again.

639
00:35:22,100 --> 00:35:26,000
Probably more indicative of Bank
adoption of new technology and

640
00:35:26,000 --> 00:35:28,800
financial infrastructure.
Provider adoption of new

641
00:35:28,800 --> 00:35:32,900
technology and also powered by a
WS no-brainer, right?

642
00:35:32,900 --> 00:35:39,500
So this I think, Right.
Sentiment, in terms of hay, in

643
00:35:39,500 --> 00:35:43,800
the face of what's going on with
crypto and FDX, and finance and

644
00:35:43,800 --> 00:35:45,700
everything happening and all the
drama there.

645
00:35:45,800 --> 00:35:49,000
What is can we point to a use
case?

646
00:35:49,000 --> 00:35:51,000
That is going to actually be
helpful?

647
00:35:51,400 --> 00:35:53,300
Absolutely.
You know, we've been pointing

648
00:35:53,300 --> 00:35:55,300
this for years.
It's just it's going to take an

649
00:35:55,300 --> 00:35:57,800
awful long time for The Banks of
sort this out.

650
00:35:57,800 --> 00:36:02,000
And the failings of FDX, I'm
gonna go out on a limb.

651
00:36:02,200 --> 00:36:05,900
It had zero to do with
blockchain technology itself,

652
00:36:06,200 --> 00:36:07,900
Badasses.
Right.

653
00:36:09,200 --> 00:36:12,900
That is where we stand one last
thing.

654
00:36:12,900 --> 00:36:15,400
I wanted to mention.
Obviously, the situation here in

655
00:36:15,400 --> 00:36:20,300
Ireland were tons of people are
being laid off across meta

656
00:36:20,400 --> 00:36:25,100
Twitter stri stripe.
And this was an article in the

657
00:36:25,100 --> 00:36:28,500
Sunday business post or sorry,
an article in the business post,

658
00:36:28,700 --> 00:36:32,000
only reason that I have access
to business post is that I

659
00:36:32,100 --> 00:36:33,500
started paying for a
subscription.

660
00:36:33,500 --> 00:36:35,900
When Charlie Taylor moved over
there, Shadowcat Charlie Taylor

661
00:36:36,000 --> 00:36:36,800
Same.
Big found it.

662
00:36:36,800 --> 00:36:38,800
Charlie.
Yeah, definitely.

663
00:36:38,800 --> 00:36:44,800
And that there's lots of people,
obviously, now on the job hunt,

664
00:36:44,800 --> 00:36:47,900
and that, this has happened over
the last few weeks, but they're

665
00:36:47,900 --> 00:36:53,200
being scooped up right now.
For a long time people, they all

666
00:36:53,200 --> 00:36:56,200
the, the financial services, the
International Financial Services

667
00:36:56,200 --> 00:36:59,100
Center in Ireland, which is a
huge success story in the 80's

668
00:36:59,100 --> 00:37:03,300
90's and 2000's, but then kind
of Technology, caught up with

669
00:37:03,300 --> 00:37:07,000
things, but the financial
services industry, Did not and

670
00:37:07,000 --> 00:37:09,200
people like, well, if I want to
do something new and Innovative,

671
00:37:09,200 --> 00:37:12,500
I'm gonna go work for one of
these big Tech firms and now

672
00:37:12,500 --> 00:37:15,200
they're all laying them off.
So hopefully there's one that

673
00:37:15,200 --> 00:37:18,400
influx of talent back into the
financial services firms to get

674
00:37:18,400 --> 00:37:21,900
them to actually embrace digital
Technologies in a serious

675
00:37:21,900 --> 00:37:24,000
matter.
In the what we call the fund

676
00:37:24,000 --> 00:37:27,300
Services industry.
The second impact hopefully is

677
00:37:27,300 --> 00:37:29,500
that they go in startups and
then you've got people that are

678
00:37:29,500 --> 00:37:34,800
coming out with some Bank
manatees and we bring that into

679
00:37:34,800 --> 00:37:37,100
the startup ecosystem.
Which would just be phenomenal.

680
00:37:37,100 --> 00:37:39,700
Obviously, people need to take
risks in order to do that with

681
00:37:39,700 --> 00:37:42,600
their livelihoods, but this
great supports out there now

682
00:37:42,600 --> 00:37:44,600
even better than the ones before
and to praise our, unless our

683
00:37:44,600 --> 00:37:47,700
new precede fund, you know,
that's 100K potentially to start

684
00:37:47,700 --> 00:37:49,600
something, which is far better
for the markets.

685
00:37:49,600 --> 00:37:51,200
Very receptive.
Very well received in the

686
00:37:51,200 --> 00:37:55,200
market, things like that.
So hopefully we get more great

687
00:37:55,200 --> 00:37:57,300
startups out of it.
Absolutely.

688
00:37:57,400 --> 00:38:01,000
And the, the article referenced
Brian Caulfield and you know, he

689
00:38:01,000 --> 00:38:03,200
said I would hope that a lot of
these people will end up in our

690
00:38:03,200 --> 00:38:05,900
own Tech sector, maybe even
consider starting their own

691
00:38:06,000 --> 00:38:08,900
Businesses right?
Shout out to Brian's been a

692
00:38:08,900 --> 00:38:12,000
stalwart of the the tech startup
scene over the last 20 years

693
00:38:12,000 --> 00:38:14,100
here in Ireland.
So all good.

694
00:38:14,100 --> 00:38:16,800
So you know obviously job loss
is suck.

695
00:38:17,300 --> 00:38:19,500
Yep.
But it looks like it cause it

696
00:38:19,500 --> 00:38:22,900
feels like the job market is
buoyant enough here and talking

697
00:38:22,900 --> 00:38:25,200
to some of our crew to friends
who have commented.

698
00:38:25,200 --> 00:38:28,900
The same thing that the hiring
going on right now is still just

699
00:38:29,400 --> 00:38:32,500
incredible.
So yeah, you know, good luck to

700
00:38:32,500 --> 00:38:36,500
everybody and if anybody wants
to bounce a start-up Idea off of

701
00:38:36,500 --> 00:38:40,600
me in web form a blockchain do
Reach Out reach out and get in

702
00:38:40,600 --> 00:38:41,600
touch.
Absolutely.

703
00:38:41,600 --> 00:38:44,000
I know Dave Cunningham offered
the same thing and shout out to

704
00:38:44,000 --> 00:38:47,100
Dave, it's good friend and that,
you know, we're here to help.

705
00:38:47,200 --> 00:38:49,700
So let's do it.
Excellent.

706
00:38:50,400 --> 00:38:52,500
Alright.
Well, thank you, pal, pleasure,

707
00:38:52,500 --> 00:38:56,600
as always, buddy, you hang in
there with the vomiting bug and

708
00:38:56,600 --> 00:38:58,300
you know, keep that under
control.

709
00:38:58,300 --> 00:39:00,400
Yeah, taking it back to eating
normally, I'd be happy.

710
00:39:01,000 --> 00:39:04,100
Thank you.
Adios take it easy.

711
00:39:11,200 --> 00:39:13,100
That does it for this week
folks, you can learn more about

712
00:39:13,100 --> 00:39:15,400
the stories we covered in the
show notes on our website money,

713
00:39:15,400 --> 00:39:17,700
never sleeps.
That IE also, thanks to Conan

714
00:39:17,700 --> 00:39:20,400
Brophy from creates, on for
mixing and editing this episode,

715
00:39:20,600 --> 00:39:23,000
Conan is an excellent media ban
to get in touch with when you're

716
00:39:23,000 --> 00:39:24,700
thinking about launching your
own podcast.

717
00:39:25,000 --> 00:39:27,700
As for me, I'm an early stage,
startup investor focused on

718
00:39:27,700 --> 00:39:29,900
where fintech meets crypto and
crypto meets web three.

719
00:39:30,500 --> 00:39:32,300
There are plenty of links in the
show notes on money, never

720
00:39:32,300 --> 00:39:35,200
sleeps, that IE and how to get
in touch with us or just drop us

721
00:39:35,200 --> 00:39:37,600
an email on info at money now.
He sleeps that.

722
00:39:37,600 --> 00:39:40,500
I eat finally till next time.
Thanks for listening.

723
00:39:40,600 --> 00:39:41,300
See you it