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Cosmos: Creating the Toolkit for Interoperable Networks
Eric Kryski, CEO and co-founder of Bidali, sits down with Ethan Buchman, CEO of Informal Systems and co-founder of Cosmos, to discuss the Cosmos network and interoperable blockchains as well as a vision for localized economies and municipal sovereignty. Kryski and Buchman explore the challenges of building blockchain application layers on Bitcoin's and Ethereum's networks as well as achieving interoperability between protocols?even within the same network. Buchman shares how Cosmos' ecosystem is able to accomplish interoperability that restores sovereignty with an application-specific chain while providing a mature development environment. The work being done at Cosmos flows in Buchman's vision for more localized, interoperable economies, and he expands on this by breaking down his thoughts on community currencies, municipal sovereignty, and mutual credit systems. Filmed on May 18, 2021. Key Learnings: Buchman explains how Cosmos is aiming to become "the internet of blockchains" by allowing developers to build their blockchains in such a way that it will enable communication with each other in a decentralized way. He acknowledges how this sort of functionality within the crypto ecosystem would support economies that would become more localized and municipalities that become sovereign as diverse needs and values call for varied means of governance. Buchman argues that a shift toward localism and away from our dependence on globalization will lead to more sustainable, self-sufficient, and anti-fragile economies and societies.
Cryptocurrency Liquidity from the Trade Desk Perspective
Jason Leibowitz, Co-Founder and CEO of LeboBTC Ledger Group (LLG), welcomes Michael Paleokrassas, Managing Director and Head of Sales and Trading at Genesis Global Trading, to discuss cryptocurrency liquidity, trading practices, funding rates, and crypto mining. Initially operating as a fixed income agency-only trading desk, Paleokrassas and his team saw an opportunity to use their skillset in matching buyers with sellers in specific assets that had never traded before and educate clients on the product. For the Genesis team in 2013, that new product would become crypto assets?or specifically, Bitcoin. Paleokrassas and Leibowitz discuss the challenges of investing in crypto in its early days as well as how that led Paleokrassas to launch one of the first broker-dealers to operate as a cryptocurrency trading desk. Filmed May 19, 2021. Key Learnings: Paleokrassas believes that volatility could negatively impact decisions for the creation of ETFs; however, he states the crypto markets have some of the best liquidity of any product that trades anywhere. With that, traders can easily work out huge positions with minimal market impact. He also believes that crypto?s fundamentals are still intact as long as blocks continue to be produced and that good actors in the system do not need to fear regulation. Many trading desks currently operate with a level of self- regulation?Paleokrasses believes additional regulation will not be difficult to navigate and may even generate more exposure and liquidity for the digital assets space.
Challenging the Exponential Age Thesis
Real Vision co-founder and CEO Raoul Pal welcomes R. Martin Chavez, vice chairman and partner of Sixth Street Partners, for a wide-ranging conversation in which they discuss their differing perspectives relating to Raoul's thesis on The Exponential Age. Chavez shares his background from his PhD studies in medical information sciences at Stanford to working at Goldman Sachs where he served a variety of roles including chief information officer and chief financial officer. In particular, Pal and Chavez debate their exceptions on the ways in which the ever-increasing digitization of the eco-system will or will not change the world for better or worse. Filmed May 18th, 2021. To continue the discussion with fellow Real Vision members on this interview, click here to visit the Exchange: Key Learnings: Chavez believes that the digitization of currency will not occur through the adoption of stable coins but rather through the federal government creating their own digital dollar. Furthermore, Chavez expresses skepticism about the supposedly positive implications of increased retail investors entering the space through easy-to-trade apps like Robinhood as well as crowd-sourcing investment ideas across social media platforms. Ultimately, Pal and Chavez both agree that the next decade will be bring about revolutionary change through the rapidly accelerating pace of blockchain technology, but volatility and risk will be a feature of the space for the foreseeable future.
Horizen: Better Economics & Governance for Blockchain
Ash Bennington, senior crypto editor for Real Vision, welcomes Robert Viglione, co-founder and president of Zen Blockchain Foundation, to discuss Horizen Global, Zen Blockchain, and proof of reserves as well as his thoughts on the future of blockchain technology. During Viglione's deployment in Afghanistan, he researched and wrote a dissertation on crypto finance when he learned about the Hawala Network, an ancient informal peer-to-peer payment network based on trust and nodes. From this, Viglione realized Bitcoin was recreating the same human-to-human network for the digital age—he saw this as an opportunity to build on that in order to move away from centralized monetary systems. Filmed on May 13, 2021. Key Learnings: When investigating why Bitcoin trades at different values across different countries, Viglione discovered that the primary driver is frictions to markets, ease of access by centralized entities, economic opportunity, and jurisdictional risk. With Horizen (originally Zencash), the blockchain was formed with the idea of applying "better economics" and sustainability to the Bitcoin model – "on the margin, compensating people for their contributions". Horizen aimed to provide an incentive mechanism so that anyone and everyone that is contributing to the network can be compensated relative to their contribution, evolving from the idea of simple coin transfers to building on top of that and generalizing data structures to allow for privacy.


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Ampleforth: Ideal Reserve Currency
Real Vision senior editor Ash Bennington is joined by Evan Kuo, founder of Ampleforth, to discuss how Ampleforth was engineered specifically to satisfy characteristics of the ideal reserve currency. By working with Stanford's Hoover Institute for several years, Kuo and his team have been refining what it means to be a "good" reserve currency. A key innovation lies in their maneuver to substitute price volatility with supply volatility. Kuo's goal is to create the ultimate unit of account, resistant to demand shocks typically seen in business cycle contractions. Filmed on June 17, 2021.
Real VisionJune 23, 2021
Gold and The Dollar in the New Roaring 20s
As economies around the world reopen, Axel Merk, president & CIO of Merk Investments, shares his insights on central bank monetary policy, currencies, and equity valuations. Merk argues that the dollar will weaken as global economies attempt to reflate by borrowing dollars and investing domestically. He shares his framework for thinking about gold and inflation in response to Chair Powell's meeting and the FED dot plot. He believes that a market correction is possible and that investors should use current market strength to prepare themselves and reevaluate their risk appetite. Filmed on June 21, 2021.
Real VisionJune 22, 2021
Bitcoin Crashes as Stocks Flirt with All-Time Highs
Real Vision senior editor Ash Bennington welcomes Tommy Thornton of Hedge Fund Telemetry and to the Daily Briefing to discuss Bitcoin’s crash, FED Chair Powell’s testimony, and market sentiment as stocks rebound. The pair will cover potential explanations for Bitcoin’s reversal as well as implications for companies in the space such as Coinbase. Additionally, they will dive into both commodity and stock market reactions to FED Chair Powell’s testimony on the state of the economy. Special Festival of Learning offer - 10% off with the code DAILYBRIEFING.
Jim Bianco and Jimmy Song: Bitcoin Versus DeFi
Jim Bianco, president and founder of Bianco Research LLC., and Jimmy Song, founder of Programming Blockchain Inc., face off in this heated discussion on Bitcoin, DeFi, which system is superior, and whether DeFi is truly "decentralized". Bianco makes the case for decentralized finance and discusses the many ways which it can improve upon our traditional finance systems. Song challenges the notion that DeFi is "decentralized" and explains why Bitcoin is the only true possessor of long term scarcity and value. Filmed June 17, 2021.

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