And then, of course, there's the question of this idea of Binance being too big to fail.

FTX, as we've now seen, didn't really have any big flow-through effects on other types of financial institutions.

But Binance is almost an order of magnitude larger.

At this scale, it's not, did I blow up hedge funds to consider?

It's more like, did we just blow up a significant portion of a bunch of sovereign wealth funds accidentally?

Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the Big Picture Power Shifts remaking our world.

What's going on, guys? It is Thursday, August 3rd, and today we are talking about whether

Binance is too big to jail. Before we get into that, however, if you are enjoying the breakdown,

please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into

the conversation, come join us on the breakers discord. You can find a link of the show notes or go to

bit.ly slash breakdown pod. Now, yesterday morning, CZ, the CEO of Binance, tweeted something that

has become a common site this year, which is the number four. The number four, of course,

refers to one of his rules for this year, number four, in fact, where he said that he would be working

hard to ignore the fud. Four then has become synonymous with fear, uncertainty, and doubt,

to hear Binance tell it, people outside, haters of the company, trying to bring them down

as they go about their merry way just continuing to serve the crypto markets. In response,

Hasuka trades writes, greatest minds of our generation trying to figure out if this is a preemptive four, or a. In response, Hasika trades writes, greatest minds of our generation

trying to figure out if this is a preemptive four or a four in response to the recent Wall

Street Journal China piece. When a semaphore article came out later in the day, discussing

the DOJ in their potential pursuit of a Binance case, Hasika tweeted, it was a preemptive four.

So what was going on yesterday? Well, one of the big

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