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.

The breakdown is sponsored by nexo.io, circle, and FtX, and produced and distributed by CoinDesk.

What's going on, guys? It is Friday, October 7th, and today we are talking about finance,

hacks, Celsius leaks, and so much more. 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 in the

show notes or go to bit.ly slash breakdown pod. Also a disclosure, as always. In addition to them

being a sponsor of the show, I also work with FTX. All right, folks, well, today, as I mentioned

up top, we are catching up on crypto, and it has been a fiery

little end to the week here, with the big theme being about the problems of centralization.

Before we dive in there, though, let's discuss for just a moment the U.S. jobs numbers that came out

this morning.

As we know, the Federal Reserve is laser focused on jobs. They've made it

clear that they believe that the tight labor market is a major barrier to fighting inflation,

effectively saying that until they see either inflation itself come down or the labor market

really start to show signs of softness, they're going to keep tightening. Now, of course,

there is a ton of debate around

this. I've described in a past episode why I wish the Fed would spend more time exploring or articulating

if and how they think things have changed in the jobs market structurally since the end of COVID.

Whatever their reasoning, they've made it clear that they need to see a softening in that market

before they think differently about tightening.

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