"The Biggest Macro Event Since March”

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 10 November 2020

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on the Brief: GRIN gets 51% attacked Crypto trading volume down 25.8% in October How the market is receiving Joe Biden Our main discussion: The stock market soars on promising Pfizer COVID-19 vaccine trials. The S&P 500 and DJIA hit new all-time highs after Pfizer announced its experimental vaccine had prevented COVID-19 in 90% of patients. Travel stocks soared, work from home stocks suffered and safe havens fell. In this episode, NLW explores the shifting market sentiment, as well as what it means for bitcoin.

Transcript

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0:00.0	We've seen a situation where the money supply has increased dramatically, but the inflationary
0:06.1	impacts of that haven't really been felt because the velocity of money isn't there.
0:10.4	People have been behaving more resiliently with their spending.
0:13.8	What happens if that changes?
0:15.6	How fast do we switch to a concern about inflation happening really quickly?
0:20.3	Would we see something that was hot
0:22.0	enough that they would have to take emergency action in the other direction? We have been so
0:27.0	hungry for good vaccine news that things are feeling right now in the markets like this is all
0:33.6	going to be over soon. Welcome back to The Breakdown with me, NLW.
0:40.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:46.1	The breakdown is sponsored by Crypto.com and nexo.io and produced and distributed by CoinDest.
0:53.6	What's going on, guys?
0:54.9	It is Monday, November 9th, and I am back from traveling and excited to be with you again.
1:02.3	And today, we are talking about the biggest macro events since March.
1:07.4	And no, it is not Joe Biden.
1:09.9	It has been since the very beginning all about the vaccine
1:14.0	trade. And boy, oh boy, is that the story today? First up, however, let's do the brief.
1:19.3	First on the brief today, the latest 51% attack in crypto. There have been a spade of 51% attacks this year. This is, of course, where miners or
1:31.2	a miner acquire more than 50% of a network's hash power. The latest to fall victim is Grin.
1:38.7	If you'll remember, Grin was an absolute VC darling. They pushed the idea of a fair launch.
1:45.8	They had a pseudo-anonymous founder.
1:48.2	They had a Harry Potter mythology.
	...

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