THE HASH: FTX Exploiter Developments; Bill Ackman Endorses Crypto Project Helium

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4.7 • 698 Ratings

🗓️ 21 November 2022

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by minima.global and Circle. The most valuable crypto stories for Monday, Nov. 21, 2022. "The Hash" hosts discuss the culprit behind the $600 million exploit of crypto exchange FTX started exchanging millions of dollars worth of ether (ETH) to Ren Bitcoin (renBTC), a token that represents bitcoin on other blockchains, early on Sunday. Plus, one of TradFi’s better-known investors, Bill Ackman, revealed on Twitter that he has turned a leaf and is now endorsing crypto. See also: More Than 50% of Bitcoin Addresses Are Now in Loss FTX Exploiter Converts Millions in Ether to Alameda-Linked Ren Bitcoin Tokens Bill Ackman Endorses Crypto Project Helium, Discloses Crypto Holdings - This episode has been edited by Nia Freeman. Our executive producer is Jared Schwartz. Our theme song is “Neon Beach.” - Minima is a new layer 1 blockchain, designed to run in full on a smartphone. Join over 300,000 Minima node runners on the Incentive Program today, to start earning $MINIMA every day until Mainnet launch. Get your node setup and earn $MINIMA at minima.global/get-involved. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode of The HASH is sponsored by Minima.global and Circle.
0:13.0	This is the HASH podcast. Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more with stories that matter to the crypto world, all on the hash for your ears.
0:27.1	You're listening to the Coin Desk Podcast Network.
0:32.3	Hey, everybody, happy Monday. We made it through the weekend. Things still a bit crazy out here in the world of
0:38.9	crypto. And we're here on the hash. Get you up to speed. I'm Zach Seward. That's Wendy O. Jensen
0:44.6	Assey. Will Foxley. Will is going to lead us off today. Please take it away, Will. What do you got?
0:49.3	I'm leading off today with some bad news. We keep starting the week off on bad news but that's kind of where we're
0:54.3	at with crypto right now it's a bear market gray scale bitcoin trust is down to a discount of 43
0:59.6	percent that's record high and that's because look at this on the right there bitcoin is not
1:05.1	doing so great either 50 percent of wallets are actually in the red in terms of purchases. So if you look at the longevity of
1:12.2	coins being purchased since Bitcoin's inception, 50% of those coins have been purchased
1:17.9	and now are at a loss. That's a huge negative note for investors out there who probably
1:23.7	purchased during either one of the bull markets and are now sitting on a stack
1:28.0	that's underwater. And that leads to different accounts in Bitcoin or different products in Bitcoin
1:32.7	that aren't doing so hot either. So we have the gray scale Bitcoin Trust, which I mentioned
1:36.8	this I can go, is down at 43% discount. Of course, CoinDesk is now owned by DCG, so we'll make
1:42.5	a little disclosure there. Why does this matter that
1:45.0	this product is at a discount? Well, a lot of people have it in their 401k. That's the reason this
1:49.0	trust product actually gained ground and why it's actually a bedrock of cryptos, because people
1:53.9	had access to Bitcoin in their traditional brokerage account for the first time ever. So it's
1:58.8	sort of like a very, it's a good metric to follow
2:02.2	in terms of Bitcoin. So when it's trading at this high of a discount, you have to start asking
	...

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