In the first official episode of Supply Shock, Jameson Lopp joins the show to explain why Jack Dorsey is NOT Satoshi, threat vectors for Bitcoiners, and security prevention strategies to protect yourself. We also delve into attacker stories, how Jameson protects his own financial and physical security, and more. Enjoy! — Follow Jameson Lopp: https://x.com/lopp Follow Rizzo: https://x.com/pete_rizzo_ Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ The Bitcoin Historian Newsletter: https://bitcoinhistorynewsletter.com/ — Join us at Digital Asset Summit 2025 March 18th - 20th. USE CODE SHOCK10 FOR 10% OFF general admission! https://blockworks.co/event/digital-asset-summit-2025-new-york — Bitcoin DeFi is here. Stake, bridge, swap and earn real yield on Core - Bitcoin’s consumer chain and staking layer.  Join Ignition and get onchain: https://ignition.coredao.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=blockworks  Stake your Bitcoin with Core: https://stake.coredao.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=blockworks Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com. Need liquidity without selling your Bitcoin? For 6+ years, Ledn has been the trusted choice for Bitcoin-backed lending. With transparency, security, and trust at our core, we help you access your BTC’s wealth while HODLing. Discover what your Bitcoin can do at ledn.io/borrowing. — Timestamps: (00:00) Introduction (01:01) Is Jack Dorsey Satoshi Nakamoto? (05:50) Debunking the Jack-Satoshi Theory (13:04) Ads (Core, Ledger, Ledn) (14:38) Debunking the Jack-Satoshi Theory (Con't) (31:00) The Threat Vectors for Bitcoiners (31:39) Ads (Core, Ledger, Ledn) (33:44) The Threat Vectors for Bitcoiners (Con't) (37:04) Mitigating Security Risks (49:19) Rapid Fire Questions — Disclaimer: Nothing discussed on Supply Shock should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

A new chapter starts today. On the Margin is becoming a new show: Supply Shock, covering all things Bitcoin. Felix is back in the host seat for one last episode, passing the baton to Supply Shock's new host, Pete Rizzo AKA the Bitcoin Historian. They discuss Rizzo's deep lore, sovereign adoption of Bitcoin, and the state of Bitcoin innovation. They also delve into the rise of meme coins, the industry’s future, and more. Enjoy and check out the first full episode of Supply Shock with Jameson Lopp - it's already in the feed! — Follow Rizzo: https://x.com/pete_rizzo_ Follow Felix: https://x.com/fejau_inc Follow Supply Shock: https://twitter.com/SupplyShockBW Follow Blockworks: https://twitter.com/Blockworks_ The Bitcoin Historian Newsletter: https://bitcoinhistorynewsletter.com/ — Join us at Digital Asset Summit 2025 March 18th - 20th. USE CODE SHOCK10 FOR 10% OFF general admission! https://blockworks.co/event/digital-asset-summit-2025-new-york — Bitcoin DeFi is here. Stake, bridge, swap and earn real yield on Core - Bitcoin’s consumer chain and staking layer.  Join Ignition and get onchain: https://ignition.coredao.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=blockworks  Stake your Bitcoin with Core: https://stake.coredao.org/?utm_source=blockworks&utm_medium=podcast&utm_campaign=blockworks Ledger, the global leader in digital asset security, proudly sponsors Supply Shock. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com. Need liquidity without selling your Bitcoin? For 6+ years, Ledn has been the trusted choice for Bitcoin-backed lending. With transparency, security, and trust at our core, we help you access your BTC’s wealth while HODLing. Discover what your Bitcoin can do at ledn.io/borrowing. — Timestamps: (00:00) Introduction (01:04) New Show & New Host: Pete Rizzo (04:19) Bitcoin's Historical Significance (07:16) Sovereign Adoption and Bitcoin's Global Impact (13:17) Ads (Core, Ledger, Ledn) (14:49) Sovereign Adoption and Bitcoin's Global Impact (Con't) (25:56) Ads (Core, Ledger, Ledn) (28:02) Innovations and Challenges in Bitcoin (33:40) The Future of Bitcoin and Crypto — Disclaimer: Nothing discussed on Supply Shock should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Raoul Pal joins the show to discuss the new revolutionary economic regime, how AI is driving the economic singularity, and the younger generation’s changing perception of markets. We also delve into geopolitics, the banana zone, and much more. Enjoy! — Follow Raoul Pal: https://x.com/RaoulGMI Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ Join Real Vision and learn more from Raoul here: http://realvision.com/join — Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com. MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Key Features: Built using Cosmos SDK, IBC compatible, with CosmWasm supported Secured via a sovereign PoS validator set Scalable up to 10k TPS Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs Improved User Experience to onboard non-native users and institutions to Web3 Learn more: https://www.mantrachain.io/ — Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission! https://blockworks.co/event/digital-asset-summit-2025-new-york — Timestamps: (00:00) Introduction (01:19) Regime Shift (05:55) Labor Vs Debt (10:53) Setup For The New Conflict (14:19) Rethinking Business Cycles (16:42) No More Cowbell? (19:55) Scott Bessent (23:16) Geopolitics (29:27) Ads (30:43) Inflation Trend (34:15) Finding Treasury Buyers (36:42) Cynicism Vs Optimism (38:28) Macro-Crypto Intersection (45:46) Crypto's Addressable Market (49:52) Changing Perception Of Markets (54:53) The Banana Zone — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week Eric Balchunas Senior ETF Analyst at Bloomberg joins the show for a discussion on the Bitcoin ETF. Forecasting a 90% chance of approval in January, Eric walks through what gave him conviction in this prediction & the current things to look out for ahead of the SEC's decision. To hear all this & more, you'll have to tune in! -- Follow Eric: https://twitter.com/EricBalchunas Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Referenced In The Show: Eric Balchunas – The Past, Present & Future of ETFs: https://open.spotify.com/episode/5vCLwJoKJ13PtCAFAadpFF?si=fb1b2ab9ba2b4ec3&nd=1&dlsi=1f29936becc3469d -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount. Prices go up in January! https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- (00:00) Introduction (01:49) What Is An ETF? (06:22) DAS London Plug (11:50) ETF Distribution (19:12) The Bitcoin ETF (26:00) Who Will Win The Bitcoin ETF Race? (29:53) Grayscale, GBTC & The ETF (35:16) Blockworks Research Ad (36:03) Bitcoin ETF vs The Gold ETF Launch (40:20) Crypto Sentiment (46:57) Will We See Other Crypto ETFs? -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount. Prices go up in January! https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week, Tim Grant CEO of Deus X Capital joins the show for a discussion on where to find the best opportunities in crypto. We discuss Blackrock's ETF, the differences between web2 vs web3 business models & crypto's reflexivity as an asset class. To hear all this & more, you'll have to tune in! -- Follow Tim: https://www.linkedin.com/in/tim-j-grant/ Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- (00:00) Introduction (06:00) Investing In Crypto (13:23) Web2 vs Web3 (20:41) DAS London Plug (21:42) Reflexivity In Crypto (29:23) The Bitcoin ETF (39:52) Blockworks Research ad (40:40) The Best Opportunities In Crypto -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today’s episode, Quinn Thompson Head of Capital Markets & Growth at Maple Finance joins the show to discuss his Bitcoin outlook into 2024. We deep dive into the macro outlook for 2024, Bitcoins huge 2023 rally to $44,000 & the next crypto bull market. To hear all this & more, you'll have to tune in! -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-a... Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week Mike & Mark discuss the continued bull market as November saw a massive rally in stocks, bonds & crypto. To hear all this & more, you'll have to tune in! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today’s episode, James Lavish Managing Partner at The Bitcoin Opportunity Fund joins the show to discuss his debt spiral thesis. With a "tsunami of debt" on the horizon, James walks through the end game for the unsustainable U.S fiscal path. We discuss the odds of recession in 2024, how to repair the debt problem & which assets will thrive in this environment. To hear all this & more, you'll have to tune in! -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-a... Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Referenced In The Show: Bitcoin Opportunity Fund: https://www.bitcoinopportunity.fund/ The Informationist: https://www.jameslavish.com/ -- (00:00) Introduction (00:46) A Recession Is Coming (06:07) DAS London Plug (07:25) There's A "Tsunami Of Debt" On The Horizon (12:17) The Debt Problem (26:03) Blockworks Research Ad (26:50) The Debt Spiral (33:36) The Debt Spiral End Game (39:06) Bitcoin (49:16) The Bitcoin Opportunity Fund -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Jens Nordvig, founder of Exante Data and Marketreader Inc., returns to Forward Guidance to provide a quantitative update on currency and bond markets. Jens makes the case that interest rates all across the yield curve are likely headed lower as the Federal Reserve’s last hike is in the rearview mirror, and he argues that the U.S. dollar could depreciate against “risk-off” currencies such as the Swiss Franc, Japanese Yen, and even gold. Filmed on November 22, 2023. -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Digital Asset Summit 2024 Black (Rock) Friday Sale. Use Code: BLACKROCKMARGIN for a 20% discount on a 4-pack of DAS tickets: https://blockworks.co/event/digital-asset-summit-2024-london -- Follow Jens Nordvig on Twitter https://twitter.com/jnordvig Follow Exante Data on Twitter https://twitter.com/ExanteData Follow Marketreader on Twitter https://twitter.com/MarketReaderInc Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance -- Timestamps: (00:00) Introduction (00:16) It's Been A Busy Year (02:36) Interest Rate Sensitivity Of U.S. Economy (13:13) Will There Be A Recession In 2024? (15:51) Jens' Bull Case For Rates (22:34) Fed Will Be "Much More Relaxed" If Services Inflation Continues To Moderate (27:56) Potential For "Big Cuts" (30:22) An Extraordinary Summer In FX (33:48) Jens' Bear Case For Dollar Against Gold and Risk-Off Currencies Such As Swiss Franc -- Disclaimer: Nothing discussed on On The Margin or Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today’s episode, Julian Brigden Co-Founder of MI2 Partners joins the show to reflect on the current state of markets as financial conditions loosen & markets price in a goldilocks environment, as they deem the Fed's inflation fight over. We discuss the path ahead for the Fed, the ongoing tug of war between stocks & bonds, the ripple effect of inflation & the structural bear market in the bond market. To hear all this & more, you'll have to tune in! -- Follow Julian: https://twitter.com/JulianMI2 Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Digital Asset Summit 2024 Black (Rock) Friday Sale. Use Code: BLACKROCKMARGIN for a 20% discount on a 4-pack of DAS tickets: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week Mike & Mark discuss the inflation print which gave a further lift to equities over the week. Mark dives into the liquidity backdrop that is "driving markets" & what it means for the rest of 2023. To hear all this & more, you'll have to tune in! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- (00:00) Introduction (01:52) DAS London (07:58) Inflation (18:56) The Debt Problem (25:47) Blockworks Research (26:34) Bitcoin (48:12) When Will The Fed Cut Rates? (54:05) Artificial Intelligence -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Michael Millerman joins the show to discuss Peter Thiel’s philosophical framework, the Straussian Moment, and the post-liberalism era. We also delve into Bitcoin’s role in a multipolar world, the great awakening, and much more. Enjoy! — Follo Michael Millerman: https://x.com/M_Millerman Follow Tyler: https://twitter.com/Tyler_Neville_Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com. MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Key Features: Built using Cosmos SDK, IBC compatible, with CosmWasm supported Secured via a sovereign PoS validator set Scalable up to 10k TPS Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs Improved User Experience to onboard non-native users and institutions to Web3 Learn more: https://www.mantrachain.io/ — Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission! https://blockworks.co/event/digital-asset-summit-2025-new-york — Timestamps: (00:00) Introduction (01:47) Incorporating Political Philosophy Into Investing (03:44) Michael's Background (05:06) Peter Thiel & The Straussian Moment (11:00) The Friend-Enemy Distinction (19:39) The Vulgar Vs The Wise (23:08) The Post-Liberalism Era (26:27) Ads (28:18) Interview Continues (37:32) Multipolarity & Decentralization (41:58) The Fourth Political Theory (46:16) Looking Where Others Are Not (49:48) The Great Awakening (55:01) Learn More About Michael's Work — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today’s episode, Michael Howell CEO of CrossBorder Capital joins the show to share his outlook for the global liquidity cycle and what it means for markets throughout 2023 & into 2024. We deep dive into the mechanics of inflation, the impact of rising interest rate's on global refinancing, the reduced impact of QE from the Fed's shadow QE & the role of crypto & Gold in portfolios. To hear all this & more, you'll have to tune in! -- Follow Michael: https://twitter.com/crossbordercap Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Referenced In The Show: Stanley Druckenmiller & Paul Tudor Jones: https://www.youtube.com/watch?v=QWccFlgaBxA -- (00:00) Introduction (01:53) Liquidity Is Rising (05:01) The Path Ahead For Inflation In 2024 (09:34) DAS London Plug (10:52) The Liquidity Spiral (14:48) The Impact Of Rising Interest Rate's (17:44) The Liquidity Cycle (21:38) The Fed's Shadow QE (25:13) The QRA Fueled A Huge Stock Market Rally (30:40) Blockworks Research Ad (31:28) The U.S Fiscal Outlook Will Cause The Fed's Balance Sheet To Rise (40:29) Gold & Crypto (42:40) Who Is The New Marginal Buyer Of U.S Debt? (48:49) Crypto As An Inflation Hedge -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week Mark & Mike discuss the continued positive price action in crypto as Bitcoin breaks $37,000. To hear all this & more, you'll have to tune in! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Timestamps: (00:00) Introduction (06:16) Bitcoin Breaks $37,000 (17:19) FTX (27:07) DAS London Plug (28:25) All Eye's Are Still On The Bond Market (48:07) Blockworks Research Ad (48:55) Circle Plans A 2024 IPO -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today’s episode, Adam Back Co-Founder & CEO of Blockstream joins the show for a discussion on where we are in the Bitcoin cycle. We deep dive into the mechanics of the mining sector, developments in the lightning network, whether or not a Bitcoin ETF is good for the ethos of Bitcoin & finally why Adam believes Bitcoin under $100,000 is undervalued. To hear all this & more, you'll have. to tune in! -- Follow Adam: https://twitter.com/adam3us Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- (00:00) Introduction (00:36) Chancellor on Brink of Second Bailout for Banks (05:42) Bitcoin & Bonds (07:49) Bitcoin ETF (11:54) DAS London Plug (13:12) Where Are We In The Bitcoin Cycle? (17:44) Bitcoin's Path To $100,000 (20:17) Bitcoin Mining (37:02) Blockworks Research Ad (37:50) Does More Bitcoin Hashrate Equal More Security? (46:23) The Bitcoin Security Model (50:57) Bitcoin Ordinals (57:05) The Lightning Network -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week Mark & Mike discuss the market rally in stocks & bonds after the U.S Treasury's quarterly refunding announcement (QRA). We also deep dive into Powell's FOMC meeting, the Nonfarm Payroll's data release & this weeks Coinbase earnings. To hear all this & more, you'll have to tune in! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today’s episode, Andy Constan Founder of Damped Spring & Co-Founder of 2 Gray Beards joins the show to disucss the recent QRA release from the U.S Treasury. As markets anticipated a higher amount of long end issuance, Andy turned bullish a few days ago when the numbers surprised to the downside & joins the show to explain exactly how he was able to catch this weeks risk on rally. To hear all this & more, you'll have to tune in! -- Follow Andy: https://twitter.com/dampedspring Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Timestamps: (00:00) Introduction (00:44) Why Andy Wen't Long Risk Asset's Post QRA Announcement (06:40) Bills vs Bonds Issuance (11:41) Should The U.S Have Termed Out Their Debt? (15:46) DAS London Promo (17:04) Financial Conditions Have Massively Eased (21:44) We're Back To Act I In The Inflation Cycle (24:25) Blockworks Research Ad (25:13) The Consequences Of This QRA Are Being Felt (32:50) The Path Towards Recession -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Michael Kao, former hedge fund manager and private investor, returns to On The Margin alongside Forward Guidance host Jack Farley to break down the U.S. Treasury’s quarterly refunding announcement (QRA) and Fed’s FOMC meeting that marked the first day of November. __ Michael Kao’s article discussed in the show: https://www.urbankaoboy.com/p/re-inflationoilgoldyield-curves-revisiting __ Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-a... Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ – __ Follow Michael Kao on Twitter https://twitter.com/UrbanKaoboy Follow Michael Ippolito on Twitter https://twitter.com/MikeIppolito_ Follow On The Margin on Twitter https://twitter.com/OnTheMarginPod Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ __ Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today’s episode, Arthur Hayes CIO at Maelstrom Fund joins the show to explore his current macro framework and how that will impact crypto for the rest of the year & into 2024. We discuss the bursting of the sovereign debt bubble as bonds continue one of their largest sell-off's in U.S history, the dreaded bear steepener and it's impact on bank balance sheets, market liquidity & how crypto can act as a safe haven during periods of financial repression, deleveraging & inflation. To hear all this & more, you'll have to tune in! -- Follow Arthur: https://twitter.com/CryptoHayes Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Referenced In The Show: Oil: The Making of the Modern World: https://podcasts.apple.com/gb/podcast/167-oil-the-making-of-the-modern-world/id1537788786?i=1000555057140 -- Timestamps: (00:00) Introduction (00:38) The Debt Problem (05:43) The Dreaded Bear Steepener (10:56) Are U.S Banks In Trouble Again? (15:30) The Social Consequences Of Too Much Debt (20:19) DAS London Plug (21:36) Financial Repression (28:18) Trade Wars Are The Mirror Image Of Currency Wars (33:11) Blockworks Research (42:27) Bitcoin (43:15) The Crypto Bull Market (54:42) The Bitcoin Halving (56:05) Liquidity -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week, Mike & Mark discuss the recent price action in Bitcoin. As Bitcoin breached $30k, it quickly ran up to $35k as investors anticipated an eventual spot Bitcoin ETF. We also discuss the gamma squeeze that took place, the increasing participation of "hodlers" & the role of the halving. To hear all this & more, you'll have to tune in! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This episode is from another of Blockworks' shows Forward Guidance. We hope you enjoy & remember to go follow Forward Guidance: Spotify: spoti.fi/46LGuNR Apple: apple.co/3hXQu2F -- Today’s interview is a very special one. Dr. Claudio Borio, renowned economist and Head of the Monetary and Economic Department at the Bank For International Settlements (BIS), joins Joseph Wang of Fedguy.com and Jack Farley for a wide-ranging discussion on the nature of financial instability and the interplay of monetary policy and fiscal policy. Borio shares insight from recent BIS research on inflationary regimes, financial cycles, and the boundaries of debt-fueled growth. Borio notes that the materialization of interest rate risk has so far been seen in the banking sector, but that we have yet to credit risk. Filmed on October 17, 2023. -- Some of Borio’s and the BIS’ works mentioned in this interview: “Monetary and fiscal policy: safeguarding stability and trust,” June 2023 Presentation in Basel, Switzerland, Claudio Borio https://www.bis.org/speeches/sp230625a_slides.pdf “The two-regime view of inflation,” March 2023, Claudio Borio, Marco Lombardi, James Yetman and Egon Zakrajšek https://www.bis.org/publ/bppdf/bispap133.pdf “International banking and financial market developments” BIS Quarterly Review, September 2023 https://www.bis.org/publ/qtrpdf/r_qt2309.pdf “Does money growth help explain the recent inflation surge?” 26 January 2023, Claudio Borio, Boris Hofmann and Egon Zakrajšek https://www.bis.org/publ/bisbull67.pdf “On money, debt, trust and central banking,” January 2019, Claudio Borio https://www.bis.org/publ/work763.pdf “Navigating by r*: safe or hazardous?” November 2021, Claudio Borio https://www.bis.org/publ/work982.pdf “The financial cycle and macroeconomics: What have we learnt?” December 2012, Claudio Borio https://www.bis.org/publ/work395.pdf __ Follow Bank For International Settlements on Twitter https://twitter.com/BIS_org Follow Joseph Wang on Twitter https://twitter.com/FedGuy12 Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ __ (00:00) Introduction (00:32) The Interplay Between Monetary Policy & Fiscal Policy (09:50) High Levels Of Government Indebtedness As A Risk (12:35) Just How Interest Rate Sensitive Is The Global Economy? (15:56) The Financial Cycle (24:12) The Two Inflationary Regimes (36:45) Central Bank Balance Sheet Policy (Quantitative Easing & Quantitative Tightening) (39:34) Liquidity In Sovereign Bond Markets (46:13) Non-Bank Financial Sector Is "Rife With Hidden Leverage & Maturity Mismatches" (50:56) Interest Rate Risk Within Banking System (56:45) Concluding Thoughts On Debt & Inflation __ Disclaimer: Nothing discussed on Forward Guidance or On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week, Mike & Mark discuss the false Bitcoin ETF headline that sent Bitcoin soaring to $30,000, before diving into the broader crypto price action over the week. We then discuss the continued bond market sell-off that has lead to one of the worst bond bear markets in U.S history. To hear all this & more, you'll have to tune in! -- Digital Asset Summit 2024. Use Code: MARGIN20 for a 20% discount: https://blockworks.co/event/digital-asset-summit-2024-london -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Jeff Park joins the show to discuss how the new Bitcoin ETF options will impact the market, what the options trading is already telling us, and whether a gamma squeeze is likely. We also delve into the arbitrage opportunities for retail traders, how to follow the new market landscape, and much more. Enjoy! — Follow Jeff Park: https://x.com/dgt10011 Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com. MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Key Features: Built using Cosmos SDK, IBC compatible, with CosmWasm supported Secured via a sovereign PoS validator set Scalable up to 10k TPS Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs Improved User Experience to onboard non-native users and institutions to Web3 Learn more: https://www.mantrachain.io/ — Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission! https://blockworks.co/event/digital-asset-summit-2025-new-york — Timestamps: (00:00) Introduction (01:50) Bitcoin ETF Options Expectations (06:14) Bitcoin's Volatility Skew (10:52) Bitcoin's Unique Supply Dynamics (14:22) Corporates Rewarded For Having Bitcoin (16:02) Biggest Options Trading Takeaways (27:30) Ads (29:20) Interview Continues (31:26) Implications On Dealers & Gamma (37:18) Impact Of Synthetic Bitcoin Through Derivatives (41:56) How Options Will Impact Market Structure (45:16) Following The New Options Landscape (48:52) The New Risk Model (52:35) Retail Opportunities — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today’s episode, Neal Berger Founder of Eagle’s View Capital Management joins the show for a discussion on navigating the uncertain year of 2023. After launching his contrarian macro fund in 2021, and posting some of the best hedge fund returns in 2022 of 163%, Neal describes how 2023 has been a "challenging year" as his fund remains short stocks & bonds. Expecting the bond market sell-off to continue, Neil shares the path ahead for the rest of 2023 & into 2024. To hear all this & more, you’ll have to tune in!  -- Follow Eagles View Capital: https://evhedge.com/ Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- (00:00) Introduction (00:40) 2023 Has Been Challenging (06:43) This Bond Market Sell-Off Isn't Over (11:12) Higher Interest Rates Are Negative For Stocks (14:12) Blockworks Research Ad (14:59) The Ocean Of Liquidity Is In Reverse (27:30) Looking Ahead To 2023/2024 -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX — This week Mike & Mark discuss the recent sentiment in crypto markets. We then dive into this weeks CPI print, the bond market & how recessionary headwinds could start to emerge in the coming months. To hear all this & more, you’ll have to tune in!  — Digital Asset Summit 2024 | London: https://blockworks.co/event/digital-asset-summit-2024-london -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today’s episode, two hedge fund veterans Andy Constan & Nick Givanovic, Co-Founders of 2 Gray Beards join the show for a discussion on the recent bond market sell-off, the journey towards recession island in 2024 & the path ahead for equity weakness depending on the U.S Treasury's QRA at the end of October. To hear all this & more, you'll have to tune in! -- Follow Andy: https://twitter.com/dampedspring Follow Nick: https://twitter.com/nickgiva1 Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Referenced In The Show: Logan’s speech is worth reading: the “why” of this recent bond selloff matters importantly for the Fed: https://twitter.com/NickTimiraos/status/1711371085889864063 The U.S. Treasury Is Neutralizing The Fed's Quantitative Tightening | Michael Howell & Andy Constan: https://www.youtube.com/watch?v=5nZwrE_uNcg -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Timestamps: (00:00) Introduction (01:28) How To End An Inflation Cycle (06:43) A Wave Of U.S Treasury Issuance Is Coming To Market (17:12) The Fed Will Be Happy With The Bond Market Sell-Off (19:43) Blockworks Research Ad (20:30) The U.S. Treasury Is Neutralizing The Fed's Quantitative Tightening (27:48) Debt & Deficits (35:11) Reacting To Geopolitical Uncertainty In Markets (41:33) Preparing For Act 4 In A Move To Recession Island (47:41) Inflation -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week, Mike & Mark discuss the historic declines in the bond market with the long end sell-off continuing. We also discuss the blowout payrolls data, which under the surface may not be as hot as the headline suggests. To hear all this & more, you'll have to tune in! -- Digital Asset Summit 2024 | London: https://blockworks.co/event/digital-asset-summit-2024-london -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/01:15 Renewed Bond Bear Market -- Timestamps: (00:00) Introduction (03:14) DAS London (06:11) Sell-Off In The Bond Market (11:24) Payrolls Come In Hot (18:54) The Global Wrecking Ball: Oil, U.S Dollar & U.S Yield's (24:36) Blockworks Research Ad (25:24) Beware Of FOMO (35:10) Diving Into The Payrolls Data (37:25) Are Equities About To Crack? (41:49) What Stops This Bond Market From Selling Off? (44:27) The BoJ Steps In To Curb Yen Losses -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today’s episode, Leland Miller CEO of China Beige Book joins the show for a discussion on the death of China's old economic model. With China's weaker than expected reopening & many expecting the imminent collapse of China, we invited Leland Miller to the show to give a data driven look into the Chinese economy, to help us understand what is really going on beneath the surface. To hear all this & more, you'll have to tune in! -- Follow Leland: https://twitter.com/ChinaBeigeBook Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- (00:00) Introduction (02:31) Thing Aren't Great In China, But It Isn't Collapsing (10:20) China's Old Economic Model Is Dying (14:05) Xi Jinping's Push To "Common Prosperity" (20:59) Blockworks Research Ad (21:46) Inflation & Deflation In China (27:30) How China's Growth Impacts Market's (32:46) China's Rippling Inflation Impact (37:54) U.S & China Relations -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- Mike and Mark tackle an explosive week of tremendous pain in the bond market alongside a continuing surge in oil prices. The pair consider the news surrounding potential Bitcoin and Ether ETFs, and Mark reminds listeners of his saying that "risk cannot be destroyed, it can only be transformed." Filmed on September 29, 2023. -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/01:15 Renewed Bond Bear Market -- (00:00) Introduction (01:38) Renewed Bond Bear Market (11:57) Oil Surges Again (27:58) Blockworks Research Ad (28:45) Bitcoin & Ether ETFs (38:43) Sinister Saturday: Does Inflation Benefit The Elites? (51:28) "Risk Is Like Energy: You Cannot Destroy It, You Can Only Transform It" -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- Darius Dale, founder of 42Macro, returns to On The Margin to update Mike on his views on stocks, bonds, and the economy. Dale expects a true soft landing will be unlikely in the absence of a productivity boom, and, having correctly called the economic resiliency of the U.S. this year, he explains why he is now expecting a hard landing. Filmed on September 21, 2023. -- Follow Darius Dale on Twitter https://twitter.com/DariusDale42 Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- (00:00) Introduction (01:38) The Fed's New Dot Plot (09:08) Darius's View On Interest Rates & Bond Yields (20:50) Blockworks Research Ad (21:37) The Sticky Inflation Narrative (30:04) Darius' Outlook on Stocks & Bonds -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- (00:00) Introduction (01:10) Fed Meeting (17:06) Foreign Holdings Of Treasurys (26:20) Blockworks Research Ad (27:07) Market Views On Stocks and Bonds (55:27) Crypto & Bitcoin -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today’s episode, Brent Johnson of Santiago Capital returns to On The Margin to share his view on the scorching summer rally in the U.S. dollar against other currencies. The surge in the dollar has been so fast and steady that Johnson expects a pullback, however, he warns that if the dollar continues to skyrocket then “heaven help the world.” -- Follow Brent: https://twitter.com/SantiagoAuFund Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- (00:00) Introduction (00:43) Where Is The Dollar Headed? (11:59) Federal Reserve and Treasury Bond Prices (21:19) Blockworks Research Ad (22:07) Japan & China (38:00) Inflation and Interest Rates (44:20) Brent's Views on Recession Risk -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week, Mike & Mark reflect on Blockworks' very own Permissionless II conference down in Austin after a busy week of panels, networking & most of all... Texas BBQ! We then take a deep dive into this weeks inflation data. Should we expect a second bout of inflation, or is disinflation still the consensus view? To hear all this & more, you'll have to tune in! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Josh Solesbury joins the show to discuss the bitcoin mining landscape, the ongoing transition to AI/HPC, and the future of the industry. We also delve into industry bottlenecks, the risks of transitioning to AI, and much more. Enjoy! — Follow Josh Solesbury: https://x.com/joshsolesbury Follow Quinn: https://x.com/qthomp Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com. MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Key Features: Built using Cosmos SDK, IBC compatible, with CosmWasm supported Secured via a sovereign PoS validator set Scalable up to 10k TPS Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs Improved User Experience to onboard non-native users and institutions to Web3 Learn more: https://www.mantrachain.io/ — Timestamps: (00:00) Introduction (02:32) Josh's Background (03:52) Overview Of The Bitcoin Mining Landscape (10:44) Bitcoin Mining Cyclicality (12:55) Industry Consolidation (16:18) Differentiating Miners (22:39) Miner Transition To AI/HPC (36:44) Ads (38:53) Miner Transition To AI/HPC (Continued) (42:09) Chips & Bottlenecks (49:18) Why Don't Miners Abandon Bitcoin For AI? (59:18) CoreWeave & Core Scientific (01:04:30) Risks To Transition To AI/HPC (01:07:55) The Future Of The Mining Industry — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On todays episode, Andy Constan Founder of Damped Spring Macro Research & Bob Elliot CIO at Unlimited Funds join the show for a discussion on the emerging signs of a recessionary slowdown, the wave of U.S treasury issuance & it's impact on the long end of the bond market. To hear all this & more, you'll have to tune in! -- Follow Andy: https://twitter.com/dampedspring Follow Bob: https://twitter.com/BobEUnlimited Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- (00:00) Introduction (01:11) Fading A Recession In 2023, But Are The Tides Turning? (10:55) Central Banks Have Capitulated On Their Inflation Fight (19:04) Blockworks Research Ad (19:51) Understanding The Bond Market Repricing (27:24) U.S Treasury Issuance Will Cause A Further Decline In Markets (31:50) Inflation (36:36) A Credit Crisis Is Unlikely (51:03) How Have Hedge Funds Performed In 2023? -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week Mike & Mark discuss the rise of bankruptcy filings in the U.S. To hear all this & more, you'll have to tune in! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissio... -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On todays episode,Chief Investment Officer at NewEdge Wealth Cameron Dawson joins the show for a discussion on the impact of higher interest rates. We discuss the economy's sensitivity to higher interest rates, Powell's shift to being a hawk vs his career as a dove & what we can learn from the most recent earnings season. To hear all this and more, you'll have to tune in! -- Follow Cameron: https://twitter.com/CameronDawson Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week Mike & Mark discuss Grayscale's victory vs the SEC and what it means for the approval of a Bitcoin ETF. To hear all this & more, you'll have to tune in! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ — Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ — Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today's episode, Charles Edwards Founder of Capriole Investments, a Bitcoin & digital asset quant hedge fund joins the show for a discussion on the positive setup for Bitcoin heading into 2024. Charles walks us through the potential setup he sees for 2024 & beyond in the Bitcoin & crypto markets tracking a number of key indicators including on chain data, the Capriole macro index, Bitcoin's halving schedule, hash ribbons & the wave of liquidity Grayscale's win vs the SEC could introduce as investors await a full Bitcoin ETF approval. To hear all this & more, you'll have to tune in! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- (00:00) Introduction (00:37) The Three Factor Model (03:53) The Relationship Between Liquidity & Bitcoin (06:35) The Bitcoin Halving (11:23) Permissionless Plug (12:34) Grayscale vs The SEC (18:05) Bitcoin's 10-Year Trajectory (24:48) $COIN & $MSTR: Understanding Demand For Crypto (30:48) Capriole’s Macro Index -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX — This week, Mike & Mark discuss the slew of macro data over the past few weeks. We also deep dive into the sell-off in Bitcoin last week from $30,000 to $26,000, China's slowdown, the housing market & more! To hear all this & more, you'll have to tune in! — Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ — Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ — Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On today's episode of On The Margin, Michael Kao former hedge fund manager turned private investor & Nick Glinsman Co-Founder at Malmgren-Glinsman Partners join the show. With every recent headline revolving around China, we invite two China watchers to the show for a deep dive on China's debt problem, real estate headwinds & battle with outright deflation. We discuss the impact of the "U.S Dollar wrecking ball", which has being swinging in Asia, and what "trouble" lies ahead for the U.S treasury market. To hear all this & more, you'll have to tune in! -- Follow Nick: https://twitter.com/nglinsman Follow Michael: https://twitter.com/UrbanKaoboy Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Referenced In The Show:  Geopolitics/Inflation/USD-Ball In A China Shop: https://www.urbankaoboy.com/p/re-geopoliticsinflationusd-ball-in USD/China - The Donkey Kong Dollar Peg: https://www.urbankaoboy.com/p/re-usdchina-the-donkey-kong-dollar Inflation/Real Estate - CRE Trends / The Strong US Consumer & The "Ivan Drago" Fed: https://www.urbankaoboy.com/p/re-inflationreal-estate-cre-trends Mental Models-Destructive/Constructive Interference In Econ Cycles: https://www.urbankaoboy.com/p/re-mental-model-destructiveconstructive USD Wrecking Ball - Whither Art Thou?: https://www.urbankaoboy.com/p/re-usd-wrecking-ball-whither-art Inflation-The Case for Bear Steepening/Why The Fed Won’t Pivot Soon: https://www.urbankaoboy.com/p/re-inflation-the-case-for-bear-steepeningwhy Geopolitical Mosh Pits & Sovereign Debt Endgames: https://twitter.com/UrbanKaoboy/status/1578888215494156289 West Point Paper -- Part 1/4: https://www.urbankaoboy.com/p/west-point-paper-part-14?r=jt0hj -- Timestamps: (00:00) Introduction (00:44) USD Wrecking Ball In A China Shop (11:05) China’s 40-Year Boom Is Over (26:13) Permissionless Ad (27:24) What's Causing The Bond Market Sell-Off? (36:56) Bull vs Bear Steepening: Making Sense Of The Yield Curve (44:40) Blockworks Research (45:27) Geopolitical Mosh Pits & Sovereign Debt Endgames (58:06) The Sovereign Debt Endgame (01:04:21) China's Impending Minsky Moment -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow Forward Guidance On Spotify: https://spoti.fi/3E0Nbio Follow Forward Guidance On Apple: https://apple.co/3hXQu2F Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week Mike is on holiday, so we bring you a special episode of Forward Guidance hosted by Jack Farley with Ivy Zelman Founder and CEO of Zelman & Associates. -- Follow Ivy Zelman on Twitter https://twitter.com/Ivy_Zelman Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ — Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ — Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 — Disclaimer: Nothing discussed on On The Margin or Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- On todays episode Neil Howe, Author of The Fourth Turning & his latest book The Fourth Turning Is Here joins the show for a wide ranging discussion on the current generational cycle America finds itself in amidst the crisis phase of the fourth turning. We dive deep into understanding the origins of a fourth turning, the economic & societal cycles throughout history rebuilding institutions. To hear all this & more, you'll have to tune in! -- Referenced In The Show: The Fourth Turning Is Here: What the Seasons of History Tell Us about How and When This Crisis Will End: https://www.amazon.com/gp/product/1982173734/ The Fourth Turning: An American Prophecy - What the Cycles of History Tell Us About America's Next Rendezvous with Destiny: https://www.amazon.com/gp/product/0767900464/ https://www.fourthturning.com/ Bowling Alone: The Collapse and Revival of American Community: https://www.amazon.co.uk/Bowling-Alone-Collapse-American-Community/dp/0743203046 The Moral Equivalent of War: https://www.youtube.com/watch?v=bbNFKgNoWc0 -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Neil: https://twitter.com/howegeneration Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 -- Timestamps: (00:00) Introduction (01:27) Origins Of The Fourth Turning (12:38) Research Ad (13:28) The Economic & Societal Cycles Throughout History (21:38) Rebuilding Institution's During A Fourth Turning (33:28) Permissionless II Ad (34:40) Internal vs External Conflict During A Fourth Turning -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

We apologise for audio issues on todays episode! — Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX — This week, Mike & Mark take a deep dive into July's inflation data. Despite inflation ticking up due to base effects, the trend across developed economies remains disinflation, while China finds itself battling outright deflation. How will China's economic slowdown impact the global economy & markets? To hear all this & more, you'll have to tune in! — Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ — Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ — Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Dylan LeClair joins the show to discuss MicroStrategy’s Bitcoin strategy, the insane performance of its convertible notes, and its $42 billion capital plan. We also discuss how to value MicroStrategy, the company’s liquidation risk, how other companies can replicate its strategy, and much more. Enjoy! — Follow Dylan LeClair: https://x.com/DylanLeClair_ Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com. MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Key Features: Built using Cosmos SDK, IBC compatible, with CosmWasm supported Secured via a sovereign PoS validator set Scalable up to 10k TPS Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs Improved User Experience to onboard non-native users and institutions to Web3 — Timestamps: (00:00) Introduction (03:19) MicroStrategy’s Bitcoin Strategy (09:41) Who Is Buying MicroStrategy? (14:24) How To Value MicroStrategy (16:02) FASB Regulation Change (19:05) MicroStrategy’s Dilution & NAV Premium (21:49) MicroStrategy’s Convertible Notes (24:14) MicroStrategy’s $42 Billion Capital Plan (27:14) Why Is This Strategy Accretive to Shareholders? (30:48) Advertisements (32:45) Impact Of The Capital Plan (36:11) MicroStrategy Risks (44:07) Replicating MicroStrategy’s Strategy (49:09) Crypto Market Outlook — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- Subscribe To Empire On YouTube: https://tinyurl.com/4fdhhb2j Subscribe To Empire On Apple: https://tinyurl.com/mv4frfv7 Subscribe To Empire On Spotify: https://tinyurl.com/wbaypprw -- This is a special episode taken from the Empire podcast hosted by Blockworks Co-Founder Jason Yanowitz, private investor Santiago Santos & Framework Ventures Co-Founder Michael Anderson. On todays episode we deep dive into the Blockworks origin story. We start at the very beginning in 2017, leading all the way through to 2023 & the ensuing 18 months ahead. We discuss the challenges of scaling a business, surviving March 2020, the evolving thesis for Blockworks' growth & trajectory and what it takes to build a great media business in the 21st century. To hear all this & more, you'll have. to tune in! -- Follow Michael I: https://twitter.com/MikeIppolito_ Follow Jason: https://twitter.com/JasonYanowitz Follow Michael A: https://twitter.com/im_manderson Follow Santiago: https://twitter.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/  -- Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 -- Timestamps: (00:00) The Blockworks Start (08:20) Entrepreneur Mindset Origination (11:42) Determining Product Categories (19:18) The March 2020 Pivot (24:12) Competitive Landscape (30:26) The Hiring Difference (34:36) Cycle Sentiment Check-in (39:24) Aligning Teams in Crypto (43:37) Target Audience (47:04) Permissionless (48:30) Evolving Thesis Approach (57:03) Narrative Pulse Check-in (01:00:02) Crypto's Killer App (01:02:38) Why Back Blockworks? (01:13:11) The Biggest Mistake (01:16:16) The DAO Thesis (01:23:12) Staying Interested Advice -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week, Mike & Mark discuss the volatile week in markets as the long end of the U.S bond market began selling off on Wednesday. We discuss the potential catalysts including increased treasury issuance, the BoJ's yield curve control tweak & Fitch's downgrade from AAA to AA+. Finally we walk through the highly anticipated earnings from Apple & Amazon, which saw mixed results leading to a bout of short term volatility in markets to end the week. To hear all this & more, you'll have to tune in! — Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Mark: https://twitter.com/MarkYusko Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ — Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ — Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46mn1n3 Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX — On todays episode Jesse Felder Founder of Felder Investment Research joins the show for a discussion on where we are in the current macro cycle and whether the second half of 2023 will be as robust as the first half of the year. Questioning the soft landing narrative, Jesse expects a deterioration in economic data in the coming months at a time when sentiment is as bullish as ever. We also discuss the current state of the U.S fiscal situation, the BoJ's surprise yield curve control tweak & the path ahead for the U.S Dollar. To hear all this & more, you'll have to tune in! — Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Jesse: https://twitter.com/jessefelder Follow Michael: https://twitter.com/MikeIppolito_ Follow Blockworks: https://twitter.com/blockworks_ — Research, news, data, governance and models – now, all in one place. As a listener of On The Margin, you can use code "MARGIN10" for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ — Use code MARGIN30 to get 30% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 — Timestamps: (00:00) Introduction (01:07) Where Are We In The Cycle? (07:37) Bear Market Rally, Or New Bull Market? (11:47) Permissionless II Ad (12:36) Sentiment & Valuations (16:58) "At Some Point The Bond Market Takes Away The Money Printer" (21:28) The Bank of Japan Surprises Markets (31:15) Research Ad (32:28) The Path Ahead For The Dollar (36:41) While Monetary Policy Tightens, Fiscal Continues Spending (38:45) Is The Inflation Fight Really Over? -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.