Hello everyone. A very happy new year to you all. It's the first show of 2023. We're going to get kicked off with a bang So welcome to the market report where I am again joined by our resident experts Marcell Peckman and Sam Borgie Sam Borgie is a business editor at Corn Telegraph where he brings a decade of experience in economic analysis and financial market writing Marcell Peckman applies 17 years of experience trading derivatives options and futures to the crypto derivatives markets Now, today's show is sponsored by Web3 Antivirus. It's a security solution that helps protect users from online threats and scams on the decentralized web Hello gentlemen. Happy new year to you both. How are we doing? Marcell, is the sun shining in Brazil? Well Joe, unfortunately for the last week, not so much. I went to the beach like two weeks ago. So at least I enjoyed three or four days of sun, but not after that But as for the cryptocurrency markets, I'm kind of excited. I think I still seem too much hoping. The program is about to come and etc. I've been over here for five years and I know how people want things to happen in a short time frame, but that's not how markets usually reacts Things take a long time to people understand the value of decentralization of Bitcoin, what smart contracts can do, what is the potential of the fight It's not going to happen overnight. So my first message to the viewers is stay calm Okay, very good. I only ask you that question because I'm back in the UK and I'm wearing two jumpers. Sam, how are things with you in Canada? Happy new year Very happy new year. Things here are pretty status quo. You know the weather isn't the best. Marcell went to the beach. I've never been to a beach in Canada ever because you know what the hell is the point And I echo Marcell's sentiment. I mean people seem to be really excited. I mean yeah, Bitcoin saw that massive bounce from 16,800 to 17,300. Wow, I mean earth shaking stuff, right? Yeah, I'm not really even paying attention to that right now. But it's fun to speculate. I am cautiously optimistic that we are in the process of bottoming And that 2023 could be a positive year for Bitcoin in terms of year over year price growth, but we still have almost 12 full months to go. So that's a very premature prediction Okay, fantastic. We've got a few friends dropping into the chat as well, a couple of Cardano fans and here who's for the Hotties, Queen who's here for the Hotties, that must be you Marcell Great. Now, as you probably have gathered today, Sam Marcell and I are going to discuss what's been making the headlines in the crypto space as well as the wider business and financial markets Most importantly though, we're here for you guys, our loyal viewers to try to help you navigate through these trying and sometimes pumping times. We're looking forward to interacting with you and answering all your questions or concerns you might have to the best of our ability We are also giving away a one month markets pro subscription, which is worth $100. So please make sure you drop a comment down below or click the like button or subscribe so we can keep the conversation going and you might win that markets pro subscription Now, quick breakdown of today's show. We're going to kick off with a market roundup, which is the weekly highlight video going into the meantime. So it's a good opportunity to have a laugh market news updates, a quick crypto tip from me and Marcell one of Marcell's expert trading tips, and finally a markets pro tip and finally the giveaway. So don't forget about the 20% off the markets pro link in the description as well.  Take it away, Danilo. There it is, the weekly roundup and very useful to me in particular as I spent the past week on holiday. So it's really good to see what's actually going on in the crypto world.  Go ahead, Marcel. What's up? Joe, I have a question for you guys. This guy Andrew, who is giving some hot insights on the DCG stuff on other cases. Where did this guy came from on Twitter never saw him before. And suddenly he's one of the main informants of the crypto space. Have you seen him? Where is it? And I'm actually looking him up on Twitter right now. Which Andrew is this? It's the one that posted about the DCG saying that Barry was an insider on an FTX case. They knew it was a solvent and etc. He's giving lots of affirmations. Some of them eventually turned out right. And now it's kind of skeptical when these figures emerge out of nowhere with information. So I don't know. I mean it reminds me a bit of the emerging out of nowhere, right? Every crisis you have come out of work and making a name for themselves. So I've never heard of them before and I've only seen his name a few times here and there. It reminds me a bit of Tiffany Fong and the FTX crisis. She became like the flavour of the month during the FTX scandal because she was actually one of the people that was effectively wrecked by FTX and Celsius and took it upon herself to start investigating the case. Is there this sort of thing going on with Andrew? Is he also someone that is personally involved or intertwined with Gemini? The great thing about Tiffany Fong is that she's done some really good reporting and she was affected by the whole Celsius meltdown. And then for whatever reason, Sam Bankman-Free started talking to her and for a little while there I think she was the only one he was talking to. So I think that's a different case with this Andrew person. I think it's an anonymous account perhaps and I'm not sure it's the same thing, but who knows. My advice to our viewers is doubt every information you get that it's not from a reliable news source. There's too much fraud and misinformation, especially in the critical currency industry. And I don't think that anyone can say that, yeah, this is new back in May that FTX was in sovereign. This sounds crazy, like back in May they were raising money at valuations of $80 billion. So I don't think anyone could have known they were in sovereign. Yeah, yeah. And furthermore to that point of doubting reliable news sources, I think even the, sorry doubting people, I think you should doubt the reliable news sources even more and even greater because they can influence decisions and they can use their clout in certain ways. Really interesting start to the show already guys. That was very cool. Should we jump straight into the meme review or do you want to discuss a little bit more what's happened in the week? Meme review? Let's jump. Let's jump. It's mean. It always looks good there, doesn't it? Where is it? Is it somewhere in Nigeria? Oh, it looks sub-Saharan Africa vibes, but yeah, very, very fire suit. So this boss is for table people only. Nice, my portfolio is in Dogecoin. He's even spelled wrong. Sorry for bothering you. Oh, shots fired at the Doge army this week. Sorry, loyal. I think Shiba is worse. I think Dogecoin, I would let it slide a little bit, but Shiba, no, there's no way. Congrats on avoiding FTX. Me with all my money in FT, NFTs. Yes, true. Oh gosh, yeah. I mean, yes, you can hold an NFT and you can put it, send it to your card by wallet and you can take proof of that receipt. But it's still just a picture or a piece of music or whatever it might be. So careful out there with NFTs guys. Yeah, I saw the small tech. Sam Bankman Fried over. Who's the guy originally who's in this outfit? Where's that from? I don't know. I don't know. The B is definitely fake, right? The B on the chest is superimposed. But the rest of the outfit looks like something Ali G would wear. Cool. There we go for the memes. Good to see the FTX or SPF even Sam Bankman Fried is still making headlines and memes. Nine or 10 weeks since the FTX sort of debacle unfolded. We haven't moved on to the next big thing yet in the crypto world, have we? Maybe it's going to be this DCB, Barry Silbert, the Gemini case that's unfurling with this new guy Andrew at the helm. Let's see how that develops. Just before we move on to the next segment, I'm going to check the chat and to see if anyone else is checking in to say hi. Oh, there we go. We do have more Cardano fans in here. Do you have Ali G? Yo, yo, check it. If you haven't seen Ali G before, it's one of Sasha Baron Cohen's characters before he created Borat. You guys presumably have seen Borat or know of Borat, but Ali G was one of his former characters. Niche comedy knowledge to one side. I think we could probably check into the first article of the week, which I think Marcel is going to share his screen on. It's all about how Bitcoin prices hit three week highs thanks to your positive CPI reading. So what have we got here today, gentlemen? We've got, as Sam alluded to in the introduction, we are back into $17,000. So it's champagne and steak for dinner, everyone and fireworks. And on top of that, the US CPI print or the consumer price index was relatively favorable to the markets. I think markets pumped more or traditional markets when I say markets pumped more than the Bitcoin and crypto markets. Why do you think that is, Sam? And just does that mean that there could be more of a Bitcoin pump to come if we can call this thing a pump? So we know that the CPI report is forthcoming. It's going to be released later this week. And I think investors in general, the consensus is that the annual or the year over year CPI reading is going to be lower than it was in November. So again, this adds into the narrative that we're already past peak inflation. And as inflation begins to wane, the Federal Reserve can start to relax the pace of its rate hike program. So I know that the options market and the swap markets right now seem to be predicting that the Fed will still raise rates, but at a slower clip than the 50 or 75 basis points that we've seen, which means that we could be nearing the end of the tightening cycle, especially as the federal funds rate approaches the 5% mark or exceeds that slightly. I think that's one of the major catalysts that we saw in the equity rally at the beginning of the week. And that also spilled over into the publicly traded Bitcoin miners as well. Some of the Bitcoin miners rose sharply during yesterday's session. And that probably has something to do with short covering as well. But I think that's a general narrative around the Fed and the CPI print is coming out. I think Thursday morning US time and we're expecting to get a reading of 6.5% year over year in December versus the 7.1 previously. So I think that kind of encapsulates where we're at with respect to market expectations and why we pumped early in the week. Okay, so it's the old buy the rumor sell the news sort of thing playing out here. What do you think Marcel is this cause for celebration? Can we get excited about the new bull run? No, Joe, I think Bitcoin has been tracking the S&P 500 index futures play by play for the past 30 days for the past month. So there's really nothing to see here as for crypto market movements as for the Fed funds and the Fed Federal Reserve interest rates. You got to remember that that number that decision will decide the fate of $53 trillion of bonds in the US. While the crypto market capitalization stands at 900 billion. So it's less than 2% of the bond market in the United States. And you're not even counting the derivatives or offshore issue in Europe in Asia denominated in USD. So I do think that unless something really major happens in crypto either for the positive side like ETF approval or Microsoft buying $5 billion worth. Of Bitcoin. If we don't have a substantial movement, we're going to keep on tracking traditional markets for the next six months. And it seems to me that the recession is the most expected result by the investors. And if we see a recession, then we won't see a bull run for crypto.  I was watching a piece about a video about Ethereum's bull case until 2030 and because you know the Ethereum market cap is so small. You could have a Bill Gates or Elon Musk, sorry, I'm quite jet lagged today, who decides to allocate a small percentage of their portfolio to one of these asset classes. And before you know it, they skyrocket. That's not to say by Ethereum or anything like I really don't believe in that project whatsoever. And these are of course my opinions, not financial advice, but it does just go to show that you know you can have one piece of news and all of a sudden this small industry can turn quite quickly. But I think the possibility of that is still quite remote. And, you know, the overall trend as you rightly point out, point out Marcel is that Bitcoin is basically tracking the S&P 500. And what about inflation Marcel, you know, I think you tapped into it a little bit there.  And they're thinking, gosh, this is expensive.  That's a good question, Joel. Yes, I saw a TikTok video of a girl on her car complaining that she and her husband would earn together $100,000. I don't know if it was Canadian or American looks like Canadian $100,000 worth per year. And she was not being able to afford any luxury. She spent like $7 to buy eggs to just spend $70 on the supermarket in two years before $100,000 could have a great life in her country and not anymore. So I do think that this, especially in US and Canada, those economies are based on consumption. They need auto financing. They need to buy new houses. They need, there's need for the economy to grow. And when the salary doesn't grow as much as inflation, as we've seen over the past two or three years, what happens is that the money available for the consumers to use goes down. So I think inflation is not a major concern right now, at least for the Federal Reserve. I think recession is the biggest concern. If the companies start firing people, letting people go, just like Amazon did with 18,000 employees, I think that's the worst thing that can happen to economies. And to solve that, the only way out that governments know how to do it is to print money. And when they start printing money again, and it's a matter of time, it's going to be a good time to be holding cryptocurrencies. Excellent. Well put. I mean, I think there's a really interesting chart showing the price of eggs in the US over the past couple of years, and it was hockey sticking higher and higher. So if you have hens at home, hodl those eggs, you know, that could be the next Bitcoin, not financial advice, of course. Okay. And the final thing that Mr. William Seberg's article pointed to was regarding DCG or digital currency group, which is turning to face the music or publicly facing the music as the article points out. We mentioned this in the intro to the markets report video today. What is going on here? If you could condense this into a nutshell over the past sort of, this scandal started kicking off in mid to late December, I think. What's going on? And why should we care about it? What do you think, Sam? Can you put this story into a little nutshell for us? Well, there's so much going on right now with DCG. And I think it came to a head perhaps last week when it was Cameron Winklevoss basically penned an open letter to Barry Silver, who owns DCG or is the CEO, and basically complaining about Barry essentially, you know, dragging his feet on Genesis withdrawals, which at the time was about 47 days still pending. So I think a lot of the issues around DCG have been over the grayscale Bitcoin trust. And it seems that DCG may have been overly exposed to some of the contagion effects that we've seen in the market over the past six months to a year. We know that Barry used to be very active on Twitter. He's kind of gone quiet. And we're beginning to speculate about the health of DCG's underlying assets and businesses. So last I've heard of the whole situation, the company DCG, that is, could be under investigation by the Department of Justice over transfers between DCG and its subsidiary firm. I think it's Genesis Global Capital. So where there's smoke, there's fire. I think there's a lot of issues or concerns around the grayscale Bitcoin trust. But that seems to be growing beyond that. And now there's concern about the underlying health of DCG. We know that it's becoming very public now the debate or the conflict between Winklevoss and Silver. So is this another domino that's going to fall? I don't know. It's hard to speculate. But if the investigations are ongoing, as the reports suggest, it can't be good. Yeah, well put. And I think the fact that they're airing their dirty laundry in public as well is it could be distraction tactics. It could be, oh, look at us putting this big show of trying to defend our investors and our customers' interests when in reality we're sourcing out a backroom deal. I think that the tweet that Marcel just shared there showed that Cameron was saying, we need to remove Barry Silver, the CEO of DCG, effective immediately and replace him with someone who's going to get us out of this mess. But it makes me wonder, OK, if he's tweeting that for the world to see what's going on, what are we not privy to throughout this whole debate? Should we bring up the next article regarding the DCG case as we discuss it and bring in Marcel and also Colin Green's question there from the chat? There might be a way of approaching this thing. But let's just bring up Cardano Green's question there. So Bob Lucas suggested that the contagion for an insolvent DCG is long known and priced in to the crypto markets. So yeah, Samji said that this could be a domino to fall, but even if it is a domino to fall, maybe that domino is already priced in. Marcel, what's your take? Joe, I think the point here is DCG owns... Coin desk. So I just have to get that in. But they own also the grayscale funds, is that it? Yep. And a last year, after a week. And Luno, a few others. Yeah, so there's $10 billion of Bitcoin sitting on those funds. So the fear of the market is that if DCG is insolvent, then those $10 billion worth of assets will be forcefully sold on the market. I haven't seen any attorney, any experts citing this possibility. Yes, they seem to know that the fund might be dissolved, which means either the shareholders will get their BTCs, their Bitcoins, and they can do whatever they want to do with that. Or the fund will simply be sold to another manager. But I don't think there's any possibility that those shares and the Bitcoins will be sold at market or sold in a rush within a week or a day. There's no previews, ruling or similar case with that such an outcome. The regulator and nobody wants to damage the holders of the funds who have nothing to do with DCG. So I think this fear is purely fud. I think that the discount of the GBTC, which went down to 50%, and it's now sitting at 35%, 38%, tends to improve in the long term as the situation will eventually resolve itself. But it could take two or three years. Yeah, I mean, I guess the fundamental concern here is what does this all play out on the price of Bitcoin and other assets? And I guess the secondary question is, because we know that some other exchanges over the past year were doing really naughty things. Well, I say naughty, I mean, completely illegal things with Bitcoin, such as FTX, who said they're custody of your Bitcoin. But in reality, it was just paper or fake Bitcoin. So I guess some people might be worried that GBTC isn't even custodying Bitcoin. So all these sort of things play out particularly in the space, which is sometimes the companies in the space are hard to read and hard to see through. What would you recommend that investors, not investors, what would you recommend that people should be doing right now with regards to this story? Is there any actions they should be taking? Is there anything they should be reading or learning? Is there anything we can do to help the viewers at home watching this? You might be a little bit concerned. You know, we just got a comment in the chat saying, liquidity crisis incoming. Doesn't sound good, does it? Sam, any tips? Well, Anon, I'm not your financial advisor, you know, keep that in mind. But there's really not much for us to do right now. If you're stacked with Bitcoin and you're hodling Bitcoin, what exactly is the play here?  Or are you simply going to hold your assets responsibly and just wait it out? I mean, the buy and the hold strategy is by far the most effective investment strategy ever, right? If you have a pension for trading and you're knowledgeable about trading, then that's a different thing. Typically traders have a portion of their portfolio of trading and that's separate from their long term holds. Right now, there's really no signal that I can see about what to do with Bitcoin from a short-term trade perspective. Have we bottomed? It's possible. Could there be another flush? It's possible. Does it really matter in the long run in my opinion? No. So for me, it's all about understanding what your risk tolerance is, what your strategy is, and don't get too bogged down with the day to day because it'll drive you crazy. And not only that, there's no actionable investment insights to be gleaned right now. There's a lot of turmoil in the market. If you believe in Bitcoin, if you have concerns about the financial and monetary system, you want to diversify into Bitcoin possibly. If you don't think there's a problem with the financial system or the monetary system, like when I was heckled in Toronto a few months ago about that, they told me, well, we have monetary policy to take care of everything. They can simply lower interest rates, raise interest rates, and we're fine. Okay, there's really nothing for me to say in terms of the chasm and our worldviews are so wide. There's nothing for me to say about that. If you believe that the current financial system is fine, all it takes is to manipulate interest rates up or down, you don't need Bitcoin then in that case. Fine. For those of us who are concerned and we want a hedge, we have our Bitcoin, nothing for me to do but hold and stack until the future. And the future is not going to be that far away because Bitcoin moves in cycles as we've seen, and we have a halving coming up in about a year, a year and a year and change, and we're off to the races again after that, possibly. Yeah, very good. It was actually last week it was 69,420 blocks until the halving, which is of course a very significant meme milestone on the way towards the next halving. And with regards to sending your Bitcoin to cold storage, there is a fantastic video on the YouTube feed for Cointelegraph, an interview with James Czech, who's the lead analyst at Glassnode. So if you want to know about self-custodying, your Bitcoin and how to store it safely, then do check that out. Marcel, any other tips? I see Queen here in the chat said, hodling until 2030. That sounds like pretty diamond hands right there. It's all seven years away. What do you think? I think that bear markets is the time for you to learn. It's the time for you to make mistakes. So when the bull market comes, you don't get scammed, you don't get holding the GBTC instead of BTC, you don't end up buying Bitcoin cash instead of Bitcoin, or you don't lose money on an Ethereum bridge like the warm hole and $900 million went missing overnight. So if you're going to learn DeFi, if you're going to learn how to self-custody, start doing it now with small amount of money. So when the bull market comes, you're ready. Very good advice. I think we've talked the DCG story a little bit to death now, so we could move on to the final point today, which is a bit more lighthearted and which again shows just how early we are in this whole decentralized movement. We found a way to decentralize money. Now we're looking at decentralizing other things, and there's lots of interesting experiments coming out. However, very respected and people that put on pedestals within modern Western society, people such as Peter Zeehan, have shown their lack of understanding for Bitcoin and magic internet money. There's this piece, which I think we're going to pop up on the screen here, which is called, Peter Zeehan's Criticism on the Joe Rogan podcast. Now I probably butchered the pronunciation of Peter Zeehan. Please do correct me if I'm saying it wrongly. I saw lots of videos of this, circulate around the internet while I was on holiday last week, and his biggest argument is that Bitcoin has no intrinsic value and will go down by 17,000 more, i.e. it will become, because when he said it, Bitcoin's price is $16,000, it will become negative $1,000, so he wouldn't in fact pay us to get rid of our Bitcoin. So there's maths for you, he's just demonstrated maths, and as you see he is an American geopolitical analyst and author who has also claimed that crypto is a hot dumpster fire. That I could probably get on board with as long as we separate Bitcoin and crypto. But he loves this idea of intrinsic value as if intrinsic value is a thing and it's always been a thing and it's something that we aspire to. I really find these two words put together really quite troublesome. Marcel, you're scratching your head there. Can you tell me anything that has intrinsic value? What is intrinsic? Water and food, other than that and powder. Water, food, powder, but other than that, nothing has intrinsic value. Okay, well there you go. And what can you get for water, powder and food? You can get it with Bitcoin. I can give you a few shops for that. Okay, should we scroll down to the rest of the article a little bit and perhaps examine why the community was so upset by this. But the context of this is also important. Joe Rogan's podcast is the world's biggest and as Sam pointed out in the talk before this YouTube video today, it was a hundred million dollar deal that secured his exclusivity on Spotify. So he's a very well paid, very influential podcast. I like this line. The craziest thing about Bitcoin is that there will never be more than X number of units. By default, it means it can't be used for trade. And he then expounded on that point and said and that means that the price will just go up and Joe Rogan agreed and says, yes, yes it will. And so, you know, a lot of people watching this were thinking, well that's bullish, you know. He's inadvertently singing the praise of Bitcoin saying that because it's scarce and it has this cap that the price will go up over time. So it was amazing mental sort of gymnastics that he was playing out there. Sam, please shed some wisdom on this conversation. Yeah, well, he obviously doesn't understand that there's a difference between needing an expansionary money supply and needing divisible sound money. Not necessarily an ever expanding money supply. But when he was talking, I basically relegated him to a Keynesian. He speaks like a Keynesian. He looks like one of the box like a duck. If it looks like a duck, it's a duck. So for me, it's a typical arguments around the intrinsic value.  You know, it can't be used for international trade because I don't understand that Bitcoin is divisible and that we have SATs and those could also be used to facilitate trade. I don't have to necessarily trade in wonderful Bitcoin. If Bitcoin continues to gain mainstream adoption, that won't be needed, right? It's going to be an alternative to the current financial system that we have. And maybe it doesn't replace the fiat system. I don't know.  But when you say it has no intrinsic value and it's funded through voluntary participants globally, creating liquidity for millions and millions of people, allowing for instant digital transfer around the world, stabilizing the energy grid, providing an alternative to the centralized monopoly of money, but it has no intrinsic value. That basically is the clown world that we live in and the clown world that basically has people like Peter who defend the current monetary system and the great Bitcoin. But the great thing about Bitcoin is that it invites this kind of attack. Do you know very many people who have a neutral opinion on Bitcoin? Like we just say, I don't really care about this. No, it usually invites a very strong opinion one way or the other. Everyone's talking about Bitcoin from the central bankers to the financial system, to businesses. It forces you to have an opinion and Peter's no different. But I don't really buy into any of his attacks. Yeah, exactly. I mean, I would love to invite Peter to my home and show him my heaters. I'm heating my house with a Bitcoin miner right now. That seems like pretty good value. My electric heater was more expensive and also didn't mind me Bitcoin. So that seems to be pretty valuable just to me personally. And if you look at some of the global examples that Sam just brought up, it also introduces property rights to lots of people. It helps to bank the unbanked. It helps to provide this financial security to people that have never seen it before in their lives. And I think it's not just a Keynesian point of view, but it's also a very privileged point of view and a Western privileged point of view. So I think it's almost insulting sometimes when you see these people come on who say, yeah, I've seen this Bitcoin thing and it's terrible for these XYZ reasons. But he's probably at one hour of research into Bitcoin. Or at least this is my sort of superficial take of the situation. Who would you like to see on Joe Rogan, gentlemen? Marcel, who would be your top two Bitcoin or crypto people to get on the Joe Rogan podcast? I don't know. I love Sailor. I think he's one of the top notch guys in Bitcoin. And he was the longest running CEO of a publicly listed company. So even if you don't like him, he was MIT or whatever. He has the credentials. So I think he should be the person people should be listening, not some random podcaster who hasn't had real experience of managing a company with 500 employees with revenues of hundreds of millions of dollars per year. So I think Michael Sailor is our guy. Okay. Yeah, I agree with that. I mean, I know he had Andreas Antonopoulos, one of the really early Bitcoin OGs on the podcast. I mean, I think 2014 and maybe 2016. But that's, you know, that's eight years away now. And it's eight years ago. Sorry. Sam, what do you think? Who should come on Joe Rogan as the Bitcoin advocate or Bitcoin or someone who understands Bitcoin? Fundamentally. Very easy answer. He should bring safety and on safety.  People talk about the Bitcoin standard. Bitcoin standard is fantastic. But the fiat standard is absolutely fantastic. So what safety can do is he can explain the merits of Bitcoin on the technical side, but also on the economic side. And then he could draw parallels to the issues that we have in the financial system and the fiat system and the issues that Bitcoin solves or is trying to solve. So I think safety would be the perfect candidate to go on on JRE and just really explain that, you know, not don't bring back Peter Schiff yet.  I like that because then you can be like, oh, look, I've done both sides. I've been, you know, unbiased and fair. Cardano Green just gave a great suggestion. Naive Bukele, the president of El Salvador, he strikes me as being very much he gets Bitcoin, but he's also a politician and a president.  You know, Bitcoin is not exactly pro-state as money. The whole point is to separate money in state. Marcel, are you shaking your head? Naive Bukele, not the one? No, I'm not okay. Not my guy at least. Not the guy. Okay. Sam Bukele. I don't know if he's the best Bitcoin communicator. I should be focused more on this country right now. And instead of going on the JRE podcast, promoting Bitcoin or pumping Bitcoin. It would be a rogue move and it would further play into the narrative that El Salvador's Bitcoin adoption was just a great big PR play for Bitcoin. It wasn't actually about, you know, Salvadorans. So yeah, maybe not the one. I like those two suggestions though. Sailor and safety. I think, yeah, I still haven't read the fiat standard as well. So I'll give that one a look through over this weekend. Cool. Back to the show. Thank you very much to the comments in the chat, everyone. Don't forget to click, like and subscribe. And there's also 20% off markets pro subscription in the description just below. We're now going to jump to a quick crypto tip courtesy of yours truly. And this week we're going to be talking all about chasing the whale. So large price movements. I'm on the screen. I'm on the screen. Price movements are largely driven by whales. So these are individuals, but most likely groups who have astronomical funds. With lots to trade with. So some whales operate as what's called a market maker. And they set bids and ask on both sides of the market. So buy and sell in order to create liquidity for an asset while turning a profit in the process. It's kind of like market manipulation for want of a better expression. So well as a president present in virtually any market from stocks and commodities. So of course, Bitcoin and cryptocurrencies and a crypto strategy or a crypto trading strategy must therefore be aware of the tools of the trade favored by whales such as their preferred TA indicators. Simply put, whales tend to know what they're doing. You know, they've got big amounts of capital and they know where to distribute and allocate it. So by anticipating the intentions of whales, a trader can work in tandem with these expert moves to turn a profit with their own strategies. And this is actually something we talk about quite a bit on markets pro. And you can win a subscription to markets pro today just by leaving a like a comment in the section or messaging us on Twitter, for example. And don't forget to click your 20% off markets pro in the description down below in the chat. Okay, back to the program where it's a new year, it's a new video, and we've actually got a sponsor. So I think we're going to check in today with today's sponsor, which is all about web three. Okay, got a sponsor in the house. This is new. It's exciting for 2023 wicked. We're now going to head over to Marcel's ring, all about crypto trading and you know how to say sane in the market Marcel take it away. Okay guys. So before we start any analysis for 2023, it is essential to clear up some typical misunderstandings. For instance, I've been reading a lot of posts, suggesting that the bull market will not return until the stable coin supply reverses its trend. So Danilo, I want to share my screen here please. So the main stable coins are tether USD C coin circle Binance USD and die. So ahead of the Teja Luna collapse, we had an aggregate supply of $190 billion worth of stable coins. So that was back in March. But it went downhill from there, like currently we're sitting at $137 billion. And truth be told, tether has been pretty flat with $66 billion over the past six months. But all of the other stable coins they lost like USD C coin lost $7 billion of supply and the remaining competitors another $6 billion of supply. Thank you, Danilo. So the first question you should ask is why does anyone buy and hold a stable coin? The answer is easy. So for starters, if you have money sitting on an exchange, you need stable coins. You don't want to buy cryptocurrency and you want to leave the money on the exchange, you need stable coins for that. But more importantly, the traders located in China, they don't have direct access to exchanges. So they need stable coins, either buying on P2P OTC traders or international payment gateways. So first they buy the stable coin, then they send it to their exchange of preference. And there's also the market makers who do arbitrage traders trades and they desperately need to quickly move funds. And the only way to do that is using stable coins. So there's a multitude of factors linking the higher crypto activity with the stable coin issuing. It doesn't mean that one precedes the other. If there's higher crypto activity, there will be stable coin printing. And the other way around in bear markets, so if there's less crypto activity, there's less need for market makers. So less stable coins issued, for example. So on to the most pressing topic. Will there be a stable coin issuing ahead of the next bull run? Well, not necessarily. For instance, if it happens due to leverage traders, those trading futures contracts on their exchanges, if there's a bunch of people betting on Bitcoin going down to $14,000 or $10,000 and it doesn't happen, Bitcoin price goes up 10 or 20% in a day or in a week, those shorts get liquidated. So those exchanges are forced to market buy to cover their positions. So there's no need for new external money, so money flowing to stable coins and then flowing to crypto coins for a pump. It doesn't need to happen. But the truth is, unless the rally, the next rally is led by retail traders, it is unlikely that we're going to see huge stable coin printing, huge stable coin supply increase preceding the movement. So the odds are really small. If the pump happens because of institutional accounts, so the large funds and companies, they have their ways of directly accessing the markets without the use of stable coins. They can use OTC desks, for example. So I consider this a lagger indicator, the stable coins, not a preceding indicator. So I don't think you should be using that to predict market movements. Lovely stuff. Good stuff, Marta. It's really good to know. I took the liberty to quickly Google where Justin's son has taken up cryptocurrency and it's Grenada. Sorry about that, guys, for the confusion earlier. A teeny tiny island where I actually was very near last week. So I guess he paid them handsomely. I really should. I think that that sort of content is fascinating, checking out where these crypto people are residing and what they're up to. Anywho, really interesting crypto tip. Remember to stay calm. We've now got a crypto tip. Sorry, everyone, from Newsquakes, which is from Cointelegraph Markets Pro subscriptions. Let's load up the Newsquake. So this week we are talking about Gary. Gary V, I hear you say, the NFT shell. No, it's Gary Network, which is an asset listed on various exchanges, but the biggest one would be crypto.com. Now, news, as you know, I'm sure, is what moves the crypto markets. And the Newsquake services by my esteemed colleagues at Cointelegraph Markets Pro helps traders like yourself to stay on top of those important developments. These Newsquakes are like automated alerts, almost like notifications that will notify you when market moving events happen. So thanks to these Newsquakes, Markets Pro subscribers can beat the crowds to the most important news and activities of the day. So our friend Gary, G-A-R-I, was involved in a significant price movement, as you can see on this chart, with the massive pump. As on January 4th, a Newsquake-informed Markets Pro subscribers that crypto.com's app would list the asset. You can call this pump the crypto.com pump. And shortly after, the price rose from 6 cents to 7 cents, which is an increase of 16.7%. You long that and you're in the money, effectively. And so, yeah, if you subscribe to Cointelegraph Markets Pro, you will be notified of these important events. And the second feature we're going to talk about today is HXRO. Now, this is the token that was associated with the Vortex score. If you've seen the channel before, you'll be familiar with this, but it's an effectively an algorithmic metric which helps you to trade more effectively. It basically compares how a token is doing currently with the social conditions in the past. A high score judges that regarding the historical data, the current outlook is bullish. So high is bullish. A Vortex score of 18 above would fit that category and would be considered bullish. A low Vortex score, 30 or lower, indicates bearish conditions. So high might be a long or a buy. 30 might be a short or a sell. We have an example here of where these Vortex scores played out. And it's this token HXRO, which saw a string of green Vortex scores, which, as you now know, would indicate that the price was going to go up and to the right. So the green lights lit up and when the price was 6 cents and it soon skyrocketed to 8 cents, an increase of 33%. You buy $100 of it. You walk away with $133 of it. It's that simple. There you go, guys. So that was our two markets pro tips for this week. You get them all for free when you pay for the subscription, if that makes sense. And I don't forget to put some comments in the chat there. It's popping off quite a bit. Wrong again is checked in again. How are you doing, mate? Lovely to see you. The four Satoshis is telling us all that we're shilling.  That's because it is a very good service to use if you're interested in trading. That's why it's there. Okay, fantastic. Gents, that was a really interesting question. Discussion and a great way to kick off 2023. Have you set any new year's resolutions and have you broken them yet? Sam, what do you think? Did you set anything? And have you kept to it? No, I'm not really a Resolutioner. I just keep going with the goals that I have that are dependent on the beginning of the year. So I haven't broken anything yet. Okay, good. And I bet you haven't broken one of those goals, which I'm sure is the stack sats. I'm sure you've stacked some sats in the past 10 days. Stacking. Good, good. Marcel, are you bearish on resolutions? Oh, you might be on mute there. Well, Joe, I don't think those one year cycles work. I think if you intend to do something, you should plan for the next three days. And what's going to happen over the next week or month or year or decade? It's not up to you. We should focus on the next three days only. Okay. Shoot for the next three days. There you go. Get those candles down to the three-day setting on your trading view. I love the language there. Bearish on yearly cycles is what traders speak for. I don't like New Year's resolutions. There you go. This has been another wonderful episode of Cointelegraph Markets Pro. All that's left for us today is to choose our winner. Now, the winner this week is, ooh, how am I going to butcher this pronunciation? Oomair Sami or Hum Air Sami at H-U-M-A-I-R-S-A-M-I.  Well done, mate. Please drop us a DM and we will make sure that gets sent your way. You'll be able to take advantage of the Vortex scores and other Markets Pro tools. All that's left to say is to wish you all a very happy, prosperous and satty 2023. I'm going to start saying that now. Thank you very much Marcel and Sam for checking in. Any parting comments before I round off? I'm good. Don't chase dreams and pumps and scam coins.  As his handle points out, at no shitcoins. Cool. Thank you very much everyone for tuning in and we will see you next Tuesday at the same time. Bye.


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Alrighty, so we have Carolyn's announcement and honestly it does look amazing. I'm hearing a lot of negativity online and at first when I first watched the POV I was like wow that's really slow. And that's a typical coaster enthusiast reaction and sometimes we have to take a step back and fully digest what we're looking at because a lot of the times nowadays we expect steel vengeance to be built at all of our home parks over and over again and that's simply not going to happen but that doesn't mean all these new attractions aren't amazing. I'm hearing lots of people hating on Yukon Stryker, lots of people hating on this and lots of people just hating on coasters in general that are being built because they're not these massive 400 feet tall 8,000 inversion coasters. So let's take a step back and let's fully digest this. So this is a seven acre expansion coming to Carolyn's in 2019. That's impressive. There's going to be more food, upgraded to restaurants, theming, seating, and a great coaster to complete it. And I have a feeling this is just part one of an expansion. This is anything like Canada's Wonderland. There's more to come down the years, down the road to complement this new addition. So this is themed to Granny Bird's Farm and it seems like she went from making jam to making alcoholic beverages, moonshine in particular. I think that's that whole elixir teasers that we saw at Cedar Point. And you get caught and you have to escape Granny Bird. Great storyline. Fantastic. Love it. The coaster colors absolutely love this color scheme. It looks fantastic. It's very rustic. I love the theming around it. I am so impressed with its theming and I don't think we could have asked for more in terms of color scheme and theming blended together. In fact, the whole color scheme and theming mixed together is better than Yukon Striker. I love it. And I wish that we had this whole copper black support type look. But on to another thing. The JoJo roll out of the station, yes. For those of us calling it a family coaster, you are not going to have a JoJo roll out of the station on a family coaster. Yeah, the speed on the first launch, 42 miles per hour, not so fast. Not as fast as what a lot of people were hoping for. But guess what? It's going to create a lot of hang time on Copperhead Strike. And hang time sometimes is a fabulous like element or experience to have on a coaster. And a lot of people kind of underestimate coasters. I remember Icon when it was built in the POV and everyone was like, Oh, or they sought testing rather. And people were like, Oh, that looks horrible. But then we started getting reviews out of the UK about how amazing it is. And I think this is going to be an exact replica of that case. I think, you know, a lot of people like, Oh, this looks like it's going to stall. Blah, blah, blah, you know, typical coaster enthusiasts, which is fine. A lot of people have, you know, favorite coasters that they love and hating on a coaster is totally fine. But understand that a lot of people are actually going to love this attraction for what it's offering. So you're going to get a lot of hang time by the looks of it. You get five inversions on a multi-launch. Mac is back in the Americas, so back in North America. And the second launch is 50 miles per hour as well. And I mean, this thing definitely uses its space, utilizes it beautifully. Again, I definitely give this a five out of five for, you know, an addition for Carolants is exactly what they needed. And frankly, I would love this at my home park as well. Comment down below what you guys think, hit that like button, subscribe if you haven't, and stay tuned for more coming in the coming days. Have a good one, guys. Bye.


Hey, everyone. Welcome back. Hope you enjoyed the lunch Yeah from experience I know half of you have not been to kube-con before but for those of you who maybe went to kube-con EU this year The food it wouldn't have been hard to improve on the food from kube-con EU So and actually I really enjoyed my lunch. So hopefully the rest of you did too I'm actually gonna hand over to Tiago who's one of the committee here He's gonna talk a little bit about like the shirts that he brought to give out And a bit about like, you know, trying to encourage and embrace like diversity and global representation in tech Hi folks, what about playing stand-up sit down once again Everybody stand up And sit down How many of you folks were born and raised in Europe? Can I please sit down? How many of how many of you folks were born and raised in Asia in Pacific? How many of you folks were born and raised in America? How many of you folks were born and raised in Latin America? How many of you folks live outside Latin America? Geographical diversity matters. So this is a this t-shirt that I brought for you folks as a part of the giveaway Is a token of appreciation? I know how tough it is to make to the tech industry without proper access to knowledge and resources This jersey is from a minor league soccer team from my blue-collar neighborhood My father used to be a trick-or-treat driver Every time I wear this t-shirt it reminds me how hard it is in some regions to achieve their goals in Brazil you either become a soccer player or a So-called bird star It's quite the same in Latin America whenever you stay there It also reminds me the importance of giving back to the community. Thank you very much and enjoy the rest of your day Amazing. Yeah. Thank you. Tiago Okay, so our next Talk is going to be what the title is feather an open source battle-tested scalable and enterprise grade feature store I imagine if you wanted a feature store those four things are definitely things you'd be looking for But the I think that you know the cool thing with feather is this was built like at a Company that already has lots of scale and has been dealing with this for five years now So this has come out of LinkedIn and Hanfei Lin is going to talk to us about that He's a staff software engineer at LinkedIn. So let's please give him a round of applause and welcome him Thank you. Can you hear me now? Okay, cool. Thank you. Um, yeah, I'm Hanfei and staff software engineer at a linking Today, I'm really happy to be here to share our work and the progress on AI info on Kubernetes AI day Maybe a little bit of self-introduction for myself. I joined linking about us seven years In the first three years I work on like a building micro services and the building data pipelines and later on I Switch to machine learning info and the focus on building feature store in the last four years And I like a system design and the product design And I also like to hear users feedback about our product and the users conduct user study and Understand the layer pain points and the build a product or solution for them So if you have pain points in this area, I'm happy to talk to you so With that I will Maybe give a very brief introduction about the fellow fellow is an open source enterprise grade high performance feature store it was built at linking about like five years ago and the system we have a Adopted by a lot of majority of AI teams and AI applications at the linking and powering a lot of AI applications and And in this April we have make it an open source Collaborating with Azure and now it's integrated into Azure cloud and now in this September We have it has been accepted by Linux Foundation and that AI data as a sample a sandbox project so Future store is both old and the new we have been developing feature store. I think about the five years but they are still companies kind of just start to consider adopting feature store or thinking about if they should use feature store and Every year there are new solutions with different kind of angle trying to tackle this problem and Trying to tackle this problem so I feel it's important to share our view and Our view on how do we formulate this problem and what a problem we have seen and how those problems Need to list a solution we have built here So generally there will be problem statement solution and architecture and the roadmap and the demo If we have time So I think a little bit of background here most people might be familiar with it So our industry is really growing in this last decade a lot of AI applications like a GPT-3 and or stable diffusion to generate AI generated content and many other usage to help to people to build the better applications and I believe I will keep improving people's life in this century and disrupt many other industries and Then the demand is really growing exponentially. So is the demand for MLOs and MLO infra So in the past people has paid more attention to Models by less attention to like a data and the feature like the presenter in the first key notice mentioned There's a shift from model-centric AI towards like a data-centric AI So for data-centric AI right most people start to pay attention to like unstructured data like an image text and so on and Yeah, and also some industry also start to pay attention to like structured and semi-structured data like a user interaction data like a user User static information data and so on and And we also see a trend that people are shifting towards using more real-time features and building more real-time inferences so The goal for the goal for features is usually people want higher quality They want the data to be featured to be more correct without any data lecture and so on and they wanted the feature to be more performant like either like for offline they want high throughput or like a low latency for online inference and they want to have like a faster iteration like a AI application Building is really iterative process the faster. You can iterate the faster. You can bring more impact And lastly Importance of fresh a feature Is kind of more prominent over time a lot of applications Requires like more fresh a feature like a Netflix and the tick tock For example, if you somebody viewed a comedy comedy movie It's likely they might they might want to view another comedy movie today It might not be very not very reasonable to recommend a horror movie or something And this is more kind of outstanding in tip-talk if you use something you might be view another related stuff later on So, but how does that go fit into? Production or reality, right? This is actually One of our open source user ask me, okay, I'm new to this industry How do I actually feature as my raw data for my application applications? So taking a typical example like you have a website and you have user activity data coming in and usually you will have like a checking events to collect a lot of data and while streaming like a Kafka and the send those data into offline storage like data lake and data lake And the pop part of that data will be sent into online database The typical past people usually do like for trainees or offline inferences could just go through offline database Those are worried mature mature kind of a process and the workflow But when it comes to like online and streaming it becomes relatively harder due to the complexity of topology And it usually takes quite some time for a company or team to make all the features available in different scenarios like streaming online and offline So this is from That is a follow-up technical perspective. Let's look at like a human human side human perspective This is just a way done done by Forbes asking people about how much time do you spend asking about AI engineers and the data scientist How much time do they spend on like a data cleaning prepare preparing their data build their training data set and finetuning their algorithms 82% of the time actually spent on data preparation and 76% actually don't really enjoy the lowest part of work. It's usually kind of tedious. So I actually also weighed like our internal like data scientists or AI engineers and some of my friends from other areas or our users about a similar question like how much how much is your date how much time do you spend on About a feature engineering radio task including feature serving feature data cleaning a powerful model and In average they spend like a 40% time on this task and And most of them don't really enjoy those type of work essentially they enjoy it like a feature engineering itself But they don't enjoy it like maybe how to serve the feature online And how to clean those data and how to make sure that data quality is good and monitoring as all so It's a really hard It's really hard to convert raw data into features and then serve into models It's pretty complex in both many steps and the different tools and they involves heterogeneous environments offline online in the new line and they have different requirements actually for different use cases and the systems and All organization level like all like a team level. It usually demands different vast experience and the multiple skills and different knowledge and when you start to build an AI team and As it scales you will find that a lot of the tribal knowledge actually for doing things around the future related task So in some company usually is either one person like a do this and to it like do most of the stuff or in other company Maybe there will be a part of a team that do this together. So Data scientists may just focus on very small part of things They will just be focusing on building a prototype and after the prototype done They will hand it over to other teams. This is another model So I think this this model will sometimes leads to this kind of meme here Okay, once they are done, they just hand it over and they don't care about what happens for the rest of it And then there will be complaints from the data ops team for sure So and lastly, I think it's equally like people don't like to jump from one tool to the other This is really not really fun. So this is the problem statement We I kind of a self-summarized here based on those observations There's a couple in here people usually just a couple of their feature engineering into model Just a whole big pipeline of one whole big notebook to achieve all of them And then and then there's like training and the influence skill and training data and the influence Data might not be the same and the result in a skill later on and less organization like Organization problem as well. It becomes harder to reuse and share your features across your teams or cross your organizations later on so That we have a raw data on one side and though We wanted to make it into features and to serve into model for model inference. I feel less apparently There's something is missing here There's a gap that we needed to feel So let's listen me to this question. Can we build a layer to simplify this? So that enters our solution here so feature store, I think a feature store for some people This might be confusing sometimes because actually I think this is not a well standardized terms in some some some kind of marketing Material people will define it in a narrow way It just mean the storage system that store the feature data itself For example, like a red is the feature store Or like Google has this tensor store is mostly for offline training purposes people call it a feature store as well There's also like a broader definition like a feature is like a feature management system That allows you to create access and the share and discover features It usually compose of ecosystem of a tool set essentially. This is also the definition used by Wikipedia So fellow feature store is more like on the broader sense is a feature management system So it's better tested and linking for five years And we are not opinionated about what feature storage system you use You can plug in like a red is or arrows by a cosmos to be all at three and so on And right now it's open source and so is now a linear with foundation AI and the data sandbox project So fellow from very high level fellow is an abstraction layer between raw data and the model It helps you to define features based on raw data raw data sources using simple API's Get lost features by their names during model training and the model inference this will avoid the problem like a full training serving skill It allows you to share features across your team and organization So I will demonstrate some Use cases and examples to give you a kind of a hands-on experience of how it's like so fellow started with like fellow started with like feature definitions for AI engineers and data scientists For example here you have a New York taxi trip Data that consists of like the pick up time and job of time and some trip distance information in your database in your data like in csv format So then you can just describe What's the path to that data and the layer timestamp The timestamp is mostly used for like something called a point in time drawing to prevent the data leak We might not have time to call it today, but if we have time we can call it in an example We don't but if you have time if the data is time sensitive We can just tell us like the timestamp and their format Then you can just tell us the key and put it give it a description of it And then for features you can even a feature is a really kind of a feature rise that you can just take out as is like for trip distance and another example if you want to Transform your raw data into another different feature you can use that using like a sequel or Python as well We will use a sequel to say okay, if this is a long trip distance And lastly you just group them into together into a feature anchor So feature anchors means like a few features that anchor to a specific source So this is kind of a you define your first two features here for one source And the next one is about you can do the same thing for streaming feature as well It's mostly the same the only difference is like for Kafka source You have to tell us like brokers and the topics and the schema and then the rest of them Ideology is actually pretty the same So is it can be transfer is unified API can be transferable from one platform to the other So after you have defined the features then you can use the defined features in different use cases and the scenarios For this one we let's talk about the most common one like a build a training data set So to build a training data set You just need to tell us an observation data set Observation data set usually contains the label for your training and if it's a time sensitive Observation data you should tell us the timestamp as well so that we can help you to join the feature in a point in time correct way So later on you can just tell us the features you want for example here You I want like a location average fair the name lastly you can just call get offline features with the above Metadata you provide it then we will fellow engine will kick off the computer in a cluster you chosen So that we can the features will be computed later on So after model is trained you may want to serve your models in Serve your models, right? Survey model offline is relatively easy right now But sometimes serving model in online setting is relatively harder So to do that to serve features here Usually the easiest way here in fellow is you just push that data in to read this here so you can just specify the table you want to push to And then tell us what features you need and then you can just call the material I features and then we can kick off a Offline computer job for you and push the features to online read this Usually after like a few minutes you can get a data in a read this and you can call this in your online inference cluster to do the online inference We also we also provide a UI to help your team to help to discover and to share features Here you can find all search for your features. You are interested and also We provide a lineage metadata information to understand what features derived from what and And What is derived from what a source as well? so we also For enterprise need and we know like a lot of times the access control is pretty Critical as well. So we provide access control as well You can specify what team members or what team to see what Project essentially they can have read write or manage you control So lastly, we also provide a derived feature sometimes you want to have capability to do feature class like one feature multiplied by the other feature or like in this example, you want to compute the embedding Cassini similarity between two embeddings. So you can say user embedding and item embedding and Multiply that You can use like our function function called like science in marriage to Multiplied by user embedding by item in daily to produce a similarity score. So oh, yeah, we invest a lot of A lot of our time on scalability like in linking our scale is pretty huge So we find actually if we don't do any scalability optimization It's pretty hard to complete the job to Create a training data set. So either sometimes it runs like many many days. Sometimes it even doesn't finish So we have invested a lot to make Processing like tens of billions of rows and the better by the scale data possible We build optimal native optimizations like a broom filters drawing plan optimizer optimizations and the sorted drawing to make it that possible Also, we have cloud friendly architecture that each individual component can scale out as it needs Security is also one thing we care about a lot So we have like a security credential manager and the key water manager a key water to help you to store credentials to help your team to Manage your credential in a secure way So there's a like our back. We just made we just demonstrated There to help you to control access as well So that's like a revisit this diagram again So this is like a impact in a real world what you have to do like there are a lot of branches different scenarios if you want to feature eyes access or managing features in different scenarios for offline online fashion So I highlight these like components in orange if we you want to build it kind of a mature featureization platform or pipeline So those are the components you need to build based on our experience If you want to build up like a production grade mature Kind of featureization platform or pipeline it usually may take each of them may take like a few quarters of engineering hours so and apart from that you have to think about other like components to support your ecosystem like a discoverability shareability and the monitoring and compliance and so on So each of them may take actually quite a significant time and and the investment So with fellow we are trying to say build a good abstraction to abstract away those Infrastructure details from your AI engineers from your Manager management teams and so on So your data scientists team can just use our API to achieve what they want using our elastico or Python and and also using AI UI to discover the features and share their features and For some like a managers or the Administrative like stuff they can also use AI to achieve certain tasks that they want so here I Want to talk about the failure at linking like history present and the layer and its impacts so we started initially development in 2017 and in 2018 we start adoption within linking and in 2020 we have achieved the majority of linking emerald application adoption and in 2022 we make it open source and Have a greater as your collaboration and also integrating into as your and we are now a part of like a linear foundation AI data simple box project and we also have like people Using using fellow in AWS as well Right now we fellow is powering hundreds of AI models at linking thousands of features and in many kinds of entities that empower our linking's economic graph It runs at a petabyte scale So these are several kind of highlights Highlighted like impacts. I want to mention here the first one is reducing the feature engineering time Required to adding and experimenting and the serving features in the production from weeks to days in the past it usually requires a lot of people and the time to actually build the pipelines or build integration code or build applications to actually Put the features into production There are a lot of details that you need to worry about like a point in time drawing and the performance and the latency and how do you call a large amount data without causing GCP problems and so on and Second is related like a we we actually find actually fellow performs faster than some some customer build feature processing pipeline sometimes by as much as 50% And the fellow also enables feature sharing between similar applications like for example, you have a feature for your member or a feature for your job and the other team is building similar kind of AI applications, but with a slightly different motivation You can just use fellow and just call that feature name and we can help you to orchestrate all artifacts for you without too much hassle so Next I will talk about architecture and the and the roadmap So this is like an end-to-end workflow for the as you are integration The on the left top side is the AI engineers or data science They come in usually they will start with interacting with the UI to understand what features has already been created in the in the system and This is a power by restful API and the purview and the sequel as their data backends and we have a Python fellow Python client to help you to Create the manage and define feature definitions After you you after the data scientists create those then they can dispatch fellow engine will dispatch those computer to the corresponding Compute cluster like a spark or synapse. They will talk to like an offline storage Delta Lake or snowflakes and so on and we also can talk to like Kafka and the event hub Also for online, so when we can push the data to like Redis and the cosmos DB this can later be on be used by Machine learning platforms, so Due to time concerns, I will Not cover the roadmap in a lot of details. Maybe I will just skip it and I have more time for Yeah, I have some time for summary here Well, it's an open source feature store Which can be seen as an abstraction layer between raw data and the model Well allows you to define features with transformation on top of raw data source and the get a feature of values by By name during both training and the influencing But also simplifies the feature preparation workflows and enable feature sharing across teams and even organizations So we don't have time for demo, but there's a link if you are interested you can open it to try it out This is a product recommendation like in your e-commerce website And lastly do we still have time for Q&A? Yeah, maybe we can take some questions here. Okay. Yep round of applause Yeah, thank you. Thank you. Yeah, great talk. Do we have any questions from the audience?  Yeah, there we go. It's looking at the back Sorry, can I get you to sit in here so people online can Could you please talk a little bit about your compute engine? Is it is it all spark? Yeah Question is about a computer engine we use I think that's a great question and the computer engine right now We are mostly using spark great any others Yeah, I have a question about the RBAC control So is the RBAC can be integrated with the like the company's Directory or or how it's integrated with the real case or do we just manage it within the Like that the feeder contacts or not Yeah, that's a great question the RBAC right now is integrated mostly based on as your kind of Access control, but we have abstraction layer actually is just kind of a key value pair. You can replace that into different Kind of identity management system. For example, we have a User that is actually using this in AWS. So we are working with them to make this available in AWS Great. Any final questions? Yes. One more here and we'll wrap up on that When you did transformations earlier, do you support geospatial? Type transformations being able to say something's within a certain radius of a point or within a certain bounding box Sorry, can you repeat a question again? Do you support geospatial type attributes? You mean geospatial transformations or just the data types both, okay We don't natively support like a geospatial specific data types But we support a very kind of rich data types from like a one-dimension tensor to multiple dimension tensors as well and For transformations, you can plug in the transformation You like as long as it's SQL based or it's Python based So I know like a lot of geospatial libraries are Python based you can likely to plug in Python based Python based the geo geospatial transformations And what you have to do is just you need to include your dependencies and we will help you to Download those dependencies when the computer runs Great. Right. Well, yeah, thanks again. Let's have a round of applause for Hangfei Lin


What's going on everybody? Got Kyle here with Layton Sports Cards and we are ripping one box of 2023 Tops Chrome Cosmic Baseball. This one is going to be for Michael B.E. Good luck Michael. Let's see what we got. Let me complete the order. Some Cosmic. Let's pursue those planets. Come on Pluto. Come on Super. Box. What's up Sam? Doing good man. Doing good. How you doing? Not complain. There's a D-Back Star Clusters. Got Corbin Carroll on there. There is Stella Nova on these. Super Short Print Corbin Carroll. Boom. We'll take that. Only about one per case on these. Very nice one. We'll mag that for you. Great start Michael. Stella Nova Corbin. Get a mag on that for you. True Waters rookie. That's a way to start. That's a way to start. Very nice. Hey that's good to hear Sam. How's your weekend going? Got Star Clusters. Trey Mancini. Another die cut. This time it's Austin Riley on the launch into orbit. Rosario. Yeah those are sweet man. The Stella Nova. I think I've only seen Corbin on that set. At least from what I've pulled. Only seen Corbin. Yandee. There's a Bryce Harper E.T. Extraterrestrial talent. It's a Scope Alejandro Kirk. Washed into orbit. Frankie Alvarez. Metz. Anyone just see the end of that Arsenal Man U game? Anyone see that? I walked into the shop and Joe was watching it. The Arsenal scored twice in the stoppage time. Rangers there are Star Clusters. Pluto. Pluto is harder to hit. Pluto. Got rookie. Vinny Pascatino. That is blue to 99. Yeah the Pluto is the hardest of the Planetaries to hit. It goes in order of distance from the sun. So it's like the sun is the most common than Mercury, Venus, Earth. Did this earlier. I'm going to stop there. Mercury, Venus, Earth. There's a Riley Green E.T. I don't know if I got the order right. But yeah the Pluto is the farthest. I've heard that it's someone was saying that it's like as low numbered as two. They're not numbered but with the pack odds and everything someone was saying they're very very hard to hit the Pluto. I've opened a good bit. Still haven't seen a Pluto yet. There's a Starry Knight Mike Trout. Chris Bryant. Yeah you saw that Travis. You saw that. It happened like right as I walked in the shop to grab some boxes. There's a Star Clusters Otani. There's a Byron Buxton E.T. We've done it a few times. We've had to say it a few times. For sure. For sure. I don't think I've hit one yet. I've hit a Saturn and a Jupiter was the farthest away. I think I've hit the hardest harder ones to hit. Oh nice one. There's a 199. We got Aqua Michael Harris. This one there rookie of the year. Michael Harris Aqua Wave to 199. 199. Shohei. Two more packs for you Michael. It's more than two Timmy. I got you. There's Kodai Sengai E.T. and a Star Clusters Astros Rodone and last pack. Got Bregman Scope. Nate Lowe Refractor and Nasty Nester. Oh righty there. That'll do it for your one boss Michael. Really nice hit on that. Stella Nova Short Prank of Corbin Carroll. I'll get that one magged up for you and we'll get these cards right. I'll see you. Thank you sir.


What's up guys welcome back to another episode today? I have a very special guest I got Jameson Lopp which is a team lead at Bico creator of Satoshi dot info and founder of Bitcoin SIG comm Jameson welcome to show how you doing? Not bad this space is always you know keeping us on our toes So there's never a dull moment and so what do you say is the most interesting thing in the space currently today? So, you know, I've been doing this for a number of years and I've been going down the rabbit hole in terms of the technology and Trying to understand You know how the actual protocols work in it and everything but really over the past year I've kind of popped up out of that Technical rabbit hole and have been really looking more at the the human side of things that the sociological Aspects of these consensus systems and so I think most people are well aware that we've had a lot of drama and forking and People going off and doing their own thing. So it's really interesting I think to see how the quote-unquote governance of these ungoverned systems really operates What's your take on all these forks lately? We had you know be cash Bitcoin cash You have Bitcoin gold and I heard now there's like Bitcoin silver and diamond all these different forks coming out Yeah, it's it's really it's reminding me of the like 2012 2013 altcoin boom So I think that you know, this is just another cycle repeating itself where we saw it around 2013 with proliferation of altcoins People figured out it was easy to make them and they could you know raise a lot of money Then you know earlier this year we saw a similar type of cycle with ICOs and now I think we're starting to see the beginning of a cycle with the new type of altcoin the altcoin airdrop to the Bitcoin holders and It's going to continue until the market cannot bear it anymore And I think you know We might be getting pretty close to that point because we're having customers come to us at bit go and ask us if we're Going to support x y or z and we're like, I don't I don't even know what you're talking about like How are we going to support something we've never even heard of so it's definitely we're getting to that like Long-tail distribution of like it's not really going to be worth the effort for the Engineers to try to support all of these things because they're going to have less and less value That's a huge issue in the space to just not enough smart people that can develop these very complicated technologies Talking about governance What's your philosophical take or what's your opinion on like is there a governance model with within Bitcoin? I Think we're trying to figure that out right like there. There is no official written Rules or constitution though, you know, there's a lot of blog posts of people who try to draw parallels between Like the American Tri-cameral system and in Bitcoin or or other, you know governance systems and Bitcoin, but I think that those are just sort of Loose approximations and they're always going to be missing something here or there So we're still trying to figure it out now We know, you know, you've got two main options in these permissionless systems Then you've got your your voice and exit as usual It just so happens that exit is a lot easier in these systems than it is in most other, you know Hierarchical governance so people are exiting and we're going to see how well they do and you know what the market thinks of their exits and So earlier this year we had seg with the activated. I don't know what the percentage is there I think it's above 15% activation It's been bouncing around 10 to 15% like by transaction volume And do you think that had like a drastic change within like code and code out of this like so-called governance model that we have? it definitely showed some issues where the Bip9 like minor activation For soft forks was shown to have an issue where it's basically giving this like voting power or veto power to the miners so the miners use that as kind of a bargaining chip over the course of a year or two and You know frustrated a lot of other Participants of the community So I think that like you're probably not going to see that type of activation get used in the future for other soft forks We we may seem more, you know user activated soft forks so that the miners don't really have that option You know, it's going to be the the community As a system in general that is going to be telling the miners like this is what we want and we're going to pay you for it And talking about mining You know, it's very expensive to set up mining especially in Bitcoin. So there's a large overhead cause Do you see the actual mining ecosystem within Bitcoin changing in the next couple of years? Definitely, I've been approached by a number of different entities that are you know working on their own new initiatives and a lot of this was just born out of the frustration of what I was just talking about of the miners getting Into a position where they're blocking Upgrades to the network and so there are a lot of people out there a lot of early adopters a lot of very well Capitalized people who see the centralization of mining as one of the bigger problems that Bitcoin is facing right now And they're willing to put in the time the effort the resources to make mining more competitive and therefore more decentralized So, you know, we heard about Dragon Mint, which is supposed to get up and running early next year and I've I've also been speaking with Fellow locally who is doing some interesting stuff with waste energy And I've also heard from some other groups who are working on their own initiatives They're you know gonna use new fabrication plants new type of ASIC designs and The system is going to kind of get out of this deadlock phase You know break the monopoly if you will and get more competition injected into the system So I heard about that. It's so there's new there's new designs for the new ASICs coming out Yeah, I think there are multiple different companies working on their own ASICs So, you know the the basically bit main near monopoly that has been in place for the past year or so is definitely going to be challenged and my my funniest Not not I'm gonna say my issue But my one of my funniest remarks I give people people is complaining about energy consumption when it comes to Bitcoin sir I'm like do you realize how much energy consumption is in your Visa card?  There's no like single number that you can just pull out look at Mm-hmm, and still talking about mining. I mean, I have no idea for this answer. Maybe you do know Is this even probable like is there reasons why we can't use solar energy to start powering our mining rigs? No And in fact so like one of the things about mining is Bitcoin uses exactly as much energy as the users of the Ecosystem are willing to pay for and that basically gets reflected by the price So, you know, everybody knows, you know, what the subsidy is You know what miners are getting paid then the actual dollar amount is just based on the price of Bitcoin itself so as a result you have people who can get into you know Competitive situations of finding, you know cheaper and cheaper energy. So renewable energy is definitely on the horizon, you know, I think what we see In China a lot is actually like hydro electric energy and and really what you see is It's not that miners are just going out setting up shop and sucking up a lot of electricity What they're doing is they're going and they're finding the excess electricity that is already available and making use of it Because otherwise it would just get wasted thrown away not used So they're just using in many cases electricity that is already being generated You're right over here in Ontario.  Yeah. Yeah You know, that's what I mentioned the guy that I met with recently who is actually here in North Carolina. They A while ago, they bought this tire Re-manufacturing like waste processing plant where they take old tires And they basically burn them up and then they get all of the the waste byproducts separated and sell those out and they realized You know, we're generating a lot of heat and a lot of electricity from this and they were selling it back to the grid At you know, like one or two cents per kilowatt hour and they realize we can take that throw a bunch of older mining Cash power at it and be much more profitable by using that electricity ourselves rather than reselling it back to the grid So, you know, we talked about earlier with all these forks So we had different like evolution in 2013 on these all coins and then we had the ICOs in last like year or so And now we have all these forks and then as you mentioned one of these air drops coming out to Bitcoin users Is there anything that is really concerning for you currently and moving forward? Well, I mean, there's there's always the the scalability issues But I'm not as concerned about that because there's a lot of people working on them What is really more concerning to me now? is that even though we've had these contentious hard forks there has not been a clean Sociological split so there's still a lot of fighting and and really the The the war for Bitcoin if you will has moved from a technical scaling argument to a social Like branding argument.  So instead of it being You know, this is our vision for Bitcoin It is now this is our vision and we've implemented it But you have to go use this fork and now we're gonna do, you know, big marketing drive So the the game has changed a little bit, but there's still this massive argument and really Battle for I guess mindshare and general like user acceptance What do you say do you believe in like a free market? Like let's say you have Bitcoin cat Well, we do have Bitcoin cash and we have Bitcoin at the end of the day the best product wins or the best system wins. I Believe so. Yeah, and I mean, I think that the market is Speaking right now every moment. It's telling us, you know, which system that it thinks is more valuable You know, I have various reasons why I believe that the the various statistics For for Bitcoin cash might be a bit overinflated That but that's like one of the reasons why we're we're seeing all of these airdropped altcoins is because they can then use the very easily manipulated market cap metric To to make it look like they're a lot bigger than they really are because in reality the vast majority of Bitcoin holders are not keeping track of all of this drama and They're not gonna go try to find the right software to be able to claim Their coins on a fork to sell them or you know convert them to something else And so really I think the vast majority of coins on these Airdropped forks are just locked up and probably never gonna be touched So the market caps for them are even more inflated than the market cap for Bitcoin Which you could argue is inflated because there's probably you know Several million bitcoins that have been lost forever and they're never gonna get used What's your take on all these whole futures markets? I think they're going live like mid December Yeah, that's exciting Some some people seem to think that they're gonna open up opportunities for institutions to short Bitcoin into the ground But I'm I'm expecting probably the opposite. I mean Shorting Bitcoin has almost never been a very good proposition I don't think that like increasing the volume of the shorts is gonna really change that it's you know It's such a scarce digital asset The and the demand just continues to increase So we'll see I think most people agree that it will be like providing better liquidity better price discovery in general I'm actually curious To witness one scaling is implemented like let's say we have lightning network whenever that goes live and that gives more Accessibility cheaper transactions micro payments can actually be utilized. I'm more curious then what the price would actually reflect the value of Yeah, and and this is Something that I've been thinking about and talking to people a lot recently is really like what is the value of a new global payment system versus the value of global sovereign store of value and It's kind of hard to to find like good metrics on that of like what is the what is like the level of Value that could be captured by a payment system versus a store of value You know, obviously you need to be able to send money in order for the money itself to have value but Does the ability to do cheap fast small payments really add that much value to the system? It's hard to say and it's one of those things, you know We're just gonna have to to see What happens as we roll out the system, but like the whole lightning network thing is It's complicated and we're doing we're building something that's never been built before and You know, technically it it is working now like you can use lightning network protocols on the main network It's just very very early stage. You really shouldn't do it unless you're highly technical but we're gonna have to go through a you know growth cycle here of Experimenting and failing and fixing the problems and moving forward So, you know, there's gonna be a lot of issues with lightning network both at the Microscale the single payment channel scale and at the macro scale and I wrote an Article on coin desk like two years ago just talking about all the potential complications that might come up And of course, there's probably plenty of unknown unknowns as well But the reason that I'm bullish on it is that there are so many people that are dedicated and are devoting You know their skills and their resources to continuing to improve it So it's the same that we see with any of these technologies. You see a lot of skeptics. We say, oh, it it's not good It's not working or it's not the bait they give against lightning network They're saying it's more centralized or it makes Bitcoin more centralized. Oh, yeah And and that's you know any of these arguments of saying it makes it more centralized It's hard really to have Quantitative arguments about centralization unless you're setting up a lot of metrics beforehand of saying like this is how we're measuring decentralization I Think that the more important thing rather than saying like centralized versus decentralized is like does it retain its permissionless aspects Or are we moving to a like custodial trusted model? And so I think that what what you see happen a lot with the rhetoric in this space, especially against lightning network is People make arguments for why it is more centralized and then they they kind of Slippery slope you from sent more centralized into like a custodial Trusted solution. So like you could have a fairly centralized lightning network that's still permissionless non custodial those two things don't have to go together but In general, I think the best way that I can describe This network is just by like looking at the internet itself. And so We're just building routing layers on top of Bitcoin exactly like, you know, TCP IP Routing layers were built on top of the ethernet layer And that's how we have a scalable internet right now Like if if the entire internet worked at the like level zero ethernet layer, which is a broadcast to everyone Communication protocol we wouldn't be able to do what we're doing right now We wouldn't be able to stream video and do high bandwidth stuff because everybody else on the internet would have to receive and Relay this stream and everybody else's streams So, I mean, this is a like tried and true method for scaling, you know decentralized global protocols So I think at that like macro level, it's going to work out fine We're just gonna have to deal with a lot of edge cases and minutia that we find along the way What do wallet providers or service providers need to do once a lightning network is implemented? Well, they're gonna have to start running lightning nodes that can speak that protocol They'll have to start storing a little bit of extra Stateful data. So like each time you update the payment channels, you have a little bit of data that you need to keep track of It is, you know more complicated than Bitcoin because it's Bitcoin plus a new protocol there in many cases though going to be able to use libraries, which is Basically what a lot of the developers are working on right now is the low-level libraries that are gonna Abstract away a lot of those complexities But they, you know, they will need I'm sure to make a number of changes from the like user experience side that's one of the things that I'm really interested to see is how well we can abstract away these complexities because I think that in a an optimal future where lightning network is Used by a lot of people the the average Bitcoin user should not necessarily even need to know whether or not they're making a Transaction that it's just a simple on-chain transaction or an off-chain Transaction the the software should just handle that all under the hood and it should just work when they click the button You guys have a rough timeline Well at bit go we are working on payment channel stuff Though we have kind of like a multi-phase rollout where we're gonna start off and only be doing payment channels Internally between our own customers Because we we can do that basically now as soon as we get it up and running Without needing like anybody else in the ecosystem to have you know lightning network compatibility and so we can already save our own customers a lot of money by doing off-chain transactions whenever possible and Then you know we're going to continue to monitor see how the rest of the ecosystem starts to catch up and and you know Once we've implemented our stuff internally to be compatible It should be easy to then hook it up with the rest of the lightning network as it comes online now in terms of You know how the engineering process And progress at other companies and the ecosystem has been going it's actually been kind of disappointing right so You know bit go was one of the first companies to implement segregated witness and we actually were a few weeks late We we anticipated having it ready on the activation date The only reason that we didn't was that be cash came out of nowhere and we had to scramble all of our resources to prepare for it but The it's really weird how like a lot of these Bigger companies and the ecosystem have actually been a lot slower to implement changes. So That's that's fine for us. I mean, I guess we'll just stay small and nimble and you know stay ahead of everybody else We're just waiting for the rest of the ecosystem to catch up at this point Yeah, we have a long way to go. I think the money and the greed and all this Fascination I'm getting rich quick is outpacing the realities of the technology and the capabilities. We need to have a good crash Yes That's right. Fortunately. I mean really, you know the that the two-year trough of disillusionment You know it was it was kind of disheartening, you know looking at the price and not moving for a long time but We got a lot of work done because we weren't looking at the price Mm-hmm. So any final thoughts like any advice for anybody who's interested in getting the space whether it's developer anybody Like what would you suggest to them? Yeah, so I maintain a list of educational resources on my website at lop net low PP net That's got pretty much everything you need Starting from high level going all the way deep down into the protocols if you want to get into actual software development There are a number of good resources especially like chain code labs and Jimmy song who Are doing developer education there and They have a lot of good resources both online and doing like physical in-person classes but really if you already know software development the best thing to do is just Find an open source a software repository Check out the code and start contributing you can contribute documentation. You can contribute tests You know, you don't have to jump in immediately and start making like major Functional changes to just get your foot in the door. Cool. Well, Janice and thank you so much for coming on the show and Talk to you soon brother. Thanks. Yeah, cheers