Thank you very much, Michael, and good afternoon, everybody, and thank you so much for turning out on an utterly miserable day. So it's a great pleasure and thank you to the IEEA and to my chairman for a very warm welcome this afternoon. Now, I have to admit, being invited to speak to the IEEA on issues related to financial regulation and so on really presents a dilemma because how do you capture the salient issues given the immense scale of recent and ongoing regulatory reform? Since 2008, of course, but specifically in the last two or three years or so, where we've seen the establishment of banking union and its institutions, and also the current political and policy priority capital markets union, the action plan for which was presented by the Commission in September 2015. Now, unusually for the EU in this space, the reforms have bitten across the four dimensions of financial governance. Regulation, which is long familiar to the EU, but also supervision enforcement, and finally the resolution and rescue of failing institutions. And these reforms have required significant institution building with its distinct constitutional, legal and political challenges. And they've seen the long-standing single market in financial services project move from being one of market access and liberalisation to being, at least in part, one of risk mutualisation with supporting institutions. And this last development has the potential to significantly disrupt the single market through the construction of distinct financial governance arrangements for the euro area. So the scale of change has been vast, the likely outcomes are still a matter of intense speculation and empirical evidence is only slowly emerging. The balance of competence between the EU and its member states has been radically changed and the strain on the underpinning constitutional and administrative law of the EU remains intense. And all of this in one of the most contested areas of economic governance, where national interests are strong, reflecting different economic funding models across the EU. So, taking the current Capital Markets Union agenda as something of an opportunity for reflection, my remarks call for a pause, for some tinkering under the bonnet and for a break from grand designs. So I'm first going to tour some of the major features of the recent reform period. I'll then briefly consider the nature of Capital Markets Union and I'll then speculate as to the issues generated by CMU, which is the hwash of my remarks. Hwash should EU financial regulation be addressing. Now I'll do my best to avoid the acronym SUP, which is very dense in this area, but just a heads up on two, which I've no doubt everyone in the room is familiar with, but Mifffitou Mifffir is the major markets regulation in the EU and CRD4, CRR of course the major banking measure, and these are the leviathans of the financial crisis project following the last number of years. So, and I'm just going to literally leave that slide there to avoid sort of death by PowerPoint over lunchtime. So just a whistle stop tour of the major features of the last number of years. So first on regulatory governance. So since October 2008 regulatory or rules based governance for the financial system in the EU has changed out of all recognition. The movement from regulation as a tool to support liberalisation, to regulation as a means for imposing politically agreed standards of behaviour on the financial system, that movement was well underway before the crisis, but it has since become turbo charged. First, regulatory governance has changed in reach and style with the adoption of a single rule book of unparalleled breadth and depth. The single rule book includes some 40 or so major legislative measures, many in the form of regulations. It also includes a dense secondary rule book, which even for someone who's been in the sphere for almost 20 years almost defies analysis. To take just one example, the September 2015 proposals by the European Securities and Markets Authority, ESMA, which supports secondary EU rule making, looking at those proposals for a subset of secondary rules on market microstructure runs to over 500 pages of granular technical detail. And infamously, one of the technical rules applicable to banking regulation runs to over 1,000 pages of the official journal. Secondly, on regulatory governance, with this change to the rule book, has come a resetting of the balance of competence between the EU and its member states. The scale of this shift is evident from, for example, much wider regulatory perimeter control around the EU financial system. A raft of new actors are now regulated through the EU rule book, reflecting the G20 agenda to close regulatory gaps, but also removing member state discretion. Emerging issues are now being dealt at EU level. Recent examples include index rigging and the tentative moves towards crowdfunding. Previously, there would have been experiments at national level before EU intervention. Non-financial actors are increasingly being covered by the EU financial rule book, such as corporates using derivatives for hedging. Importantly, the long-established exemptions for local member state markets and their distinct features, these exemptions are either being closed off or their use is being subject to EU approval processes. Third on regulatory governance, major changes to regulatory design have followed. Hitherto, EU financial regulation has typically recycled regulatory techniques which have been incubated at national level in order to support passports for cross-border activity. The new single rule book, however, is experimenting with a myriad of new techniques. Some reflect G20, financial stability board, Basel committee, innovations and commitments, but others are distinct to the EU. If we take examples from Miffa2 Miffyr markets and CRD4 CRR banking, these innovations include the new market microstructure rules under Miffa2, the new product intervention and product governance rules under Miffa2 and the bank governance and pay rules under CRD4. And fourth and finally, there has been a change in ambition. There has long been a tension between EU financial regulation as being facilitative, the EU as market maker, providing conducive conditions for a liberalised market and the EU as regulatory, the EU as market shaper, dictating the nature of the financial market. Now over the crisis there are deeply rooted tectonic plates under the single market in financial services and which mark sharp differences across the member states reflecting different varieties of capitalism. These began to move, revealing the depth of difference with respect to, for example, the appropriate intensity of financial market development, the level of financialisation which is optimal and the relative balance between bank and market finance. After this period of conflict and contestation, we now have a regime of distinct market shaping quality. Miffa2 Miffyr, for example, dictates the levels at which equity, bond and derivative markets are deemed to be liquid or illiquid. It dictates the limits to the positions which may be held by commodity derivative traders. And it specifies the derivatives and other instruments which must be traded on particular venues. These are rules of a highly interventionist marking shapering effect. The banking rules as is clear and as an emerging stream of reports are beginning to indicate are now a major driver of bank business models. One of the many outcomes of this is severe pressure I would suggest on the underpinning constitutional settlement. Does the treaty support market shaping regulation? This is not always clear as the treaty is directed to market making, the construction of the single market. I'd suggest the position is similar with respect to supervisory governance. Supervisory governance has long lagged regulatory governance in the EU resting at member state level. But this has now changed dramatically in part because of the related and seismic institutional reforms. First, of course, banking union. I will not rest long on banking union and its single supervisory mechanism and single resolution mechanism. First, the SSM became operational right about this time last year and the SRM for at least some of its functions went live earlier this year. But clearly this new system for managing bank risk mutualisation and the related centralisation of supervisory and rescue functions for the banking union zone, obviously very broadly the euro area, has recast how we conceptualise EU financial governance. Previously it was a regulatory construct, now it's an institutional one. Banking union has also and I'll return to this imposed a breach with potentially existential implications for the hitherto impregnable EU commitment to a single market in financial services. This commitment has been a policy priority as far back as 1966 with the Secreira report which launched in effect the whole single financial market project. Secondly unsupervisory governance, sitting I would suggest very uncomfortably operationally, politically and constitutionally outside the banking union structures and with oversight of the wider single market more generally is the European system of financial supervision established in 2011. This is composed of the national authorities who anchor the system, supervising rules enforcing them. The three European supervisory authorities, the AESAs, ABA for banking, ESMA, capital and securities markets and IOPA insurance and pensions. These three AESAs carry out a range of tasks supporting the commission on technical rule making and more generally supporting supervisory convergence and coordination. Then with the horizon scanning function over the whole the European systemic risk board reviewing for systemic risks. So how might these changes to supervisory governance be characterised? I would suggest four features. First by incrementalism and momentum. The AESAs for example are highly dynamic and since their establishment in 2011 have been slowly but fairly inexorably acquiring more power formally and informally. Secondly they're characterised by expediency. Potential treaty and administrative law obstacles have been worked around with often ingenious solutions to achieve political outcomes but these solutions may prove to be unstable. Third by difference. The banking union structures are centralised. They're driven by risk mutualisation and in particular mutualisation of the costs of bank rescue. The single market structures are not. They are network based and their concern is not risk mutualisation but the stability and effectiveness of the single market. And their operating model is coordination and cooperation not centralisation. And finally I would suggest that supervisory governance has been characterised by very strong centrifugal effects. The dynamic development of the AESAs for example shows signs of leading to much stronger convergence in supervisory practices across the EU. While banking union may although I don't think in the short term drive further centralisation. So turning to capital markets union. Where is it after all of this since 2008 or so? Well it builds on the crisis era reforms but its concern is market efficiency and the capacity of the EU financial system to support growth. It seeks to diversify sources of funding away from banks to capital markets to strengthen funding sources particularly for SMEs. And thereby to secure greater financial stability. Now the strengthening of market based funding for the EU has been a policy concern since 1966. This is not new. Neither is the capturing of this concern in a distinct policy agenda with political backing. We've seen this before the crisis under the financial services action plan 1998-1999 and over the crisis in measures such as the SME growth market new trading venue set up under MIFA 2. CMU is also a distinct regulatory agenda. It assumes that law can drive or at the very least facilitate particular forms of funding. It has two flagship projects the first simple transparent and standard securitisation. Essentially designed to kickstart the sluggish securitisation market and free up funding capacity for banks. And then also reform of the prospectus directive which governs how companies access the capital markets. But it has a very wide range of other measures from fund reform to covered bonds to market infrastructure. Thus far it does not have a distinct institutional or supervisory element. It's based on standard single market arrangements and in particular on rule harmonisation. So it's very different to Banking Union. Banking Union is an institutional project designed to support risk mutualisation. CMU is really about risk diversification and about harnessing market forces to support a single market in fund raising using long standing single market devices. I would suggest that the CMU agenda is something of a hodgepodge of the mundane and the aspirational, the specific and the general, the short term and the long term. Its focus is narrow if its ambition is transformative. But it may, depending on the relationship between CMU and financial union, whatever that may be, have disruptive effects on the current settlement governing the single market in financial services. So turning to my last set of comments as to the implications of all of this. I think the first issue which arises is one of characterisation. What is being constructed with Capital Markets Union? Is it a CMU, a Capital Markets Union, based on the single market and its arrangements? Or is it more of a grand design, a more centralised financial union with distinct institutions which displace those of the member states? This goes to the heart of the current and growing tensions between the Euro area and the single market. And the difficulties with multi-level governance in the financial area which have been opened by Banking Union. Now CMU is currently being expressed as a single market agenda. This is very clear from the commission's agenda and just a few weeks back in a supportive European Council resolution. Similarly, the policy trail suggests that there is no commission appetite and certainly very little appetite from the ASAs themselves to have their coordination powers radically increased on the lines of the Banking Union reforms. The operational and constitutional complexities are in any event immense and are unlikely to be addressed absent some form of resetting shock of the type that drove Banking Union. The political context is also of critical importance. Any move to re-characterise CMU as a financial union with centralised structures would be highly sensitive given the current Brexit debate and the sensitivities related to Euro area and single market governance. For example, complex governance arrangements are already in place within the European Banking Authority to manage the risks of Banking Union Euro area caucusing. While Prime Minister Cameron has recently included the protection of the single market interests given the risks of Euro area caucusing in his list of treaty reform. And yet there may be considerable centrifugal effects. The June 2015 five presidents report on completing EMU deploy CMU as a device for completing EMU and speaks of a financial union through which risk would be efficiently diversified. The European Central Bank has recently and similarly spoken of and I quote a vanguard group of member states. Close quote within CMU and suggests that the road map towards a genuine CMU should include a single capital market supervisor. And the centrifugal effects may be all the stronger as prudential regulators globally such as the Financial Stability Board, the Bank of England and of course the ECB SSM are now looking closely into the stability risks beyond the banking markets and arising from capital markets. So which is it? Do we embrace a multi-speed governance arrangement for the EU financial system, a grand design as it were? This would include in parallel with the currently complex Banking Union single market arrangements, a centralised financial union with distinct institutions sitting within a wider capital markets union for the single market. Do we accept accordingly the risks of financial union caucusing and more generally of potentially competing institutional structures within a highly complex ecosystem for the EU's financial system? Or can the natural centrifugal tendencies within EU financial governance be slowed and CMU contained? The latter is certainly the safer route particularly as it is not yet clear what the effects of the crisis era rule book are or indeed how governance arrangements for the EU capital market can best be organised. My second comment goes to tinkering under the bonnet. Now it's hard to avoid the sense that there is an inescapable internal dynamism trajectory reform at present. And there is an urgent need however for review and reconsideration, something traditionally EU financial governance has not been good at. I suggest five avenues for review very briefly, empirical review or observation, legal review, constitutional slash institutional review, enforcement and retail markets. So turning first to empirical observation. So the period since 2008 has been the first time the EU and indeed any other global financial system has engaged in such a programme of intense reform with untested tools and with such potential for market change. The massive market shaping method to mafiaire on market regulation is now very likely to have its implementation date pushed back from 2017 to 2018 underpinning the scale of the challenge and the technical difficulties. The empirical evidence on effects is just beginning to emerge and the commission over the summer has launched a number of important studies. The important review clauses which apply to all the crisis era measures are just beginning to activate and will continue to do so over the next five years or so. 2017 to 2020 will see one of the most important data sets ever produced on the interaction between regulation and the financial market. As COD4, CRR effects become clear and on the market side the impact of myffa2's market shaping becomes clear. We are now at the time for empirical observation and assessment rather than new adventures in regulatory design. Second and beyond the empirical difficulties there are particular legal challenges including the proportionality question. Much of the crisis era rulebook contains proportionality mechanisms, directions to regulators or to the market to apply a rule proportionately. But what does proportionality mean? Should it address the need for local market sensitivity but then what about the single rulebook and arbitrage risks? How much calibration do we allow for smaller market participants but they may be a source of risk? Proportionality clauses are often injected in crisis era measures to achieve compromise, they're functionally practical. But at the cutting edge they can cause difficulty. A recent example of this relates to how the controversial COD4 bank bonus rules apply which is proving controversial with the current ABA remuneration rules on pay. This issue is becoming increasingly live and with important implications for the single market. Third, constitutional and governance pressures are becoming ever more intense as the post crisis governance system matures and as unexpected stresses emerge. Here I suggest three short examples related to the ASIS. The ASIS within the single market are now playing a critical role in the design of technical secondary rules adopted by the commission. But there is a structural strain between the commission as the constitutional location of rulemaking power who adopts or endorses rules and the highly expert technocratic ASIS who advise following extensive design processes based on national, international and industry engagement. Now this uneasy split of power which does not reflect administrative governance more generally for financial markets reflects of course longstanding constitutional limits and traditions. But there are particular difficulties emerging. What if for example a highly technical rule needs to be suspended urgently given its unexpected effects? The extraordinarily granular and market shaping new rules now emerging, this instrument is liquid, this instrument must be cleared, this one must be traded. They raise the consequence the specific market stability risks might arise from their application. Particularly as many of these rules were designed without a secure empirical base simply because the data is not yet there. Can the EU administrative system support a speedy suspense of power? Should this power be located with the eases? The constitutional questions are difficult but the consequences are of great practical importance. What about accountability and oversight? In other words, who watches the watchers? The EU is currently groping its way to a new administrative law with these new structures but it is in its very early days. The eases are increasingly for example exerting direct operational influence on how national supervision is carried out. Now I do not suggest that this pressure towards a European approach to financial supervision is not functionally optimal, it may well be. But good administrative governance for the financial system requires political oversight of administrative actors. And this applies all the more as governance shifts to the EU level and in such a contested area of economic governance. EU level accountability however is typically designed to reflect the treaty balance of power and the interests of Member State Council, Commission and the Parliament. But accountability over granular operational decisions impacting the financial market requires closer scrutiny. Should we be designing new oversight boards, new accountability structures as the eases become more powerful? And if so, how do these fit within current treaty constraints? There are multiple ways of thinking about accountability, a lot of work has been done on the international financial governance test case for example but a debate is needed. And finally on constitutional institutional questions, the institutional ecosystem is becoming increasingly complex and potentially unstable as our new administrative actors coordinate, compete and form and reform alliances. New institutional games are being learned, responsive and experimental solutions are developing but observation and review is needed as these institutions learn to play a new game. The fourth candidate for review and briefly is the weakest element of EU financial governance enforcement and sanctioning. One of the sharpest lessons of the financial crisis has been that regulations, supervision and enforcement must form a seamless continuum if the objectives of rules are to be achieved. But enforcement remains a challenge for the EU. It is deeply rooted in local, political and cultural conditions, procedural constraints and institutional context. So what is the appropriate balance here? How to ensure poor enforcement in one member state does not threaten stability. While ensuring sufficiently secure safety valves are left open at national level. What is the role of the EU? And finally a plea for a much closer focus on the household consumer of financial products. As I look at quite a bit of my work at the Cinderella of EU financial regulation, completely overlooked but periodically pulled into the limelight with unexpected effects. Cinderella is currently having her moment at the ball being pulled into the capital markets union debate and being characterised as a somewhat Olympian capital supplier to the single market. Exercising choice across an enhanced range of investment products. But there is a great deal to be done here in understanding the drivers of household investment behaviour, the features of household decision making and the optimal design of rules EU or otherwise before the beleaguered household consumer can be further financialised and drawn into the policy architecture of financial governance. In conclusion therefore I suggest that this is not a moment for grand designs but for careful observation and adjustment. In this regard CMU may prove to be a disruptive force. If it distracts the EU from the questions however humdrum and often intractable which nonetheless need to be answered. Thank you for your attention.


Hello, my name is Sonia and I'm from Spain but I'm moving to China in the coming months. I've recently finished the ITTT online course of 120 hours with videos and teacher support and I'm already looking for a job in China, so I feel very much excited about this new perspective. After taking the course I have more confidence because I have learned a lot and I have now the tools that will allow me to develop this profession in the best way. So if you are wondering whether you should take this course or not, don't hesitate, go ahead, do it. I'm sure you will get disappointed. Bye-bye.


Hello, everyone, and welcome to the WordPress Briefing, the podcast where you can catch quick explanations of the ideas behind the WordPress open source project, some insight into the community that supports it, and get a small list of big things coming up in the next two weeks. I'm your host, Josepha Hayden-Champosy. Here we go. All right, my WordPress wonders. It's time to join me for one of my gentle rants on basic leadership principles. Today, we're talking about the importance of routine and predictability in everyday life, but don't worry, I'm gonna tie it all together with WordPress too. So by now, you're probably aware that I don't really consider myself one of those quote born leaders. Over the years, I've put a lot of effort into researching characteristics of good leaders and general leadership methods overall, but one of the things I encountered early on in my leadership learning journey was the concept of routine. As with most leadership practices I hold, routine has more than one purpose. From a very pragmatic standpoint, routines provide predictability and the more predictable something is, the lower the cognitive load becomes, which in turn lets you use your thinking power for something better. For instance, if you know that in every check-in with your team lead, she's gonna ask you what you were proud to have shipped last week, what you want to ship next week, and what things stand in the way of your plans, then you know that that is what you have to prepare for. The knowledge work, the thinking part, stops being what is my team lead going to ask me and starts being what is the problem that she can help me solve? But from a more human standpoint, that kind of predictability helps us to understand when something that happened is out of the ordinary. Whether it's a notification of a comment left on your blog or syntactical highlighting that lets you know that you've written something that's out of voice or against grammar standards, it just lets you know that something is unusual there and deserves your attention. Now, for me, this has a lot of applications across the WordPress project. There are the obvious things, like the cadence of our major release cycles or our notification system, which honestly could use a bit of TLC, a little bit of elbow grease. But there are also less obvious things that this idea still applies to, simply because of the way our brains work. The information architecture on our sites, for instance, it should make sense visually and semantically because that makes it easy for us to skim and predict where the highest value content is for us. Or the user interface across the back end of our software. Having familiar tasks or actions across any type of content or area of content makes it easier for a site maintainer to flow from one area of a site to the next, fixing things as they find them, without necessarily having to stop and put down their hammer and pick up a screwdriver or whatever metaphor works for you.  So, yeah, consistency. Consistency is the topic of today's gentle rant. I get really worked up about it because I feel like consistency ends up being this euphemism for being boring. But I honestly believe that it's the consistency and the dependability that make it clear what is it supposed to be exciting? The things that are different enough that they merit our attention. Which fortunately now brings us to our small list of big things.  So first thing to know, there was an additional data added to this release cycle. It was beta five. It came out last week, I think. There was a bit of a regression that we worked our way through. And so RC1, a release candidate one, is gonna be postponed a little bit because of that. But don't wait until RC to start testing, obviously. RC is tomorrow, so that means you get to test, like, today. The second thing on our smallest of big things is that we have the WordPress 20th anniversary coming up. That's May 27th and you can join in the celebrations. So at WordPress' 10th anniversary and 15th anniversary, we had like a big ongoing global set of parties. Like meetup events got together and made cakes or did a concert or did a hackathon for various reasons. Like they all got together on May 27th or thereabouts and did some really fun like celebration of how far WordPress has gotten them and how far they hope to be able to go with WordPress. So like, if you are from the before times word camp kind of organizing timeframe, you know that we always consider word camps to be like an annual celebration of the excellence of your community and how much you all come together and how different you are as part of this overall like big WordPress-y thingy. All right, third item that we have is that I know that I mentioned this in the last WP briefing as well, but we have another session of the diverse and inclusive WordPress events coming up. That's happening on March 16th. So coming up really fast, we'll put a link to that in the show notes as well. And the final thing, I don't remember what list number we're at, but the final thing is that there is a proposal out there right now to modify the events and news widget that we use inside the WordPress dashboard. If you're not familiar with it, it is a place where all of the local to you meetup events get listed. It's where all of the news items from various WordPress media outlets get published. Like we just have a link to it there. And so we would like to make some changes to that so that we're able to include not only specific location types of events, but also events that are location diagnostic because they're online, but might have a specific identifying niche that you particularly find interesting. So it might be for Spanish speakers or for women in particular or whatever it might be. There's a proposal out for that. We'll put a link to that in the show notes as well. And that, my friends, is your smallest of big things. Thanks for tuning in today for the WordPress briefing. I'm your host, Josepha Hayden-Champosie and I'll see you again in a couple of weeks.


Caroline, I started off this morning by noting that Eugene Myer at an earlier session with Carl had kind of endorsed the basic thrust of law.gov to make the law publicly available by making it easily accessible, and noted that this may be one of the only issues that you and the head of the Federalist Society agree on. I'm not sure that's true, but maybe one or two others. But on a serious note, how fundamental is this to actual law reform from your perspective? Is this a tertiary issue for techies only, or do you see this as really being an important part of the way the American Constitution Society sees the development of justice really in the society? Well, John, first, thank you for the nice introduction. And I'd like to also thank Carl for thinking of including us. I do think this is fundamentally an extremely important project for the American Constitution Society. We'd obviously much more importantly for our nation. Actually, when I first heard about the project, I sort of scratched my head and thought, well, why didn't we think of this before? Why isn't this already the case? And as I've talked to people subsequently, including my husband last night driving home talking about the event you're holding here today, and he said, what, that's crazy. And it is really, it's so self-evident that this is something that we should have already in a democracy that I, it's a real testament to Carl and to others who have been engaged in this, of pushing it forward, because I think as we bring it out to a broader public, they will also think that this is self-evident and what we are absolutely entitled to in a democracy. Let me just say, I don't know, there may be something else that the American Constitution Society and the Federalist Society agree on, but I think it's a pretty good indication of how broad and widespread the agreement is that such a change in how our government provides information is of a fundamental nature. And let me just say so that the American Constitution Society functions as a network of lawyers and law students and scholars, policymakers and judges who believe in the vitality of the Constitution and the fundamental values it expresses, individual rights and liberties, genuine equality, access to justice, democracy, and the rule of law. And access to information is seen as, is characterized as a basic human right because it proceeds the exercise of all of these other rights. And then the ability to learn about and share information about our laws is really a conditioned precedent to the fulfillment of each of the principles that I mentioned that are the component of the ACS mission, that is, individual rights and liberties, equality, access to justice, democracy and rule of law, none of these can really be achieved without governments making the law available to everyone for review. So I think it is not just something that I think is a great idea that American Constitution Society would benefit from because we are made up of lawyers and law students and law professors and judges who could obviously use this, but it is I think a central way of actually achieving the mission that we believe so deeply in.


clear messaging as you say Is important. That's what we've been talking about. Can I just ask you about sort of tweets by other political parties? One by national MP Simon O'Connor who put out a tweet showing himself as a as a puppet And then at the other end of the scale a Māori party co-leader Rauri Waititi was telling people to isolate who were not required to What does that do and how much does that distract from the public health message? It is extremely unhelpful and writes since a year ago the Prime Minister Dr Bloomfield and Minister Hipkins have made it quite clear that We must look to one source of truth and that's why we promote the daily briefings from here in Wellington But also the information pages through websites and clear messaging through our providers in the community So that they can communicate that to families the kind of noise that you might see on the fringe from Opposition parties is certainly not helpful. We must look to one source of truth one source of truth


Hello guys, I am Sujar and I am a TA for signal systems. I am Aditya and I am also a TA for signals and systems part 2. Today's topic is a moire patterns and effect of aliasing in two dimension. So we have all learnt about aliasing in one dimension and how imposter terms come into the picture if we sample a signal at a rate which is less than the Nyquist rate. So today we will see what happens when we do that in two dimension. First of all let's just revise the one dimensional case. Consider a situation where you have two sine waves, one is at 500 hertz and the other is at 1500 hertz. You get the same thing in the negative side because the signal is assumed to be real. Now ideally we would have to sample this at 1500 into 2 that is 3000. We would need to sample this at greater than 3000 hertz. But supposing we sample it at just 1010 hertz. So then we get carbon copies which are shifted by integral multiples of 1010 hertz. So 1010 hertz each frequency is shifted by this. So 500 goes to 500 minus 1010 hertz which is here and this comes here 1500 hertz manifests itself at 490. So supposing we would put a low pass filter at 500 we would have two frequencies which are very close to each other. So 1500 sine wave is manifesting itself as the 490 hertz sine wave and what happens when you add two sine waves of very close frequencies you get something called as beats. So we will show you a demonstration of what beats is. So let's see how beats are formed graphically. So we have written a code to demonstrate how beats are formed graphically. For this demonstration we are using two sine waves of frequency 1000 hertz and 1000 5 hertz. So according to the mathematics there is a difference between the two sine waves is 5 hertz and the beat frequency will be 2.5 hertz. Let's see how the sine wave of 1000 hertz frequency looked like. So this is a sine wave of frequency 1000 hertz. Now let's move on to sine wave with frequency 1000 5 hertz. You won't be able to tell the difference between the two sine waves because the frequency difference is very less. Now let's see what happens when we add both the sine waves. The sine wave of 1000 hertz and sine wave of 1000 5 hertz. The difference of frequency is 5 hertz. So you can see there is an envelope and inside that there is a high frequency sine wave. You won't be able to see the high frequency sine wave. So we will zoom it for you. So as you see inside the envelope you have a high frequency sine wave. The frequency of this sine wave would be around 1000 hertz. So this is how beats is formed and we have seen it graphically. Now let us see how beats are formed mathematically. Let us take two cos waves of frequency omega 1 and omega 2 where omega 1 is 1000 hertz and omega 2 is 1001 hertz.  This is 2 cos of omega 1 minus omega 2 by 2 times t into cos of omega 1 plus omega 2 by 2 times t. So this omega 1 minus omega 2 by 2 is just 0.5 hertz whereas this is nearly equal to 1000 hertz. So we can see that a very fast sinusoid is being modulated by a very slow envelope. The envelopes frequency is 0.5 and the inner oscillations are taking place at 1000 hertz. So this is how beats are formed. So now let us hear how beats actually sound. So on our phones we have a couple of apps which can play the pure sine wave of the specified frequency. So first I will be playing pure sine wave of frequency 1384 hertz. So this is how it sounds. Now I will be playing the sine wave of 1393 hertz. This is how it sounds. Both of them sound quite similar but let us see how they sound when they are played together. So we see that the frequency are not too far. So we are not able to perceive each frequency differently but we will see how we can perceive beats when we are playing these two sounds together. So in my phone I am playing both the frequencies together. So this is how it sounds. So hopefully you are able to listen to the beats. Here the frequencies were 9 hertz apart. So the beat frequency according to the mathematics we have just done is 4.5 hertz and the frequency inside the envelope will be approximately 1384 hertz. So now we have completely seen how beat formation occurs in real life. This is as a cause of aliasing. Due to aliasing higher frequencies manifest themselves as lower frequencies and if they come very close to each other beat formation occurs and give rise to these effects as we have shown. Now that we have looked at examples of one-dimensional aliasing we will move on to two-dimensional aliasing. Before that we will see what Moewe patterns are. So Aditi is holding a transparent sheet. So Aditi is holding a transparent sheet with black stripes printed on it which are very close to one another. Now let us see what happens when we bring both together. So as you can see the blades of the windmill are rotating but in the original image it was just stationary. So this is an example of Moewe pattern. Now let us take another example. Again we have the same transparent sheet with black stripes over it and we have a different pattern this time. So when Aditi moves the transparent sheet over the pattern we see that there are few people climbing up the stairs. So this is again an example of Moewe pattern. The Moewe patterns that we just saw they are one of the causes is aliasing in two dimensions. But to analyze it mathematically in the frequency domain is not as easy as in the one-dimensional case. So let us just get a qualitative picture of how Moewe patterns are caused due to aliasing. So before getting on to the explanations we will show some other examples. Now let us see an image of a checkered shirt. You see that in this smaller image you see a lot of patterns. This is a Moewe pattern but when I enlarge this image you see the patterns are not actually existing. This is an example of aliasing in two-dimension and how it causes Moewe patterns. Now let us look at a simple explanation about aliasing in two-dimension. So let us start by understanding what frequency means in the images. So we have an image here. So let the size of image be n cross n and we have two directions basically. One is let us take this as the x direction and other is y direction. So as we see we have two directions but in time signal we have only one direction. This is the value of function at that time but here we have two directions. We have two variables. So image is basically a function of two variables. It was very easy to comprehend what frequency is in time domain but it is little difficult to comprehend what frequency means in spatial domain. In fact we have two frequencies for depicting a picture in a frequency domain. So let us see what do we mean by frequency. Now let us take this image and let us draw a pattern like this. So this is a black line, the same pattern which we had used to see the example of Moewe pattern. So as you can see as we progress in the direction of x, so this direction as we progress from left to right we see that we actually come across certain white region then a black region then white region then black region and let us take that this spacing is del x and it is uniform even if the image shows that they are not non-uniform. Let us assume for some time that it is uniform. So when we draw a line or slice the image in one direction we will see that this black pattern is repeating at certain intervals basically it is periodic. So if we move from left to right we actually encounter a periodic signal. So this is what we mean by the frequency in x direction. So x direction has some frequency which is determined by delta x. Now let us look at what do we mean by frequency in y direction. So let us take another image again this is n cross n and again we have the same directions but now we take a slightly different pattern. Instead of vertical lines we have the horizontal lines and it continues. Now if we take a slice in the y direction we will encounter these black points and again let us assume that this is equidistant we will again encounter these black points over the line at equidistant lengths. So this is again an example of periodic signal. So these black dots are appearing at periodic intervals. So this depicts a frequency in y direction. So basically we now have a frequency in both directions one is we can call it as omega x which is the frequency in x direction which basically is the frequency of this vertical stripe and we have a frequency in the y direction which is the frequency denoted by this horizontal lines. So now that we have seen what frequency means in the x and the y direction of an image we will try to understand more of what these frequency actually mean practically. So if we have a constant image suppose an image intensity is constant over an interval. So there would not be any changes or we would not get a periodic points at the slices which we have made. So that is basically a zero frequency it is basically dc there is no change over a slice so the frequency in that x or the y direction will be zero. So for any constant image it will only contain a dc term. Now let us see what do we mean by high frequency in an image. So high frequency is basically that there is a drastic change in intensity within a short interval. So the pattern which Aditi showed had white and black which were very close to one another so we can show it again. So this transparent sheet of paper actually has a black and transparent stripes very close to one another. So this is basically a very high frequency image and you may not be able to see it but the stripes here the black stripes here are actually vertical. So when you take a slice like this as I have shown in the demonstration so as we take a slice here we will encounter the black points quite often and at a very small interval. So the frequency is really high so this is basically an example of high frequency in the x direction since we have taken x direction as this. In fact we can find a high and low frequencies in right in this frame. So if you look at the screen behind us you can see that there are constant patches of nearly constant color and there are white lines here. So these patches of constant color correspond to low frequencies low spatial frequencies and the place where it suddenly switches that is this white line it corresponds to a high frequency. So discontinuities or edges they correspond to high frequencies in the spatial domain. Now that we have seen what spatial frequency means we will see an example of Mojave pattern in a simple image. Now let us take an example of a simple image.  So when you take an x slice of this image you see this white dots appearing at a regular interval and the interval is really short. So the frequency in the x direction is really high.  So we have a higher frequency in the y direction also. Now let us see what happens when we reset back to the original view. Now you see that there are patterns over this image which were actually not present. This is due to aliasing in two dimension and this is an example of Mojave pattern due to aliasing. Okay so now that we have understood how aliasing affects an image and leads to formation of Moire patterns let us revisit the earlier Moire pattern that we showed. On his left hand Sujath has the pattern of black stripes on a transparent background. This is actually a sampler because the transparent parts allow the image behind it to be perceived but the black portions block it completely. In his other hand he has the pattern which we showed you earlier. Actually this is a very high frequency images because the lines are very closely spaced. If the sampling frequency of the sampler is too low then we won't be able to reconstruct the original image as it is. So that is what is being exploited in this Moire pattern. We can see the image of many men standing on the stairs which you could not see in the original image. So this is how aliasing has led to the formation of Moire patterns. So aliasing causes the high frequency image to be actually seen as a low frequency image because we are sampling at a very low rate. But when I move the sampler over the high frequency image we see that the people are moving up and down the stairs. We haven't discussed about the reason behind this. We encourage you to find out the reason and post it on the forums. In this video we have explored aliasing in one dimension, aliasing in two dimension and how it leads to the formation of Moire patterns. Moire patterns can be unnecessary or they can be useful as well. For example in the checkered shirts you saw unwanted patterns appearing on the man's shirt. But in the second example of the animation Moire patterns are used to make creative animations. Another place where Moire patterns are used are in the back of currency notes. Most currency notes have very closely spaced lines behind them. So if a person would try to scan or photocopy them it would most likely lead to the formation of Moire patterns and this would immediately tell us whether the note is real or fake. So I would encourage all of you to try this and post it on the discussion forums. Hope this demonstration will help you appreciate aliasing better. We will see you in another video. Thank you. Thank you.


Hello people of the internet, my name is Johnny, welcome back, finally to some more FNAF news, we're finally getting back into the swing of things, and we've got a whole bunch of stuff to talk about so much so that in fact I'm gonna be splitting this up into two different FNAF news videos. We've got a whole bunch of stuff to talk about today and then in a few days we also have some more stuff regarding popgos, looking at my list here some Hex products and brand new information from Steelwall, but today we've still got a whole bunch of topics including book merchandise, a bunch of brand new Funko products, as well as a whole bunch of U2s products, so if you're excited please hit the like button, if you're brand new consider subscribing since we're getting back into FNAF news and you don't want to miss what we're gonna be talking about next, and now let's kick things off by talking about probably the most important topic of all, the Freddy Fazbear pillow pet. Because while I was away we finally got this sucker released to us and in fact as of a few days ago some people are getting their orders already arriving, if you place an order he should be in by February 1st according to pillow pet, and speaking of some interesting merchandise to say the least revealed to us not too long ago was the Funko FNAF skateboard. We've got this jolly fellow holding it up to us showing off the design, looks to include some Funko versions of Freddy, Bonnie, Chica, and Foxy, and I've heard reports that some people have already found these in stores though I haven't seen pictures of them besides this one guy. Also brand new from Funko are the 10 inch Nightmare Bonnie and Nightmare Freddy plushies. I think I talked about these in a Funko FNAF news video but just in case I'm gonna throw them in here in case you missed it. These guys are gonna be exclusive to Hot Topic and in fact people I know for a fact have been finding these in stores already. Some reason these guys have a very different design from what we're used to with Funko and their FNAF plushies, but also they have a fantastic attention to detail and in my personal opinion I think they represent the Nightmares just a bit better than their original plushies and speaking of Funko taking their old products and tweaking them up a little bit we got 13 and a half inch figures of Freddy and Bonnie. These guys are up for pre-order on Entertainment Earth right now for $33. However I do know people have been able to find these in stores and in fact have posted pictures of their for some reason posable jaw. Yeah it seems like these figures can open and close their mouth which is a little weird but whatever. There is also gonna be a 13 and a half inch Golden Freddy figure that's gonna be exclusive to some store coming pretty soon and if you want more updates on that and also the entirety of the brand new balloon circus wave I've made a few videos covering those I'll leave them linked down below I'm not gonna cover them too much because you know I've already done dedicated videos talking about them but while we're on the topic of brand new waves from Funko Tony Mario Bros who's a proud leaker of the FNAF Funko scene today actually released an announcement claiming that we're going to be getting a holiday wave of products featuring action figures pops and plushies of these holiday themed variants of Freddy Bonnie Chica and Foxy. Last time we talked about these holiday products it was only the pops but I guess now we're getting a full wave and also some holiday themed products we're gonna be getting later this year during winter is a brand new Advent calendar. This was also leaked by Tony Mario Bros and it's possible this version of the Advent calendar is going to have the actual holiday themed characters we saw in that last wave image but we're just gonna have to wait and see certainly a very interesting leak gonna be very curious to what those brand new holiday themed characters are gonna be looking like and actually before we move on from Funko stuff just want to pop in quick because I got this bad boy in the mail today the FNAF scare in the box game it's a lot bigger than I was expecting honestly I have no plans to open it just because I don't really see myself actually playing the game oh my god it's the same design on all three sides that's hilarious maybe I'll do a YouTube short talking about this game but I don't know I thought I'd show it off if you want it it is on Funko's website and something else that came out recently was the fourth for yes for tales from the pizza plex submacanophobia book featuring the baddest be in all the land Delilah the mermaid yeah if you want to go pick up the fourth entry in the tales from the pizza plex series it's out right now also today we got the official cover for the upcoming FNAF graphic novel trilogy box set we've gotten a few box sets for all the FNAF books in the past looks like this one's gonna feature the graphic novel versions of the original trilogy of books with Charlie and all those guys this has a release date of October the third of 2023 so pretty far away and then we also got the cover for the official FNAF cookbook revealed to us not too long ago interestingly enough looks like it's going for a security breach theme on the cover you have what appears to be just a stock photo of a pizza I don't know if it's actually stock photo but it definitely looks like it it also says over 40 recipes inspired by the games on the cover and apparently there's going to be an exclusive Barnes and Noble edition of the cookbook that's gonna feature a bonus recipe not sure what that bonus recipe is going to be but certainly interesting hopefully it's actually something good if they're making a full exclusive version of the book for it and this is going to be released in September so once again pretty far away actually going back to graphic novels we got the official cover for the third volume of the fazbear frights graphic novel collection revealed to us this third version of the collection is going to feature the stories of step closer bunny call as you can see Ralph O is on the cover and also hide and seek and in fact today we got some previews of the story for hide and seek the first preview features what appears to be the main characters in an arcade I haven't actually read hide and seek so if these aren't the main characters I apologize this is the second panel as you can see you've got a little chibi sprite of shadow Bonnie who I believe is the main antagonist of hide and seek bit more the main character walking around and then in the third panel wow this looks a bit gruesome looks like the main characters being stitched up stitched together once again I've not read the story so this looks very strange to me and once again the third collection is coming out around September and also revealed to us today was the eighth tales from the pizza plex book at least that's what we're thinking this is the cover and immediately off the bat you can spot a few strange details first and foremost those grippers what the heck are those toad those tootsies doing on the cover of this book get them grippers out of here but of course the second thing you would notice is that B7 is a story we've already read I believe it was in the second tales from the pizza plex book haps and also the cover doesn't feature the number eight so it's possible this is either a continuation of the story B7 or this is just a mistake and this isn't actually going to be the eighth entry in the tale series I'm not entirely sure I'd love to know what are your thoughts on this it is a very gruesome and terrifying cover so another theory is that this maybe was the original cover for haps but just like this scenario with the breaking wheel in fazbear's frights the cover was too gruesome so they had to switch it up a bit change it to haps instead of this I'm not entirely sure again that's just a theory don't take it for fact and now for the final topic for today we got a whole bunch of utus news let's try and rapid-fire through these you may remember in a past FNAF news video this was the official concept art for the burn trap figure well it looks like that design has been tweaked just a little bit and a silhouette of burn trap is up on the utus website so very likely burn trap is gonna be part of this upcoming wave we're gonna be getting pretty soon as for other concept art you to showed off we actually got the official concept art for the upcoming mangle figure and this looks absolutely fantastic a lot of detail put into this figure I'm really looking forward to it looks like this is going to be an absolutely amazing addition to the FNAF collection so absolutely phenomenal job on that utus and then also another fan favorite character that's getting a figure pretty soon is son this is a 360 degree look at what their design is going to be looks like they're doing the pose pretty similar to the statue that they have outside of the daycare area in security breach and once again the detail on the sky is just absolutely incredible very likely he's also gonna be a part of this brand new wave coming up also for you to his news we got brand new plushies first up of a sitting pop goes very similar to the sitting Vanny that's right up here pop goes looks absolutely adorable I'm very very happy we're getting more fan verse merch and we do have a bunch of other fan verse merchandise to talk about in the next FNAF news video so once again stay tuned for that subscribe so you don't miss out and as well as pop goes we also have candy and ignited Freddie getting some plushies it was officially confirmed that they're getting sitting plushies by Austin in the discord server for utus and speaking of a sitting plushies from utus we also got a Freddie Fazbear sitting plushy revealed the other day on their tiktok he looks practically identical to the one that's standing up so if you have the standing one don't really see why do you get the sitting plushy but I'd imagine they're just making these for the people that missed out on that initial wave of plushies and the final topic for today are the brand new writing versions of the Sun and Moon plushies from utus and now once again we technically did get plushies of the daycare attendant Sun and Moon it's in the collector's edition box and actually I'm gonna do a video unboxing that fully so don't worry but this is what he looks like I haven't taken him out of his bag yet but he's pretty big so again I'm sure they're making these shorter plushies so people who missed out on that plushy because it was a pretty expensive collector's edition so people do have a chance to get moon plushies in case they missed out on that that's gonna do it for this first FNAF news video once again I've got another FNAF news video coming out in the next couple days talking about hex talking about pop-goes talking about brand new stuff from steel wool and security breach so stay tuned for that you definitely don't want to miss it thank you so much for watching this FNAF news video and I'll see you all on the flip side goodbye


Hey guys, it's Nate, AKA The Foot Accountant. Welcome back to the channel. We are gonna tackle a question today that I know a number of you guys have been asking and wanting to know when is the best time to buy Foot Birthday Team 1 cards? Should we be investing in these cards as they are going out of packs tomorrow on Friday? I wanna take a look at the Foot Birthday cards as they dropped yesterday a lot in price because we had lightning rounds. Yes, we had lightning rounds on a Wednesday, which we did talk about the potential of that happening in last night's video, and it did, EA are just going all out with the lightning rounds this week, with the pack supply, they're dropping so many, it's really an emphasis on the cards in packs, right? You also see that by the lack of really hype SBC content. The cards in packs are what they want people to focus on and that's why they're running constant lightning rounds. They're even running lightning rounds right now in the late night times, almost like 2 a.m. UK time at the moment when I'm recording this video and they are running 86 plus star pack lightning rounds. I'm pretty sure if I go in here in the store and look, browse, promo packs, and yeah, we have the 86 plus packs right now. They're probably gonna sell out over the hour right now, even though it's crazy late at night, they didn't drop that many of them and people love those packs. So with those lightning rounds yesterday and with division rivals rewards today with marquee matchup supply hitting the market, I think there is potential for some of these Foot Birthday cards to drop maybe a little bit more and for us to see a bit of a buy window on these cards today or tomorrow. It might be better off waiting until tomorrow to buy some of these and we'll talk about that in today's video as well. Of course, we have to talk about all the crazy, crazy market movements with these road to the final cards after the insane game yesterday between PSG and Real Madrid. You can see I had some bales that I sold before the game right selling into the hype. Then I also had two bales that I saved for after the game just to see whatever happened and of course, Real Madrid had the crazy win. I mean, look at the prices here that I ended up selling Campembe at. 1.58 million coins and 1.56. And now I'm buying Campembe's tonight for 675K. His card has literally dropped more than 50% in price. It's unbelievable to see the prices that we see on the market right now. I love road to the final cards. You can't convince me otherwise. They are the most fun cards to trade with and the most fun cards in this game.  So we're gonna talk about that part of the market today as well as Thursday content and what we would expect to see on this game today. We don't have a lot of information about foot birthday team too yet. I was expecting more leaks yesterday, to be completely honest, but we will cover the current leaks and situations that we have regarding maybe a promo after foot birthday with some hero moments cards being talked about a little bit right now too. So we'll talk about that as a part of this video. But first, if you do enjoy the videos on the channel, make sure to hit thumbs up and subscribe if you're new. But let's talk foot birthday team number one. Again, with the lightning rounds that we saw yesterday, it's brought supply to the market and that has dropped these cards. Take a look at Odegrad, right? He was 600K when all the way down to 530, rose back up a little bit to about 550 and now he's down to 530 again as they're running these late night lightning rounds. Again, as I mentioned with division rivals supply today and you have the marquee matchups. Honestly, I don't expect to see these cards rise a lot after division rivals rewards. I'm personally not gonna be buying any of these cards. Now the only ones that maybe would be some when you might wanna buy one or two of and stock in your club, I think this Dooku card for 16,000 coins is ridiculously cheap. Five star, weak foot, four star skills with the pace that he has, the body type that he has, five foot seven with a lot of pace, really high agility balance. I just think that this is a card that a lot of people who are gonna run cheap teams are going to wanna use. I know he doesn't have the best links but it's just a really cheap card for a league that doesn't have a ton of right mids, right wings on a really cheap basis that are new and exciting and fresh. I think that card is a pretty good buy throughout this whole weekend. The next couple days before these cards go out of packs I think that's one of my number one buys and I feel like almost anybody can afford it, right? Just buy one of those, put it in a transfer list. He might be 25K in two weeks. That sort of thing could happen with a card like that on this game. But looking at the rest of this team, again, Guerrero. I think there's a lot of potential cards in here that could rise. Nuno Mendes, right? 390,000 coins, a PSG left-back links. A card, we haven't had a PSG left-back special card that has been this usable for the whole entire year. And right, this guy's got the five star skills. Very hyped item. I know that we have a Teo Hernandez in the brand new team of the week. I think that's a card that will rise out of packs. I think Allen is a card that will rise out of packs. He's got the five star week foot, really, really good stats. People love this dude in game. I honestly think that there's a high potential that these cards will hit a low point in the next day or two and then they will rise out of packs. So the question of should we invest, it's not a bad idea because these full birthday cards with the five star week foot and the five star skills boost that these cards have, that's automatic hype because that's something that a lot of other cards don't have in this game and other previous special versions of these cards don't have. Jack Grealish, 100,000 coins. That's kind of crazy to me, right? The other, the only other Grealish card is the ones to watch which is nowhere near this item with 90 paced, 76 physical and the five star week foot. Not saying this card is like insane or anything but for 100,000 coins, I think this is gonna go up out of packs. Now let's talk about buy time, right? I think that today on Thursday with marquee matchups could be a decent buy time for these cards. Even as you're looking at these right now and you're like, man, Nate, Odegard, 500K. Odegard is one that I think would be a really good investment as well but I think a lot of people are gonna want to look at this Odegard item and want to buy him up because he looks really, really cracked and there's so many people excited about this card in this game right now. I mean, honestly, if you see like 500K for this, I think that's a good shot. I don't know if he's gonna get down to 500K or if he's gonna stay in this 520,000 coin range but again, buy time for these cards. Today at marquee matchups with that pack supply, if they do rise a little bit after awards today, I think you'll see them kind of dip right back down. During these promos when they go all out with the packs, like we've seen lightning rounds right now on a random late Wednesday into Thursday morning, I also think there's potential for them to run lightning rounds today on Thursday. They've done it in the past. I think they did it during a team of the year, maybe during winter wildcards. Lightning rounds on a Thursday is not something we haven't seen before. So just kind of keep that in mind. We might see some more supply on these cards from marquee matchups and potentially more lightning rounds today on Thursday as well. So just keep an eye on that. Now also, the one thing that I've been mentioning multiple times throughout this week has been should we be waiting for a team to a foot birthday to also look at a few of these cards for an out of packs investment rise? We really don't have a lot of leaks for foot birthday team too right now at the moment and that was something that I was expecting to see more of yesterday on Wednesday. We don't have any load in screen which we usually don't get a loading screen for a team too. Maybe we'll get one today teasing some of the cards that could be in team two. I would be surprised if we didn't have any more leaks today but I guess I thought we were gonna have some yesterday as well but as of right now there's not a lot of like hype for team two. There's some rumors again from the Thakir, the DiBala. There's even rumors about a Messi. I don't know how true those are but that name is being thrown around. So until we get some concrete leaks on what team two might be, if it sounds like team two is not gonna be that good then I would absolutely look at these cards today with marquee matchups, if they do lightning rounds, keep an eye on those prices today but if team two seems really, really hype and it seems like there might be a lot of good content tomorrow with foot birthday team two then what I would honestly be thinking of doing is waiting to get these cards until tomorrow on Friday and waiting until the content drop even after they go out of packs like for that first hour where team one goes out of packs and team two comes into packs I don't think that's gonna make a whole lot of difference on these cards prices. I really don't think waiting between today on Thursday or tomorrow on Friday as well is gonna change a lot. If Grealish goes down to 100K it is absolute low and then tomorrow on Friday he's like 105,000 coins. That's a 5,000 coin difference. If he goes up to 130 or 140 in the next week you won't care about that 5,000 coin difference in that one week time span where he went up 40,000 coins. You know what I'm trying to say? So I think that the risk is lower than the potential fear of missing out I guess you could say, right? So for a lot of these cards I think I might wait until Friday morning see what happens. People are gonna open their week and week rewards Friday morning as well. So these cards will get a little bit of supply since people get their week and week rewards so early and we see a team of the week cards start dropping on Friday as well. I would honestly wait on these guys until Friday unless it looks like team two, if there's leaks released unless it looks like team two is not good at all. And some of those names that we thought we're gonna be in are not actually going to be in the team. That's the only thing that I would say maybe you look for today on Thursday with the marquee matchups and stuff like that. Now especially on some of your higher tier and rare cards, again if we do get a DiBala if we get a Fakir or a Firmino, right? A Firmino would be a card that would possibly make this OdaGuard drop a little bit, right? Because if we get a Firmino, it would probably also be five star, five star, get that week foot upgrade and then bang, all of a sudden you have maybe another competition item, another center attacking mid in the Premier League where people would try to use a Firmino and maybe sell their OdaGuard instead. That's the kind of thing and another reason why we maybe wanna wait for team two to get released and to get talked about or leaked before we go in on some of these OdaGuard birthday cards. But again, I do think there's a potential that these cards will rise out of packs just because again the five star skills, the five star week foot, these cards are just really cheap in general. Like look at all these guys that are 20K. Tereya is a great card for 20,000 coins. Guerrero, Ruben Vezo, Bibu, Dila Renzo is an insane price for that kind of stats for a Serie A right back. Doku I think is really, really good as well. Grealish I think is cheap. Even this Cristiano Ronaldo foot birthday, he's up a little bit right now because of rarity. But yesterday this guy was like 4.6 mil, 4.61. He was even down towards almost like dipping almost into 4.5 mil range. I would keep a really close eye on this card too. If he's down in like the 4.5, 4.6 on the PlayStation and on the Xbox it looks like 3.9, under 3.9 is pretty good for him. I would pull the trigger if that's a card that you wanna have in your team for a long while after these go out of packs. Of course team of the season is still like a month, month and a half away. So they will drop at some point. But again, I think these cards are gonna be the hype cards that people wanna use for the next two to three weeks. And I think that could mean a rise out of packs for these items. So just kinda keep that in mind. I know we talked about that a lot. But foot birthday cards have historically done very, very well out of packs because they're hyped. Again, like we just talked about. And people wanna use them because they are very good in game and the boost are pretty solid and the skill move, weak foot upgrade. So that's that. Now we talked a little bit about today's content like marquee matchups and stuff like that. What else could we be seeing today? Of course marquee matchups is something that we would 100% expect to see. Probably another token, SBC. We had the foot 16 SBC yesterday or some way of them giving us a token. We haven't had a party bag. We haven't had an upgrade SBC. We haven't had anything like that. This whole entire week besides some icon upgrades, it's been a really quiet week for the SBC content. Maybe that changes today, maybe. Maybe they give us like an 84 plus player pick or an 85 upgrade, something along those lines. We could see something like that today. A lot of times EA dropped those on Thursdays like they did last week to give you some gamble pack to do right before a new promo is out. They know that they're giving people packs today from division rivals rewards. So people have some extra fodder in the club as well. So maybe today we'll finally get an SBC like that as well. And they've continued every single day with the player SBCs. We had Lanier yesterday, which again, is a decent card but for a lot of people, not that great, not that hype. So I would imagine that we would get another player SBC yet again today on Thursday, not entirely sure who that's gonna be. But we do have a couple leaks related to foot birthday team two and maybe some SBCs coming this weekend. So I do wanna share some of this information with you because this could be a decent card. Again, it doesn't look insane. Foot birthday Cawkelin, club 80, Hullet gang as it is known, five star weak foot, which is actually kind of decent for a card like this. Gonna be able to pass with either foot. His card is, he's kind of gonna be like a BTEC Conte almost if you will. He's got the five, I think he's five, nine or five, seven, so he's a bit of a shorter build, higher agility balance with the boost that he's gonna get. He has actually a pretty nice pace split. So I know 82 pace doesn't look that good, but this card is not bad. If they make this SBC pretty cheap, then there's some hype there for an SBC like this. Although it does say it might be released on the weekend, these stats are a prediction as well. So kind of reminds me of the Etienne Coupu that we had earlier this year, but better stats. So hopefully that is something that we see as maybe the SBCs turning around a little bit and they give the stats on these cards. They give them a little bit more of a boost. That's what we can hope for. And that could be part of our content today on Thursday with another player, SBC, most likely dropping on the game today. So that's kind of all the foot birthday market stuff that's going on right now. Yesterday we had the prime, mid or prime player pick, which was actually almost the exact same price as the mid icon player pick, 500 and 79,000 coins. Again, 44% upvote, 56% downvote. It is what it is. SBC fodder didn't really move that much. And now with these late night lighting rounds, it's dropping a little bit again. You see 86 is at 16K, 87s are at 20K, 88s are at 30,000 coins. These were up a little bit yesterday right around the time of the SBC. Now they're down just a little bit because of the supply that has been coming in on the market for some of these cards. Maybe fodder rises a little bit today if people get their rewards, go out and do some SBCs. But again, with the supply that's happening, I don't think it's gonna move that much. We just need better SBC content to see this stuff go up. Could it go a little bit lower? There's potential that it could go a little bit lower today after marquee matchups. Maybe tomorrow morning on Friday and with the pack supply tomorrow. This could be like, if you have some of these cards, maybe you invest some more for hopefully some SBCs that are better next week. Let's be honest, right? It can only get better from what it's been this week. Yes, we've had consistent SBCs, but they've really not been good. Look at these percentage completions, right? 9% upvote on Movedidi, 18% upvote. Of course, Timber was really good and Dombele, 11% upvote. Makedarian was pretty good. So it's just most of these SBCs are missing the mark and not hitting the mark. And that's why you don't see fodder really doing that well this week. Now, let's talk about the market in general because we can't talk about yesterday and what is going on in this game without road to the final cards. Yes, we do have a brand new team of the week that was affected by Lining Grounds. Some of these cards actually went up after that supply.  That was a pretty good flip. But these cards are the cards of the hour right now. Gareth Bale going to a 91 rated card just to show you how the upgrades are gonna work after yesterday's game. This is how it's gonna go. Campembe is no longer alive, no upgrades for him. Gareth Bale is getting a plus two because Real Madrid won their first knockout game since the promo was live. The first game, the first leg of PSG Real Madrid was played before, wrote to the final, started. So Real Madrid won the game and they advanced to the next round. That's a plus two upgrade. And so this Gareth Bale is of course up a ton in price. These price movements, again, as I said, these are the best cards in the game to trade with. Gareth Bale was 250 pre-game. I sold a couple of them here at 250. He went down to 180K after Mbappe scored and it was one nil PSG at halftime. Bale was 180,000 coins. He spiked to 400K after the third Benzema goal when basically they locked in the advantage and going on to the next round and that plus two upgrade. So a huge, it literally was swinging in price like absolutely crazy yesterday. It was mad. A ton of people lost coins on the Gareth Bale card and then also a ton of people made coins. There was so much coin losing and making yesterday on the market with these cards. It's wild, right? So this card is very up because his team won Real Madrid. But then the flip side of this is Kempembe is down horrendous and people are losing millions on this Kempembe card. He's actually up from where he was. I bought a bunch of these under 700K actually about 15, 20 minutes ago and he is rising because the panic selling has kind of ended people that bought these cards to hopefully see them get upgraded and rise. This card is now kind of rebounding from that. And I think that this guy was just getting too cheap, right? Even if this card does not upgrade anymore, he is one of the most hyped and popular centerbacks on the game. Le Qua is like another centerback that is kind of in his realm of hype. Yes, his stats look really good with the 93 pace but Kempembe is just so overpowered in this game. This card being less than that Le Qua for me was like, okay, he's getting to be a little bit cheap on the market in my opinion because people know Kempembe is so freaking good in this game. So he's starting to rebound back. I still think he's going to go probably somewhere around the range of like almost 800K. I think he could get back to that price. So just kind of keep a watch on this Kempembe but he was again at one point, literally I bought a Kempembe at 1399. I bought two of them yesterday. After Mbappe scored, he went from 1.39 all the way to 1.58, 1.6 basically. And then of course when Real Madrid started scoring, he went down more than 50% in price which was ridiculous to see but that's how it goes with these Real to the final cards. Now also Manchester City couldn't score a goal yesterday against the team they scored five in in the first leg. So Mara's is only getting a plus one and similarly with the Mane card, if you guys remember, right? Interbeat Liverpool in the second leg and Mane dropped off a lot in price. Mara's had almost the exact same thing happen. Now they didn't lose, they drew but instead of getting a plus two, this card is now only getting a plus one. So he was like 1.05 mil, 1.045 is where I sold nine yesterday I think and now he's down to 900K because he's gonna get a plus one but not the plus two that people were hoping that he would get from the game yesterday. Now there's one more game from yesterday that is actually giving us a very peculiar upgrade. This Denayer, Jason Denayer road to the final. This was the first game that Leone played because they got like the buy from the way that the Europa League works. It's like seeded this year. They were not in the playoffs to get into the knockout stages. So this was their first game against Porto and they won the game. That's the only upgrade that this Denayer is getting since they won the game, he is getting a plus one but since Denayer is an 84 rated card, he actually gets a plus two boost, right? It's the same thing that we always see when a card is 84 rated and gets an inform, they get an 86 rated informed. So a plus one boost for an 84 rated card is actually a plus two and that is why this Denayer is gonna turn into an 86 most likely Friday night when I think they would upgrade these cards after this week's sets of games. I really hope that they don't wait until next week to do it. I hope they do it this week. We'll have to see of course, to see what they do because of course next week we have some more games in Champions League, Europa League and all that good stuff. So they might wait to do it until next week. That would be an L if they do but as early as Friday night, this Denayer could get upgraded and he is up big. He's like 140,000 coins after being 90K because people see this card after a plus two and like, oh my goodness, that is cracked which it is statistically that card looks really, really good. So that's kind of how all the road to the final cards are moving on the market at this moment. And you know, some of these other ones have dropped off because of the craziness of all that happened yesterday with Campembe and Bale and some of these cards too. Again, a lot of people seem to not realize that these cards are not live. These are road to the knockouts and I know it's confusing and this is honestly EA's fault to blame here but this Rodrigo went from 150K to 230. He's not getting upgraded because this was a card that only got upgraded for the group stages, not the knockout stages. So again, I actually went out on the market and bought some Marquinhos. I bought some Marquinhos right here. Yeah, right around this price at like 580 to 590 because this dude yesterday was 750,000 coins and he dropped all the way down to 590. Now a part of this drop could be the fact that Campembe dropped so much in price so people might be selling this Marquinhos to go use Campembe because they can now afford him. Maybe that's the case, a little bit involved in there but those road to the knockout cards are not upgraded. There's a big difference. So just in case you were unaware, road to the knockouts, we've already reached the knockouts, right? So those cards like Bernardo Silva, Fakir, no longer live but a lot of people yesterday thought that they were and that's why you saw the movements in price that you did. Now man, I keep watching this Campembe and this dude, I know it's rare, late at night time heading into today on Thursday but this dude is getting very rare, 740, 738, 739. You see this card rising up. Actually he's up like 60K from where he was so we're in the profit very nicely on Campembe at the moment. I'm probably gonna wait on that a little bit more into today. Also last night I bought some Manes and the 145 range because this guy, yeah look how rare this guy is, bro.  I think he's gonna be close to 1.6 million as you can see. I think a lot of people agree with me. You see this as a trader right here buying the card, listing it up without playing any games. Another one right there listed for six hours overnight and you can see some of these 1.58 in here. Yeah, so this Manet card dropped off. Renato Sanchez was down. It's like a lot of those live items dropped off yesterday on the market because of all the craziness that was happening and everything that was moving on. It was just wild. Yesterday was just an absolutely crazy day for these cards on the market. So the market's still in a very healthy place though, right? I know that there's been a lot of coin losses on these road to the final cards but with all the pack supply that we have seen, you know, people have coins on this game right now. People have SBC fodder and they're just waiting for content to get involved that they want to do stuff with and we just haven't had that much of it in the past couple of days. So I really don't expect anything crazy unless we have some wild, wild leaks for foot birthday team too. I feel like a lot of these cards are gonna stay, you know, not stagnant but they're gonna stay at healthy prices and I don't think you're gonna see anything drop off tremendously unless we have some really, really big leaks. And that would be like the only thing in my opinion that would make a lot of these cards drop off in price. So if you're confident trading today with the rewards market, a lot of these special cards fluctuate in price. Wow, Goretzka 318, what's up with this? Yeah, okay, that's an undercut but, you know, this Goretzka, you could probably buy him right now and sell him tomorrow for rewards at like 350. He was 358 yesterday, dropped down a little bit with all the stuff that was going on. So, you know, that would be the stuff that I'd be looking for on the market right now is trading and flipping with some of these out of pack special cards. This is a lot, 1.06, he's down a little bit. I'm pretty sure yesterday he was 1.14. Yeah, 1.1s. He was down to almost a million coins flat. So, you know, cards like this, you're gonna be able to continue to trade since the content has been slow.  They're not gonna be going and doing SBCs or draining their club of coins from doing other stuff because the focus is on the cards on the market. And again, the focus is also on this weekend and full birthday team too. Is the team gonna be cracked? What kind of content are we gonna see? The swap rewards are finally gonna come out this Friday as well. If you've been collecting these tokens, we'll be able to turn those in on Friday in this game. So, that's gonna be the video for today boys. I know we talked a lot about market. If you have any questions, make sure you drop them down below in the comments. But hopefully we learned a little bit more about full birthday team too today. Maybe a loading screen, I wouldn't expect it, but there's a little bit of potential. I suppose if EA wanna tease some cards if we don't have anything crazy leaked. Oh, last thing, I have to talk about this. I didn't talk about the hero moment stuff that I said it was gonna do really fast at the end. I know this video's maybe getting a bit long. But this is not for a promo that is gonna be this Friday, I believe. This is gonna be for an upcoming promo. We have leaks that hero moments have been added. Some upgrades and they can finally be good cards. That Foot Captains promo that we talked about a couple weeks ago sounds like this is kind of being continued with some of these leaks. And this is really interesting for this leak here. He says Milito, who is, of course, a hero card in the Serie A, it says Milito hero moments will probably be La Liga. I got told his moments is for when he was on Zaragoza, which was in La Liga at the time. So that just gives us the thought process that some of these cards that are hero items like Ginola, you see here, right here, Ginola might get a hero moments card from his days in the Premier League with Spurs, right? Imagine a Ginola moments hero item that is like, instead of Lee Gunn, instead of its, imagine it's Premier League, right? Imagine some of that stuff for some of these cards. That'd be pretty cracked, pretty cool for some of these hero cards to get upgrades. That's the biggest thing. Heroes need to be upgraded. We need these new versions of these cards, especially as we're at icon moments stage now with the icons. These heroes need to get upgraded as well because they are falling behind the curve just a little bit on this game in my opinion as well. So crazy, crazy market movements to talk about right now. A lot of foot birthday stuff. We will see what EA does today on Thursday with lightning rounds, with the supply, with the content. And if we have leaks about foot birthday team too, we'll be talking about those live on stream. Make sure you check that link down below in the description. So it was a crazy day on the market. We did make a lot of coins. It feels good. I know a lot of people lost coins as well. Don't give up. If you did, it was gonna be good. There's gonna be bad. It comes and goes. Valleys and peaks, right? That's keep moving through the market.  Look for more profit opportunities because there's a lot of them out there right now with the focus being on not a lot of content for SBCs and a lot of stuff on the market. So that's the video for today, boys. If you did enjoy, smash the thumbs up on it. Comment down below if you have any questions and subscribe if you're new. It's been Nathan Ford Account. And I'll catch you guys later. Peace.