Speaker 1: This is Bloomberg Crypto, a daily Bloomberg I Heard podcast,
Speaker 1: and I'm Stacy Marie Ishmael, Managing editor of Crypto for
Speaker 1: Bloomberg News. Yes, I know it's Saturday, but we're here
Speaker 1: to offer you our listeners a special audio only version
Speaker 1: of a new weekly video series called Crypto. I r L.
Speaker 1: That's I r L Like in Real Life, and it's
Speaker 1: hosted by friends of the show, Katie Greifeld and Tim Stenovic.
Speaker 1: This is episode five. If you want the full video experience,
Speaker 1: head over to Bloomberg dot com slash qt or check
Speaker 1: it out on YouTube. Check this out. What do you think?
Speaker 1: I see by matt Levine? And I feel pretty excited
Speaker 1: right now? Why are you excited? I love Matt Levine
Speaker 1: and I like I really like his brain. I got
Speaker 1: a surprise for you. What's that we got Matt Levine?
Speaker 1: We're gonna be talking to him. That's huge for us
Speaker 1: right now and the audience. Matt Levine, it's good to
Speaker 1: see you, good to be here. We've been really excited
Speaker 1: about doing this. Me too, I guess, so thanks for
Speaker 1: doing this. This. Yeah, this is everything. It's a little
Speaker 1: bit exaggerated because that's single side it's single side, but
Speaker 1: it's big. It's big. I decided I'm going to call
Speaker 1: it a treatise. Is that okay? That is okay? Okay?
Speaker 1: What about a tone? Tone is like a little bit
Speaker 1: insultingly about how it's long, but sure, it's a tone
Speaker 1: it is. Okay, let's talk about how long this is
Speaker 1: and how it should be read, because I found it
Speaker 1: very educational, Like as I was reading it, I felt
Speaker 1: like I was learning. There's a lot of things I
Speaker 1: know about crypto. I'd like to think a lot, but
Speaker 1: I feel like perhaps sort of the fine shading was
Speaker 1: missed out, Like I don't understand necessarily everything I know,
Speaker 1: and this helped to fill in some of the blanks.
Speaker 1: But how should people read this? Is this a textbook?
Speaker 1: Is this an article? Should I read it start to finish? Ideally? No,
Speaker 1: Like I mean, the way that I thought about it
Speaker 1: was that crypto is like big enough as a topic
Speaker 1: to produce, you know, that much paper, but it's like
Speaker 1: relatively a small topic. It's like everything in crypto for
Speaker 1: the most part, has been invented in the last like
Speaker 1: twelve years or so, and so when you can do
Speaker 1: is start from the beginning and kind of um logically
Speaker 1: develop all of the things that exist in crypto today.
Speaker 1: So that's what I tried to do. And it's not
Speaker 1: quite as something, not quite as easy as that, but
Speaker 1: like the idea is that you can sort of start
Speaker 1: if someone's nothing about crypto. You can start by saying, well,
Speaker 1: this is like what bitcoin is, and then you can
Speaker 1: sort of look at bitcoin and say, here are some
Speaker 1: generalizations of that concept. Here are some ways to take
Speaker 1: that in different directions. And that's what I tried to
Speaker 1: do here. So you don't have to get it start
Speaker 1: to finish, because like it sort of branches into different directions.
Speaker 1: But the idea was to kind of start from nothing
Speaker 1: and develop more or less the system of crypto that
Speaker 1: exists today that you have a line pretty early on
Speaker 1: I read the whole thing, but pretty early on keeping
Speaker 1: that I did text him that I was having weird
Speaker 1: deja vu to college, for like, my partner has done
Speaker 1: the reading, but I haven't yet finished the reading. But
Speaker 1: Professor I did finish the reading, and I liked this
Speaker 1: line that I don't have strong feelings for or against crypto.
Speaker 1: I like finance, and I like that you wrote that
Speaker 1: specifically for me. That's what it felt like, because it
Speaker 1: feels like crypto is sort of this market structure experiment
Speaker 1: and launching like an asset class at built in real time.
Speaker 1: And I wasn't around when like Bill Gross was inventing
Speaker 1: bond trading or something like that. Like, I haven't seen
Speaker 1: this before, and it's fun to sort of watch and
Speaker 1: cover and I feel like that's where you're coming from
Speaker 1: in this piece. Yeah, And a lot of people would
Speaker 1: disagree with that, and so no, it's not a financial
Speaker 1: market structure innovation at all. It's building a new web
Speaker 1: or it's you know, it's not about the money, it's
Speaker 1: about the tech or whatever. Right, But you know, I
Speaker 1: have my doubts that that is true to something that. Okay,
Speaker 1: so talking about people leaving trad fy going into crypto
Speaker 1: and how crypto is taking a lot of elements of
Speaker 1: the traditional finance system and just crypto a izing it.
Speaker 1: But I mean, you use the phrase in the piece
Speaker 1: ingesting the traditional finance system. You have tokenized stocks, do
Speaker 1: you have decentralized exchanges? Is that a worthy enough goal
Speaker 1: for crypto? Like can we just say that's enough that
Speaker 1: we've created this parallel system and it works, and that's
Speaker 1: really cool, trouble done enough for what? Right? I mean,
Speaker 1: I think that would be I think that people who
Speaker 1: are like are on Twitter a lot talking about how
Speaker 1: crypto is going to change the world, would be a
Speaker 1: little disappointed if crypto if the end result of crypto
Speaker 1: is making the financial system more efficient. But I also
Speaker 1: think that a lot of people got rich and crypto
Speaker 1: get even richer if that if that worked out right,
Speaker 1: And I also think that, um, you know, the financial
Speaker 1: system is really big, and it supports a lot of
Speaker 1: real economic activity, and I think there are many places
Speaker 1: where it is inefficient, in some places where it is
Speaker 1: you know, dangerous and has you know, a recent history
Speaker 1: of causing catastrophes, and if you improved those places by
Speaker 1: five percent, like that would be like a really meaningful
Speaker 1: contribution to the world. I think that most fair observers
Speaker 1: would say there are some real advantages to the cryptosystem
Speaker 1: in terms of like, um, particularly sort of like speed
Speaker 1: of innovation, and then there's some real disadvantages in terms
Speaker 1: of often speed of innovation and ability to like you know,
Speaker 1: exploit things, and and also like the sort of permissionlessness
Speaker 1: of crypto makes it a little bit more attractive to
Speaker 1: anonymous possibly criminal actors, right, but so there's real problems.
Speaker 1: But like, uh, if you think that it's a better
Speaker 1: way to run a financial system, like having a better
Speaker 1: way to run a financial system is really valuable with
Speaker 1: the giant financial system. And I guess that's my question,
Speaker 1: Like that seems like a pretty respectable fee, like we
Speaker 1: made the system more. Like I think that, like people
Speaker 1: in crypto would say, the way that we trade crypto
Speaker 1: is way better than the way that we trade stocks
Speaker 1: in terms of like anyone can sort of access the
Speaker 1: same exchanges. There's like less of a divide between institutional
Speaker 1: and retail traders. Um, if you want to build something,
Speaker 1: if you want to write a new derivative contract, it's
Speaker 1: sort of like a flatter hierarchy where you don't have
Speaker 1: to like sign up in is the with JP Morgan
Speaker 1: um and and everything just sort of like works on
Speaker 1: settles a bit faster. So I think that people are
Speaker 1: real sort of gung ho about they have built um
Speaker 1: has it ingested you know, the loan market or the
Speaker 1: stock market, like really and like you know, I say
Speaker 1: like that, you know, there's in two thousand seventeen a
Speaker 1: real vogue for banks to say we're gonna move loan
Speaker 1: trade into the blockchain, and like you don't hear that anymore,
Speaker 1: not because they did it. You know, Like there's a
Speaker 1: lot of like kind of the bank action in projects
Speaker 1: that turned out to be kind of vaporware, like are
Speaker 1: always a few years in the future, so I wouldn't
Speaker 1: say it's happened yet. But like I think that the
Speaker 1: crypto people would say that we have a good system
Speaker 1: for trading stuff, and let's trade more stuff on that system.
Speaker 1: And I think that they are having success in persuading
Speaker 1: some people in finance that, in fact, it's a good
Speaker 1: system to trade. This special audio only episode of Crypto
Speaker 1: I r L will be right back with more from
Speaker 1: Katie Greifeld and Tim Stanovic. If you want the full
Speaker 1: video experience, head to Bloomberg dot com slash QT. I
Speaker 1: want to talk about trust because that's a big part
Speaker 1: of crypto and it's a big part of your peace.
Speaker 1: It was pretty fascinated with the id that we live
Speaker 1: in a world where we kind of take trust for granted,
Speaker 1: that when we open up our banking app, the money
Speaker 1: that we see in there is actually ours. There's this
Speaker 1: tension though, because crypto is trying to build out this
Speaker 1: kind of trust list system where everything is verified, but
Speaker 1: at the same time, you do have a lot of well,
Speaker 1: I don't want to say a lot, but you do
Speaker 1: have a handful of bad actors out there who have
Speaker 1: gotten away with at this point taking a lot of
Speaker 1: people's money. It's more than a handful, more than a handfuls.
Speaker 1: It's it's weird. There's so much bad stuff happening in
Speaker 1: a place that's supposed to be more trustworthy than the
Speaker 1: traditional system, isn't. Yeah, I mean, this is the thing
Speaker 1: I talked about a lot. I mean I think that, um,
Speaker 1: one thing I would say is that in traditional finance,
Speaker 1: like you trust that your money is in your bank account,
Speaker 1: and I could probably articulate the sort of mechanisms by
Speaker 1: which that trust is like fair, like it was like
Speaker 1: reasonable to trust the money you rank. You can't be there,
Speaker 1: but I'm not sure that everyone could, because it's the
Speaker 1: thing that you can kind of take for granted, where
Speaker 1: you can say, the banks just give me my money,
Speaker 1: and it's just like empirically trust reliable enough that you
Speaker 1: just go around trusting it. And in some sense what
Speaker 1: you're trusting is not the bank, but like the background
Speaker 1: rules of society. You sort of expect the rule of
Speaker 1: law to work. You expect the government to sort of
Speaker 1: do its job. You expect people to try to comply
Speaker 1: with the law. You expect there to be laws that
Speaker 1: say the bank has to give you your money, right
Speaker 1: Like you don't even you know, like check these things
Speaker 1: off the checklist. You just kind of like go around
Speaker 1: trusting these things. In crypto, there's sort of like two
Speaker 1: different aspects to it. One is that you could verify
Speaker 1: everything or not everything. But like like there are large
Speaker 1: swaths of crypto where everything is kind of verifiable right
Speaker 1: where they are like you know, open source algorithms and
Speaker 1: like verifiable you know, proof of things, and you can
Speaker 1: prove that your bitcoins belong to you on the blockchain,
Speaker 1: and most people don't do that, just the way most
Speaker 1: people don't like sort of read the banking regulations before
Speaker 1: putting their money in the bank. But there is a
Speaker 1: notion that all of those proofs are openly available to
Speaker 1: everyone in a way that isn't really true of traditional banking,
Speaker 1: where like, in traditional banking, like at some level, what
Speaker 1: you're trusting is that a bank examiner has gone into
Speaker 1: your bank and made sure that the money is there,
Speaker 1: that the auditor has audited the financial statements. In crypto,
Speaker 1: everything can be verified by you. You don't do it
Speaker 1: because that would take forever, but like you trust the
Speaker 1: system in a different way. You trust the system in
Speaker 1: a way where you're like, if I had to, I
Speaker 1: could prove everything. Um So I think that's an interesting
Speaker 1: development um And it's like it leads to trust. It
Speaker 1: leads to like people who trust the system rather than
Speaker 1: verifying everything, but it leads to trust from a different
Speaker 1: path than the way we do it in the rest
Speaker 1: of society. So used to banks working that a lot
Speaker 1: of people get into crypto, sometimes just because I want
Speaker 1: to make money, sometimes for philosophical reasons, and they're like,
Speaker 1: they don't like trust, but they're still so used to
Speaker 1: that background principle of trust that they see an ad
Speaker 1: for eight returns on their savings and they're like, well,
Speaker 1: that must be fine, right, Like, how could that go wrong?
Speaker 1: It's advertised on a website and the website looks good.
Speaker 1: Is like, you know, I think there is sometimes an
Speaker 1: attitude of like, someone would have done something about this
Speaker 1: if it was fraud, which is you know, a very
Speaker 1: traditional finance attitude that is really much not the sort
Speaker 1: of like uh like sort of front page attitude of crypto,
Speaker 1: but it seems to have crept back in anyway. And
Speaker 1: so I mean, how how could you possibly do due diligence? Then?
Speaker 1: I mean, because there are you've read about how there's
Speaker 1: incentives like miners, for example, have incentives not to completely
Speaker 1: you know, nuke the whole system because then they lose money. Um.
Speaker 1: But for the average person coming into crypto, like, how
Speaker 1: do you do that due diligence in the apps us
Speaker 1: of trust? I think it's hard, right, I mean I
Speaker 1: think that there are there are people who spend for room.
Speaker 1: It's like a hobby, and you spend a lot of
Speaker 1: time familiarizing yourself with like the code and the algorithms
Speaker 1: and sort of get comfortable that like you can demonstrate
Speaker 1: that most of the stuff works, and then you're often
Speaker 1: using like kind of defy and you're trying to avoid
Speaker 1: like you're aware that you don't want to trust anyone,
Speaker 1: and so you're trying to avoid trusted central counterparties. Right,
Speaker 1: there's a lot of people in crypto who are basically
Speaker 1: trying to minimize their contact with like trusted central counterparties.
Speaker 1: The other way to do it is the way you
Speaker 1: do it in any other business, where like you try
Speaker 1: to find the trust really trusted central counterparties, right, And like,
Speaker 1: you know, crypto is sort of mature enough that you
Speaker 1: know not to advertise like coin Base, but like coin
Speaker 1: Base is a US public company, right, Like I don't
Speaker 1: know that, I don't know how effectively they're regulated. Right,
Speaker 1: it's still early for everyone, right, But like if you're
Speaker 1: a US investor, you might say, I'm going to go
Speaker 1: to the biggest name that's a public company where like
Speaker 1: the guy lives in America and it doesn't want to
Speaker 1: get arrested, you know, And then you know you're hoping
Speaker 1: for the best, but you're what you're doing is trusting
Speaker 1: the same background principles of of like you know, sort
Speaker 1: of the rule of law and society that you trust
Speaker 1: in a bank or any other you know, company. But
Speaker 1: sometimes people who work at publicly traded companies go to jail.
Speaker 1: Oh yeah, there's a reliable You talk about crypto being
Speaker 1: a pretty broad umbrella here, and I feel like that
Speaker 1: we've been talking mostly about the financial uses of crypto,
Speaker 1: but also under that umbrella is web three. Sure, and
Speaker 1: you make the point that you know, there's not a
Speaker 1: lot of ways where crypto touches like the real economy
Speaker 1: or people's lives, but it feels like Web three theoretically
Speaker 1: there's potential there for crypto to actually affect my day
Speaker 1: to day, but you take a pretty skeptical tone to it.
Speaker 1: I think that a lot of the I don't know.
Speaker 1: I just like the use cases that people are excited
Speaker 1: about do not make me excited. You know, it's like
Speaker 1: you can what are those use cases? Well? I mean,
Speaker 1: like I don't want to like parody it too much,
Speaker 1: but like you know, you could like buy a sword
Speaker 1: in a computer game, and you own the sword. You
Speaker 1: can go to a different computer games sword or whatever.
Speaker 1: But does he know, like the stuff you did in college,
Speaker 1: which you like, when did you play with some metaverse
Speaker 1: animal or something? Oh my god, we're talking about medo pats. No. Well, okay,
Speaker 1: so I, for example, to talk about myself the center
Speaker 1: of my own universe. I started playing New Pets when
Speaker 1: I was eleven. I still occasionally interacted the game I
Speaker 1: played a lot in college like that. I don't know
Speaker 1: that was a sort of a metaverse, uh? I couldn't
Speaker 1: imagine that being on the blockchain and more integrated into
Speaker 1: my life and identity. And yeah, I mean there's there's
Speaker 1: like I want in the piece to take that seriously
Speaker 1: because I think that like leaving aside you know, pats
Speaker 1: or any particular thing, Like it is the case that
Speaker 1: in my lifetime, like when I was born, almost none
Speaker 1: of my life occurred on the Internet, and now like
Speaker 1: a lot of my life occurs on the Internet in
Speaker 1: different ways. And so like if you are building if
Speaker 1: you're trying to extract value from building systems from the
Speaker 1: for the Internet, like that's a that's like very broadly speaking,
Speaker 1: like the growth industry, right, and so like if you
Speaker 1: say people are gonna be living more in the metaverse
Speaker 1: in some broadway where they're going to spend more of
Speaker 1: their time online, like twenty years ago, I would have said,
Speaker 1: I don't want to like hang out with my friends
Speaker 1: like by like showing like sending them pictures on a
Speaker 1: social media website. I want to like I have my
Speaker 1: friends in person, and now like I just like people's
Speaker 1: photos and Instagram, you know, Like, um, like this is
Speaker 1: true that like more of life has moved to the
Speaker 1: to like the Internet broadly speaking, and so that it
Speaker 1: is like a place where like the easiest access point
Speaker 1: for crypto to sort of like affect the world is
Speaker 1: like on the Internet. Um, that said, it's not clear
Speaker 1: that it's like easy, right, It's like your newo pets
Speaker 1: weren't on the blockchain. It's not clear that they'd be
Speaker 1: better on the blockchain. So there's still like even if
Speaker 1: you're even if your cases like the betaverse will be
Speaker 1: everything like, that doesn't prove that like crypto is going
Speaker 1: like the blockchain is going to be the sort of
Speaker 1: like underlying engine of the metaverse. Right, is part of
Speaker 1: your skepticism about this Web three label due to the
Speaker 1: fact that there are so many projects associated with Ponzi's. Yeah,
Speaker 1: and I mean this is not the only thing that
Speaker 1: happens in Web three, but like a really important element
Speaker 1: of crypto and like Web three is that a lot
Speaker 1: of projects have their own tokens, and a lot of
Speaker 1: people think very explicitly in terms of token omics, where
Speaker 1: your thought process is not just let me build a
Speaker 1: good product, but it's let me build a product, distribute
Speaker 1: tokens tied to that product to the users of that product,
Speaker 1: and then they'll want the token to go up, and
Speaker 1: so they'll use the product more. And so it is
Speaker 1: hard early on to disentangle what's a good project from
Speaker 1: what is a project that has done a good job
Speaker 1: of hyping its tokens. And ah, it's not just that
Speaker 1: some projects are ponzi's, it's that, like being a ponzi
Speaker 1: is sort of baked into the nature of like a
Speaker 1: lot of what is going on and like this sort
Speaker 1: of like crypto token economy. So with that in mind,
Speaker 1: I mean, obviously the word ponzi has a lot of
Speaker 1: negative connotations, but one thing that I think is fascinating
Speaker 1: metric is that there are people who are like enthusiastically
Speaker 1: embracing that label and they're like, no, no, Ponzi's are
Speaker 1: how we're going to build the last thing. Yeah, well
Speaker 1: maybe it's not a bad thing, right. It's distasteful, and
Speaker 1: it like makes it hard to evaluate projects because like
Speaker 1: you have both the pondsi element and like whatever is
Speaker 1: actually going on. But it's not wrong that like giving
Speaker 1: people economic incentives early on can like traw them to
Speaker 1: projects that turn out to be good, and they can
Speaker 1: make those projects viable. Like I think it's a it's
Speaker 1: a reasonable and like very funny thought to have, and
Speaker 1: that has become sort of like normalized in crypto um.
Speaker 1: If I could have put real money into the neo
Speaker 1: pets Ponzi early on, I absolutely would have out have
Speaker 1: bought all the neo points tokens right and like you know,
Speaker 1: like where Beanie baby is that in like an analytage.
Speaker 1: I would have spent a lot of money on them.
Speaker 1: Luckily I was like four, so I wasn't in control
Speaker 1: of my purse turns. But the problem with that is
Speaker 1: that in order for those to be worth something to you,
Speaker 1: you have to sell them to the next Katie Greifeld,
Speaker 1: Who's you know, the next gullible little girl. This special
Speaker 1: audio only episode of Crypto I r L will be
Speaker 1: right back with more from Katie gray Field and Tim Stanovic.
Speaker 1: If you want the full video experience, head to Bloomberg
Speaker 1: dot com slash qt should talking about regulation, Yeah, I
Speaker 1: feel like there's a lot of different ways we could
Speaker 1: get into it. I was thinking about it when you
Speaker 1: were explaining trust, and I think a big reason that
Speaker 1: we trust banks is because regulators, as you write in
Speaker 1: the piece, like there are people who regulators go inside
Speaker 1: these banks. They know what they're doing. They kick tires
Speaker 1: and search for things and make sure that everything's up
Speaker 1: to snuff. Yeah, I mean that's a somewhat optimistic picture,
Speaker 1: but yeah, that's right basically true, Okay, And that, by
Speaker 1: extension makes it so we trust banks in a way
Speaker 1: that crypto firms aren't necessarily backed up. Yeah, So what's
Speaker 1: missing from the regulatory puzzle here? Everything? Everything? Like right, Like,
Speaker 1: it's very hard because crypto is so like so much
Speaker 1: of cryptos philosophically opposed to regulation in general, So much
Speaker 1: of it is crossed, like like from the get go
Speaker 1: is very cross border, so it's hard to know who
Speaker 1: has jurisdiction um even in the US, Like there are
Speaker 1: sort of these very sterile debates about what crypto tokens are,
Speaker 1: are they are they secure? Like which tokens or securities?
Speaker 1: Is the SEC in charge? Is the CFTC in charge?
Speaker 1: And then like obviously a lot of stuff that happened
Speaker 1: in crypto is a substitute for banking, which is not
Speaker 1: really the SEC or the CFTC. It's it's for banquets
Speaker 1: for like the FED in the SEC, and that's a
Speaker 1: much sort of higher level of regulation, Like that's the
Speaker 1: examiners coming into the bank and making sure that everything
Speaker 1: is is working properly, whereas the SEC is more like,
Speaker 1: if we find some fraud in your financial statements, will
Speaker 1: go after you. Um. And like all of that in
Speaker 1: the US is like incredibly early on, where the SEC
Speaker 1: is jousting for jurisdiction and going after some of the
Speaker 1: most egregious projects and some of the less egregious but
Speaker 1: like more obvious projects um, and bank regulators are putting
Speaker 1: out papers about how stable colins should be regulated like banking,
Speaker 1: but like not really doing it. UM. So it's very
Speaker 1: very early on, and I don't really know where it
Speaker 1: ends up, right, Like I think that a lot of
Speaker 1: people in crypto, like I think that crypto has built
Speaker 1: a system that obviates the need for regulation, where like, ah,
Speaker 1: do you find protocols are trustworthy because you can read
Speaker 1: their code, and if they're not because the code gets hacked,
Speaker 1: that's good because it's like adversarial hardening of the system
Speaker 1: and like eventually they'll get better. Um. And you have
Speaker 1: uh this like openness and censorship resistance of like the
Speaker 1: blockchain that makes it just the better system than a
Speaker 1: system of national regulation. A lot of those people, by
Speaker 1: the way, AH are thinking internationally about regulation and think, like,
Speaker 1: you know, there are countries that are like generous to
Speaker 1: crypto and allow a lot of like innovation. There are
Speaker 1: countries like the US that are sort of down on
Speaker 1: crypto and try to um restrict it, you know, supervise
Speaker 1: it more closely. There are countries that sort of ban it.
Speaker 1: And then there are countries that, like, I have repressive
Speaker 1: governments that will take your savings, right, And like, if
Speaker 1: you're in like if you're sort of like in the
Speaker 1: crypto world and sort of country neutral, you're like saying
Speaker 1: that regulation is good is like not obviously true, right,
Speaker 1: Like there's places where national regulation would be bad for me,
Speaker 1: right for like for for fairness or for the rule
Speaker 1: of law. And so I think there are people who
Speaker 1: see crypto as being a more neutral rule of law
Speaker 1: than like some of the alternatives of actual law. My
Speaker 1: bias about US regulation is that Congress is is such
Speaker 1: a difficult time legislating on controversial topics, and like it's
Speaker 1: hard to imagine a comprehensive crypto bill being passed, not impossible, hard,
Speaker 1: and and so I think that there's going to be
Speaker 1: a lot of like sort of ad hoc regulation by
Speaker 1: enforcement in the SEC saying this is a security and
Speaker 1: we're gonna get you for fraud. Probably being right about
Speaker 1: most of those things. Um, I think it's like it's
Speaker 1: going to be much more messy and add howkin ways
Speaker 1: that are ah, probably bad for crypto. Malvin, thank you
Speaker 1: so much. Thank you for having me. This is fun,
Speaker 1: had fund had fun, he had fun. All yeah, fun
Speaker 1: with us. I feel like that's like, I don't know,
Speaker 1: we should include that, We should include that. Yeah, yeah.
Speaker 1: I want to see these episodes of Crypto I r
Speaker 1: L in video. Check them out on Bloomberg Quicktake at
Speaker 1: Bloomberg dot com, slash qt, or find Katie and Tim
Speaker 1: Over on YouTube. Just in time for Halloween. On the
Speaker 1: next episode of Bloomberg Crypto, we're going to talk about brains.
Speaker 1: No no, no, no, we're not. We're gonna talk about
Speaker 1: zombie coins. It might still melt your brain. Don't say
Speaker 1: I didn't want you. This is Bloomberg Crypto, a daily
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Speaker 1: your comments. Questions or suggestions for the show to Crypto
Speaker 1: at Bloomberg dot net or find us on Twitter We're
Speaker 1: at Crypto. The supervising producer of Bloomberg Crypto is Vicky Verglina.
Speaker 1: Our senior producer is Janet Babin. Our producers are Mohammed
Speaker 1: Faruk and Sharon Barriro. Our associate producers are Ty Butler
Speaker 1: and Moses on Them. Desta wonder At is our engineer.
Speaker 1: Original music by Leo Sidron. I'm Stacy, Marie Ishmael. Have
Speaker 1: a great weekend.