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    12/3/22 - Weekly Roundup: Taylor Lorenz, Balenciaga, Blockfi, Twitter Election Interference

    enDecember 03, 2022

    Podcast Summary

    • Podcasts offer unique perspectives and insights on various topicsRachel Zoe, Tamika D. Mallory, and Tiffany Cross inspire, entertain, and educate listeners on their podcasts, while Taylor Lorenz sparks controversy with her views on China's zero-COVID policy and the long-term effects of COVID on the Western world. Supporting independent podcasts and journalism makes a difference.

      Podcasts like Climbing in Heels, TMI, and Across Generations offer unique perspectives and insights on various topics, from fashion and beauty to social and civil rights issues. Rachel Zoe, Tamika D. Mallory, and Tiffany Cross, the hosts of these podcasts, are using their platforms to inspire, entertain, and educate listeners. Meanwhile, Taylor Lorenz of the Washington Post has sparked controversy with her defense of China's zero-COVID policy and her claims about the long-term effects of COVID on the Western world. The ongoing debate highlights the importance of accurate information and the role of media in shaping public discourse. Whether you're interested in fashion, politics, or social issues, there's a podcast out there for you. And for those who value independent journalism, supporting your favorite podcasts or news outlets can make a significant difference.

    • Two contrasting perspectives on COVID-19 policies: public health vs individual freedomCriticizes zero-COVID lockdown policies for potential harm to vulnerable populations and unrealistic goal, challenges long COVID risk perception, and advocates for balanced approach considering public health and individual freedoms.

      The ongoing debate around COVID-19 policies revolves around two contrasting perspectives: prioritizing public health and protecting individual freedom. The speaker criticizes the idea of a zero-COVID lockdown policy, citing the potential harm it can cause to vulnerable populations and the unrealistic nature of achieving such a goal. They also challenge the notion that long COVID is a significant risk for the majority of the population and argue that the media has been slow to adapt to the changing realities of the pandemic. Ultimately, the speaker encourages a balanced approach that considers both public health and individual freedoms, recognizing that people can make informed decisions based on their individual circumstances.

    • Balenciaga's Controversial Ad Campaigns and Celebrity ReactionsBalenciaga faced backlash for disturbing ads featuring children and celebrities, including Kim Kardashian, demanded accountability, highlighting the importance of ethical standards and child protection in all industries.

      The line between acceptable safety measures and authoritarianism can be blurry, but full authoritarianism, as exemplified by extreme lockdowns and disregard for individual freedoms, is not an acceptable solution. Meanwhile, in the world of fashion, Balenciaga faced backlash for disturbing ad campaigns featuring children and suggestive imagery, leading celebrities like Kim Kardashian to reevaluate their relationships with the brand. The disturbing ads, which included children holding bondage-geared teddy bears and papers resembling child pornography cases, sparked outrage and calls for accountability. Kim Kardashian, a mother and former brand ambassador, expressed her disgust and demanded action from Balenciaga to prevent such incidents in the future. The incident serves as a reminder of the importance of protecting children and maintaining ethical standards in all industries.

    • Balenciaga under fire for controversial ad campaignsFashion brand Balenciaga is under scrutiny for two offensive ad campaigns, one featuring children and BDSM gear, and another with legal documents depicting child pornography in the background. The brand is investigating and apologizing, but authenticity of their claims and industry oversight are questioned.

      The fashion brand Balenciaga is under fire for two controversial ad campaigns that have been linked to child abuse and BDSM imagery. The brand has issued an apology and is investigating how these errors occurred. They claim responsibility for the first campaign featuring children and teddy bears with BDSM gear, but are trying to shift blame to the ad company for the second campaign with legal documents depicting child pornography in the background. The authenticity of their claims and the extent of their involvement are questionable, as there have been previous allegations of disturbing content in Balenciaga's fashion shows. The situation raises concerns about the lack of oversight and validation processes within the fashion industry and the potential for promoting harmful and offensive content.

    • Children in Controversial Advertising: Serious ConcernsThe use of children in controversial advertising campaigns raises ethical concerns and can result in significant backlash, financial losses, and damage to brand reputation.

      The involvement of children in controversial advertising campaigns raises serious concerns and warrants thorough investigations. The Victoria's Secret documentary and the separate Balenciaga ad campaigns, which featured children, have sparked outrage and raised questions about the intentions and morality of those involved. The executive level at Victoria's Secret, as well as Balenciaga, should be held accountable for allowing such content to be produced and distributed. Kim Kardashian's association with these brands, despite her status as a mother and past controversies, adds to the confusion and raises further ethical concerns. The crypto industry, with its volatility and lack of regulation, has also resulted in significant financial losses for individuals, as seen in the bankruptcy filing of BlockFi. Overall, these incidents highlight the importance of ethical standards and the potential consequences of pushing boundaries without regard for the well-being of children and consumers.

    • High-interest crypto loans led to attractive yields for customers but hidden risksCrypto platforms offering high-interest rates on loans using customers' assets as collateral attracted many, but the risks were significant due to large bets, leverage, regulatory issues, and market downturns.

      BlockFi, along with other crypto platforms like Gemini, offered high-interest rates on crypto assets by loaning out users' dollars and using their assets as collateral. This created a mega-high interest banking account-like experience for customers, who were attracted to the high yields. However, the risks were significant. The platforms' ability to pay such high interest rates came from having large bets and leverage on their platforms. This made them vulnerable when crypto asset prices crashed and when they faced regulatory issues, such as BlockFi's $100 million settlement with the SEC for failing to register and disclose these accounts as securities. Ultimately, BlockFi's downfall was due to a combination of the crypto market downturn and its significant exposure to FTX, which saw its tokens go to 0 overnight. This resulted in BlockFi having over $1 billion in debt to 10 creditors. It's important to remember the risks involved in such high-interest investment opportunities.

    • Young investors lost significant crypto savings, some used for down paymentsMany young investors, attracted to crypto's potential for high returns, used their savings, some for home down payments. Market crash left them with devastating losses, emphasizing risks and importance of financial planning and diversification.

      The crypto market crash has left many younger investors, who saw it as an opportunity to buy a house or escape their financial situation, with significant losses, sometimes totaling six figures. These individuals, often unable to afford the down payment or mortgage for a house in the traditional way, were attracted to the potential for enormous returns and sophistication in the crypto market. According to a Mother Jones article, one in nine first-time homebuyers used crypto gains to help save for a down payment, and 8.8% of buyers in Q3 2020 claimed they had used crypto gains to buy their houses. However, when the market crashed, many lost their savings, leaving them in a devastating financial situation. It's a reminder of the risks involved in investing, especially in volatile markets, and the importance of having a solid financial plan and diversified portfolio.

    • Investment Risks and the FTX CollapseThe FTX collapse served as a reminder to avoid unregulated investments and be cautious of schemes promising unrealistic returns. Crypto, unlike traditional currency, is not backed by tangible assets and relies on belief and new investors to sustain value. Be wary of market volatility and potential collapses.

      Trusting in unregulated financial institutions or investments that seem too good to be true can lead to significant financial losses. The FTX situation served as a painful reminder for over a million people who lost substantial amounts of money, some of which was meant to change their lives. The allure of high-interest rates and the belief that a multibillion-dollar company could not go bankrupt led many to invest their funds, only to have it all disappear overnight. Crypto, unlike traditional fiat currency, is not backed by any tangible asset or institution and relies solely on the belief and influx of new investors to sustain its value. When the market turned sour and the balloon began to deflate, the domino effect led to a series of collapses, exposing the falsity of some crypto rhetoric. The lesson here is to avoid falling for easy schemes and to be cautious of investments that promise unrealistic returns.

    • Elon Musk and speaker discuss Twitter's role in trust and safetyElon Musk shared concerns about Twitter's past trust and safety issues, while the speaker emphasized Twitter 2.0's commitment to public conversation, brand safety, and experimentation. The discussion also touched on the balance between free speech and safety on social media platforms and potential government involvement.

      Elon Musk and the speaker expressed their views on Twitter's role in trust and safety, particularly regarding the handling of misinformation and its impact on elections. Musk shared his personal experience with investing in Bitcoin and voiced his concerns about Twitter's past failures in trust and safety. The speaker also discussed Twitter's recent blog post announcing Twitter 2.0 and their commitment to public conversation while emphasizing brand safety and experimentation. They noted that while the mission remains the same, the approach to innovation has changed, and Twitter is now embracing public testing to improve the platform for its users and advertisers. The conversation also touched on the potential deeper implications of government cooperation with social media companies on what is considered misinformation. Overall, the discussion highlighted the ongoing importance of balancing free speech and safety on social media platforms.

    • Twitter's Content Moderation Policies: Consistent ExperimentationTwitter experiments with content moderation policies while maintaining a consistent approach, addressing concerns from regulators, and resolving disputes with major companies like Apple.

      Twitter is continuing its experimentation with content moderation policies while maintaining that their overall approach remains consistent. This was emphasized in a recent internal memo, which also addressed concerns from European regulators regarding inconsistencies in bans and unbans. Additionally, a recent meeting between Elon Musk and Tim Cook resolved any misunderstandings about Twitter potentially being removed from the App Store. Cook's diplomatic skills were once again on display, as he has a history of intervening at the App Store level with major companies to maintain Apple's ecosystem. He has also effectively navigated geopolitical tensions, such as avoiding Chinese tariffs for Apple. Despite some disappointment that Musk and Apple have put their public disputes to rest, the resolution underscores Cook's ability to resolve potential threats to the brand.

    • Exploring the Stories of Extraordinary Women with Rachel Zoe, Tamika D. Mallory, and MoreListen to podcasts led by remarkable women for a weekly dose of inspiration, glamour, and thought-provoking conversations on various topics including social issues, politics, and intergenerational discussions.

      There are a wealth of insightful and inspiring podcasts available, each led by remarkable women with unique perspectives and experiences to share. Rachel Zoe's "Climbing in Heels" focuses on the stories of extraordinary women and offers a weekly dose of glamour, inspiration, and fun. Tamika D. Mallory and her co-host, on the other hand, use their podcast "TMI" to discuss social and civil rights issues, pop culture, and politics, with the goal of pushing culture forward and making the world a better place. Lastly, "Across Generations" brings together a seasoned elder, a middle-aged host, and a young soul for engaging intergenerational conversations. Listeners can tune in to these podcasts every Friday for Climbing in Heels, every Wednesday for TMI, and at any time for Across Generations on the Iheartradio app, Apple Podcasts, or wherever they get their podcasts. These podcasts showcase the power of women's voices and the importance of engaging in meaningful conversations.

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    Related Episodes

    ‘I lost all my money’: Lessons from the crypto crash

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    This month’s crash in the value of cryptocurrencies has wiped out investments for people all over the world. In Bangalore, 29-year-old Subbaiah watched in horror as his $7,000 crypto holdings in luna and terra collapsed. Even investors holding other cryptocurrencies as part of a diversified portfolio are feeling the sting.


    Scott Chipolina, the FT’s digital assets correspondent, and Ilan Solot, a partner at crypto group Tagus Capital, discuss what the future could hold for crypto as an asset class, what more could be done to protect consumers — and the steps investors can take to protect themselves.


    If you’ve lost money in the crash and need to talk to someone, here’s a link to the Reddit thread containing all of the national helplines you could turn to for support: https://www.reddit.com/r/terraluna/comments/un57df/for_everyone_panicking_here_are_some_national/


    Presented by Claer Barrett. Produced by Persis Love. Our executive producer is Manuela Saragosa. Sound design is by Breen Turner, with original music from Metaphor Music. 





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    See omnystudio.com/listener for privacy information.

    UST Luna - The Biggest COLLAPSE in Crypto History

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    Topics Covered:

    0:00 Intro
    6:30 Explaining the Terra Ecosystem
    9:30 Tail Risk and Background
    13:50 Bitcoin, Curve, and Monsters
    17:54 The Initial Destabilization
    20:14 The Panic Begins
    24:40 The Charts
    27:18 A Total Collapse
    32:30 Regulators Get Involved
    35:08 Was This An Attack?
    37:58 The Collateral Damage
    40:00 Do Kwon’s Big Talk
    41:52 Rick Sanchez and Basis Cash
    44:08 Community Response
    46:05 How Do We Move On?
    49:14 Don’t Take Shortcuts

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    Resources:

    Anchor Protocol:
    https://app.anchorprotocol.com/earn 
    Buying Bitcoin:
    https://twitter.com/LFG_Reserve/status/1507688906820620291 
    Curve Pools:
    https://dune.com/SebVentures/UST 
    Binance Orderbook:
    https://twitter.com/hasufl/status/1523817151471230976?s=20&t=FiTLk5ce5JmTg_s7QnWgMw 
    External Collateral:
    https://twitter.com/ThinkingBitmex/status/1523526622044860416 
    Deploying More Capital:
    https://twitter.com/stablekwon/status/1523733542492016640 
    Collapse:
    https://twitter.com/ryanberckmans/status/1523712585794977792 
    Bitconnect:
    https://twitter.com/TrustlessState/status/1524451573908209664?s=20&t=1cKzW3BXwfKsAdFAsObfLQ 
    Historical:
    https://twitter.com/nic__carter/status/1524233730717585409?s=20&t=azvpduGJEOCfqyNCUFSBWA 
    Janet Yellen:
    https://twitter.com/tier10k/status/1524031909067698180?s=20&t=FiTLk5ce5JmTg_s7QnWgMw 
    Coordinated Attack:
    https://twitter.com/TerraBitesPod/status/1524229263469293570?s=20&t=FiTLk5ce5JmTg_s7QnWgMw 
    Vitalik Clip:
    https://twitter.com/BanklessHQ/status/1523995722261147648?s=20&t=FiTLk5ce5JmTg_s7QnWgMw 
    Mental Health:
    https://twitter.com/Shigeo808/status/1524149580048191488?s=20&t=azvpduGJEOCfqyNCUFSBWA 

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    Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

    Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
    https://newsletter.banklesshq.com/p/bankless-disclosures 

    Crypto in the classroom, and why we need better financial education

    Crypto in the classroom, and why we need better financial education

    When Lucy Kellaway left the Financial Times and retrained as an economics teacher, she could not have predicted how the cryptocurrency craze would sweep through British classrooms. But is there anything on the school curriculum to teach teens about the risks of unregulated investments, or even basic financial literacy? Lucy thinks not.


    The FT’s Financial Literacy and Inclusion Campaign — FLIC for short — is hoping to change all that.


    In this special Christmas edition of the Money Clinic podcast, presenter Claer Barrett hears why Lucy and other top FT writers are supporting a greater focus on teaching finance in schools, as they recall their own formative experiences with money.Taking listeners on a tour of the FT’s City of London office, she hears from Patrick Jenkins, the FT’s deputy editor and trustee of the charity, who shares financial mistakes he made as a teenager in the 1980s, and US managing editor Peter Spiegel who explains why he thinks there’s a specific culture around money in the US.


    If you would like to read more about FLIC’s charitable aims, or to make a donation to support the charity’s work, please visit www.ftflic.com 


    You can follow FLIC on Twitter and Instagram @FT_Flic 


    There are dozens of free-to-read articles about financial literacy here https://www.ft.com/ft-seasonal-appeal 



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