and hiking up all of these gas prices, but analysts, they're quite worried that this could actually happen again. come the autumn that the government could have halted all of this. instead, the prioritizing profits over the living standards. now today it's really from 5 to west because the bank of england are now raising interest rates from 0.25 percent to 0.5 percent, which just add to this cost of living sweep. now everybody's going to be affected by the announcement earlier today. we're going to see high middle income families taking a quite a hit, but of course, as those low income families are going to be hit the hardest for them. they're already in a dilemma, thinking about eating or heating. but with this announcement, it seems like they might not be able to do either. that's how the world's looking at 4 30 in the morning. moscow time, wherever you're joining us from. thank you for watching. my name's peter scott, and i'll be back again at the top of the hour.

with the boom bought the one business or you can subordinate bambridge a board. and i major london's in washington coming up. it's being called the 2nd largest attack on dpi, ever recorded. we'll take a look at the $320000000.00 hack and wouldn't mean 3 personal grid between popular crypto currency it plus social media stock were sent reeling after the company formerly known as facebook thought is worse one day performance annually a decade will discuss with behind those $1000000000.00 losses and a mid controversy over popular pop after joe rogan bought a 5 b o at once again. weighed in on the issue later on will be joined by high,

relevant for up watching the hawk to discuss it a lot to get through. let's get started and we'll leave the program with the hacked . that's being called d 5 2nd largest exploit ever after a key block chain bridge. last 300. $20000000.00 in a reported attack. the protocol known as worm whole, which links tokens and nf t's on the theory i'm in salon block chains was hit the team behind the projects that thursday morning that all funds have been restored. and worm hole is back up and running ours after the hack. now this all comes as regulators around the world consider how to handle crypto and more specifically, decentralized finance b. u. k. is updating its policies to allow for collecting revenue from defy lending and staking all law. here in the united states, one of the as these, these 5 commit nurse, hester pierce, is now warning that the agencies latest proposed rule is too vague and would threaten the 5 projects by regulating them as exchanges. so to go further in depth on this post, christy i and andrew kegal,

c o a tokens dot com. great to have you both on the show today. christy. let's start with you and with this reported hack. so what do we know about how and why warm hole was targeted specifically? yes, warm homeless target, when an attacker basically exploited a security flaw. so it seemed to result from a recent update to the warm hole projects get hub repository. so it revealed to fix a bug that had not been deployed to the project itself. so the open source code commits show that the code would have fixed this particular vulnerability. and it was written as early as january, 13th and uploaded to the warm hole repository on the day of the attack. but just hours later, though, the vulnerability was exploited by the hacker. so the code upload was described as if it was just the run of the mill version update, but it actually contain extensive changes. a fact that could very much tipped off the hacker to the fact that it was this, it was to disguise

a security fix. so the hack was actually quite clever it technically the funds were not stolen in the traditional sense that we hear about when central exchange is get hacked. in this case, the hacker managed for a valid signature for our transaction to freely meant w eith or wrapped ease. on the lot of block chain without 1st in putting an equivalent amount. so the rab east was then exchanged for real a theory and that was sent from arm whole to the attackers account, effectively liquidating a large amount of platforms, a theory and funds that were being held as collateral for transactions on the law chain. so the attackers on cross chain bridges seems to be the new thing as there are always loaner abilities in a space that is still developing. last week cubit was hacked for about $80000000.00 the week before that $3000000.00 is drained, multi chain as well. that's very interesting and very intricate. what happened there. now andrew as interest grows in tokens like a theory and a lot of it makes bridges like we're whole. busy even more important for the b 5

ecosystem. so is this hack showing? there is still more work that needs to be done in order to secure these protocols, especially when chris just mentioned there were other issues in the weeks prior. well, absolutely. there is a need to have more security and perhaps regulation here. otherwise is what happened. i think one of the key aspects of this, why is that the watching themselves were not hack. it was these are chain protocol that were targeted. and what i would say to that is if i was to leave my wallet in the bathroom restaurant and i came back an hour later in the money was gone. that's not a walk in the currency. that's a lot of my security. and i think this is something similar where it needs to be looked at very carefully, is what is the security protocol or being here and you can defy platforms. yeah, certainly that security becomes more and more important, especially as we get more and more interest. because of course, we know that the hackers come with it. now, andrew, staying with you when it comes to the idea of regulation of

d f i in countries like the u. s. and the u. k. what are some of the biggest concerns surrounding the proposals that we're seeing right now? the biggest concern right now would be over regulation and unintended unintended consequences that result from what we've seen in the past when governments get in there and over regulate. the crypto companies tend to go into sort of a dark areas and he has some thought after that, right? you can certainly people want to get exposure here and you can't stop them. so i feel for the regulator, this is, you know, as the nominee of information coming up and not me, of new products that are difficult to understand and evolving very quickly. however, i think that regulars and regulators need to be cognizant, that over regulation can have a lot of unintended. so, andrew, are you seeing anybody that is on the right track? i mean, it feels like there's such a lack of understanding of what actually is happening in in d via crypto currency as a whole. i mean, are you actually seeing any regulators moving in the right direction right now?

i think all the regulators are trying to move in the right direction and certainly we need regulation in the sector. so please don't take to mean that i think we don't, there is always going to be a certain tension between the defy company and the crypto protocol. trying to push through what consumers are really asking for and want to use versus regulators trying to understand this and put rules and regulations around it that will protect consumers. and certainly that we know that there has been a lot of back and forth there. now, christy, speaking of governments getting involved instead of an outright ban, russia finance minister is suggesting that the banks should be the one selling crypto. while at the same time, india finance ministers proposing a 30 percent tax on crypt related income. what do you make of those alternatives that are being proposed right now? i mean, i suppose that those alternatives are both better than an outright ban. but what it

really does show is that governments are starting to realize that they can't put the genie back into the bottle. crypto is going to be around to stay and since they can't quash, it might as well learn how to live with it and put them regulations around it, or at least try to control it. and as we're making crypto accessible only through the banks, they're trying to centralize the centralized currency. so i don't see how that could work or how one would even enforce such a thing. when something has transacted peer to peer, it doesn't require the middle man to facilitate anymore. so banks do not hold any stay in the transaction. they're trying to put a big claim back into their old, antiquated framework of a financial system, which doesn't make sense. my guess no one will give up without a fight and this is the fight that the old guard is going to put up now. yeah, certainly as if i that is likely to continue and we will, senior covering at them thus, christie, i and andrew keybo a tokens dot com. thank you both for your time and insight. thank you. and it has been a rough 24 hours for social media companies across the board. as mehta led the downward

spiral and after hours trading. now all of it began when met platforms formerly known as facebook. val, a, quarterly earnings nis and poor forecast on wednesday. so just how bad was it? well met a tumbled 21 percent following its quarterly profit after the bell, racing about $200000000000.00 worth of stock market value. a decline of this size and thursday session would mark the company's worst one day last, since it's wall street debut back in 2012 now driving those losses as met as reality labs, which reported massive growing losses more than $10000000000.00 in 2021 alone. so joining us our discusses, our good friend and boom bust an investigative journals for that matter. been swan now been, i mean, clearly $10000000.00 in loss is for reality labs is a lot. but put this into perspective because meta seems to indicate that it's just the cost of watching the metaphors well,

they are that i guess that's how they're trying to spin it right. $10000000000.00, but that's what it's going to take. and actually, reality labs is now looking at 3 consecutive quarters of enormous losses and 3 consecutive years really of huge losses. going back to 2019 or 201920202021. all 3 of those years. they've seen massive losses and it's actually been growing in terms of the amount of loss. here's the thing though, there's 2 things happening simultaneously. one is reality. labs is doing poorly in terms of spending a huge amount of cash, not necessarily turning out a product that people can look at and say, okay, investors say we understand what you're trying to do because they don't. but the other issue is this, that facebook for the 1st time in 18 years, has actually seen its daily user numbers dropped by about half a 1000000 people day. really. so that's the other thing that's right in this, it's not just the losses being accrued on the metaphor side. it's, and we've talked about this before. facebook is losing its core product. meta is losing his corporate product. now that is facebook,

and we're watching the decline of actual users. mark zuckerberg, by the way, wants to pretend that the reason for that he says is because of tick tock. it's all tick, tock, fault. i don't believe that's true. i believe that facebook's that a poor job of taking care of their product, but that's where we are. and i guess it's all about how you spin it and only a company like facebook and try to just shug shrug off a $10000000.00 loss. now, at the same time, reality lab seems to be pulling a lot of cash from that, perhaps more than it should be at this stage. so is that part of the reason for the concern? i mean, people does not figuring out the met averse is quite yet well, it's not only that they're not figuring out the metaphors, but people aren't really sure they even want to be in them at a verse at this point. but i want to give you a comparison here. i think that's pretty interesting because if you put it into context, reality last, last about $3300000000.00 in just the 4th quarter of last year. okay. 3.3000000000 for the last. let's compare that to alphabet, so alphabet and all the projects that they spend on for the self driving cars. and

basically they're fun projects, right? that's about $1450000000.00 in losses there. so when alphabet is spending a lot of money and losing a lot of money, basically playing around with technology that is half or less than half of what reality labs is losing. and no one even knows what they're building. what specifically are investors getting out of this? i think that's one of the things that sparked a lot of concern here is investors look at it and say, what are you guys doing over there? and what exactly is this met averse and then couple that with the fact that there are multiple reports now of women who go into the mit averse who were saying that they are virtually sexually assaulted in the metaphors. that's not a great ringing endorsement for technology that's barely getting started to say, how, how bad is this experience going to be people? i mean, absolutely, and, and, you know, as we talked about even this week, there's a lot of questions still surrounding the metaphors, for sure. now i want to bring this out kind of broaden this out because obviously it's not just facebook in matter because the report actually dragged down other

social media stacks as well, including twitter and snap. what happened there? how did they get tied up and all of their losses? yeah, i think what we're starting to see is, is as goes meadow or facebook. so goes to all investors and in tech stocks and social media stock. so yeah, as you mentioned, twitter dropped a, pinterest was about 10 percent lower. twitter was down about 8 percent. actually spotify was down as well. but we know spotify the story is a different story, right. and so not all of these things are related. amazon was down also. what is it? because investors are looking at facebook and say no, no, a facebook fall in everyone's falling. not necessarily, but what i think is we're seeing it right now. a is a, as a level of concern among investors who are essentially looking at anything that happens in this space. and they're, they're jumpy right now, and nobody wants to be left holding the bag. and so in facebook's case, not only did a it also spur some fear for other companies,

but investors i think are basically saying let's shoot 1st ask questions later. meaning, so 1st ask questions later, will sell, will get out and then we'll find out what was the cause. and unfortunately the answer for facebook as to what was the cause is in very good. and definitely, and i know it's interesting because when we talk about facebook, we talk about how it's almost obsolete in the minds of a number of people in the public. but at the same time, we know that all social media are not the same. so wire investors so quick to sell one way a company misses their earnings. mike, we've got about 30 seconds lot. yeah, i really think it just comes down to, as i said. so 1st ask questions later. there's a lot of concern about this space right now. and what is ultimately going to look like, and as i have been saying for some time, i'll stick with this position, which is that facebook has destroyed their core product. they continue the value their core product because they're not taking care of it. they're trying to move into something that's very untested at this point, and we don't know, not only again, if the met a verse is real and if it work,

we don't know if people even want it to exist. and so what facebook is doing right now is forcing onto the public, it seems like the products that they don't necessarily, or they haven't necessarily asked for. and they may not necessarily want. absolutely. and it seems like there hasn't been any sort of innovation on facebook, at least in a couple of years. all they do is kind of integrate instagram further. boom bus benaflaw. thank you so much. thanks guys. and the bank of england will raise interest rates and back to back sessions for the 1st time since 2004 after the motion for an increase of $25.00 basis points pass in a vote of 5 to 4. now this comes after the u. k. became the 1st major nation to raise race, following a vote back in december. the big acknowledge that labor and supply chain shortages along with increased demand and skyrocketing energy prices has sent inflation soaring out its fastest rate in 30 years. but it's a different story in the you were in place and just hit its highest annual rate ever coming in at a record 5 point one percent in january. now, however,

the european central bank says it is not raising interest rates and response b. c, b president christine, the guard said there was quote, unanimous concern from bank officials over inflation. but she said she didn't want to rush into anything. instead saying she still expected that inflation will remain elevated for longer than previously expected. but that it will decline in the course of the year and time now for a quick break. but when we come back, modify ceo made further comments on the debate over popular podcast or jo rogan's content will bring you the latest. and as we get a break here, the numbers of the close i blue algorithm. so neural networks have been following us everywhere. we look online

because our relationships are what matters most us. that's how we find meeting and how we make sense of our place in the silicon valley. see, don't mention in slick presentations. however, the ghost workers who train less self, where humans are involved in every step of the process when you're using anything online. but we're sold, as is miracle of automation behind your screen. it's a vulnerable workforce that feeds algorithms for next to nothing. on a very good day, i could do $5.00 now. a really bad day. i could do $0.10. now. these workers are invisible by design, it's about labor costs, but it's also about creating layers of western new responsibility between those who solicit this kind of work and need it. and those who do it, a humanity always wants the impossible. they

1st day a say to the government, police, public you government b. they say to mil to any or please don't touch my, my private life won't touch my business. don't touch my freedom. and this is an impossible contradiction. your challenge and i get the message. yeah. get the nutrition which on the me issue and then the sub gashodi, she can hi sharon, this ratio with me. right? yeah, it's like over the summer. my name, i mean kelly retorted cor, massage tissue jane, i'm getting you to learn that research too. i'm lucky enough

to get him here for him. i'm much more that i think the welcome back. wanted to follow up on a huge story in the world of media as the ceo of streaming platform. spotify has further address the upward surrounding what has been labeled as misinformation from the world's most popular podcast or joe rogan. now during a q n a,

which was part of the company's 4th quarter earnings called daniel act, talked about the controversy making reference to spotify new policy of adding content warnings to podcasts that include discussion about cobra. 19, he said it has been a learning experience over the last few weeks, and that spotify still has a lot of work to do now in response to a question on the call act, also claim the new rules were not just about rogan. think what we don't change our policies based on one creator, nor do we change it based on any media cycle or call from anyone else now on the company's earnings that many critics are likely going to point out that a recent slide and spotify stock is indicative of investor sentiment regarding the rogan issue, but the reality is they are projecting it's slow down in growth. and the stock has been pretty volatile since it went public at the start. so joining us now discuss all of this is tyra venture. he's the host of watching the hoc tyrrell this is your 1st appearance, as far as we know here on boom bust, and we appreciate you joining us today to talk about it. now. i want to start with

that comment from daniel act. i do believe that they really didn't change the policy based on one situation regarding joe rogan. yeah, because you know, major corporations leg spotify, they always do things in a vacuum, and they never change their rules or just how they do business based on what the market's telling them are based on criticism or anything like that. not all they totally operate and of course he did this, but you know, you don't want to just come out and say that because then that makes you vulnerable or makes you appear to be then boner bowl to you know, other quite, you know, of other kind of campaigns against you, how they changed at this one time, then they'll change it for everything. so he's not going to say that i don't think don't you're not going to say that, oh yes, we change it because the pressure he'll kind of say now we were already kind of thinking about it. and that's the answer you got right. of course, especially when you say something like this, go as viral as it has. we're now everyone's talking about joe rogan and everyone's talking about spotify. and it's interesting because when you see this push back against rogan in his podcast, it seems like there is sort of this growing mob mentality to kind of blame him for

all of this misinformation. as people have started to call it, just because of the fact that he actually has dissenting voices on his show. so what do you make of that? and the fact that they always kind of highlight more of those dissenting voices and never the more mainstream voices. but he also help ownership. well, you know, we, as human beings, we and especially in media, especially in celebrity culture and all of that. it's very hard for us to wrap our minds around complex issues, especially when you're talking about mass consumption and, you know, and plus, we love to chase rating. so we're also talking about putting jo rogan's name up on tv, neil young johnny, mitch, all these things are dr. ratings and it's the celebrity factor of it. but ultimately, what this is and why i think everyone's piling on joe rogan. because look at the end of the day, every network has put out misinformation about coven 19 as this has been changing. and i'm member, i say i remember seeing a clip a rachel, matt, i'm talking about once we got the vaccination, we couldn't catch it anymore after that. clearly that's been proven wrong. so,

you know, everybody's made the mistake and put out bad information whether voluntarily knowing it's bad or believing it to be true. that's a common mistake. i think the reason that we're picking on joe, and we're kind of going after joe, is because much like the inquisitions of old you need to which right? you need to figure had that you can kind of put all of societies troubles upon and say, oh, that's the reason people don't get back status because of joe rogan, not because we have a for profit health care system, not because we've seen bad information come out of multiple sources from c and then even the comma, la harrison, joe biden, when they are running against trump member, they, they created vaccine difficulties, mer, saying all, if it comes out before the end of the year before the election, we shouldn't trust it. you know, and then trump himself putting out bad information about this. i mean, that's the, you can just lay it all onto the back of one joe rogan in his podcast for. absolutely. and it seems like we have a problem with intolerance, even from those who preach tolerance when, when it comes to whatever situation you want people to be ok with, they're all fine with that. but then if you have a slightly differing opinion on something else, then you go to no, no, no,

you can't do that. you can't be somebody who has a conversation. you can't be somebody who says something that i disagree with. without a doubt, i mean, look, you know, you guys, i'm sure talk a lot about free market economy on the show and things like that. well, we also have to have and be responsible to the free market to buy dea's. look, not every idea is a good one, not every guest is a great one, you know, but the end of the day we have to talk about engagement. you can't just kind of throw all the bad actors or all the bad ideas out there that could potentially hurt somebody or could potentially cause someone to make a stupid decision. you can't throw those in a box, lock it up and throw away the key and hope that it never re, services. instead, if you want to change the way people think, you have to engage people, you have to say, all right, look, tell me your ideas. let me tell you my ideas. let. let's see what science has to say about this. and always remember, science is ever changing and giving it that, that birth, giving about latitude, the science will make mistakes, they'll still move on. but at the end of the day, joe rogan does, is podcast. he's laughing all the way to the bank. why?

because his name is and everyone's miles spot of fives, and everyone's welcome and even neil young. it was interesting as reading earlier. right after leaving spotify, neil young put out saying, hey, if you wanna find my music, you can find it on amazon. well, amazon doesn't exactly have the greatest of the history when it comes to like treating employees, right. breaking the rules and you know, workplace bad wages, the workplace difficulties. so, you know, there's no, you can't for all of it, but everybody who's working for, or what the platform is, or what the corporation is running. every corporation at this point for the most part has had some kind of like conflict or bad actors either within it or has done some pretty nasty things in their past. but you as an artist, got to think about, you know? yeah, absolutely. and certainly when it comes to this situation, everyone seems to have a cake on it. and i do mean everyone. i also want to bring up this comment. we heard from the president of brazil to both narrow who chipped to twitter and he said, i'm not sure what your rogan thinks about me or my government, but it doesn't matter. it's if freedom of speech means anything. it means that

people should be free to say what they think no matter if they agree or disagree with us. stand your ground hugs from brazil. what's your take on that statement? well, you know, it's interesting because every time i see something like this pop up and i've been doing, i was doing a whole hawks for a long time. every time i see stuff like this pop up, i asked myself, okay, why are we so distracted by joe rogan in this kind of celebrity thing? why as jericho now suppose, scenario talking about this and all that here in the us. i think it's one of those things, it's ratings, clicks, and it keeps people distracted from actual problems in our culture. right now we have a horrible health care system that's not being discussed. our economy is flailing as you guys have talked about here that's not being discussed. so it's easy to kind of get people distracted by this thing. i mean, why both scenarios suddenly decided to jump in on this? well, he's probably trying to distract people from what's problems going on his own country because it's easy to do and we're talking about kind of celebrity and cancel culture need. buzzwords that get people who kind of watch that, you know, keep them. i off the prize of what's really going on,

entire overture of watching the hoc thank you so much for your analysis today. thank you. and finally, nasa has an out class to decommission the international space station in 20. 31 in the orbital habitat will come to an end in spectacular fashion. nasa plans to crash the iris as into the southern portion of the pacific ocean in region known as point nemo, also known as the spacecraft cemetery. this is generally the location space agencies target d orbited for d r u d orbited spacecraft. the location has become the resting place for space station, mir and skyla. now and it's really set pointed to commercial space enterprises as the future saying that the private sector is technically and financially capable of developing and operating commercial low earth orbit destinations with nasa's assistance. but there may be an issue with the overall plan as the i, as, as, as a cooperative program between several nations and russian rocket and space corporation and europe responded to the release thing quote. the issue of. c the

life of the station and accordingly, the timing of its wanting is determined at the governmental level acoya. but that's it. for this time you can catch boom bus on demand. affordable tv app portable dot tv will see you next time. a digital smart city is a city that's using technology to make people's life easier to have beer, collecting a lot of data to try to improve the way things are in theory. these big organizations that on the album, aiding and pulling all that data together, they're not looking at you as an individual, necessarily people's data being collected or similar states. that there's a real possibility of privacy violation. and that's something most of us wouldn't

want to wells transparent, but we must live with permanent surveillance and l look forward to talking to you all that technology should work for people. a robot must obey the orders given by human beings, except where such short is a conflict with the 1st law. show your identification. we should be very careful about artificial intelligence. at that point, obviously is to create a truck rather than fear a job with artificial intelligence. real, somebody with a robot protective own existence, with a

believe it without showing a shred of evidence, that is actually true. the state department spokesperson is grilled after refusing to prove claims that rushers preparing a post like a thought as a pretext to invade ukraine. something that's no longer being branded as imminent as the white house stimulate tones down it's war rhetoric. at least 6 children are killed in heavy fighting in northwest syria. war president biden, hales, the skill and bravery of american commandos, claiming they killed the lead a states at the same time in the same location on russia. shut down the moscow office of deutsch avella, a day after germany media regulate the band are the.