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NightSide News Update

Oct 09, 202437 min
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Episode description

Beyond the Ring: What the World of Dog Shows Can Teach Us All with guest Kelly Marquis - certified life and business coach, nationally acclaimed dog show handler, and author of the new book, Behind the Scenes of Best in Show: Intimate Moments with the Masters: Handlers and Their Show Dogs.

Space weather! What are solar storms and how do they affect how we see things like Northern Lights? (Which some are predicting might be visible in some states including parts of New England this weekend) with guest Shawn Dahl – Space Weather Expert with the National Weather.

Fire Prevention Week in Massachusetts - This Year’s Theme is “Smoke Alarms: Make Them Work for You” with guest State Fire Marshal Jon Davine.

FTX cleared to repay billions in assets to customers after bankruptcy plan approval. How will this affect Bitcoin? with guest: Adam O’Brien – CEO of Bitcoin Well

Transcript

Speaker 1

It's Night Side with Dan Ray on Bezy Radio.

Speaker 2

Thank you very much, very small, appreciate it. I'm always nice to hear your voice.

Speaker 3

My name is Dan Ray.

Speaker 2

I'm not sure it's always nice for you guys to hear my voice, but I love chatting with you.

Speaker 3

I love doing this program.

Speaker 2

We're here every Monday through Friday night from eight until midnight. We are now well into year eighteen, and I think that tonight we need to give away some tickets. This is I May. We have some tickets coming up, which I will explain. That'll be after nine o'clock. Also, we got some t shirts. We've got a lot going on here. We've got a lot going on here, and of course during the first hour we don't take any phone calls. We have four guests who present some pretty interesting perspectives.

So let's get right to it again. Rob Brooks and Dan Cantano are in the booth tonight, two producers tonight, Aren't I lucky? Our first guest is Kelly Lynn Marquee. Kelly Lynn marquis welcome to Night Side. You're a certified life and business coach. You're nationally acclaimed dog show handler and author of a new book Behind the Scenes are best in show intimate moments with the masters, handlers and

their show dogs. The question is, I think, what have you learned as a dog show handler and what can we learn from the world of dog shows.

Speaker 4

Well as a dog show handler. One of the things that I've learned is the importance of energy, and when you connect in with a dog and you're looking to work with an animal, you need to be able to connect in with their energy and meet them where they're at. And one of the beauty I'm working with animals is that they're very pure in their energy, so you don't tend to have body language that is expressing one thing and then verbal language that actually may be expressing something

very different. So that's one of the beauties that I have when I'm working with an animal that I have noticed is often different when you're working with people. And that has actually translated into helping me from what I've learned with the dogs and their energy, it's also helped me when I'm reading other people and getting their words and their body language in alignment.

Speaker 3

Let's just talk for a second about dogs. I happen to love dogs.

Speaker 2

Dogs, I mean, I think that's great about dogs is they're just honest.

Speaker 3

There's no phoniness about a dog.

Speaker 2

If the dog loves you and likes you, he'll jump up on you and.

Speaker 3

He'll smother you with kisses.

Speaker 2

There's no question the dog doesn't like you, uh, he'll let you know to you know, keep your distance, keep your distance, whatever the circumstances.

Speaker 3

There's there's there's.

Speaker 2

No phoniness about dogs, or probably about cats or other animals as well.

Speaker 3

So how do you take those lessons?

Speaker 2

I mean, look, my daughter has a a Yoki, which is just a beautiful dog, mean Mustard. My son has a uh has excuse my getting it mixed up here.

Speaker 3

My son has a shortky which is named Willy.

Speaker 2

And my daughter has a dog which is a Corgi uh named named Mustard. And they're just two very different dogs. But they just love people and they express it every time they see you. So how do you take the honesty of dogs and learn from that and apply it to human beings who oftentimes are a little more complex and maybe not as straightforward as dogs.

Speaker 4

Well, I love that question, and especially when it comes to children. I know, even with my own daughter when she was younger, I knew I wanted her to have her very own dog. And I think that one of the main things we can learn about dogs is how they hold space for our emotions. And so when you have children, and I remember one time my daughter came home from school and she had had a bad day, and I wanted to talk to her about it, but yet I saw how she was with her dog, and

her dog could just be with her. It's like when you're with a dog, it's like they can feel what you feel, and sometimes they know just what to do to cheer you up, or they're just always there to listen. And I just think that's one of the most beautiful things, is how pure apart and how well they really hold space for us emotionally, or we can just feel their joy when they're frolicking in the yard or chasing something or just completely consumed in the moment. And there's just

so much beauty to a dog. And I think especially you know, I've thought a lot about this too, and how we connect with dogs. You know, the connection with a dog is actually different than the connection with a cat. You know, cats are more independent, and yet with dogs that often you know, they want to like crawl into our skin and just unite with us, and so I think it's I mean all.

Speaker 3

So identify with what you're saying there. I am my daughter. When she was I guess nine, she was begging for a.

Speaker 2

Dog, so we got a Cavalier King Charles Spaniel for her and within two days this dog, Charlie, he became He adopted me. He would follow me around, sit with me. He just wanted to hang. As kids got older, all they wanted to do was, you know, can we have a couple of dollars? Can I have the car keys? And my wife gave me the.

Speaker 3

To do list.

Speaker 2

All Charlie wanted to do is hang with me. I give you hate that, but how do you apply that to your relationships with others? When you see others, you can't run up to them and wag your tail and lick their face and let them know that you're really happy to see them. You're a coach, you're a trainer. If I'm not mistaken of a certified life and business coach. How do you apply those that knowledge to the people

you help train to become better? I guess either business people or just better human beings.

Speaker 5

Well, one of.

Speaker 4

The biggest things is teaching people how to trust their own energy, how to trust what they're feeling, how to pay attention to someone's body language, and how to pay attention to what it is that they're feeling and practicing authenticity. You know, sometimes sometimes we're confused about something, and if you check in with your energy, you can actually feel that you have two conflicting feelings. So these are things

that I've learned with the dogs. Is that I actually when I ended up making the move to going into life coaching, I was realizing that there was a dynamic with a certain person in my life, and I stepped back and thought, well, why am I feeling this way with a person When I work with my dogs. We're one, we'd just be completely slow. We're in sync. We just know how each other feels. And then I was noticing and this was the first AHA moment I had, was like, oh,

the words aren't in alignment. And I started paying more attention to the signals that my body was giving me, just you know, when you're putting little feelers out about how I was feeling energetically about that person, and then I would ask myself more. I would ask those those feelings more.

Speaker 6

So.

Speaker 4

One of the things that I do do when I am working with people, is how people get more in tune to their feelings and their emotions, and because I do believe that they're here to actually help guide us to say, oh, I want more of that, or I don't like this, or this is making me uncomfortable, and that helps guide us as to how to take our next best step.

Speaker 2

All right, I appreciate insight. Kelly Lynn, Marky Marquee. I hope I'm pronouncing that correctly. The new book behind the Scenes are best in show intimate moments with the master's handleers and.

Speaker 3

Their show dogs.

Speaker 2

Has that book out already or if folks want to buy it, is it out or is it Oftentimes we get books that are coming out a week from now or a month from now.

Speaker 3

When is it out?

Speaker 4

Yes, it actually launched.

Speaker 6

It launched.

Speaker 4

Back in the spring and it's gone phenomenal and I'm so excited. Would be on your station in Boston and my local area.

Speaker 6

That's great, that's true.

Speaker 2

I see you're from New Hampshire, so or at least you're some phone numbers from New Hampshire.

Speaker 3

That's great.

Speaker 2

Weel, maybe we'll have you back some night and we can talk about dogs and get people can question you about how they can better train their dogs. I could never train Charlie, but boy, he would do what I wanted, you know, I mean, just a great dog. The dog adopts you, I think, to be honest with you, That's what happened with my dogs.

Speaker 4

They figure out a way to communicate with you too. They really do. Yeah, I would love to talk.

Speaker 1

More specifically with dog stuff because.

Speaker 4

There's so much I've learned about how even dogs learn how to communicate with us and meet us at our level.

Speaker 2

Definating and I think they'll I think they are way above us. And the other thing I want you to know, I end my show every night with this phrase, all dogs, all cats, all pets go to heaven, and I do believe that is true.

Speaker 3

Thanks, because what would heaven be without dogs?

Speaker 6

Thanks so much, Kelly, Thank you so much.

Speaker 4

I appreciate it.

Speaker 3

All Right, we're going to take you out of this world.

Speaker 2

In the next seg We're going to talk about space weather with Sean he's a space weather expert with the National Weather Service, and how do these solar storms and things like that affect some of the things that we see, like northern lights. This will be science for you scienceists out there, or for your people who for you folks who.

Speaker 3

Want to learn about science.

Speaker 2

Coming right back on night Sign after this quick break on a Tuesday night.

Speaker 6

Now back to Dan Ray live from the Window World night Side Studios on WBZ News Radio.

Speaker 3

Now, science was never my strength in school, but.

Speaker 2

I must say this that meteorology and weather have always fascinated me. So we're going to talk with Sean Dahl. He's a space weather expert with the National Weather Service. Sean, I'm assuming that the space weather we're talking about is not the stuff that's up, you know, twenty five thirty thousand feet we're talking about why above the wild blue yonder, Am I right?

Speaker 6

That's right? Dan, Hey, nice to be on your show The night Side here, Thanks for having us. Yeah, you're right, he is taking its stuff is taking place in that giant vacuum of space ninety three million miles between the Sun and the Earth that ultimately arrives at and around our planet here.

Speaker 3

Yeah, So, for example, what I want to talk about, I know.

Speaker 2

That Here's what I really don't understand. Our system has been around for billions of years, and we've been warmed by the Sun for billions of years. And I've asked lots of different scientists who have had on the program, you know, some really smart people. How the heck does that that sun just keep on burning and burning and burning. I know it's big. I know it's big, but can you explain to me and to my audience, why is it that the Sun hasn't burned out?

Speaker 6

It's a marvel, isn't it. It's truly quite a miraculous thing. Well, for when the Sun is so massive, you know, a million earths to fit inside of it, and it's just continually burning this giant supply of hydrogs into the has and eventually, as the Sun continues to age, you know that hydrogen is going to be converted. It's going to run out, and that won't be for fortunately, you know, there's something like another five billionaires, so not in anyone's lifetime.

Speaker 3

Who's listening to this show? I've asked questions.

Speaker 2

I don't know Brian Green from Columbia. He has written great books, he's a scientist a and these are the questions that strike me. Okay, that's a good answer. I got that one. Okay, solar storms, I know the word solar comes from the Sun. What are we talking about when we talk about solar storms.

Speaker 6

Yeah, we're talking about a wide variety. Dan They come in different forms and in almost different stages. Some are at the speed of light, so we see something like a solar flare, this blast of energy that travels at speed of light. We see it. The effect is already on the Sun the side of our atmosphere. Others are in the form of energetic particles that can go through space,

so they are a tad bits slower. They can almost be speed of light stuff, but it may take them fifteen to twenty minutes to get here at their fastest, but usually it can be even as long as twenty four hours. And those penetrate things, so those get a little more potential of danger to satellites in space and

astronaut health of course. And then pieces of the Sun, giant blobs of solar material and strong magnetic fields can expand out into space and giant, really impressive looking explosions called coronal mass ejections or CMEs for short, and that's what leads to those geomagnetic storms that causes the aurora that so many people want to see.

Speaker 2

So yeah, that's and I guess the aura of Borealis is going to be seen.

Speaker 3

It was seen a couple of months ago in August.

Speaker 2

If I'm not missaying. It always seems to come around the middle of August. I don't know what that's all about, but I'm hearing that it's now going to be up on the northern climbs in Canada and maybe the state of Washington, not so much in New England.

Speaker 3

Is that what's going on this time?

Speaker 6

Yeah, we had another CME arrived. We were looking for one to come in potentially the beginning of the weekend, but it was a bit slower than we thought, and it finally arrived in pretty good force on Sunday evening going into Monday, and that led to a really good Northern lights display, perhaps even seen from Massachusetts. I don't know. I haven't heard, but we did get to a three on our one through five scale, and I know it was seen here in northern Colorado.

Speaker 2

So yeah, that's that's below the state of Washington. If I'm not mistaken. In terms of the map, I mean, you got Washington, Oregon, then California, Colorado. You got a couple of states above you. I think Dakota's or something like that. If I'm not mistaken on Montana, I mean for you to see it in Colorado. That's that's that is central United States. You're you're in the middle of the of the country. You're about halfway between the Canadian

border and the Mexican borders. So if you saw, I'm assuming a lot of people north of you, in places like Minnesota and the Dakota's in Montana and parts of Idaho saw it as well.

Speaker 6

Oh, absolutely for sure they did if the skies were clear up there, because there was a very young moon, right, so the skies nice and dark. We get longer periods of darkness this time of year. And I know my relatives in North Dakota if they were outlooking, they certainly had a really nice auroral show last night.

Speaker 2

So what does this mean to us other than beauty in the sky, which is wonderful.

Speaker 3

What are the practical aspects?

Speaker 2

Does it affect our weather on terra firma or is it just simply a beautiful sky that we can look at a few.

Speaker 3

Nights a year.

Speaker 6

Yeah, then there's more to It's you got the beautiful aurora. Of course, it really doesn't affect the norm mainstream meteorology, the weather here on our planet so much. It's really about the technology that we live and rely upon so much today, the electric power that we rely on so much, that can be dramatically impacted in the worst case in have a a multiple state power blackout. Although that's very rare, we know it can happen. Historically, there's been strengths that

will allow that to happen. That's why we do what we do at the Space Weather Prediction Center, which is we contact all these key technological infrastructure operators like the power grid, aviation industries, satellite communities, space launch communication folks, emergency management officials. All of these kinds of things are

what we do from the Space Weather Prediction Center. So most of society can sit back and hope to see and enjoy a Northern Lights show while everybody else does all the work to keep our systems running.

Speaker 3

Okay, my last question, Sean, is a little off via some of my questions are as you've probably figured out by now.

Speaker 2

But I broadcast remotely, so we're all into electronics. Okay, we have a broadcast tower. I don't know how well you know New England, but we have a broadcast tower down in Hull, Massachusetts, which is right out over the water. Fifty thousand am booming signal across the entry we heard in about thirty eight states at night. I have a little device what looks like the size of a transistor radio but it's what's called the com rex, and and my producer is about, I don't know, maybe one hundred

miles from me back at Broadcast Central. So we're all electronics. Can this stuff affect our broadcasts? Because every once in a while we get a little glitch or something like that, we think it's a gremlin.

Speaker 3

How much how much havoc?

Speaker 2

Can can I know, we can talk about electromagnetic fields. I've had experts on about that, but just in terms of the day to day stuff that we all use. My day to day stuff is a little more complicated because it's you know, broadcasting radio show, you know, halfway across America.

Speaker 3

But people who are.

Speaker 2

Watching television at night, it's all electronics at this point. Can can our electronics be impacted adversely as well?

Speaker 6

Not really, Dan, Our personal electronics are pretty much free from most of these types of direct impacts. It's really about the high voltage transmission lines and certain communication frequency bands that can be impacted by these types of storms in their different varieties. That's not to say that some communication means like you're talking about with your broadcast, how

er can't be impacted in some way. I just don't know all the frequency bands they're using, but most certainly some of these bands, satellite communication wavelengths, line of site wavelengths, and high frequency systems, they can all be impacted by these types of storms.

Speaker 2

Well, Sean, I wish I had about one one thousands of the information and knowledge in my head about this subject that you have. It's something that I wish i'd learned more about in school. Your enthusiasm and your passion is obvious. You've been a great guest. Thank you so much. Maybe we'll bring you back some night. In this hour, we just do four brief interviews, and then from nine to midnight we do an hour on a subject and

we ansertain questions from listening. If you'd be interested, I'd love to have you back because I love your passion.

Speaker 6

Yeah, of course, Dan, happy to do so. It's nice getting out and educating and helping people understand more about this really important topic of space weather. Thanks for having us and I'm glad to come back anytime.

Speaker 2

Well, my producer will be in touch. My people will call your people. Sean Dahle, space weather expert with the National Weather Service. Fascinating stuff. Sean, thank you so much. When we get back, we're going to talk about something

a little closer to home back here in Massachusetts. This is Fire Prevention Week in Massachusett, and we're going to be talking with the State Fire Marshall about some of the things you can do that can maybe prevent you from having a fire at your home, because that is a disaster when you think about it. Anyone's ever experienced anything like that? You know of what I speak. Be back with State Fire Marshall John Devine. Right after this.

Speaker 6

You're on Night Side with Dan Ray on w z Boston's news radio.

Speaker 2

All right, well, this is an interesting time of year. Uh, Summer's over, as I think all of us know, Uh, it's getting a little a little cooler.

Speaker 3

It hasn't gotten really.

Speaker 2

Cold yet, but as a result, this is the week that's called fire Prevention Week in Massachusetts. And I want everyone to listen on because I don't want to lose any of you in a fire, and I don't want any of you to lose family members, possessions, or your home in a fire.

Speaker 3

This year's theme is.

Speaker 2

Smoke alarms, Make them work for you with me and stay fire marshaled, John Devine. Uh, is that the correct pronunciation? John Devin? Oh, Davin? Okay, that's easy. Okay, that's the way I would have pronounced that. I got a fanatic outp here, which they don't understand. John Davin. Hey, that's pretty simple. Come on, I'm an irishman. Do I know how to pronounce Davin? So, so tell us what's going on.

Everybody needs to have smoke and carbon monoxide alarms and you need to check them, check the batteries and all of that. But just explain to us. I'm sure. Well, I know that you investigate a lot of fires, and when I was a TV reporter a long time ago, I went to more than my share of fires, and in many cases they're preventable.

Speaker 3

Tell us how.

Speaker 5

Well. So thanks, first of all, thank you for having me tonight. I really appreciate it. And again, like you said, this is Fire Prevention Week, and it's actually the longest running public health and public safety observance in the United States history. So I appreciate you allow me to speak tonight about the importance of smoke and carbon dioxide alarms.

And we really have three core messages this week that we're trying to get out to the folks, and the first one is be sure you have working smoke alarms at every level of your home. They're especially important when we're sleeping, so you know it's best to have them in each bedroom and in the hallway outside of each bedroom if possible. Second, we want you to test them every month, and we do a little thing at the Department of Fires Services on our social media and start

a little trend called smoke Alarm Saturday. But we test our smoke and carbon dioxide alarms on the first Saturday a month. But you know, obviously you can do it whenever it works for you or your family. And then third, you need to replace the batteries twice a year when we change the clock. So we're changing the clock's here coming up soon, so I expect everybody to change their batteries out. And you know when you do check them,

check the date on your smoke alarm. They're only good for ten years, just like any other appliance in your home. They don't last forever, so check the manufacturing date it's printed on the back of the alarm, and if it's older than ten years, you need to replace it. We had I think we had thirty one fires or twenty

seven thousand fires last year in the counterwelth. I mean that includes our structured fires, vehicles, outdoor fires, everything, but about half of those fires took place in people's homes and that's where almost all the fire deaths and injuries took place. So we've had twenty seven fire decks this year already. That included two children and fourteen older adults. We're down from last year. Last year total was forty five deaths, with two kids and twenty six older adults.

And honestly, the leading cause of fires overall is cooking, and the leading cause of our fatal fires is smoking, So you know, it's really important that.

Speaker 3

The traditional smoking in bed.

Speaker 2

I guess, are there any statistics that anyone has as to what percentage of homes. I assume every business has smoke alarms and carpa monoxide alarms because they can be they can be inspected a lot easier.

Speaker 3

Any any idea as to what percentage of.

Speaker 2

Homes have the necessary alarms, and that doesn't even question how many of them have alarms, but they don't have batteries and them other batteries have run out. How many how many homes do you do you think it's anywhere close to one hundred percent.

Speaker 5

Well, we had thirty one people died in fires and home last year in Massachusetts and it was almost I believe it was almost half of them that it didn't have working smoke arms. You know, some some folks had you know, the batteries went dead, they never replaced them, or you know, the battery goes dead in the middle of the night, so they pulled the detector down and put it on the counter and said, oh, you know, I'll run out Saturday and get a battery and never

replace it. And then some of them had no alarms at all. So you know, I don't have a number of how many people don't have them, but it's it's sad that, you know, most of these fatal fighters that we go to, you know, these folks would have had a pretty good chance to get out of that home if they had working smoke alarms.

Speaker 2

Well it is I mean, many people have never seen a home burned down I mean, you see it on television. Everyone can see it on television. There's a big fire going on somewhere. But to actually physically watch a home burned down, and as I you know, did too many times as the television television reporter back in the day, you just realize that even if everyone escapes, which you hope they do, the memories and the possessions and the

pictures and all of that can never be replaced. So for not only for your own good and for the safety of your family, but just for your you know, your heritage which you hope to pass on to your children and grandchildren. It's a really inexpensive investment.

Speaker 5

No, it really is. And you're right, you know, home fires are tragic in many ways. But you know what we tell folks too is listen, we would rather have you safe and sound outside, you know, let the firefighters come in and do their work. And you know, some of your possessions, you know, obviously not your photos and all your family artifacts can't be replaced. But your home can be replaced, your furnishings can be replaced, but you're not going to replace a family member.

Speaker 2

Yeah, well, I totally agree, and I don't mean to minimize the loss of life. But as I say, even if you're lucky enough to escape a fire.

Speaker 5

And that's a good point because that smoke alarm gives you that early warning, so you know you can get up if it's the middle of the night, you can make that call the nine to one one and obviously you know, the quicker you get to nine to one one and get your fire department on the way, the

better chance there is of you saving your home. Yeah, but if you don't have detectors, you know, it's it's very difficult, difficult fires get a good head start, and you know, the wave homes are built now and the furnishings, everything burns much faster, much hotter. They're more difficult to put out. So once that fire gets going, it's very difficult to stop it. So you know, early warning is key.

Speaker 2

And the other thing that I always like to talk about are space heaters because so many fires either are caused by space heaters or the space heaters are placed and get very hot in a place curtains or something like that. I mean, so many fires that I covered it would be the cause with.

Speaker 5

Space heaters, so now absolutely.

Speaker 2

So unnecessary just talk about space heaters for a second, because some people do want space heaters. You know, they're going to try to keep the price of fuel at this point is going up. Winter time's coming on. The bills can be prohibitive, and I can't understand why people want a space heater. To be so careful with a space heater. It's like having an open fire, I think in your house.

Speaker 5

You're right, it really is. That's a great analogy. And what we tell folks and what we push out for our message is thirty six inches in a circle around that space heater. So you don't want anything near that space heater within thirty six inches three feet. Give yourself a good three feet circle around that space heater. And if you're going to purchase a space heater, make sure that when you look at it, it's been tested by an independent lad like UL or Intertech slash ETL. You know,

those are the good ones to purchase. We don't. You never want to plug space heaters into extension cord through power strips. You want to plug them directly into a wall outlet if possible. But the biggest thing is, as you said, is just keeping combustibles and stuff away from that space heater so good. Three feet that's what we tell everybody. Keep the three circle around it and you'll be good.

Speaker 2

Yeah. Even taking if you're reading a newspaper and you fall asleep in the newspaper, you know, slips off your lap onto the floor, and it's next to the space heater, that can be huge problem as well.

Speaker 5

Those things get very hot.

Speaker 2

Let me tell you. Look, I so appreciate the estate. Fire Marshal John Davin coming in tonight place. Say ahead to my friend Jake Wark who time Tell them I said hello, and it's high wall Prevention Week. Is there a website people can go to? You know, a lot of information you throw out here and maybe some of it people miss because I asked them. I didn't ask every question perfectly. There is a website you want to direct folks to fire marshals.

Speaker 5

Sure, they can go to our Department of Fire Service web page. We also have our Department Services YouTube channel, our Facebook page and our Twitter account.

Speaker 2

So it's just Department of Fire Services. Don't have to indicate Massachusetts or anything like that. Just Department of Fireservices dot.

Speaker 5

Com, MASSDFS dot com.

Speaker 2

Okay, so mass m a s s DFS dot com for Department of Fire Services. That's great, Thank you so much, appreciate it very much.

Speaker 3

Thanks very much for Frank, Thank you very much.

Speaker 5

I appreciate you having me on tonight.

Speaker 3

Absolutely. Well we get back.

Speaker 2

We're going to talk about a scandal which I think many of you remember, but maybe you haven't thought about for a while, and that is the f t X scandal, the bitcoin scandal. Remember the dude Sam Bankman Free, Well he's in the slammer for the next twenty five years unless he has a successful appeal. And now FTX has been clear to repay billions in assets to customers after a bankruptcy plan has been approved. What a mess. We're going to talk with I'm O'Brien, CEO of Bitcoin well

as to how this settlement might affect your bitcoin. Back on night Side right after the break.

Speaker 6

Now back to Dan ray Line from the Window World.

Speaker 1

Night Side Studios on w b Z News Radio.

Speaker 2

Well, I think many of us remember the name sank Sam bankrupt bank drankruptcy, fraud or what Sam Bankman Freed was his real name?

Speaker 3

Actually young kid.

Speaker 2

Who made billions and is now in the slammer for twenty five years. The company was f FTX, and we're joined by Adam O'Brien, who's the CEO of Bitcoin.

Speaker 3

Well, Adam, thanks for joining us.

Speaker 6

How are you, hey, Dan?

Speaker 1

I'm great man. How are you doing.

Speaker 2

I'll bet you're glad you had nothing to do with this guy, Sam Bankman Freed.

Speaker 1

WHOA, I'm quite I am quite happy that I keep my bitcoin safely tucked away in my own personal wallet.

Speaker 6

Absolutely all right.

Speaker 2

So the FTX now has been cleared to repay billions in assets to customers after a bankruptcy plan approval.

Speaker 3

What was left? I mean, how much did this guy lose?

Speaker 2

You know, desk badly? I mean he was I don't know if this was a pyramid scheme. All I remember was this guy had this weird look about him, and I thought to myself, I wouldn't give I would loan that guy five bucks.

Speaker 3

And I'm not the smartest financial guy in.

Speaker 1

The world, but yeah, man, this is a This is a good old fashioned scam through and through. I think that it's such an interesting bankruptcy proceeding here because they're actually paying out more than what people supposedly lost. However, because they're paying it out in US dollars and not in bitcoin or the crypto assets that was hold at the time of bankruptcy. Most investors are going to be worse off, even though they're paying something like one hundred

and twelve percent of the account balance. So it's so interesting where the only reason they have money. Basically, the structure here was Sam Bankman. Freed was taking the users deposits and effectively gambling them as a philanthropist and a venture capitalist, and he had one AI investment that absolutely blew up and took off, and that is almost single handedly what is funding the entirety of this bankruptcy payout.

Speaker 3

Okay, so now I'm confused.

Speaker 2

He makes a horrible investment, but at some point in time the investment started to appreciate in value.

Speaker 1

Well, he didn't make one investment. Basically, what was happening is users were depositing their money into SDX as an exchange, and he was taking the user deposits and sending them to politicians and investing in early stage startups. He made hundreds of different investments and he had and they were most of them, ninety nine percent of them were terrible investments.

But one of them happened to pay off. And he's very, very lucky that it did because it actually well I'm not sure if he's lucky, but the ye, he's not lucky gave So.

Speaker 2

What you're saying, So, what you're saying is the one investment that paid off paid off big time?

Speaker 6

Uh yes, exactly when when.

Speaker 2

Did when did that investment? Did that investment he was He was convicted, I believe last March. So has the has the investment increased dramatically?

Speaker 3

This one.

Speaker 2

Good investment hasn't increased dramatically since he was he was indicted in all of that, and that then all of a sudden, Now ironically, these investors who were built, most of them are going to get their money back.

Speaker 1

So it's it's it's very interesting because they are going to get their dollars back. But however, most of them were holding bitcoin. And so imagine a world where you're holding one bitcoin in your FTX account. The court is taking the dollar equivalent in bitcoin to mark your account value. So in November one bitcoin was worth I forget exactly the number, but it was book twenty eight thousand US dollars, and so the court is going to give you back.

Speaker 5

That's exactly right.

Speaker 1

So the court's going to give you back, let's say twenty nine thousand dollars, but you're like, hang on a second, if I had just had my bitcoin, I would now have sixty thousand dollars worth of bitcoin in my possession. So even though they're getting more dollars back, ultimately the FTX investors are still, you know, going to be down fifty percent if they were holding bitcoin in their account

or other crypto assets that are volatile. And I think this goes to show kind of just how dangerous holding crypto assets or bitcoin anywhere other than in your personal wallet is is going to expose you to weird random things like some kid, you know, gambling your money away and then it paying off, but then it not paying off that great.

Speaker 2

I wonder if this if this kid's going to win an appeal, or if he's going to actually spend twenty five years.

Speaker 3

In stir.

Speaker 6

Yeah, I was wondering that my does.

Speaker 3

In or in the slammer, Okay, in.

Speaker 1

The slammer, I uh yeah, US Canadian boys call it just just the bars, but I hear.

Speaker 5

What you're saying.

Speaker 1

I think that he probably does spend a significant amount of time in jail because regardless of the outcome, here, fraud is fraud, and he has admitted to substantial amounts of fraud. This is like Bernie made Off level fraud. And I think he deserves to be behind bars for a very long time, you know, and he'll come.

Speaker 2

Out and improved man, and whatever. You know, how how that starts. We have, y I wish I had more time, Adam. You're sounding a great guy, and thank you very much. Your company is called bitcoin Well, and you're on the level. Yes, people want to get to your company, they can go to bitcoin well correct.

Speaker 1

Yeah, bitcoinwell dot com. And if you're in Boston area, checkout mass Adoption. It's the oldest and biggest bitcoin meetup group. And you'll be talking about this stuff for weeks, I'm sure.

Speaker 3

Okay.

Speaker 2

And again, as we say in Latin, when we talk about anything like this, caveat emptor buyer beware.

Speaker 6

Thanks Adam, Thanks so much.

Speaker 2

Jan all right, we get back right after the nine o'clock news. We're going to talk about Massachusetts valid question two. That's the mcast question. We'll talk with Matt Hills, vice chair of the Massachusetts Board of Elementary and Secondary Education back on night side.

Speaker 3

After this

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