Hidden Forces

In this week's episode of Hidden Forces, Demetri Kofinas conducts an impromptu monologue after a last-minute rescheduling of his interview with a prominent, former US senator, governor, and member of the 9-11 commission. He reflects on some of the subjects he intended to cover with his guest, including the role of the Saudi government in the 9-11 attacks. He also spends a good amount of time exploring the spirit of the last 4 decades in America, as he considers what future generations will say about the new millennium. This is an unusual episode, in so far audiences get a look at Demetri's "headspace" before an interview, and how preparing for it causes him to reflect on subjects that concern all of us. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 67 of Hidden Forces, Demetri Kofinas speaks with Bill Janeway about capitalism in the innovation economy. Janeway is a senior advisor and managing director of Warburg Pincus, where he was responsible for building the investment firm's information technology investment practice. Bill is also a co-founder and member of the board of governors of the Institute for New Economic Thinking. In 1948, the same year in which Claude Shannon's revolutionary paper on information theory was first published in the Bell Labs Technical Journal, economist Paul Samuelson released what would become, the best-selling economics textbook of all time. Though no one can measure the creative impact of Shannon's ideas in shaping the next 70 years of innovation and progress in the information sciences, Samuelson's work is perhaps equally noteworthy for the destructive impact it had on three generations of capitalists, policy makers, and academics. The legacy of the neoclassical synthesis is one of economic theories built on models that borrowed recklessly from the physical sciences, canonized in the works of Samuelson's Economics. The failure of neoclassical economics with its dynamic stochastic equilibria and Gaussian-based models like VaR and MPT - peddling false promises of mean regression - have forced academia to rethink the entire edifice upon which our understanding of markets and the economy have been built. A new sort of political economy, driven by the disruptive forces of globalization, financialization, and the information revolution, have made ideological approaches to economic thinking obsolete. In this climate, what Bill Janeway calls "the mission-driven state," has been rendered illegitimate as an economic actor, disrupting the process of capitalism itself, as well as the credit cycle from which paradigm-shifting innovations are born. Still, ideas matter. The failure of modern macroeconomic models, to account for the Global Financial Crisis was a precondition for the type of creative destruction that we have seen applied to problems of markets and the economy in recent years. Developing a new framework for understanding the role of government, the power of markets, and the forces driving both is crucial if we hope to survive the changes of the 21st century. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 66 of Hidden Forces, Demetri Kofinas speaks with serial technology entrepreneur and host of the Internet History Podcast, as well as the Techmeme Ride Home, Brian McCullough. Brian is also the author of HOW THE INTERNET HAPPENED, published by Liveright, a subsidiary of W.W. Norton. In 2014 he was the co-founder of a startup human named Penelope, and in 2016 he launched Maxwell into beta. In March of 1989, CERN scientist Tim Berners-Lee wrote a proposal to develop a distributed information system for the laboratory. "Vague, but exciting," was the comment that his supervisor, Mike Sendall, wrote on the cover, and with those words, gave the green light to what would become the information revolution. Before the end of 1990, Berners-Lee would define the Web's basic concepts: the URL, http, and html, writing the first browser and server software. For the next two years the web would remain largely inaccessible to all but the most niche academics and hypertext enthusiasts. "…there was a definite element of not wanting to make it easier, of actually wanting to keep the riff raff out," recalled Marc Andreessen, founder of Netscape. His own big idea in the winter of 1992 was the let the riff-raff in. That opening came in the form of the Mosaic browser, which brought with it two key implementations: the support for images, and, more importantly, compatibility with Microsoft Windows, which at the time accounted for more than 80 percent of the world's operating systems. Shortly after Mosaic launched in January of 1993, the number of websites in existence could be measured in the hundreds. By the end of 1994, that number had surpassed tens of thousands, and Mosaic was adding as many as 600,000 new users every month. Berners-Lee may have been responsible for creating the web, but it was Marc Andreessen and his team of misfits and geeks at The University of Illinois at Urbana-Champaign, surrounded by empty pizza boxes and soda cans, that took the web mainstream.= Andreessen and his team eventually left Mosaic behind to found Netscape, taking it public in August of 1995, kicking off a 5 year mania of creative energy and enthusiasm that would see the creation of the first search engines, e-commerce platforms, and weblogs. More than seventeen million new websites were created before the end of the 20th century. In five short years, the Internet craze kicked off by the commercialization of the browser culminated in the bursting of the most spectacular stock market bubble seen since 1929. That story – one predicated on a revolutionary technology and enabled by the dreams, ambitions, and avarice of a generation unrestrained by the prudence of their parents and untouched by the failures of the past – is a history that, until this day, has remained largely untold. This week, on Hidden Forces, Brian McCullough joins us for a conversation on, search engines, e-commerce, web portals, social networks, and the history of the information revolution. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 65 of Hidden Forces, Demetri Kofinas speaks with China expert Dinny McMahon, who spent ten years as a financial journalist in China, including six years in Beijing at The Wall Street Journal and four years with Dow Jones Newswires in Shanghai. Demetri and Dinny discuss how Chinese malinvestment, massive debt burdens, and a population that is aging faster than anywhere else in the world has created the conditions for the worst economic and political crisis in modern history. It has often been argued that the Chinese economic model may offer the best prototype for how humans should organize politically, in the 21st century. For Westerners, it's difficult to appreciate the scope of China's development, and this is because of the way in which the country allocates capital and generates credit. Unlike western economies, which are built around liberal, democratic norms of free-market capitalism, China's economy operates more like a one-billion person, multinational conglomerate. This model has allowed the Chinese economy to grow rapidly; it has done this by leveraging massive amounts of capital that it reinvests into real estate projects and spare industrial capacity, with the expectation of ever-increasing economic growth. This leverage can be witnessed, most clearly, in the rapid growth of the country's private and public debt. Bank liabilities in China have grown at an astonishing rate over the last twenty-five years. From 2009 to 2011 alone, assets in China's banking system have expanded by 77 percent - a total of 7.6 trillion dollars over just a three-year period. The impact of China's loan growth can be seen in the sky rocking prices of Chinese real estate, the overcapacity of Chinese factories, and the pollution of China's once pristine environment. Cognizant of these excesses, Chinese officials have been trying to reform the country, by reigning in investment and stemming corruption. But even the best efforts of Chinese authorities cannot fix the country's broken demographics. China's population is aging faster than anywhere else in the world. In 2015, the country had seven and a half working-age adults to support every senior citizen. In fifteen years, that ratio will drop to 4:1 and by 2050, there will be only two adults to support every man and woman in retirement. It is the fear of Chinese officials that the country will grow old before it grows rich, falling victim to the so-called middle-income trap, mired in debt and saddled with decades of malinvestment, air pollution, idle factories, and broken promises. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 64 of Hidden Forces, Demetri Kofinas speaks with mathematician and public educator, Hannah Fry. Dr. Fry's mathematical expertise has led to the development of several documentaries on the BBC, where she also hosts her own, long-running Radio 4 program: The Curious Cases of Rutherford and Fry. Already a two-time author, Hannah is out with her third and latest book, Hello World: Being Human in the Age of Algorithms. Since the turn of the twentieth century, algorithms have assumed the power previously associated with pontiffs or the divine right of kings. In an instance of late 20th century lore, the great Chess Champion Garry Kasparov, reflecting upon his historic loss to IBM's Deep Blue described the algorithm that defeated him in less than twenty moves, as having 'suddenly played like a God for one moment'. Kasparov's experience – that of having been unnerved by the intelligence and obstinate posture of an otherwise lifeless machine – has not remained confined to the narrow dimensions of his chess board. In the 20 years since his loss, increasingly intelligent algorithms seem to be overtaking our world and making humanity obsolete in the process. But in the age of the algorithm, there are those like Hannah Fry, who believe that our place has never been more important. She believes that we should stop seeing machines as objective masters. Instead, we need to start treating algorithms as we would any other source of power; questioning their decisions, scrutinizing their motives, and holding them accountable for their mistakes. As computer algorithms increasingly control and decide our future, 'Hello World' is a reminder of a moment of dialogue between human and machine. Of an instant where the boundary between controller and controlled is virtually imperceptible. It marks the start of a partnership – a shared journey of possibilities, where one cannot exist without the other. In the age of the algorithm, that's a sentiment worth bearing in mind. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 63 of Hidden Forces, Demetri Kofinas speaks with legendary value investor Howard Marks. Howard serves as the co-chairman and co-founder of Oaktree Capital Management, a leading investment management firm responsible for over 120 billion dollars in client assets. This week's conversation centers on the market cycle, its origins and impact. Howard shares his philosophy on risk management, asset bubbles, contrarianism, and what he calls second-level thinking – an approach thinking about value that puts price front and center. The two also explore how markets and the economy have changed over the last fifty years and how the drivers of a secular bull-market in finance may already have come to an end. They explore how a new-normal economy, characterized by low-returns on capital is unleashing political and social forces that have yet to be fully appreciated, let-alone priced into financial assets. Howard Marks shares his views on what it means to be a contrarian investor, how he thinks about risk management, and what his philosophy is around value investing. He also reflects on what his fifty years in finance have taught him about human psychology, herd behavior, and what he calls "bubble-thinking." Finally, Demetri asks Howard what he sees as the greatest challenge facing the next generation of value investors. He reflects on the rotation of money out of active and into passive investment vehicles, theories of secular stagnation, and shares his opinion on what skills he believes investors will need in order to survive and thrive in the next market downturn. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 62 of Hidden Forces, Demetri Kofinas speaks with Lawrence Fossi, known by his pen name as Montana Skeptic. Lawrence is the portfolio manager for a family office with over one billion dollars under management. A graduate of Yale Law School, he has 30 years of experience as a commercial trial attorney. Fossi started writing about Tesla three years ago under the pseudonym Montana Skeptic. He quickly developed a reputation as one of Tesla's most thoughtful critics until earlier this year, when he was "doxed" and his identity discovered. Elon Musk used this information to phone his boss, threatening a lawsuit unless Montana was silenced. This is the first time that Lawrence Fossi has appeared on camera for an interview on this subject or any other. It was announced yesterday afternoon that the Securities and Exchange Commission has charged Elon Musk, CEO and Chairman of Silicon Valley-based Tesla Inc., with securities fraud for a series of false and misleading tweets about a potential transaction that would have taken Tesla private. The SEC's complaint alleges that "in truth, Musk had not discussed specific deal terms with any potential financing partners, and he allegedly knew that the potential transaction was uncertain and subject to numerous contingencies." Steven Peikin, Co-Director of the SEC's Enforcement Division, was quoted as saying: "Corporate officers hold positions of trust in our markets and have important responsibilities to shareholders. An officer's celebrity status or reputation as a technological innovator does not give license to take those responsibilities lightly." It has been reported that Elon Musk turned down a settlement offer by the SEC that would have included a 2-year ban on serving as Tesla chairman, a fine for both Musk and Tesla, and a requirement that Tesla adds two new independent directors. Musk would not have been required to admit wrongdoing, and he could have remained CEO. In a statement to CNBC, Musk said, "This unjustified action by the SEC leaves me deeply saddened and disappointed. I have always taken action in the best interests of truth, transparency, and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way." A statement issued late Thursday from Tesla and its Board states that "Tesla and the board of directors are fully confident in Elon, his integrity, and his leadership of the company, which has resulted in the most successful U.S. auto company in over a century. Our focus remains on the continued ramp of Model 3 production and delivering for our customers, shareholders, and employees." In their conversation, Lawrence Fossi and Demetri Kofinas explore the insanity that has become the Tesla story. According to Lawrence, Tesla cannot be understood as a business enterprise it must be understood as the new religion of our day. Elon Musk is the minister of this great church and his congregation is deeply faithful. Unless you acknowledge that there is a religious aspect to this where we are saving the earth and we are engaged in a Manichean struggle with these evil fossil fuel companies you are going to have a hard time understanding Tesla. Difficult as it may be to understand Elon Musk and the religious cult that has become Tesla, we must try anyway. There are many lessons to be learned from how millions of people were so easily led to believe that missions to Mars, hyperloops, and electric semis could be commanded into existence by nothing less than the fantastical pronouncements of a modern day carnival barker. As always, this episode of Hidden Forces is for informational purposes only and should not be relied upon as the basis for financial decisions. All views expressed by Demetri Kofinas and podcast guests are solely their own opinions and should not be construed as financial advice. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 61 of Hidden Forces, Demetri Kofinas speaks with equity research analyst Gordon Johnson, about a possible bankruptcy of Tesla amid the recently announced SEC fraud charges levied against its CEO Elon Musk. The two also discuss the ongoing criminal probe of its CEO Elon Musk, by the Department of Justice, and the impact that it may have on the company's stock price. Gordon Johnson has been called the biggest bear on Tesla by Bloomberg and CNBC and has the lowest price target on the street for the electric car manufacturer. He's also been recognized for his accurate stock picks in numerous publications including Bloomberg, Barron's, Forbes, The Wall Street Journal, Reuters, The Financial Times, and TheStreet.com. Tesla and Elon Musk were the subject of back-to-back episodes we did with Charley Grant and Mark Spiegel in the first two weeks of April 2018. At that time, we knew that the company had ended 2017 with $3.4 billion in cash and equivalents while having raised an additional $550 million from bonds backed by lease payments in February of this year. Tesla was also losing $28,000 on each car sold with long-term debt and battery purchase obligations standing at $31.4 billion and run-rate interest expense of nearly $600 million per year with a debt-to-equity ratio of 243% as of December 30th, 2017. Tesla has since released its second-quarter results, posting losses of $17,600 per car delivered. These numbers are expected to improve in the third quarter due to much higher sales volumes of the Model 3 along with sales of ZEV credits that the company stored but did not use in Q2. The run-rate interest expenses for Tesla stand at $654 million-per-year. The company has reported $2.236 billion in cash of which $942 million is in the form of customer deposits. In our conversation with Gordon Johnson, we begin with a discussion of the ongoing drama at Tesla, including a recent timeline of the most critical events surrounding the company: On August 1st, Tesla reports the largest quarterly loss in its history showing a GAAP loss of $717 million and free cash flow of negative $812 million. But shares rise on Musk's claims of positive cash flow and profit in the second half of 2018, and signs of more consistent Model 3 production. In this Q2 release, Tesla claimed that it would be GAAP profitable in Q3 & Q4 baring a "force majeure." I've asked Mark Spiegel for his take on this and his response is: "I've run numbers every which way I can and the best I can come up with for Q3 is a GAAP loss of around $100 million." On August 7th, Elon Musk tweets that he is "considering taking Tesla private at $420 a share," and then follows up by saying "funding secured." On August 12th, Azealia Banks shares an Instagram story about how her experience at Elon Musk's house resembled the movie "Get Out," suggesting that Elon was possibly on drugs during the August 7 tweetstorm. On August 13th, Elon Musk follows up on his "funding secured" comments with a press release that attempts to provide context for the August 7 tweet. On August 15th, Charlie Gasparino reports that the SEC has started a probe into violations made by Elon Musk. On August 15th, ex-Tesla employee and whistleblower Martin Tripp tweets photos that he alleges came from inside the company showing battery scrap, trailers containing battery waste, and documentation of punctured battery parts in Model 3 vehicles. Tesla denies that any punctured battery parts made it into vehicles. On August 16th, a Tesla ex-security employee files a whistleblower complaint with the SEC, accusing the electric vehicle maker of spying on employees, hiding significant theft of raw materials, and alleging drug dealing at the company. On August 16th, Elon conducts a tearful interview with the New York Times. On August 20th, (or thereabouts) reports emerged that Lucid Motors (a silicon valley electric car startup) is in talks with Saudi Arabia's sovereign wealth fund for a reported $1 billion in funding. On August 24th, Elon Musk released a public statement about his decision to keep Tesla public. On September 6th, Elon Musk does "the Joe Rogan Experience," smoking marijuana during the show. On September 7th, Tesla's chief accounting officer Dave Morton resigns after a month on the job. In a statement from Tesla's recent 8K filing, Morton says he left Tesla because of "the level of public attention placed on the company." Dave replaced the previous CAO, who left in March, on apparently no notice. On September 7th, Tesla's Chief People Officer Gaby Toledano announces she is leaving the company after announcing a leave of absence in August. She was at the company for only a year, beginning in May of 2017. On September 8th, it is reported that Justin McAnear, vice president of worldwide finance and operation, is parting ways with Tesla. McAnear has confirmed that his last day at Tesla will be Oct. 7 according to a statement obtained by CNBC. On September 17th, British diver and cave explorer

In Episode 60 of Hidden Forces, Demetri Kofinas speaks with Bruce Schneier, about cyberattacks, cyberwar, and survival in a hyperconnected world. Cyberattacks constitute one of the most urgent threats facing collective humanity according to Bruce Schneier. History has proven him right. In the summer of 2017, a weapon of cyberwar was dropped onto a world without borders, where the heavy artillery and nuclear warheads that defined the battlelines of the 20th century have been rendered useless. The attack, known as NotPetya, is estimated to have cost its victims ten billion dollars in damages. This is a fraction of the six-hundred billion dollars that the Center for Strategic and International Studies estimates to be the annual cost of cybercrime, constituting nearly 1% of global GDP. Cyberattacks cost the world a fortune, but these costs are remain manageable. Still, they they pass largely unnoticed. The public, lacking context, remains blind to the gathering threat, unable to appreciate the gravity of a cyber 9/11. Until now, cybercrime and cyberterrorism on the Internet has been measured in terms of dollars and cents. Soon, we will be measuring the cost of these cyberattacks in terms of flesh and blood. The 20th century has seen its share of industrial innovation and forward progress, but for the most part, these changes have been discrete. Things have gotten bigger, faster, and cheaper. Still, no one ever expected a train to become a toaster or a pacemaker to magically transform itself into an aisle of books. The composition of an object – its component parts – did not exist independently of its use case. A key used to open a locker couldn't be repurposed to start a car, nor could a refrigerator open the door to a power plant or to the halls of congress. In today's world, where everything is a computer, everything is vulnerable. When those things are connected to the Internet, everyone is exposed. Cyberattacks are inevitable, but that doesn't mean that we are defenseless. This week, on Hidden Forces, Bruce Schneier describes the dangers posed by cyberattacks and how we can learn to survive in spite of them. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 59 of Hidden Forces, Demetri Kofinas speaks with Grant Williams about the crisis brewing in emerging markets, the collapse in cryptocurrencies, and the palace intrigues of Elon Musk. All of these phenomena exhibit the common feature of "quantum weirdness at the zero-bound," where the laws of classical economics break down, space-time preferences collapse, and quantum entanglements lead to spooky correlations that threaten the very fabric upon which markets are made and prices discovered. Grant Williams is perhaps known best for industry leading, long-form conversations with some of the most brilliant fund managers, short sellers, and financiers from around the world. He is also the founder and editor of the popular financial newsletter, "Things that Make you go Hmmm," as well as a co-founder of Real Vision. Grant began his career working in the City of London in 1985, joining the trading desk of John Galvanoni at Fleming & Company. Not long after, Grant moved to Tokyo, where he was busy trading the Nikkei from 1986 until its epic collapse in 1989. A financial journeyman, Grant has never ceased to travel, moving from one city to the next for the last thirty-five years. In 2013, Grant Williams and Raoul Pal came together to set the seeds for Realvision, a subscription media company that aims to become the Netflix of financial media. This is an episode full of laughter, history, and creative wisdom. It's a conversation you will not want to miss. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 58 of Hidden Forces, Demetri Kofinas speaks with Jonathan Haidt about how trigger warnings, safe spaces, and microaggressions are setting up the iGeneration for failure on America's college campuses. In the Fall of 2013, the President of the Foundation for Individual Rights in Education, Greg Lukianoff, noticed that something odd was happening on America's college campuses. Words were increasingly being seen as dangerous. A series of strange reports began to emerge of undergraduates asking for threatening material to be removed from the college curriculum. By the Spring of 2014, The New York Times began reporting on this trend, including demands that school administrators disinvite speakers whose ideas students found offensive. But what was most concerning, beyond the sensitivity and the heckling, were the justifications being put forward by these undergraduates. They were claiming that certain kinds of speech interfered with their ability to function, jeopardizing their mental health and making them "feel unsafe." In one case, students at Columbia University argued that professors teaching core curriculum classes, which included the works of Ovid, Homer, Dante, Augustine, Montaigne, and Virginia Woolf, should issue "trigger warnings" when reading or assigning passages that might be interpreted as threatening. All of this prompted the publication of an article by Greg Lukianoff and Jonathan Haidt that made the cover of the Atlantic Magazine in the summer of 2015. The article was titled "The Coddling of the American Mind." In it, the two chronicled what they believed was happening on college campuses, including the emergence of what are termed, "trigger warnings," "microaggressions," and "safe spaces." Little did Greg Lukianoff or Jonathan Haidt know that in the two years following the article's publication, all hell would break loose at America's universities. In the fall of that year protests over issues of racial injustice erupted on dozens of campuses around the country. Amid these protests arose, however, a series of bizarre incidents leading to the resignations of several highly regarded professors and deans at some of the country's most progressive universities. This included the physical assault of a professor at Middlebury College by the name of Allison Stanger, who was required to undergo six months of physical therapy and rehabilitation. Perhaps the most bizarre case, however, is that of Evergreen State College in Washington State. In the spring of 2017, the college announced a "Day of Absence" where white students and faculty were expected to stay away from the school. In a letter of protest, biology professor Bret Weinstein refused to leave the college campus, leading to a series of frightening incidents of unrest where campus police became concerned for Weinstein's physical safety, eventually leading to his resignation in September of last year. This week, on Hidden Forces, Jonathan Haidt joins us for a conversation on trigger warnings, safe spaces, and how good intentions and bad ideas are setting up the iGeneration for failure. Jonathan and Greggory Lukianoff's latest book, The Coddling of the American Mind, is now available in bookstores nationwide. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 57 of Hidden Forces, Demetri Kofinas speaks with Joseph Lubin about the progress being made at Consensys and precisely how Joe believes that Ethereum will overcome the scalability challenges that have plagued its network since the earliest days of its founding. For the last few years, many blockchain enthusiasts have been eagerly anticipating the release of what many have referred to as "the Netflix moment." In other words, blockchain enthusiasts expect to see a killer application running atop Ethereum, or some other distributed ledger, that will be adopted by the mass consumer. One of the criticisms of this view is that comparisons between the mid-to-late 1990's and the current era in blockchain technology are overblown. It took twenty years of Internet protocol development and tweaking before Tim Berners-Lee gave us the World Wide Web in 1989. It wasn't until 1998 that Netflix released its online, DVD rental store. When asked about the comparison between 90's Internet and today's blockchain technology, Joseph Lubin makes the point that there isn't going to be one moment when the scalability problems are "solved." According to Joe, the process of scaling a complex, permissionless database is "always ongoing." To his point, ConsenSys alone employs close to 40 engineers who are working just on the Ethereum base layer protocols, clients, and enterprise scaling solutions. The company is closely aligned with a variety of efforts currently being undertaken to scale the ethereum network, including sharding, proof-of-stake, Casper CBC, Casper FFG, and a number of layer two solutions including state channels and plasma. Demetri has already devoted an entire episode to exploring some of these layer one solutions in great detail with Vitalik Buterin and Vlad Zamfir. That said, Joseph Lubin offers an additionally interesting perspective on some of the layer two protocols, which he thinks can solve many of ethereum's throughput limitations without requiring applications to reconcile directly on the main chain for every transaction. Demetri and Joe spend a good deal of time exploring the challenges of building layer two solutions in more depth, including the counterparty risk problem created from the use of state channels. Additional topics include SEC regulations, artificial intelligence, and questions about specific applications in the areas of news, music, and team organization. Demetri asks Joseph Lubin about Ujo Music, Civil, OpenLaw, as well as something called TMNT or "Traditional Management Nullification Tools," which enables a different organizational approach to team and systems management that more closely resembles an organism than a corporation. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 56 of Hidden Forces, Demetri Kofinas speaks with Hedera Hashgraph President Tom Trowbridge about the latest news from the company that made its splash on the Hidden Forces podcast less than one year ago. In the Fall of 2008, equity markets were in free fall. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite were all on their way towards making lows not seen since the mid-1990's. Stock valuations would collapse by more than fifty percent, prominent investment banks filed for bankruptcy while others fled into the rapacious arms of their competitors or under the safe umbrella of Congress and the Federal Reserve. At the same time as Schumpeter's ghost was rattling his chains on Wall Street, Satoshi's white paper was making the rounds on a cryptography mailing list in some obscure corner of the Internet. "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party," he wrote, directing the several hundred recipients to his paper, "Bitcoin: A Peer-to-Peer Electronic Cash System." "Merchants must be wary of their customers," he writes, "a certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party." This last bit was only partly true. It was Satoshi's paper, after all, that made it untrue. Though few realized it at the time, the Bitcoin whitepaper marked the beginning of the Internet's second act. In the ten years since its publication, we have seen an explosion of interest, development, and investment in protocols built from Satoshi's underlying blockchain technology, designed to execute commands across a distributed, trustless network of computers. Ethereum led the way with its pioneering Virtual Machine, able to execute smart contracts across a permissionless network, and since, several competing ledgers have cropped up, each claiming some advancement over prior versions. But what if, in their bid to create a faster horse, developers and investors alike have missed a crucial turning point in the evolution of the Internet. Satoshi's white paper, brilliant as it was, never claimed to be the blueprint for a world computer. As the bitcoin network has grown, so too have the costs of its transactions, and this is because adding blocks takes time. Deciding what chain to build on requires the network to agree on which chain is the longest, and when chains are growing too fast, it's hard to tell the difference. In the last several years we've seen an explosion of brainpower devoted towards creating workarounds to the scalability problem, but we've also seen a quiet, committed effort at building alternatives that aren't saddled with blockchain's limitations. Perhaps the most interesting of these alternatives is hashgraph, built as a directed acyclic graph, it's fundamental innovation is not in its architecture, but in its consensus. Even to those who see promise in hashgraph, the technology can often seem like magic. One might describe its consensus protocol as nothing more than a compression algorithm for the casting of votes. What would have once taken an impossible amount of time, can now be accomplished in a matter of seconds. A voting algorithm for a global network. It was Claude Shannon, the father of information theory, who stated it most clearly: "The fundamental problem of communication is that of reproducing at one point either exactly or approximately a message selected at another." In its first iteration, the Internet solved the problem of communication across a network without the need for a trusted third party, but making definitive statements about that communication has always required an intermediary. In order to harness the full power of the Internet, we need to do for data processing, computation, and storage what the existing suite of Internet protocols have already done for communication. A revolution for a new generation. The Internet's second act. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 55 of Hidden Forces, Demetri Kofinas speaks with Ryan Selkis about how his company, Messari, is bringing a new level of data gathering and analysis to the crypto space by building what are known as token-curated registries. Information has become, quite literally, the currency of the digital age. Yet, even before the advent of cryptocurrencies, investors have always understood information to be a valuable asset. "The most valuable commodity I know of is information," said the iconic Wall Street villain Gordon Gekko. However, information is a commodity, only in so far as it derives its value from the computational efforts of those who seek to process it. In a world of informational abundance, the quality of our computations, not their quantity, determine the scale of our harvest. Ryan Selkis believes that harvesting, processing, and storing data about the crypto economy can be done better. His team at Messari is building an open data library, as well as a set of curation tools that will help researchers, investors, and regulators make sense of the industry. Ryan has stated outright that the "Bloomberg of crypto will be a network, not a centralized company." This is where his work on token-curated registries factors in. "Token-curated registries are decentrally-curated lists with intrinsic economic incentives for token holders to curate the list's contents judiciously," wrote Mike Goldin, in a 2017 article titled "Token-Curated Registries 1.0." You could say that if Wikipedia and Bitcoin had a baby, the child would be a TCR. Such databases could theoretically replace all commercially curated, owned, and operated, libraries on earth, by offering a new set of economic incentives that harness the networks and expertise of the planet's seven-and-a-half billion people. In this week's episode of Hidden Forces, Ryan Selkis joins Demetri Kofinas for a conversation about information, cryptocurrency, and how Messari is working to build the database for a new financial system. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 54 of Hidden Forces, Demetri Kofinas speaks with economic historian Barry Eichengreen about his experience studying currency pegs and exchange rate mechanisms, as the two explore how the legacy of globalization, trade liberalization, and the great moderation laid the foundation for the challenges facing the modern economy. Barry Eichengreen has made a career of studying the history of money and the role that currency has played in the international order. Currency regimes are not fixed in stone. Our current system of floating exchange rates backed by the petrodollar has only been with for the last forty years. Before it, the Western world existed on the gold exchange rate mechanism of Bretton Woods, which lasted for less than thirty years, and whose dissolution lead to a period of high inflation and unemployment that challenged the economic models of the time and put the American economy and political establishment through a decade of frustration, uncertainty, and unrest. However, In the years after the stagflation of the 1970's and the deregulation of the 1980's, a period of moderation swept across the Western World. The cost of capital declined, as inflation steadied and markets rose. Developing economies hitched their wagons to the industrialized West, pegging their currencies to the US Dollar, which was seen as the coinage of a New World Order. The Euro project, once a gradual process of integration, was fast-tracked under Maastricht and the reunification of the German Reich. Communist China, humbled by the fall of the Soviet Union and motivated by the riots in Tiananmen Square, set itself down the path towards becoming the growth engine of a new sort of global economy. At the time, many adopted Francis Fukuyama's phrase, "the End of History," to describe this period of optimism in the establishment of a neoliberal world order that they hoped would last for the rest of time. Alas, the grand ambitions and lofty ideals of the Washington consensus proved premature. The rush of capital from Western countries into Eastern ones precipitated a series of financial crises beginning in Asia, and ending on the balance sheets of America's legendary financial institutions, leading to a government-engineered bailout of the country's investment banks. Eventually, the high-flying stock market of the late 90's popped in spectacular fashion, and thus began a series of monetary countermeasures, rate cuts, and wealth effects that would lead, inexorably, towards the Great Financial Crisis, a watershed moment in the history of markets whose consequences we have yet to fully reckon with to this very day. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 53 of Hidden Forces, Demetri Kofinas speaks with Gillian Tett, Managing Editor of the Financial Times US about her experience at the paper and how her background in anthropology has helped her identify financial bubbles in technology and the economy. "It's tough to make predictions, especially about the future," said the famous Yankee captain, Yogi Berra, and yet, this hasn't stopped us from trying. Attempting to predict the future is a sport as old as civilization itself. Oracles and wishing wells litter the landscape of humanity's past. Yet, in a world whose outcomes are no longer determined by the forces of nature, ordaining the future has become a matter of market introspection. Learning how to cultivate a sense of objectivity, empathy, and cultural awareness can be the difference between staying ahead of the curve or falling far behind it. Gillian Tett has managed well by this measure. The Managing Editor of the Financial Times US is trained as a cultural anthropologist who applies her knowledge of human cultural practices, values, and norms towards trying to identify key trends in finance and the economy. In this almost hour-long conversation with Demetri Kofinas, Gillian shares stories about how her experience covering financial markets, as well as her background as a cultural anthropologist, has helped her to spot financial bubbles in technology and the economy. Prior to the crisis, Gillian Tett and her team of capital markets reporters were some of the only financial journalists to cover the arcane world of credit derivatives. Since 2008, she has been one of the most important journalistic voices in all of economics and finance, moderating panels and conducting interviews at the most prestigious conferences and private gatherings around the world. Our conversation begins in Tajikistan, where Gillian studied local wedding rituals as part of her doctorate in cultural anthropology. She would later draw a useful comparison between Tajik wedding rituals and what she was seeing in the space of credit derivatives (specifically, the innovations happening at JP Morgan). The conversation quickly shifts to the 2008 financial crisis, and what the now managing editor of the Financial Times learned from her experience covering the panic of '08-'09. This was a period in which central banks engaged in extraordinary measures aimed at shoring up the global financial system for fear that if they did not, a banking collapse would ensue. Fortunately, the system survived, but not without leaving some lasting scars… The rest of Demetri's conversation with Gillian Tett is an exploration of the current financial landscape. Where have the risks accumulated post-2008? Much of today's investment capital has accumulated in technology stocks and in technology-related companies. Private placements have boomed, and pre-IPO valuations have skyrocketed. Unicorns like Uber, Theranos, and a litany of cryptocurrency ICO's have shot straight to the moon. The growth of wealth and income inequality since 2008 can be seen in these sky-high valuations. Sovereign balance sheets have also exploded as a legacy of the crisis, but little has been discussed about the growth in corporate debt over the last six to eight years. Not only is the amount of corporate debt important, but the form that debt has taken is telling. Hampered by new regulations, as well as the memory of the last crisis, banks have curbed back their lending only to see bond make up the difference, buying up new offerings across the risk curve. Emerging markets have been a big beneficiary, not only of the appetite for high-yield debt but also, of loose monetary policy. The dollar carry-trade has become a powerful funding mechanism for emerging market economies and companies, which are now at risk of a dangerous snap back as the Fed continues to tighten, raising interest rates and shrinking the size of its balance sheet. Volatility remains low, but with prices having made all-time highs across various asset classes, geopolitical tensions between the United States, Russia, and China may prove the straw that breaks the market's back. Additionally, the developing trade war with China, as well as the protections measures taken against Canada and Europe may finally create the type of consumer price inflation that the Fed has been begging for. You know what they say? Be careful what you wish for… Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 52 of Hidden Forces, Demetri Kofinas speaks with Simon Winchester about the value of precision (and imperfection) in the modern age. Few things are as responsible for the making of the modern world as precision engineering; yet, it is largely invisible to us. We live our lives in a customizable fashion, expecting the world to conform to our expectations, wants, and desires. And yet, below this surface layer of personalization and complexity exists a world of exactness so precise that it evades our capacity to notice it. It is this world of increasing perfection, uniformity, and repetition that Simon Winchester writes so eloquently about. This conversation is neither a salute to precision nor a rebuke of perfection. It is a commentary on both the genius brought to bear by humanity in reshaping the world, as well as an homage to the craftsmanship and personal touch that has given it meaning. Our endless striving for that which is flawless is most human. Yet, try as we might, we cannot rid the world of all its imperfections. Humanity, after all, is by its very nature hopelessly, beautifully, fatally flawed. "To err is human," said Alexander Pope. Forgiveness is divine. In chronicling the history of precision engineering, Simon Winchester, has not only found something forgivable in humanity's shortcomings but indeed, something worthy of honor and celebration. In his book, "The Perfectionists: How Precision Engineers Created the Modern World" Winchester asks whether a wish for perfection is actually essential to modern health and happiness, whether it is "a necessary component of our very being?" He answers with a resounding, "no." Yet, the problem, as Winchester articulates it, is not simply an existential one. It is a technical one as well. For proof, we've only to look to our jet engines, where microscopic errors can quickly cause cascading problems that lead to catastrophic loss of life. In fact, this is exactly what happened in 1989 on a United Airlines flight, when a microscopic metallurgical defect in the titanium disk caused the engine to fail. 112 people died as a result. Unfortunately, such tales aren't relegated to the annals of history. Many similar events have occurred in the decades since. If the past is any guide, then as our technologies continue to multiply (we made 13 trillion transistors each second of 2015) and shrink in size, we can expect the threats associated with them to become larger and more pronounced. In today's episode, Simon Winchester joins host Demetri Kofinas for a conversation that is equally a discussion of the significance of exponential technologies, an investigation into the kind of world we want to build, and an exploration of what it means to have a life well lived. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 51 of Hidden Forces, Demetri Kofinas speaks with Patrick Grim, a world-renowned philosopher, and bestselling author, about the roots of human consciousness. Recent advances in science and technology have allowed us to reveal — and in some cases even alter — the innermost workings of the human body. With electron microscopes, we can see our DNA, the source code of life itself. With nanobots, we can send cameras throughout our bodies and deliver drugs directly into the areas where they are most needed. We are even using artificially intelligent robots to perform surgeries on ourselves with unprecedented precision and accuracy But despite all the advances that we've made, there's one part of our biology that remains largely in the shadows: the human brain. We know that the brain is a material object. It is composed of gray matter, neurons, and trillions of synapses. What we don't understand, and what philosophers and neuroscientists have been trying to figure out for quite some time, is how our consciousness (our thoughts, emotions, experiences, and everything that makes us who we are) can be explained by these few pounds of matter. Ultimately, it is a problem that's centered on the relationship between mind and body. Formally, it is known as "the mind-body problem." Put succinctly, it's the problem of trying to explain the relationship between the mental realm and the physical realm - between the material and immaterial. It is also known more commonly by David Chalmer's phraseology "the hard problem of consciousness." Although Rene Descartes is often credited as being the first thinker to worry about the connection between mind and body (or mind and matter), the question is actually a far older one. In fact, it extends at least as far back as Plato and Socrates, and it is characterized by three primary schools of thought. Materialism says that the cosmos, and all that is contains, is an objective physical reality. As a result, philosophers who subscribe to this school of thought assert that consciousness, and all that it entails, arises from material interactions. As such, the material world (our flesh, neurons, synapse, etc.) is what creates consciousness. Idealism says that the universe is entirely subjective and that reality is something that is mentally constructed. In other words, consciousness is something that is immaterial and cannot be observed or measured empirically. Since consciousness is what creates the material world, according to this school of thought, it is unclear if we can ever truly know anything that is mind-independent and beyond our subjective experience. Dualism essentially holds that mental phenomena are, in some respects, non-physical in nature. In this respect, the mind and the body exist, but they are distinct and separable. Although most modern philosophers subscribe to the materialist view, determining, and ultimately understanding, the nature of human consciousness using an empirical methodology is a remarkably difficult task. The primary issue with accomplishing the aforementioned is that empirical science requires things to be measured objectively. And when it comes to consciousness, everything is subjective. So, what can science say about human consciousness? Can it say anything at all? In this week's episode, Patrick Grim joins host Demetri Kofinas for an exploration of the roots of human consciousness and an examination of what the world's greatest philosophers think about the relationship between the mind and body. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 50 of Hidden Forces, Demetri Kofinas speaks with Nevin Freeman, the founder of a new stable-value cryptocurrency project, about the hard problem of currency. 2018 is the year of the stablecoin, or so says Nevin Freeman, the founder of a new stable-value cryptocurrency project based in the San Francisco Bay area. In order to understand what stablecoins and how they work, we first need to understand money. In order for something to qualify as money, it has traditionally needed to function as both a store of value, and as a medium of exchange for goods and services. The medium of exchange component of money allows it to function as a vital coordination mechanism for society, allowing humans and international governments and organizations to collaborate on a massive scale. Money is thus an intrinsic part of our capitalist infrastructure and, without currency, many of our most important institutions and organizational structures would collapse. Yet, our system of money and credit is not without its share of problems. Middlemen, financial intermediaries, and other central organizations often charge exorbitant fees for their services. These same intermediaries often function as "gatekeepers," permitting or preventing access to financial counterparities at their discretion. The mismanagement of our financial system by such institutions has become a major source of systemic risk, the brunt of which is disproportionately carried by those at the bottom of the economic pyramid. Cryptocurrencies offer a possible solution to many of the most prominent problems associated with fiat currency systems. However, there are significant roadblocks on the path to widespread adoption. As we mentioned, in order to qualify as money, a currency needs to both the medium of exchange and store of value functions. This becomes difficult to do when currency volatility can wipe out 50% of your net worth in a single day or double the cost of your company's inputs overnight. It is no secret that crypto markets are remarkably volatile. Even the most prominent cryptocurrencies - Bitcoin and Ether - fluctuate wildly. Unfortunately, it's impossible for a decentralized currency to function as an effective store of value if its price varies by as much as 15% on any given day and in any given direction. Even if the cryptocurrency in question were rarely to drop in price, upside volatility can create a speculative feed-back loop that discourages anyone from actually using it as a medium of exchange. Why would you pay someone's salary in bitcoin if you expected the currency to be worth more after you sold it? In this sense, even a highly volatile asset with little downside risk that serves as a great store of value can still be a poor medium of exchange. Until cryptocurrencies are able to function as both a store of value and as a medium of exchange, they are unlikely to become truly mainstream or see real-world adoption. Yet, as previously mentioned in the case of bitcoin, a cryptocurrency's capacity to store value directly undermines it's use as a medium of exchange. How do we resolve this paradox? This is where stablecoins come in. They aim to solve the problems of our volatile crypto markets by establishing price-stable cryptocurrencies that are pegged to some other stable asset, for example, the US dollar. Notably, these pegs are not determined by supply and demand. Instead, stablecoins effectively "price themselves" by making a standing promise to fulfill any buy or sell order at a set price, regardless of changes in demand for the currency by market participants. In traditional currency pegs and exchange rate mechanisms, currency boards manage the value of the peg by overseeing the promise to buy or sell at a preset conversion price. So, how does a currency peg work in the case of stablecoins? Here is an overview of how the most prominent stablecoin projects on the market promise to do this today: Traditional asset-backed stablecoins: In short, under this system, each unit of the particular stablecoin is backed by a corresponding unit of fiat currency. Let's use the US dollar as an example. According to this system, a third-party issuer sells tokens for one dollar each. The issuer then keeps all the dollars taken in from these sales in an account. If an individual holding a unit of the stablecoin wishes to cash out, the third party gives a US Dollar to the holder and removes a unit of the stablecoin. The problems with this method loom large. First, there's the obvious fact that, at any moment, the organization or individual issuing the stablecoin can abscond with all the money that's supposed to be in the bank account. Second, a government or other centralized organization could freeze the aforementioned account of the issuer, which would grind the project to an abrupt halt. In short, there's a lot of risk and a lot of trust needed for this method to function properly. Collateralized Debt Stablecoins: Under this system, instead of

In Episode 49 of Hidden Forces, Demetri Kofinas speaks with Vitalik Buterin and Vlad Zamfir about the future roadmap for Ethereum. If contracts are the foundation of modern civilization, then our record systems are the infrastructure that keep this foundation from falling apart. These features allow our society to establish and verify identities; give value to goods and services; create and enforce laws; govern interactions between individuals, organizations, and nations — in short, they secure our social, economic, and political policies and allow us to maintain the social order. But there is a problem with these systems, and they are beginning to buckle and crack. The information age vastly accelerated the pace of society, allowing individuals to dramatically expand their circles of influence. People can now exchange goods and services (or even enter into contracts) with strangers on the other side of the globe instantaneously. Government agencies and international organizations can maximize processes by storing and retrieving information online. However, these processes are fraught with challenges. Without the presence of intermediaries, digital transactions have thus far been impossible to verify or enforce. Mediators and middlemen provide accountability on the one hand, in return for higher centralization on the other. This centralization creates opportunities for companies like Facebook and Google to make billions of dollars mining and selling our data. It also presents lucrative opportunities for malicious actors looking to capitalize on our insecure digital infrastructure. The digital records kept by banks and government institutions are frequently the subject of cyber attacks, putting this same data at risk. As the first decentralized digital currency, bitcoin promised to solve some of these issues; however, bitcoin's use cases have remained limited to a very narrow set of financial transactions. In response, Vitalik Buterin created Ethereum. In his 2012 white paper, Vitalik outlined an ambitious vision of the future — one that would endeavor to solve the problems associated with our contracts, transactions, and records by creating a new, decentralized layer for data processing and computation on which society could run. Whereas Bitcoin's aim was to erect a platform for unmediated digital payments, the goal of Ethereum's blockchain-based architecture is to entirely dismantle traditional power structures and methods of control. It attempts this by allowing decentralization to saturate all levels of society through the use of an open, distributed ledger that records transactions between parties in a more trusted way way. In Ethereum blockchain, contracts are embedded within digital code, which are stored in transparent, shared databases. In theory, it makes intermediaries like bankers and lawyers unnecessary and allows individuals to transact freely. Ethereum increase access, transparency, and accountability, without relying on third-parties to secure the ledger. Ethereum blockchain has opened the door to a new type of economy, yet challenges remain — specifically, challenges to scale. The most prominent of these scaling challenges has been transaction throughput. Currently, the Ethereum network can process no more than fifteen transactions per second (TPS). This is major barrier to widespread adoption and it has prevented the blockchain from being able to support the type of network traffic that would result from the popular use of any decentralized application (dApp). In response, Vitalik, Vlad, and other key members of the Ethereum have put forward a roadmap for scaling the Ethereum network. From sharding to Plasma to Casper, in this week's episode, host Demetri Kofinas is joined by Vlad Zamfir, one of is the world's leading Ethereum researchers, and Vitalik Buterin to discuss the future of Ethereum, the problems it faces on the path to widespread adoption, and the solutions that promise to carry us into a decentralized digital age. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 48 of Hidden Forces, Demetri Kofinas speaks with Annie Duke and about how we can make smart decisions and ensure our long-term success. We make millions of decisions over the course of our lives. Most of these seem to be small and of little consequence, and so we make our choices and act with little care or thought. Other decisions require more care and consideration, as their significance will, for better or worse, have a lasting impact on our life: What job offer to accept, what life partner to choose, how to invest in retirement. When faced with these truly important decisions, many people become crippled by their fear and doubt. What if it's a bad prediction? What if I am missing information, and so my choice is wrong? Often, such fears have a cascade effect, they trickle down and impact our ability to make even the smallest judgement, leaving us paralyzed. However, there is a way to increase the likelihood that we're making a sure bet. According to Annie Duke, a World Series of Poker champion and the author of Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts, regardless of whether the choice is small or large, the key to solid decision-making rests in our ability to shift our thinking from a need for absolute certainty to "a goal of accurately assessing what you know and what you don't." In other words, people need to look at every decision as though it were a bet. Ultimately, Duke argues that by adopting this way of thinking — by assessing how sure we are of something, tracing the possible outcomes, and analyzing the odds of failure — we can ensure long-term success for ourselves, our loved ones, and our business partners. Calling on her degrees in behavioral and cognitive psychology, and her years of experience in professional poker, throughout the episode, Duke speaks with host Demetri Kofinas about how we can eliminate fear and unproductive emotions from our decision-making processes, embrace uncertainty, and make better decisions. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 47 of Hidden Forces, Demetri Kofinas speaks with Jimmy Soni about the father of Information Theory, Claude Shannon, and Shannon's foundational work, A Mathematical Theory of Communication. The 20th century is known as the information age, and for a good reason. It is a period that is dominated by knowledge and data. It's an era in which the economy is no longer driven by traditional industries — such as construction, manufacturing, or agriculture — but by advanced information technologies that store, retrieve, transmit, and manipulate data. This revolution finds its roots in Information Theory. And remarkably, it is a theory that was developed by one man: Claude Shannon. Before Shannon, society had a rather immature understanding of what information was. Information was understood as something immaterial and intangible. It was not seen as something that could be touched or manipulated. It was assumed that the only way to send information (intelligence, as it was then referred to) across a greater distance was to "boost" the signal by using more power. This was a notoriously imperfect system, as it increased the amount of "noise" that was received and made the message more difficult to discern. In his foundational work, A Mathematical Theory of Communication, Shannon solved this issue and presented a completely new way of understanding information. He showed that information isn't insubstantial, but something that we can measure and manipulate — something that has physical characteristics and can be quantified. Shannon also created a diagram which showed that all information has certain, set components — such as a source, a transmitter, a recipient, and so on. As such, not only did he show that information is something that can be made material, through his work, Shannon proved that all information (be it a radio signal, a photo, or a song) can be governed through a set of common laws. In short, he turned information into something that can be computed and reliably transmitted, laying the foundation for the digital revolution. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 46 of Hidden Forces, Demetri Kofinas speaks with Brian Keating, astrophysicist and author of Losing the Nobel Prize: A Story of Cosmology, Ambition, and the Perils of Science's Highest Honor. When we think about competition, we don't typically think about scientists. Instead of seeing these individuals as adversaries competing for fickle prizes or glory, we see them as impartial explorers of the cosmos. We see them as the selfless gatekeepers of knowledge. This view, as we are coming to learn, is more than a little askew. The darker sides of science — the prejudices and egos and dubious incentives — are realities that we are forced to face almost as soon as we start investigating what it is that drives scientists in their pursuits. And they are realities that Brian Keating knows all too well. Keating is an astrophysicist at UC San Diego's Center for Astrophysics and Space Sciences. He is also credited as being the driving force behind BICEP2, the most powerful cosmology telescope ever made. BICEP2 was tasked with answering some of the biggest questions in physics, such as how our cosmos came to be and what the universe was like at the beginning of time. Specifically, the telescope was created to detect the unique B-mode polarization signature of the cosmic microwave background (CMB), a byproduct of the cosmos' first moments of expansion. For a time, Keating and his team believed they had detected this signature. The work almost won Keating the Nobel Prize in Physics. Almost. In this episode, Keating joins host Demetri Kofinas to walk us through the history of experimental cosmology and trace its course to modern science. He starts with an examination of the early geocentric models of the universe and shows how the scientific revolution, and the introduction of empiricism, altered the course of history and set us on the path to modern physics. The episode culminates with a discussion of what it is that drives scientists in their pursuits. From wealth to fame, from a genuine desire to understand the origins of the cosmos to an egotistical desire to wage war on religion, Keating outlines some of the most remarkable discoveries in physics and how biases and incentives are slowing innovation and shredding the fabric of modern science. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 45 of Hidden Forces, Demetri Kofinas speaks with Daniel Pink, the highly acclaimed author of numerous, best-selling books including his latest, When: The Scientific Secrets of Perfect Timing. Timing is everything, so it's kind of surprising that most of us don't give it any serious consideration. We think about what things we want to do. We think about who we want to do these things with. When we want to do something is generally our final consideration — if we consider it at all. Take college students, for example. They must take classes in art, math, history, science, and a host of other fields. Each year, just before the semester begins, students flock to their computers and plot out the class schedules that will govern their lives for the next five months. Their top considerations are when their friends are taking classes, how they can avoid getting up early, and how they can ensure their classes are all on the same day so that they get a few extra days off. This is a bit of a problem. As Daniel Pink notes in his latest book When: The Scientific Secrets of Perfect Timing, there is a biological reality to our daily rhythms. This means that, at certain times, we are better at problem solving. At others, we perform better when it comes to creative endeavors. It may seem counterintuitive, but we each have a biological clock that has a material impact on our lives. Put simply, the time that we choose to do something alters our performance, influences our wellbeing, and shapes our overall experience. So if we are making decisions about when to do things on an impulse or according to whatever happens to be convenient, in many ways, we are setting ourselves up for failure. However, there is a solution to this problem. It's known as "chronobiology," and it allows us to make fact-based decisions about when we should do things. By using chronobiology — by following the natural patterns found in our biology — we can help ensure that we are at our peak performance when we attempt any given task. But how can we tell what our natural cycle is? How do we know if we are making good when-based decisions? In this episode, Demetri Kofinas speaks with Pink about the science of perfect timing and why when we do something is just as important as what we do and how well we do it. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 44 of Hidden Forces, host Demetri Kofinas speaks with Sam Walker, author of The Captain Class, about how our love affair with athletic performance is about more than rivalry. People love sports. As we love watching the teams we adore try and fight their way towards victory. Their wins are our wins, and we celebrate these triumphs with feelings of joy that are difficult to match or even describe. Their losses are equally ours, and the pain of those losses can feel like a personal failure. Much has been said about the psychology of sports, about those things that draw us in and keep us spellbound. However, scientists have failed to locate exactly what it is that draws us towards sports or, equally, what draws us towards the teams we love. Is it the rivalry and the satisfaction that comes through conquest and the defeat of the opposition? Is it the fun, the entertainment, or the freedom that sports give us to let go of the stress and struggles of daily life? Is it a kinship felt towards a particular player? According to Sam Walker, author of The Captain Class: The Hidden Force That Creates the World's Greatest Teams, the answer is a resounding "no." Human beings naturally gravitate towards communal displays of athletic performance. We crave friendly competition. But according to Walker, our love affair with such exhibitions isn't really about rivalry or entertainment. Rather, as our lives become increasingly intermediated by computer interfaces, spectator sports provide one of the few remaining ways of experiencing the elegance and power of the human body. Herein lies the secret of our love affair with sports: In a world that is constantly changing, sports are a window into the into millions of years of evolution – the impulses, characteristics, and behavioral urges of our ancestors. Team sports, in particular, give us a front row seat to the unfolding drama of the human experience and the evolutionary forces that have shaped human selection. Over the course of this episode, Walker speaks with host Demetri Kofinas about what he has learned about the forces that shape the world's greatest teams. The conversation is, in some sense, a search for the DNA of greatness. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 43 of Hidden Forces, host Demetri Kofinas speaks with Elizabeth Economy about the emergence of a new imperial China and the rise of Xi Jinping. We may be witnessing the birth of a new imperial China, one that was brought about by the charismatic machinations of the nation's leader, Xi Jinping. At the present juncture, it's not exactly clear what Xi's excessive centralization of power means or how his disruptive new policies will impact the rest of the world, but we can say one thing with certainty — international power dynamics are already starting to shift in response. Xi's tenure truly began in 2012, when he became the General Secretary for China's Communist Party, which is the sole governing party in China. Today, he also serves as the head of the state and the head of the military. Taken as a whole, these are all of the most important leadership positions in the Chinese government. If that's not enough, earlier this year, in a highly controversial move, Xi did away with presidential term limits. So, he may be president for life. Because of the near-total control that Xi wields, he is able to keep both his adversaries in the government and the citizens he presides over on a tight leash. He eliminates his dissenters using divisive anticorruption campaigns, he oversees massive propaganda operations rooted in fabricated news and events, and he denies his people access to information by censuring the internet behind a Great Firewall. Although many Western nations may balk at such practices, they have their benefits. Ultimately, Xi's illiberal maneuverings often allow China to outcompete nations that cling to liberal values. This fact forces world leaders to content with a question that cannot be ignored: Can liberal nations keep pace with Xi's imperial policies and ensure that power structures remain stable? In today's episode, Elizabeth Economy, author of The Third Revolution: Xi Jinping and the New Chinese State, joins Demetri Kofinas for an extensive exploration of Jinping's top political, economic, and foreign policy priorities and the impact that his policies will likely have on the rest of the world. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 42 of Hidden Forces, Demetri Kofinas speaks with Fred Swaniker about the future of African leadership and education in the 21st century. By the year 2050, the human population will increase by a staggering 2.4 billion. According to data from the UN World Population Prospects, the figures are cause for great concern. Researchers worry that our planet may not have the carrying capacity to sustain a population of this size; however, their primary concern stems from the fact that a majority of the increases will take place in the world's most depressed areas. In fact, experts predict that approximately 50% of the increase will take place in African countries. Put another way, by 2050, a quarter of the world's population will live in Africa. Some may contend that there's no real cause for concern — 2050 is still decades away and that we have plenty of time. This leaves out the crucial fact that in just seventeen years, Africa will have the largest workforce in the world. By giving these individuals the tools and resources necessary to succeed, we can help ensure that they become valued and productive members of society. By ensuring that they have the opportunities necessary to participate on the world stage, we can secure for future generations an era of unimaginable innovation and prosperity. The alternative? The mass unemployment, starvation, poverty, and displacement of over a billion people — a global catastrophe the likes of which we've yet to witness in the modern age. The difference between the abundance narrative and the scarcity narrative rests on one simple thing: Education and the leadership skills that it fosters. Seventeen years is just 6,000 days away. Time is short, and it's passing remarkably fast. We must act now. And we are. Fred Swaniker is the co-founder of three organizations that aim to catalyze a new generation of ethical, entrepreneurial leaders in Africa: the African Leadership Academy, the African Leadership Network, and the African Leadership University. His paradigm-shifting approach to education is transforming how we conceptualize learning. But more than that, through his work Swaniker is empowering a generation and creating a revolution in Africa. In this episode, Swaniker talks with host Demetri Kofinas about the difference between financial poverty and poverty of the spirit, the importance of faith and determination, and why our future depends on empowering Africa. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 41 of Hidden Forces, Demetri Kofinas speaks with Jim Holt about the philosophy of science, ethics, and metaphysics. Jim Holt is on a quest to understand the fundamental nature and meaning of our universe. What is infinity? Is time real? Why does the world exist? These are the most important questions that humanity has ever pondered. When attempting to answer such large, existential questions, it's not enough to use observational evidence alone. This is where metaphysics comes in. Unlike the hard-nosed, falsifiable propositions that form the foundation of empirical science, metaphysics poses questions for which definitive answers are hard to come by. Aristotle famously heralded the field as "the first philosophy," since it explores those questions which are generally accepted as being the most basic and vital. In short, this branch of philosophy seeks to explain the nature of being, reality, and the meaning of existence. Since metaphysics is not based on falsifiable propositions, it is is not bounded by the constraints of formal logic or scientific truth. As a result, finding conclusive answers to the perennial questions that it poses may well be impossible. Still, something about these questions jabs at us. Why? Perhaps it is in our nature to question everything, even those things for which answers do not exist. Or perhaps the act of engaging in ontological arguments is itself the goal. In either case, in our answer-based culture, exploring the philosophy of science and metaphysics is a necessarily humbling experience. It forces us to contend with the mystery of our own existence, and it presses the limits of our explanatory powers. In his latest book, "When Einstein Walked with Gödel: Excursions to the Edge of Thought," Jim Holt explores the nature of logic and truth. And in this episode, he joins host Demetri Kofinas for an hour-long conversation on the philosophy of science and metaphysics. Over the course of the discussion, we explore the questions that have concerned philosophers for more than two thousand years — questions that remain unanswered. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 40 of Hidden Forces, Demetri Kofinas speaks with Jeremy Heimans and Henry Timms about the forces reshaping politics, business, and society. There is no question that our world is experiencing a dramatic shift in power. On the surface, this is to be expected. After all, to quote Friedrich Nietzsche, power is "a sea of forces flowing and rushing together, eternally changing." Yet, for nearly all of human history, power was held and jealously guarded by a select minority of individuals. Although control could be seized by new parties through uprisings, such attempts have only been successful when made by nobles or military leaders. Real power has been out of the reach of the vast majority of people since time immemorial. Today, this is no longer true. Thanks to the rapid advancements being made in science and technology, the locus of power is shifting faster than ever before, and it is undergoing a fundamental transformation that has never before been witnessed. Power, in the modern age, is becoming open and distributed. Power is now being allocated to the crowd. We see this fact nearly everywhere we look. Crowdsourcing and crowdfunding methods such as Indiegogo and Kickstarter are replacing traditional, centralized methods of sourcing materials and raising funds. But the best example of this crowdfunding can be seen in the growth of cryptocurrencies and the recent surge in ICOs (initial coin offerings). Likewise, political conversations, and the various social changes that spring from them, are increasingly being driven by the demands of the crowd. Campaigns such as the Arab Spring, Black Lives Matter, and #Metoo have all found their roots in social media, where supporters spontaneously organized, act, and then dissolved back into the voluminous crowd. Of course, not all the examples are positive ones. Terrorist organizations now also use crowdsourcing methods to get new recruits from countries that they cannot otherwise travel to or access. Yet, for good or ill, the tide of this new kind of power is sweeping over all of us. So, how is this battle between old and new power shifting who governs us, altering how we work, and revising how we think and feel? And what can the distribution of power in the 21st century tell us about how the future is going to unfold? In their book, "New Power: How Power Works in Our Hyperconnected World and How to Make It Work for You," Jeremy Heimans and Henry Timms explore these questions. Throughout the narrative, they investigate the nature of modern power and try to help readers understand this new world and our role in it. In this episode, Heimans and Timms join host Demetri Kofinas for a timely exploration of these topics. Ultimately, this conversation is an attempt to better understand whether or not our newfound ability to mobilize the mass of humanity is a net positive development for the aims of egalitarianism and progress. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 39 of Hidden Forces, Demetri Kofinas speaks with Mark Spiegel about how Elon Musk may very well be the personification of a bubble in tech. When asked to name a hero of the modern age, most people don't have to think long before giving their answer. Elon Musk is the man who sits at the helm of this era's most disruptive industries. Through SpaceX, Musk is democratizing space and leading humanity into an era that's dominated by privately held companies — an era in which anyone can, quite literally, reach for the stars. His Boring company is set to revolutionize travel by making vacuum-powered, ultra-high-speed transportation systems a reality. And Elon Musk is even transforming that which is most immutable: the human brain. In 2016, Musk founded Neuralink to develop implantable brain-computer interfaces and meld the human mind with machines. Then, of course, there is Tesla, the electric car company that has shaken the foundations of the fossil fuel industry and given society its first self-driving vehicles. Or, has it? The cult of Elon Musk surpasses anything we have seen in decades. Even Steve Jobs did not command as much adoration from his congregations of the faithful. And yet, something is rotten in the state of Denmark… Tesla sits at the intersection of a number of powerful forces: the ready availability of cheap financing, the growing wealth and income gap, and the preponderance of technology in popular culture. In this sense, Tesla is about more than just electric vehicles or the car manufacturing business. It is a poster child for the financial excesses, stock price manipulations, and cult-like followings of Silicon Valley. And as the Federal Reserve continues to tighten by raising interest rates, companies like Tesla, which have relied on cheap financing in order to fund their businesses, are feeling increasing pressure. Exhibit A: the company's stock, which was besieged by speculative shorts and heavy selling in March of this year. Tesla's stock recouped more than half of those losses shortly thereafter but, serious questions remain about the company's path towards profitability. Indeed, does it even have one? Even if Tesla can raise the capital it needs from investors over the next six months, can it manage to overcome the major production challenges that have plagued the Model 3? What happens when Jaguar, Audi, Mercedes, and Porsche each come to market with their own electric vehicles, some of which are cheaper than Tesla's suite of electric cars? Finally, what about Elon Musk? The famous short seller Jim Chanos, who took down Enron in the early 2000's for defrauding its investors, has made similar claims against the popular Silicon Valley car executive. And Chanos isn't alone in his rebukes. Mark Spiegel, Managing Member and Portfolio Manager of Stanphyl Capital Partners, has also been openly critical of Elon Musk, whom he believes is committing securities fraud by misleading investors about the capabilities of Tesla's present and future products and financial prospects. In last week's episode, we asked about the path towards profitability for Tesla. In this week's episode, host Demetri Kofinas is joined by Mark Spiegel, who questions the credibility of Elon Musk as CEO of the electric car company. We examine whether Tesla can survive the onslaught of bad publicity amid a rocky period for capital markets and for the company's stock. Ten years from now, will we look back at Tesla as the poster child for this latest bull market? As always, this episode of Hidden Forces is for informational purposes only and should not be relied upon as the basis for financial decisions. All views expressed by Demetri Kofinas and podcast guests are solely their own opinions and should not be construed as financial advice. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 38 of Hidden Forces, Demetri Kofinas speaks with Charley Grant about whether or not Tesla can avoid an inexorable spiral towards bankruptcy. Tesla is a kind of wonderchild. It entered the stage in the summer of 2003 with the aim of accelerating the arrival and adoption of electric vehicles. The company was founded by several Silicon Valley luminaries, most notably Elon Musk. Since its founding more than fifteen years ago, the company has transformed the way the world thinks about energy and electric cars. Despite the fact that electric vehicles have yet to see widespread adoption, they have become surrounded by a level of fanfare that is enjoyed by few other innovations. Yet, the road ahead of Tesla is becoming increasingly uncertain and difficult to navigate. The availability of cheap financing is showing signs of tightening amid an environment of rising interest rates. This has put a strain on companies like Tesla, which have relied heavily on credit markets to support their cash-intensive businesses. In fact, according to Stanphyl Capital's Mark Spiegel, "Tesla's interest expense is now at a run-rate of nearly $600 million a year, which in Q4 amounted to $4,884 per car sold." This means that fully one-third of the company's gross profit goes towards servicing its debt. But more to the point, the willingness of debtors to continue to fund these losses looks increasingly doubtful, leaving equity markets as the next best source from which Tesla is likely to raise capital. Yet, problems of funding remain. The company's stock price has dropped more than twenty-five percent in less than a month. The volatility of Tesla's stock makes the question of how many new shares Tesla can afford to issue less clear by the day. And if Tesla's financial woes were not enough, the broader equity markets may be in the processes of peaking (or may have already peaked), adding additional roadblocks to the electric car maker's ability to raise capital. Time, in other words, is not on Elon's side. As such, at this stage, the single most important question any investor in Tesla must be able to answer is, "what is the path towards profitability?" Charley Grant, a columnist for the Wall Street Journal who has been writing critically about Tesla since 2015, thinks there isn't one. In this episode, Grant joins host Demetri Kofinas to discuss why he thinks Tesla may be on the inexorable road towards bankruptcy. As always, this episode of Hidden Forces is for informational purposes only and should not be relied upon as the basis for financial decisions. All views expressed by Demetri Kofinas and podcast guests are solely their own opinions and should not be construed as financial advice. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 37 of Hidden Forces, host Demetri Kofinas speaks with Josh Wolfe, co-founder of Lux Capital. Lux Capital is a venture firm that specializes in the hard sciences, supporting scientists and entrepreneurs who pursue counter-conventional solutions to the most vexing puzzles of our time. Josh is also a founding investor and board member with Bill Gates in Kymeta, which makes cutting-edge antennas for high-speed global satellite and space communications. He is a Westinghouse semi-finalist and published scientist who previously worked in investment banking at Salomon Smith Barney and in capital markets at Merrill Lynch. In 2008, Josh Wolfe co-founded and funded Kurion, a contrarian bet in the unlikely business of using advanced robotics and state-of-the-art engineering and chemistry to clean up nuclear waste. He is a columnist with Forbes who has lectured at MIT, Harvard, Yale, Cornell, Columbia, NYU and been invited to The White House and Capitol Hill to advise on nanotechnology and emerging technologies. The fields of science, technology, and investing are not new territory for Hidden Forces listeners. These are subjects that we have covered at length with previous guests, including Geoffrey West, Ray Monk, Robert Johnson, Christopher Cole, and Tim O'Reilly. Rarely, though, do we find ourselves in conversation with someone like Josh Wolfe, who has made a multi-billion dollar business of investing in and around ground-breaking technologies and innovations in the hard sciences. Some of these breakthroughs include artificial intelligence, advancements in medicine and biotechnology, gene editing, energy technology, and much, much more. In an effort to help us understand how he capitalizes on these breakthroughs, Josh Wolfe shares his unique perspective on investing with us, as well as his methodology for learning about the forces shaping our unknown future. What role does art play in informing our understanding of the world? How do we gain direction for our work from the insights provided to us by our passions? What information can we glean from the substance of our curiosities? How important are the presence of internal strife and discontentment in propelling us towards success? Can we learn to nurture our contrarian impulses in the face of our instinct to follow the herd? In a philosophical discussion that ranges from the material to the immaterial, Josh Wolfe inspires us to reckon with the paradox of our own humanity. Are we simply animals born in an indeterminate world whose mysteries we are helpless to uncover? Or, are life's greatest mysteries - the nature of reality and the hard problem of consciousness - open to same types of empirical analyses and reasoning that have propelled our species forward since the earliest days of human enlightenment? Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 36 of Hidden Forces, host Demetri Kofinas interviews Leemon Baird about the launch of Hedera Hashgraph, a public ledger built atop the hashgraph consensus protocol that aims to serve as the trust layer of the modern Internet. Hedera implements a suite of solutions that we have never seen before in a public ledger. Its method of governance is unique. Its open review approach to software development challenges the paradigm that has dominated the world of cryptoeconomics for the past decade. Its approach to database sharding allows for massive increases in throughput and its approach to proxy staking incentivizes ownership without the burden of having to stand your own node. Is the technological superiority of hashgraph enough to secure its success as the utility protocol of the future, or will blockchain developers reject a model of governance that demands stability over the right of any one individual to copy the code and fork the ledger? Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 35 of Hidden Forces, host Demetri Kofinas speaks with Alex Mashinsky. Alex is the founder, and CEO of Celsius, a next generation lending wallet that aims to be the 'Killer App' of the bitcoin and cryptocurrency revolution. Celsius attempts to overcome the limitations of a traditional banking system by leveraging technology and rethinking lending for the 21st century. A serial entrepreneur, Mashinsky is the founder of seven New York City-based startups with over three billion dollars worth of exits to his name. He is a serial inventor with over 35 patents, relating to exchanges, VOIP protocols, messaging & communication. Alex Mashinksy is also one of the inventors of Voice Over Internet Protocol with a foundational patent dating back to 1994. In their conversation, Demetri attempts to understand the mechanics behind the Celsius Network, as well as how the company intends to manage risk, execute short sales on behalf of institutional clients, and lower borrowing costs for its users. Who are Celsius' main competitors, and how does its lending wallet differ from the competition? How are loans issued on the Celsius network? How does the CEL token work, and how does it incentivize the network to service its customers and not some financial middleman? What is the revenue model for this network? How does Celsius generate income from lending, short sales, and staking? What are some of the unintended consequences that could arise from a securitization market in cryptocurrencies? What are the risks associated with hoarding utility tokens in a proof-of-stake system? Could Celsius and other networks become central points of attack for malicious actors looking to destabilize the Ethereum once it moves from proof-of-work to proof-of-stake? Finally, what is the timeline for Celsius' new wallet and how soon will crypto holders be able to rely on it as a real source of credit and interest-bearing income? Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 34 of Hidden Forces, Demetri Kofinas speaks with Brian Kelly, CEO of BKCM LLC, a digital asset investment firm. He is an experienced Global Macro investor with over twenty-five years' experience in financial markets and a CNBC contributor who appears regularly on Fast Money. Our most recent episodes with Chris Burniske on modeling cryptoassets and with Ari Paul on cryptocurrency trading methodologies introduced two foundational frameworks to our audience. This week's episode with Brian Kelly affords our audience the opportunity to explore both of these perspectives (theory and execution) in a single conversation. Brian Kelly is uniquely qualified to talk about the financial side of cryptocurrencies, but he also provides valuable perspective on how the media is covering this space. Brian begins his conversation with Demetri by recounting his introductory experience to bitcoin, how he made his first investments, and what he learned in the year he wrote his book "The Bitcoin Big Bang." The two explore familiar topics like the problem of scalability, exchange and regulatory risk, cash-settled futures and ETF's, and how bitcoin may fare to gold during a systemic financial crisis. Is there any way to measure the intrinsic value of a given cryptocurrency? Can permissioned blockchains compete with public ledgers, or will cryptocurrencies come to dominate the future of software? Besides bitcoin and Ethereum, what are some of the more interesting cryptocurrency investment opportunities out there? Brian and Demetri also cover the recent spike in financial volatility amid this rising interest rate environment. Lastly, they consider how the rise of systemic trading strategies and passive investment vehicles like ETFs may accelerate (or not) a future market downturn. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 33 of Hidden Forces, Demetri Kofinas speaks with Bill Browder about how his wealth was plundered by Russian oligarchs and placed in the hands of Vladimir Putin. This is the story of Bill Browder and the end of glasnost. It stands as a microcosm of how the USSR attempted, and failed, to reform itself. However, in order to truly tell the tale, we must begin with another man: Mikhail Gorbachev. Mikhail Gorbachev came to the stage at the end of the 1980s with a policy of glasnost, which can best be translated and explained in English as "openness." Practically speaking, the policy was focused on ending the nation's endemic corruption by making the government transparent. Or at least, by making the government a little more transparent. Gorbachev hoped that such a policy would thwart the schemes of the bureaucrats who enjoyed complete control of the economy and redistribute power more evenly. Unlike his predecessors, Gorbachev also had a far stronger focus on noninterference. Ultimately, these policies led to the thawing of the Cold War, the fall of the Berlin Wall, and the decline of the role of the Communist Party in government. These are also the policies that led to the dissolution of the Soviet Union. As a result, saying that Gorbachev changed politics in Russia would be a dramatic understatement. By the time he left office, he'd revolutionized global power dynamics. However, the promises of openness and noninterference quickly died in the Russia state and reform was never realized. Instead, Gorbachev's destabilization of previously entrenched power structures quickly led to the traumatic redistribution of wealth into the hands of a tiny kleptocracy. This is where Bill Browder enters the story, and where the tale of the plundering of Russian industries and resources truly begins. Bill Browder is the founder and CEO of Hermitage Capital Management, which was the largest foreign investor in Russia until 2005. That year, he was refused entry into the country and had $4.5bn in assets liquidated. The reason? According to Browder, the government was attempting to punish him for exposing corrupt practices. Then, in 2009, his lawyer, Sergei Magnitsky, died in prison after he uncovered a $230 million fraud committed by officials in the Russian government. That is was when Bill Browder went to war. Over the last decade, he has been leading a campaign to expose, and ultimately end, Russia's endemic corruption and excessive human rights abuses. His work led to the passage of the "Magnitsky Act" in the United States and, since that time, many countries have passed similar legislation. The work also made him an enemy of Vladimir Putin and the Russian state, which has issued several warrants and placed him on Interpol's arrest list. Today, Bill Browder joins host Demetri Kofinas to tell his story and discuss what his tale—a story of high finance, corruption, and murder—portends for the future of this powerful nation. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 32 of Hidden Forces, Demetri Kofinas speaks with Ari Paul about the inner workings of hedge funds focused exclusively on the cryptocurrency space. Over the course of the last year, cryptocurrency has dominated our society. The price of the most popular digital currencies surged, increasing in value by well over 1000% in a matter of weeks. We saw similar rises in initial coin offerings, with the number of token offerings increasing from just seven a month in January 2017 to more than forty a month by the end of the year. This crypto euphoria fueled the formation of several cryptocurrency hedge funds which, according to their various founders, aim to bring the professional trading and portfolio management of Wall Street to the emerging class of digital asset. Although this work promises to open the crypto space to an entirely new class of traders, there are many questions regarding how these funds work and how reliable they are. For example, how are crypto fund managers managing risk? What sorts of benchmarks are crypto funds using in order to measure performance? And how does a cryptocurrency investor seek alpha in an already uncorrelated market? To answer these questions, and help shed some light on the emerging world of crypto hedge funds, we turned to Ari Paul. As a portfolio manager who oversaw risk at the University of Chicago's endowment investment office and the Chief Investment Officer at BlockTower Capital- a leading crypto hedge fund that raised over $140 Million in 2017 - Ari Paul is uniquely qualified to discuss the most interesting and creative investment opportunities for making money in cryptocurrencies. His positioning also means that he is intimately familiar with many of the risk factors that populate this new and fledgling market. Over the course of the discussion, Ari Paul speaks with host Demetri Kofinas about the skepticism surrounding market values, how we can protect ourselves from counterparty and exchange risk, and how hedge funds like BlockTower Capital are making it easier for someone who may not be intimately familiar with blockchain technologies or the inner working of specific cryptocurrencies, participate in this new digital economy. Demetri also asks Ari what the benchmarks for crypto funds like Blocktower are and how they measure performance. The challenge in the cryptocurrency space, according to Paul, Is that there are really three benchmarks: bitcoin, cryptocurrencies in general, as well as the broader equity markets. Seeking Alpha in an already uncorrelated asset class, therefore, presents a slew of new risk factors that aren't present for traditional hedge fund managers. Ari Paul also gives his opinion on how the flood of institutional capital might alter these correlations, what a consolidation in cryptocurrencies might look like, and if we are verging near a collapse in valuations. The two also take a look at cash-settled futures markets, consider the use of put and call options, and explore ways in which investors can better protect themselves from counterparty and exchange risk. Finally, they examine some of the most interesting and creative investment opportunities for making money in cryptocurrencies and what the average investor can do in order to take advantage of them. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation at @hiddenforcespod

In Episode 31 of Hidden Forces, host Demetri Kofinas speaks with Chris Burniske about how to value a cryptocurrency. Chris is a co-founder of Placeholder, a New York venture firm that specializes in cryptoassets. Before Placeholder, Chris Burniske pioneered ARK Invest's Next Generation Internet strategy, leading the company to become the first public fund manager to invest in cryptocurrency. He then transitioned to focus exclusively on cryptoassets, paving the way for Wall Street to recognize it as a new asset class. His commentary has been featured on national media outlets, including the Wall Street Journal, the New York Times, Fortune, and Forbes. With the total market capitalization of all cryptocurrency having surpassed $800 billion by the start of 2018, it was only a matter of time before Wall Street would stand up and take notice. The establishment of a cash-settled futures market for bitcoin in late 2017 is one of many bullish signs for the long-term viability of cryptoassets. It has also opened the door to further institutional capital and crypto-focused hedge funds with hundreds of millions of dollars to deploy. The opportunities for profitmaking are too lucrative to ignore, but the flood of institutional and private capital into the cryptocurrency space is also fueling a speculative mania. The newness of this asset class and its lack of historical price data make proper valuations even more challenging. So, given these constraints, the question remains, how do you value cryptocurrency? The answer lies at the intersection of macroeconomics and financial modeling. Chris Burniske and Demetri Kofinas start by laying out a taxonomy for cryptoassets that breaks them into three categories: cryptocurrency, cryptocommodities, and cryptotokens. In their conversation, they explore how one can learn to differentiate between the different currencies, DApps, and tokens. How does one judge the merits of a white paper, the seriousness of the dev team, and the enthusiasm of early adopters? How important is governance? How can volatility in the underlying token impact the robustness of the software? How do supply schedules determine future values? What are some of the most reliable, early indicators of success or failure for a cryptoventure? These are just some of the questions that Demetri and Chris address in this highly informative and timely conversation. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 30 of Hidden Forces, Demetri Kofinas asks the question, "how can we learn how to predict the future?" According to his guest, Tim O'Reilly, learning how to predict the future starts with building better maps. Tim O'Reilly has played a seminal role in creating the framework through which an entire generation has come to know and understand the modern Internet. If you have ever used terms like "open source" or "web 2.0," you are relying on the language cultivated by Tim O'Reilly, through his innumerable conferences, gatherings, and intimate conversations. His work has reshaped how people in the computer industry think about technology. He is the founder, CEO, and Chairman of O'Reilly Media, and his most recent book, WTF: What's the Future and Why It's Up to Us, forms the basis for much of this conversation. The need to explore is a fundamental driver of human progress. Without it, we would never have ventured off the plains of Africa, conquered the seas, or landed men on the moon. How has humanity managed to navigate the unknown? The process of exploration is one of mapmaking. Maps are not some relics of a bygone era. Maps are not artifacts that exist naturally in the world. Maps are products of the human mind. Mapmaking is the process through which our brains structure time and space; they help us put order around experience. Maps are the expression of human perception. If we want to navigate the world better, and if we want to learn how to predict the future, then we need to build better maps. Tim O'Reilly helps us do just that. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 29 of Hidden Forces, Demetri Kofinas speaks with Hooman Majd about how to interpret the Iranian protests within the wider political, cultural, and financial dimensions of the greater Middle East. The ongoing Iranian protests have delivered the worst scenes of unrest since millions took to the streets over a disputed presidential election in 2009. During the tensions that occurred a decade ago, protesters claimed that widespread election fraud resulted in the state erroneously reelecting Mahmoud Ahmadinejad, as president of Iran; however, the most recent protests are about far more than an election — and it is about far more than just Iran. Although many reports have noted that the protests were triggered by growing anger stemming from economic hardships, such as increasing unemployment and income inequality, the root cause of the unrest goes far deeper. The unrest in Iran cannot be entirely separated from the larger forces moving through the Middle East. In order to understand the nature and scope of the present problem, we need to consider the socioeconomic and political forces operating in both Iran and the Middle East at large. Few are better equipped to discuss this topic than Hooman Majd. Hooman Majd is an Iranian-American writer and political commentator. He is the author of the New York Times bestseller The Ayatollah Begs to Differ, as well as The Ayatollahs' Democracy and The Ministry of Guidance Invites You to Not Stay. He joins us today to discuss how we can interpret and locate the Iranian protests within the wider political, cultural, and financial dimensions of the Middle East. Over the course of the conversation, Hooman Majd and host Demetri Kofinas discuss how the Iranian protests fit within the western-oriented framework of thinking about Iran, and how much of what Iran is experiencing is the result of forces that are reshaping the oil-reliant and politically volatile economies of the region. Ultimately, the conversation investigates the source of the ongoing protests, and what these demonstrations express about the current state of Iranian society, its economy, and its politics, in order to provide a framework for understanding the larger forces operating across the Middle East. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 28 of Hidden Forces, host Demetri Kofinas lays out his vision for a future driven by the emergent forces we have been covering in 2017. He reads passages from Ted Kaczynski's "Industrial Society and its Future," as well as from Bill Joy's "Why the Future Doesn't Need Us." He plays clips from interviews with Barack Obama, Tim Cook, and Jamie Dimon, as he considers how power, privacy, and control, all factor into the emerging technological landscape. What is the goal of the machine? What do we seek to accomplish with our technologies? What are the benefits and the costs associated with the technological, political, and economic forces of the modern age? Producer & Host: Demetri Kofinas Editor: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 27 of Hidden Forces, Demetri Kofinas speaks with economist Gary Shilling, who famously called the bottom in what has become a 36-year bull market in US Treasuries, about the ramifications of Donald Trump's economic policies, the role of cryptocurrencies, and the prospect for stocks, commodities, and the dollar in 2018. Few would reasonably argue that regulatory reform is not needed in the United States. The issue for politicians and policymakers has always been one of balance and practicality. The turbulence of the 1970's produced a slew of regulatory measures like wage and price controls that proved disastrous for the economy. Likewise, the financial deregulation of the 1980s and 1990s rolled back investor protections that had served to safeguard customer deposits and prevent excessive interconnectivity in the banking system. In the context of the current economic expansion, one must consider the impact that deregulation and higher after-tax income will have on an economy already in its ninth year of economic expansion. With corporations and businesses standing to benefit most from tax cuts proposed by Senate and House Republicans, what do individual tax-filers stand to gain from the Trump tax plan? Are there benefits to rolling back some of the financial regulations passed in reaction to the fallout of the great financial crisis of 2008? What does the employment picture look like for the US economy? How do job prospects and wages fare in the face of rising asset values and growing debt burdens? If Gary Shilling is right and treasuries remain in a bull market, what does this mean for the fate of stocks, commodities, and the US dollar in 2018? Will the price of oil continue its recent rise, or may some combination of weak demand and oversupply hamper prices? How will the Federal Reserve's ongoing tightening affect the economy and are we destined to see an inversion of the yield curve for 10-year US Treasuries? Gary Shilling also gives us his two cents on bitcoin, and why he thinks the cryptocurrency is massively overvalued. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 26 of Hidden Forces, host Demetri Kofinas speaks with NASA's Chief Climate Scientist and Head of the Goddard Institute for Space Studies, Gavin Schmidt. The two cut through the controversy surrounding climate change and dive right into the heart of climate science. They parse through the data, explore the climate models, and consider the impact that further warming could have on humanity in the decades to come. What is driving the warming of our planet? What is causing the acidification of the oceans? What is shrinking the ice sheets? What is causing the rise in sea levels, the decrease in snow cover, and the melting glaciers? Is there a causal connection between human activity and the prolonged droughts, intense heat waves, and raging wildfires we have seen in recent years? What are the feedback mechanisms of climate change? How do we measure the impact of losing reflective layers of ice, exposing permafrost, or releasing vapor into the atmosphere? What does the cooling of the upper atmosphere tell us about the cause of global warming? Could changes in solar activity, sunspots and cosmic rays, and their effects on clouds be to blame for climate change? How will humanity respond to more extreme weather events – hurricanes, droughts, floods, and forest fires – as our populations grow and the density of our coastal regions increases? And is there anything we can do, to prepare? Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 25 of Hidden Forces, host Demetri Kofinas speaks with Lacy Hunt, Executive Vice President of Hoisington Investment Management Company. For nearly 14 years, Dr. Lacy Hunt was Chief U.S. Economist for HSBC Group, one of the world's largest banks. He was also Executive Vice President and Chief Economist at Fidelity and held the position of Senior Economist for the Federal Reserve Bank of Dallas. Global Macro is an investment strategy based on the interpretation and prediction of large-scale events. Many such events are driven by chronic conditions, including debt deflation, structural demographics, and low savings rate. What role have governments played in amplifying and perpetuating the impact of these forces by bailing out financial markets and flooding the banking system with cheap money? In order to answer this question, we must rely on a panoply of data, statistics, and econometrics – bank lending, money velocity, monetary aggregates, disposable income, liquidity coverage ratios, and credit spreads. How will we navigate the next recession, having wasted the last 8 years chasing the shadows of wealth through buy-backs, stock appreciations, and financialization? Where will the demand come from in a consumer-led economy still fighting the forces of debt-deflation with diminishing savings rates and rising interest expenses? How will we manage our unfunded liabilities, mortgage payments, rents, and college tuitions, with such poor structural demographics? And how does all of this tie back to the resurgence of populism and the escalation of geopolitical tension in a world bound together by our liabilities but torn apart by the specter of conflict, the failures of diplomacy, and the expediency of war? Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 24 of Hidden Forces, host Demetri Kofinas speaks with Jeffrey Rosen, the nation's most widely read and influential legal commentator. Their conversation examines the landscape of constitutional law in the 21st century. How do we interpret a more than 200-year-old document in an age of empire, terror, and technological futurism? How do theories of mind apply to the laws of personhood? How will our criminal justice system evolve along with our notions of agency and free-will? How do we interpret the First Amendment in an age of synthetic news and artificial intelligence? Where do the Bill of Rights and the Constitution stand on the question of genetic engineering and designer babies? Can the Fourth and Fifth Amendments protect our right to privacy and freedom from self-incrimination in an age of mass surveillance? How does constitutional law inform the practices of corporations and publishers? Can this enduring document safeguard our liberty, autonomy, and freedom, in the digital age? Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 23 of Hidden Forces, host Demetri Kofinas speaks with Dr. Heather Berlin about the neural basis of consciousness. The two consider a theory of mind based on a materialist perspective on reality. Materialism is a form of philosophical monism which holds that matter is the fundamental substance in nature, and that all things, including mental aspects and consciousness, are results of material interactions. If this is the case, then where do our thoughts and our feelings, come from? Who is in charge of our volitions and our desires? What is the neural basis of depression, anxiety, and psychosis? What is the substantive source of human creativity, inspiration, and genius? Is there really nothing more to the experience of consciousness – to life itself – than the observable firing of billions of neurons jumbled together in an atomic stew consisting almost entirely of empty space? Dr. Heather Berlin is a cognitive neuroscientist and Assistant Professor of Psychiatry at the Icahn School of Medicine at Mount Sinai. Dr. Berlin practices clinical neuropsychology at New York Presbyterian Hospital. She is the host of the PBS series Science Goes to the Movies, and the Discovery Channel series Superhuman Showdown. Heather Berlin co-wrote and stars in the critically acclaimed off-Broadway and Edinburgh Fringe Festival show, Off the Top, about the neuroscience of improvisation. She has made numerous media appearances including on the BBC, History Channel, Netflix, NatGeo, StarTalk, and TEDx. Heather Berlin received her Ph.D. from the University of Oxford and Master of Public Health from Harvard University. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

Members of the hashgraph consensus algorithm's founding team, including the CEO of Swirlds, Mance Harmon, speak with Demetri Kofinas about the future of the Internet. In this blockbuster event, blockchain developers, entrepreneurs, and fans of Hidden Forces ask questions to the founders of hashgraph about their revolutionary technology. Leemon Baird, Mance Harmon, and the rest of the Swirlds team claim to have built an entirely new distributed ledger technology that is better (orders of magnitude more efficient), faster (300,000+ transactions per second pre-sharding), safer (asynchronous byzantine fault tolerant), and fairer (mathematically proven fairness with consensus time stamping) than the blockchain. This is the second installment in a series of interviews, panel discussions, and conversations that Demetri Kofinas has had with the founders of Hashgraph. Hashgraph is a consensus algorithm that appears to have solved the problem of scale in distributed information management. It is a distributed ledger technology that may do for information processing and storage, what TCP/IP and broadband has done for communication. This is a revolution unlike any we have seen since the earliest days of the World Wide Web. This event took place at the Assemblage NOMAD in New York City. It was a packed house with over 200 people in attendance from the blockchain and fintech communities who were eager to learn about how hashgraph is going to change the future of the Internet. You can listen to Demetri's interview with the inventor and founder of Hashgraph, Leemon Baird, as well as read the transcript to that conversation on our website. Producer & Host: Demetri Kofinas Editor: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 22 of Hidden Forces, host Demetri Kofinas speaks with Leemon Baird, the inventor of Hedera Hashgraph, a new, distributed ledger technology poised to disrupt the entire ecosystem of blockchain-based applications and cryptocurrencies. Leemon Baird is the Co-founder and CTO of Swirlds Inc. With over 20 years of technology and startup experience, he has held positions as a Professor of Computer Science at the Air Force Academy, Adjunct Professor at multiple other prestigious universities, and as a senior scientist in several labs. He has been the co-founder of several startups, including two identity-related starts-ups with successful exits. He received his Ph.D. in Computer Science from Carnegie Mellon University faster than any student in school history (2 years, 9 months), has multiple patents and over 100 publications in peer-reviewed journals on computer security, machine learning, and mathematics. He regularly keynotes on these topics at conferences. In this conversation, our audience will get a first-hand look at what may become the future of the Internet. Hashgraph is a revolutionary new distributed ledger technology with patented properties. The claims are that it is fast (100,000's transactions per second pre sharding), fair (mathematically proven fairness with consensus timestamping) and secure (asynchronous Byzantine fault tolerant). These properties could expand decentralized use cases to complex markets, auctions, crypto-currency micropayments, live games (even MMOs), and much more. The company has secured early funding and has been adopted by credit unions, payment providers and is currently in due diligence phases with large banks. Demetri will be moderating a panel with the CEO and Founding Team at The Assemblage (114 E. 25th St. New York, New York 10010) this Thursday, Oct. 19, from 7:00-9:30 pm. Seating is limited. You can RSVP here. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 21 of Hidden Forces, host Demetri Kofinas speaks with John Borthwick about design philosophy, superintelligence, relativism, and simulation. John Borthwick is CEO and Co-founder of Betaworks, a startup platform that builds and invests in companies across the social, data-driven media Internet. The Betaworks platform combines three areas of expertise. The first is a studio for building products like Giphy, Dots, Bitly, and Tweetdeck. The second is an investment fund for early-stage start-ups related to the areas in which the company is building (investments here include: Tumblr, Kickstarter, Medium and Gimlet). Lastly, there is "camp": a thematic accelerator program for start-ups in frontier technology such as Bots, AI, and Verbal Computing. In this manner, John Borthwick and his team at Betaworks combine art and science in their design philosophy, as they create extraordinary companies and work with exceptional people across the technological landscape. In their conversation, Demetri and John blur the line between man and machine. "Computers are no longer that 'other' thing, that 'other' object. The line between machines and humans is becoming indistinguishable," says John Borthwick. The two reconsider our place as observers and users of technology in this increasingly intermediated universe of digital experience. They reimagine consciousness and explore a theory of mind that questions our notions of humanity, our sense of identity, and our assumptions of free will. How do we develop a design philosophy for our machines without losing sight of our humanity? Who are we designing our world for? And, what do we hope to achieve as we dissolve into this immersive technological future of superintelligence, disembodied consciousness, relativism, and simulation? Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In Episode 20 of Hidden Forces, Demetri Kofinas speaks with political scientist Daniel Drezner about public intellectuals, thought leaders, and the marketplace of ideas. Dr. Drezner is professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University, a nonresident senior fellow at the Brookings Institution, and the author of "Spoiler Alerts" for the Washington Post. His latest book, The Ideas Industry, explores the balance that must be struck between public intellectuals and thought leaders in a properly functioning marketplace of ideas. What is the state of intellectual thought in American society? Where does one go in order to find good information? How does one measure the value of an idea if he or she cannot determine its veracity? How have the foundations of Western intellectual development like empiricism and reason been turned into political footballs? Why has trust in institutions eroded? Why has the credibility of journalists, scientists, and experts been brought into question? How has the wealth gap, partisanship, and information overload created a landscape welcoming to thought leaders, but hostile to the very types of public intellectuals that would have been celebrated less than 50 years before? Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod