Brigadoon Weekend | No. 5 | February 12, 2022
Brigadoon Weekend curates the top ten emerging issues from the week shaping commerce + culture.
ONE
How to recover $3.6 billion in stolen bitcoin.
According to Time Magzine, federal law enforcement and prosecutors revealed a six-year chess match to find the culprits behind the theft of 119,754 Bitcoin from the cryptocurrency exchange Bitfinex.
Ilya Lichtenstein and Heather Morgan were arrested on charges they laundered a portion of the nearly 120,000 bitcoins stolen from Bitfinex in 2016.
“The defendants are sophisticated cybercriminals and money launderers who present a serious risk of flight,” prosecutors said. While most of the stolen funds have been seized, Morgan and Lichtenstein control several other virtual currency addresses that hold about 7,506 Bitcoin, valued at more than $328 million, the government says.
Bloomberg reports that none of this could have happened 20 years ago. Or 10. Or maybe even five. The couple’s audacious plan, as laid out by federal authorities, as well as the brazen lifestyle that the plan supposedly afforded, seemed tailored to these times.
The anatomy of the alleged money laundering scheme is a cautionary tale in an era of rapid blockchain ascendancy.
A couple allegedly used a “laundry list” of technical measures to cover their tracks.
The measures didn’t work.
“The problem with laundering cryptocurrency is if you made a mistake five years ago, that’s still on the blockchain for everyone to see.” -- Tom Robinson, a co-founder of the Blockchain analytics company Elliptic
Look for crypto supporters to make the case that a blockchain can be a powerful tool for investigating financial crime.
TWO
A use case for crypto, finally.
Kevin Roose writes that one of crypto's superpowers is the ability to kick-start projects by providing an incentive for investors and supporters to get in on the ground floor.
Adding tokens to the investment mix solves the "cold start problem."
As every entrepreneur knows, attracting the first users to a new product or service is a challenge from a potential customer not knowing about the product or service currently has limited network effects.
Roose shared insights on how Helium, a wireless network powered by cryptocurrency, displays a practical promise of decentralized services.
Roose writes that Helium exists in a regulatory gray area like many crypto projects, and users could be in for a shock if Washington decides to crackdown.
Federal regulators have suggested that lots of crypto tokens may qualify as securities, which could make Helium hot spot owners subject to all kinds of thorny securities laws.
Putting a Helium hot spot in your house might also technically violate your internet service provider's terms of service since it involves reselling a portion of your bandwidth.
Look for more crypto projects to be "job to done" solutions that may not be a lottery ticket to riches but provide a helpful answer and advance adoption by distributing tokens to users and supporters.
THREE
Team Biden keeps leaking Russia intel.
The US national security establishment believes that the information war is a must-win battleground.
The West is executing a productive "flood the zone" communications strategy.
Politico reports the Biden administration has gone to unusual lengths to publicly share intelligence about Russia's threat to Ukraine, using targeted media leaks and other methods to warn the world of everything from the specifics of Moscow's troop build-up to an alleged Kremlin plot to fake an attack that justifies an invasion.
The way Team Biden has executed their communications has been a masterclass.
Team Putin appears unprepared for this high-bandwidth output and use of high-low media channels where journalists have shared timely leaks and compelling military scenarios.
Look for increased use of information tools and tactics by the US national security establishment as they seek to prevent kinetic military action across Eastern Europe.
FOUR
Peter Thiel picks politics over pokes.
Facebook describes pokes as a way to say hello or get your friend's attention.
Now Peter Thiel wants to get Washington's attention.
One of the most successful Silicon Valley investors and entrepreneurs of the last two decades, billionaire tech investor and PayPal Co-founder Peter Thiel, announced he would step down from the board of Facebook owner Meta.
Thiel, an early Facebook investor and close confidante of CEO Mark Zuckerberg, will not stand for re-election to the board at the company's 2022 annual stockholders' meeting.
As Richard Waters writes, Thiel's backing for Donald Trump in 2016 left many in liberal-leaning Silicon Valley aghast and, with a massive personal fortune, has fuelled expectation that he is about to emerge as a powerful new force in rightwing politics.
The departure allows Thiel more freedom to expand his political influence while protecting Meta from any backlash.
Look for Peter Thiel to focus on Election 2022 as part of a strategy to position himself for a top-flight position in a future Trump or Republican administration.
FIVE
Queen Camilla is on deck.
Queen Elizabeth II offered her support to have the Duchess of Cornwall become Queen Camilla — using a special Platinum Jubilee message to make a significant decision in shaping the future of the British monarchy.
"Camilla will be known as Queen Consort as she continues her own loyal service."
The Queen is Queen Regnant, a female monarch equivalent in rank and title to a king who reigns in her own right. A Queen Consort is the wife of a reigning king.
The announcement seemed to resolve a sensitive issue for Camilla, the second wife of Prince Charles, who is Elizabeth's eldest son and the heir to the throne.
Look for this announcement to set an easier transition when Charles ascends to the throne.
SIX
Protecting your brand in the NFT marketplace.
Nike is the latest company to file suit over NFTs as brands get serious about the marketplace.
Fortune reports the shoe and apparel company filed a lawsuit last week against Detroit-based sneaker and apparel exchange StockX, which Nike has accused of selling NFTs that infringe on its trademarks.
A complaint filed by Nike in the US District Court for the Southern District of New York alleges that StockX has been selling NFTs that use Nike's trademarks without its authorization or approval.
"Companies are going to be on the lookout to make sure that nobody is out there creating NFTs in this space that are violating their rights and their intellectual property rights." -- Michael Rueda, a lawyer and head of the US sports and entertainment group at the London-based law firm Withers
Look for more brands taking this proactive legal approach to avoid being responsible if fraudulent brand versions appear in digital marketplaces as NFTs.
SEVEN
Salesforce is all-in on an employee's health and wellness.
Salesforce is making a wellness retreat for workers with the launch of the Trailblazer Ranch.
This wellness ranch will be the tech company's new corporate ethos in an ever-increasing work-from-home business environment.
The Wall Street Journal reports the majority of Salesforce's employees will work in a hybrid model once the pandemic is over, coming into the office between one and three days a week.
Salesforce plans to use the property to onboard new hires and conduct off-site team meetings for social bonding and leadership training.
Stays at Salesforce's retreat will combine work and training with wellness activities such as yoga and hiking.
Wellness Retreat > Country Club
Look for more companies to commit to an employee's health and wellness as a tool to recruit and retain talent.
EIGHT
Esports to be included as a pilot event at Commonwealth Games.
BBC reports that the inaugural Commonwealth Esports Championships will have separate branding, medals, and organization at this year's event.
But there is hope within the Commonwealth Games Federation (CGF) that esports could become a part of the full program by the 2026 Games.
"Esports is continuing to grow dramatically in terms of popularity and participation, particularly amongst young people, and we are continuing to look at ways to explore how it can align with the Commonwealth Sports Movement." -- CGF president Dame Louise Martin.
There will be 29.6 million monthly esports viewers in the US this year, per Insider Intelligence estimates.
Look for competitive video games to continue to reach into popular culture and international sporting championships.
NINE
Kelly Slater wins Billabong Pro Pipeline in Hawai'i.
Days before he turned 50, Kelly Slater won Pipeline, an event he first won 30 years ago.
Slater defeated a rider less than half his age to capture one of the sport's iconic events, the Billabong Pro Pipeline, near the renowned reef off of Oahu.
ESPN reports Slater was the youngest world champion when he captured the title at 20. He was also the oldest when he won it at 39. He just finished his last contest in his 40s with a win too.
He has become a household name and captured 11 world championships. His win over the weekend was his eighth World Surf League Championship Tour victory on the Banzai. It also marked his 56th overall tour win.
Look for Slater's Pipeline win as one of 2022's most significant sports accomplishments.
TEN
Conquering injury is a must for Olympic skiers.
A study financed by the International Ski Federation and published in 2021 estimated that a third of all Alpine skiers are injured during each World Cup season.
According to the organization’s Injury Surveillance System, 41% of injuries by World Cup skiers between 2003 and 2019 sidelined them for 28 days or longer.
Of 1,083 injuries the system tracked, 447 were to knees, by far the most-damaged body part. Hands also took a beating (105 injuries), as did heads (102 injuries).
Look for a different kind of athlete who commits to race down a mountain where the margin between a personal best and disaster can be as narrow as the razor-sharp edges of skis.
