On The Margin

$5.9 trillion a year is wagered on unregulated online gambling.Ismail Vali says that makes it the third-largest economic flow on the planet, after the US and Chinese economies.I sat down in Las Vegas with Ismail, President of Gaming Compliance International (GCI) and founder of Yield Sec. He ran Ladbrokes e-gaming and Sportingbet, and later Paradise Poker and PokerStars, which he took to 94% international market share. He calls himself a “poacher turned gamekeeper,” and today he helps regulators, governments and licensed operators track the illegal iGaming market.What we covered:The black market isn’t 5%, it’s the majority. The industry used to estimate offshore gambling by adding a guessed percentage to regulated revenue. Yield Sec measured it top-down from traffic, ads and affiliates. The result: about 78% of the average online gambling market is unlicensed. That’s roughly $100B a year lost in the US (about $25B of it tax) and €91.6B in the EU.One marketplace, two industries. Licensed sportsbooks and online casinos pay license fees, gaming taxes, compliance costs and responsible gambling costs. Offshore operators put that money into $1,000 sign-up bonuses. Players can’t tell the difference when both appear in their TikTok, Instagram or ChatGPT results.Crypto casinos and stablecoins. We covered how crypto, stablecoins and grey-market payment processing let anyone launch a white-label casino for about $50K in four days. That includes Stake.com handing back its UK Gambling Commission license, BC.Game calling Curaçao’s regulator “hostile,” and the Curaçao data leak.Prediction markets are gambling. Kalshi and Polymarket meet the test of stake, uncertainty and reward. About 80% of their volume is sports betting, Betfair already ran this model, and Flutter makes money taking the other side. New users change their position about 15 times in their first 24 hours.AI and bots. AI-generated affiliate marketing, ripped-off celebrity endorsements, streamer and influencer promotions, and trading bots are changing how sports betting and prediction markets work.Enforcement works, bans don’t. The Philippines went from 92% illegal to over 65% legal, with tax up from under $1M to more than $100M a month. Brazil’s decision to re-ban online betting a year after legalizing it hands that market straight to organized crime. Ismail’s framework is Monitor, Police, Enforce, Optimize (MPEO).It’s bigger than gambling. The same model now sells counterfeit GLP-1 weight-loss drugs, predatory loans and other regulated products online. Regulators are still enforcing with brick-and-mortar tools in a digital economy. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.on-the-margin.com

He applied for the wrong regulatory license and had to redo the entire application from scratch. Now his company moves billions of dollars a day between fiat and crypto.Sami Start co-founded Transak in 2019 to solve a simple problem: making it easy to convert between fiat currency and crypto or stablecoins directly inside third-party apps like MetaMask, Trust Wallet, and Phantom. The company has grown to serve over 10 million users through hundreds of integrated applications, holds licenses across the UK, EU, US, Canada, Australia, Hong Kong, and beyond, and now operates in roughly 90 countries worldwide, the notable exceptions being sanctioned nations like China, Iran, and North Korea.Sami sits down with Boaz Sobrado to talk about the financial crime that comes with moving millions of dollars a day, the vulnerable people scammers specifically target, and why, years after crypto promised to end KYC hassles, you still have to verify your identity again every single time.We cover:Why Transak turned down building a prediction-market wallet integrationThe wrong regulatory license that cost months of wasted paperworkWhy China, Iran, and North Korea are off the table, regardless of GDPHow Binance quietly relies on competitors like Transak for local payment railsThe UK's FinProm rules making it harder to onboard new usersWhy "it hasn't been solved yet" is the honest answer on reusable KYCThe vulnerable customers scammers specifically target, and why Sami takes it personallyWhere your passport data actually goes after you upload it for KYCWash trading and the fake user numbers of the early DApp eraWhy crypto's "casino and speculation" era might finally be fadingWhether Transak wants to become the one company that owns all your financial dataThe Binance, MetaMask, and Trust Wallet integrations behind the scenesBillions of dollars processed, and the exact number Transak won't confirmGetting an FCA license for anti-money laundering and consumer protectionWhy spinning up a new crypto wallet to dodge fraud detection is trivially easyThe "stablecoin sandwich" and where global stablecoin demand really comes fromRESOURCES & LINKS:https://transak.comMORE OF SAMI START:LinkedIn: https://www.linkedin.com/in/samistartMORE OF ON THE MARGIN:Website: https://www.themargin.tvSpotify:Main Site: https://www.on-the-margin.comMORE OF BOAZ SOBRADO:Twitter: https://x.com/sobradobInstagram: https://www.instagram.com/sobradobWebsite: https://themargin.tv/boaz-sobradoMORE OF IVAN PATRIKI:LinkedIn: https://www.linkedin.com/in/artiztSubstack: https://substack.com/@artiztTwitter: https://x.com/Ivan_patrikiInstagram: https://www.instagram.com/artizt/?hl=enTikTok: https://www.tiktok.com/@ascendedTelegram: https://t.me/ivanpatrikiTimestamps:00:00 - Inside the fiat-to-crypto rails powering MetaMask and Trust Wallet.01:34 - Ten million users, hundreds of integrated apps.02:21 - Where the biggest flows and stablecoin volumes come from.09:21 - The apps quietly growing fastest on stablecoins.10:47 - Why Binance relies on competitors for local payment rails.12:29 - Ninety countries, and the licenses behind each one.13:13 - Why Transak won't touch prediction markets or gambling.18:39 - China, Iran, North Korea: off the table regardless of GDP.20:08 - Sami's path into fintech and crypto.23:33 - A "controversial statement" from the earliest DApp days.23:53 - Wash trading and fake user numbers in early crypto.25:41 - Has reusable KYC across platforms finally been solved?26:42 - Does Transak want to own all your financial data?27:19 - Where your passport data actually goes after KYC.28:29 - The wrong license, and months of wasted paperwork.30:38 - The vulnerable victims of financial crime.33:36 - How easy is it to dodge fraud detection with a new wallet?34:38 - Billions processed, and the number Transak won't confirm.35:31 - Is crypto's casino era finally fading?Subscribe & leave a comment if you made it this far! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.on-the-margin.com

He turned 37 ETH into a Shiba Inu position that peaked at $5.7 billion, then walked away from his early Bitcoin rather than hand over his identity to a KYC form.Shibtoshi is the masked crypto billionaire behind Squid Grow and Silent Swap. He first heard about Bitcoin in 2010, bought his first coins in a Vegas OTC deal to fund an online poker game (and got wiped out), and was buying Litecoin and Namecoin back when Bitcoin traded in single digits. In 2013 he walked away from his Paxful and LocalBitcoins accounts rather than KYC, and did not come back for that Bitcoin until 2019.Ivan Patriki sits down with him to talk luck, privacy as a human right, the tax game of collateralizing crypto instead of selling, and why he will never take the mask off on camera.We cover:37 ETH into Shiba Inu, and a portfolio that touched $5.7 billionThe Vegas poker night that pulled him down the Bitcoin rabbit hole (he lost it all)Buying Bitcoin at $10 with MoneyGram, Western Union, and cash in the mailWhy he walked away from his accounts rather than KYC in 2013The exchanges that shut down right after he pulled his coins out"There is a difference between a crypto billionaire and a fiat billionaire"Would you have actually held Bitcoin from $10 to $100K?If he had to start over today: pour everything into AIThe arrogant-rich-guy phase, and why nobody likes itSilent Swap: $2.5 billion in volume and cross chain private swapsWhy Monero is great until the second you leave its network"There's nothing we could give anybody" (why records don't exist)The Ledger co founder kidnapping and the three severed fingersCollateralize your Bitcoin at $250K instead of paying 40% capital gainsDoes anyone actually know who runs the financial system?RESOURCES & LINKS:Silent Swap: https://www.silentswap.com/Squid Grow: https://www.squidgrow.com/MORE OF SHIBTOSHI:Twitter: https://x.com/Shibtoshi_SGInstagram: https://www.instagram.com/shibtoshi_sg/MORE OF ON THE MARGIN:Website: https://www.themargin.tvSpotify:Main Site: https://www.on-the-margin.comMORE OF BOAZ SOBRADO: Twitter: https://x.com/sobradobInstagram: https://www.instagram.com/sobradobWebsite: https://themargin.tv/boaz-sobradoMORE OF IVAN PATRIKI: LinkedIn: https://www.linkedin.com/in/artiztSubstack: https://substack.com/@artiztTwitter: https://x.com/Ivan_patrikiInstagram: https://www.instagram.com/artizt/?hl=enTikTok: https://www.tiktok.com/@ascendedTelegram: https://t.me/ivanpatrikiTimestamps:00:00 - The masked crypto billionaire.00:34 - Crypto billionaire vs fiat billionaire, and the 5.7 billion screenshot.01:22 - Vegas 2011: the poker night that started it all.03:06 - Buying Bitcoin with Western Union and cash in the mail.05:44 - Who were the real early Bitcoin adopters?07:34 - Would you have actually held from $10 to $100K?09:18 - Walking away rather than KYC in 2013.10:19 - Luck, the 2008 crash, and self custody as freedom.12:52 - If he had to start over: all in on AI.15:43 - Logging back in and seeing the balance in 2019.19:14 - Namecoin, Litecoin, and Charlie Lee.22:02 - NFTs, staking phases, and why privacy is next.25:44 - Building Squid Grow for friends and family.26:08 - Bubble Maps, wallet tracking, and the birth of Silent Swap.30:04 - The business model and why crypto is not actually private.31:45 - Why not just use Monero?34:55 - Trafficking, compliance, and the Tornado Cash overturn.37:51 - Does the government have an Apple backdoor?38:34 - St. Lucia, non custodial, and "there's nothing to give".43:19 - The blingy gold mask persona.44:05 - The billionaires among us that nobody knows.48:00 - The Ledger co founder kidnapping and three severed fingers.50:12 - Going to conferences masked and staying anonymous.51:07 - Four year cycles and why crypto is not dead.53:28 - Collateralizing Bitcoin at $250K instead of paying tax.54:56 - Did the mask stifle his career?58:34 - AI, privacy, and the next ten years of crypto.01:01:45 - Silent Swap, YZI Labs residency, and the BNB Chain partnership.Subscribe & leave a comment if you made it this far! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.on-the-margin.com

He made a crypto movie called $Positions, and while it premiered at South By Southwest, scammers were busy launching meme coins in its name and rug pulling his fans.Brandon Daley is an independent filmmaker who spent 14 years selling power tools on the internet while self funding short films for $5,000 each. No Hollywood connections, no nepotism, no family money. He stayed in the Midwest, ground it out on the film festival circuit, and finally got a sub million dollar feature financed by Chicago indie investors. He paid himself $10,000 for four years of work.Brandon and Ivan Patriki get into how indie films actually get funded, the moral quandary of taking money from first time investors, why influencer follower counts now decide which movies get made, and the strange saga of scammers launching $Positions meme coins off his trailer while he stayed clear of the whole thing.We cover:How a power tool merchandising director self funded his way into feature filmWhy he purposefully stayed in the Midwest instead of moving to LAThe "arbitrage" between Chicago indie film and HollywoodWhy he refused to bring a first time investor onto his first featureRoger Corman's exploitation thesis and the "Instagram Reels playbook" for shock value"What if I released the whole movie in 30 second chunks on Instagram?"Casting strangers off the street versus working with real actors ("it's like Bang Bus but with independent film")Would he cast Andrew Tate? (and why it might hurt his Sundance chances)Why a $20M budget is actually less scary than a six figure onePaying himself $10,000 for four years of work so the crew could get paidVomiting every morning during pre production, and why the actors could never knowWhy AI aids storytellers but threatens camera teams and actorsThe $Positions meme coins, the rug pulls, and the scammer in Indonesia he felt "connected to"Why crypto is the new lottery ticket for people looking for hope out of povertyReal advice on chasing an idea before someone else grabs itRESOURCES & LINKS:Watch $Positions:Amazon: https://www.amazon.com/gp/video/detail/B0GXZPXD4F?ref_=atv_dp_share_cu_rApple TV: https://tv.apple.com/us/movie/positions/umc.cmc.3yhlyu51vf1jdcrgoe87goidzYoutube Movies:MORE OF BRANDON DALEY:Instagram: https://www.instagram.com/coolbrandond/Twitter: https://x.com/CoolBrandonDMORE OF ON THE MARGIN:Website: https://www.themargin.tvSpotify:Main Site: https://www.on-the-margin.comMORE OF BOAZ SOBRADO: Twitter: https://x.com/sobradobInstagram: https://www.instagram.com/sobradobWebsite: https://themargin.tv/boaz-sobradoMORE OF IVAN PATRIKI: LinkedIn: https://www.linkedin.com/in/artiztSubstack: https://substack.com/@artiztTwitter: https://x.com/Ivan_patrikiInstagram: https://www.instagram.com/artizt/?hl=enTikTok: https://www.tiktok.com/@ascendedTelegram: https://t.me/ivanpatrikiTimestamps:00:00 - How do you raise money and work with movie stars?00:18 - 14 years selling power tools while self funding short films.02:44 - How Chicago investors caught wind of his script and funded it.04:37 - Meeting Eddie Linker, the "godfather of Chicago indie film."05:48 - The moral quandary of tricking someone into indie film investing.07:14 - Grinding the festival circuit from $5,000 shorts to South By.09:15 - No nepotism, no connections, and the Roger Corman shock value thesis.11:42 - The Instagram Reels playbook and releasing a movie in 30 second chunks.12:17 - The plan to scale up with name talent on a sub million dollar budget.14:29 - Would he cast Andrew Tate?15:53 - Do influencers and follower counts belong in Hollywood?16:55 - Casting strangers off the street ("it's like Bang Bus with indie film").17:54 - The worst part of working with big actors.20:08 - Why a $20M budget is less scary than a six figure one.21:51 - Paying himself $10,000 for four years of work.22:46 - Keeping a day job to keep the art pure.24:29 - Is AI going to harm the film industry?27:11 - AI aids storytellers but threatens camera crews and actors.29:02 - The last time he cried at a movie.29:59 - The $Positions meme coins and the rug pulls.33:26 - Why he refused to launch his own coin.34:56 - Crypto as a lottery ticket for people in poverty.37:33 - Future plans: theatrical, digital, and chasing Netflix.38:22 - Can you tell it's not a Hollywood movie?39:20 - Real advice on chasing a ripe idea before someone else does.41:59 - Vomiting every morning during pre production.43:14 - On luck, hard work, and getting into South By.44:07 - Smash the like button (and the meme coin bit).Make sure to like, comment, and share, and I'll see you in the next one. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.on-the-margin.com

Private jets are paying for fuel mid-flight in stablecoins. Watch dealers are settling five-figure deals the same way. And credit cards can't keep up with either.Will Harborne joined crypto in 2016, working at Tether back when the word "stablecoin" barely existed yet. He co-founded Ethfinex in 2017, one of the earliest Ethereum-based decentralized exchanges, which evolved through several rebrands (DeversiFi, then Rhino.fi) as the company grew from a retail cross-chain bridge that processed billions in volume and onboarded over two million users, into its current focus as B2B stablecoin infrastructure for fintechs and neobanks.Now Rhino.fi's "stablecoin activation stack" lets businesses like Wirex, Plasma One, and a growing list of neobanks send and receive stablecoins across 35+ blockchains in under ten seconds, abstracting away the chain and token complexity entirely. Will sits down with Boaz Sobrado to talk about why time-critical, high-value payments are quietly exploding, why crypto's idealists feel betrayed by its own success, and what happens now that Wall Street's biggest fintechs are eating DeFi's lunch.We cover:Why private jets are paying for fuel with stablecoins mid-flightThe $50,000+ transactions that credit cards and banks can't settle fast enoughRhino.fi's "smart deposit addresses" that work across every chain and stablecoin at onceWhy crypto casinos and gambling platforms are a massive untapped stablecoin marketThe Epic v. Apple ruling quietly opening the door for stablecoins in mobile gamingWill's path from working at Tether in 2016 to building Rhino.fiWhy he believes crypto's idealists have been alienated by its own successThe joke that "the worst thing that happened to DeFi was Gary Gensler getting fired"Why most governance tokens were doomed to fail from the startRhino.fi processing billions in volume and pivoting to enterprise B2B salesWhy non-USD stablecoins are finally taking off after years of false startsHow Rhino.fi nets transactions across clients like a Wise-style liquidity poolWhy Bitcoin still wins for the largest time-critical paymentsNeobanks growing 30% month over month, and whether the incentives are sustainableWhy watch and jewelry dealers are quietly settling deals in stablecoinsThe regulatory shift that let Revolut, Stripe, and other fintechs start eating DeFi's use casesRESOURCES & LINKS:https://rhino.fiMORE OF WILL HARBORNE:LinkedIn: https://uk.linkedin.com/in/will-harborneMORE OF ON THE MARGIN:Website: https://www.themargin.tvSpotify:Main Site: https://www.on-the-margin.comMORE OF BOAZ SOBRADO:Twitter: https://x.com/sobradobInstagram: https://www.instagram.com/sobradobWebsite: https://themargin.tv/boaz-sobradoMORE OF IVAN PATRIKI:LinkedIn: https://www.linkedin.com/in/artiztSubstack: https://substack.com/@artiztTwitter: https://x.com/Ivan_patrikiInstagram: https://www.instagram.com/artizt/?hl=enTikTok: https://www.tiktok.com/@ascendedTelegram: https://t.me/ivanpatrikiTimestamps:00:00 - Why private jets pay for fuel in stablecoins.02:32 - Why big transactions get flagged and delayed by banks.03:37 - What stablecoins are actually replacing.04:46 - How Rhino.fi found this new wave of clients.07:15 - Inside Rhino.fi's stablecoin activation stack.09:26 - Smart deposit addresses: one address, every chain.12:55 - Netting and rebalancing liquidity like Wise.14:10 - Why crypto's true believers feel let down by its own success.20:59 - Rhino.fi's pivot from DeFi purism to enterprise sales.22:21 - The joke about Gary Gensler and DeFi's golden age.26:21 - Why most governance tokens were doomed to fail.27:44 - Does Bitcoin still have a place in high-value payments?30:32 - Crypto casinos, gaming, and the fastest-growing use cases.33:19 - How the Epic v. Apple ruling opens the door for gaming.37:31 - Neobanks growing 30% a month, and whether it's sustainable.39:14 - Why non-USD stablecoins are finally taking off.Subscribe & leave a comment if you made it this far! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.on-the-margin.com