On The Margin

Yoon Auh spent a decade building trading systems before landing on the program trading desk at Credit Suisse, becoming head trader, then VP at Goldman Sachs, then head trader at Magnetar Capital — where he accidentally invented what became an entire sub-industry on Wall Street. Then he walked away from institutional finance to solve a problem nobody else would touch: your data is Big Tech's product, and they'll never change that. He spent three years and his own money building the answer. Now he holds 14 patents.In this episode, Yoon breaks down the mechanics of quant trading that textbooks skip, the dirty truth about government grants and military contracts, and why Signal, ProtonMail, and every other privacy app is solving the wrong problem.We cover:College grad → Credit Suisse → Goldman VP → Magnetar: the real pathIndex arbitrage, basket trading, and what institutional execution actually looks likeWhy quant models blow up in small caps (the bid-ask spread they never mention)Soft dollars: the hidden Wall Street system that funds research analystsWhy the biggest money is never in trading — it's in buildingFinfluencer scams then and now: the fax machine fraud that moved to the internet"When I say I want to go to Florida — then I see an ad for flights to Florida"Why Big Tech will never build real privacy tools (it's antithetical to their business model)The Nut Capsule: encrypted data objects that stay protected outside the appHow BOLTS beats Signal at file sharing — and why Signal stops at messagingUS military grants: SBIR, AFWERX, In-Q-Tel, and how to actually get fundedIsraeli and Canadian firms charging Americans to navigate US military grant applicationsOnly 25% of grant success is merit — a Navy acquisition officer said it on stagePalantir, Google Earth, and why the CIA funded the biggest tech companiesWhy you can't be the same politician you were when you startedMentorship, relationships, and the Goldman Sachs backup that saved the departmentGUEST:Yoon Auh: Founder & CEO of NUTS Technologies and BOLTS Technologies. Former head trader at Credit Suisse, VP at Goldman Sachs, and head trader at Magnetar Capital. Holder of 14 cybersecurity patents. Building post-quantum, data-centric security infrastructure for the DoD and beyond.RESOURCES & LINKS:NUTS Technologies: https://www.nutstechnologies.comBOLTS Technologies: https://www.boltstechnologies.xyzMORE OF YOON AUH:LinkedIn: https://www.linkedin.com/in/yoonauh/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/sobradob/Website: 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 Intro01:09 Who Is Yoon Auh?01:38 Columbia Grad to Coding Trading Systems for 10 Years03:17 Landing on the Program Trading Desk at Credit Suisse04:13 Becoming Head Trader: How He Made Them a Lot of Money05:53 What Quants Get Wrong About Small Cap Stocks08:13 The Difference Between Building a Model and Executing One10:32 Is Yoon Still Trading? Life After Institutional Finance12:35 The Gut Punch of Trading With Your Own Capital14:59 Living With Volatility: Why Most People Can't Handle It17:29 Why the Biggest Money Is Never in Trading20:19 Soft Dollars: The Hidden Wall Street System Nobody Talks About22:56 Magnetar Capital and Building the First Soft Dollar Distribution System27:23 Should Aspiring Quants Buy Courses? The Fax Machine Scam Analogy30:29 The Finfluencer Problem: Bugattis, Bad Advice & Survivorship Bias36:30 Why Yoon Left Finance to Start a Company38:00 "When I Said I Want to Go to Florida — Then I Saw an Ad for Flights"42:00 Why Big Tech Will Never Build Real Privacy Tools50:08 The NUTS Ecosystem: Data-Centric Security Explained57:15 How It's Different From Signal, ProtonMail, and WhatsApp01:02:00 The Nut Capsule: Encrypted Containers That Travel With Your Data01:08:31 Will You Add a Government Backdoor? The Honest Answer01:14:26 Dual Use Technology and the Ethics of Cybersecurity01:22:00 How to Get US Military Grants as a Small Startup01:35:40 The Dirty Secret of Government RFPs01:43:00 Palantir, Google Earth, In-Q-Tel, and CIA-Funded Tech01:47:00 Only 25% of Grant Success Is Merit (A Navy Officer Said It)01:52:00 Should You Rise Through the System to Change It?01:58:00 Power, Politics & Why Everyone Loses Something on the Way Up02:01:02 The Best Career Advice Nobody Gives You02:07:06 Closing Thoughts 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

Reeve Collins co-founded Tether, the world's largest stablecoin powering a $180+ billion financial network. But he didn't start in crypto. He was there at the birth of the internet with a startup that went public for $6.6 billion in 1999. Then he did it again in blockchain. In this conversation, he breaks down why stablecoins are reshaping global finance, why the government won't kill Bitcoin, and what separates people who build billion-dollar companies from those who just talk about it.We cover:- How he went from the internet boom to riding blockchain's biggest wave- Why Tether became the bridge between Wall Street and crypto (and keeps 1.4 billion unbanked people connected to dollars)- The structural flaws in stablecoins (and how Stable 2.0 fixes them)- What's backing USDC: US treasuries, yield protocols, and why that matters- Can governments freeze your stablecoins? (Iran's $400M USDC freeze explained)- Stablecoin 2.0: earning 5-6% yield while you spend—never possible before- Why crypto "started on the dark web" is the wrong debate- The real threat of CBDCs and why governments want surveillance money- Bitcoin as insurance: why every country needs an alternative to government currencies- How Wi-Fi (his decentralized on-chain bank) is giving the underbanked access to Wall Street tools- The tech that actually drives adoption: porn, gambling, and then everything else- Why young traders should stop day trading and start investing- Conviction: the secret trait every billionaire has (and how you build it)- The betrayals and business lessons nobody teaches you- From college grad to running trillions: the specific life advice that worksGUEST:Reeve Collins – Co-founder of Tether & STBL. Entrepreneur with a front-row seat to the internet boom (1997) and now building the financial infrastructure of blockchain. Handles $180B+ in daily transactions across the globe.RESOURCES & LINKS:Stable: https://www.stbl.comWeFi: https://www.wefi.coSmart Media Technologies: https://www.smartmediatech.ioMORE OF REEVE COLLINS:Twitter: https://x.com/reeve_collinsLinkedIn: https://www.linkedin.com/in/reevecollins/YouTube: @ReeveCollinsOfficial Site: https://reevecollins.com/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/sobradob/Website: 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/ivanpatriki00:00 Intro01:06 Who Is Reeve Collins? (Co-Founder of Tether)02:25 The Ten-Year Gap Between Successes (And Why Timing Is Everything)04:13 What Actually Backs USDC? (US Treasuries, Yield, & Philosophy)05:08 The First Time Anyone Could Create Money (Not Governments)06:18 Tether: The Bridge Between Traditional Finance & Blockchain07:02 What's Coming Next in Crypto?10:02 How Tether Makes Money on $180B in Transactions13:04 Has Crypto Lost Its Original Mission?14:18 What Really Drives Technology Innovation (It's Not What You Think)17:47 Why Tether Dominated Every Other Stablecoin19:04 Can You Build Another Tether in 2026?21:14 Stable 2.0: The Next Evolution of Stablecoins23:50 Meme Coins vs. Real Investment (The XRP Debate)29:33 Is Crypto Just Fraud? The Honest Breakdown32:14 CBDCs, Government Control & Frozen Funds36:08 Small Town Kid to Silicon Valley: His Origin Story38:06 Conviction: The One Trait Every Billionaire Has42:31 Wi-Fi: Bringing Wall Street to the Underbanked45:47 Betrayal in Business (And What It Taught Him)48:40 Why Successful People Don't Hold Grudges49:12 The Real Advice That Changes Lives (Skip the Platitudes)50:39 The Three Paths to Getting Rich52:20 Closing: What He's Building NextKEY TAKEAWAYS:✓ Stablecoins are the bridge from traditional finance to blockchain—not a replacement✓ Conviction matters more than intelligence or hard work alone✓ Bitcoin will never die because it's the only alternative to government currency✓ CBDCs are surveillance money—decentralized options must exist alongside them✓ Stable 2.0 changes the game: you can earn yield and spend at the same time✓ Young people should learn AI deeply, not day trade✓ Tether's dominance comes from first-mover advantage + constant innovation✓ The future is AI agents routing your money to the most profitable ecosystem✓ WeFi represents the next evolution: true financial access for billions 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

Cryptocurrencies have furthered the professionalisation of the global scamming industry. How do these scams work? Who are the players involved? What can we do about them? 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

Most Fintechs startups fail. But why? And does AI now mean we should be revisiting some of the ideas behind the failed Fintech startups of the past? 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

Polygon is moving towards a vertically integrated payments stack. What does that mean? 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

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

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