Episode 103: Current Events 10/18

Automatic TRANSCRIPT

Ladies and gentlemen, welcome event. Let's go. Thank you for tuning into the crypto Streep. Podcast here are host to trends and. What's up. Everybody. Thanks for tuning into night tomorrow, whatever. Whenever you're listening to this to the crypto SRI podcast, this is Dale so to say, you can kind of remove the crypto del out of my name since I've been thrown in jail by the Twitter police for the time being, but just killer nights night prince's off doing some Canadian things. We don't really know what kind of convenient that marijuana was legalized today in Canada and prince's non here, but. It's out of our control. Right? We're not saying they're related, but probably related. What's up killer. How's it going tonight? Good, man. It's interesting being here just the two of us. I don't think we've done enough Assode just off sue before, but we're looking forward to yapping up a storm. 'cause we're gonna you guys, if you don't like our ideas, you're going to be super sick of them by the end of these or the end of this. So yeah, so just sit back, enjoy the ride and like you said, Princeton, I've done one together alone. Think we interviewed godson you in prince have done several on your own without me. So that's gonna be pretty interesting. I think we'll be all right. 'cause people that don't really know us when we talk and in our chats or whatever on telegram and texting killer. It usually seemed to be about a thought, you know the same same thoughts running through our mind every single time. So kind of kind of funny and kind of scary. So let's cut the shit jump right in the talk about this by ans- chain now, asus implementation. So whatever people will, people might not know if if you haven't read anything. About this this chain now versus probably saying wrong. But so what they do is is they've got a KYC in k. y. t. software that binary choices is really, really starting to roll out this share, what does the monitors each transaction in real time. It's it's really designed to help with the anti money laundering regulations that really are. You know, with the the big thing, I think that people are worried about. So killer dive in kinda say what you think on this? Yes. So we're talking about this in our chat by Nance was sort of the last bastion of KYC free exchanges that were open to US residents, and that's the is a little bit too good to be true at this point cryptos in two under the microscope, it's too in the public eye. And I mean all these exchanges where you can sign up with an Email and submit US dollars or. Probably going by the wayside and by Nance was one of the longest holdouts, but now they're, you know, they're coming home to pasture. The US government's probably knocking on their door saying, hey, like what are you guys doing to know the identities of the people trading these assets? Many of which are probably securities. What are you doing to track this money? What are you doing to make sure there's no anti money laundering or there's no money laundering going on. And these regulations like anti money laundering are really commonplace in the finance world pretty much every Bank brokerage investment firm name the type of financial institution. They probably have to abide by these. So it's it really. It's not a surprise that this is happening. It's definitely gonna knock by nance's reputation a little bit among. I think the people that we sorta hang out with who were like crypto maximalists. You know, there are deep in the woods in crypto at this point it because you know, people value not having to submit an ID in for various reasons. I think many of which are illegal, but. You just for privacy? That's gonna the mean, but let's be honest because a lot of people don't wanna pay taxes, but so it's interesting to see. I mean it it's no surprise to me but of a sad day among some. But like we were kind of talked to talk in in the chatter earlier to me too. It kind of seems like this is everything against, you know, it's a double edged sword relates this is everything that Curto cryptos kind of against in in essentially, you know. But I think the big topic on a hand is, you know, when is this gonna take that next step the, you know, the institution money in a flow. And I think this is part of, you know, maybe that process where we can get to that next big step with with us, the CFO of Binat was quoted. You know, obviously he's gotta be one, the really pimp pump this up in pimp it out. And he said, the ultimate goal of our partnership with Jay. Jay now asus to create an environment. It. It. Bruins Bill save, which you know, I, I would definitely agree with that because this what this does this chain houses does is it's got these algorithms and pattern recognition, and it'll trigger alerts real time alerts, you know who triggers it to, I'm uncertain, but it alerts someone so that if there is anything leagues rowing on, you know money, laundry laundering because that's really, you know, when you talk to people that aren't in crypto when they hear of crypto bitcoin. That's the first thing that they think of is illegal acts and you know, drug money and stuff like that. So this maybe maybe Suzanne a little bit. I don't know, but to me, yeah, it's needed, I think, but maybe seems like it is everything that crypto doesn't stand for. Would you would you kind of agree with that killer? This is, yeah, I I agree. It's definitely sort of against the those in the spirit of crypto independence. But like you said, it's this weird dynamic between legitimacy and. Widespread exposure and autonomy, and I, I'm not sure you can really have a lot of legitimacy among governments among, you know, various financial institutions in regulations and also have complete autonomy. That's not the you can't because if you're anonymous and people don't know who you are, the governments can be worried that you're taking tax money from them. That's the bottom line and every government because that's how they found themselves as tax money. They're going to be concerned about that. And so I, I totally agree with that. One of the one of the quotes from the article I was reading about the chain. Alison thing is that kinda cracked me up was this is some binds Representative. I don't think it was easy. Oh, by nance's, chief financial officer ways you I'm probably butchering his name all about that. But the quote is the ultimate goal of our partnership with chain. Alice's is to create an environment and blockchain where everyone feels safe. We believe the fight against money laundering to be collaborative and proactive, which really cracks me up because like. Who logs into an exchange and they're like, whoa, whoa. Whoa. Whoa. No KYC like. What is going on here? How do you? I don't feel safe. It's like it's completely ridiculous, but it's it's completely corporate spin. You know. Like, I don't think a single person has ever felt that their safety was in question because of an exchange wasn't doing KYC, but. It's it's hilarious how it spun, you know, as a good thing, it's like, oh, you're, you're not complicit in money laundering like, well, if I'm not doing it, then I don't care, but. Okay, right. Yeah. And it's almost like it's, you know, they're trying to draw in the new investors in trying to make it seem like it is safer for everybody. You know whether it is or not, I guess we'll we'll see. So why were you mentioned privacy a little bit ago? You know, one of the biggest private privacy coins? Minero they. They had some stuff in in the news was today, I think killer. Yeah, just to. Yeah, there. Are they implementing the the what? The bulletproof bulletproof? Yeah. So bulletproof are a technology. Bulletproof themselves do not increase privacy, but they do make privacy coins more efficient. So one of the big problems with these sorts of coins, a lot of them, and this is all explain a little bit more about this later because some privacy aspects are actually more efficient for Blockchain's, but one of the big problems that coins like Manera that use ring, signatures ring c. t. or ring confidential transactions is that they get very bloated very quickly because its population Lee heavy to process these transactions wa. While maintaining the privacy of addresses of amounts of transactions. It's a very tough thing to do so bulletproof increase the efficiency of that process by. I think they're talking around eighty percent. Versing -nificant. That's a lot more efficient. And it's an exciting thing because I, I'm pretty sure minero is the first billion dollar plus blockchain to implement this. They're actually going to be implementing it tomorrow the eighteenth. So by the time most of you're listening to this, you'll be the it'll be actually happening in real time. So yet, you know, it's a pretty big deal. First billion dollar coin token to implement this. Like you said, it does not contribute to the privacy decreases away to confidence will transactions. So it's going to replace their current zero knowledge rainproof range proofs, which is is pretty big, is a pretty big deal and I are they hard forking tomorrow or is it just that they are. Just implementing the test process. Do you know for sure. I don't think who should. I don't think the hard forecast tomorrow that was somewhere in the article that me. Yeah, I like bird reading something about that. But yes, I, I don't think so. The upgrade will begin on October eighteenth but will happen in two parts on the eighteenth bulletproof will be enabled on minero and by Friday, the tech will be made compulsory. So I guess at eighteenth is tomorrow Thursday, the eighteenth is sort of like a an implemented, but don't mandate it day. And then the next day I, I assume when they go through with the hard for if we're on this pressure, check us in the comments or tell us, but that's what I'm gathering. So it'll be interesting to see how that plays out. I mean, Manera was one of those coins where I continue to be amazed at how undervalued it is, and I'm sure it's ninety nine percent a byproduct of just the market being complete shit. But I mean in your opinion, if this if minero se wasn't the number one privacy coin, which I think everybody listens to us regular knows that we're all pretty bullish on Manera. But if this wasn't the say the number one privacy Cohen would you would near opinion with this propellant to be that sought after privacy coin now because of bulletproof. Yeah. I mean it's tough because I think ninety nine percent of people who are in crypto, you say bulletproof to them and they're like, like, that sounds cool, but I have no idea what song by jordin sparks, right? Yes, only that early Aroo too. Electronic music fans a few years ago bulletproof. But anyway. Yeah, I, I would think so. I mean, I think z. cash has done a good job of marketing, but people who are deep into crypto, realize that the way z. cash was set up means it's slightly less private than minero at this point. I think that's pretty safe to say. I think z. caches association with companies in large-scale organizations is in and of itself. A privacy threat minero is very much underground coin. You know, the developers are synonymous. They don't release their names for the most part until it's very much under the radar which is exactly what you want after if you're looking for privacy only because you don't want anybody that any entity can go after to shut it down. And I mean, I think it's, I think it's probably already in my mind. It's number one market cap wise. I think it's near the top as well. If not the highest market cap coin with privacy is the main feature. But I think this will further solidify and if it goes, well, you're gonna see other privacy coins, adopt this technology in, you know, kudos to the minero team for having the balls in the smarts to implement this and get it out into the wild and can. And kind of see how performs. That's pretty great. Pretty bullish on minero have been for awhile. Stuff like this just continues to make me bullish on it. So. Let's move on and talk. Talk about the zero x pump pumping. What twelve percent before the corn based listing actually came out await real quick. One more thing about beliefs. I wanted to mention another aspect of it that's really flying under the radar is it contains a small kind of behind the scenes software tweak which is intended to dissuade a six from mining minero. So the minero community has had sort of this many war with a six going on a six being the type of chips that are specifically meant to mind bitcoin or some other function, and they're far more efficient at doing so because that's their sole function, right? So they've been engineered from the ground up to mind, big one. And so a six. What they've led to in bitcoin is a lot of minor centralization which increases the danger of the blockchain being subjected to a fifty one percent attack. So minero wanting to be centralized. Really, really hard to shutdown is aiming to stop this, and this is going to be a back and forth battle because the makers are going to see this fix. They're gonna read it in the code and they're gonna find something that probably works around it where they're still work. And this will be a game of tennis kind of back and forth or a game with pong. If you prefer between the chip makers and the privacy coin developers, and it's going to be a battle, it's gonna sort of be like the the performance enhancing drug situation that sports where it's between the scientists in the doctors who are working with the athletes and the guys who are doing the testing. And I think it's very much going to resemble that where I believe the devs will be usually a step ahead just because they're gonna have a first mover advantage where they know what they're working on for their chain. But the chip makers don't until after surreal, and they have a bit of head start to then work on something further than that that can respond to whatever the Jimmy do. And you look at like drugs in. In sports. I mean, usually the people who are cheating, how slight leg up because the people who are testing don't know what specifically, what tests for until somebody pops for it or they catch wind of it. And so I think it's going to be very similar here, but that's an important development. I mean, if you look at bit main point and how much they dominate that space, it's concerning because decentralisation is at the heart of everything they do here are everything that cripple stands for. So it's I, it's interesting how it plays out, but I think decline developers are going to have a leg up. Totally, I think so too. Nice reference there with the cheaters in in professional sports. Yeah. Okay. So those that don't know or maybe you're not active on crypto? Twitter, zero x, which is zero. X symbol got listed on coin base. Was this week or last week? I can't anyways. It all blends together. So. So really the first year, see twenty token that's on the Therion blockchain that got listed on coin base before got listed there. There's obviously rumors coin based put it out there that they were one that could or could not get listed so many pump with that. But the thing that's really sketchy. So to say, I guess you could say is that it was up twelve percent roughly before any news broke out that it was going to be listed. You know. And it's just kinda kinda strange to me because coin base, you know, when they listed bitcoin cash was the big thing about the insider trading or whatnot. And then they come out in our listing zero lacks in pretty much, essentially appears to be the the exact same thing. So pretty shady. I, I don't know. I guess you know, it almost makes me want to go out and buy bat basis, basic action token because it's one of them a lot of attention. But yeah, whatever it is. It's so yeah, they've, I I, there's, there's some speculation that it was sort of like an insider leak and people are buying it. But I think like perhaps a more likely explanation that I was reading about who's just that there are lots in software programs that basically constantly check the coin base API to see when they actually enable trading of a new coin before they actually announce it because they're making the change of hind the scenes in their software before they're announced the publicly, of course, because they wanted to be fully operational by the time people all God's. I gotta buy that. And I, I think the theory was that one of these bots which I believe is called lightning signal, which you can locate on Twitter is a free bought where it kind of scrolls through different exchanges API's to identify new listings before they're announced the theory. Is that not even a theory. I think this lightning signal bought put out a signal four minutes before going based announced it officially and the price went up like twenty percent in those four minutes between when the put the signal out in coin base actually announced zero x listening. And so if you were buying pre listing at all, if you bought at the bought signal versus the coin based signal, you made probably twice as much profit up eighteen percent vs up thirty six percent. And so it's it's pretty significant. And I think I think actually had a in the article. They had a quote by crypto hustle. Who shout out was on the show a little little bit ago. I think a few months ago saying that these are something that he uses in, they're just kind of one part of a strategy. But the thing is like I'm thinking back to the episode. We have with Ari like probably eight or nine ten months ago with Ari Paula where he was saying at that point, like pretty much everybody he knew was using Botts in crypto. And so this stuff has been going on for some time and probably on a level that a lot of people don't even really realize this happening. And this is just another example of something that's playing the markets better than any human can because you're not going to be pouring over coin bases, API in their code base and looking for a change that indicates zero s was added. You know these, I mean, if you have all the time in the world in your hands, maybe, but these are things that do that for you. So it's it's very interesting to see how these affect markets. You know, honestly, even if you have the time, why the hell would you wanna do that. I mean, I get you make some more money, but to me, that's just total nerd status. I guess if if you want to. It actually be dealing with like massive capital to make it worth it. Yeah, yeah. So I don't know what. What do you think the next one coin base is going to list. I guess. I don't know. It's like, 'cause people were saying zero x forever. And I was kinda like of the mindset like, yeah, I'll believe it when I see it and it turned out to be absolutely true. Next, I think stellar is pretty high up on the list which is completely mind boggling to me being in the space for a few years. 'cause like seller was coined that I remember trading on Polonius in thinking like, oh, this is complete. Dog shit is just like a, it's like a a little brother of extra Arpey or ripple because those two tended to move together stellar in ripple Ripplewood palm data than stellar pump, like two weeks later in clockwork. And so it it really trips me out there like people are convinced that coin base is gonna list them, but it makes sense now because sellers doing some good things in terms of payments and transactions speeds. They've partnered with IBM to do some stuff if I am not mistaken, but how much has changed just in the few years we've been involved like you go from something seemingly a total shit going to being probably the next coin base add. Right? I don't know. What do you think about that? I don't know. I I've personally think that it's going to be bad. Some people in the chat are saying ADA z. than the typical extra p. XL him destroyed, said shadow destroyed. So I, you know, I don't know. I think to me, I just don't want going based to get to the point where they're listing so many coins. I don't know. It's just kinda nice having the exclusively of what they have there, I guess. And also, you know, I still think with zero x that when the new people new investors come in, they're going to say, okay, this coin is ninety cents. So I'm gonna just by, you know, a bunch of that calling. Thanks Lux's gonna be listed. Next. Oh, baby a mind that, but probably won't get ongoing base, but you never know. Yeah. You made a great point though about like with every new listing, the newest things become less significant. Like I mean, like light coin or a theory, I'm getting out to coin base meant lame more for those prices than zero x getting out of the coin based just because there are more options. So the money is naturally going to be spread out among more options than so people are going to go to coin based on, they're gonna go, oh, it's not just bitcoin or theory on, because I mean, think about back in the day when it was just bitcoin theorem a new person with download coin base and they'd be like, okay, this is the app to buy crypto or bitcoin. And they were seem bitcoin at six hundred, and they would see theory at three dollars. And almost everybody goes, oh, well, why not buy the cheaper version at three dollars. And as there are more and more cheaper and cheaper versions quote, unquote to like the noobs mine than less money is going to flow into each one of those because it's more spread out. I mean, I don't wanna say it's going to be like point basis by Nance. All of a sudden where you have literally three hundred options. You can invest in. But it's gonna get more and more like that. And yeah, it ranges saying it's the nature of the market, though. It's true. You know, it's just kind of like regulation where it's necessary evil for these markets to grow in size. And I guess promote a holder. You know, our standpoint where we are invested, we kinda just wanna hope that enough new capital comes in to make up for that increase in channels. They can put their money into. Right, Jonathan, and the chat made a good point that said when ET see theorem classic got added, it didn't change price at all true kind of signs of the market. I think though, you know if that gets added in the last bull run, I think it, you know, it goes crazy. So I agree. I'm moving on something that you know kind of caught my eye was this. The hearing that when the Peter van Balkan Berg of the head of research coin center doctor nor yell, Rubini, who is a professor at den while you certain school business testified before the Senate banking committee? I dunno killer. Did you watch any of that? I, it was kinda periodically Washington while I was at work and I think you know, I, I wanna give shout out to Peter because I think he kept his cool pretty. He was really good at what he does, and he kept his cool a lot of times when Norio or whatever his name is was saying some stuff I, I was getting pretty heated. I'm somos disguise such a douche which you know. You could argue, you know, someone can argue to, he's not, but I think I kind of think he is. He's he's been Cohen after people on Twitter. In his life mission now to to kinda kill crypto currency. And here's one tweet. He said that that really, you know, piss me off, I guess as I, this is a quote, as I poke fun of these crypto crazies in lunatics they all came out of their shit coined filled cesspool 's in hurled, nasty insults against me. Twenty four, seven. So I block them all in ninety. Nine percent of them are angry. White males who are total who are totals life losers proves my point on crypto as right, wing notary. I guess that's that's still more were white male nutters or something. I guess. I mean, you know, if if I say that my ass gets band, let's just. Be honest. If you say less band. Yeah, I just think. I just think he, I mean, I'm not trying to steal any credit nation from the sky because he seems to be a pretty well respected. You know, whatever he is in his file the I think he teaches econ, but. You know, piss off, man, you don't. So let me first of all, say that Noel Rubini is a beautiful name. It is. It really is. It flows off the tongue. It's amazing. I believe he's Turkish or his family is from Turkey. I could be wrong on that could be sort of Iran. Could be right. Anyway. So Rubini is a guy who's been in sort of the limelight in traditional finance for quite some time because he successfully or pretty successfully called the two thousand eight crash in the stock market. So that's how he really got famous and what tends to happen in traditional markets is if you make one really good bearish call and you end up being right, you are allowed to go on TV as much as you want, say as much bullshit as you want for at least the following ten years. That's how it works, which is completely ridiculous. Is these people often make these predictions for years of the time before they end up being right, and then they run with the instance where they happen to be right, you know, and so it, it sort of thing where a broken clock is right twice a day, and so Rabin is, you know, I it's sort of like a Peter Schiff type if anybody's familiar with him where they both called the two thousand eight crash really well, and they've been shouting into the wind. For the following ten years and been wrong about pretty much everything they've substance them. And what happens is, you know you make a good prediction and it goes to your head, you think, oh, I know better than anybody, you know, I, because that's kind of a natural human thing is the overconfidence in thinking you're smarter than everybody, and they get this idea in their head that there's some kind of oracle and these guys just on and on and on make predictions that end up being wrong at that point because they've, oh, they're overconfident, they're not thinking logically. They're just kind of going with their gut because they think they're got is spot on at that point. So Rabin is a little bit detached on on this crypto shit. I mean, if you look at his tweets, you can tell he doesn't really know what he's talking about. I did not watch the hearing actually, so I can't really comment on that, but I saw some snippets of it and it just it's just the thing though is like I said, if you look at some of the sweets, he doesn't really know what he's talking about this stuff. So how much weight can I really put into all the other stuff he says about crypto. Because he's established that he's just kind of winging it and he's probably read some headlines or some surface level articles, and I think we can. We can all sort of relate to that a little bit. Yeah. Vinnie lingam is another example nomad, but I think we can all relate to that too degree because I mean, when I first got involved in crypto, there are things I thought for sure. After like the first few months that I look back now and I'm like, oh, I was an idiot because I thought this there was that little thing that I didn't consider which completely disproved my point. And I think that's where Rabin is out right now. And I think that's where a lot of traditional finance people like Jamie diamond perhaps are at right now where they have enough knowledge to be dangerous, and they have enough knowledge to be confident that they're not talking about in public and keep buying. These are very successful people to. I mean, Jamie diamond is the fucking CEO of j. p. Morgan. So he's had an entire life of success and kicking ass. And that doesn't go away easy. You know, you don't go from that to some humble guy who's like, I know nothing. No, I bought to you who know more it just it takes a while for that to happen. And so these guys get a little bit of knowledge and they get very cocky and they go to the press and they start spouting off on stuff like this. So. I think ruby any sort of in the point right now where he doesn't realize how much he's damaging his reputation because he doesn't know what he doesn't know, and these guys have the platform to or they could spew whatever the hell they want, and people are gonna listen to them and go with it. Yeah, exactly. Exactly. So I, I do agree with you. I think he's a little off far fetched. You know the last time he called. And don't quote me on this. I'm not saying the word for word, but the last time he called something with bitcoin pop in was when it was like fifth sub, fifty dollars maybe and you know, look at even now we're, we're down what we are. He would still be up massively if he would have thrown something into, you know, it goes to show to the difference between them. Unlike him in a Howard Lind's own who you know, doesn't really know much about crypto, but realizes that it's a movement realizes that there's money to be made. And he has some friends that he trusts and you know, they're investing in crypto. So he thought, you know why not take a stab at it, what what's worse that could have him size, lose all your money going to zero. But you know it just shows two different types of people, maybe. No, totally. Yeah. This Norio Rabin is a little more old school than Howard would be. So it's. It's funny to read his tweets in what's funny about krypton Twitter's, you know, we might be bashing each other all day long. And then as soon as someone attacks us as a whole, everyone just gangs up and I've seen people are you know, screen shotting that he's blocked them in there saying, add another trophy to the trophy case. So it's just kind of funny in how he said that the ninety ninety nine percent of crypto Twitter's is attacking him twenty four, seven. Well, that's probably pretty accurate. So just kinda funny how we can be down each other's throats and then. Join forces to wipe someone's ask. So your point comparing him to lindzen was like completely spot on because you're starting to see this traditional finances full of charlatans. Basically they make one good call to get notoriety for it, and they ride that call off into the sunset with media appearances with newsletters where they claim to predict the future. It's all bullshit. The guy you really wanna trust is somebody like Howard where he's more than willing to say, look, I don't know what's going to happen. You know, I, I know some smart people who know more about the stuff than I do and they say, this is going to happen. So I trust that, but I don't really know. And Rabin is on the other side where he gets a little bit information. He thinks he's an expert and and that's when you know a guy is, you know, probably hasn't agenda or is just kind of making calls to make calls and you're starting to see that in crypto two, it's been very, this is something I almost tweeted the other day, but I thought it would be like, I, I don't know. I, I thought it would be too obvious who I was talking about based on the initial. Tweet, I was home. Criminal like is really starting to get charlatans in what I mean by that is like salesman where it's just always Uber bullish or Uber bearish or something, and it's for clicks. It's for ratings, but they're feeding you largely bullshit. And I think you gotta start to be aware of that because cripple getting big enough where there are some big people who you think you can trust, but it's completely agenda-driven and I'm not gonna even Amos. I mean, we can probably talk about this after the episode, but it I'm really starting to see this merge where it's just like prepackaged bullshit. That's either completely bullish or completely bearish, and it's it's just for the point of clicks, because if you're neutral, nobody gives a fuck, but most of the time neutrality is fairly close to buy neutrality. I mean, like sort of inbetween between the furthest sides of each of each issue, the opinions. I think that middle ground is sort of usually the most accurate. If you're too far on one side or another, you're probably selling something promoting something. But you're not giving people the absolute best information. And that's one thing I think we've always kind of tried to do is like not before a shit, like there's plenty. We don't know what we're talking about, but I think I hope at least that we're willing to admit that in like people can kinda tell that, you know if we do feel confident in something, then we talk about it. But it's interesting to see Kroto develop these salesmen are listen types. Yeah. And like nomad on, I am no met on. Twitter always says, is going back to us is that we're always, we're one of the best key would what is he out? I guess I'm drawing a blank like he always says he countered to every go. He countered trades everything that we say. So just kind of funny, I guess. So with without. There's like there's very little evidence behind that though. I mean, I love no mad, but like it's it's kind of turned into a joke. But like I mean, there have been episodes where we've been Super Bowl ish and their turns out to be Barish and vice versa. But that goes to show. I mean, nobody's ever like right most of the time. I mean in traditional finance, you're right fifty. Five percent of the time you're doing pretty well, and it's this yet nomad shoutouts you. But also I think I largely disappeared without it's, it's funny that you run with it, but it's it's sort of just how equities and asset pricing works. And I'm sure you know that almost mad with your background, but whether you type too. I think the bus star balls, no matter what we do minez probably why. Realistically, he doesn't wanna come on. Ooh, that's a good theory. I liked that no mad perhaps confident in tweeting, but not speaking plot. Thickens. The mouth is maybe maybe not though maybe just keep up. All right. Let's talk about that tether crash, the. Premium biff an everything like that. So US DT hit the new low of ninety. Two cents the lowest. It's been since money like two hours. April two thousand seventeen, which you know everything I've found read. No one really knows why killer tracked me if I'm wrong. Well, it's, I mean, tether and bit. Phoenix have been issues on and off for the past, like literally four years probably at least. So it's it's always a new issue. I I've kind of it's it's one of those topics where I started just kind of filtering it out like I see it and I'm like, oh, biff. X.'s. Insolvent, hilarious. Not really. But it's, I think it's one of those. I mean. I just think if there's this much smoke, there should be fire if something is actually really wrong with biff and extra tether. And we've said this on previous episodes. But I mean there's enough of microscope on these people were unless they're just doing a phenomenal job of evading authorities. Then there's probably nothing really horrendous there. I mean, maybe there up to some questionable accounting and shadiness. But if it's like some giant conspiracy like bit phonetic says bit financed, I should say, says on Twitter, I just gotta think it would be exposed by now and for people were following biff next on Twitter to keep in mind this fucking guy, constantly tweets, and then deletes and he'll say something that's stupid. And when he finds out it's stupid, he deletes or he misrepresents facts to suit his point. I, we've been on Twitter long enough. We've seen this guy do this a thousand times. You have to take everything. He says with a gigantic grain of salt. I mean, like a boulder of salt. Like if you put any way at all, because he clearly is agenda driven. I that kind of interests me more than like that connects and tether is bit for next and who's behind him who's running out account. I don't think it's one guy. I think it's multiple people. There's been a conspiracy floated that bit. Phonetics is an operative of a rival exchange who is aiming to take down. Six. That's interesting various in foil hat, but I could see it. Totally, and you wanna know who retweets the shit out of it for next any guesses Killick. Any router. Rabeni really? Yeah. I don't know why severe? Yep. Go go look at his. If you're not locked from being go just scroll down his tweets about maybe like two days worth and I bet you damn near. Every other tweet that's on there is him re tweeting. But Phoenix. That's interesting. I mean, I it's kind of goes to show you that people they make up their mind, and then they look for evidence that confirms the idea they've already formed. I mean, very few people are this neutral monk who sit there, welcoming opinions from either side and correctly weighing either of them. You know, it's very few people have the emotional constitution to do that. When in reality, that's probably where you get closest to the truth is trying to remain neutral possible in at least listening to other ideas. And I mean, biff next is not that Rabin is clearly not that at this point Rabin has taken a stance and now he's going to do everything. He can approve that stance. No matter how much evidence to the contrary emerges. Yeah, even if someone proves him wrong or you know, big bitcoin goes up in stays in in a higher range in minot has another bowling. I, I still think that he's gonna disown it. So they were on crippled for one to shout out on the chat. He just goes, Rubini pays for Tinder. I think that's. The guy that hung with us set in Philly is yeah. Was trying to figure out a way not to. But crypto four, one, two or bits. Berg, check him out on Twitter, good dude funded. We had a really good time hanging out with him at the last conference it went to. So. A couple more shutouts. Bell and body are in the house. So thanks for you guys. Listen. So back to this whole tether, finish thing, one thing, one quote that you know the the big skeptic on it is, is there actually a dollar back for every you know, one as DT. Tethers chief compliance officer, Leonardo riyal or whatever said that, you know, they do have every tether is backed by USD in that their assets exceed their liabilities in always have in. It's never been a question. So you know, we've we've talked about this before on here killer and I think you you've been a big proponent of this. Is that that you know they've undergone audits so they've passed those. You know, I, I don't really know what to to believe here, what to really feel. So a month just kinda stay neutral. I don't think you know, I saw so curious tweeted that if you weren't buying tether at ninety two cents, you know, what are you doing? Because obviously he feels pretty comfortable that it's going to hover on that dollar mountain. You know, made pretty easy money, so I don't know all eighty cents or whatever. Drop through shit. Yeah. So that's that's kind of odd. Do you have anything else ad for that. For tether. I just, I think what it boils down to is this. I'm not conducting the audience. The audits I don't have insight into specifically what's going on there who's conducting them how they're being conducted. So I don't know if I can comment on that. The only thing I know for sure is that if there is this much negativity around it. For this long. I highly doubt that they are really up to some serious shady business. I mean, the US has kind of piqued their interest and said, hey, what's going on here? Tons of other governments have done that other exchanges of them that there have been so many people trying to take this entity down. If an ex and tether, I just, I gotta think that if it was really some shady business that would have gone by now. And that's the thing I keep coming back to a shout out. The rains killers the only person on ESPN who consistently pronounces things correctly. Anyway. Sorry, off topic. Suck it. So. All right. So I I have found, you know, just kind of reading the stuff that we were today getting ready for tonight. I kind of found some. You know, things that I found very interesting that maybe are overlooked by McComb random tidbits, but the average daily volume for for bitcoin futures grew forty one percent from in quarter three from quarter to and it's actually up one hundred seventy percent from quarter one, which Tomase pretty bullish. There are three pro crypto bills being introduced to congress by congress right now are man Representative. Tom Emmer is kinda leading the charge on two of those. Basically, you know, they were kinda over my head but go coin centers. Got a good article on them. So go on over there. Don't donate any money though, because as make neurologic talk to you of the police bother him, the is one of the funniest guys on Twitter but gives a little bit funny, some odd number, by the way shout out to the pod formed a year ago today, the telegram chock group. It's it's a fucking chat group. Let's. It's not. I'm not gonna change in the world, but it has made a big difference in my life and hope the lives of a few others. We've got a lot a lot of representation of the pot in the chat tonight. So that just kind of goes to show, you know, this goes back to one of my biggest things. My advice to new people is network, get out in get, you know, not necessarily people with similar traits dot trading stylists, you because it's always good to hear. Hear other people's trading style, you know, you can adapt and mold your trading style to be obviously as for you. But hearing other sides of the aisle is is really crucial. I think killer and I can say that prince's he's not here, but his trading style is unlike any that I've seen. I'm not gonna get into details of it because I don't think he'd want me to, but it's just funny to see his trading. Who would you not agree is like a Princess, the youngest among the three of us, and it's very funny because Dale and I are. The ones who are like opening like twenty five times fifty times leverage straight max. Here we go. Boys going to the moon and Princess like pro cars. I only do five times leverage max. That's as far as all goal. Usually it's two to three times that was a horrible daughter. Turn the leverage down. He's totally right. I mean, we're just like your like. Yeah. So he I, the funniest prince trade story is I I message, I think it was in our Chad. I message said Yoda strat, it's, you know, I think it's about ready pop. He remind trees. And then later that night, I said, hey, my entries hit finally in prince's, like Olea of been in and out of it five times already. Brew. How about like the prince's are co host? How many times does he counter trate at us? Like he tells us Chad. He's like, oh, I'm love him. Send right ear. And like we look at the orderbook and it's just massive cell walls, and then we go Princess you and he's like, oh, yeah. Sorry, guys. Maybe. Yes, exactly. Emoji to us like a is like, bro. Like where you're komo's you're dumping on us your frigging dumping on us, but no shoutout hand. So this is what we just mentioned said, I just I wanna talk about Santa little bit because I have a a little funny funny story about send. So we got into San, unfortunately, I got my father into send as well. This was when I thought like I was sold on San by some friends and. Our theory was basically that like a lot of big dogs are buying it. So it's going to do all right, you know, because people will want it to succeed. And so I, I went to my dad and I'm like, dad, you should put some money in this like, well, I don't think I went to him. I think he came to me and I thought of Sen. and a better money into it. And then just re this is probably six or eight months ago and so send was much higher than it is now. Probably not that Fargo, but it was long ago. And so like the last couple days my dad comes to me and he's like, hey, that thing we that crypto thing, we put money into canoe, semi, like an analysis of like what that is, like, why you did it? And I was like. Like. Look back in like I didn't really have a good reason. I just thought it was going to pump like it. So I'm like, I'm like scrambling for information to find. So I can like tell it to him and like like, give them a strong case, you know, just ended up like Sunday him the website link thinking to my head, like, say, started to basically it's gonna pump too many people are in on it written ought to and it's down, like seventy percent from what he got it. He should have sent him. The Lincoln said d. Wayel our new. Bro? Well, the thing is San was like a third of the ICO price when I bought it for him. So I'm like, how much lower can it go literally down like seventy five percent from then. Anyway, restaurants, let's wrap up with bold prediction through your end. What do you got. Bold prediction. I think this may be bold right now. I think biff and will be operating largely businesses usual by the end of two thousand nineteen. Bold. Cat. I don't know what mine would be. You know what is going to be. I'm going to get my original crypto Dale account back by the end of the year. I hope so that is built after feels, but I should on number sixteen. So what do you do. You're fighting living ridiculous. Yeah, I shouldn't have abandoned the first place, obviously. I know. Oh, well, it happens. I've learned my lesson Dinnie. Twitter folks are listening. So sit pretty well the worst song. Got anything wrap up with killer. One final thing I wanted to talk about this is just something I kind of thinking about lately is looking back at crypto bull markets and stock market bull markets. Crypto has never been in an environment where the stock market was doing poorly. So the last major stock market crash was two thousand eight kind of started in two thousand seven. Let's say crypto became like a mainstream thing, or even semi mainstream. Let's say like early two thousand ten, two thousand eleven ish. So cryptanalysts largely had this tailwind. Of equity markets doing well. So people making more money there, which they then flip into riskier assets because they're very comfortable with stocks which are just grinding higher for like the past ten years. And I'm I'm a little bit concerned about what happens if crypto recovers in the next few months and the stock market just completely takes a shit. And I think that's fairly likely. I think the stock market is like the reaching the top. I think it may have a couple more years in it, which would be enough for another crypto run. And that's like ideal. We should all like go outside and dance in the rain event. But I'm wondering what happens because I mean, some people have this idea and I tweeted about this where, oh, the stock market goes to shit. You're really gonna see crypto showing and people are going to pile money into it. You guys have never been involved in markets in your lives. Anybody saying that completely clueless because when the traditional markets are crashing, people are not looking to put their money in shit going bitcoin. It's completely ridiculous. Like these act opposite will happen. They will sell off their bitcoin first before the stock market really takes ship when. So if you're hoping like for a market downturn because they go crypto goal of five million percent, no chance, like I say, many things without much certainty because I realized I can be an idiot, but I'm pretty fucking sure about this. And I think you gotta get this notion out of your head that if the equity markets crash, you're going to be swimming in gold, like fucking Scrooge mcduck. So I think I wanted to talk about that because I think that's a very real possibility is crypto starts to recover. An equity is just completely bite the bullet and. I think people are underrating that possibility. You know, I kind of agree with what you're saying killer because you know, just look at will bitcoin did the other day, you know how two thousand dollar plus wick. So I just think with that volatility that if if the stock market which you know is the bee's knees, if that starts taking a dump thin, you're going to see people rushing out a bitcoin by buying gold or whatever the case may be. They do, but I. I think you wanna see the stock market doing well, and then people are more likely to take a risk on something like like bitcoin in Chicago in. So I, I agree completely with. All right. Well, thanks for listening love to hear some feedback on some stuff. You know, we're always trying to improve this, the podcasts hundred. This is one hundred and third episode, so not planning on Hilton this anytime soon. So we appreciate everyone listening to that waitress. They're working hard even though we're broke his shit too. So just getting, I always get people always give weird. When you say your broker, you're swimming in money. So we're flat catch-up suck. We just getting no come after us. Yeah, we'll shit so peace out. Everybody. Take care tip. Your waitress be safe. See guys. Thanks for this.

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