And now there's the conversations too. We just had the Bitcoin eat five.
We were up at forty eight forty nine K. Everybody was telling this was
gonna be the most bolish event of our lifetimes, and then it ultimately did
what markets least expected, and that was not only launch, but crash afterwards.
And in hindsight, these events always go, oh, that was the
most obvious buy the rumor, sell the news event. This content is brought
to you by Uphold, which is a great crypto platform that I've been using
since twenty eighteen. Uphold has all the top cryptocurrencies, Bitcoin and all the
all coins. In fact, they have two hundred and sixty plus cryptocurrencies on
their platform. You can also trade precious metals, stable coins, and thirty
seven fiat currencies. In addition, they are available in over one hundred and
fifty countries and this platform is fully reserved. They do audits so you can
trust that your funds are safe. No commingling, no lending out your funds.
If you'd like to learn more about Uphold, please visit the link in
the description. Welcome to the Thinking Crypto Crypto water Cooler Series, Episode eight.
Today I have Joshua Jake as my co host. He's one of the
hosts at the Discover Crypto YouTube channel, which I'm sure many of you are
familiar with. Joshua. Great to have you on. Thanks for having me.
It's a lucky number. I don't know if that means h markets are
going to bottom today, but I'm happy to be here. Thank you for
having me. Speaking of bottoms, man, it's bloody out there. You
know, Bitcoin and alts are bleeding right now. But you know, for
and you've been here multiple cycles, you know, for many of us who've
been here, this is like, okay, a normal thing. Bitcoin's pulling
back, opportunity to do all across average in and then wait for it to
rebound, right. Yeah, Yeah, it's you know, you hear that
phrase by when there's blood in the streets, you know, so when you
know, be fearful when others is greedy, be greedy when others are fearful.
If it seems like the common phrase is that everybody just teaches each other,
and I feel like this just goes completely out the window. Every time
markets pump or every time they're crashing, we get bled in the streets.
For down thirty forty fifty percent on these all coins. Everybody was just like
drooling over two weeks ago. And that's like that completely disregarding all the emotional
senses that we're supposed to live by. Yeah, I mean it's so important.
And don't get me wrong. The first go around, you know,
when I experienced the bull market and the bear market, I was scared of
shit. Like, you know, we're a human. Our emotions come into
play, right, and fear and greed and all these things play out.
But then having been here from multiple cycles, experience is a great teacher now,
I know, like when there's pullbacks like these, all the costs average
opportunity to buy, and then when it's pumping and everybody's bullish opportunity to sell,
And that could be from the short term micro bull runs or the macro
right selling, the euphoria phase, the blow off top. And I think
people need to educate themselves around that. Check your emotions at the door,
and put together a strategy. Yeah. My favorite chapter I've ever read in
any book, and I always recommend it is chapter eight out of The Intelligent
Investor by Benjamin Graham. It's the psychology of the markets overall, but you
make a good point. You know. I think the first time I really
panicked and I think, my you know, my, my butt definitely clinched
a little bit. I had to punch my brother in law was when COVID
crashed. You know, I had been putting money in like for weeks and
months and months and months after the eighteen crash, and like I remember just
beending all this money, and of course on the day of COVID or like
within those weeks, they drop at like seventy percent, and I remember sitting
there being like, you know, am I going to sell here? Thankfully,
I ended up just keep buying a dollar cost averaging that ended up beating
like seven cent xrp A made like two cent matter whatever the prices were.
But it's like, you know, that internal feeling, that emotional stress you
go, it's completely normal, it's completely healthy. And man, you're still
gonna feel it when a bank collapses or you know, ft Ex decides to
walk away with eight billion dollars and there's no there's no there's no cure for
that. You know, you're gonna feel the stress. Yeah, And I
think it's important to also keep in mind that, and this is where the
edit financial education comes in looking at previous market cycles, looking at other assets
classes like equities and stocks and so forth. There's volatility. There's nothing goes
up in a straight line forever. The the economy is boom and bus cycles.
We've seen it right now, we're in a bus cycle. Right.
There was quantitative tightening, inflation and all that stuff. But guess what Huey's
going to return to fedes, pause and all these things. I say all
this because don't get so caught up in the moment a tunnel vision of like,
oh my god, it's a drop, but zoom out. Wait what
markets have crashed before? But you know, what's your strategy? Like are
you comfortable that it went down? And you have a time horizon? Way
I can I can hold and wait for you to go back up or maybe
have an emergency you need to cash, right, But but it's the thing
is not to panic like and move by your motions. Oh shit, it
just crashed. I need to sell. Why why do you need to sell?
Right? Exactly? Yeah, you know. And now there's the conversations
too, Like we just had the the bitcoin etf ype. We were up
at forty eight forty nine K everybody was telling this was gonna be the most
bullish event of our lifetimes, and then it ultimately did what markets least expected,
and that was not only launch, but crash afterwards. And in hindsight,
these events always go, oh, that was the most obvious buy the
rumor, sell the news event. I was fortunate enough just to take a
ton of profit off the top because I thought it was honestly going to be
postponed. I was like, I just I don't trust the government. It's
like, I think it's going to be postponed to March, you know what
it was. But now we're seeing on tons of stable coins. And at
the time where everybody was sidelined, they were in displief. They're like,
now it's not going to happen at twenty five k They're like, now it's
still not in a bull run. Forty k may maybe we're here. Also,
we got a ETF coming out. Everybody's buying the top of this market.
Again. You know, it was only healthy that we saw that pullback.
Here now seeing twenty thirty, forty fifty percent yes on some of our
all coins, you know, begs the question. You know, are these
same people that were telling us to buy it. You know, forty eight
forty nine k rite about it going to twenty five thirty thousand dollars. And
there's this whole conversation now around mount Gox, which I'm sure you saw today
at the time of this recording, was you know that two hundred thousand bitcoin
is going to open up to these markets, and immediately when you see so
much blood in the streets, you see, you just markets are completely in
the red, double digit red days. You know, the news articles and
the thumbnails you're going to see on YouTube, let's face it, they're going
to be fear mongering. People feed into the emotion because just like how we
reacted as dumb money when markets crashed or markets pumped massively, we do the
same thing to use and clickbait. And so, you know, Mount Gox,
something that was very interesting I saw it came out today was you know,
obviously they were hacked and for people that don't know, this was like
a decade ago at this point, it's been since twenty fourteen. So the
money coming back is in like Japanese yen and US dollar and USDT if you
want it in bitcoin, they don't have the bitcoin, so that means they
have to go purchase it and then send it back over to that users,
which you know, even though this is being used as a fud scenario that
we're about to see seven billion dollars exit this market, it's like, well,
you know, in the first place, it's just seven million, it's
seven billion dollars in US dollars that they had. And second of all,
is like, okay, if we're watching these investors who are now ninety nine
thousand percent up and they're asking back for their bitcoin, that that doesn't give
me the the emotion or the belief that they're going to sell it off.
Because these are people that know they're ninety nine thousand percent up, Why wouldn't
they just take that cash? So this could very well be just you know,
again that fud article that fud momentum and just pushes back into seeing actually
even potentially more spot purchases with the people that do request their capital. So
yeah, I guess what. Only a matter of time will tell. But
we're two months between you know, three months between the bitcoin having it could
be the ultimate sell you know, by the by the rumor type event.
Again, Oh yeah, I agree, agreed on that, and you know
you mentioned at a very important point, and this is financial education as well.
When the price is going down, that's the time you'll see the most
negative news and the most sensationalized thing. Oh the end of bitcoin, the
end of crypto, right, headlines and Time magazine and this, and what
people need to understand is the dynamic of short sellers and narratives. And look,
this applies to when people are long and they're bullish, right, you'll
see the most bullish news. So when you see these headlines, understand that
there's a narrative game being played here. And I know, like short sellers
will, that's the time they have their content ready to go, because they
put out the negative content at drives fear and sentiment that makes people sell,
and that meets their goal of their shorts. Likewise, if they're going long,
and you know, I never understood that until crypto. And this is
why you don't listen to Jim Kramer. You don't listen to or when some
billionaire goes on CNBC and makes a statement, oh this is going to happen.
You need to know the charts, You need to know the fundamentals what's
happening, and verify that information because narratives, it's easy to just go and
out narratives, and especially if you're on CNBC squawk Box or Financial markets,
and you know that narratives usually fitting if they're going long or short. Yeah,
oh definitely. You know, it's the same comparison to the gold ETFA.
Everybody loved making this comparison with the ETF. It's going to be the
most bollish momentum move in history in terms of ETFs. And it's like when
that launched in November of two thousand and four, but people don't talk about
they're all very zoomed out on that chart. But if you zoom in,
it's like six months of I think it dropped by twelve percent in value.
And while that seems like not a lot, the value of gold at the
time was like three trillion dollars, which is over double the size of the
market cap today, So we're talking hundreds of billions of dollars in outflow.
And then, of course, you know, a decade, two decades later,
you see the same billionaires that we're telling you not to buy in the
nineties, not to buy in the eighties, you know, they are actually
caught manipulating those markets, and so I think it's very naive to believe that
these big banks and these financial these financial cartels and these giants are just not
doing the same thing in current market conditions today, especially when it's such an
unregulated industry. It's almost just as expected at this point. Yeah. And
then the other thing that because you mentioned mount Gox, we have the gbtc
ftxgbt sell off, and I was trying to tell people like who cares,
like they're most likely selling OTC anyway, Like it's not affecting the market.
What's happening right now is charts is technicals, like it was the Bier rumor
to sell the news events. For sure. I've been saying that to people
for months. And it can go Bitcoin and any other asset can go up
in a straight line. It has to be pullbacks. Even all of twenty
twenty three on the way up, there was sharp pullbacks and people, oh,
it's ee, we're done, We're going to ten k, and we're
like, no, it's just it's almost it's maintains those support levels and those
technicals. It's fine, but it can't go up in a straight line.
You gotta expect the volatility and use the volatility to your manage. You could
swing trade. Obviously, it presents opportunities to dull costs average in Yeah,
and the DFTX and is a perfect example, right that was used to capitulate
more and tried to like scarey investors out of the market. Again, it
turns out that's actually part of the bitcoin GBTC that was being sold off in
the first place. And the people that are like judging the you know,
Greyscale Bitcoin trust. I mean, look who's on the board of Digital Currency
Group which owns them. This is Larry Summers. This is one of the
people that were responsible for literally getting rid of and lobbying against all of the
degenerate like derivatives markets that he allowed to pass in the early two thousands that
led up to the oaight financial crisis. This is a guy that was sitting
on that board. So all of a sudden, you see you know Grayscale,
you know, working with FTX, all that same corrupted money is manipulated.
Then you see Maxine Waters coming out. Right. If you guys don't
know who Maxine Waters is, you know, this is a politician that has
been taking money and was a massive, massive front essentially for SBF. He
was donated massively to her campaign and now she won't even pursue him with the
subpoena. So all that money is the same dark money that just exists in
these unregulated markets. They can't do anything really about that. Now, does
that mean it's going to send prices down to thirty K, down to nineteen
k, you know, whatever the crazy price predictions we're seeing out today.
My thoughts are just, you know, again, look at the fight and
print we saw mount gucks. They're not actually paying out in bitcoin bitcoin cash,
and I've been actually trying to confirm that, so maybe I could be
wrong on that, but there's like multiple sources from multiple news outlets in the
terms of conditions and agreements that say no, it's going to be paid out
in yen or us D T or us D and if they want bitcoin,
it's then purchasing converted. So if that's the case, again, we're coming
up to the bitcoin having. We have Saudi Arabia at the same time,
I think, coming out and saying they're going to purchase one million bitcoin,
not a million dollars worth, but they want a million bitcoin. Like we're
looking at the biggest supply shock in history. We have the greatest you know,
digital commodity financial products to ever launch on these markets. Bitcoin's outpacing silver
in terms of ETFs. It's like, okay, which in that case,
you're already undervalued by four hundred five hundred, you know, billion dollars because
we're not even halfway to silver's market cap. With bitcoin, it's like,
we're extremely undervalued right now, and now's the time that you want to stand
on the sidelines, not dollar cost average. It's like, again, what
were we doing a month ago? Everybody was panic buying because they were just
foaming into these markets. And that's right, it's so funny. That's why
you have to like control your emotions and go against the herd. Right,
the herd is bearish, you want to be bullish. If the herd is
bullish, you want to be bearish as hard as it seems. Right.
It's where you have to have that conviction and the knowledge and not be you
know, like a torus, like you only show up when the price is
going up. No, you're not going to make money. Sure, you
may get a little lucky and buy and make a couple grand or whatever it
is, but you know, don't treat it like you're walking into the casino
and you're just throwing it on black or red. You gotta take time to
research this man and do the opposite, be a contrarian to the herd.
Yeah, it's a great point point. You know, there's a difference between
gambling and investing. And I have this argument almost every single day in the
industries. I'm sure you do. On the crypto Twitter spaces, they'll be
like, now that project doesn't have it doesn't matter, utility doesn't matter.
And then you're like, okay, well what are you doing just throwing a
dart at the wall and hoping and praying something goes up and not evaluating this.
It's like, no, you know, most people that are holding bitcoin
and a lot of cryptos, you know, a lot of old coins,
but all for the long term, they believe in this. And so you
know, this just brings back the case of, like you said, taking
that emotion out of this market, going against the herd, even though that
is usually the most difficult. But I mean, of course, just look
at history. What has going against the herd showed us. It shows us
that bitcoin is the best performing asset in history. In the last decade,
and you can't beat that exactly. The data doesn't lie and this is where
you got to really do your research. Now thesectfs are trading right, and
I think all the fun about FTX and GBTC at Mountcox is burying the news
of the amount of inflows that are coming into these ets record breaking. You
highlighted that the AUM surpassed silvers ETFs, which is insane. I'm hoping bitcoin
can go for goals au M this cycle, if not maybe next cycle.
What are your thoughts on the inflows? And we're seeing Blackrock now how we're
a billion dollars in bitcoin in their ETF and so forth. Yeah, I
think they're going to continue. I mean people are just talking about the ETFs
like Blackrock, you know, of course is managing these. They have really
cheap fees, which also I was seeing a conversion from Grayscale Bitcoin Trust to
other funds. There's cheaper fees and management across the board. You know,
Blackrock is already invested into the minors as well. They manage USDC, stable
Coin, They're invested in the Circle, they own Coinbase. It's like they're
making money off every single outlet from this industry. They own all the infrastructure.
So now we're seeing the world's largest marketing I call it the bitcoin the
bigcoin. Having is the world's greatest marketing event for these four year cycles.
That is what creates a catalyst. It's a ton of hype. It's going
to be a massive narrative. You know, we've I think I've been talking
about with ETF since June twenty twenty one. This was the anticipation ETFs would
be out before that having because it makes the most sense if you're a financial
asset management company and you need to get somebody onto a new asset class that
you're launching a new financial product. You know, all of a sudden,
you get to the market to them, Hey, by the way, there's
gonna be half the amount available within the next you know, within the next
two to three months. You need to get this now. So the marketing
is sentive, is only going to increase around this, and the action's under
management. Imagine just going to scale over time. That doesn't even factor in.
You know, like you said, you're going to compare this to gold.
I look at bitcoin as gold because not because necessarily just the utility,
well, it's the utility, but the fact that we can convert wasted energy
markets into a net value utilizing bitcoin miners. So these bitcoin mining eight are
companies I think are just going to continue to kill it and scale. But
yeah, so the thoughts on you know, bitcoin being compared to gold,
I completely agree with you. In fact, I think you know you'll see
a multi six figure bitcoin in the long term no matter what, and that
primarily comes from the proof of work. It's it's why don't compare you know
bitcoin to ethereum. The proof of work system is completely different than a proof
of state ecosystem, and it comes from the marginal cost of production. The
bitcoin rewards are going to get a cut in half, which obviously we see
always could create a supply shock. Is demands still increasing, there's less supply
now. This means they have to buy more miners, which means it's gonna
be less semiconductors available, and it causes a whole supply shock that increases the
catalyst for this momentum in this upward moving market. It's like where are we
at four, eight, twelve, sixteen years from now, Especially when you're
exon your chronicle Phillips, your world's largest oil providers are now taking their access
energy costs and already doing this through projects and companies like Cruso Energy converting that
doing net value through bitcoin. It's like, this is a digital commodity that
is available globally on a decentralized scale. It doesn't matter where you are in
the world. You can mine it with an internet and convert a waste energy
net value. This is increasing GDP. So I'm increasingly bullish and just overwhelmingly
bullish on the long term outlook for bitcoin as a whole. I think the
au AAM is just getting started. Yeah, agreed. And you know you
mentioned all the things black Rock is doing in a crypto market. And one
of the key things which I noticed, I don't know if it was last
year or twenty twenty two, they did a big narrative shift because remember there
was the ESG narrative. Oh bit one's baftfor the environment done black Rock backtrack
and then they endorsed I think it was energy Web, which is a project
they have a token as well, and I was like, wow, what
a one to eighty And you know, I can't wait to see many more
energy companies mind bitcoin use the excess blowoff and all the wasted energy and things
like that to mind bitcoin and monetize that that energy, it's going to be
incredible, and I think we're on the path to that. So we got
to have them coming up. We get all these ETFs live and trading.
You go to BlackRock's website, on their homepages, bitcoin plastered all of it,
same thing in fidelity. Do you think we're going to see a Super
Bowl ad from one of these bitcoin etf issuers? I would ah, that's
a good question that it's going to come before it. You know, the
in the pace we've seen Vanik and everybody actually start advertising, I would imagine
it would be pretty pretty pretty lame not to see one. So I would
expect it. But what I would, you know, kind of point back
to is all the Super Bowl ads that were rumored in the past, like
crypto dot com FTX and especially FDx. You know, it's like, so
you know, people already anticipate there's going to be crypto ads. Is that
going to have the same you know, impact as it did in twenty twenty
one. I think we're in a more professional market today and I don't know
if that's actially going to have as massive as an impact as it did in
previous cycles. Yeah, the one thing that could be a catalyst is that
these brands are already trusted and well known fideublit like is a household name.
Right, If you say Fidelity to a random person on the street, they
will most likely know what you're talking about. So you know, could one
of them gets get creative and do something. Yeah, But like to your
point, there's pubbly not going to be as much hype like there was because
it was the first go round Crypto dot com FTX and so far there was
more hype because it's like, wow, Crypto has a Super Bowl ad,
but less hype this time. But could be could have more impact as far
as capital flowing into the market because of these household names, right Franklin Templeton
and Fidelity and black Rock. But we'll see. You know, there is
the I think myself a little bit and others are a bit jaded because of
what happened. Yeah, because it's like, is it a bad omen if
you do a Cryptos Super Bowl ad because of all the collapses, But look,
Sam Bangmr Freed was straight up doing fraud, had nothing to do with
crypto specifically. So yeah, it's you know, and I think that you
bring up a good point. Is it like because we were jaded at this
point? You know, I think we've been played with so emotionally that we're
just like, you know what, like we have the ETF, now,
like what's bigger that? Can the super Bowl actually push that and bring that
to a new album it very well? Could? You know? Very well?
Could they might say, oh this this, it might bring a new
amount of inflow, could bring one hundred million, who knows. But is
that the overall impact? I think definitely the big one having is gonna be
the primary narrative for the coming months. Oh yeah, And I think it's
it's maybe more of the slow and steady marketing over time, getting like ri
as and wealth managers educated and so forth, versus the super Bowl, which
is just like throwing it at everybody. Right, but we'll see, we'll
see what happened. Yeah, you know, I think it comes into uh,
you know, the sec the vocal as well, which just the way
they issue these ETFs. It's I think this the whole narrative around the ETF,
Like the first week at launch, everybody knows this, everybody's views were
up. That's that's how you can usually kind of equate the emotions of the
market, Like everybody's popping off, doubling the views. Everybody wants to know
what's happening to these markets? Are we going to one hundred K? And
then you know, you realize launch is price actually dropping. The SEC it
was the most unprofessional, uh launch of anything I've ever seen it in my
history. I mean you you could there's no explanation. It was literally so
terrible. It could have been ran better by the fifth Raiders. You had
the SEC not only advocate for two FA better security, you know, not
like factory two factor authentication, protect yourself, don't ever get sim swapped,
you know, change your passwords. And then now they're coming out and saying
that they were sim swaps because they disabled two factor authentication. There's so many
weird events that took place leading up to that. The SEC, the people
that are supposed to protect the investors, are straight up market manipulating everything because
they're getting hacked. They're announcing things before they should, they're having I think
I forgot what if it was FIDELI or what PROUGHD or what was the one
that like listed everything on the CBO and then took everything down literally within twelve
hours after the announcement came out. It's like, so there was so much
emotional play in these markets. We're watching hundreds of millions of not billions of
dollars of liquidations occur from retailers that the SEC is never gonna be held accountable
on. So there's also that like negative energy around, just like Okay,
look it's here. We're tired of the manipulation, We're exhausted from it.
We want new administration, we want new executive We want the executive branch to
appoint people that actually want to represent us. Some people to have just no
trust whatsoever. I think we're at that threshold as well, and I think
we're going to see that kind of continue over time as we pivot closer to
elections. To be honest, you know what I did when the SEC that
the whole thing happened. I tweeted that I kept like trolling them, like
I tweeted at them like, hey, I bought bitcoin because you guys said
it was approved, but then it dumped after how do I get my money
back from the SEC? Yeah? We need a class action. There needs
to be there will be a class action. It's just it's but then you
just see what happened with Sam Bankmer free you want to get subpoen it.
So it's like, okay, even if there is a class action, it's
going to take years to go through, and it's like, you know,
is it even is it worth the hassle at this point? You know it's
i't I guess we'll have to see. I guess. I don't know.
If you saw the report eleanor Turret of Fox Business this morning, given update
that the sec they removed to FA on that account and he never put it
back. It's like, what do you guys doing? And to your point,
it's just like a complete clown show that took place, and Gary Gainster
is the biggest clown. And you know they constantly preach all protect your's identity
and doing this and blah blah. It's like, you guys can't even do
it yourselves. What the hell are you doing? And I hope, well,
I think he will be but Gary Ginster is going to be kicked out
whether Biden gets re elected or a Republican president comes in, because what a
shit show. Has just been a mess he's taking these Honestly, I feel
like if Biden's re elected, he'll go for Treasury'll he'll keep trying to work
his way up the ladder. You know. It's people don't know a lot
about Gary Gensler, but he's very involved with things like Ethgate, which is
you know, kind of a broad based topic. But the reality is is
he was teaching at MIT completely mistaught his students about the birthing and the fundraising
behind the Ethereum Foundation, completely left out wing Jane Blockchain Labs, which is
like a CCP tied group that funded primarily everything and started like pitting on Joseph
Lubin and JP Morgan and Consensus, and then he applied for finance. It's
like, and then two years later, this guy cann't get a job,
so he, like you know, reapplies for the SEC as like their puppet
master. And it's the judge from the Binance case, I think is what
it was released this morning. She said, you know, the SEC is
not, you know, here to fill the void with regulation in the world.
That's not their job. I paraphrase that a little bit, but it's
you know, and she couldn't be any further from the truth. This is
clearly regulation by enforcement. This is clearly you know, people behind the scenes
that want more control, want more power because the you know, the non
controllable factors of a decentralized currency are going to disrupt the World Bank, the
IMF policies and everything that's been created since the nineteen seventies. You know,
we're this is infracting on a fifty sixty year cycle in system that of course
is going to affect a lot of these ultra rich and these also like it's
just that's part of that's the system, that is the actual system here.
So no, they don't want the coin to succeed here for the little man.
They wanted to succeed for obviously themselves. Oh yeah, I don't know
if you saw a hester purs I think she was. I forgot who interviewed
her by so to clip just like an hour ago on Twitter She's like,
oh, yeah for the etherem ETF launch, We're not We're gonna make sure
things are not so crazy, like thanks, yeah, I appreciate that.
Appreciate Yeah, one for the one for the little man this time, I
don't even know. It was also interesting with the voting right, because its
five commissioners. People think Gary grey Gainsler is just a face. You know.
It's like so out of three of the five votes, he was the
turning opposition on it actually getting approved. So it's it just goes back to
we won't know for years, but you know, why would he disable the
two factor authentication? Like Alan or pointed out, why would you know a
leading regulatory body and agency have such large vulnerabilities. There's way more questions there
than just simply oh, oops, are in turn got hacked through LinkedIn and
a hacker clicked on it and you know got a broke some fire. I
don't even know how it worked, but you know what I mean, like
some basic hack. It's like, no, this is you're supposed to protect
us and they did the opposite. Yeah, it's pathetic, man. And
and this is why I think, you know, fire Gary against has been
trending since you know years now, like almost every month, right, It's
it's pathetic, just a shit show. Well, speaking of the SEC,
they got the lawsuit against coinbase and then Binance the hearing what Finance with yesterday.
My hope is that Coinbase can mop the floor of the SEC here because
they approve Coinbase to go public. They knew their business models, what tokens
and so forth. And Coinbase has one of the strictest listing processes, Like
they don't list everything. Now Finance they prove we should list everything. They
had to exchange token they had stable coin. I think Coinbase has a stronger
case, and I hope Coinbase wins Binance. They may come out with some
victories, but I don't think they have a strong chance. What's your thoughts
on that. I'd completely agree. I think Binance kind of, you know,
shot themselves in the foot. They pended themselves into a corner. You
know, I honestly would pay it's ten more to Richard Tang from Finance.
I think that guy is probably gonna deserve a movie in the next five to
ten years. On the overtaking of Binance, he like came up through Monetary
Singapore Authority, the ad GM, which is gonna be Abu Dabi's pretty much
regulatory body out there similar to the SEC. And he kind of like every
single month took over the new head position of a different sector in the country
for regulations in Binance, and like was this complete momentum and perfect rollover to
him as CEO, and so you know, there he has a huge momentum.
I'm not even bearish on Binance. I used to be like, Okay,
I'm not gonna touch BMB finance is kind of they're gonna get pushed out
of you at because they they got pushed out of the United States. PayPal
literally was like, hey, we're gonna push you out. Then they just
they closed BOSD for like FDUSD and they start doing all this manipulation stuff.
But so as that got pushed out, I think Binance at this point,
you know, at least for Zeazy, he admitted the guilts. They're gonna
have the four billion dollars settlement or whatever this they're gonna use him as an
example kind of for the rest of the industry. But that leaves one very
bullish case, and that is the Coinbase effect. So Coinbase has a very
high chance at coming out well over on top within this, within this lawsuit,
in this quirk filing. So I think it was today that the judge
was like, hey, the sec needs to explain why and come out with
the list of other tokens that aren't securities, because they are saying that everything
other than bitcoin is a security, but then trying to argue that they've never
said everything else is a security, and it's like, Okay, there's a
conflict here. So actually approaching it from that manner, if Coinbase can come
out on top of this and this lawsuit can be thrown out, this is
where I actually believe, you know, I do believe bitcoin can hit six
figures. But you know, maybe what we're looking at it at forty thousand
dollars bitcoin, it's like a two x from here. That's nothing crazy,
you know. I think the true value will be really bringing back that coinbase
effect that we saw in prime icodas a twenty twenty one where if coinbase gets
this clarity, when tokens launch on Coinbase again, you better be watching your
favorite all coins, the ones that have been on uniswap and circulating on DEXes
and low tier two exchanges for years. When they get that listing, it's
now kind of a classification and a verification that this is a project that can
be tradable within the United States if they win this lawsuits. So the sec
just loss after loss after loss. I mean, Gary Ginser's track records worse
than Elizabeth Warrens with passing bills, which I think is like three hundred and
twenty to eleven. You know, it's like, that's not good. When
you're passing less than one percent of everything that you bring to the table,
you're terrible at your job and you're clearly there only because some donors pushing you
there. So you know, I do believe this is really bullish for the
outcome of aalt coins. I've also always said I think it's really bullish for
just overall the presence of crypto in the United States. Finance was never going
to be able to be the top dog here. If we wanted to see
the industry grow in the US, they needed a crypto that was backed by
US you know, bankers, and of course backed by the ACI managers out
here, which is now black Rock, Vanguard, and Fidelity. Yeah,
no, great point because, like you said, black Rock and it is
totally in bed with Coinbase now. So I think Coinbase is fine. And
Coinbase is also custodying a lot of the funds for the ETFs for many of
the issuers, so I think they they are totally fine, and I think
they got their some of their futures products got approve and so forth. Finance
will see what happens. But you know, when you step back and look
at it, it's like the crypto startups they're getting there, you know,
Sued Buddy sec, this agency's coming after them and all. And then you
know, at the same time, in parallel, and this was over the
years, Black Rock and all these guys are coming in and they're fine,
right, they're setting up shop. So it's like the passing of the guard
a little bit where or changing of the guard where the Wall Street's coming in
and taking over. And if your exchange or your platform is not playing friendly
with them, you're you're gonna get thing right. And I think coinbase is
gonna be okay because they're aligned with with Wall Street. Yeah, you know,
it's everybody was excited for the ETF, but that is a little handing
the torch of decentralization over to the acid managers. So you know it was
coming. It was only a matter of time, not a matter of you
know, if it was when, And now we're here. Institutions are here
to play, they're here to stay, and that's bullets for crypto. You
just got to understand that outcome in the long term final item here. I
know it's very specific, but I think it's part of a larger problem which
I think crypto blockchain will have to solve, and that is the rise of
AI deep fakes. Right, And we saw that Polygon, and I'm a
fan of Polygon. I hold a matic token. They partner with Fox News
Corporation to help create a platform so that when content is put out, it's
tied to the blockchain, you can verify it. You know, what are
your thoughts? And then look, we got the presidential cycle coming up,
so you know it's going to be wild with these AI deep fakes. Yeah,
I'm still interested. I got to do way more researches into the overall
topic. But it's going to come down to the argument. Now. I
like to say this phrase that makes a lot of people mad at crypto,
which is decentralizations of masquerade. You know, it's just a ball of marketing
utilized by vcs to market a new system that's actually not what it seems to
be. Crypto's Wall Street two point zero. So the question of utilizing you
know, blockchain to integrate you know, truth and like trustless data, trust
information to verify if a media article is real or not. You know,
it's going to bag into the question of the you know, are they going
to be using real as Fox News uploading these videos, or are they also
progressing towards an era where they're going to be using chat GPT to you know,
just unlimited list news articles in real time for them, right, they're
going to scale with AI as well. So in one hand like great,
this, this could help with verification, But in the other hand too,
it's like, even though this is helping with verification, what's it verifying what?
You know? What language models in large you know l MS is utilizing
to say this is true or this is not true, because the underlying language
models then are also going to be biased in their own ways. So it's
still like this never ending battle of you know, can you trust mainstream media?
And even if I have a verified, you know, confirmed you know
system, I it's still double checking those fact sources. I'm still gonna be
double checking if it's real or not. And I think everybody should be doing
that collectively. Anyways, it doesn't matter if it's on YouTube, TikTok,
Twitter, or mainstream media as a whole, you should verify those sources.
Yeah, absolutely, it's it's gonna be interesting to see the merging of AI
and crypto and blockchain in different ways, in different use cases. I think
personally, I don't know if you agree with this, but I think one
of the narratives in the upcoming bull market cycle for all coins will be AI
themed all coins, so like render, fetch dot AI. So I've added
some of those to my portfolio. They've done well so far. Do you
think that's going to be a narrative. That's one of my big bets too.
I really like also like the centralized science which integrates AI. And the
reason for that is that entire sector, uh you know, it's kind of
getting the deepened, you know, the whole deep end getting narrative as we
rely more and more in AI and super like all these computers, we need
more semiconductors, and that in itself can cause a supply shock that will roll
over into the price action of a lot of the decentralized you know, rendering
all the cloud computing storage, et cetera. And so I think it's all
something we should pay attention to. I think what would be the only bear
scenario out of this which isn't in price action, I think is an overall
market sentiment and just the divide between you know, just especially in America as
we approach election, actually not even just America. By the way, this
is the largest year in history. I think it's three point two billion people
are voting worldwide. It's like fifty percent of the globe has elections this year.
And so, you know, AI and deep fakes I think are going
to really drive the narrative of separating a lot of cultures and a lot of
policy. Just because there's so much misinformation or disinformation that's being released out there,
people are really going to have a hard time believing what's real and what's
not real, and that can make people hate or not hate a lot more
moving as we approach those cycles. So in terms of the AI and I'm
wanted to pet bullish, and it's actually because of those terrible scenarios that we
need these verifications, that we need more power, that we need that decentralization,
and so I think AI is going to be a huge sector moving into
twenty twenty four to twenty twenty five. Yeah, I definitely agree with you
there, Josh, great chatting with you. Appreciate you coming on for this
episode. Where can folks find you and follow you on things along those lines?
Of course? Yeah, I got start on TikTok, so that's my
main platform. It's Joshua Jake on all social media, Twitter, TikTok,
actually not YouTube. On YouTube, we're going to be Discover Crypto, So
I am a new host here with co hosting with de Z in the morning
Monday through Friday. That's going to be on our morning shows, and of
course we're dropping tons of awesome educational content there as well. Hopefully we're gonna
seeing Thinking Crypto come on there soon as well. Soon. But other than
that's that's really where everywhere you can find me besides Instagram and just social media's
it's Joshua Jake. Awesome. I'll put a links the links in the description
so folks can check you out. But thank you for joining me, man.
Yeah, pleasure at t pask post task to task post