WEBVTT 1 00:00:00.040 --> 00:00:04.320 And now there's the conversations too. We just had the Bitcoin eat five. 2 00:00:04.400 --> 00:00:06.839 We were up at forty eight forty nine K. Everybody was telling this was 3 00:00:06.839 --> 00:00:10.919 gonna be the most bolish event of our lifetimes, and then it ultimately did 4 00:00:11.000 --> 00:00:15.720 what markets least expected, and that was not only launch, but crash afterwards. 5 00:00:15.759 --> 00:00:18.559 And in hindsight, these events always go, oh, that was the 6 00:00:18.600 --> 00:00:28.600 most obvious buy the rumor, sell the news event. This content is brought 7 00:00:28.640 --> 00:00:31.719 to you by Uphold, which is a great crypto platform that I've been using 8 00:00:31.800 --> 00:00:36.640 since twenty eighteen. Uphold has all the top cryptocurrencies, Bitcoin and all the 9 00:00:36.719 --> 00:00:40.119 all coins. In fact, they have two hundred and sixty plus cryptocurrencies on 10 00:00:40.200 --> 00:00:44.560 their platform. You can also trade precious metals, stable coins, and thirty 11 00:00:44.600 --> 00:00:48.799 seven fiat currencies. In addition, they are available in over one hundred and 12 00:00:48.920 --> 00:00:53.560 fifty countries and this platform is fully reserved. They do audits so you can 13 00:00:53.719 --> 00:00:57.640 trust that your funds are safe. No commingling, no lending out your funds. 14 00:00:57.920 --> 00:01:00.320 If you'd like to learn more about Uphold, please visit the link in 15 00:01:00.600 --> 00:01:06.840 the description. Welcome to the Thinking Crypto Crypto water Cooler Series, Episode eight. 16 00:01:07.200 --> 00:01:11.040 Today I have Joshua Jake as my co host. He's one of the 17 00:01:11.120 --> 00:01:15.040 hosts at the Discover Crypto YouTube channel, which I'm sure many of you are 18 00:01:15.079 --> 00:01:19.079 familiar with. Joshua. Great to have you on. Thanks for having me. 19 00:01:19.159 --> 00:01:21.920 It's a lucky number. I don't know if that means h markets are 20 00:01:21.920 --> 00:01:23.120 going to bottom today, but I'm happy to be here. Thank you for 21 00:01:23.200 --> 00:01:29.040 having me. Speaking of bottoms, man, it's bloody out there. You 22 00:01:29.079 --> 00:01:33.480 know, Bitcoin and alts are bleeding right now. But you know, for 23 00:01:34.480 --> 00:01:38.439 and you've been here multiple cycles, you know, for many of us who've 24 00:01:38.480 --> 00:01:42.680 been here, this is like, okay, a normal thing. Bitcoin's pulling 25 00:01:42.760 --> 00:01:48.120 back, opportunity to do all across average in and then wait for it to 26 00:01:48.200 --> 00:01:52.799 rebound, right. Yeah, Yeah, it's you know, you hear that 27 00:01:52.959 --> 00:01:55.760 phrase by when there's blood in the streets, you know, so when you 28 00:01:55.760 --> 00:01:57.359 know, be fearful when others is greedy, be greedy when others are fearful. 29 00:01:57.359 --> 00:02:00.439 If it seems like the common phrase is that everybody just teaches each other, 30 00:02:01.079 --> 00:02:05.239 and I feel like this just goes completely out the window. Every time 31 00:02:05.319 --> 00:02:07.479 markets pump or every time they're crashing, we get bled in the streets. 32 00:02:07.520 --> 00:02:10.800 For down thirty forty fifty percent on these all coins. Everybody was just like 33 00:02:12.000 --> 00:02:15.240 drooling over two weeks ago. And that's like that completely disregarding all the emotional 34 00:02:15.319 --> 00:02:21.319 senses that we're supposed to live by. Yeah, I mean it's so important. 35 00:02:21.360 --> 00:02:23.759 And don't get me wrong. The first go around, you know, 36 00:02:23.840 --> 00:02:27.960 when I experienced the bull market and the bear market, I was scared of 37 00:02:28.000 --> 00:02:30.759 shit. Like, you know, we're a human. Our emotions come into 38 00:02:30.800 --> 00:02:34.439 play, right, and fear and greed and all these things play out. 39 00:02:34.800 --> 00:02:38.280 But then having been here from multiple cycles, experience is a great teacher now, 40 00:02:38.360 --> 00:02:43.240 I know, like when there's pullbacks like these, all the costs average 41 00:02:43.280 --> 00:02:47.800 opportunity to buy, and then when it's pumping and everybody's bullish opportunity to sell, 42 00:02:47.919 --> 00:02:53.639 And that could be from the short term micro bull runs or the macro 43 00:02:53.840 --> 00:02:58.039 right selling, the euphoria phase, the blow off top. And I think 44 00:02:58.520 --> 00:03:01.719 people need to educate themselves around that. Check your emotions at the door, 45 00:03:02.319 --> 00:03:07.199 and put together a strategy. Yeah. My favorite chapter I've ever read in 46 00:03:07.280 --> 00:03:12.240 any book, and I always recommend it is chapter eight out of The Intelligent 47 00:03:12.280 --> 00:03:15.159 Investor by Benjamin Graham. It's the psychology of the markets overall, but you 48 00:03:15.240 --> 00:03:17.560 make a good point. You know. I think the first time I really 49 00:03:17.680 --> 00:03:22.319 panicked and I think, my you know, my, my butt definitely clinched 50 00:03:22.319 --> 00:03:23.560 a little bit. I had to punch my brother in law was when COVID 51 00:03:23.599 --> 00:03:27.280 crashed. You know, I had been putting money in like for weeks and 52 00:03:27.400 --> 00:03:31.439 months and months and months after the eighteen crash, and like I remember just 53 00:03:31.479 --> 00:03:35.360 beending all this money, and of course on the day of COVID or like 54 00:03:35.439 --> 00:03:38.840 within those weeks, they drop at like seventy percent, and I remember sitting 55 00:03:38.879 --> 00:03:40.280 there being like, you know, am I going to sell here? Thankfully, 56 00:03:40.360 --> 00:03:44.560 I ended up just keep buying a dollar cost averaging that ended up beating 57 00:03:44.560 --> 00:03:47.280 like seven cent xrp A made like two cent matter whatever the prices were. 58 00:03:47.719 --> 00:03:52.759 But it's like, you know, that internal feeling, that emotional stress you 59 00:03:52.800 --> 00:03:54.759 go, it's completely normal, it's completely healthy. And man, you're still 60 00:03:54.759 --> 00:03:59.000 gonna feel it when a bank collapses or you know, ft Ex decides to 61 00:03:59.039 --> 00:04:02.159 walk away with eight billion dollars and there's no there's no there's no cure for 62 00:04:02.280 --> 00:04:05.240 that. You know, you're gonna feel the stress. Yeah, And I 63 00:04:05.319 --> 00:04:12.400 think it's important to also keep in mind that, and this is where the 64 00:04:12.479 --> 00:04:17.040 edit financial education comes in looking at previous market cycles, looking at other assets 65 00:04:17.120 --> 00:04:23.800 classes like equities and stocks and so forth. There's volatility. There's nothing goes 66 00:04:23.879 --> 00:04:28.199 up in a straight line forever. The the economy is boom and bus cycles. 67 00:04:28.279 --> 00:04:30.240 We've seen it right now, we're in a bus cycle. Right. 68 00:04:30.279 --> 00:04:34.199 There was quantitative tightening, inflation and all that stuff. But guess what Huey's 69 00:04:34.240 --> 00:04:38.079 going to return to fedes, pause and all these things. I say all 70 00:04:38.120 --> 00:04:43.800 this because don't get so caught up in the moment a tunnel vision of like, 71 00:04:43.879 --> 00:04:46.360 oh my god, it's a drop, but zoom out. Wait what 72 00:04:46.639 --> 00:04:50.639 markets have crashed before? But you know, what's your strategy? Like are 73 00:04:50.720 --> 00:04:55.040 you comfortable that it went down? And you have a time horizon? Way 74 00:04:55.399 --> 00:04:59.079 I can I can hold and wait for you to go back up or maybe 75 00:04:59.120 --> 00:05:01.240 have an emergency you need to cash, right, But but it's the thing 76 00:05:01.319 --> 00:05:03.759 is not to panic like and move by your motions. Oh shit, it 77 00:05:03.879 --> 00:05:06.879 just crashed. I need to sell. Why why do you need to sell? 78 00:05:08.480 --> 00:05:11.480 Right? Exactly? Yeah, you know. And now there's the conversations 79 00:05:11.519 --> 00:05:14.920 too, Like we just had the the bitcoin etf ype. We were up 80 00:05:14.959 --> 00:05:16.560 at forty eight forty nine K everybody was telling this was gonna be the most 81 00:05:16.600 --> 00:05:21.920 bullish event of our lifetimes, and then it ultimately did what markets least expected, 82 00:05:23.040 --> 00:05:26.560 and that was not only launch, but crash afterwards. And in hindsight, 83 00:05:26.759 --> 00:05:29.680 these events always go, oh, that was the most obvious buy the 84 00:05:29.759 --> 00:05:31.959 rumor, sell the news event. I was fortunate enough just to take a 85 00:05:32.079 --> 00:05:34.160 ton of profit off the top because I thought it was honestly going to be 86 00:05:34.199 --> 00:05:36.199 postponed. I was like, I just I don't trust the government. It's 87 00:05:36.240 --> 00:05:39.120 like, I think it's going to be postponed to March, you know what 88 00:05:39.199 --> 00:05:42.160 it was. But now we're seeing on tons of stable coins. And at 89 00:05:42.199 --> 00:05:44.879 the time where everybody was sidelined, they were in displief. They're like, 90 00:05:44.920 --> 00:05:46.199 now it's not going to happen at twenty five k They're like, now it's 91 00:05:46.199 --> 00:05:49.319 still not in a bull run. Forty k may maybe we're here. Also, 92 00:05:49.360 --> 00:05:53.040 we got a ETF coming out. Everybody's buying the top of this market. 93 00:05:53.079 --> 00:05:55.600 Again. You know, it was only healthy that we saw that pullback. 94 00:05:55.680 --> 00:05:59.079 Here now seeing twenty thirty, forty fifty percent yes on some of our 95 00:05:59.120 --> 00:06:01.000 all coins, you know, begs the question. You know, are these 96 00:06:01.000 --> 00:06:03.360 same people that were telling us to buy it. You know, forty eight 97 00:06:03.480 --> 00:06:08.439 forty nine k rite about it going to twenty five thirty thousand dollars. And 98 00:06:08.519 --> 00:06:12.639 there's this whole conversation now around mount Gox, which I'm sure you saw today 99 00:06:12.680 --> 00:06:15.120 at the time of this recording, was you know that two hundred thousand bitcoin 100 00:06:15.360 --> 00:06:18.800 is going to open up to these markets, and immediately when you see so 101 00:06:18.959 --> 00:06:23.079 much blood in the streets, you see, you just markets are completely in 102 00:06:23.160 --> 00:06:26.839 the red, double digit red days. You know, the news articles and 103 00:06:27.000 --> 00:06:29.560 the thumbnails you're going to see on YouTube, let's face it, they're going 104 00:06:29.639 --> 00:06:32.639 to be fear mongering. People feed into the emotion because just like how we 105 00:06:32.759 --> 00:06:38.399 reacted as dumb money when markets crashed or markets pumped massively, we do the 106 00:06:38.439 --> 00:06:41.519 same thing to use and clickbait. And so, you know, Mount Gox, 107 00:06:41.600 --> 00:06:44.480 something that was very interesting I saw it came out today was you know, 108 00:06:44.560 --> 00:06:46.120 obviously they were hacked and for people that don't know, this was like 109 00:06:46.240 --> 00:06:49.319 a decade ago at this point, it's been since twenty fourteen. So the 110 00:06:49.439 --> 00:06:54.759 money coming back is in like Japanese yen and US dollar and USDT if you 111 00:06:54.800 --> 00:06:57.480 want it in bitcoin, they don't have the bitcoin, so that means they 112 00:06:57.480 --> 00:07:00.000 have to go purchase it and then send it back over to that users, 113 00:07:00.519 --> 00:07:02.160 which you know, even though this is being used as a fud scenario that 114 00:07:02.199 --> 00:07:05.759 we're about to see seven billion dollars exit this market, it's like, well, 115 00:07:05.959 --> 00:07:09.120 you know, in the first place, it's just seven million, it's 116 00:07:09.120 --> 00:07:12.439 seven billion dollars in US dollars that they had. And second of all, 117 00:07:12.560 --> 00:07:15.879 is like, okay, if we're watching these investors who are now ninety nine 118 00:07:15.959 --> 00:07:19.439 thousand percent up and they're asking back for their bitcoin, that that doesn't give 119 00:07:19.560 --> 00:07:24.319 me the the emotion or the belief that they're going to sell it off. 120 00:07:24.360 --> 00:07:27.360 Because these are people that know they're ninety nine thousand percent up, Why wouldn't 121 00:07:27.360 --> 00:07:30.560 they just take that cash? So this could very well be just you know, 122 00:07:30.639 --> 00:07:33.639 again that fud article that fud momentum and just pushes back into seeing actually 123 00:07:33.639 --> 00:07:38.920 even potentially more spot purchases with the people that do request their capital. So 124 00:07:39.160 --> 00:07:41.000 yeah, I guess what. Only a matter of time will tell. But 125 00:07:41.079 --> 00:07:44.879 we're two months between you know, three months between the bitcoin having it could 126 00:07:44.920 --> 00:07:47.040 be the ultimate sell you know, by the by the rumor type event. 127 00:07:47.120 --> 00:07:50.360 Again, Oh yeah, I agree, agreed on that, and you know 128 00:07:50.480 --> 00:07:56.160 you mentioned at a very important point, and this is financial education as well. 129 00:07:57.040 --> 00:07:59.839 When the price is going down, that's the time you'll see the most 130 00:08:00.079 --> 00:08:03.759 negative news and the most sensationalized thing. Oh the end of bitcoin, the 131 00:08:03.879 --> 00:08:07.759 end of crypto, right, headlines and Time magazine and this, and what 132 00:08:07.920 --> 00:08:13.439 people need to understand is the dynamic of short sellers and narratives. And look, 133 00:08:13.480 --> 00:08:16.680 this applies to when people are long and they're bullish, right, you'll 134 00:08:16.680 --> 00:08:20.079 see the most bullish news. So when you see these headlines, understand that 135 00:08:20.240 --> 00:08:24.639 there's a narrative game being played here. And I know, like short sellers 136 00:08:24.759 --> 00:08:28.639 will, that's the time they have their content ready to go, because they 137 00:08:28.720 --> 00:08:33.480 put out the negative content at drives fear and sentiment that makes people sell, 138 00:08:35.120 --> 00:08:39.360 and that meets their goal of their shorts. Likewise, if they're going long, 139 00:08:39.840 --> 00:08:43.480 and you know, I never understood that until crypto. And this is 140 00:08:43.559 --> 00:08:48.399 why you don't listen to Jim Kramer. You don't listen to or when some 141 00:08:48.559 --> 00:08:52.080 billionaire goes on CNBC and makes a statement, oh this is going to happen. 142 00:08:52.559 --> 00:08:54.559 You need to know the charts, You need to know the fundamentals what's 143 00:08:54.600 --> 00:08:58.840 happening, and verify that information because narratives, it's easy to just go and 144 00:09:00.120 --> 00:09:05.039 out narratives, and especially if you're on CNBC squawk Box or Financial markets, 145 00:09:05.519 --> 00:09:11.039 and you know that narratives usually fitting if they're going long or short. Yeah, 146 00:09:11.240 --> 00:09:13.600 oh definitely. You know, it's the same comparison to the gold ETFA. 147 00:09:13.679 --> 00:09:16.480 Everybody loved making this comparison with the ETF. It's going to be the 148 00:09:16.519 --> 00:09:20.720 most bollish momentum move in history in terms of ETFs. And it's like when 149 00:09:20.759 --> 00:09:24.759 that launched in November of two thousand and four, but people don't talk about 150 00:09:24.960 --> 00:09:26.440 they're all very zoomed out on that chart. But if you zoom in, 151 00:09:26.919 --> 00:09:31.639 it's like six months of I think it dropped by twelve percent in value. 152 00:09:31.759 --> 00:09:35.679 And while that seems like not a lot, the value of gold at the 153 00:09:35.720 --> 00:09:37.399 time was like three trillion dollars, which is over double the size of the 154 00:09:37.440 --> 00:09:41.080 market cap today, So we're talking hundreds of billions of dollars in outflow. 155 00:09:41.440 --> 00:09:43.600 And then, of course, you know, a decade, two decades later, 156 00:09:43.919 --> 00:09:46.480 you see the same billionaires that we're telling you not to buy in the 157 00:09:46.559 --> 00:09:50.159 nineties, not to buy in the eighties, you know, they are actually 158 00:09:50.240 --> 00:09:54.279 caught manipulating those markets, and so I think it's very naive to believe that 159 00:09:54.559 --> 00:10:00.440 these big banks and these financial these financial cartels and these giants are just not 160 00:10:00.639 --> 00:10:05.440 doing the same thing in current market conditions today, especially when it's such an 161 00:10:05.519 --> 00:10:09.240 unregulated industry. It's almost just as expected at this point. Yeah. And 162 00:10:09.519 --> 00:10:15.360 then the other thing that because you mentioned mount Gox, we have the gbtc 163 00:10:15.600 --> 00:10:18.759 ftxgbt sell off, and I was trying to tell people like who cares, 164 00:10:20.120 --> 00:10:24.600 like they're most likely selling OTC anyway, Like it's not affecting the market. 165 00:10:24.720 --> 00:10:28.879 What's happening right now is charts is technicals, like it was the Bier rumor 166 00:10:28.919 --> 00:10:31.360 to sell the news events. For sure. I've been saying that to people 167 00:10:31.399 --> 00:10:37.120 for months. And it can go Bitcoin and any other asset can go up 168 00:10:37.120 --> 00:10:39.639 in a straight line. It has to be pullbacks. Even all of twenty 169 00:10:39.720 --> 00:10:43.080 twenty three on the way up, there was sharp pullbacks and people, oh, 170 00:10:43.159 --> 00:10:46.159 it's ee, we're done, We're going to ten k, and we're 171 00:10:46.200 --> 00:10:48.879 like, no, it's just it's almost it's maintains those support levels and those 172 00:10:48.919 --> 00:10:52.240 technicals. It's fine, but it can't go up in a straight line. 173 00:10:52.279 --> 00:10:56.120 You gotta expect the volatility and use the volatility to your manage. You could 174 00:10:56.120 --> 00:11:01.759 swing trade. Obviously, it presents opportunities to dull costs average in Yeah, 175 00:11:01.840 --> 00:11:05.919 and the DFTX and is a perfect example, right that was used to capitulate 176 00:11:05.000 --> 00:11:07.360 more and tried to like scarey investors out of the market. Again, it 177 00:11:07.399 --> 00:11:11.799 turns out that's actually part of the bitcoin GBTC that was being sold off in 178 00:11:11.840 --> 00:11:15.080 the first place. And the people that are like judging the you know, 179 00:11:15.200 --> 00:11:18.799 Greyscale Bitcoin trust. I mean, look who's on the board of Digital Currency 180 00:11:18.799 --> 00:11:20.120 Group which owns them. This is Larry Summers. This is one of the 181 00:11:20.159 --> 00:11:24.320 people that were responsible for literally getting rid of and lobbying against all of the 182 00:11:24.480 --> 00:11:28.360 degenerate like derivatives markets that he allowed to pass in the early two thousands that 183 00:11:28.600 --> 00:11:31.480 led up to the oaight financial crisis. This is a guy that was sitting 184 00:11:31.519 --> 00:11:35.440 on that board. So all of a sudden, you see you know Grayscale, 185 00:11:35.679 --> 00:11:39.440 you know, working with FTX, all that same corrupted money is manipulated. 186 00:11:39.480 --> 00:11:41.799 Then you see Maxine Waters coming out. Right. If you guys don't 187 00:11:41.799 --> 00:11:43.720 know who Maxine Waters is, you know, this is a politician that has 188 00:11:43.759 --> 00:11:48.679 been taking money and was a massive, massive front essentially for SBF. He 189 00:11:48.759 --> 00:11:52.320 was donated massively to her campaign and now she won't even pursue him with the 190 00:11:52.360 --> 00:11:56.559 subpoena. So all that money is the same dark money that just exists in 191 00:11:56.600 --> 00:12:01.320 these unregulated markets. They can't do anything really about that. Now, does 192 00:12:01.399 --> 00:12:03.519 that mean it's going to send prices down to thirty K, down to nineteen 193 00:12:03.600 --> 00:12:07.679 k, you know, whatever the crazy price predictions we're seeing out today. 194 00:12:07.480 --> 00:12:09.559 My thoughts are just, you know, again, look at the fight and 195 00:12:09.600 --> 00:12:13.279 print we saw mount gucks. They're not actually paying out in bitcoin bitcoin cash, 196 00:12:13.559 --> 00:12:16.440 and I've been actually trying to confirm that, so maybe I could be 197 00:12:16.559 --> 00:12:20.360 wrong on that, but there's like multiple sources from multiple news outlets in the 198 00:12:20.440 --> 00:12:24.080 terms of conditions and agreements that say no, it's going to be paid out 199 00:12:24.120 --> 00:12:28.200 in yen or us D T or us D and if they want bitcoin, 200 00:12:28.600 --> 00:12:31.440 it's then purchasing converted. So if that's the case, again, we're coming 201 00:12:31.480 --> 00:12:35.120 up to the bitcoin having. We have Saudi Arabia at the same time, 202 00:12:35.159 --> 00:12:37.879 I think, coming out and saying they're going to purchase one million bitcoin, 203 00:12:37.120 --> 00:12:41.399 not a million dollars worth, but they want a million bitcoin. Like we're 204 00:12:41.440 --> 00:12:45.240 looking at the biggest supply shock in history. We have the greatest you know, 205 00:12:45.399 --> 00:12:50.039 digital commodity financial products to ever launch on these markets. Bitcoin's outpacing silver 206 00:12:50.159 --> 00:12:54.120 in terms of ETFs. It's like, okay, which in that case, 207 00:12:54.159 --> 00:12:56.039 you're already undervalued by four hundred five hundred, you know, billion dollars because 208 00:12:56.039 --> 00:13:00.240 we're not even halfway to silver's market cap. With bitcoin, it's like, 209 00:13:00.279 --> 00:13:03.200 we're extremely undervalued right now, and now's the time that you want to stand 210 00:13:03.240 --> 00:13:05.919 on the sidelines, not dollar cost average. It's like, again, what 211 00:13:07.039 --> 00:13:09.000 were we doing a month ago? Everybody was panic buying because they were just 212 00:13:09.080 --> 00:13:15.120 foaming into these markets. And that's right, it's so funny. That's why 213 00:13:15.360 --> 00:13:18.120 you have to like control your emotions and go against the herd. Right, 214 00:13:18.240 --> 00:13:22.600 the herd is bearish, you want to be bullish. If the herd is 215 00:13:22.919 --> 00:13:26.720 bullish, you want to be bearish as hard as it seems. Right. 216 00:13:26.000 --> 00:13:31.279 It's where you have to have that conviction and the knowledge and not be you 217 00:13:31.360 --> 00:13:35.879 know, like a torus, like you only show up when the price is 218 00:13:35.919 --> 00:13:37.480 going up. No, you're not going to make money. Sure, you 219 00:13:37.559 --> 00:13:41.159 may get a little lucky and buy and make a couple grand or whatever it 220 00:13:41.320 --> 00:13:45.279 is, but you know, don't treat it like you're walking into the casino 221 00:13:45.320 --> 00:13:48.000 and you're just throwing it on black or red. You gotta take time to 222 00:13:48.080 --> 00:13:52.559 research this man and do the opposite, be a contrarian to the herd. 223 00:13:52.360 --> 00:13:56.080 Yeah, it's a great point point. You know, there's a difference between 224 00:13:56.120 --> 00:14:00.480 gambling and investing. And I have this argument almost every single day in the 225 00:14:00.559 --> 00:14:03.120 industries. I'm sure you do. On the crypto Twitter spaces, they'll be 226 00:14:03.200 --> 00:14:05.240 like, now that project doesn't have it doesn't matter, utility doesn't matter. 227 00:14:05.279 --> 00:14:07.519 And then you're like, okay, well what are you doing just throwing a 228 00:14:07.559 --> 00:14:11.519 dart at the wall and hoping and praying something goes up and not evaluating this. 229 00:14:11.720 --> 00:14:13.440 It's like, no, you know, most people that are holding bitcoin 230 00:14:13.519 --> 00:14:16.559 and a lot of cryptos, you know, a lot of old coins, 231 00:14:16.720 --> 00:14:18.000 but all for the long term, they believe in this. And so you 232 00:14:18.080 --> 00:14:22.679 know, this just brings back the case of, like you said, taking 233 00:14:22.720 --> 00:14:24.840 that emotion out of this market, going against the herd, even though that 234 00:14:24.960 --> 00:14:28.720 is usually the most difficult. But I mean, of course, just look 235 00:14:28.759 --> 00:14:31.679 at history. What has going against the herd showed us. It shows us 236 00:14:31.720 --> 00:14:37.519 that bitcoin is the best performing asset in history. In the last decade, 237 00:14:37.639 --> 00:14:41.159 and you can't beat that exactly. The data doesn't lie and this is where 238 00:14:41.399 --> 00:14:46.480 you got to really do your research. Now thesectfs are trading right, and 239 00:14:46.639 --> 00:14:52.919 I think all the fun about FTX and GBTC at Mountcox is burying the news 240 00:14:52.960 --> 00:14:56.399 of the amount of inflows that are coming into these ets record breaking. You 241 00:14:56.519 --> 00:15:03.039 highlighted that the AUM surpassed silvers ETFs, which is insane. I'm hoping bitcoin 242 00:15:03.159 --> 00:15:07.000 can go for goals au M this cycle, if not maybe next cycle. 243 00:15:09.240 --> 00:15:13.559 What are your thoughts on the inflows? And we're seeing Blackrock now how we're 244 00:15:13.600 --> 00:15:16.679 a billion dollars in bitcoin in their ETF and so forth. Yeah, I 245 00:15:16.759 --> 00:15:20.320 think they're going to continue. I mean people are just talking about the ETFs 246 00:15:20.399 --> 00:15:24.000 like Blackrock, you know, of course is managing these. They have really 247 00:15:24.039 --> 00:15:26.200 cheap fees, which also I was seeing a conversion from Grayscale Bitcoin Trust to 248 00:15:26.279 --> 00:15:30.919 other funds. There's cheaper fees and management across the board. You know, 249 00:15:31.480 --> 00:15:35.320 Blackrock is already invested into the minors as well. They manage USDC, stable 250 00:15:35.360 --> 00:15:37.840 Coin, They're invested in the Circle, they own Coinbase. It's like they're 251 00:15:37.879 --> 00:15:41.559 making money off every single outlet from this industry. They own all the infrastructure. 252 00:15:41.960 --> 00:15:46.000 So now we're seeing the world's largest marketing I call it the bitcoin the 253 00:15:46.039 --> 00:15:48.639 bigcoin. Having is the world's greatest marketing event for these four year cycles. 254 00:15:48.720 --> 00:15:52.399 That is what creates a catalyst. It's a ton of hype. It's going 255 00:15:52.480 --> 00:15:54.799 to be a massive narrative. You know, we've I think I've been talking 256 00:15:54.799 --> 00:16:00.000 about with ETF since June twenty twenty one. This was the anticipation ETFs would 257 00:16:00.120 --> 00:16:03.919 be out before that having because it makes the most sense if you're a financial 258 00:16:03.960 --> 00:16:07.720 asset management company and you need to get somebody onto a new asset class that 259 00:16:07.720 --> 00:16:10.840 you're launching a new financial product. You know, all of a sudden, 260 00:16:10.840 --> 00:16:11.840 you get to the market to them, Hey, by the way, there's 261 00:16:11.840 --> 00:16:15.159 gonna be half the amount available within the next you know, within the next 262 00:16:15.200 --> 00:16:18.919 two to three months. You need to get this now. So the marketing 263 00:16:18.000 --> 00:16:21.919 is sentive, is only going to increase around this, and the action's under 264 00:16:21.960 --> 00:16:25.159 management. Imagine just going to scale over time. That doesn't even factor in. 265 00:16:25.240 --> 00:16:26.000 You know, like you said, you're going to compare this to gold. 266 00:16:26.120 --> 00:16:30.679 I look at bitcoin as gold because not because necessarily just the utility, 267 00:16:30.759 --> 00:16:33.480 well, it's the utility, but the fact that we can convert wasted energy 268 00:16:33.559 --> 00:16:38.320 markets into a net value utilizing bitcoin miners. So these bitcoin mining eight are 269 00:16:38.440 --> 00:16:41.720 companies I think are just going to continue to kill it and scale. But 270 00:16:41.799 --> 00:16:45.440 yeah, so the thoughts on you know, bitcoin being compared to gold, 271 00:16:45.559 --> 00:16:48.200 I completely agree with you. In fact, I think you know you'll see 272 00:16:48.240 --> 00:16:51.039 a multi six figure bitcoin in the long term no matter what, and that 273 00:16:51.320 --> 00:16:55.279 primarily comes from the proof of work. It's it's why don't compare you know 274 00:16:55.440 --> 00:16:59.679 bitcoin to ethereum. The proof of work system is completely different than a proof 275 00:16:59.720 --> 00:17:02.960 of state ecosystem, and it comes from the marginal cost of production. The 276 00:17:03.080 --> 00:17:06.000 bitcoin rewards are going to get a cut in half, which obviously we see 277 00:17:06.079 --> 00:17:10.079 always could create a supply shock. Is demands still increasing, there's less supply 278 00:17:10.440 --> 00:17:11.640 now. This means they have to buy more miners, which means it's gonna 279 00:17:11.640 --> 00:17:15.319 be less semiconductors available, and it causes a whole supply shock that increases the 280 00:17:15.400 --> 00:17:18.759 catalyst for this momentum in this upward moving market. It's like where are we 281 00:17:18.839 --> 00:17:22.079 at four, eight, twelve, sixteen years from now, Especially when you're 282 00:17:22.119 --> 00:17:26.160 exon your chronicle Phillips, your world's largest oil providers are now taking their access 283 00:17:26.240 --> 00:17:30.200 energy costs and already doing this through projects and companies like Cruso Energy converting that 284 00:17:30.319 --> 00:17:34.319 doing net value through bitcoin. It's like, this is a digital commodity that 285 00:17:34.480 --> 00:17:37.799 is available globally on a decentralized scale. It doesn't matter where you are in 286 00:17:37.839 --> 00:17:41.279 the world. You can mine it with an internet and convert a waste energy 287 00:17:41.359 --> 00:17:47.359 net value. This is increasing GDP. So I'm increasingly bullish and just overwhelmingly 288 00:17:47.400 --> 00:17:49.440 bullish on the long term outlook for bitcoin as a whole. I think the 289 00:17:49.559 --> 00:17:53.400 au AAM is just getting started. Yeah, agreed. And you know you 290 00:17:53.519 --> 00:17:57.039 mentioned all the things black Rock is doing in a crypto market. And one 291 00:17:57.119 --> 00:18:00.519 of the key things which I noticed, I don't know if it was last 292 00:18:00.559 --> 00:18:04.240 year or twenty twenty two, they did a big narrative shift because remember there 293 00:18:04.319 --> 00:18:10.799 was the ESG narrative. Oh bit one's baftfor the environment done black Rock backtrack 294 00:18:11.119 --> 00:18:14.759 and then they endorsed I think it was energy Web, which is a project 295 00:18:15.000 --> 00:18:18.920 they have a token as well, and I was like, wow, what 296 00:18:18.119 --> 00:18:23.440 a one to eighty And you know, I can't wait to see many more 297 00:18:23.640 --> 00:18:30.640 energy companies mind bitcoin use the excess blowoff and all the wasted energy and things 298 00:18:30.720 --> 00:18:33.480 like that to mind bitcoin and monetize that that energy, it's going to be 299 00:18:33.559 --> 00:18:37.039 incredible, and I think we're on the path to that. So we got 300 00:18:37.079 --> 00:18:41.759 to have them coming up. We get all these ETFs live and trading. 301 00:18:41.000 --> 00:18:45.880 You go to BlackRock's website, on their homepages, bitcoin plastered all of it, 302 00:18:45.000 --> 00:18:48.799 same thing in fidelity. Do you think we're going to see a Super 303 00:18:48.839 --> 00:18:55.799 Bowl ad from one of these bitcoin etf issuers? I would ah, that's 304 00:18:55.799 --> 00:18:59.799 a good question that it's going to come before it. You know, the 305 00:19:00.240 --> 00:19:03.839 in the pace we've seen Vanik and everybody actually start advertising, I would imagine 306 00:19:03.839 --> 00:19:07.640 it would be pretty pretty pretty lame not to see one. So I would 307 00:19:07.720 --> 00:19:11.359 expect it. But what I would, you know, kind of point back 308 00:19:11.400 --> 00:19:12.960 to is all the Super Bowl ads that were rumored in the past, like 309 00:19:14.000 --> 00:19:18.680 crypto dot com FTX and especially FDx. You know, it's like, so 310 00:19:18.079 --> 00:19:22.519 you know, people already anticipate there's going to be crypto ads. Is that 311 00:19:22.599 --> 00:19:25.559 going to have the same you know, impact as it did in twenty twenty 312 00:19:25.640 --> 00:19:27.400 one. I think we're in a more professional market today and I don't know 313 00:19:27.400 --> 00:19:32.400 if that's actially going to have as massive as an impact as it did in 314 00:19:32.640 --> 00:19:37.880 previous cycles. Yeah, the one thing that could be a catalyst is that 315 00:19:37.839 --> 00:19:42.880 these brands are already trusted and well known fideublit like is a household name. 316 00:19:42.960 --> 00:19:45.359 Right, If you say Fidelity to a random person on the street, they 317 00:19:45.359 --> 00:19:51.079 will most likely know what you're talking about. So you know, could one 318 00:19:51.079 --> 00:19:53.000 of them gets get creative and do something. Yeah, But like to your 319 00:19:53.039 --> 00:19:57.400 point, there's pubbly not going to be as much hype like there was because 320 00:19:57.440 --> 00:20:00.559 it was the first go round Crypto dot com FTX and so far there was 321 00:20:00.640 --> 00:20:03.759 more hype because it's like, wow, Crypto has a Super Bowl ad, 322 00:20:03.799 --> 00:20:08.599 but less hype this time. But could be could have more impact as far 323 00:20:08.640 --> 00:20:15.400 as capital flowing into the market because of these household names, right Franklin Templeton 324 00:20:15.640 --> 00:20:18.880 and Fidelity and black Rock. But we'll see. You know, there is 325 00:20:18.000 --> 00:20:22.799 the I think myself a little bit and others are a bit jaded because of 326 00:20:22.880 --> 00:20:26.559 what happened. Yeah, because it's like, is it a bad omen if 327 00:20:26.599 --> 00:20:30.319 you do a Cryptos Super Bowl ad because of all the collapses, But look, 328 00:20:30.359 --> 00:20:34.720 Sam Bangmr Freed was straight up doing fraud, had nothing to do with 329 00:20:34.799 --> 00:20:38.680 crypto specifically. So yeah, it's you know, and I think that you 330 00:20:38.880 --> 00:20:41.200 bring up a good point. Is it like because we were jaded at this 331 00:20:41.319 --> 00:20:47.279 point? You know, I think we've been played with so emotionally that we're 332 00:20:47.359 --> 00:20:48.559 just like, you know what, like we have the ETF, now, 333 00:20:48.720 --> 00:20:52.680 like what's bigger that? Can the super Bowl actually push that and bring that 334 00:20:52.720 --> 00:20:55.279 to a new album it very well? Could? You know? Very well? 335 00:20:55.319 --> 00:20:56.599 Could they might say, oh this this, it might bring a new 336 00:20:56.640 --> 00:21:00.400 amount of inflow, could bring one hundred million, who knows. But is 337 00:21:00.680 --> 00:21:03.440 that the overall impact? I think definitely the big one having is gonna be 338 00:21:03.519 --> 00:21:07.319 the primary narrative for the coming months. Oh yeah, And I think it's 339 00:21:07.640 --> 00:21:14.440 it's maybe more of the slow and steady marketing over time, getting like ri 340 00:21:14.720 --> 00:21:18.440 as and wealth managers educated and so forth, versus the super Bowl, which 341 00:21:18.559 --> 00:21:22.079 is just like throwing it at everybody. Right, but we'll see, we'll 342 00:21:22.119 --> 00:21:25.920 see what happened. Yeah, you know, I think it comes into uh, 343 00:21:26.400 --> 00:21:29.240 you know, the sec the vocal as well, which just the way 344 00:21:29.359 --> 00:21:33.279 they issue these ETFs. It's I think this the whole narrative around the ETF, 345 00:21:33.359 --> 00:21:37.480 Like the first week at launch, everybody knows this, everybody's views were 346 00:21:37.559 --> 00:21:38.759 up. That's that's how you can usually kind of equate the emotions of the 347 00:21:38.799 --> 00:21:42.039 market, Like everybody's popping off, doubling the views. Everybody wants to know 348 00:21:42.079 --> 00:21:45.880 what's happening to these markets? Are we going to one hundred K? And 349 00:21:45.000 --> 00:21:48.200 then you know, you realize launch is price actually dropping. The SEC it 350 00:21:48.279 --> 00:21:53.240 was the most unprofessional, uh launch of anything I've ever seen it in my 351 00:21:53.400 --> 00:21:57.039 history. I mean you you could there's no explanation. It was literally so 352 00:21:57.240 --> 00:22:00.720 terrible. It could have been ran better by the fifth Raiders. You had 353 00:22:00.920 --> 00:22:04.000 the SEC not only advocate for two FA better security, you know, not 354 00:22:04.440 --> 00:22:10.200 like factory two factor authentication, protect yourself, don't ever get sim swapped, 355 00:22:10.200 --> 00:22:12.079 you know, change your passwords. And then now they're coming out and saying 356 00:22:12.079 --> 00:22:17.119 that they were sim swaps because they disabled two factor authentication. There's so many 357 00:22:17.200 --> 00:22:19.200 weird events that took place leading up to that. The SEC, the people 358 00:22:19.200 --> 00:22:23.960 that are supposed to protect the investors, are straight up market manipulating everything because 359 00:22:23.960 --> 00:22:29.160 they're getting hacked. They're announcing things before they should, they're having I think 360 00:22:29.400 --> 00:22:34.640 I forgot what if it was FIDELI or what PROUGHD or what was the one 361 00:22:34.680 --> 00:22:38.920 that like listed everything on the CBO and then took everything down literally within twelve 362 00:22:38.960 --> 00:22:42.119 hours after the announcement came out. It's like, so there was so much 363 00:22:42.200 --> 00:22:47.559 emotional play in these markets. We're watching hundreds of millions of not billions of 364 00:22:47.559 --> 00:22:51.920 dollars of liquidations occur from retailers that the SEC is never gonna be held accountable 365 00:22:51.920 --> 00:22:53.880 on. So there's also that like negative energy around, just like Okay, 366 00:22:55.160 --> 00:22:57.359 look it's here. We're tired of the manipulation, We're exhausted from it. 367 00:22:57.640 --> 00:23:02.480 We want new administration, we want new executive We want the executive branch to 368 00:23:02.519 --> 00:23:04.319 appoint people that actually want to represent us. Some people to have just no 369 00:23:04.440 --> 00:23:07.480 trust whatsoever. I think we're at that threshold as well, and I think 370 00:23:07.480 --> 00:23:11.960 we're going to see that kind of continue over time as we pivot closer to 371 00:23:11.039 --> 00:23:15.039 elections. To be honest, you know what I did when the SEC that 372 00:23:15.240 --> 00:23:18.000 the whole thing happened. I tweeted that I kept like trolling them, like 373 00:23:18.079 --> 00:23:22.799 I tweeted at them like, hey, I bought bitcoin because you guys said 374 00:23:22.839 --> 00:23:25.519 it was approved, but then it dumped after how do I get my money 375 00:23:25.599 --> 00:23:29.559 back from the SEC? Yeah? We need a class action. There needs 376 00:23:29.599 --> 00:23:33.000 to be there will be a class action. It's just it's but then you 377 00:23:33.119 --> 00:23:36.240 just see what happened with Sam Bankmer free you want to get subpoen it. 378 00:23:36.440 --> 00:23:37.920 So it's like, okay, even if there is a class action, it's 379 00:23:37.960 --> 00:23:41.039 going to take years to go through, and it's like, you know, 380 00:23:41.200 --> 00:23:45.279 is it even is it worth the hassle at this point? You know it's 381 00:23:45.839 --> 00:23:48.359 i't I guess we'll have to see. I guess. I don't know. 382 00:23:48.359 --> 00:23:52.480 If you saw the report eleanor Turret of Fox Business this morning, given update 383 00:23:52.559 --> 00:23:56.880 that the sec they removed to FA on that account and he never put it 384 00:23:56.960 --> 00:24:00.000 back. It's like, what do you guys doing? And to your point, 385 00:24:00.319 --> 00:24:06.720 it's just like a complete clown show that took place, and Gary Gainster 386 00:24:06.839 --> 00:24:11.920 is the biggest clown. And you know they constantly preach all protect your's identity 387 00:24:12.000 --> 00:24:15.519 and doing this and blah blah. It's like, you guys can't even do 388 00:24:15.599 --> 00:24:18.279 it yourselves. What the hell are you doing? And I hope, well, 389 00:24:18.319 --> 00:24:21.599 I think he will be but Gary Ginster is going to be kicked out 390 00:24:21.880 --> 00:24:26.160 whether Biden gets re elected or a Republican president comes in, because what a 391 00:24:26.200 --> 00:24:29.359 shit show. Has just been a mess he's taking these Honestly, I feel 392 00:24:29.400 --> 00:24:32.880 like if Biden's re elected, he'll go for Treasury'll he'll keep trying to work 393 00:24:32.920 --> 00:24:34.440 his way up the ladder. You know. It's people don't know a lot 394 00:24:34.480 --> 00:24:38.039 about Gary Gensler, but he's very involved with things like Ethgate, which is 395 00:24:38.200 --> 00:24:41.119 you know, kind of a broad based topic. But the reality is is 396 00:24:41.200 --> 00:24:47.599 he was teaching at MIT completely mistaught his students about the birthing and the fundraising 397 00:24:47.680 --> 00:24:51.880 behind the Ethereum Foundation, completely left out wing Jane Blockchain Labs, which is 398 00:24:51.920 --> 00:24:56.039 like a CCP tied group that funded primarily everything and started like pitting on Joseph 399 00:24:56.119 --> 00:25:00.680 Lubin and JP Morgan and Consensus, and then he applied for finance. It's 400 00:25:00.680 --> 00:25:03.000 like, and then two years later, this guy cann't get a job, 401 00:25:03.119 --> 00:25:06.559 so he, like you know, reapplies for the SEC as like their puppet 402 00:25:06.640 --> 00:25:08.920 master. And it's the judge from the Binance case, I think is what 403 00:25:10.000 --> 00:25:11.480 it was released this morning. She said, you know, the SEC is 404 00:25:11.559 --> 00:25:15.599 not, you know, here to fill the void with regulation in the world. 405 00:25:15.640 --> 00:25:18.799 That's not their job. I paraphrase that a little bit, but it's 406 00:25:18.960 --> 00:25:21.559 you know, and she couldn't be any further from the truth. This is 407 00:25:21.640 --> 00:25:26.319 clearly regulation by enforcement. This is clearly you know, people behind the scenes 408 00:25:26.359 --> 00:25:30.079 that want more control, want more power because the you know, the non 409 00:25:30.200 --> 00:25:34.119 controllable factors of a decentralized currency are going to disrupt the World Bank, the 410 00:25:34.200 --> 00:25:37.640 IMF policies and everything that's been created since the nineteen seventies. You know, 411 00:25:37.720 --> 00:25:44.640 we're this is infracting on a fifty sixty year cycle in system that of course 412 00:25:44.759 --> 00:25:47.200 is going to affect a lot of these ultra rich and these also like it's 413 00:25:47.240 --> 00:25:48.920 just that's part of that's the system, that is the actual system here. 414 00:25:49.000 --> 00:25:52.720 So no, they don't want the coin to succeed here for the little man. 415 00:25:52.759 --> 00:25:56.799 They wanted to succeed for obviously themselves. Oh yeah, I don't know 416 00:25:56.839 --> 00:25:59.640 if you saw a hester purs I think she was. I forgot who interviewed 417 00:25:59.680 --> 00:26:03.480 her by so to clip just like an hour ago on Twitter She's like, 418 00:26:03.759 --> 00:26:06.720 oh, yeah for the etherem ETF launch, We're not We're gonna make sure 419 00:26:06.799 --> 00:26:11.759 things are not so crazy, like thanks, yeah, I appreciate that. 420 00:26:11.240 --> 00:26:17.319 Appreciate Yeah, one for the one for the little man this time, I 421 00:26:17.359 --> 00:26:19.680 don't even know. It was also interesting with the voting right, because its 422 00:26:19.680 --> 00:26:23.400 five commissioners. People think Gary grey Gainsler is just a face. You know. 423 00:26:23.480 --> 00:26:26.440 It's like so out of three of the five votes, he was the 424 00:26:26.599 --> 00:26:32.880 turning opposition on it actually getting approved. So it's it just goes back to 425 00:26:33.720 --> 00:26:37.200 we won't know for years, but you know, why would he disable the 426 00:26:37.240 --> 00:26:41.039 two factor authentication? Like Alan or pointed out, why would you know a 427 00:26:41.200 --> 00:26:48.519 leading regulatory body and agency have such large vulnerabilities. There's way more questions there 428 00:26:48.599 --> 00:26:52.880 than just simply oh, oops, are in turn got hacked through LinkedIn and 429 00:26:52.519 --> 00:26:56.640 a hacker clicked on it and you know got a broke some fire. I 430 00:26:56.680 --> 00:26:57.440 don't even know how it worked, but you know what I mean, like 431 00:26:57.519 --> 00:27:00.599 some basic hack. It's like, no, this is you're supposed to protect 432 00:27:00.680 --> 00:27:03.839 us and they did the opposite. Yeah, it's pathetic, man. And 433 00:27:04.079 --> 00:27:08.200 and this is why I think, you know, fire Gary against has been 434 00:27:08.279 --> 00:27:14.279 trending since you know years now, like almost every month, right, It's 435 00:27:14.359 --> 00:27:18.440 it's pathetic, just a shit show. Well, speaking of the SEC, 436 00:27:18.720 --> 00:27:22.680 they got the lawsuit against coinbase and then Binance the hearing what Finance with yesterday. 437 00:27:22.680 --> 00:27:26.680 My hope is that Coinbase can mop the floor of the SEC here because 438 00:27:27.079 --> 00:27:30.759 they approve Coinbase to go public. They knew their business models, what tokens 439 00:27:30.759 --> 00:27:36.119 and so forth. And Coinbase has one of the strictest listing processes, Like 440 00:27:36.799 --> 00:27:40.039 they don't list everything. Now Finance they prove we should list everything. They 441 00:27:40.079 --> 00:27:44.480 had to exchange token they had stable coin. I think Coinbase has a stronger 442 00:27:44.559 --> 00:27:48.119 case, and I hope Coinbase wins Binance. They may come out with some 443 00:27:48.359 --> 00:27:51.920 victories, but I don't think they have a strong chance. What's your thoughts 444 00:27:51.960 --> 00:27:55.119 on that. I'd completely agree. I think Binance kind of, you know, 445 00:27:55.200 --> 00:27:57.319 shot themselves in the foot. They pended themselves into a corner. You 446 00:27:57.400 --> 00:28:00.640 know, I honestly would pay it's ten more to Richard Tang from Finance. 447 00:28:00.720 --> 00:28:04.440 I think that guy is probably gonna deserve a movie in the next five to 448 00:28:04.519 --> 00:28:10.839 ten years. On the overtaking of Binance, he like came up through Monetary 449 00:28:10.920 --> 00:28:15.079 Singapore Authority, the ad GM, which is gonna be Abu Dabi's pretty much 450 00:28:15.079 --> 00:28:18.000 regulatory body out there similar to the SEC. And he kind of like every 451 00:28:18.079 --> 00:28:22.119 single month took over the new head position of a different sector in the country 452 00:28:22.319 --> 00:28:27.640 for regulations in Binance, and like was this complete momentum and perfect rollover to 453 00:28:27.720 --> 00:28:32.799 him as CEO, and so you know, there he has a huge momentum. 454 00:28:33.319 --> 00:28:34.680 I'm not even bearish on Binance. I used to be like, Okay, 455 00:28:34.680 --> 00:28:37.759 I'm not gonna touch BMB finance is kind of they're gonna get pushed out 456 00:28:37.759 --> 00:28:41.200 of you at because they they got pushed out of the United States. PayPal 457 00:28:41.279 --> 00:28:44.359 literally was like, hey, we're gonna push you out. Then they just 458 00:28:44.640 --> 00:28:48.480 they closed BOSD for like FDUSD and they start doing all this manipulation stuff. 459 00:28:48.839 --> 00:28:51.759 But so as that got pushed out, I think Binance at this point, 460 00:28:52.240 --> 00:28:55.200 you know, at least for Zeazy, he admitted the guilts. They're gonna 461 00:28:55.240 --> 00:28:56.599 have the four billion dollars settlement or whatever this they're gonna use him as an 462 00:28:56.599 --> 00:29:00.279 example kind of for the rest of the industry. But that leaves one very 463 00:29:00.359 --> 00:29:04.880 bullish case, and that is the Coinbase effect. So Coinbase has a very 464 00:29:06.039 --> 00:29:11.240 high chance at coming out well over on top within this, within this lawsuit, 465 00:29:11.279 --> 00:29:14.240 in this quirk filing. So I think it was today that the judge 466 00:29:14.359 --> 00:29:18.319 was like, hey, the sec needs to explain why and come out with 467 00:29:18.400 --> 00:29:22.680 the list of other tokens that aren't securities, because they are saying that everything 468 00:29:22.759 --> 00:29:26.319 other than bitcoin is a security, but then trying to argue that they've never 469 00:29:26.440 --> 00:29:29.400 said everything else is a security, and it's like, Okay, there's a 470 00:29:29.480 --> 00:29:33.519 conflict here. So actually approaching it from that manner, if Coinbase can come 471 00:29:33.559 --> 00:29:36.519 out on top of this and this lawsuit can be thrown out, this is 472 00:29:36.559 --> 00:29:38.440 where I actually believe, you know, I do believe bitcoin can hit six 473 00:29:38.519 --> 00:29:41.480 figures. But you know, maybe what we're looking at it at forty thousand 474 00:29:41.480 --> 00:29:45.720 dollars bitcoin, it's like a two x from here. That's nothing crazy, 475 00:29:45.839 --> 00:29:48.519 you know. I think the true value will be really bringing back that coinbase 476 00:29:48.559 --> 00:29:52.960 effect that we saw in prime icodas a twenty twenty one where if coinbase gets 477 00:29:53.039 --> 00:29:56.839 this clarity, when tokens launch on Coinbase again, you better be watching your 478 00:29:56.880 --> 00:30:00.039 favorite all coins, the ones that have been on uniswap and circulating on DEXes 479 00:30:00.079 --> 00:30:03.680 and low tier two exchanges for years. When they get that listing, it's 480 00:30:03.720 --> 00:30:07.720 now kind of a classification and a verification that this is a project that can 481 00:30:07.759 --> 00:30:11.440 be tradable within the United States if they win this lawsuits. So the sec 482 00:30:11.839 --> 00:30:15.559 just loss after loss after loss. I mean, Gary Ginser's track records worse 483 00:30:15.559 --> 00:30:18.279 than Elizabeth Warrens with passing bills, which I think is like three hundred and 484 00:30:18.319 --> 00:30:22.839 twenty to eleven. You know, it's like, that's not good. When 485 00:30:22.880 --> 00:30:25.920 you're passing less than one percent of everything that you bring to the table, 486 00:30:26.200 --> 00:30:30.079 you're terrible at your job and you're clearly there only because some donors pushing you 487 00:30:30.200 --> 00:30:33.240 there. So you know, I do believe this is really bullish for the 488 00:30:33.279 --> 00:30:36.079 outcome of aalt coins. I've also always said I think it's really bullish for 489 00:30:36.240 --> 00:30:40.000 just overall the presence of crypto in the United States. Finance was never going 490 00:30:40.079 --> 00:30:41.400 to be able to be the top dog here. If we wanted to see 491 00:30:41.400 --> 00:30:45.480 the industry grow in the US, they needed a crypto that was backed by 492 00:30:45.599 --> 00:30:48.200 US you know, bankers, and of course backed by the ACI managers out 493 00:30:48.240 --> 00:30:52.559 here, which is now black Rock, Vanguard, and Fidelity. Yeah, 494 00:30:52.680 --> 00:30:56.400 no, great point because, like you said, black Rock and it is 495 00:30:56.440 --> 00:31:00.440 totally in bed with Coinbase now. So I think Coinbase is fine. And 496 00:31:00.960 --> 00:31:04.640 Coinbase is also custodying a lot of the funds for the ETFs for many of 497 00:31:04.680 --> 00:31:08.400 the issuers, so I think they they are totally fine, and I think 498 00:31:08.400 --> 00:31:15.799 they got their some of their futures products got approve and so forth. Finance 499 00:31:15.960 --> 00:31:21.720 will see what happens. But you know, when you step back and look 500 00:31:21.759 --> 00:31:23.720 at it, it's like the crypto startups they're getting there, you know, 501 00:31:23.960 --> 00:31:29.079 Sued Buddy sec, this agency's coming after them and all. And then you 502 00:31:29.160 --> 00:31:30.640 know, at the same time, in parallel, and this was over the 503 00:31:30.759 --> 00:31:34.400 years, Black Rock and all these guys are coming in and they're fine, 504 00:31:34.480 --> 00:31:38.039 right, they're setting up shop. So it's like the passing of the guard 505 00:31:38.480 --> 00:31:45.319 a little bit where or changing of the guard where the Wall Street's coming in 506 00:31:45.440 --> 00:31:49.160 and taking over. And if your exchange or your platform is not playing friendly 507 00:31:49.240 --> 00:31:52.279 with them, you're you're gonna get thing right. And I think coinbase is 508 00:31:52.319 --> 00:31:56.880 gonna be okay because they're aligned with with Wall Street. Yeah, you know, 509 00:31:56.000 --> 00:32:00.480 it's everybody was excited for the ETF, but that is a little handing 510 00:32:00.559 --> 00:32:04.720 the torch of decentralization over to the acid managers. So you know it was 511 00:32:04.799 --> 00:32:07.319 coming. It was only a matter of time, not a matter of you 512 00:32:07.400 --> 00:32:09.519 know, if it was when, And now we're here. Institutions are here 513 00:32:09.559 --> 00:32:13.319 to play, they're here to stay, and that's bullets for crypto. You 514 00:32:13.359 --> 00:32:16.960 just got to understand that outcome in the long term final item here. I 515 00:32:17.240 --> 00:32:22.880 know it's very specific, but I think it's part of a larger problem which 516 00:32:22.920 --> 00:32:25.680 I think crypto blockchain will have to solve, and that is the rise of 517 00:32:25.799 --> 00:32:30.400 AI deep fakes. Right, And we saw that Polygon, and I'm a 518 00:32:30.519 --> 00:32:34.440 fan of Polygon. I hold a matic token. They partner with Fox News 519 00:32:34.519 --> 00:32:39.680 Corporation to help create a platform so that when content is put out, it's 520 00:32:40.559 --> 00:32:44.039 tied to the blockchain, you can verify it. You know, what are 521 00:32:44.039 --> 00:32:45.440 your thoughts? And then look, we got the presidential cycle coming up, 522 00:32:45.440 --> 00:32:50.759 so you know it's going to be wild with these AI deep fakes. Yeah, 523 00:32:50.799 --> 00:32:52.799 I'm still interested. I got to do way more researches into the overall 524 00:32:52.880 --> 00:32:57.119 topic. But it's going to come down to the argument. Now. I 525 00:32:57.319 --> 00:32:59.720 like to say this phrase that makes a lot of people mad at crypto, 526 00:32:59.720 --> 00:33:04.079 which is decentralizations of masquerade. You know, it's just a ball of marketing 527 00:33:04.160 --> 00:33:08.079 utilized by vcs to market a new system that's actually not what it seems to 528 00:33:08.160 --> 00:33:12.880 be. Crypto's Wall Street two point zero. So the question of utilizing you 529 00:33:12.960 --> 00:33:16.359 know, blockchain to integrate you know, truth and like trustless data, trust 530 00:33:16.440 --> 00:33:21.240 information to verify if a media article is real or not. You know, 531 00:33:21.319 --> 00:33:24.000 it's going to bag into the question of the you know, are they going 532 00:33:24.039 --> 00:33:28.400 to be using real as Fox News uploading these videos, or are they also 533 00:33:28.440 --> 00:33:31.599 progressing towards an era where they're going to be using chat GPT to you know, 534 00:33:31.839 --> 00:33:36.319 just unlimited list news articles in real time for them, right, they're 535 00:33:36.319 --> 00:33:38.480 going to scale with AI as well. So in one hand like great, 536 00:33:38.519 --> 00:33:42.279 this, this could help with verification, But in the other hand too, 537 00:33:42.279 --> 00:33:45.319 it's like, even though this is helping with verification, what's it verifying what? 538 00:33:45.599 --> 00:33:49.319 You know? What language models in large you know l MS is utilizing 539 00:33:49.680 --> 00:33:52.519 to say this is true or this is not true, because the underlying language 540 00:33:52.519 --> 00:33:55.079 models then are also going to be biased in their own ways. So it's 541 00:33:55.160 --> 00:34:01.079 still like this never ending battle of you know, can you trust mainstream media? 542 00:34:01.400 --> 00:34:05.960 And even if I have a verified, you know, confirmed you know 543 00:34:06.079 --> 00:34:08.360 system, I it's still double checking those fact sources. I'm still gonna be 544 00:34:08.360 --> 00:34:12.360 double checking if it's real or not. And I think everybody should be doing 545 00:34:12.400 --> 00:34:14.960 that collectively. Anyways, it doesn't matter if it's on YouTube, TikTok, 546 00:34:15.039 --> 00:34:17.239 Twitter, or mainstream media as a whole, you should verify those sources. 547 00:34:19.000 --> 00:34:22.960 Yeah, absolutely, it's it's gonna be interesting to see the merging of AI 548 00:34:23.119 --> 00:34:28.079 and crypto and blockchain in different ways, in different use cases. I think 549 00:34:28.440 --> 00:34:30.679 personally, I don't know if you agree with this, but I think one 550 00:34:30.760 --> 00:34:35.440 of the narratives in the upcoming bull market cycle for all coins will be AI 551 00:34:36.079 --> 00:34:39.400 themed all coins, so like render, fetch dot AI. So I've added 552 00:34:39.480 --> 00:34:44.079 some of those to my portfolio. They've done well so far. Do you 553 00:34:44.119 --> 00:34:49.159 think that's going to be a narrative. That's one of my big bets too. 554 00:34:49.199 --> 00:34:52.360 I really like also like the centralized science which integrates AI. And the 555 00:34:52.440 --> 00:34:54.679 reason for that is that entire sector, uh you know, it's kind of 556 00:34:54.719 --> 00:35:00.480 getting the deepened, you know, the whole deep end getting narrative as we 557 00:35:00.599 --> 00:35:04.000 rely more and more in AI and super like all these computers, we need 558 00:35:04.039 --> 00:35:07.480 more semiconductors, and that in itself can cause a supply shock that will roll 559 00:35:07.519 --> 00:35:10.840 over into the price action of a lot of the decentralized you know, rendering 560 00:35:10.880 --> 00:35:15.360 all the cloud computing storage, et cetera. And so I think it's all 561 00:35:15.440 --> 00:35:19.360 something we should pay attention to. I think what would be the only bear 562 00:35:19.559 --> 00:35:22.679 scenario out of this which isn't in price action, I think is an overall 563 00:35:22.760 --> 00:35:28.159 market sentiment and just the divide between you know, just especially in America as 564 00:35:28.199 --> 00:35:30.679 we approach election, actually not even just America. By the way, this 565 00:35:30.840 --> 00:35:34.239 is the largest year in history. I think it's three point two billion people 566 00:35:34.320 --> 00:35:37.360 are voting worldwide. It's like fifty percent of the globe has elections this year. 567 00:35:37.800 --> 00:35:40.320 And so, you know, AI and deep fakes I think are going 568 00:35:40.400 --> 00:35:45.440 to really drive the narrative of separating a lot of cultures and a lot of 569 00:35:45.480 --> 00:35:50.320 policy. Just because there's so much misinformation or disinformation that's being released out there, 570 00:35:50.599 --> 00:35:52.360 people are really going to have a hard time believing what's real and what's 571 00:35:52.400 --> 00:35:55.719 not real, and that can make people hate or not hate a lot more 572 00:35:57.480 --> 00:36:00.400 moving as we approach those cycles. So in terms of the AI and I'm 573 00:36:00.400 --> 00:36:02.840 wanted to pet bullish, and it's actually because of those terrible scenarios that we 574 00:36:04.000 --> 00:36:07.800 need these verifications, that we need more power, that we need that decentralization, 575 00:36:07.159 --> 00:36:09.480 and so I think AI is going to be a huge sector moving into 576 00:36:09.480 --> 00:36:13.519 twenty twenty four to twenty twenty five. Yeah, I definitely agree with you 577 00:36:13.599 --> 00:36:16.719 there, Josh, great chatting with you. Appreciate you coming on for this 578 00:36:16.920 --> 00:36:22.280 episode. Where can folks find you and follow you on things along those lines? 579 00:36:22.880 --> 00:36:23.920 Of course? Yeah, I got start on TikTok, so that's my 580 00:36:24.000 --> 00:36:28.239 main platform. It's Joshua Jake on all social media, Twitter, TikTok, 581 00:36:28.760 --> 00:36:30.360 actually not YouTube. On YouTube, we're going to be Discover Crypto, So 582 00:36:30.519 --> 00:36:34.679 I am a new host here with co hosting with de Z in the morning 583 00:36:34.719 --> 00:36:37.480 Monday through Friday. That's going to be on our morning shows, and of 584 00:36:37.519 --> 00:36:40.840 course we're dropping tons of awesome educational content there as well. Hopefully we're gonna 585 00:36:40.840 --> 00:36:44.880 seeing Thinking Crypto come on there soon as well. Soon. But other than 586 00:36:44.880 --> 00:36:49.840 that's that's really where everywhere you can find me besides Instagram and just social media's 587 00:36:49.920 --> 00:36:52.719 it's Joshua Jake. Awesome. I'll put a links the links in the description 588 00:36:52.880 --> 00:36:55.280 so folks can check you out. But thank you for joining me, man. 589 00:36:55.800 --> 00:37:10.599 Yeah, pleasure at t pask post task to task post