Speaker 1: Charles Hoskinson, Cardono's founder, makes some very big statements about
Speaker 1: Swee that he thinks it's a great project, and he
Speaker 1: bashes Solana. I'll give you the details, and coinbase is
Speaker 1: stepping in to back up Ripple in the SEC's appeal.
Speaker 1: I'll share all the details there as well. Let's get
Speaker 1: into it. Hey, everybody, welcome into the Thinking Crypto podcast.
Speaker 1: You're home for cryptocurrency and news and interviews. I'm your host,
Speaker 1: Tony Edward. On your way in. Please hit that subscribe
Speaker 1: button as well as the thumbs up button and leave
Speaker 1: a comment below. If you're listening on a podcast platform
Speaker 1: such as Spotify or Apple, please leave a five star
Speaker 1: rating and review. Folks, let's quickly touch on the price
Speaker 1: of bitcoin, because right now we are still in the sideways,
Speaker 1: boring chop. It is so annoying. A lot of us
Speaker 1: are waiting for bitcoin to break out so we can
Speaker 1: head to new all time highs and that liquidity can
Speaker 1: then flow down to the all coins and we have
Speaker 1: some sort of all season. Obviously, we are nowhere near
Speaker 1: the top in this bullmarket cycle, and remember bull markets
Speaker 1: can last for years, but in the micro we are
Speaker 1: waiting for the DXY to correct so that risk assets
Speaker 1: like bitcoin, crypto and the stock market and so forth
Speaker 1: can continue to move higher. And as I was saying
Speaker 1: for a long time, the DXY could find some strength
Speaker 1: before it breaks below one hundred, and boy is it
Speaker 1: finding strength. Look at these green candles. I mean, it's
Speaker 1: incredible on the daily chart here, but make no mistake
Speaker 1: about it, it will start to break downwards. And one
Speaker 1: analyst called out this current balancing, it is technically nothing
Speaker 1: but a debtcat balance potentially a two month one on
Speaker 1: the one month moving average fifty that in our opinion
Speaker 1: by Q two twenty twenty five, should have priced the
Speaker 1: bottom of the channel. Now, I don't fully agree with
Speaker 1: the timeline that it may take that long. We could
Speaker 1: be in for weeks, maybe even a month or more
Speaker 1: for a sideways move for bitcoin. So be prepared that
Speaker 1: this thing is not going to move up any time soon.
Speaker 1: I hope I'm wrong, So I don't have a crystal ball,
Speaker 1: but based on the technicals here, in different factors, with
Speaker 1: the FED and raycuts and the FED coming out more
Speaker 1: hawkish and so forth, and job numbers coming in stronger
Speaker 1: than expected, the DXY could continue to hold some strength here,
Speaker 1: but make no mistake about it. In time, it will
Speaker 1: break down. And I'm not talking years obviously, but you
Speaker 1: know we're talking weeks, possibly into over a month, So
Speaker 1: just be prepared to be patient and for more potential
Speaker 1: downside or just sideways chop. Now, one indicator I want
Speaker 1: to highlight here that is looking bullish and it does
Speaker 1: need time to play out is the mac D and
Speaker 1: that is when the blue line is crossing the orange.
Speaker 1: It's a bullish sign. So the blue line's making its
Speaker 1: way up right now. If you go back and look
Speaker 1: at this on the weekly chart, it has told the
Speaker 1: story of when we're in a bullish time and when
Speaker 1: we were in a bearge time. So obviously running up
Speaker 1: in twenty twenty blue was above the orange, and even
Speaker 1: the runo from October twenty twenty three into April of
Speaker 1: this year where bitcoin hit the new all time high,
Speaker 1: it was over the orange. So this is just one indicator.
Speaker 1: I look at multiple indicators and different macro factors, but
Speaker 1: it just shows that we got to be patient. And
Speaker 1: here Titan of Crypto highlight the following Bitcoin bounce from
Speaker 1: the Gaussian Channel. Bitcoin price has risen since retesting the
Speaker 1: Gauzian channel is showing signs of strength. So it's not
Speaker 1: going to happen tomorrow night. It's not gonna happen next week.
Speaker 1: We got to give it time, let these things play out.
Speaker 1: But we're seeing that there's light at the end of
Speaker 1: the tunnel here, both with the price of bitcoin as
Speaker 1: well as the d X Y and one of the
Speaker 1: other indicators I've used to show you guys at the
Speaker 1: top is in is the bitcoin pie cycle top indicator.
Speaker 1: Nowhere close. Don't get me wrong. It's closer than it
Speaker 1: was obviously at the beginning of twenty twenty three, but
Speaker 1: we're nowhere close the cross of the one hundred and
Speaker 1: eleven day moving average and over the three hundred and
Speaker 1: fifty day moving average. So look, there's tons of indicators
Speaker 1: out there. We want to look at all of them
Speaker 1: to see the full picture. We want to look at
Speaker 1: the macro factors, the fundamentals and so forth. So that's
Speaker 1: how I look at the market. You can't just look
Speaker 1: at charge. You get to look at macro factors, and
Speaker 1: I think looking at all these things help me to
Speaker 1: see the full picture. Here's one other factor that I
Speaker 1: like to look at to see what whales are doing,
Speaker 1: and that is stable coin supply, the minting of stable coins.
Speaker 1: We continue to see a significant amount of USDC being
Speaker 1: minted by Circle. Just yesterday we had one hundred and
Speaker 1: fifty million USD minted. That's just in one day, and
Speaker 1: we've been seeing this over the past of three to
Speaker 1: four weeks on a weekly basis. There's been hundreds of
Speaker 1: millions of dollars worth of USD stable coin being minted,
Speaker 1: and that liquidity, of course, is being put into the market.
Speaker 1: So we got to be patient and let these things
Speaker 1: play out. Now, guys, we've got some interesting news coming
Speaker 1: from Cardono founder Charles Hoskinson as he throws some shade
Speaker 1: on Solana and says Swie is better now. Swie is
Speaker 1: a layer one blockchain which has incredible performance. It's very
Speaker 1: fast and heads up. I'll be interviewing the founder and
Speaker 1: the creator of this, Evan Chang, who's the co founder
Speaker 1: and CEO Missed and Labs, which works on swee. So
Speaker 1: that interview is coming. I'll be doing that this week,
Speaker 1: but let me sure the details around what Charles had
Speaker 1: to say. The Cardano founder mentioned in an expost that
Speaker 1: Swie network is what Solana should have been, indicating that
Speaker 1: the former is a better option than Solana, which ranks
Speaker 1: as a top Layer one blockchain. His statement came following
Speaker 1: his revelation on how he had read about Swee. The
Speaker 1: Cardona founder mentioned that it was great to see George
Speaker 1: Dennis's Sweet's initial contributor work come to life. He added
Speaker 1: that they deserve great success in the space, so he
Speaker 1: literally tweeted this out. It's interesting that he said this,
Speaker 1: especially endorsing Swee. But this isn't the first time that
Speaker 1: Charles has shaded Solana, especially as Cardano versus Solana comparisons persist.
Speaker 1: Earlier this year, he suggested that Selana wasn't providing any
Speaker 1: real network value despite boasting a good ecosystem. Now, this
Speaker 1: statement follows some recent statements from NSA intelligence contractor Edward Snowden,
Speaker 1: who said Solana is centralized. So we got some beef
Speaker 1: brewing here folks between Solana folks and Cardano and so forth.
Speaker 1: What's interesting. Ralph Palell retweeted Charles's tweet about Sweet and
Speaker 1: he said, to be fair, I didn't have this on
Speaker 1: my bingo card, but it's nice not to see tribalism
Speaker 1: in the space. We are all better together hashtag SWEE
Speaker 1: and Ada. Now could Cardana work with SWEE in some way?
Speaker 1: Maybe I'll try to get some details from Evan Chang
Speaker 1: when I interview him this week. But I don't personally
Speaker 1: hold a sweet token. I have been looking at it.
Speaker 1: I've been trying to fight off the fomo feelings that
Speaker 1: have been getting to jump into this token. It looks
Speaker 1: like it can run, but look, you can't invest in everything,
Speaker 1: you can catch everything. I have my portfolio set in
Speaker 1: my up since the bear market of twenty twenty two,
Speaker 1: so I'm happy about that. And I'm hoping for another
Speaker 1: major bull run as we head into twenty twenty five,
Speaker 1: which some would call the fifth wave, and to make
Speaker 1: some money there. But you know, if I have some
Speaker 1: dry powder and if there's a dip on suite, I
Speaker 1: may grab some, But right now I don't. I don't
Speaker 1: know if any of you hold, but let me know.
Speaker 1: And like I said, I am going to be interviewing
Speaker 1: Evan this week, and SWEE has been running, guys, it's
Speaker 1: been very strong, has been one of those all coins
Speaker 1: that have been leading the bullmarket in a way, if
Speaker 1: you want to say that, you know there's a lot
Speaker 1: of all coins haven't broken out, haven't retraced yet, so
Speaker 1: sweet has been getting a lot of liquidity. Now. A
Speaker 1: place where you can buy Swee is on Uphold, which
Speaker 1: is a great crypto platform I've been using since twenty eighteen.
Speaker 1: They have three hundred plus cryptocurrencies, Bitcoin, all the top
Speaker 1: all coins, folks. They are fully reserved. They don't commingle
Speaker 1: or lend out your crypto assets. You can review their
Speaker 1: transparency reports. I've interviewed this CEO, CFO and much more so.
Speaker 1: This is a reliable platform. They also have a really
Speaker 1: great new product called US the Interest Accounts, where you
Speaker 1: can earn up to four point nine percent APY. You
Speaker 1: can put your dry powder or your crypto profits in there.
Speaker 1: I'm currently doing this and there's no lock ups, there's
Speaker 1: no terms, there's no monthly fees or subscriptions, and its
Speaker 1: FDIC insured just like a bank. So if you want
Speaker 1: to learn more about Uphold, check out the link in
Speaker 1: the description. Now, guys, Coinbase is jumping into back ripple
Speaker 1: in the SEC appeal. So Coinbase seeks early appeal in
Speaker 1: SEC case after Agency appeals ripple ruling. So Coinbase has
Speaker 1: asked the judge in its SEC lawsuit to approve an
Speaker 1: interlocatory appeal or an appeal granted before the case is decided.
Speaker 1: After the SEC appeal the ruling in its separate case
Speaker 1: against Ripple, Coinbase seeks to ensure the Second Circuit has
Speaker 1: as complete a picture as possible by presenting its case
Speaker 1: for appeal around the same time as the SEC's appeal
Speaker 1: in the Ripple case. So we've seen the SEC be hypocrites.
Speaker 1: Right in one case they'll argue something and then the
Speaker 1: other case they'll argue something else, so they don't stand
Speaker 1: on any foundation or abiding by the law. We've seen
Speaker 1: them lie to the courts. We saw in the recent
Speaker 1: Binance Court document where they put into footer, oh we apologize,
Speaker 1: we're using crypto acid securities, we cause confusion and all that,
Speaker 1: and then while in another case they're saying crypto acid securities,
Speaker 1: crypto acid securities right, clear hypocrisy, lots of lying. But look,
Speaker 1: there's nothing new here that we've been talking about this
Speaker 1: for years. So Coinbase may have gotten a bit of
Speaker 1: a gotcha moment here where they're going to use this
Speaker 1: SEC hypocrisy to say, hey, look see what they're doing
Speaker 1: over here. So this could put the SEC in a
Speaker 1: buying but let's see where it goes. Eleanor Tarata. Fox
Speaker 1: Business highlights some more details here. Coinbase cites the SEC's
Speaker 1: Ripple appeal in a new letter to Urge Judge Follia
Speaker 1: to grant its own request for interlocatory appeal. Coinbase notes
Speaker 1: that the SEC's appeal underscores the ambiguity surrounding to how
Speaker 1: he test his application to secondary market sales, further emphasizing
Speaker 1: the need for a court to clarify it at a
Speaker 1: higher level. Now, Attorney James Murphy metlaw Man weid In.
Speaker 1: He said, another smart move by Coinbase here, as it's
Speaker 1: astounding that Judge Follia never ruled on Coinbase's original motion
Speaker 1: for interlocatory appeal file back in April. Those motions are
Speaker 1: normally ruled on very quickly. The SEC's appeal in Ripple's
Speaker 1: case just strengthened Coinbase's argument. So let's see where this goes.
Speaker 1: And I'm hoping some other industry players jump into back
Speaker 1: Ripple as well, because many of the industry folks who
Speaker 1: have been fighting the SEC have been using the Ripple
Speaker 1: ruling from Judge Taurus. So for years I've been saying,
Speaker 1: you know, united, we stand, Divided, we fall. We are
Speaker 1: all facing the common enemy, even if we're competitors. Exchanges
Speaker 1: are competitors, but they should come together, crack in Coinbase
Speaker 1: and so forth, Robinhood, Uni Swamp and share their legal
Speaker 1: knowledge and pool their resources and go after the sec
Speaker 1: because the Ganser is going after everything. He doesn't care.
Speaker 1: His job is to destroy these crypto startups, not destroy crypto,
Speaker 1: as I've been saying. There's some people who say destroy crypto.
Speaker 1: I don't think so, because what's happening in parallel to
Speaker 1: all these things. Black Rock is tokenizing, launching ETFs, custodying
Speaker 1: reserves for circles us, the stable coin you got Franklin Templeton,
Speaker 1: you got Fidelity, you got arc, you have all these
Speaker 1: big players, right. So it's not to kill cryptocryptos here
Speaker 1: to stay, make no mistake about it. It's to get
Speaker 1: rid of the startups, the guys who front ran Jamie
Speaker 1: Diamond and the banks and are making tons of money.
Speaker 1: Coinbase going public, they're making billions of dollars in revenue.
Speaker 1: I've often told you, guys, do you think the folks
Speaker 1: at Goldman Sachs and JP Morgan are happy capital is
Speaker 1: leaving investment accounts or is not going to their investment accounts,
Speaker 1: but it's going to crypto hedge funds and crypto projects.
Speaker 1: They don't like that because they can even touch it
Speaker 1: yet right due to regulations. Remember for years they controlled
Speaker 1: the investment market and they were gatekeeping this and you
Speaker 1: have to be an accredited investor. Now anybody can access
Speaker 1: a token around the globe. They hate that. That's a
Speaker 1: big disruption to Wall Street if you think about it. Now.
Speaker 1: Obviously with them launching ETFs, they can somewhat catch up,
Speaker 1: but in order to catch up, you got to get
Speaker 1: rid of these smaller guys for these new players on
Speaker 1: the block. So that's the game that's happening here, and
Speaker 1: it's not exclusive to crypto, but it's very prominent in
Speaker 1: crypto because you have the disruption of money, of investing,
Speaker 1: of finance, and so forth. It's one of the biggest
Speaker 1: disruptions in history, folks. So this is why you see
Speaker 1: Gencer and Elizabeth Warren and a lot of these agencies
Speaker 1: going crazy. They're going ham in the crypto industry because
Speaker 1: the big boys, Jamie Diamond and all of them are
Speaker 1: getting disrupted and they've made the phone calls. If you
Speaker 1: don't believe that that's not a conspiracy theory, I verify
Speaker 1: that with people in DC and so forth. But that
Speaker 1: is not some far fetch idea. The point is that
Speaker 1: they make campaign donations to the members of Congress and
Speaker 1: the likes of Elizabeth Warren. There's a revolving door with
Speaker 1: Wall Street and the government. Let's look against her. He's
Speaker 1: a Goldman guy, right. Look at all the people throughout
Speaker 1: history that have gone from Wall Street to the government
Speaker 1: and vice versa. It's pretty clear today what's happening here.
Speaker 1: Once again, look at the two things happening in parallel.
Speaker 1: But one of the great things guys at least living
Speaker 1: here in the United States, checks and balances and the
Speaker 1: courts are coming in big time, and the SEC is
Speaker 1: taking some big losses. So we hope that these cases,
Speaker 1: the ripple and coinbaits can win at least win the
Speaker 1: lion's share of the lawsuits so that the SEC continues
Speaker 1: to take hits. And of course we can hope that
Speaker 1: Congress can get some legislation through by the end of
Speaker 1: the year, and obviously a president has to sign that
Speaker 1: into place. But if we can at least get it
Speaker 1: out of the Senate. That's a big hurdle to get
Speaker 1: over over it can help resolve a lot of these things.
Speaker 1: Because the Fit twenty one bill made it out of
Speaker 1: the House with Democrat support. With the Republicans, we got
Speaker 1: to get it through the Senate, and Chuck Schumer, big
Speaker 1: time Democrat, and some other folks in the Senate are
Speaker 1: talking about getting this through. So fingers crossed, guys, that
Speaker 1: would be great if we can get it through the
Speaker 1: Senate by the end of the year, and then a
Speaker 1: new president comes in, you know, in January, and hopefully
Speaker 1: they can get by Q one that thing is signed
Speaker 1: into law, guys, and it can align with the bull
Speaker 1: market continuing into twenty twenty five. So I'm optimistic because
Speaker 1: things are moving faster and expected. Crypto is the biggest
Speaker 1: spender in this election, spending over two hundred million dollars.
Speaker 1: Many Democrats are waking up and turning their banks on
Speaker 1: Elizabeth Warren and Gary Genser, so we can only hope
Speaker 1: and pray. Guys. Let me know what you think about
Speaker 1: this news. Leave your thoughts and comments below, hit the
Speaker 1: thumbs up button. Don't forget to sign up for my
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Speaker 1: grab a copy of my book, Rethinking Crypto and Amazon
Speaker 1: buy a copy to support the podcast. Buy a few
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Speaker 1: about crypto. If you bought a copy already, please leave
Speaker 1: a rating and review. It will really help me out.
Speaker 1: Thank you guys. I appreciate you all, and I'll talk
Speaker 1: to you all later