WEBVTT - The FTX Collapse - Bad News For 11/14/2022 0:00:00.150 --> 0:00:02.580 If you've not been living in a cave this past 0:00:02.580 --> 0:00:05.430 week and you may be a cave man, a cave 0:00:05.430 --> 0:00:08.610 woman or a cave person, I don't know. You're aware 0:00:08.610 --> 0:00:13.080 of the massive scandal surrounding FCX and Alameda Research. The 0:00:13.080 --> 0:00:17.579 name Sam Bankman-fried is the talk of crypto Twitter, and 0:00:17.579 --> 0:00:22.950 his cryptic tweets make for even more interesting conversation and speculation. 0:00:23.190 --> 0:00:26.670 Billions of dollars in crypto are now gone as centralized 0:00:26.670 --> 0:00:31.260 exchanges continue to fall and people are pissed as they 0:00:31.260 --> 0:00:34.110 should be. The info that's turning up as people dig 0:00:34.110 --> 0:00:36.480 into the story is making for one heck of a 0:00:36.479 --> 0:00:39.660 Netflix movie. We're going to share the most relevant and 0:00:39.659 --> 0:00:43.800 current information along with our irrelevant thoughts and opinions on 0:00:43.800 --> 0:00:50.430 this SBF. What a h. Bad News Episode number 648. 0:00:51.900 --> 0:00:53.940 Of the bad crypto podcasts. Five. 0:00:54.330 --> 0:00:55.840 Four, three. 0:00:56.600 --> 0:01:11.270 How are you all? Who's bad? I. 0:01:22.540 --> 0:01:24.550 And welcome to the Bad Crypto podcast, the show for 0:01:24.550 --> 0:01:27.459 the crypto curious and the crypto serious I'm Joel com 0:01:27.459 --> 0:01:29.890 that's Travis right and I was wrong. This is not 0:01:29.890 --> 0:01:36.520 episode 648. It's episode 649. So when we. Unlike many 0:01:36.850 --> 0:01:40.929 journalistic endeavors out there, when we make an error we 0:01:40.930 --> 0:01:45.010 correct it front page correct that not back page in 0:01:45.250 --> 0:01:47.800 point six font print. 0:01:48.100 --> 0:01:51.400 There you go. And here's the deal. I'm wearing my 0:01:52.120 --> 0:01:56.560 Darth Vader shirt because who's more corrupt than Darth Vader? Right? 0:01:56.740 --> 0:02:00.340 And so we're talking about SBF and f t x 0:02:00.340 --> 0:02:02.920 w t f. We talked about it last time we 0:02:02.920 --> 0:02:06.760 did a show earlier last week and the things were happening. 0:02:06.760 --> 0:02:10.510 I was traveling and here we are. And actually I said, 0:02:10.510 --> 0:02:15.160 I wish I had some swag and look, I got glasses, 0:02:16.290 --> 0:02:22.930 FTX glasses right here and wow, you know, FTL, you know, 0:02:23.169 --> 0:02:27.070 then the international ones not available in America. So there's FTC, USA, 0:02:27.340 --> 0:02:30.190 and then there's the main FTL. So I've never actually 0:02:30.520 --> 0:02:32.950 put money into FTL and I'm glad about that. I've 0:02:32.950 --> 0:02:36.489 never really trusted them, especially after we chatted with Dominic 0:02:37.090 --> 0:02:42.460 Williams of Definitive, an Internet computer protocol, and he was 0:02:42.460 --> 0:02:45.010 saying some things that this dude had done to kind 0:02:45.010 --> 0:02:47.710 of tank his project and we'll get him back on 0:02:47.710 --> 0:02:51.550 the show in a future. And this is a complete 0:02:51.550 --> 0:02:54.610 shit show in the crypto world right now because, I mean, 0:02:54.639 --> 0:02:57.190 we last time we were talking, you know, Bitcoin was 0:02:57.190 --> 0:03:01.209 kind of moving up. It was like 20, almost 22,000. 0:03:01.389 --> 0:03:04.929 Ethereum was at 16,000. And then all of a sudden 0:03:05.110 --> 0:03:09.940 the Bear Stearns of crypto has happened and now trust 0:03:09.940 --> 0:03:12.070 in crypto. It's almost like crypto is a bad word 0:03:12.070 --> 0:03:13.630 to people. Now you hear crypto like, Oh my God, 0:03:13.630 --> 0:03:15.700 I never get it. And that's a huge scam. Just 0:03:15.700 --> 0:03:19.600 to let you know, Bitcoin has never been hacked, right? 0:03:19.810 --> 0:03:24.160 It's only user errors. And so we've said this 700 0:03:24.160 --> 0:03:27.760 bajillion 14 times. If it's not your keys, it's not 0:03:27.760 --> 0:03:32.980 your crypto, keep your crypto off the exchanges because here's 0:03:32.980 --> 0:03:36.370 what happens when you don't do that, right? So yeah, we. 0:03:36.370 --> 0:03:38.740 Got some really interesting guests are going to be coming 0:03:38.740 --> 0:03:43.660 up including Dominic hopefully soon. Brad Mills who was the 0:03:43.660 --> 0:03:47.230 one who was sounding the alert on Luna before Luna 0:03:47.230 --> 0:03:51.160 happened and came on this show in the spring and said, 0:03:51.160 --> 0:03:55.420 Be careful of Celsius, which caused me to remove my 0:03:55.420 --> 0:03:59.950 funds from Celsius two weeks before their scan and pop. 0:04:00.430 --> 0:04:02.380 He's got a lot to say about this and other 0:04:02.380 --> 0:04:07.420 centralized exchanges and Kristina Bruhahn of Continuum Market, who is watching 0:04:07.420 --> 0:04:10.660 all the data points of this market right now and 0:04:10.660 --> 0:04:15.490 has some interesting things to say about this, the collapses 0:04:15.640 --> 0:04:18.790 in crypto, where it's going and how we fix it. 0:04:19.029 --> 0:04:24.789 The timestamp for today is the 14th of November 2022. 0:04:24.790 --> 0:04:29.230 It is 2:42 p.m. Atlantic Standard Time, that's Puerto Rico 0:04:29.230 --> 0:04:33.669 time and Coingecko dot com says the total crypto market 0:04:33.670 --> 0:04:41.820 cap is $867 billion bitcoin 616 645 Etherium 1245 and 0:04:41.820 --> 0:04:49.360 the BNB at 277 and Travis being not a financial 0:04:49.360 --> 0:04:53.890 advisor and taking forever to capitulate that we were indeed 0:04:53.890 --> 0:04:57.400 in a bear market. A very wrong about that. I 0:04:57.400 --> 0:05:01.090 don't think we're done yet. That's just my personal opinion. 0:05:01.600 --> 0:05:06.430 I think that the I think maximum pain is yet 0:05:06.430 --> 0:05:08.410 to come. And we could talk a little bit about 0:05:08.410 --> 0:05:11.320 why that is. I think we should go ahead, though, 0:05:11.320 --> 0:05:13.940 and get into the news for today. 0:05:14.020 --> 0:05:16.539 I agree. And I would say this, take that with 0:05:16.540 --> 0:05:18.850 a grain of salt, because when Joel says it's a 0:05:18.850 --> 0:05:21.370 bull market, it's going into a bear market. When Joel 0:05:21.370 --> 0:05:23.560 says it's going into a bear market, it might be 0:05:23.560 --> 0:05:25.740 a bull market. We don't know. Don't you know your 0:05:25.750 --> 0:05:26.890 own research . 0:05:26.890 --> 0:05:30.970 Jim Cramer, has been a good indicator of that and he's 0:05:30.970 --> 0:05:33.910 saying buy Bitcoin now. So there you go. In a way, 0:05:33.910 --> 0:05:37.690 he agrees with me. It's a good thing by that 0:05:37.690 --> 0:05:41.740 means that it's going down. So, you know, in order 0:05:41.740 --> 0:05:44.680 to kick this off, what I'd like to do is 0:05:44.680 --> 0:05:48.789 Travis found a great video by a guy whose account 0:05:48.790 --> 0:05:53.950 is J G underscore nuke on Twitter. Go follow this guy 0:05:54.400 --> 0:05:58.330 rather than us. Try to summarize what's happened with FCX. 0:05:58.330 --> 0:06:02.260 He's put together a 99 second video and we're going 0:06:02.260 --> 0:06:03.909 to let you guys take a look at that and 0:06:03.910 --> 0:06:06.880 listen to it. What he's got to say right now 0:06:06.880 --> 0:06:08.440 to kind of set the table. 0:06:08.529 --> 0:06:10.270 This is Sam Bankman-fried. People call him. 0:06:10.270 --> 0:06:12.070 SBF. He's the founder of FDX. 0:06:12.070 --> 0:06:14.590 He also controlled the crypto hedge fund called Alameda Research. 0:06:14.589 --> 0:06:16.330 But that's all gone now. He wants you to think 0:06:16.330 --> 0:06:18.969 he's a sweet guy, even. And a famous YouTuber who 0:06:18.970 --> 0:06:19.510 called him the. 0:06:19.510 --> 0:06:21.070 Most generous man in the world. 0:06:21.100 --> 0:06:23.740 Yep, that happened. Do this and back Freed is a 0:06:23.740 --> 0:06:27.130 liar and a crook. His personal crypto token was basically 0:06:27.130 --> 0:06:29.800 a Ponzi scheme hidden below layers of moon bro jargon. 0:06:29.860 --> 0:06:32.860 He even went on Bloomberg's podcast and bragged about it. Yup, 0:06:32.860 --> 0:06:36.070 that happened. Used his Ponzi token as collateral to borrow 0:06:36.100 --> 0:06:38.860 billions of real dollars that he couldn't pay back. He 0:06:38.860 --> 0:06:41.140 then used those real dollars to build an empire out 0:06:41.140 --> 0:06:42.820 of dying companies like Voyager. 0:06:42.820 --> 0:06:42.940 And. 0:06:42.940 --> 0:06:46.360 Blockfi. This led Jim Cramer to call him the new J.P. Morgan. 0:06:46.390 --> 0:06:48.700 That's weird. It's not like Jim Cramer to promote a 0:06:48.700 --> 0:06:52.390 billionaire con artist. SBF sold people cryptos like Bitcoin. Or 0:06:52.390 --> 0:06:54.969 so they thought. What they really bought from SBF was 0:06:54.970 --> 0:06:57.160 an IOU. But as long as everyone didn't cash in 0:06:57.160 --> 0:06:59.529 their IOU at the same time, the scheme worked until 0:06:59.529 --> 0:07:02.440 it didn't. This other A-hole who hates SBF came along 0:07:02.440 --> 0:07:04.810 and engineered a bank run with some passive aggressive tweets. 0:07:04.839 --> 0:07:07.690 It worked. SBF didn't have enough money to repay everyone 0:07:07.690 --> 0:07:10.480 at once, and now his customers have lost everything. He'll 0:07:10.480 --> 0:07:13.000 be happy to know that this is exactly how every 0:07:13.000 --> 0:07:15.369 bank in the world operates. So where did all the 0:07:15.370 --> 0:07:18.520 money go? He misappropriated $4 billion trying to save his 0:07:18.520 --> 0:07:21.440 failing hedge fund. Woops, that's a felony. He spent $21 0:07:21.440 --> 0:07:24.040 million on Super Bowl commercials. 5 million for the big guy, 0:07:24.070 --> 0:07:26.710 $40 million in campaign donations. I wonder what he wanted 0:07:26.710 --> 0:07:27.270 in return. 0:07:27.290 --> 0:07:29.620 And everyone who's pointing at this story and saying this 0:07:29.620 --> 0:07:31.990 is exactly why we need to regulate crypto. 0:07:32.020 --> 0:07:34.900 Remember that SBF stole billions. That's already a. 0:07:34.900 --> 0:07:35.380 Crime. 0:07:35.380 --> 0:07:37.770 And he spent a lot of it on bribing politicians. 0:07:37.780 --> 0:07:40.330 Also a crime in order to create a crypto monopoly 0:07:40.330 --> 0:07:43.550 for himself. Government regulations don't protect the customers, they protect 0:07:43.550 --> 0:07:46.450 the crooks. That's exactly what SBF was trying to do. 0:07:48.620 --> 0:07:52.460 This guy did a great job of summarizing, and it 0:07:52.460 --> 0:07:54.530 was a lot that he couldn't put in there because 0:07:54.530 --> 0:07:57.770 there's so much happening here. But way to go. JG_NUKE . 0:07:58.010 --> 0:08:01.550 We've got links to your Twitter and your video in 0:08:01.550 --> 0:08:04.340 the show notes, and you guys should go subscribe to 0:08:04.640 --> 0:08:08.120 the work he's doing over there. There's a few others, Travis, 0:08:08.150 --> 0:08:11.570 that have been doing amazing work. One of them is 0:08:11.570 --> 0:08:15.320 Bit Boy, Ben Armstrong. He there is a video on 0:08:15.320 --> 0:08:21.050 YouTube that he posted two weeks before FTX went down and 0:08:21.050 --> 0:08:23.210 he said he was saying, get your money out. This 0:08:23.210 --> 0:08:26.630 thing is bad. Here's why. He was sounding the alarm and 0:08:26.630 --> 0:08:30.770 people were ribbing him and calling him out, calling him names. 0:08:30.770 --> 0:08:32.959 And he's been proven right. And now he has been 0:08:32.960 --> 0:08:37.070 busting his ass to to get data. And frankly, I 0:08:37.070 --> 0:08:39.710 think he's probably putting his life at risk a little bit. 0:08:39.980 --> 0:08:43.030 Ben Armstrong did not suicide himself. 0:08:43.040 --> 0:08:44.810 While we'll talk a little bit about more of that 0:08:44.809 --> 0:08:47.599 at the end of the episode, because there are some 0:08:47.809 --> 0:08:52.130 conspiratorial type of stuff that, you know, I could rant about, 0:08:52.130 --> 0:08:54.260 but I don't I don't know that this is all 0:08:54.380 --> 0:08:59.660 tied to the Makerdao guy who died recently in Puerto Rico, 0:08:59.660 --> 0:09:02.390 but we're going to cover why it could be connected 0:09:02.390 --> 0:09:05.450 and not about I don't know. It's all it's all conjecture. 0:09:06.400 --> 0:09:10.360 So the the the long story short on this is 0:09:10.360 --> 0:09:14.500 that they were playing with essentially fake money. Right? They 0:09:14.500 --> 0:09:18.250 made their token and they loaned out far more than 0:09:18.250 --> 0:09:21.070 they had in reserves. And when it came time to 0:09:21.070 --> 0:09:25.960 pay the piper, they were way short on in the reserves. 0:09:26.500 --> 0:09:29.740 And some of these centralized exchanges have been lending to 0:09:29.740 --> 0:09:34.660 each other. Blockfi was impacted by this. They stopped withdrawals. 0:09:35.320 --> 0:09:38.740 Others are wondering, you know, who is the next one 0:09:38.740 --> 0:09:42.370 to fall? Is Crypto.com in trouble there? There are people 0:09:42.370 --> 0:09:47.860 say no, that they're showing full disclosure on what they 0:09:47.860 --> 0:09:51.610 have in reserves. But do they really? You don't know 0:09:51.610 --> 0:09:54.339 who to trust anymore. And like Travis said, the key 0:09:54.340 --> 0:09:58.750 is not your keys, not your crypto, get off exchanges. 0:09:58.750 --> 0:10:04.059 Even Binance, you know, CZ comes out being the good guy here, 0:10:04.059 --> 0:10:07.300 but I'm not completely sold that he is. Are you. 0:10:07.600 --> 0:10:11.500 Okay? Well, I mean, you know, think about this. It's 0:10:11.500 --> 0:10:14.800 called an exchange, which means, hey, you upload your crypto, 0:10:14.800 --> 0:10:16.570 you exchange it to what you want and then you 0:10:16.570 --> 0:10:21.069 pull your crypto back down. But people are conditioned to 0:10:21.070 --> 0:10:24.070 be like a bank, right? Oh, I need a bank account. 0:10:24.250 --> 0:10:27.700 And they're thinking that like people like FTX, like, Oh, 0:10:27.700 --> 0:10:30.429 let's store my money there. Well, you don't store your 0:10:30.429 --> 0:10:33.489 money on an exchange ever. You would only put a 0:10:33.490 --> 0:10:37.330 little bit in the exchange that you maybe want to trade. Right. 0:10:37.600 --> 0:10:41.800 And so the fact is, is that, you know, it's 0:10:41.800 --> 0:10:43.270 hard to trust some of these and it's going to 0:10:43.270 --> 0:10:45.490 take a while to build some of this trust back, 0:10:45.490 --> 0:10:49.870 especially when you when you're talking about how after and how, 0:10:50.080 --> 0:10:53.740 you know, Sam Banks and fraud, how they actually had 0:10:53.740 --> 0:10:56.770 a backdoor built in to the system so they could 0:10:56.770 --> 0:11:02.530 move around customer funds from out from FTX to Alameda 0:11:02.620 --> 0:11:07.870 without triggering any sort of. Compliance or legal. And they 0:11:07.870 --> 0:11:11.230 had that built in intentionally. And this is this is 0:11:11.230 --> 0:11:13.119 the thing that I think it's interesting that somebody I 0:11:13.120 --> 0:11:15.280 was going to I'll find the article actually, it's a 0:11:15.280 --> 0:11:19.900 tweet thread where somebody said this. Imagine you're McDonald's and 0:11:19.900 --> 0:11:23.000 you want to go ahead and create your own clown coin. Right? 0:11:23.050 --> 0:11:25.630 Here's my clown coin. And what they started to do 0:11:25.870 --> 0:11:29.980 is leveraging their clown coin that they created, using that 0:11:29.980 --> 0:11:33.910 clown coin to then get loans, you know, from that 0:11:33.910 --> 0:11:36.550 clown coin and saying, all right, this is collateral for 0:11:36.550 --> 0:11:40.870 real money. And then people realizing that your clown coin 0:11:40.870 --> 0:11:43.959 is a shit coin not worth anything and that your 0:11:43.960 --> 0:11:47.800 whole business is propped up with this fictitious coin that 0:11:47.800 --> 0:11:51.729 you created. And so since that happened, the whole thing 0:11:51.910 --> 0:11:55.120 has completely tanked. Now, you've seen this. If you've looked 0:11:55.120 --> 0:11:57.609 at crypto at all, you're going, Oh my God, what 0:11:57.610 --> 0:12:01.030 has happened? The bottom has fallen out. This is the 0:12:01.030 --> 0:12:04.840 Bear Stearns moment for crypto right now. I think this 0:12:04.840 --> 0:12:08.319 is Mt. Gox be way beyond because here we are. 0:12:08.320 --> 0:12:10.510 There's a lot of people coming in, a lot of 0:12:10.510 --> 0:12:13.809 adopters are coming in. You know, Joel, even Mr. Wonderful 0:12:13.809 --> 0:12:17.020 was talking about how great FCX is and how, you know, 0:12:17.020 --> 0:12:22.030 Sam Bankman-fried as parents, you know Bankman and Fried. Barbara 0:12:22.030 --> 0:12:25.929 Fried and whatever Bankman's name is. And they are both, 0:12:25.929 --> 0:12:30.190 you know in compliance and you know they work at 0:12:30.190 --> 0:12:33.280 Stanford and it so it's interesting to see like when 0:12:33.280 --> 0:12:35.530 you look at his parents and I think we talked 0:12:35.530 --> 0:12:38.110 about this on the episode we did last week where 0:12:38.110 --> 0:12:43.030 his mom literally was creating a PAC, you know, ad 0:12:43.300 --> 0:12:47.199 Mind the Gap Democrat PAC. And then there's a whole 0:12:47.200 --> 0:12:50.050 lot of this money stuff that's being filtered around that 0:12:50.050 --> 0:12:53.740 we found out. And it's going back to a certain 0:12:53.740 --> 0:12:56.700 political party. It's really bizarre. 0:12:57.220 --> 0:13:02.650 There you Go again. Bizarre being a political conspiracy realist, a coin 0:13:02.650 --> 0:13:05.380 telling us doing a good job of tracking everything as 0:13:05.380 --> 0:13:09.339 it's happening. The most recent information we have is that 0:13:09.550 --> 0:13:14.530 at Kraken, they have frozen the accounts of FTX group Alameda 0:13:14.530 --> 0:13:17.950 Research and their executives to protect their creditors. Now, look, 0:13:17.950 --> 0:13:21.670 the odds are that if you had money in this exchange, 0:13:21.670 --> 0:13:26.410 odds are it's gone. Now, if this people would say, 0:13:26.410 --> 0:13:29.830 especially Bitcoin purists, that this is not as bad as Mt. Gox, 0:13:29.830 --> 0:13:33.190 because Mt. Gox at that time it accounted for a 0:13:33.190 --> 0:13:37.330 much a huge percentage of Bitcoin was stolen from Mt. 0:13:37.330 --> 0:13:42.400 Gox at the time. However, this rabbit hole goes much 0:13:42.400 --> 0:13:46.750 deeper into the conspiracy realist realm because we're talking big 0:13:46.750 --> 0:13:51.220 money and there's a really interesting association loop that takes 0:13:51.220 --> 0:13:56.710 place between FTX money for Ukraine and the Democrat Party. 0:13:56.920 --> 0:14:00.400 And this is not conspiracy theorists at all. This is 0:14:00.400 --> 0:14:05.050 all identifiable, proven factual, which you're not going to hear 0:14:05.050 --> 0:14:09.280 about on the mainstream news. Ask yourself why you're not, 0:14:09.280 --> 0:14:12.370 and then you can really begin to go down the 0:14:12.370 --> 0:14:12.970 rabbit hole. 0:14:13.510 --> 0:14:16.150 You know what's so crazy is this All this stuff 0:14:16.150 --> 0:14:18.610 came to light right around the time the US was 0:14:18.610 --> 0:14:23.020 having midterm elections, and we could go into some conspiracies 0:14:23.020 --> 0:14:25.990 around that. But I do notice this, Joel, is that 0:14:26.320 --> 0:14:32.380 every time I think it's 98, 99% of the time, 0:14:32.560 --> 0:14:36.310 whenever they delay the counting of a vote, it always 0:14:36.310 --> 0:14:39.100 turns out for the Democrats, right? I don't know. This 0:14:39.100 --> 0:14:39.960 is such a wild. 0:14:40.060 --> 0:14:40.870 And mystery. 0:14:40.960 --> 0:14:43.930 Dance. I don't know how that is. Why mystery magical. 0:14:44.080 --> 0:14:47.440 I think it's like, oh, how many votes do we need? Oh, okay, well, 0:14:47.440 --> 0:14:50.020 give us a week. And here we are. But, you know, 0:14:50.770 --> 0:14:53.020 talking about what was going on here. So we mentioned 0:14:53.020 --> 0:14:56.080 last week that it was like, hey, it doesn't look 0:14:56.080 --> 0:14:59.620 like you have liquidity. We have X amount of millions 0:14:59.620 --> 0:15:02.620 and millions, hundreds of millions worth of f, t, d, 0:15:02.620 --> 0:15:06.190 So we're going to start liquidating this that created this 0:15:06.190 --> 0:15:09.310 bank run and then once this bank. And so they 0:15:09.310 --> 0:15:11.859 didn't have enough liquidity because they've been moving stuff back 0:15:11.860 --> 0:15:16.420 and forth and then the value of FTT just collapses, right? 0:15:16.510 --> 0:15:19.450 I mean, it was sitting around 22, you know, it 0:15:19.450 --> 0:15:21.729 was really it was very it was almost like a 0:15:21.730 --> 0:15:23.920 stablecoin for a while, just like a little bit up 0:15:23.920 --> 0:15:24.850 a little bit. That little bit. 0:15:25.300 --> 0:15:28.600 It revealed the holes in the system is basically what 0:15:28.600 --> 0:15:32.830 it did. And that that runs like, okay, House of Cards, 0:15:32.980 --> 0:15:37.660 which by the way, as as our friend J.G. Nuke said 0:15:37.660 --> 0:15:40.570 in his video, this is the exact same system that 0:15:40.570 --> 0:15:45.040 the U.S. banking financial system runs on. If everybody was 0:15:45.040 --> 0:15:48.640 to go to the banks to say, I want my money, 0:15:48.790 --> 0:15:51.760 guess what? You're not going to get it. It's not 0:15:51.760 --> 0:15:56.050 really there. It's a house of cards. But since the 0:15:56.050 --> 0:16:01.900 government has, you know, basically deputized itself to be in 0:16:01.900 --> 0:16:05.050 the business of fraud, then they get away with it. 0:16:05.220 --> 0:16:08.280 But this exchange clearly is not. And I. 0:16:08.310 --> 0:16:10.560 Well, let's say I think you're right on on that. 0:16:10.560 --> 0:16:13.370 But as an aside, you know what you're talking about there. 0:16:13.560 --> 0:16:17.010 The Federal Reserve Bank has never been audited. We don't 0:16:17.010 --> 0:16:19.260 know how much money there is, how much money there 0:16:19.260 --> 0:16:21.240 is in how much paper money there is, how much 0:16:21.240 --> 0:16:24.150 digital money there is, and then they're leveraging it. And 0:16:24.150 --> 0:16:26.310 then if I take $1,000,000 and put it in the 0:16:26.310 --> 0:16:28.920 bank account, well then that bank can then loan out 0:16:28.950 --> 0:16:33.030 $10 million because of fractional reserve banking. And so what 0:16:33.030 --> 0:16:36.930 was happening, if you look at the asset sheet for FTX, 0:16:37.140 --> 0:16:41.850 they say they have a billion plus dollars worth of Bitcoin, 0:16:42.030 --> 0:16:46.260 you know, vulnerability that that their customers own. And then 0:16:46.260 --> 0:16:51.180 on their asset sheet, they own zero bitcoin. Right? So 0:16:51.360 --> 0:16:54.810 that's a complete that's, that's worse than fractional reserve banking 0:16:54.810 --> 0:16:57.020 because you would think they would have at least $100 0:16:57.020 --> 0:17:00.840 million worth of Bitcoin if they have $1,000,000,000 worth of 0:17:00.840 --> 0:17:04.290 liquidity out there. So they were basically trading and selling 0:17:04.290 --> 0:17:06.359 fake Bitcoin essentially, it seems like. 0:17:06.930 --> 0:17:10.649 So when all this happened, Sam Bankman-fried fled to the 0:17:10.650 --> 0:17:16.590 Bahamas where his office and his $40 million estate is, 0:17:16.859 --> 0:17:18.540 and Bahamian where he. 0:17:18.540 --> 0:17:21.810 Shared with his ten roommates that all happened to work 0:17:21.810 --> 0:17:25.200 for FTX and Alameda. And they do a search on 0:17:25.200 --> 0:17:27.810 this because this is crazy. They were having some Fleetwood 0:17:27.810 --> 0:17:32.399 Mac 1970s sort of partner swapping crazy stuff going on 0:17:32.700 --> 0:17:35.400 while he was sitting there on his beanbag. And I 0:17:35.400 --> 0:17:38.070 don't know, dude, that is just so bizarre. And he goes, Oh, 0:17:38.070 --> 0:17:40.500 he only made himself he was only taking a very 0:17:40.500 --> 0:17:44.550 small percentage of the revenue. He was only making $100,000 0:17:44.550 --> 0:17:47.850 a year from FTX while he was living in a 0:17:47.850 --> 0:17:52.800 massive penthouse suite, you know, in the Bahamas and, you know, 0:17:52.980 --> 0:17:56.340 partnered up with the CEO of Alameda Research (CAROLINE ELLISON). 0:17:58.030 --> 0:18:02.140 Whatever you think of Solana, if the case can now 0:18:02.140 --> 0:18:07.000 be made that Sam Bankman-Fried pumped it to the moon 0:18:07.240 --> 0:18:12.250 and they have sole collateral. They also wrapped something like 0:18:12.520 --> 0:18:17.380 15,000 Bitcoins on SOL, which cannot be unwrapped now. So 0:18:17.380 --> 0:18:22.390 that's another 15,000 bitcoins that are removed from the the supply. 0:18:22.690 --> 0:18:25.270 I wonder why. Why can they not unwrap it? Because 0:18:25.270 --> 0:18:27.760 this Solana is so low in price or something or 0:18:28.060 --> 0:18:31.330 they've always had some chain problems. I mean, once upon 0:18:31.330 --> 0:18:34.000 a time I was thinking of launching a project on Solana, 0:18:34.210 --> 0:18:37.600 but then they got hacked. They were DDOS . They 0:18:37.600 --> 0:18:40.840 had that double spending thing. So once you know about 0:18:40.840 --> 0:18:43.180 all of that stuff and all the problems that Solana 0:18:43.180 --> 0:18:46.180 has had, and then you tie it back up chain 0:18:46.180 --> 0:18:49.239 to FTX, who really pumped it. It goes back to 0:18:49.240 --> 0:18:52.720 me that Dominic Williams story when he said, Man, right. 0:18:52.720 --> 0:18:56.649 Whenever they launched ICP, the price got popped up to 0:18:56.650 --> 0:19:01.420 $400 through FTX and then they put a short on 0:19:01.420 --> 0:19:03.790 it and the price tanked and they used that money 0:19:03.790 --> 0:19:06.790 to pump up Solana. So I think that they used 0:19:06.790 --> 0:19:09.879 a lot of that money from ICP, which is truly 0:19:09.880 --> 0:19:12.850 a decentralized platform. That was one of the things that 0:19:12.850 --> 0:19:16.020 Dominic Williams was talking about. Oh, hey, you know what? 0:19:16.030 --> 0:19:18.280 We were the theory and hey, let's let's go ahead 0:19:18.280 --> 0:19:24.610 and build ourselves the most decentralized Internet protocol and let's 0:19:24.760 --> 0:19:27.340 create the crypto around that. And then a lot of 0:19:27.340 --> 0:19:30.490 those can't trillionaires in Ethereum and these other ones, they 0:19:30.490 --> 0:19:33.700 prefer to have control and power over the scenario. And 0:19:33.700 --> 0:19:36.639 so they did their best to tank ICP. Now, in 0:19:36.640 --> 0:19:40.540 my mind, I think ICP when it's all said and done, 0:19:40.540 --> 0:19:42.850 if it is what we think it is, then it 0:19:42.850 --> 0:19:47.380 could be a phenomenal project long term, not financial advice. 0:19:47.680 --> 0:19:50.350 We've been talking about it for a year now and 0:19:50.440 --> 0:19:53.350 Bit Boy is finally latched on to it and he is. 0:19:53.350 --> 0:19:56.470 He understands ICP has been talking about it. So this 0:19:56.470 --> 0:20:00.850 is the the CEO of Alameda Research her name is 0:20:00.850 --> 0:20:02.660 Caroline something around. 0:20:02.680 --> 0:20:03.170 Ellison. 0:20:03.400 --> 0:20:07.840 Ellison. This is a video that has surfaced of her 0:20:07.840 --> 0:20:12.460 being interviewed. And surely you can tell from what she 0:20:12.460 --> 0:20:15.070 has to say here. She knows a lot about financial 0:20:15.070 --> 0:20:17.229 markets and how they work. Give a listen to this. 0:20:17.440 --> 0:20:19.629 Yeah, absolutely. Could pull it off without my math degree. 0:20:20.350 --> 0:20:23.740 Use very little math. Use a lot of like elementary 0:20:23.740 --> 0:20:28.570 school math. Being comfortable with risk is very important. We 0:20:28.570 --> 0:20:31.900 tend not to have things like stop losses. I think 0:20:31.900 --> 0:20:34.899 those aren't necessarily great risk management tool. Trying to think 0:20:34.900 --> 0:20:39.760 of a good example of a trade where I've lost 0:20:39.760 --> 0:20:42.939 a ton of money. Well, I don't know. I don't 0:20:42.940 --> 0:20:46.780 want to go into specifics too much about what? 0:20:48.780 --> 0:20:54.149 Stopgaps. I mean, nobody wants stop loss. What? That. What? Seriously, 0:20:55.220 --> 0:20:57.120 You know what? I want to ask you this, Joel. 0:20:57.630 --> 0:20:58.460 Ask me this. 0:20:58.470 --> 0:21:02.730 When I first heard Alameda research. To me, that sounds 0:21:02.730 --> 0:21:05.639 like a name that's been around for a long time. Like, 0:21:05.850 --> 0:21:08.310 I didn't even go in and dive in, research into it, 0:21:08.310 --> 0:21:11.670 because I'm thinking that thing's been around 20 plus years. 0:21:11.670 --> 0:21:16.020 It's Alameda Research. Yeah, that's something about that was ringing 0:21:16.020 --> 0:21:18.540 a bell in my brain that just sounds like it's 0:21:18.540 --> 0:21:21.000 been around forever. I didn't know that it was created 0:21:21.000 --> 0:21:24.240 in 2017. I thought that thing's been around since the 0:21:24.240 --> 0:21:26.190 1990s in my brain somehow. 0:21:27.540 --> 0:21:31.350 In that brain of yours. Well, you got to see this. 0:21:32.130 --> 0:21:36.450 So Sam Bankman-fried has been tweeting. First of all, he 0:21:36.450 --> 0:21:41.909 came on to to Twitter, let's see, a few days ago. 0:21:42.300 --> 0:21:47.250 And he said here that before he said that they're 0:21:47.250 --> 0:21:52.230 filed for bankruptcy. He basically said he screwed up. Like 0:21:52.230 --> 0:21:56.880 if he had a lawyer out there, I don't know 0:21:56.880 --> 0:22:01.000 what they were telling him, but he's apologizing. He's basically incriminating himself. 0:22:01.050 --> 0:22:02.370 Why is he said, I fucked up. 0:22:02.369 --> 0:22:06.660 Twice, the dude's going to jail, but he has to. 0:22:06.660 --> 0:22:08.070 I don't I just don't see a way around it. 0:22:08.070 --> 0:22:11.670 But look, look at these tweets that have been coming out, 0:22:11.670 --> 0:22:14.580 starting with this 115 hours ago. 0:22:15.240 --> 0:22:16.570 Right. Spelling. What happened? 0:22:16.590 --> 0:22:20.070 Yeah, he's spelling. Spelling. He's spelling. What happened? He just. 0:22:20.280 --> 0:22:23.820 He tweets us. This is last night. Just what? And 0:22:23.820 --> 0:22:28.230 then a couple hours later, just the letter H and 0:22:28.230 --> 0:22:30.330 just a couple of hours ago today, like he let 0:22:30.330 --> 0:22:33.060 his sleep. Slept on that all night. Now it's h 0:22:33.060 --> 0:22:39.050 a p p e like why is what? What game 0:22:39.060 --> 0:22:42.149 Like what this guy posted right here. This is w 0:22:42.150 --> 0:22:47.189 t f what is the insanity of what we're seeing play out 0:22:47.609 --> 0:22:51.119 in front of us in real time? Billions of dollars lost, 0:22:51.119 --> 0:22:55.590 tanking the crypto market, killing trust for so many people 0:22:55.950 --> 0:23:00.870 in cryptocurrency when obviously we and many others have warned 0:23:00.869 --> 0:23:07.620 against centralized exchanges for so long. This shouldn't be a 0:23:07.619 --> 0:23:11.340 surprise that it's come to this. But the drama that 0:23:11.340 --> 0:23:13.409 we're seeing here is surprising. 0:23:14.250 --> 0:23:17.130 It could be more nefarious than that. This could literally 0:23:17.130 --> 0:23:20.669 be set up to eventually take the crypto fall to 0:23:20.670 --> 0:23:25.080 kind of help usher in cbdcs. Right. When you look 0:23:25.080 --> 0:23:28.380 at the whole ecosystem of this and when you tap 0:23:28.380 --> 0:23:31.590 in and you can kind of see how what was 0:23:31.590 --> 0:23:35.280 going on with the funding and then SBF ends up 0:23:35.550 --> 0:23:39.660 investing $40 million and the second largest donor into Joe 0:23:39.660 --> 0:23:43.649 Biden's campaign. Originally, there's some money laundering stuff that's going 0:23:43.650 --> 0:23:46.320 on that we don't even fully understand. 0:23:48.390 --> 0:23:52.409 Which you won't hear about on the news, gang, if you're watching CNN, 0:23:52.410 --> 0:23:57.060 if you're watching MSP, MSNBC, if you're watching CNBC, if you. 0:23:57.060 --> 0:23:58.800 Have MSNBC to do. 0:23:59.160 --> 0:24:02.020 That, if you're reading The New York Times or the 0:24:02.040 --> 0:24:05.159 whatever the Los Angeles or Chicago Tribune or any of 0:24:05.160 --> 0:24:09.690 those papers, this is a great time to question if 0:24:09.690 --> 0:24:12.870 you're being duped, if you're not really hearing the news, 0:24:12.869 --> 0:24:16.740 because the news is out there and this is the 0:24:16.740 --> 0:24:21.840 biggest scandal since Enron, without a doubt the biggest financial 0:24:21.840 --> 0:24:26.070 scandal in America since Enron. And if you're not hearing 0:24:26.070 --> 0:24:29.160 about it, if you're just hearing how bad crypto is 0:24:29.160 --> 0:24:32.280 and FTX is crumbled, if you're not hearing the flow 0:24:32.280 --> 0:24:35.910 of money where they can track where the money came 0:24:35.910 --> 0:24:39.270 from and where it went, then you know, you're being 0:24:39.270 --> 0:24:41.520 lied to. And that's going to be a real hard 0:24:41.520 --> 0:24:44.490 pill to swallow for some of you that think that 0:24:44.490 --> 0:24:48.930 you're trusting the news networks and sources that you rely on. 0:24:49.530 --> 0:24:53.609 Yeah, Well, I mean, when you start diving into deeply 0:24:53.609 --> 0:24:57.030 and you start seeing the connections between Gary Gensler of 0:24:57.030 --> 0:25:02.970 the SEC and his parents, SBF parents, how things are 0:25:02.970 --> 0:25:06.090 sort of tied in. SBF was working with the SEC 0:25:06.090 --> 0:25:10.619 and Gary Gensler to write crypto regulation, right? And so 0:25:10.890 --> 0:25:13.020 when you're tying all that stuff together and then you 0:25:13.020 --> 0:25:15.720 and then they're still talking about going forward with the 0:25:15.720 --> 0:25:19.580 stuff that SBF was recommending. And I look at that 0:25:19.580 --> 0:25:24.959 and I say, Wow. How can this be so corrupted 0:25:25.320 --> 0:25:28.620 like it's people? Because PR man lets people. 0:25:28.830 --> 0:25:31.409 This is the link to this. And everything else we're 0:25:31.410 --> 0:25:33.480 talking about is in the show notes at bad co 0:25:33.480 --> 0:25:37.199 dot i n forward slash 649. This is the tweet 0:25:37.200 --> 0:25:39.450 that kind of kicked it all off from sees that 0:25:39.450 --> 0:25:41.520 you can take a look at you know I mentioned 0:25:41.520 --> 0:25:44.609 that Ben Armstrong bit boy Crypto's been doing a lot 0:25:44.609 --> 0:25:48.000 of work and was his work has turned up is 0:25:48.000 --> 0:25:50.580 who the real villain is in all of this. It 0:25:50.580 --> 0:25:56.910 is the legal counsel for FTC's Dan Freedberg. And there 0:25:56.910 --> 0:26:01.710 is a story that's linked on this guy's Facebook post 0:26:01.980 --> 0:26:04.950 that you're going to have a hard time finding the 0:26:04.950 --> 0:26:07.919 evidence that this guy is it because all of a 0:26:07.920 --> 0:26:12.720 sudden the very existence of him is being scrubbed from 0:26:12.720 --> 0:26:17.340 the Internet in real time? People are having to screenshot bios, 0:26:17.850 --> 0:26:21.690 social pages that are being taken down, posts that are disappearing, 0:26:21.690 --> 0:26:27.480 references on websites to this guy, all disappearing. Why? Why 0:26:27.480 --> 0:26:32.429 would that happen? Well, apparently Sam Bankman-fried is, according to 0:26:32.430 --> 0:26:36.540 this theory, the fall guy and Dan Freedberg may be 0:26:36.540 --> 0:26:40.170 the one who was responsible for what just took place. 0:26:41.520 --> 0:26:45.959 And I'm and imagine being so well respected in the 0:26:45.970 --> 0:26:50.070 space like you're literally having conferences and you're having people 0:26:50.070 --> 0:26:54.090 like Bill Clinton coming in, speaking at your conference. Right. 0:26:54.090 --> 0:26:56.740 With Tom Brady and Joseph Obama. 0:26:57.000 --> 0:27:00.240 I did not I did not buy any of that FTX. 0:27:00.240 --> 0:27:03.270 I did not get any donations for I did I 0:27:03.270 --> 0:27:06.510 did have sexual intercourse with that woman, though. I did. 0:27:07.140 --> 0:27:09.810 It's just it's just when you tie everything together, you 0:27:09.810 --> 0:27:13.379 can see that there is a big, big problem with 0:27:13.380 --> 0:27:16.530 all of this. And when you hear these folks talk 0:27:16.800 --> 0:27:18.929 and then, you know, they have no liquidity and then 0:27:18.930 --> 0:27:22.710 you you go through the whole system and you're going, wow, 0:27:23.160 --> 0:27:25.530 this thing right here, I like this damn free beer guy. 0:27:25.859 --> 0:27:28.709 Nobody's really talking about this guy. And for somebody to 0:27:28.710 --> 0:27:31.980 be able who is powerful enough to scrub someone from 0:27:31.980 --> 0:27:35.369 the Internet, not only from the Internet, but from archives 0:27:35.550 --> 0:27:39.629 and the Wayback Machine. Right. We do know. I know 0:27:39.630 --> 0:27:43.040 I read this Taylor Lawrence, who is a I guess 0:27:43.050 --> 0:27:47.070 a Washington Post or New York Times journalist, her uncle 0:27:47.070 --> 0:27:50.520 runs the Wayback Machine. And so any time that she 0:27:50.520 --> 0:27:52.649 wants to get anything scrubbed, she just talks to her 0:27:52.650 --> 0:27:54.750 uncle and he scrubs all that stuff. So you don't 0:27:54.750 --> 0:27:57.690 know that, you know, one of these prolific quote unquote, 0:27:57.690 --> 0:28:01.410 journalists comes from a very, very wealthy family. Well, this 0:28:01.410 --> 0:28:05.879 dude right here, Dan Friedberg, he is basically getting stuff 0:28:05.880 --> 0:28:09.210 wiped out somehow. And this guy right here, you never 0:28:09.210 --> 0:28:09.960 see this guy. 0:28:10.200 --> 0:28:13.020 He's got he's got some super epic Goo-GONE and that 0:28:13.140 --> 0:28:16.410 he even sprays it on the Internet and everything. Wow. 0:28:16.410 --> 0:28:20.220 Disappears crazy. So this is a rabbit hole. Definitely worth 0:28:20.520 --> 0:28:27.240 going down. And congratulations to Bitboy for for uncovering. Also, 0:28:27.720 --> 0:28:30.720 Mario Nawfal, who's a friend of the show, was on 0:28:30.720 --> 0:28:33.990 this show a few months ago. He has been doing 0:28:33.990 --> 0:28:39.840 these Twitter spaces round tables almost daily. And he's grown 0:28:39.840 --> 0:28:41.940 this thing. You and I have both been on them 0:28:41.940 --> 0:28:46.410 as guests before speakers. He's grown it from thousands to 0:28:46.410 --> 0:28:49.230 tens of thousands of people. And now he's doing these 0:28:49.230 --> 0:28:53.670 marathon sessions where he is having people come on from exchanges. 0:28:53.670 --> 0:28:58.230 He's inviting exchange CEOs to come on and be transparent 0:28:58.230 --> 0:29:02.280 about their funds and in their holdings. Elon Musk even 0:29:02.280 --> 0:29:06.660 popped in to and said something about Dogecoin going to 0:29:06.660 --> 0:29:09.540 the moon, which of course pumped doge. And I stand 0:29:09.540 --> 0:29:14.280 by the theory that he will be integrating Dogecoin for 0:29:14.280 --> 0:29:19.230 payments on Twitter before Bitcoin is integrated. Probably a mistake, 0:29:19.230 --> 0:29:20.580 but I think he's going to do it. 0:29:21.180 --> 0:29:24.630 I think for these exchanges to regain trust, they have 0:29:24.630 --> 0:29:29.940 to do some sort of proof of visibility into their liquidity. Right? 0:29:30.240 --> 0:29:34.860 Because you can't have this fractional reserve crypto going on. 0:29:35.070 --> 0:29:37.410 You have to have insights into that. And I think 0:29:37.410 --> 0:29:40.720 the best ones and now my friend DeMar Boot, who 0:29:40.800 --> 0:29:45.660 runs hacking out of Ukraine, has been talking about this, saying, Hey, 0:29:45.750 --> 0:29:49.200 we got to have proof of visibility into the assets 0:29:49.200 --> 0:29:52.350 of these people and we should know exactly what is 0:29:52.350 --> 0:29:54.990 in the reserves at any time. There should not be 0:29:54.990 --> 0:29:58.530 any arbitrage going on where they're actually faking the amounts 0:29:58.530 --> 0:30:01.380 that they have and then getting the rug pulled off. 0:30:01.590 --> 0:30:02.190 It's crazy. 0:30:02.820 --> 0:30:07.290 Well, and what we have happening now is that other 0:30:07.290 --> 0:30:10.650 exchanges are being, you know, saying, hey, what's your what's 0:30:10.650 --> 0:30:15.330 your deal? So tether Circle and Coinbase say they have 0:30:15.330 --> 0:30:20.310 zero exposure to FTX and Alameda. We don't necessarily have 0:30:20.310 --> 0:30:23.310 the proof of that. That's what they're saying, that there 0:30:23.310 --> 0:30:27.870 is no exposure. Which exchanges do have exposure? So the 0:30:27.870 --> 0:30:31.680 ones that are being rumored out there to have exposure 0:30:31.860 --> 0:30:36.840 are crypto.com crypto dot coms denying it. Kucoin haven't heard 0:30:36.840 --> 0:30:39.630 anything from Kucoin about it. They have come out and 0:30:39.630 --> 0:30:44.850 said the holdings that they have, but they could leave 0:30:44.850 --> 0:30:47.100 some out. They do say that we have this much bitcoin, 0:30:47.100 --> 0:30:50.820 this much ethereum blah blah blah, this much cases. You've 0:30:50.820 --> 0:30:55.650 got Binance saying that they're not exposed anymore, you've got 0:30:55.830 --> 0:30:59.880 gate Dot IO is a name that's being put on 0:30:59.880 --> 0:31:01.720 the table and there's a. 0:31:01.890 --> 0:31:04.190 And that's that's an interesting point right there. I want to, 0:31:04.200 --> 0:31:08.040 I want to touch base on this Crypto.com their their 0:31:08.040 --> 0:31:10.920 token is tanking as we speak. It's down 40 something 0:31:10.920 --> 0:31:15.090 percent this week. But the CEO, Chris, I don't know 0:31:15.090 --> 0:31:17.220 of his last name. It's a weird last name, but 0:31:17.430 --> 0:31:21.600 they accidentally sent $400 million to the wrong address. They 0:31:21.600 --> 0:31:25.410 sent it to gate.io gate dot I o had the ethics 0:31:25.410 --> 0:31:29.220 to send it back to them. But when the CEO 0:31:29.220 --> 0:31:33.120 is accidentally or whoever is doing that's actually selling $400 million, 0:31:33.120 --> 0:31:39.740 and even if they didn't get that back like. My, my, my. Yeah. 0:31:39.850 --> 0:31:41.420 Money off of exchanges. 0:31:41.810 --> 0:31:47.209 Real interesting. So Solana is now down to $14. And 0:31:47.420 --> 0:31:53.840 this story right here says that I guess this just happened, right? 0:31:53.840 --> 0:31:56.190 It would have happened. The story was from November 9th. 0:31:56.190 --> 0:32:00.330 Here it is, the 14th. Nearly 1 billion of Solana 0:32:00.360 --> 0:32:04.790 said to be unstaked. That's a lot of supply that 0:32:05.270 --> 0:32:07.430 that is being un taked. 0:32:08.930 --> 0:32:11.960 And those if you look at the the pie chart 0:32:11.960 --> 0:32:16.010 of who owns Solana, the community owns like a small amount. 0:32:16.010 --> 0:32:20.660 A lot of it is the team, the advisors, the founders, 0:32:20.660 --> 0:32:23.000 those types of people, and then the people who early 0:32:23.000 --> 0:32:27.890 bought in. Right. And so Solana is so tied to 0:32:27.890 --> 0:32:31.430 FTX that I don't know if Solana is going to 0:32:31.430 --> 0:32:34.760 be able to make it through the crypto winter. And 0:32:34.760 --> 0:32:37.040 that's that's just me. Just go on now. How in 0:32:37.040 --> 0:32:39.020 the hell is it You got $1,000,000,000 set to be 0:32:39.020 --> 0:32:42.260 on state? Well, guess what? Last week that would have 0:32:42.260 --> 0:32:46.400 been two, three, 5 billion. The how much would it 0:32:46.400 --> 0:32:49.340 have been back when it was $220 a token. 0:32:49.670 --> 0:32:52.940 This is a developing story, gang. All of this is developing. 0:32:52.940 --> 0:32:58.070 The contagion of what's happened with FTX is still spreading. 0:32:58.070 --> 0:33:01.460 It is like a virus and we don't know everything 0:33:01.460 --> 0:33:04.940 that it's going to impact. But I tell you this, 0:33:05.180 --> 0:33:10.450 what this is proven and demonstrated. Is that centralized exchanges, 0:33:10.450 --> 0:33:14.200 as Bitcoin purists have said for some time. A really 0:33:14.350 --> 0:33:18.670 bad idea. There are banks, 2.0 banks in their current 0:33:18.670 --> 0:33:24.130 form are a bad idea. And centralized exchanges are basically saying, Hey, 0:33:24.130 --> 0:33:28.570 let's take this crypto concept and let's do two to 0:33:28.570 --> 0:33:33.160 crypto what we've did to fiat currency. And it's a 0:33:33.160 --> 0:33:36.760 good thing that this is happening when it is like 0:33:36.760 --> 0:33:43.510 it's time for this shenanigans to stop. Decentralized exchanges are 0:33:43.510 --> 0:33:46.480 the way to go. And I'm afraid what's going to 0:33:46.480 --> 0:33:49.750 happen as a result of this, Travis, is the regulation 0:33:49.750 --> 0:33:52.239 that they're going to want to implement is not going 0:33:52.240 --> 0:33:54.340 to affect the it's not going to be about the 0:33:54.340 --> 0:33:58.660 centralized exchanges. They're going after decentralization because then they don't 0:33:58.660 --> 0:34:00.790 have control of the money. And they're going to bring 0:34:00.790 --> 0:34:04.360 about these central bank digital currencies, currency. 0:34:04.490 --> 0:34:07.450 That's the whole point. That's the whole point of this 0:34:07.450 --> 0:34:11.410 whole thing. Like, I don't think that FTX was prepared 0:34:11.410 --> 0:34:14.710 to collapse yet. I in my mind, I don't it 0:34:14.710 --> 0:34:17.980 doesn't seem like, you know, all it took was a 0:34:17.980 --> 0:34:21.310 couple of tweets might buy all that one release of 0:34:21.670 --> 0:34:26.259 coindesk and then CZ tweeting about it and then boom. I 0:34:26.260 --> 0:34:28.259 don't think they were ready to pull their own rug. 0:34:28.270 --> 0:34:32.710 They were not prepared for this. So especially how how 0:34:32.710 --> 0:34:36.100 close SBF is with Gensler and how they're working together 0:34:36.100 --> 0:34:39.730 to create the crypto regulation. So it seems to me 0:34:39.730 --> 0:34:43.570 that FTX was primed and set up to be the de 0:34:43.570 --> 0:34:48.580 facto exchange, and it collapsed before they were quite ready. 0:34:48.580 --> 0:34:50.339 And so I think they've been scrambling a little bit. 0:34:50.350 --> 0:34:54.160 They don't necessarily know what to do. And I would say, 0:34:54.430 --> 0:34:56.650 you know, I know Sam Bankman-fried is not listening to 0:34:56.650 --> 0:34:59.230 this because I'm sure that he's freaking out because of people. 0:35:00.370 --> 0:35:03.840 How do you lose that much respect and appreciation like that? 0:35:03.900 --> 0:35:07.899 Like he's he canceled himself, but it's like there's so 0:35:07.900 --> 0:35:12.130 much going on to this behind the scenes that I 0:35:12.130 --> 0:35:15.130 think there's some nefarious players aside from that Dan Friedberg 0:35:15.130 --> 0:35:19.480 guy or whatever. Who's who's who's pumping him up. And 0:35:19.480 --> 0:35:22.520 when we tie it all together later on, we'll we'll 0:35:22.600 --> 0:35:23.230 kind of share that. 0:35:23.830 --> 0:35:27.010 So, you know, you said that he is probably freaking out. 0:35:27.550 --> 0:35:31.070 Look at all of the investments that SBF had here. 0:35:31.090 --> 0:35:34.480 This is actually on a Sir Lord Travis's LinkedIn. You can go 0:35:34.480 --> 0:35:38.500 take a close look at all of these organizations that 0:35:38.500 --> 0:35:40.480 had exposure investments. 0:35:40.610 --> 0:35:43.390 And now this show down. Yeah, yeah. Scroll down here 0:35:43.390 --> 0:35:45.520 and then there's another one right there. And there's the 0:35:45.520 --> 0:35:48.150 other one right there. So, like, all of that is 0:35:48.210 --> 0:35:50.860 I've gone in and here's how they were all sort 0:35:50.860 --> 0:35:57.250 of connected. And what I've read is 134 companies that, that, 0:35:57.610 --> 0:36:01.509 that SBF and the group has in Alameda and FDX 0:36:01.510 --> 0:36:04.990 has invested in or part of is now filing for 0:36:04.989 --> 0:36:09.790 bankruptcy 134 of these right now including Blockfi. We have 0:36:09.790 --> 0:36:12.160 money on that. That sucks. So there's a whole lot 0:36:12.160 --> 0:36:15.729 of stuff that's going on that that is still yet 0:36:15.730 --> 0:36:19.330 to be revealed. And so man. 0:36:19.980 --> 0:36:23.800 But, you know, you're saying that he doesn't care. Here's 0:36:23.800 --> 0:36:28.239 what's really interesting. And I'm looking for the link to 0:36:28.239 --> 0:36:32.529 find this, but apparently here we go. I found it. 0:36:33.370 --> 0:36:37.510 Sam has been playing League of Legends like this is happening. 0:36:37.719 --> 0:36:40.330 This is now. He was caught in a game. While 0:36:40.330 --> 0:36:43.299 all of this is going on. He's playing video games, 0:36:43.300 --> 0:36:45.100 and in between it all, he's tweeting. 0:36:45.730 --> 0:36:48.009 Well, no worse than that. He was playing League of 0:36:48.010 --> 0:36:51.190 Legends when he had that investor meeting with Sequoia Capital. 0:36:51.190 --> 0:36:54.250 And they gave him that. They gave him money. Like what? 0:36:54.980 --> 0:36:58.270 Yeah. Just not only this. Not only this, Joel. They 0:36:58.270 --> 0:37:02.590 gave them money, but the World Economic Forum was talking 0:37:02.590 --> 0:37:07.300 about how great FTX is as an exchange. To me, 0:37:07.300 --> 0:37:10.510 that's the huge red flag they've since deleted that Sequoia 0:37:10.510 --> 0:37:15.010 Capital was talking about. What a great altruistic, amazing person 0:37:15.010 --> 0:37:19.000 SBF is and FTC's, and they've deleted that from their websites. 0:37:19.330 --> 0:37:22.100 So they're trying to clean up this stuff. Dan Freedberg 0:37:22.100 --> 0:37:24.430 is being deleted from the Internet. So there are some 0:37:24.430 --> 0:37:28.210 powerful people at work behind this to probably try to 0:37:28.210 --> 0:37:31.000 bring down crypto as much as they can because they 0:37:31.000 --> 0:37:33.520 want to bring in, as Joel said, those central bank 0:37:33.520 --> 0:37:36.310 digital currencies. That is the end goal. How do you 0:37:36.310 --> 0:37:39.310 get there? You kill crypto as much as you can. 0:37:39.460 --> 0:37:42.700 You ruin the trust for crypto and then you usher 0:37:42.700 --> 0:37:46.420 in the solution. When that happens, create a problem. Yep. 0:37:46.570 --> 0:37:52.239 Wait for the reaction. Offer the solution that happens. Problem. Reaction. Solution. 0:37:52.330 --> 0:37:55.150 It happens all the time with these government players. Look what's. 0:37:55.150 --> 0:37:58.900 Happening here. Look who they're bringing in to to resolve 0:37:58.900 --> 0:38:04.180 the problem. That is left by Sam Bankman-fried, a Wall 0:38:04.180 --> 0:38:09.570 Street turnaround titan. John Jay Ray. The third is taking 0:38:09.570 --> 0:38:12.540 over and is going to guide the company through the 0:38:12.540 --> 0:38:15.300 Chapter 11 process. And who's this guy? Trevor? 0:38:16.750 --> 0:38:20.109 Dude, when I saw this, I said, okay, yeah, there's 0:38:20.110 --> 0:38:25.360 clearly some shenanigans going on because the dude, this John, John, Jay, Ray, 0:38:25.360 --> 0:38:30.219 the third, he became the CEO of Enron after Enron 0:38:30.219 --> 0:38:33.040 got caught with their hand in the cookie jar. Right. 0:38:33.700 --> 0:38:35.980 And then it collapsed. This dude was the dude who 0:38:35.980 --> 0:38:39.880 wrote it down to the ashes. Who'd they bring on? John? 0:38:39.880 --> 0:38:44.110 Jay Ray, the third to become CEO of FDX, who 0:38:44.290 --> 0:38:48.189 is connected to this guy to bring him in? And 0:38:48.190 --> 0:38:50.529 why would he even be willing to do it if 0:38:50.530 --> 0:38:53.200 this was not a sort of deep state operation in 0:38:53.200 --> 0:38:56.410 some way, Joel? There's no there's no other reason for 0:38:56.410 --> 0:39:00.190 this to happen. Also, the other piece of news is, 0:39:00.489 --> 0:39:04.780 you know, who's been following around SBF for the last 0:39:04.780 --> 0:39:05.500 six months. 0:39:05.890 --> 0:39:06.580 Who's that? 0:39:07.390 --> 0:39:10.030 Ah, the the dude who wrote The Big Short. Michael 0:39:10.030 --> 0:39:14.170 Lewis has been following around SBF for the last six months, 0:39:14.920 --> 0:39:17.710 and he's going to write a book about this. He 0:39:17.710 --> 0:39:21.520 just got his finale. He just got his finishing final 0:39:21.520 --> 0:39:23.040 chapter of this thing. Well, it's. 0:39:23.080 --> 0:39:25.570 Not it's not over. I mean, because there's still a 0:39:25.570 --> 0:39:28.060 lot more to come, like what's going to happen to 0:39:28.060 --> 0:39:32.290 Sam and to Dan and the others that are involved? 0:39:32.800 --> 0:39:35.650 Probably nothing. Probably nothing. If there's if they're one of 0:39:35.650 --> 0:39:39.070 the largest donors to the Democrat Party, probably nothing will 0:39:39.070 --> 0:39:41.259 happen to them. If so, it'll be a little baby 0:39:41.260 --> 0:39:43.960 slap on the hand. It won't be anything like Ross Ulbrich , 0:39:43.960 --> 0:39:47.130 the creator of Silk Road, is sitting in there for life. Right. 0:39:47.280 --> 0:39:50.410 Anything like that? It's going to be, oh, probably a 0:39:50.410 --> 0:39:53.590 monetary fine of some sort. Just like what happened in 0:39:53.590 --> 0:39:56.500 the global crash of 2008. How many of those Wall 0:39:56.500 --> 0:39:59.740 Street executives went to jail? Zero. 0:40:00.160 --> 0:40:05.980 Are you awake? Are you awake, folks? 0:40:06.370 --> 0:40:09.850 Joel? Joel? Joel. Crypto has nothing to do with politics. 0:40:10.670 --> 0:40:14.530 Remember people telling us to tune in here about politics? 0:40:14.950 --> 0:40:18.550 Tune in to hear about crypto. Hey, assholes. Guess what? 0:40:18.850 --> 0:40:22.719 It is actually tied together intrinsically at the hip. 0:40:22.840 --> 0:40:25.180 Did you just call our listeners assholes? 0:40:25.180 --> 0:40:27.810 The ones who were bitching about us? Talking about politics 0:40:27.820 --> 0:40:30.160 are assholes. They don't understand what's going on. Yeah. No, 0:40:30.160 --> 0:40:30.969 they think a little bit. 0:40:31.180 --> 0:40:34.090 They don't know. You're right. You're right. And it turns 0:40:34.090 --> 0:40:36.430 some people off. But you know what? There's things happening 0:40:36.430 --> 0:40:39.070 in the world that are a serious turnoff. And your freedom, 0:40:39.250 --> 0:40:43.570 our freedom, our liberties are at stake. And Bitcoin does 0:40:43.570 --> 0:40:47.860 fix this. It really does. There are some diehards that 0:40:47.860 --> 0:40:51.520 say there's better bitcoins out there. Some say ADA is 0:40:51.520 --> 0:40:54.460 a better bitcoin. Some say ICP is a better chain 0:40:56.320 --> 0:40:59.110 and those are up for debate. I'm not going to 0:40:59.110 --> 0:41:01.330 be a Bitcoin purist, but I am going to say 0:41:01.600 --> 0:41:05.980 there are definitely shenanigans afoot and we're here. We're going 0:41:05.980 --> 0:41:09.820 to keep covering it. We've got some great interviews coming 0:41:09.820 --> 0:41:11.739 your way that are all going to be relevant to 0:41:11.739 --> 0:41:13.930 the times. We need to get G. Edward Griffin back 0:41:13.930 --> 0:41:14.529 on the show. 0:41:14.770 --> 0:41:16.540 Yeah, I would. I would say Griffey. 0:41:16.580 --> 0:41:18.279 I call him Griffey when he comes back. 0:41:19.239 --> 0:41:21.760 You can call him whatever, you little gruff. He comes back. 0:41:21.790 --> 0:41:24.100 But I want to touch base on this because this 0:41:24.460 --> 0:41:28.299 is something that's a total conspiracy theory. And there's a 0:41:28.300 --> 0:41:32.080 Twitter user by the name of at delete underscore shit coin. 0:41:32.350 --> 0:41:36.760 He was the founder of Makerdao, Right. This guy basically 0:41:36.760 --> 0:41:40.690 called out CIA and Mossad and said, whoa, a pedophile 0:41:40.690 --> 0:41:44.200 elite is running some kind of sex trafficking blackmail ring 0:41:44.200 --> 0:41:46.839 out of Puerto Rico on the Caribbean islands. They're going 0:41:46.840 --> 0:41:49.690 to frame me with a laptop plant and blah, blah, blah. 0:41:49.719 --> 0:41:52.210 They will torture me to death. And guess what? He's dead. 0:41:52.270 --> 0:41:55.509 He's dead. Like the next day. And. And and then. 0:41:55.510 --> 0:41:58.540 So they're saying that there's potentially some tie ins with this, 0:41:58.840 --> 0:42:03.549 especially if you look at the Alameda Research logo. That 0:42:03.550 --> 0:42:07.720 logo looks very suspicious to the boy lover pedophile symbol. 0:42:07.989 --> 0:42:11.830 And then the logo. That's an SPF SBF Twitter profile 0:42:11.920 --> 0:42:15.370 looks very similar to the girl lover pedo symbol. You 0:42:15.370 --> 0:42:17.920 can actually go and research those on your own. I'm 0:42:17.920 --> 0:42:20.590 not saying any of that's true. I'm not saying anything's 0:42:20.590 --> 0:42:24.640 connected other than that dude's dead. Right. But if that's 0:42:24.640 --> 0:42:28.930 tied to FTX and SBF and all this stuff's going 0:42:28.930 --> 0:42:33.310 on and then the money laundering with Ukraine and then 0:42:33.310 --> 0:42:36.910 so we've seen about $100 billion to Ukraine. Right. And 0:42:36.910 --> 0:42:41.319 then Ukraine was investing in the attacks. And then somehow 0:42:41.469 --> 0:42:45.190 SBF and FTX was donating that back to PACs and 0:42:45.190 --> 0:42:49.570 to Democrat candidates. And he's been doing that since 2020. 0:42:49.870 --> 0:42:53.050 And so I don't know how that's all related or 0:42:53.050 --> 0:42:55.990 if there's any relation on that at all. If I die, 0:42:55.989 --> 0:42:59.339 I did not kill myself. I am not suicidal. No, 0:42:59.350 --> 0:43:02.020 it's weird. I'm just reporting what people are talking about 0:43:02.020 --> 0:43:04.000 and take it for what you will. 0:43:04.570 --> 0:43:07.990 Apparently, it's starting to get some coverage. New York Post 0:43:07.989 --> 0:43:14.260 Cryptocurrency Billionaire Broke the Bank for Dems. Where's Gensler? Don't know. 0:43:15.070 --> 0:43:18.130 Gensler will not do any interviews that have anything but 0:43:18.130 --> 0:43:21.370 softball questions. He won't. He won't answer hard questions. I mean, 0:43:21.370 --> 0:43:23.730 look at that face. Mm hmm. That facing. 0:43:23.739 --> 0:43:27.879 Man. He's the bank, man. How great is it, Sam? Bank, man. 0:43:27.910 --> 0:43:34.660 Like the bank man collapsed. Oh, my God. Are you serious? Oh, man. 0:43:34.810 --> 0:43:37.570 So this is here. Here's the chart right here. Here 0:43:37.570 --> 0:43:39.670 you go. This is the one that I was looking for. U.S. 0:43:39.670 --> 0:43:42.280 tax dollars at work. I'm going to put this front 0:43:42.280 --> 0:43:47.050 in center so everybody can see it. So Sam Bankman-fried 0:43:47.170 --> 0:43:51.130 donates money to the Democrat Party. Lots of money, millions 0:43:51.130 --> 0:43:54.430 of dollars to the party, to PACs, to candidates, the 0:43:54.430 --> 0:43:58.900 the PACs and candidates. The party then back senile. Biden, 0:43:59.110 --> 0:44:02.880 who gives our tax dollars in the form of military 0:44:02.920 --> 0:44:04.100 humanitarian aid, almost. 0:44:04.180 --> 0:44:07.839 $100 billion, not even including the billions of weapons sent. 0:44:08.050 --> 0:44:13.480 To Ukraine. And then Ukraine uses our aid to partner 0:44:13.660 --> 0:44:15.460 with FTX . 0:44:15.489 --> 0:44:18.190 Now, that's just that. Right? There is just a meme. 0:44:18.190 --> 0:44:20.650 That's just a picture. But go down the rabbit hole 0:44:20.650 --> 0:44:22.600 on your own and you're going to be able to 0:44:22.600 --> 0:44:24.250 find your read our show notes. You're going to be 0:44:24.250 --> 0:44:26.560 able to find all the things that we've been talking about. 0:44:27.040 --> 0:44:30.759 This is not over by any stretch of the imagination. 0:44:30.760 --> 0:44:33.100 Joel thinks we're going to maybe continue to go down. 0:44:34.090 --> 0:44:36.160 Are we going to see the bottom soon? I don't know. 0:44:36.160 --> 0:44:40.000 We're sitting at about, what, 870 billion right now. It 0:44:40.000 --> 0:44:44.469 was it was like almost 1.2 trillion. And now three 0:44:44.469 --> 0:44:48.490 $400 billion have come off the market cap like that. 0:44:48.790 --> 0:44:50.170 So what's next? 0:44:50.410 --> 0:44:52.360 You want to see this? This is funny. Uber has 0:44:52.360 --> 0:44:56.380 no cars. Airbnb has no real estate, FTX has no crypto. 0:44:56.530 --> 0:45:01.029 This is the new economy. So, yes, I referenced this 0:45:01.030 --> 0:45:02.710 in the beginning of the show and let me go 0:45:02.710 --> 0:45:06.759 ahead and follow through on my thoughts again. So not 0:45:06.760 --> 0:45:10.720 a financial advisor. Neither one of us our have been 0:45:10.719 --> 0:45:13.990 ever will be. These are just our opinions and our observations. 0:45:13.989 --> 0:45:17.440 And this is my observation. After talking to a number 0:45:17.440 --> 0:45:21.010 of people who I consider to be smart people, I 0:45:21.010 --> 0:45:24.100 don't feel like the bottom is in yet. I do 0:45:24.100 --> 0:45:28.509 not feel that right now we're at the anger stage. Maybe, 0:45:28.540 --> 0:45:31.090 maybe Trav. Can you find a link to that? The 0:45:31.150 --> 0:45:36.070 chart that shows the emotions of investors? Because at the 0:45:36.070 --> 0:45:40.660 very bottom of that is despair. And yes, there's a 0:45:40.660 --> 0:45:42.609 lot of people right now that have lost a lot 0:45:42.610 --> 0:45:46.930 of money and they're despairing personally. But as a market, 0:45:47.170 --> 0:45:50.860 the market the crypto market is not fully despairing. I 0:45:50.860 --> 0:45:56.560 think that happens when you have enough of the population saying, 0:45:56.739 --> 0:46:01.569 I never want to hear the word crypto again because 0:46:01.570 --> 0:46:04.630 they don't see a path back for that right now. 0:46:04.810 --> 0:46:08.140 I don't think we're there. I think that there is 0:46:08.800 --> 0:46:12.280 there is plenty of room for downside. Couple that with 0:46:12.280 --> 0:46:14.560 two things. And the part of this I got from 0:46:14.560 --> 0:46:17.440 speaking with Christina and some of my friends local here 0:46:17.440 --> 0:46:23.560 in in Puerto Rico, December is traditionally a tax harvesting month, right? 0:46:23.560 --> 0:46:26.620 There was a sell off in December because if you 0:46:26.620 --> 0:46:29.050 need if you need to do some losses, this is 0:46:29.050 --> 0:46:31.180 the time to do it right, because you got to 0:46:31.180 --> 0:46:35.759 pay your taxes. But. The Fed has printed money like 0:46:35.760 --> 0:46:39.299 crazy the past couple of years and the stock market 0:46:39.300 --> 0:46:44.040 is propped up. Real estate has been propped up. Inflation 0:46:44.040 --> 0:46:49.570 is crazy right now. And the conventional wisdom says this 0:46:49.570 --> 0:46:52.770 is got to fall down at some point. And when 0:46:52.770 --> 0:46:57.600 the stock market takes a massive fall, and I believe 0:46:57.600 --> 0:47:01.380 it will. Crypto is not yet decoupled. Bitcoin does not 0:47:01.380 --> 0:47:05.370 decouple from the overall markets when the markets fall. People 0:47:05.370 --> 0:47:09.900 sell all of their holdings, right? Doesn't matter what they're holding. 0:47:10.050 --> 0:47:12.960 The only thing that I've seen not fall with the 0:47:12.960 --> 0:47:17.279 markets are precious metals. And so that's why I think 0:47:17.280 --> 0:47:20.880 we've not seen the bottom. And what was once predicted, Travis, 0:47:20.880 --> 0:47:23.940 that we could see Bitcoin down around four or 5000 again, 0:47:23.940 --> 0:47:27.090 that I thought never that's never going to happen. I'm 0:47:27.090 --> 0:47:30.270 beginning to think that it could touch that bottom again 0:47:30.270 --> 0:47:34.080 before shooting up. Could be totally wrong. I don't know. 0:47:34.080 --> 0:47:38.129 Jim Cramer says this is the bottom. And traditionally, that 0:47:38.130 --> 0:47:40.320 is a signal to do the opposite of what he 0:47:40.320 --> 0:47:44.050 says because he's just a paid shill on on television. 0:47:44.070 --> 0:47:45.000 I don't know. What do you think? 0:47:45.270 --> 0:47:47.790 Well, I would say this is that the Fibonaccis would 0:47:47.790 --> 0:47:50.609 say that 14 is going to be the absolute low. 0:47:50.940 --> 0:47:54.570 That's what the Benarty says. But I've also said that 0:47:54.570 --> 0:48:00.290 the collapse that we could potentially see soon could be historic. 0:48:00.300 --> 0:48:03.690 And if it does happen where Fiat fails and they 0:48:03.690 --> 0:48:07.980 start ushering that cbdcs and the economy is going to 0:48:07.980 --> 0:48:10.710 sort of collapse, then crypto is going to collapse right 0:48:10.710 --> 0:48:12.479 along with it because people are going to be freaking out. 0:48:12.840 --> 0:48:16.109 So is that going to happen? We don't know. But 0:48:16.110 --> 0:48:19.290 I did find that that chart for you put it 0:48:19.290 --> 0:48:20.850 in the show notes there for you, Joel, if you 0:48:20.850 --> 0:48:21.660 want to pull that up. 0:48:22.140 --> 0:48:24.510 Yeah, I want to go ahead. And I found one 0:48:24.510 --> 0:48:27.150 as well. It's probably the same thing. Let me go 0:48:27.150 --> 0:48:28.919 ahead and do a screen share for those of you 0:48:28.920 --> 0:48:33.360 that have turned on to now realize that we have 0:48:33.360 --> 0:48:36.300 a video version of this show as well. You can 0:48:36.300 --> 0:48:39.000 find it on YouTube as well. 0:48:39.239 --> 0:48:41.970 But we prefer you listen on the podcast because we 0:48:41.969 --> 0:48:44.940 like the views and the listens are not views on 0:48:44.940 --> 0:48:46.140 the podcast, but you know what I'm saying? 0:48:46.590 --> 0:48:50.160 So, you know, here it is, the stealth phase awareness, 0:48:51.120 --> 0:48:56.549 and then you get your bull trap. Fear, capitulation despairs 0:48:56.580 --> 0:48:57.779 way down here. 0:48:58.230 --> 0:48:59.770 So we're in despair now, is it? 0:49:00.000 --> 0:49:02.880 Well, I don't I'm saying I don't think so. I 0:49:02.880 --> 0:49:05.730 don't think we're in despair yet. I think we're getting 0:49:05.730 --> 0:49:08.489 close to to despair. 0:49:08.610 --> 0:49:10.350 Well, I would say people are selling. A lot of 0:49:10.350 --> 0:49:14.640 people are selling. They're getting rid of their cryptos. Right. However, 0:49:14.790 --> 0:49:18.540 as as faith begins to as it gets to stabilize, 0:49:18.540 --> 0:49:21.150 as long as no other big projects fail and crypto 0:49:21.150 --> 0:49:27.630 dot com fails, crypto dot com. Well, like if that fails, 0:49:28.320 --> 0:49:31.650 we are we're going to be in for a long, 0:49:31.650 --> 0:49:33.060 dark cold. 0:49:33.360 --> 0:49:36.210 So a lot of people would say that we are 0:49:36.780 --> 0:49:38.790 that we could be in the beginning of despair and 0:49:38.790 --> 0:49:42.420 then to desperation and desperation as I'll never touch shares 0:49:42.420 --> 0:49:47.520 ever again. Right. So capitulation takes place, you know, here 0:49:47.520 --> 0:49:51.750 during the beginning of the despair cycle and then is 0:49:51.750 --> 0:49:55.710 when we really hit the bottom. Now, I don't know, 0:49:55.739 --> 0:49:59.140 could I be completely wrong on this? Absolutely. Could be. 0:49:59.160 --> 0:50:01.140 Have no idea. I'm just you did. 0:50:01.140 --> 0:50:04.560 Say an interesting point, though, Joel, about how December is 0:50:04.560 --> 0:50:08.190 naturally the time when people sell off. Right. And then 0:50:08.340 --> 0:50:12.870 you also have January, which is I think in February 0:50:12.870 --> 0:50:16.590 is the Chinese New Year. So then they're typically, you know, 0:50:16.590 --> 0:50:19.649 not doing work. And so and then we've also seen 0:50:19.650 --> 0:50:24.630 that the bull runs typically end in December, early January, 0:50:24.630 --> 0:50:26.969 from what we've seen in the past. Here we are 0:50:26.969 --> 0:50:29.779 at the end of this other one. I don't know. 0:50:29.810 --> 0:50:31.820 To be determined. We're going to keep talking about this 0:50:31.969 --> 0:50:35.180 and our next episode will be on Wednesday. And we 0:50:35.180 --> 0:50:39.020 will talk about what we know on Wednesday and maybe 0:50:39.020 --> 0:50:41.940 talk about some other news that's no longer just FDX, 0:50:41.960 --> 0:50:43.940 but we're going to if there's any new parts of 0:50:43.940 --> 0:50:46.790 the saga as it continues, we'll share that as well. 0:50:46.850 --> 0:50:50.270 Oh, the other interview we've got coming up is with 0:50:50.360 --> 0:50:55.969 Alex Cody Foster. He is the writer that wrote that 0:50:56.270 --> 0:50:59.839 that track with McAfee. If you've seen the the video 0:50:59.840 --> 0:51:03.080 on Netflix and Netflix special yet, this is going to 0:51:03.080 --> 0:51:05.870 be a real fascinating interview. Lots of stuff coming up 0:51:05.870 --> 0:51:08.479 here soon, I believe. We've also got Brendan Eich from 0:51:08.480 --> 0:51:11.300 Brave is going to be coming on the show shortly. 0:51:11.460 --> 0:51:14.120 Nfts coming your way. A lot of you have signed 0:51:14.120 --> 0:51:16.280 up for the bad crypto nifty club over the past 0:51:16.280 --> 0:51:19.790 couple of weeks. If you have not yet received your 0:51:19.790 --> 0:51:24.290 bad crypto nifty club NFT, it's something like $2 and 0:51:24.290 --> 0:51:27.110 it's only $2 so that bots don't take them for free. 0:51:27.290 --> 0:51:31.340 Go to bad crypto dot Uncut dot FM, it's on 0:51:31.340 --> 0:51:34.760 Polygon Polygon so there's virtually no gas. Pick up the 0:51:34.760 --> 0:51:38.510 membership card. It is the spinny NFT of us and 0:51:38.510 --> 0:51:41.480 we've got a free drop that's coming out and maybe 0:51:41.480 --> 0:51:43.759 we'll start doing those even more often now that we've 0:51:43.760 --> 0:51:44.810 got more members in there. 0:51:45.020 --> 0:51:47.419 Yeah, we've got more members and this is a fun 0:51:47.420 --> 0:51:50.120 one I got. I'm already kind of piecing together either 0:51:50.120 --> 0:51:52.520 it's the show card for this one or it's an 0:51:52.520 --> 0:51:56.420 NFT that we give away with the fraud X, It's 0:51:56.420 --> 0:51:58.510 almost this. You just name a fraud act Sandbagging a 0:51:58.530 --> 0:52:02.960 fraud scam, bank man fraud. I don't know. There's all 0:52:02.960 --> 0:52:04.670 kinds of things you can call him. I like to 0:52:04.670 --> 0:52:05.719 call him bit. 0:52:06.230 --> 0:52:09.890 Thanks for watching and or listening at the same time. 0:52:09.890 --> 0:52:12.799 We appreciate it. 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