Joel Comm: If you've not been living in a cave this past
Joel Comm: week and you may be a cave man, a cave
Joel Comm: woman or a cave person, I don't know. You're aware
Joel Comm: of the massive scandal surrounding FCX and Alameda Research. The
Joel Comm: name Sam Bankman-fried is the talk of crypto Twitter, and
Joel Comm: his cryptic tweets make for even more interesting conversation and speculation.
Joel Comm: Billions of dollars in crypto are now gone as centralized
Joel Comm: exchanges continue to fall and people are pissed as they
Joel Comm: should be. The info that's turning up as people dig
Joel Comm: into the story is making for one heck of a
Joel Comm: Netflix movie. We're going to share the most relevant and
Joel Comm: current information along with our irrelevant thoughts and opinions on
Joel Comm: this SBF. What a h. Bad News Episode number 648.
Joel Comm: Of the bad crypto podcasts. Five.
UU: Four, three.
UU: How are you all? Who's bad? I.
Joel Comm: And welcome to the Bad Crypto podcast, the show for
Joel Comm: the crypto curious and the crypto serious I'm Joel com
Joel Comm: that's Travis right and I was wrong. This is not
Joel Comm: episode 648. It's episode 649. So when we. Unlike many
Joel Comm: journalistic endeavors out there, when we make an error we
Joel Comm: correct it front page correct that not back page in
Joel Comm: point six font print.
Travis Wright: There you go. And here's the deal. I'm wearing my
Travis Wright: Darth Vader shirt because who's more corrupt than Darth Vader? Right?
Travis Wright: And so we're talking about SBF and f t x
Travis Wright: w t f. We talked about it last time we
Travis Wright: did a show earlier last week and the things were happening.
Travis Wright: I was traveling and here we are. And actually I said,
Travis Wright: I wish I had some swag and look, I got glasses,
Travis Wright: FTX glasses right here and wow, you know, FTL, you know,
Travis Wright: then the international ones not available in America. So there's FTC, USA,
Travis Wright: and then there's the main FTL. So I've never actually
Travis Wright: put money into FTL and I'm glad about that. I've
Travis Wright: never really trusted them, especially after we chatted with Dominic
Travis Wright: Williams of Definitive, an Internet computer protocol, and he was
Travis Wright: saying some things that this dude had done to kind
Travis Wright: of tank his project and we'll get him back on
Travis Wright: the show in a future. And this is a complete
Travis Wright: shit show in the crypto world right now because, I mean,
Travis Wright: we last time we were talking, you know, Bitcoin was
Travis Wright: kind of moving up. It was like 20, almost 22,000.
Travis Wright: Ethereum was at 16,000. And then all of a sudden
Travis Wright: the Bear Stearns of crypto has happened and now trust
Travis Wright: in crypto. It's almost like crypto is a bad word
Travis Wright: to people. Now you hear crypto like, Oh my God,
Travis Wright: I never get it. And that's a huge scam. Just
Travis Wright: to let you know, Bitcoin has never been hacked, right?
Travis Wright: It's only user errors. And so we've said this 700
Travis Wright: bajillion 14 times. If it's not your keys, it's not
Travis Wright: your crypto, keep your crypto off the exchanges because here's
Travis Wright: what happens when you don't do that, right? So yeah, we.
Joel Comm: Got some really interesting guests are going to be coming
Joel Comm: up including Dominic hopefully soon. Brad Mills who was the
Joel Comm: one who was sounding the alert on Luna before Luna
Joel Comm: happened and came on this show in the spring and said,
Joel Comm: Be careful of Celsius, which caused me to remove my
Joel Comm: funds from Celsius two weeks before their scan and pop.
Joel Comm: He's got a lot to say about this and other
Joel Comm: centralized exchanges and Kristina Bruhahn of Continuum Market, who is watching
Joel Comm: all the data points of this market right now and
Joel Comm: has some interesting things to say about this, the collapses
Joel Comm: in crypto, where it's going and how we fix it.
Joel Comm: The timestamp for today is the 14th of November 2022.
Joel Comm: It is 2:42 p.m. Atlantic Standard Time, that's Puerto Rico
Joel Comm: time and Coingecko dot com says the total crypto market
Joel Comm: cap is $867 billion bitcoin 616 645 Etherium 1245 and
Joel Comm: the BNB at 277 and Travis being not a financial
Joel Comm: advisor and taking forever to capitulate that we were indeed
Joel Comm: in a bear market. A very wrong about that. I
Joel Comm: don't think we're done yet. That's just my personal opinion.
Joel Comm: I think that the I think maximum pain is yet
Joel Comm: to come. And we could talk a little bit about
Joel Comm: why that is. I think we should go ahead, though,
Joel Comm: and get into the news for today.
Travis Wright: I agree. And I would say this, take that with
Travis Wright: a grain of salt, because when Joel says it's a
Travis Wright: bull market, it's going into a bear market. When Joel
Travis Wright: says it's going into a bear market, it might be
Travis Wright: a bull market. We don't know. Don't you know your
Travis Wright: own research .
Joel Comm: Jim Cramer, has been a good indicator of that and he's
Joel Comm: saying buy Bitcoin now. So there you go. In a way,
Joel Comm: he agrees with me. It's a good thing by that
Joel Comm: means that it's going down. So, you know, in order
Joel Comm: to kick this off, what I'd like to do is
Joel Comm: Travis found a great video by a guy whose account
Joel Comm: is J G underscore nuke on Twitter. Go follow this guy
Joel Comm: rather than us. Try to summarize what's happened with FCX.
Joel Comm: He's put together a 99 second video and we're going
Joel Comm: to let you guys take a look at that and
Joel Comm: listen to it. What he's got to say right now
Joel Comm: to kind of set the table.
Joel Comm: This is Sam Bankman-fried. People call him.
Travis Wright: SBF. He's the founder of FDX.
Joel Comm: He also controlled the crypto hedge fund called Alameda Research.
Joel Comm: But that's all gone now. He wants you to think
Joel Comm: he's a sweet guy, even. And a famous YouTuber who
Joel Comm: called him the.
Travis Wright: Most generous man in the world.
Joel Comm: Yep, that happened. Do this and back Freed is a
Joel Comm: liar and a crook. His personal crypto token was basically
Joel Comm: a Ponzi scheme hidden below layers of moon bro jargon.
Joel Comm: He even went on Bloomberg's podcast and bragged about it. Yup,
Joel Comm: that happened. Used his Ponzi token as collateral to borrow
Joel Comm: billions of real dollars that he couldn't pay back. He
Joel Comm: then used those real dollars to build an empire out
Joel Comm: of dying companies like Voyager.
Travis Wright: And.
Joel Comm: Blockfi. This led Jim Cramer to call him the new J.P. Morgan.
Joel Comm: That's weird. It's not like Jim Cramer to promote a
Joel Comm: billionaire con artist. SBF sold people cryptos like Bitcoin. Or
Joel Comm: so they thought. What they really bought from SBF was
Joel Comm: an IOU. But as long as everyone didn't cash in
Joel Comm: their IOU at the same time, the scheme worked until
Joel Comm: it didn't. This other A-hole who hates SBF came along
Joel Comm: and engineered a bank run with some passive aggressive tweets.
Joel Comm: It worked. SBF didn't have enough money to repay everyone
Joel Comm: at once, and now his customers have lost everything. He'll
Joel Comm: be happy to know that this is exactly how every
Joel Comm: bank in the world operates. So where did all the
Joel Comm: money go? He misappropriated $4 billion trying to save his
Joel Comm: failing hedge fund. Woops, that's a felony. He spent $21
Joel Comm: million on Super Bowl commercials. 5 million for the big guy,
Joel Comm: $40 million in campaign donations. I wonder what he wanted
Joel Comm: in return.
Travis Wright: And everyone who's pointing at this story and saying this
Travis Wright: is exactly why we need to regulate crypto.
Joel Comm: Remember that SBF stole billions. That's already a.
Travis Wright: Crime.
Joel Comm: And he spent a lot of it on bribing politicians.
Joel Comm: Also a crime in order to create a crypto monopoly
Joel Comm: for himself. Government regulations don't protect the customers, they protect
Joel Comm: the crooks. That's exactly what SBF was trying to do.
Joel Comm: This guy did a great job of summarizing, and it
Joel Comm: was a lot that he couldn't put in there because
Joel Comm: there's so much happening here. But way to go. JG_NUKE .
Joel Comm: We've got links to your Twitter and your video in
Joel Comm: the show notes, and you guys should go subscribe to
Joel Comm: the work he's doing over there. There's a few others, Travis,
Joel Comm: that have been doing amazing work. One of them is
Joel Comm: Bit Boy, Ben Armstrong. He there is a video on
Joel Comm: YouTube that he posted two weeks before FTX went down and
Joel Comm: he said he was saying, get your money out. This
Joel Comm: thing is bad. Here's why. He was sounding the alarm and
Joel Comm: people were ribbing him and calling him out, calling him names.
Joel Comm: And he's been proven right. And now he has been
Joel Comm: busting his ass to to get data. And frankly, I
Joel Comm: think he's probably putting his life at risk a little bit.
Joel Comm: Ben Armstrong did not suicide himself.
Travis Wright: While we'll talk a little bit about more of that
Travis Wright: at the end of the episode, because there are some
Travis Wright: conspiratorial type of stuff that, you know, I could rant about,
Travis Wright: but I don't I don't know that this is all
Travis Wright: tied to the Makerdao guy who died recently in Puerto Rico,
Travis Wright: but we're going to cover why it could be connected
Travis Wright: and not about I don't know. It's all it's all conjecture.
Joel Comm: So the the the long story short on this is
Joel Comm: that they were playing with essentially fake money. Right? They
Joel Comm: made their token and they loaned out far more than
Joel Comm: they had in reserves. And when it came time to
Joel Comm: pay the piper, they were way short on in the reserves.
Joel Comm: And some of these centralized exchanges have been lending to
Joel Comm: each other. Blockfi was impacted by this. They stopped withdrawals.
Joel Comm: Others are wondering, you know, who is the next one
Joel Comm: to fall? Is Crypto.com in trouble there? There are people
Joel Comm: say no, that they're showing full disclosure on what they
Joel Comm: have in reserves. But do they really? You don't know
Joel Comm: who to trust anymore. And like Travis said, the key
Joel Comm: is not your keys, not your crypto, get off exchanges.
Joel Comm: Even Binance, you know, CZ comes out being the good guy here,
Joel Comm: but I'm not completely sold that he is. Are you.
Travis Wright: Okay? Well, I mean, you know, think about this. It's
Travis Wright: called an exchange, which means, hey, you upload your crypto,
Travis Wright: you exchange it to what you want and then you
Travis Wright: pull your crypto back down. But people are conditioned to
Travis Wright: be like a bank, right? Oh, I need a bank account.
Travis Wright: And they're thinking that like people like FTX, like, Oh,
Travis Wright: let's store my money there. Well, you don't store your
Travis Wright: money on an exchange ever. You would only put a
Travis Wright: little bit in the exchange that you maybe want to trade. Right.
Travis Wright: And so the fact is, is that, you know, it's
Travis Wright: hard to trust some of these and it's going to
Travis Wright: take a while to build some of this trust back,
Travis Wright: especially when you when you're talking about how after and how,
Travis Wright: you know, Sam Banks and fraud, how they actually had
Travis Wright: a backdoor built in to the system so they could
Travis Wright: move around customer funds from out from FTX to Alameda
Travis Wright: without triggering any sort of. Compliance or legal. And they
Travis Wright: had that built in intentionally. And this is this is
Travis Wright: the thing that I think it's interesting that somebody I
Travis Wright: was going to I'll find the article actually, it's a
Travis Wright: tweet thread where somebody said this. Imagine you're McDonald's and
Travis Wright: you want to go ahead and create your own clown coin. Right?
Travis Wright: Here's my clown coin. And what they started to do
Travis Wright: is leveraging their clown coin that they created, using that
Travis Wright: clown coin to then get loans, you know, from that
Travis Wright: clown coin and saying, all right, this is collateral for
Travis Wright: real money. And then people realizing that your clown coin
Travis Wright: is a shit coin not worth anything and that your
Travis Wright: whole business is propped up with this fictitious coin that
Travis Wright: you created. And so since that happened, the whole thing
Travis Wright: has completely tanked. Now, you've seen this. If you've looked
Travis Wright: at crypto at all, you're going, Oh my God, what
Travis Wright: has happened? The bottom has fallen out. This is the
Travis Wright: Bear Stearns moment for crypto right now. I think this
Travis Wright: is Mt. Gox be way beyond because here we are.
Travis Wright: There's a lot of people coming in, a lot of
Travis Wright: adopters are coming in. You know, Joel, even Mr. Wonderful
Travis Wright: was talking about how great FCX is and how, you know,
Travis Wright: Sam Bankman-fried as parents, you know Bankman and Fried. Barbara
Travis Wright: Fried and whatever Bankman's name is. And they are both,
Travis Wright: you know in compliance and you know they work at
Travis Wright: Stanford and it so it's interesting to see like when
Travis Wright: you look at his parents and I think we talked
Travis Wright: about this on the episode we did last week where
Travis Wright: his mom literally was creating a PAC, you know, ad
Travis Wright: Mind the Gap Democrat PAC. And then there's a whole
Travis Wright: lot of this money stuff that's being filtered around that
Travis Wright: we found out. And it's going back to a certain
Travis Wright: political party. It's really bizarre.
Joel Comm: There you Go again. Bizarre being a political conspiracy realist, a coin
Joel Comm: telling us doing a good job of tracking everything as
Joel Comm: it's happening. The most recent information we have is that
Joel Comm: at Kraken, they have frozen the accounts of FTX group Alameda
Joel Comm: Research and their executives to protect their creditors. Now, look,
Joel Comm: the odds are that if you had money in this exchange,
Joel Comm: odds are it's gone. Now, if this people would say,
Joel Comm: especially Bitcoin purists, that this is not as bad as Mt. Gox,
Joel Comm: because Mt. Gox at that time it accounted for a
Joel Comm: much a huge percentage of Bitcoin was stolen from Mt.
Joel Comm: Gox at the time. However, this rabbit hole goes much
Joel Comm: deeper into the conspiracy realist realm because we're talking big
Joel Comm: money and there's a really interesting association loop that takes
Joel Comm: place between FTX money for Ukraine and the Democrat Party.
Joel Comm: And this is not conspiracy theorists at all. This is
Joel Comm: all identifiable, proven factual, which you're not going to hear
Joel Comm: about on the mainstream news. Ask yourself why you're not,
Joel Comm: and then you can really begin to go down the
Joel Comm: rabbit hole.
Travis Wright: You know what's so crazy is this All this stuff
Travis Wright: came to light right around the time the US was
Travis Wright: having midterm elections, and we could go into some conspiracies
Travis Wright: around that. But I do notice this, Joel, is that
Travis Wright: every time I think it's 98, 99% of the time,
Travis Wright: whenever they delay the counting of a vote, it always
Travis Wright: turns out for the Democrats, right? I don't know. This
Travis Wright: is such a wild.
Joel Comm: And mystery.
Travis Wright: Dance. I don't know how that is. Why mystery magical.
Travis Wright: I think it's like, oh, how many votes do we need? Oh, okay, well,
Travis Wright: give us a week. And here we are. But, you know,
Travis Wright: talking about what was going on here. So we mentioned
Travis Wright: last week that it was like, hey, it doesn't look
Travis Wright: like you have liquidity. We have X amount of millions
Travis Wright: and millions, hundreds of millions worth of f, t, d,
Travis Wright: So we're going to start liquidating this that created this
Travis Wright: bank run and then once this bank. And so they
Travis Wright: didn't have enough liquidity because they've been moving stuff back
Travis Wright: and forth and then the value of FTT just collapses, right?
Travis Wright: I mean, it was sitting around 22, you know, it
Travis Wright: was really it was very it was almost like a
Travis Wright: stablecoin for a while, just like a little bit up
Travis Wright: a little bit. That little bit.
Joel Comm: It revealed the holes in the system is basically what
Joel Comm: it did. And that that runs like, okay, House of Cards,
Joel Comm: which by the way, as as our friend J.G. Nuke said
Joel Comm: in his video, this is the exact same system that
Joel Comm: the U.S. banking financial system runs on. If everybody was
Joel Comm: to go to the banks to say, I want my money,
Joel Comm: guess what? You're not going to get it. It's not
Joel Comm: really there. It's a house of cards. But since the
Joel Comm: government has, you know, basically deputized itself to be in
Joel Comm: the business of fraud, then they get away with it.
Joel Comm: But this exchange clearly is not. And I.
Travis Wright: Well, let's say I think you're right on on that.
Travis Wright: But as an aside, you know what you're talking about there.
Travis Wright: The Federal Reserve Bank has never been audited. We don't
Travis Wright: know how much money there is, how much money there
Travis Wright: is in how much paper money there is, how much
Travis Wright: digital money there is, and then they're leveraging it. And
Travis Wright: then if I take $1,000,000 and put it in the
Travis Wright: bank account, well then that bank can then loan out
Travis Wright: $10 million because of fractional reserve banking. And so what
Travis Wright: was happening, if you look at the asset sheet for FTX,
Travis Wright: they say they have a billion plus dollars worth of Bitcoin,
Travis Wright: you know, vulnerability that that their customers own. And then
Travis Wright: on their asset sheet, they own zero bitcoin. Right? So
Travis Wright: that's a complete that's, that's worse than fractional reserve banking
Travis Wright: because you would think they would have at least $100
Travis Wright: million worth of Bitcoin if they have $1,000,000,000 worth of
Travis Wright: liquidity out there. So they were basically trading and selling
Travis Wright: fake Bitcoin essentially, it seems like.
Joel Comm: So when all this happened, Sam Bankman-fried fled to the
Joel Comm: Bahamas where his office and his $40 million estate is,
Joel Comm: and Bahamian where he.
Travis Wright: Shared with his ten roommates that all happened to work
Travis Wright: for FTX and Alameda. And they do a search on
Travis Wright: this because this is crazy. They were having some Fleetwood
Travis Wright: Mac 1970s sort of partner swapping crazy stuff going on
Travis Wright: while he was sitting there on his beanbag. And I
Travis Wright: don't know, dude, that is just so bizarre. And he goes, Oh,
Travis Wright: he only made himself he was only taking a very
Travis Wright: small percentage of the revenue. He was only making $100,000
Travis Wright: a year from FTX while he was living in a
Travis Wright: massive penthouse suite, you know, in the Bahamas and, you know,
Travis Wright: partnered up with the CEO of Alameda Research (CAROLINE ELLISON).
Joel Comm: Whatever you think of Solana, if the case can now
Joel Comm: be made that Sam Bankman-Fried pumped it to the moon
Joel Comm: and they have sole collateral. They also wrapped something like
Joel Comm: 15,000 Bitcoins on SOL, which cannot be unwrapped now. So
Joel Comm: that's another 15,000 bitcoins that are removed from the the supply.
Travis Wright: I wonder why. Why can they not unwrap it? Because
Travis Wright: this Solana is so low in price or something or
Travis Wright: they've always had some chain problems. I mean, once upon
Travis Wright: a time I was thinking of launching a project on Solana,
Travis Wright: but then they got hacked. They were DDOS . They
Travis Wright: had that double spending thing. So once you know about
Travis Wright: all of that stuff and all the problems that Solana
Travis Wright: has had, and then you tie it back up chain
Travis Wright: to FTX, who really pumped it. It goes back to
Travis Wright: me that Dominic Williams story when he said, Man, right.
Travis Wright: Whenever they launched ICP, the price got popped up to
Travis Wright: $400 through FTX and then they put a short on
Travis Wright: it and the price tanked and they used that money
Travis Wright: to pump up Solana. So I think that they used
Travis Wright: a lot of that money from ICP, which is truly
Travis Wright: a decentralized platform. That was one of the things that
Travis Wright: Dominic Williams was talking about. Oh, hey, you know what?
Travis Wright: We were the theory and hey, let's let's go ahead
Travis Wright: and build ourselves the most decentralized Internet protocol and let's
Travis Wright: create the crypto around that. And then a lot of
Travis Wright: those can't trillionaires in Ethereum and these other ones, they
Travis Wright: prefer to have control and power over the scenario. And
Travis Wright: so they did their best to tank ICP. Now, in
Travis Wright: my mind, I think ICP when it's all said and done,
Travis Wright: if it is what we think it is, then it
Travis Wright: could be a phenomenal project long term, not financial advice.
Joel Comm: We've been talking about it for a year now and
Joel Comm: Bit Boy is finally latched on to it and he is.
Joel Comm: He understands ICP has been talking about it. So this
Joel Comm: is the the CEO of Alameda Research her name is
Joel Comm: Caroline something around.
Travis Wright: Ellison.
Joel Comm: Ellison. This is a video that has surfaced of her
Joel Comm: being interviewed. And surely you can tell from what she
Joel Comm: has to say here. She knows a lot about financial
Joel Comm: markets and how they work. Give a listen to this.
S3: Yeah, absolutely. Could pull it off without my math degree.
S3: Use very little math. Use a lot of like elementary
S3: school math. Being comfortable with risk is very important. We
S3: tend not to have things like stop losses. I think
S3: those aren't necessarily great risk management tool. Trying to think
S3: of a good example of a trade where I've lost
S3: a ton of money. Well, I don't know. I don't
S3: want to go into specifics too much about what?
Travis Wright: Stopgaps. I mean, nobody wants stop loss. What? That. What? Seriously,
Travis Wright: You know what? I want to ask you this, Joel.
Joel Comm: Ask me this.
Travis Wright: When I first heard Alameda research. To me, that sounds
Travis Wright: like a name that's been around for a long time. Like,
Travis Wright: I didn't even go in and dive in, research into it,
Travis Wright: because I'm thinking that thing's been around 20 plus years.
Travis Wright: It's Alameda Research. Yeah, that's something about that was ringing
Travis Wright: a bell in my brain that just sounds like it's
Travis Wright: been around forever. I didn't know that it was created
Travis Wright: in 2017. I thought that thing's been around since the
Travis Wright: 1990s in my brain somehow.
Joel Comm: In that brain of yours. Well, you got to see this.
Joel Comm: So Sam Bankman-fried has been tweeting. First of all, he
Joel Comm: came on to to Twitter, let's see, a few days ago.
Joel Comm: And he said here that before he said that they're
Joel Comm: filed for bankruptcy. He basically said he screwed up. Like
Joel Comm: if he had a lawyer out there, I don't know
Joel Comm: what they were telling him, but he's apologizing. He's basically incriminating himself.
Travis Wright: Why is he said, I fucked up.
Joel Comm: Twice, the dude's going to jail, but he has to.
Joel Comm: I don't I just don't see a way around it.
Joel Comm: But look, look at these tweets that have been coming out,
Joel Comm: starting with this 115 hours ago.
Travis Wright: Right. Spelling. What happened?
Joel Comm: Yeah, he's spelling. Spelling. He's spelling. What happened? He just.
Joel Comm: He tweets us. This is last night. Just what? And
Joel Comm: then a couple hours later, just the letter H and
Joel Comm: just a couple of hours ago today, like he let
Joel Comm: his sleep. Slept on that all night. Now it's h
Joel Comm: a p p e like why is what? What game
Joel Comm: Like what this guy posted right here. This is w
Joel Comm: t f what is the insanity of what we're seeing play out
Joel Comm: in front of us in real time? Billions of dollars lost,
Joel Comm: tanking the crypto market, killing trust for so many people
Joel Comm: in cryptocurrency when obviously we and many others have warned
Joel Comm: against centralized exchanges for so long. This shouldn't be a
Joel Comm: surprise that it's come to this. But the drama that
Joel Comm: we're seeing here is surprising.
Travis Wright: It could be more nefarious than that. This could literally
Travis Wright: be set up to eventually take the crypto fall to
Travis Wright: kind of help usher in cbdcs. Right. When you look
Travis Wright: at the whole ecosystem of this and when you tap
Travis Wright: in and you can kind of see how what was
Travis Wright: going on with the funding and then SBF ends up
Travis Wright: investing $40 million and the second largest donor into Joe
Travis Wright: Biden's campaign. Originally, there's some money laundering stuff that's going
Travis Wright: on that we don't even fully understand.
Joel Comm: Which you won't hear about on the news, gang, if you're watching CNN,
Joel Comm: if you're watching MSP, MSNBC, if you're watching CNBC, if you.
Travis Wright: Have MSNBC to do.
Joel Comm: That, if you're reading The New York Times or the
Joel Comm: whatever the Los Angeles or Chicago Tribune or any of
Joel Comm: those papers, this is a great time to question if
Joel Comm: you're being duped, if you're not really hearing the news,
Joel Comm: because the news is out there and this is the
Joel Comm: biggest scandal since Enron, without a doubt the biggest financial
Joel Comm: scandal in America since Enron. And if you're not hearing
Joel Comm: about it, if you're just hearing how bad crypto is
Joel Comm: and FTX is crumbled, if you're not hearing the flow
Joel Comm: of money where they can track where the money came
Joel Comm: from and where it went, then you know, you're being
Joel Comm: lied to. And that's going to be a real hard
Joel Comm: pill to swallow for some of you that think that
Joel Comm: you're trusting the news networks and sources that you rely on.
Travis Wright: Yeah, Well, I mean, when you start diving into deeply
Travis Wright: and you start seeing the connections between Gary Gensler of
Travis Wright: the SEC and his parents, SBF parents, how things are
Travis Wright: sort of tied in. SBF was working with the SEC
Travis Wright: and Gary Gensler to write crypto regulation, right? And so
Travis Wright: when you're tying all that stuff together and then you
Travis Wright: and then they're still talking about going forward with the
Travis Wright: stuff that SBF was recommending. And I look at that
Travis Wright: and I say, Wow. How can this be so corrupted
Travis Wright: like it's people? Because PR man lets people.
Joel Comm: This is the link to this. And everything else we're
Joel Comm: talking about is in the show notes at bad co
Joel Comm: dot i n forward slash 649. This is the tweet
Joel Comm: that kind of kicked it all off from sees that
Joel Comm: you can take a look at you know I mentioned
Joel Comm: that Ben Armstrong bit boy Crypto's been doing a lot
Joel Comm: of work and was his work has turned up is
Joel Comm: who the real villain is in all of this. It
Joel Comm: is the legal counsel for FTC's Dan Freedberg. And there
Joel Comm: is a story that's linked on this guy's Facebook post
Joel Comm: that you're going to have a hard time finding the
Joel Comm: evidence that this guy is it because all of a
Joel Comm: sudden the very existence of him is being scrubbed from
Joel Comm: the Internet in real time? People are having to screenshot bios,
Joel Comm: social pages that are being taken down, posts that are disappearing,
Joel Comm: references on websites to this guy, all disappearing. Why? Why
Joel Comm: would that happen? Well, apparently Sam Bankman-fried is, according to
Joel Comm: this theory, the fall guy and Dan Freedberg may be
Joel Comm: the one who was responsible for what just took place.
Travis Wright: And I'm and imagine being so well respected in the
Travis Wright: space like you're literally having conferences and you're having people
Travis Wright: like Bill Clinton coming in, speaking at your conference. Right.
Travis Wright: With Tom Brady and Joseph Obama.
Joel Comm: I did not I did not buy any of that FTX.
Joel Comm: I did not get any donations for I did I
Joel Comm: did have sexual intercourse with that woman, though. I did.
Travis Wright: It's just it's just when you tie everything together, you
Travis Wright: can see that there is a big, big problem with
Travis Wright: all of this. And when you hear these folks talk
Travis Wright: and then, you know, they have no liquidity and then
Travis Wright: you you go through the whole system and you're going, wow,
Travis Wright: this thing right here, I like this damn free beer guy.
Travis Wright: Nobody's really talking about this guy. And for somebody to
Travis Wright: be able who is powerful enough to scrub someone from
Travis Wright: the Internet, not only from the Internet, but from archives
Travis Wright: and the Wayback Machine. Right. We do know. I know
Travis Wright: I read this Taylor Lawrence, who is a I guess
Travis Wright: a Washington Post or New York Times journalist, her uncle
Travis Wright: runs the Wayback Machine. And so any time that she
Travis Wright: wants to get anything scrubbed, she just talks to her
Travis Wright: uncle and he scrubs all that stuff. So you don't
Travis Wright: know that, you know, one of these prolific quote unquote,
Travis Wright: journalists comes from a very, very wealthy family. Well, this
Travis Wright: dude right here, Dan Friedberg, he is basically getting stuff
Travis Wright: wiped out somehow. And this guy right here, you never
Travis Wright: see this guy.
Joel Comm: He's got he's got some super epic Goo-GONE and that
Joel Comm: he even sprays it on the Internet and everything. Wow.
Joel Comm: Disappears crazy. So this is a rabbit hole. Definitely worth
Joel Comm: going down. And congratulations to Bitboy for for uncovering. Also,
Joel Comm: Mario Nawfal, who's a friend of the show, was on
Joel Comm: this show a few months ago. He has been doing
Joel Comm: these Twitter spaces round tables almost daily. And he's grown
Joel Comm: this thing. You and I have both been on them
Joel Comm: as guests before speakers. He's grown it from thousands to
Joel Comm: tens of thousands of people. And now he's doing these
Joel Comm: marathon sessions where he is having people come on from exchanges.
Joel Comm: He's inviting exchange CEOs to come on and be transparent
Joel Comm: about their funds and in their holdings. Elon Musk even
Joel Comm: popped in to and said something about Dogecoin going to
Joel Comm: the moon, which of course pumped doge. And I stand
Joel Comm: by the theory that he will be integrating Dogecoin for
Joel Comm: payments on Twitter before Bitcoin is integrated. Probably a mistake,
Joel Comm: but I think he's going to do it.
Travis Wright: I think for these exchanges to regain trust, they have
Travis Wright: to do some sort of proof of visibility into their liquidity. Right?
Travis Wright: Because you can't have this fractional reserve crypto going on.
Travis Wright: You have to have insights into that. And I think
Travis Wright: the best ones and now my friend DeMar Boot, who
Travis Wright: runs hacking out of Ukraine, has been talking about this, saying, Hey,
Travis Wright: we got to have proof of visibility into the assets
Travis Wright: of these people and we should know exactly what is
Travis Wright: in the reserves at any time. There should not be
Travis Wright: any arbitrage going on where they're actually faking the amounts
Travis Wright: that they have and then getting the rug pulled off.
Travis Wright: It's crazy.
Joel Comm: Well, and what we have happening now is that other
Joel Comm: exchanges are being, you know, saying, hey, what's your what's
Joel Comm: your deal? So tether Circle and Coinbase say they have
Joel Comm: zero exposure to FTX and Alameda. We don't necessarily have
Joel Comm: the proof of that. That's what they're saying, that there
Joel Comm: is no exposure. Which exchanges do have exposure? So the
Joel Comm: ones that are being rumored out there to have exposure
Joel Comm: are crypto.com crypto dot coms denying it. Kucoin haven't heard
Joel Comm: anything from Kucoin about it. They have come out and
Joel Comm: said the holdings that they have, but they could leave
Joel Comm: some out. They do say that we have this much bitcoin,
Joel Comm: this much ethereum blah blah blah, this much cases. You've
Joel Comm: got Binance saying that they're not exposed anymore, you've got
Joel Comm: gate Dot IO is a name that's being put on
Joel Comm: the table and there's a.
Travis Wright: And that's that's an interesting point right there. I want to,
Travis Wright: I want to touch base on this Crypto.com their their
Travis Wright: token is tanking as we speak. It's down 40 something
Travis Wright: percent this week. But the CEO, Chris, I don't know
Travis Wright: of his last name. It's a weird last name, but
Travis Wright: they accidentally sent $400 million to the wrong address. They
Travis Wright: sent it to gate.io gate dot I o had the ethics
Travis Wright: to send it back to them. But when the CEO
Travis Wright: is accidentally or whoever is doing that's actually selling $400 million,
Travis Wright: and even if they didn't get that back like. My, my, my. Yeah.
Travis Wright: Money off of exchanges.
Joel Comm: Real interesting. So Solana is now down to $14. And
Joel Comm: this story right here says that I guess this just happened, right?
Joel Comm: It would have happened. The story was from November 9th.
Joel Comm: Here it is, the 14th. Nearly 1 billion of Solana
Joel Comm: said to be unstaked. That's a lot of supply that
Joel Comm: that is being un taked.
Travis Wright: And those if you look at the the pie chart
Travis Wright: of who owns Solana, the community owns like a small amount.
Travis Wright: A lot of it is the team, the advisors, the founders,
Travis Wright: those types of people, and then the people who early
Travis Wright: bought in. Right. And so Solana is so tied to
Travis Wright: FTX that I don't know if Solana is going to
Travis Wright: be able to make it through the crypto winter. And
Travis Wright: that's that's just me. Just go on now. How in
Travis Wright: the hell is it You got $1,000,000,000 set to be
Travis Wright: on state? Well, guess what? Last week that would have
Travis Wright: been two, three, 5 billion. The how much would it
Travis Wright: have been back when it was $220 a token.
Joel Comm: This is a developing story, gang. All of this is developing.
Joel Comm: The contagion of what's happened with FTX is still spreading.
Joel Comm: It is like a virus and we don't know everything
Joel Comm: that it's going to impact. But I tell you this,
Joel Comm: what this is proven and demonstrated. Is that centralized exchanges,
Joel Comm: as Bitcoin purists have said for some time. A really
Joel Comm: bad idea. There are banks, 2.0 banks in their current
Joel Comm: form are a bad idea. And centralized exchanges are basically saying, Hey,
Joel Comm: let's take this crypto concept and let's do two to
Joel Comm: crypto what we've did to fiat currency. And it's a
Joel Comm: good thing that this is happening when it is like
Joel Comm: it's time for this shenanigans to stop. Decentralized exchanges are
Joel Comm: the way to go. And I'm afraid what's going to
Joel Comm: happen as a result of this, Travis, is the regulation
Joel Comm: that they're going to want to implement is not going
Joel Comm: to affect the it's not going to be about the
Joel Comm: centralized exchanges. They're going after decentralization because then they don't
Joel Comm: have control of the money. And they're going to bring
Joel Comm: about these central bank digital currencies, currency.
Travis Wright: That's the whole point. That's the whole point of this
Travis Wright: whole thing. Like, I don't think that FTX was prepared
Travis Wright: to collapse yet. I in my mind, I don't it
Travis Wright: doesn't seem like, you know, all it took was a
Travis Wright: couple of tweets might buy all that one release of
Travis Wright: coindesk and then CZ tweeting about it and then boom. I
Travis Wright: don't think they were ready to pull their own rug.
Travis Wright: They were not prepared for this. So especially how how
Travis Wright: close SBF is with Gensler and how they're working together
Travis Wright: to create the crypto regulation. So it seems to me
Travis Wright: that FTX was primed and set up to be the de
Travis Wright: facto exchange, and it collapsed before they were quite ready.
Travis Wright: And so I think they've been scrambling a little bit.
Travis Wright: They don't necessarily know what to do. And I would say,
Travis Wright: you know, I know Sam Bankman-fried is not listening to
Travis Wright: this because I'm sure that he's freaking out because of people.
Travis Wright: How do you lose that much respect and appreciation like that?
Travis Wright: Like he's he canceled himself, but it's like there's so
Travis Wright: much going on to this behind the scenes that I
Travis Wright: think there's some nefarious players aside from that Dan Friedberg
Travis Wright: guy or whatever. Who's who's who's pumping him up. And
Travis Wright: when we tie it all together later on, we'll we'll
Travis Wright: kind of share that.
Joel Comm: So, you know, you said that he is probably freaking out.
Joel Comm: Look at all of the investments that SBF had here.
Joel Comm: This is actually on a Sir Lord Travis's LinkedIn. You can go
Joel Comm: take a close look at all of these organizations that
Joel Comm: had exposure investments.
Travis Wright: And now this show down. Yeah, yeah. Scroll down here
Travis Wright: and then there's another one right there. And there's the
Travis Wright: other one right there. So, like, all of that is
Travis Wright: I've gone in and here's how they were all sort
Travis Wright: of connected. And what I've read is 134 companies that, that,
Travis Wright: that SBF and the group has in Alameda and FDX
Travis Wright: has invested in or part of is now filing for
Travis Wright: bankruptcy 134 of these right now including Blockfi. We have
Travis Wright: money on that. That sucks. So there's a whole lot
Travis Wright: of stuff that's going on that that is still yet
Travis Wright: to be revealed. And so man.
Joel Comm: But, you know, you're saying that he doesn't care. Here's
Joel Comm: what's really interesting. And I'm looking for the link to
Joel Comm: find this, but apparently here we go. I found it.
Joel Comm: Sam has been playing League of Legends like this is happening.
Joel Comm: This is now. He was caught in a game. While
Joel Comm: all of this is going on. He's playing video games,
Joel Comm: and in between it all, he's tweeting.
Travis Wright: Well, no worse than that. He was playing League of
Travis Wright: Legends when he had that investor meeting with Sequoia Capital.
Joel Comm: And they gave him that. They gave him money. Like what?
Travis Wright: Yeah. Just not only this. Not only this, Joel. They
Travis Wright: gave them money, but the World Economic Forum was talking
Travis Wright: about how great FTX is as an exchange. To me,
Travis Wright: that's the huge red flag they've since deleted that Sequoia
Travis Wright: Capital was talking about. What a great altruistic, amazing person
Travis Wright: SBF is and FTC's, and they've deleted that from their websites.
Travis Wright: So they're trying to clean up this stuff. Dan Freedberg
Travis Wright: is being deleted from the Internet. So there are some
Travis Wright: powerful people at work behind this to probably try to
Travis Wright: bring down crypto as much as they can because they
Travis Wright: want to bring in, as Joel said, those central bank
Travis Wright: digital currencies. That is the end goal. How do you
Travis Wright: get there? You kill crypto as much as you can.
Travis Wright: You ruin the trust for crypto and then you usher
Travis Wright: in the solution. When that happens, create a problem. Yep.
Travis Wright: Wait for the reaction. Offer the solution that happens. Problem. Reaction. Solution.
Travis Wright: It happens all the time with these government players. Look what's.
Joel Comm: Happening here. Look who they're bringing in to to resolve
Joel Comm: the problem. That is left by Sam Bankman-fried, a Wall
Joel Comm: Street turnaround titan. John Jay Ray. The third is taking
Joel Comm: over and is going to guide the company through the
Joel Comm: Chapter 11 process. And who's this guy? Trevor?
Travis Wright: Dude, when I saw this, I said, okay, yeah, there's
Travis Wright: clearly some shenanigans going on because the dude, this John, John, Jay, Ray,
Travis Wright: the third, he became the CEO of Enron after Enron
Travis Wright: got caught with their hand in the cookie jar. Right.
Travis Wright: And then it collapsed. This dude was the dude who
Travis Wright: wrote it down to the ashes. Who'd they bring on? John?
Travis Wright: Jay Ray, the third to become CEO of FDX, who
Travis Wright: is connected to this guy to bring him in? And
Travis Wright: why would he even be willing to do it if
Travis Wright: this was not a sort of deep state operation in
Travis Wright: some way, Joel? There's no there's no other reason for
Travis Wright: this to happen. Also, the other piece of news is,
Travis Wright: you know, who's been following around SBF for the last
Travis Wright: six months.
Joel Comm: Who's that?
Travis Wright: Ah, the the dude who wrote The Big Short. Michael
Travis Wright: Lewis has been following around SBF for the last six months,
Travis Wright: and he's going to write a book about this. He
Travis Wright: just got his finale. He just got his finishing final
Travis Wright: chapter of this thing. Well, it's.
Joel Comm: Not it's not over. I mean, because there's still a
Joel Comm: lot more to come, like what's going to happen to
Joel Comm: Sam and to Dan and the others that are involved?
Travis Wright: Probably nothing. Probably nothing. If there's if they're one of
Travis Wright: the largest donors to the Democrat Party, probably nothing will
Travis Wright: happen to them. If so, it'll be a little baby
Travis Wright: slap on the hand. It won't be anything like Ross Ulbrich ,
Travis Wright: the creator of Silk Road, is sitting in there for life. Right.
Travis Wright: Anything like that? It's going to be, oh, probably a
Travis Wright: monetary fine of some sort. Just like what happened in
Travis Wright: the global crash of 2008. How many of those Wall
Travis Wright: Street executives went to jail? Zero.
Joel Comm: Are you awake? Are you awake, folks?
Travis Wright: Joel? Joel? Joel. Crypto has nothing to do with politics.
Travis Wright: Remember people telling us to tune in here about politics?
Travis Wright: Tune in to hear about crypto. Hey, assholes. Guess what?
Travis Wright: It is actually tied together intrinsically at the hip.
Joel Comm: Did you just call our listeners assholes?
Travis Wright: The ones who were bitching about us? Talking about politics
Travis Wright: are assholes. They don't understand what's going on. Yeah. No,
Travis Wright: they think a little bit.
Joel Comm: They don't know. You're right. You're right. And it turns
Joel Comm: some people off. But you know what? There's things happening
Joel Comm: in the world that are a serious turnoff. And your freedom,
Joel Comm: our freedom, our liberties are at stake. And Bitcoin does
Joel Comm: fix this. It really does. There are some diehards that
Joel Comm: say there's better bitcoins out there. Some say ADA is
Joel Comm: a better bitcoin. Some say ICP is a better chain
Joel Comm: and those are up for debate. I'm not going to
Joel Comm: be a Bitcoin purist, but I am going to say
Joel Comm: there are definitely shenanigans afoot and we're here. We're going
Joel Comm: to keep covering it. We've got some great interviews coming
Joel Comm: your way that are all going to be relevant to
Joel Comm: the times. We need to get G. Edward Griffin back
Joel Comm: on the show.
Travis Wright: Yeah, I would. I would say Griffey.
Joel Comm: I call him Griffey when he comes back.
Travis Wright: You can call him whatever, you little gruff. He comes back.
Travis Wright: But I want to touch base on this because this
Travis Wright: is something that's a total conspiracy theory. And there's a
Travis Wright: Twitter user by the name of at delete underscore shit coin.
Travis Wright: He was the founder of Makerdao, Right. This guy basically
Travis Wright: called out CIA and Mossad and said, whoa, a pedophile
Travis Wright: elite is running some kind of sex trafficking blackmail ring
Travis Wright: out of Puerto Rico on the Caribbean islands. They're going
Travis Wright: to frame me with a laptop plant and blah, blah, blah.
Travis Wright: They will torture me to death. And guess what? He's dead.
Travis Wright: He's dead. Like the next day. And. And and then.
Travis Wright: So they're saying that there's potentially some tie ins with this,
Travis Wright: especially if you look at the Alameda Research logo. That
Travis Wright: logo looks very suspicious to the boy lover pedophile symbol.
Travis Wright: And then the logo. That's an SPF SBF Twitter profile
Travis Wright: looks very similar to the girl lover pedo symbol. You
Travis Wright: can actually go and research those on your own. I'm
Travis Wright: not saying any of that's true. I'm not saying anything's
Travis Wright: connected other than that dude's dead. Right. But if that's
Travis Wright: tied to FTX and SBF and all this stuff's going
Travis Wright: on and then the money laundering with Ukraine and then
Travis Wright: so we've seen about $100 billion to Ukraine. Right. And
Travis Wright: then Ukraine was investing in the attacks. And then somehow
Travis Wright: SBF and FTX was donating that back to PACs and
Travis Wright: to Democrat candidates. And he's been doing that since 2020.
Travis Wright: And so I don't know how that's all related or
Travis Wright: if there's any relation on that at all. If I die,
Travis Wright: I did not kill myself. I am not suicidal. No,
Travis Wright: it's weird. I'm just reporting what people are talking about
Travis Wright: and take it for what you will.
Joel Comm: Apparently, it's starting to get some coverage. New York Post
Joel Comm: Cryptocurrency Billionaire Broke the Bank for Dems. Where's Gensler? Don't know.
Joel Comm: Gensler will not do any interviews that have anything but
Joel Comm: softball questions. He won't. He won't answer hard questions. I mean,
Joel Comm: look at that face. Mm hmm. That facing.
Travis Wright: Man. He's the bank, man. How great is it, Sam? Bank, man.
Travis Wright: Like the bank man collapsed. Oh, my God. Are you serious? Oh, man.
Joel Comm: So this is here. Here's the chart right here. Here
Joel Comm: you go. This is the one that I was looking for. U.S.
Joel Comm: tax dollars at work. I'm going to put this front
Joel Comm: in center so everybody can see it. So Sam Bankman-fried
Joel Comm: donates money to the Democrat Party. Lots of money, millions
Joel Comm: of dollars to the party, to PACs, to candidates, the
Joel Comm: the PACs and candidates. The party then back senile. Biden,
Joel Comm: who gives our tax dollars in the form of military
Joel Comm: humanitarian aid, almost.
Travis Wright: $100 billion, not even including the billions of weapons sent.
Joel Comm: To Ukraine. And then Ukraine uses our aid to partner
Joel Comm: with FTX .
Travis Wright: Now, that's just that. Right? There is just a meme.
Travis Wright: That's just a picture. But go down the rabbit hole
Travis Wright: on your own and you're going to be able to
Travis Wright: find your read our show notes. You're going to be
Travis Wright: able to find all the things that we've been talking about.
Travis Wright: This is not over by any stretch of the imagination.
Travis Wright: Joel thinks we're going to maybe continue to go down.
Travis Wright: Are we going to see the bottom soon? I don't know.
Travis Wright: We're sitting at about, what, 870 billion right now. It
Travis Wright: was it was like almost 1.2 trillion. And now three
Travis Wright: $400 billion have come off the market cap like that.
Travis Wright: So what's next?
Joel Comm: You want to see this? This is funny. Uber has
Joel Comm: no cars. Airbnb has no real estate, FTX has no crypto.
Joel Comm: This is the new economy. So, yes, I referenced this
Joel Comm: in the beginning of the show and let me go
Joel Comm: ahead and follow through on my thoughts again. So not
Joel Comm: a financial advisor. Neither one of us our have been
Joel Comm: ever will be. These are just our opinions and our observations.
Joel Comm: And this is my observation. After talking to a number
Joel Comm: of people who I consider to be smart people, I
Joel Comm: don't feel like the bottom is in yet. I do
Joel Comm: not feel that right now we're at the anger stage. Maybe,
Joel Comm: maybe Trav. Can you find a link to that? The
Joel Comm: chart that shows the emotions of investors? Because at the
Joel Comm: very bottom of that is despair. And yes, there's a
Joel Comm: lot of people right now that have lost a lot
Joel Comm: of money and they're despairing personally. But as a market,
Joel Comm: the market the crypto market is not fully despairing. I
Joel Comm: think that happens when you have enough of the population saying,
Joel Comm: I never want to hear the word crypto again because
Joel Comm: they don't see a path back for that right now.
Joel Comm: I don't think we're there. I think that there is
Joel Comm: there is plenty of room for downside. Couple that with
Joel Comm: two things. And the part of this I got from
Joel Comm: speaking with Christina and some of my friends local here
Joel Comm: in in Puerto Rico, December is traditionally a tax harvesting month, right?
Joel Comm: There was a sell off in December because if you
Joel Comm: need if you need to do some losses, this is
Joel Comm: the time to do it right, because you got to
Joel Comm: pay your taxes. But. The Fed has printed money like
Joel Comm: crazy the past couple of years and the stock market
Joel Comm: is propped up. Real estate has been propped up. Inflation
Joel Comm: is crazy right now. And the conventional wisdom says this
Joel Comm: is got to fall down at some point. And when
Joel Comm: the stock market takes a massive fall, and I believe
Joel Comm: it will. Crypto is not yet decoupled. Bitcoin does not
Joel Comm: decouple from the overall markets when the markets fall. People
Joel Comm: sell all of their holdings, right? Doesn't matter what they're holding.
Joel Comm: The only thing that I've seen not fall with the
Joel Comm: markets are precious metals. And so that's why I think
Joel Comm: we've not seen the bottom. And what was once predicted, Travis,
Joel Comm: that we could see Bitcoin down around four or 5000 again,
Joel Comm: that I thought never that's never going to happen. I'm
Joel Comm: beginning to think that it could touch that bottom again
Joel Comm: before shooting up. Could be totally wrong. I don't know.
Joel Comm: Jim Cramer says this is the bottom. And traditionally, that
Joel Comm: is a signal to do the opposite of what he
Joel Comm: says because he's just a paid shill on on television.
Joel Comm: I don't know. What do you think?
Travis Wright: Well, I would say this is that the Fibonaccis would
Travis Wright: say that 14 is going to be the absolute low.
Travis Wright: That's what the Benarty says. But I've also said that
Travis Wright: the collapse that we could potentially see soon could be historic.
Travis Wright: And if it does happen where Fiat fails and they
Travis Wright: start ushering that cbdcs and the economy is going to
Travis Wright: sort of collapse, then crypto is going to collapse right
Travis Wright: along with it because people are going to be freaking out.
Travis Wright: So is that going to happen? We don't know. But
Travis Wright: I did find that that chart for you put it
Travis Wright: in the show notes there for you, Joel, if you
Travis Wright: want to pull that up.
Joel Comm: Yeah, I want to go ahead. And I found one
Joel Comm: as well. It's probably the same thing. Let me go
Joel Comm: ahead and do a screen share for those of you
Joel Comm: that have turned on to now realize that we have
Joel Comm: a video version of this show as well. You can
Joel Comm: find it on YouTube as well.
Travis Wright: But we prefer you listen on the podcast because we
Travis Wright: like the views and the listens are not views on
Travis Wright: the podcast, but you know what I'm saying?
Joel Comm: So, you know, here it is, the stealth phase awareness,
Joel Comm: and then you get your bull trap. Fear, capitulation despairs
Joel Comm: way down here.
Travis Wright: So we're in despair now, is it?
Joel Comm: Well, I don't I'm saying I don't think so. I
Joel Comm: don't think we're in despair yet. I think we're getting
Joel Comm: close to to despair.
Travis Wright: Well, I would say people are selling. A lot of
Travis Wright: people are selling. They're getting rid of their cryptos. Right. However,
Travis Wright: as as faith begins to as it gets to stabilize,
Travis Wright: as long as no other big projects fail and crypto
Travis Wright: dot com fails, crypto dot com. Well, like if that fails,
Travis Wright: we are we're going to be in for a long,
Travis Wright: dark cold.
Joel Comm: So a lot of people would say that we are
Joel Comm: that we could be in the beginning of despair and
Joel Comm: then to desperation and desperation as I'll never touch shares
Joel Comm: ever again. Right. So capitulation takes place, you know, here
Joel Comm: during the beginning of the despair cycle and then is
Joel Comm: when we really hit the bottom. Now, I don't know,
Joel Comm: could I be completely wrong on this? Absolutely. Could be.
Joel Comm: Have no idea. I'm just you did.
Travis Wright: Say an interesting point, though, Joel, about how December is
Travis Wright: naturally the time when people sell off. Right. And then
Travis Wright: you also have January, which is I think in February
Travis Wright: is the Chinese New Year. So then they're typically, you know,
Travis Wright: not doing work. And so and then we've also seen
Travis Wright: that the bull runs typically end in December, early January,
Travis Wright: from what we've seen in the past. Here we are
Travis Wright: at the end of this other one. I don't know.
Travis Wright: To be determined. We're going to keep talking about this
Travis Wright: and our next episode will be on Wednesday. And we
Travis Wright: will talk about what we know on Wednesday and maybe
Travis Wright: talk about some other news that's no longer just FDX,
Travis Wright: but we're going to if there's any new parts of
Travis Wright: the saga as it continues, we'll share that as well.
Joel Comm: Oh, the other interview we've got coming up is with
Joel Comm: Alex Cody Foster. He is the writer that wrote that
Joel Comm: that track with McAfee. If you've seen the the video
Joel Comm: on Netflix and Netflix special yet, this is going to
Joel Comm: be a real fascinating interview. Lots of stuff coming up
Joel Comm: here soon, I believe. We've also got Brendan Eich from
Joel Comm: Brave is going to be coming on the show shortly.
Joel Comm: Nfts coming your way. A lot of you have signed
Joel Comm: up for the bad crypto nifty club over the past
Joel Comm: couple of weeks. If you have not yet received your
Joel Comm: bad crypto nifty club NFT, it's something like $2 and
Joel Comm: it's only $2 so that bots don't take them for free.
Joel Comm: Go to bad crypto dot Uncut dot FM, it's on
Joel Comm: Polygon Polygon so there's virtually no gas. Pick up the
Joel Comm: membership card. It is the spinny NFT of us and
Joel Comm: we've got a free drop that's coming out and maybe
Joel Comm: we'll start doing those even more often now that we've
Joel Comm: got more members in there.
Travis Wright: Yeah, we've got more members and this is a fun
Travis Wright: one I got. I'm already kind of piecing together either
Travis Wright: it's the show card for this one or it's an
Travis Wright: NFT that we give away with the fraud X, It's
Travis Wright: almost this. You just name a fraud act Sandbagging a
Travis Wright: fraud scam, bank man fraud. I don't know. There's all
Travis Wright: kinds of things you can call him. I like to
Travis Wright: call him bit.
Joel Comm: Thanks for watching and or listening at the same time.
Joel Comm: We appreciate it. Tell a friend to subscribe to the
Joel Comm: Bad Crypto podcast. Give us a review. Five stars always
Joel Comm: preferable and we will keep you posted on what's happening next.
Joel Comm: Until then, keep your keys in your possession.
Travis Wright: Stay.
S3: Who's bad?
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Joel Comm: The content of the show, the videos and the website
Joel Comm: is provided for educational, informational and entertainment purposes only. It's
Joel Comm: not intended to be and does not constitute financial investment
Joel Comm: or trading advice of any kind. You shouldn't make any
Joel Comm: decisions as to finances, investing, trading or anything else based
Joel Comm: on this information without undertaking independent due diligence in consultation
Joel Comm: with a professional financial advisor. Please understand that the trading
Joel Comm: of Bitcoins and alternative cryptocurrencies have potential risks involved. Anyone
Joel Comm: wishing to invest in any of the currencies or tokens
Joel Comm: mentioned on this podcast should first seek their own independent
Joel Comm: professional financial advisor.