S1: Will defi replace traditional finance? Will Bitcoin ordinals cause Bitcoin
S1: transaction fees to skyrocket? And is this the end of
S1: the US dollar is the world's dominant currency? Today we
S1: welcome Matt Greenspan of Quantum Economics back to the show
S1: to answer these questions and discover how a simple Bitcoin
S1: price prediction may or may not have caused a $2,000
S1: spike within hours. We're here for cutting edge info you
S1: can use wrapped in quantum silliness. This is episode number 680.
S1: Of the Bad Crypto podcast. Five.
UU: Four, three, one zero. Ignition Boost. Bad. What do you
UU: call it before?
S1: It's quantum. Right. If we're before quantum physics and quantum computing,
S1: what's the current terminology for?
S2: They just call it physics, right? Just physics? I think so.
S2: I don't know if there's a there's maybe there is
S2: another term, but what is it called before you eat
S2: the corn, before it digests? What is it called? Digest,
S2: which is still corn? What do you call it after?
S2: It's still corn. Quantum corniness.
S1: Corn is corn any way that you slice it? Welcome
S1: to the Bad Crypto podcast. The show for the crypto
S1: Curious Crypto serious over 10 million downloads well into our
S1: sixth year. In fact, July 18th will mark six years
S1: of doing this silliness with Sir Lord Travis. Right. There's
S1: no sign of stopping. Sorry, not sorry.
S2: You know, we keep seeing the technologies. We keep finding
S2: ways that they work and we want to explain them
S2: to you as we are figuring them out ourselves. There's
S2: a lot of stuff that's going on and and it
S2: just feels like this conversation is going to even validate that.
S2: It just feels like we are edging up out of
S2: this bull, out of this bear market into another another
S2: big bull run potentially. So we're about to it's about
S2: to go boom. Not financial advice, but it should be good.
S2: This should be fun to pay attention to.
S1: Well, you know, it's been years since Matt's been on
S1: the show. And this interview was really triggered by a
S1: tweet that I saw him make. And we're going to
S1: share more about that.
S2: Well, you were triggered. You got triggered. I got triggered. Oh, man.
S2: Joe got triggered.
S1: I can't handle it anymore. Go listen to this interview.
S1: And it's been a long time since this person has
S1: graced the Bad Crypto podcast here at the Republic of
S1: Bad Cryptopia. The last time that Matty Greenspan was with us. Oh,
S1: you don't go, Matty, right? You go by Matty, right?
S1: Matty Correct. You go by Matty. All right, let me
S1: do that.
S3: People say, Matty, I don't correct people unless you ask,
S3: you go with my.
S1: Okay. Take two. And it's been a long time since
S1: this guest has graced us here at the Republic of
S1: Bad Cryptopia As I can pull up, for those of
S1: you watching the visual version, it was October 14th, 2019,
S1: Episode number 320 that Matt Greenspan, who was with eToro
S1: at the time, came on the show and talked all
S1: things Bitcoin and cryptos with us. He is now free
S1: of the corporate shackles and he is the founder of
S1: his company, which is quantum economics. And we're going to
S1: talk again about Bitcoin and cryptos and things, mate. Welcome
S1: back to the show, sir.
S3: Thanks for having me, dude.
S2: Yeah, this is actually John. This is not the last
S2: time we talked to him. We he was on the
S2: virtual Blockchain week as well, so we interviewed him on
S2: that for an episode. But we had like we had
S2: so many awesome people on that. And Matty was just
S2: another one of the awesome people and he's been doing
S2: some stuff with quantum economics now and making some pretty
S2: good calls. In fact, you mentioned to me you said Dude,
S2: Monty said that on Thursday we're probably going to hit
S2: 31,000 or something. And then we did. And so either
S2: a soothsayer or a Nostradamus, one of the two.
S1: Let's let's give context to this, because a show airs
S1: a little later on April 10th. He posted that in 10th,
S1: I believe was a monday, that Bitcoin would be 33,000
S1: by Thursday. And at that time it was 28,000. Over
S1: the next two, I to say ten hours, Bitcoin went
S1: up $2,000. And I tweeted and I'm like, What? Because
S1: we've been going sideways for weeks and all of a sudden,
S1: three weeks. Yeah. And it goes up. What? What happened?
S3: Yeah. No, I don't. Well, as I probably told you before,
S3: I don't predict what's going to happen. Don't predict the future.
S3: I don't know. And, um, the disclaimer comes to mind.
S3: Past performance is not indicate future results. And anybody who
S3: tells you that they can tell you what's going to
S3: happen in the future is is certainly lying, including myself. So, um,
S3: I don't know. You know, I've been toying with price
S3: calls since I left Utah. I mean, obviously Adi Toro
S3: And with a financial license, um, there was always this
S3: you cannot be wrong attitude and therefore, um, you know,
S3: don't predict the future, and you won't be wrong. You'll
S3: be okay. Uh, so lately I've been, um, advising on
S3: this platform called Lubitz, which is the link that you
S3: showed there on my Twitter portfolio. And it's basically a
S3: social network for Web3 with smart contract enhanced monetization methods.
S3: And actually they even just put in real easy to
S3: use GPT and Dall-e photos. So you could like just
S3: making it easier for creators to to use these tools.
S3: And they have this feature called price calls. So this
S3: is just me like testing out that feature. And um, yeah,
S3: there I am with the cereal head nft.
S1: Okay. Looks like another social network that we need to
S1: sign up for.
S2: And it's the next generation social.
S4: Platform for Web3 enthusiasts.
S5: Joe Nerds.
S3: The the CEO Albert. Every time he tells me something
S3: like I hear, I hear Elon Musk saying it like
S3: two weeks later. I don't I don't know how he
S3: does it. He, you know, he's just ahead of the game. Mm.
S2: That sounds good. We'll have to take a we'll have
S2: to keep an eye on that for sure. But we've
S2: been keeping an eye on you. So. So tell us,
S2: you know, a lot of people are saying that, hey,
S2: you know, we are again, past performance does not indicate
S2: future results, but we are one year away from the
S2: having ballpark ish. Right. That tends to seem to be
S2: the time when things start working its mojo, baby. So
S2: what do you think? Where are we in the time scale?
S2: 2021 was good for a lot of us. 2022 was
S2: not so great. 2023 started out, man, it's starting to
S2: look better. It's starting to look like they're beginning sniffing
S2: of that next bull run, baby.
S3: 2023 started out, I think, the best year for Bitcoin
S3: ever in January and it went up like 40%, I
S3: think in January. Don't quote me on the number, but
S3: I'm pretty sure that was around that ballpark.
S1: It looks like we were around 16 five at the
S1: turn of the year. And yeah, as of this recording
S1: is happening on the 19th of April 2023. Bitcoin is
S1: currently down a little bit from where it was yesterday,
S1: 29,002 90 is is it because the SEC, Gary Gensler
S1: and all this crazy silliness, is that spooking people?
S3: Well I mean why is it down today? Actually, I
S3: think that today and yesterday and the like, the last
S3: few days is kind of trading in a range, literally.
S3: But I do believe that the banking crisis added fuel
S3: to the fire. January was just anomaly like the year
S3: just started out with a bang. Like there's no real
S3: literal explanation for it other than the price was low.
S3: Look at the average prices people were buying. Then when
S3: the banking crisis hit, I think that that gave an
S3: additional boost to Bitcoin because obviously Bitcoin is the alternative
S3: to banks and governments who are causing all the problems.
S3: People losing faith in the US dollar, you know, and
S3: now we have Russia and China, Saudi Arabia and Iran
S3: all making friends, which is very uncanny and a bit scary. Um,
S3: and that's all bad news for the buck and that
S3: makes people want to flee the ship. Best way to
S3: do it.
S2: Best way. You know what was interesting to me and
S2: I don't even I don't even think Joel and I
S2: have even mentioned this at all or chatted about it yet.
S2: But I was watching the thing about Gary Gensler and
S2: he was talking about regulating crypto, but he's never actually
S2: used an L1 platform. He's never actually used crypto. And
S2: here he is regulating it. That's like saying, I'm going
S2: to get on.
S6: The Facebook, but it's the internet and I ain't liking it,
S6: so I'm going to vote against it because I'm, you know.
S2: It's it's weird to me, you know what I mean?
S2: And hello, friend. We have a new friend on the podcast.
S2: What is up?
S5: This is or or.
S3: He's four years old.
S5: Or since.
S3: He was two years old and he has his own
S3: YouTube channel where he plays Roblox.
S5: Awesome. Oh, very.
S1: Nice. When he turns five, are you going to call him? I've.
S7: I've. Yeah. Yeah.
S3: Okay. Okay. Okay. I got it. Yeah. No, I thought
S3: that it was amazing how Gary Gensler could not answer
S3: answer a simple question. Like, you know, they're asking him,
S3: is Ethereum a security or a commodity? It's got to
S3: be one or the other. It can't be both.
S5: Right.
S1: And he wouldn't answer either one.
S5: Travis? Yeah.
S8: Talk to him.
S5: Yeah. Hello. Hello. Hi.
S2: Nice to see you there. Or and if you're tuning in,
S2: listening in the podcast, you don't see there's this awesome
S2: little Matty Junior basically.
S6: Hanging out here on a TV.
S5: What do you think or what.
S3: Do you think about Bitcoin?
S5: Yeah. Yeah. Is it is it. Is it expensive or
S5: is it cheap? Expensive.
S3: It's expensive.
S5: Oh. Uh oh.
S1: Is that a cell signal? Right there? Is that. That is.
S5: Right there.
S2: You heard it. Here, folks. Sell Mortimer.
S3: All right, go watch on the go watch TV.
S1: So, you know, we're talking about Gensler and the SEC
S1: and him not, you know, him just being bad, as,
S1: you know, a chairman of the SEC. And we've got
S1: people that are calling for for his resignation. Of course,
S1: none of these people in this administration ever resign, no
S1: matter how disgraceful they are. They they stick around and
S1: do more destruction.
S5: So United States.
S3: That's true. Yes.
S5: Yeah.
S1: In the US.
S5: I've seen I've seen politicians. Well.
S3: Well, I didn't go my way, so let me resign.
S5: Like a little different scent.
S2: Yeah, it's a little bit different over there with that, mate.
S2: But what's interesting to me about Gary Gensler and.
S6: The regulation of.
S2: This whole thing not having used it, Janet Yellen really
S2: not familiar all that much. There's not really used it.
S2: From what I understand, Elizabeth Warren hasn't really used it.
S2: But so how are they going to how do they
S2: in all consciousness feel like they can regulate it if
S2: they don't even know anything about it?
S5: No, no, no.
S3: Regulate implies that they're trying to help make sure that
S3: it works properly and that everybody's doing it properly. There
S3: isn't a way to regulate it. Literally, Bitcoin was invented
S3: as a way to transact without the need of banks
S3: and without the need of the government. And quite frankly,
S3: they can do whatever they want with it because we
S3: now have the power to do whatever we want with it.
S5: Right. I want to I.
S1: Want to get to that in a minute and get
S1: a take on this. But, you know, to set the
S1: stage for it in the last few months, this year,
S1: you know, we've had all kinds of horrible things happening
S1: in the financial markets. And most recently, Signature and SVB
S1: have really alerted us to what's going on with with
S1: the banks. From your perspective, what triggered that? What caused that?
S3: Oh, that is actually a very good question, Joel. And
S3: I point my finger directly at the Fed and Jerome
S3: under Jerome Powell leadership. And if you look at it, actually,
S3: what happened was that SVB bought Bonds, long dated bonds,
S3: meaning that they bought them in 2021. Money was flowing in.
S3: They didn't really know what to do with that money,
S3: but they had to park it somewhere. And the Fed
S3: at that time was saying long term bonds are a
S3: good investment because we're going to keep the interest rates
S3: low for very long time. The Fed was literally telling
S3: them this at that time, and then the Federal Reserve
S3: switched their attitude within a three month time period from
S3: very cheap money to very expensive money. And they raised
S3: interest rates at one of the fastest clips in history
S3: of the of the United States. So basically, they they
S3: basically rubbed SVB like literally they told them you should
S3: buy these bonds. It's a good move right now. And
S3: then once those bonds got expensive, the yield of the
S3: bond goes up. And when a yield of a bond
S3: goes up, the price of the bond goes down. So
S3: if you're holding several billion dollars worth of bonds and
S3: the yield spikes on you, the value of those assets plummets. Right.
S3: So basically, the it created a large hole in their
S3: balance sheet. And when people got wind of that whole.
S3: You know, people do what people do. They say, wait
S3: a second. If everybody tries to cash out now, they're
S3: not going to have enough money. This is a run
S3: on the bank. This is basically we know the psychology
S3: of it. Is basically this the same psychology that led
S3: to the toilet paper crisis of COVID. Right. It's like,
S3: you know, there's probably enough toilet paper out there, But
S3: my dumbass neighbor. Right. He's going to think there isn't
S3: enough toilet paper, so I better.
S5: Run to the store before he does. Because if I don't.
S3: I'm wiping with my hand.
S1: You know. You know, you can use leaves like before
S1: your hand and you know.
S5: Plenty of them over.
S1: T shirt. I mean, you went right to the hand.
S1: And I'm like, come on, there's a lot of in-betweens there.
S2: Two days in my house, I don't even use them.
S2: I'm like, But it seems like a day seems like
S2: a much better solution than a hand because then they
S2: get it under your fingernails and that's just a whole
S2: other scenario. You don't want to go there. So you
S2: know what? I actually talk about the bonds and stuff
S2: because we had the conversation we had tickets to are
S2: on our show in January and I asked some questions.
S2: He was busting my balls and he was like, No.
S6: Man, because you want to put your money in bonds.
S6: The the yield on them. Like like right now we
S6: want to he we literally were hedging their bets. He
S6: was talking about T-bills and bonds and because of the
S6: one month bonds or the.
S2: Whatever because there was value in that and he looked
S2: at me like I was crazy and I was like, dude,
S2: we're like near.
S6: The like, the dollar.
S2: Looks to me like it's near the end of the
S2: lifecycle of paper money, like the world economy is teetering.
S6: We just had, you know, the UK.
S2: The Bank of England, saying that they are insolvent, right?
S2: And there's some crazy stuff going down.
S6: And like what? You know, he.
S2: Was like, Oh.
S6: Bonds or.
S2: Whatever. And I was like, Really?
S6: And then he acted like I was an idiot. And so.
S2: I was like, okay, well, we were sitting face to.
S6: Face, too, and I was like, And then here we.
S2: Are. We've not we've not really communicated with him after
S2: the fact and be like, Well, SVB.
S6: Just shut the bed, yo. And they were doing the
S6: bond thing, like, you know.
S2: But yeah, it was, it was a.
S6: Couple of months before.
S2: VB But it wasn't, it wasn't the, they weren't, I
S2: think they weren't, they were, he was, he was talking
S2: to short one month ones or the three month ones,
S2: not the long term ones.
S6: So maybe the yield.
S2: Is a little different on those. But I was just
S2: like it just man, I just never had faith in
S2: this system since I learned about the corruption in July
S2: of 2000 when I learned that paper money is fractional
S2: ownership and I thought.
S6: The stock market.
S2: Was a little wonky. I thought things are going to
S2: be start rug pull. I just learned.
S6: I was red pilled a little too early.
S5: But let me give you.
S3: Some some some much needed confirmation bias. Travis When you're
S3: buying a bond, essentially what you're doing is you're lending
S3: money to the government. Um. Yeah. I don't know if
S3: you are familiar with the government. They're not very good
S3: with money. I don't.
S2: Know if I heard about that or not, but it
S2: seems to me like.
S5: Literally more than.
S3: $30 trillion in debt. And it's just.
S6: How how.
S2: Is it that you take every.
S6: 40% of.
S2: Everyone's salaries and you're still 30 trillion in debt? Like. Yeah.
S2: Seems like the government needs a money manager.
S5: Better respect to.
S3: Tica, I would not buy bonds if you put a
S3: gun to my head. I don't know what the government
S3: is doing with that money. I don't know where it's going.
S3: And I'm. Yeah, like you mentioned, I'm, I'm mad enough
S3: of that. I have to pay taxes. So no, giving
S3: them more money. It doesn't doesn't really compute for me.
S3: Think about this. The president of the United States is
S3: in power for 4 to 8 years. He is he
S3: is able to buy to borrow money for 50 years
S3: or more. His direct incentive is to borrow as much
S3: money that he can without worrying about how it's going
S3: to be paid back.
S5: Right.
S3: This is a system you want to lend money to.
S3: Not me.
S5: Right.
S3: That's what I'm out like. Literally, there are a million
S3: better investments in that.
S1: So the dollar is struggling. The US government is struggling
S1: to have regulation around crypto. They're scared of crypto. You've
S1: got some predictions about what's coming next and I want
S1: to want to take them one at a time as
S1: I'm reading them here in the written word. Let's just
S1: tackle these. The first one is that Defi will completely
S1: replace traditional finance. Isn't this opium? Like there's so much
S1: power in the governments and the Fed? Isn't this opium?
S5: No, no. See, Joel.
S3: And Travis, you guys live in a bubble called the
S3: United States. Yeah. I mean, even Puerto Rico is part
S3: of that bubble. There's a whole nother world out there.
S3: So the United States is regulatory, that regulatory unfriendly ness
S3: or harshness or however you want to call it, their
S3: uncertainty that they're doing on purpose in order to try
S3: and squash it. That is not hurting crypto. That's hurting
S3: the dollar.
S5: Right. This is.
S3: I mean, I don't see any other way to see it.
S3: The dollar is supposed to be a global reserve currency.
S3: They've weaponized the dollar by kicking Russia off of the system.
S3: That hurts Russia in the temporary. But it also hurts
S3: the dollar because the dollar is no longer a global currency.
S3: I can't transact from the United States to Iran in
S3: dollars even if I really want to. Even if I
S3: have a relative there, even if I have want to
S3: support somebody who's protesting the Iranian government, I cannot send
S3: them money, literally not with US dollars, but can send
S3: them Bitcoin. Right. So they have they basically harmed the
S3: dollar's utility by kicking Russia off the system, by kicking
S3: Iran off the system and several other countries by fighting,
S3: having a silly spat with China. Um, a potentially a
S3: proxy war. I don't know if you want to even
S3: go there, but now this war with crypto, I don't
S3: know if you know this, but 45% of Nigerians are
S3: already using crypto. I mean, adoption rates are 3,040% in
S3: a lot of developing countries. They've just basically cut off
S3: all of that business and all of that transaction ability
S3: with the US dollar, that just limits the dollar's utility
S3: even further. It doesn't limit crypto because crypto is borderless.
S2: Right? That's one I think so.
S6: My girl is in is.
S2: In Russia so I can't send her how money like
S2: I might be used to in the past. But what
S2: I can do is I can send Ethereum or I can.
S2: So they still have access to Binance over there. That's
S2: really the only solution. They don't have access to MoneyGram,
S2: they don't have access to pay sand, PayPal, any of
S2: that other stuff. The only way you can get money
S2: in and out of there now is with crypto. And
S2: so that right there is an interesting challenge for for them. However,
S2: whenever the the war started in in Ukraine, I was
S2: like okay wow the value of the of the ruble
S2: plummeted and.
S6: It was like $1 was 120 rubles.
S2: Now $1 is like 50 something rubles. I want at
S2: that moment like dude, let.
S6: Me load.
S2: Up on, you know, digital.
S6: Rubles. How do I how.
S2: Do I how do.
S6: I get ruble stable coins.
S2: Right?
S6: How do I.
S2: It's a that's where there's a problem is, is that.
S6: I can only get stablecoins in US dollar USD Usdc.
S6: Where's the US?
S2: Where's the euro?
S6: D Where's the euro? C Where's the yuan? T Where's
S6: the ruble?
S5: C Like looking up or something?
S2: I need these, you know what I mean? Like, it's
S2: almost like it would seem to me that.
S6: A stablecoin would be even more stable if it was a.
S2: Basket of currencies and it was like there's a little
S2: bit of gold, there's a little bit of dollar, there's
S2: a little bit of yuan, there's a little.
S6: Bit of rubles, there's a little bit.
S2: Of, you know, whatever.
S6: Rupees like.
S2: BRICS.
S6: Currencies, like.
S2: What is the best sort of hedge.
S6: Now?
S2: Because we're like, Oh, we're going to just put them
S2: in your stablecoin and you're.
S6: Like, Then your.
S2: Stablecoin happens.
S6: To what happened to Usdc?
S2: And oh, Circle has too much, you know.
S6: Doesn't have enough liquidity in SVB Bank.
S2: And so now that's going down.
S6: So well you don't want to keep it there. What
S6: happens if that goes away?
S2: Oh, put it in Bitcoin. Well, what happens if the
S2: price of bitcoin goes down 1,520%? Like it's.
S6: Like.
S2: Like really? It's a weird time to try to even
S2: figure out how to hedge your bet on some of
S2: this stuff.
S3: Yeah, you're absolutely right. I mean, fiat currencies are intentionally
S3: designed to lose value over time. I mean, whenever somebody's
S3: trading the forex market or foreign exchange, they're basically betting
S3: on which one is going to fall the fastest. And
S3: it's it's a weird game.
S5: World, huh? Like all the countries.
S6: Is going to stay all.
S2: The most. Let's go. Yeah.
S3: The countries are incentivized to devalue their currency because it
S3: promotes exports. Meaning, you know, if you are selling, if
S3: you're Switzerland and you're selling watches and you know the
S3: franc goes down, your watches are suddenly cheaper elsewhere. Right?
S3: It also devalues the debt that they have in their
S3: own currency. So countries are incentivized specifically, they don't even
S3: try to hide it. They call it inflation. I mean,
S3: it's we believe that inflation should be 2%. Why you
S3: want your value of your currency to go down. So, yes,
S3: Bitcoin is designed to go up in value over time.
S3: So if you're talking about saving, I mean, obviously it's
S3: volatile in the short term, but if you're thinking about
S3: a period of anything longer than 3 or 4 years,
S3: I think that that the the choice is obvious over there.
S3: But as far as, you know, decentralized finance, which was
S3: I mean, kind of the topic at hand, um, I
S3: believe that um, the Celsius and have have highlighted something
S3: seriously wrong with the way that capital markets work. And
S3: it's not only them. I mean, we can name like
S3: Bernie Madoff, we can name like Deutsche Bank and Credit Suisse,
S3: and all of a sudden, like just as they're in trouble,
S3: they get hit with these massive fines. Right? They're always.
S3: Doing shady shit and with decentralized finance mean for the
S3: first time we can actually see everything on the blockchain.
S3: We can see all of that. We can trace all
S3: the transactions, even if we don't know who they belong to,
S3: and we can see where the money is going, how
S3: the contract, the smart contract is designed to work, right?
S3: Nobody can trick the blockchain and funnel money out the
S3: back end without some auditor going, Hey, wait a second,
S3: where the hell is that money going? Right? So yes,
S3: it's experimental in the beginning because you're playing with new
S3: economic models. Things get broken, but over time, those smart
S3: contracts get battle tested. And every time that a hack
S3: or a leak or something happens, the system gets stronger.
S3: Right now, it's not necessarily stronger than a traditional financial bank.
S3: I think that if you're holding a large amount of money,
S3: I personally at this point would not hold more than
S3: $100,000 in Stablecoins. It makes no sense. You have so
S3: many risks and none of the extra returns that you would.
S5: Buy in financial assets.
S1: We often wonder if the domino is going to fall
S1: on Usdc or usdc. So we just had a guest
S1: recently on the show, our friend Clinton Donnelly, who's a
S1: crypto tax accountant and lawyer from, you know, understanding the regulation,
S1: you know, that's going down. And his take on this
S1: is that the US is not going to lose dominance
S1: because the US is a bully. They've put laws in
S1: place that make all the rest of the world report
S1: back on what US citizens are doing and that they're
S1: doing everything they're doing to crypto is not to drive
S1: crypto out, but to put it under the umbrella of
S1: the brokerages that exist. The reason that they're not creating regulation,
S1: according to Clinton is because they're instead going to enforcement
S1: and that they are going to treat crypto like securities
S1: and that you will go to Schwab or Fidelity or
S1: wherever to buy your Bitcoin, Ethereum or any other coins,
S1: and they want all of the money from the world
S1: pouring into those brokerages in the US. They're actually encouraging crypto.
S1: They just want it done their way where it's under
S1: their control. But you say that the US dollar will
S1: not remain the global reserve currency, so make those jive.
S3: I mean, have you not seen the movie Nerds.
S5: Like.
S3: Or any other movie where there's a bully that comes
S3: out at the beginning? We know how this ends. There's
S3: one bully and there's the rest of the class. Like
S3: literally at some point they're just going to band together
S3: and say, We don't need the bully anymore and go
S3: play somewhere else or get their revenge because they're smarter
S3: than him. Um, not that the people in the US
S3: government are stupid. Gary Gensler is in no way a fool. Um,
S3: nor was Jay Clayton before him. But there's a revolving door.
S3: These type of people that are in power, they're always
S3: thinking about what are they going to do next? He's
S3: not thinking about his chair right now. He's thinking about
S3: what's his next job, Right? He's thinking about how he's
S3: building his his application. Jay Clayton, the previous the previous chairman.
S3: You know what he does now? You know what he
S3: did like as of several months after he quit or
S3: he was fired from the SEC.
S5: High Dollar Company.
S3: And Web3 investment firm, literally as soon as he walked out.
S3: He's like, hey, look, look at my qualifications. Amy. All right.
S3: So these people's incentives are not aligned for the good
S3: of the people. They're not aligned for the good of
S3: the nation. They're aligned for themselves. They're self they're selfish
S3: actors in a grander system. And they can't possibly they
S3: can't possibly work together towards a common goal. You know,
S3: people say Gary Gensler and Elizabeth Warren, but look at
S3: like the people who are standing up for for crypto
S3: like Patrick McHenry and Tom Emmer. Right? I mean, we
S3: all we saw them play in Gary Gensler live. So.
S5: Um, you know, they're.
S3: The at especially within the United States, the political divide
S3: keeps getting wider and wider. It's going to be harder
S3: and harder for them to get together and actually create
S3: meaningful legislation. The only thing that Gary Gensler can do
S3: is stall. Eventually he'll be out whether he's kicked out
S3: or he's quits or he's just his term is over.
S3: There will be somebody else and that other person might
S3: continue his line of thought, but it might be in
S3: their best interest to go along with crypto. We'll see
S3: when that happens. In the meantime, there's a you know,
S3: I want to I want to quote Lou Kerner, who's
S3: the head crypto analyst at Quantum Economics. He says, I
S3: try to spend about as much time thinking about regulators
S3: as they think as they spend thinking about me.
S2: That's great. That's great. So we've been really trying to
S2: hedge our bets and trying to figure out what is
S2: the best way to sort of hedge our bets as
S2: we are, you know, in the bear market moving into
S2: the bull market. And I got to give it to
S2: Joel because Joel did really good. He bought a bunch
S2: of eggs.
S6: At $0.06 and then he sold.
S2: Him at $0.60. Dude, he ten eggs. His money.
S7: Was excellent.
S5: That was what was. Is this cold storage or what?
S2: Well, they're from 20, 20 eggs. They're not.
S6: So good. But I mean.
S2: They don't know. You can't tell when you're buying them, like.
S5: Right.
S2: You can't tell until you open it up and you're like,
S2: why is this brown?
S5: They were worth at least 50.
S3: When you threw them at your neighbor's house, right?
S2: You know, I'm looking back at all of those Halloweens
S2: where I was egging people's houses and I was like,
S2: This was not cost effective analysis where it was quantum economics.
S6: Back in those days, they.
S2: Were not around. So wait.
S1: Did you just miss the opportunity to say quantum.
S7: Economics? I kind of did that.
S2: I kind of said economics, but it's so kind of
S2: sounded like, yeah. So yeah, this this is a good time.
S2: This stuff's going on right now. So. So putting on.
S6: Your hat, that doesn't it's not the.
S2: Hat that's telling us the future because you don't see
S2: the future. You're not Nostradamus, You're the guy who's going
S2: to say, well, maybe this is that. Maybe. So where
S2: are we in the grand scheme of things now? Like is.
S6: This looks to us like this.
S2: Chart, what it's doing.
S6: Right now, It's looking pretty.
S2: Healthy.
S5: It is, but also it.
S3: Is looking, as my son said, over overbought or he
S3: said expensive. Okay. Um, literally, I mean if we zoom
S3: way the flip out right and think about the block
S3: having in a year from now or so. Right. And
S3: then we if we try to flip the log scale,
S3: obviously the long term trajectory is upward. And especially if
S3: we think about digital scarcity and all of those type
S3: of things fundamentally. However, um, this is a daily chart
S3: where each candlestick is one day, right? The blue line
S3: here is the average price over the last 200 days
S3: and the red line is the average price over the
S3: last 50 days. So basically we can see that we're
S3: extremely high over the 200 day average. It is expensive
S3: right now. Do you know when it.
S2: Crosses that's a good time to buy, right? That's like, oh,
S2: you can see where it crossed right there.
S3: You're picking up on the Golden Cross right over here,
S3: which is short term moves over the long term, which
S3: is the opposite of a death cross which happened over here.
S3: And we've been going down pretty much in the bear market.
S3: So this is a very bullish indicator right over here.
S3: And it has indeed played out. However, mean reversion to
S3: the mean would probably not be unexpected if we try
S3: to draw like a line of support, even if we
S3: assume like, let's disregard this one over here, right? And
S3: then like, you know, create a channel, right, upward channel.
S3: But this is a very aggressive upward channel. I think
S3: that if we kind of do take into account like
S3: we have a kind of a wider channel here that
S3: we could say this this kind of makes sense. Like
S3: a reversion over here would not be surprising. 25 K
S3: or whatnot. Right? Or even, you know, touch, touch the
S3: red line, possibly come towards the blue line, wait around
S3: here a little bit, let the blue line catch up,
S3: something like that. But obviously, I mean, these type of
S3: things they do, they mean this is technical analysis.
S1: Yeah. And for those of you listening, you might not
S1: have any idea of what he's talking about. You might
S1: want to go over to YouTube, Rumble or Odyssey to
S1: see the video version of this so you can see.
S7: But Joel.
S2: I want to ask this, is that what was it, Marty,
S2: that you saw on that one day where Joel said, oh,
S2: it's 28, it's going to be 33 by Thursday? And
S2: that was on a monday. What were you looking at
S2: that show that what was the signal that made you go, Oh, damn.
S5: Um, so it was just it was just flattening.
S3: Out, right? It was. So we have in the technical analysis,
S3: when the support line, which is the lower line. And
S3: the resistance line, which is the upper line. When they
S3: start converging, right, you have a range which is where
S3: you have a clear high and a clear low. And
S3: when when that happens and the market starts to get
S3: that in their head, they start going, okay, the average
S3: price is somewhere in the middle. So the buyers start
S3: to accept a lower and lower price and the sellers
S3: start to accept a higher and higher price or vice versa. Actually,
S3: I think my brain just farted, but the idea is
S3: that it becomes a triangle, it turns into a pennant,
S3: and then the pennant has to break eventually, right? It
S3: has to come to the point of the triangle and
S3: break out. And what I was looking at was it
S3: was completely flat. Flat or it was flattening for three weeks.
S3: It just got to the point where it got completely flat.
S3: It started to move a little bit and said, okay,
S3: now's a good time to to make one of those
S3: price calls. And it worked out in my favor.
S5: Yeah, it went.
S1: It didn't hit 33. Some of.
S5: Them don't.
S1: It didn't hit 33, but it did go pop, pop.
S1: So as long as we're talking price, let's let's talk
S1: price for, you know, a year now or more, people
S1: have been saying, oh, Bitcoin is going to go down
S1: to 10 or 12. So let's go ahead. 2.2, two
S1: questions in this one. Question one, is that never going
S1: to happen now in two? What do you see us
S1: hitting for a high on the next bull run that
S1: we're expecting by late this year or early 2024?
S5: Yeah.
S3: So nothing is ever impossible. You know, I think that we.
S3: We saw the meme. This is your last chance. This
S3: might be your last chance to buy below 20,000. Think
S3: I did tweet that out several times, and one of
S3: them actually might have been true, but we have no idea. Um. Right. And,
S3: you know, so who knows? Like this is this is
S3: the market. Any literally anything can happen. Um, my money
S3: is in Bitcoin. That's where I feel like, you know,
S3: because I do believe in the long term transformative potential
S3: of this technology. Um, I do believe that digital scarcity
S3: is only found in Bitcoin and something like Ethereum doesn't
S3: really recreate it simply because bitcoin's coded a hard coded
S3: into the 21 million cap. It will never be replaced.
S3: You guys know this. Don't I don't have to tell
S3: you again. Um, but what I do. What's different now
S3: is the audience. Because the nfts that are minted on
S3: Bitcoin literally are taking a Satoshi off the market. It's
S3: not the same as like Ethereum where, okay, I'm paying
S3: a bit of gas, the gas goes to the miners,
S3: but now I have a million nfts whatever I want
S3: them to look like. It doesn't matter. There is no
S3: digital scarcity. There's only the project who says we're only
S3: going to make 10,000 of these, but they might turn
S3: around next year and say, Hey, well, we need another thousand. Why?
S3: Because well, hey, look, we voted on it. It's okay.
S3: There's no actual scarcity there. I mean, there's only a
S3: scarcity of as much as you trust the people who
S3: are controlling the smart contracts, Maybe the smart contract is
S3: designed to ensure that scarcity. Maybe it's not with Bitcoin
S3: that Satoshi is off the market, right? If somebody is
S3: holding that ordinal, I mean, he could spend it without
S3: touching the ordinal, but they're basically just taking it off
S3: the mark. There's that bitcoin literally. That's wild and hot.
S5: So there's.
S2: 780,000, right? There's 780,000 ordinals so far. So that's not
S2: even one bitcoin yet.
S3: I believe the number is upwards of a million by now.
S3: Think Dune Analytics is the ones who are who are
S3: keeping track of everything. We celebrate a million. A couple
S3: of weeks ago I grabbed a few toads under half
S3: a million because I feel like, I don't know, in
S3: ten years from now somebody's going to go. You have
S3: one of the first million half million ordinals, right? Like,
S3: and that might be worth something to somebody someday. Um,
S3: but literally what happens is that it creates because as
S3: soon as people understand this, people realize it. Some already
S3: have the fact that digital scarcity only exists on Bitcoin.
S3: That's only going to put the Bitcoin more in demand
S3: and the more that goes. I mean, we've seen how
S3: the frogs and, and you know, and monkeys and tacos,
S3: these type of things. I don't know why cats internet goes, Ooh,
S3: I like it. I saw, you know um, a GoFundMe
S3: page for a potato salad, which I believe hit six figures. So,
S3: I mean, people just go nuts.
S5: Delicious.
S4: That's really, really good.
S5: It's like, hey, need to make a potato salad.
S3: Anybody want to help me? And then, like, suddenly he's
S3: having a potato salad party that was like a block.
S5: Party or something. Yeah.
S1: Yeah, it's good. We're going to talk more about ordinals
S1: in an upcoming episode. We've got somebody coming on that's
S1: going to share some thoughts with us on that. Probably
S1: more than.
S5: Me, honestly.
S1: I went ahead and I minted one, I created the
S1: the genesis of Genesis. You know, this is our Blockchain
S1: Hero series. And what's what's more Genesis than the sketch
S1: that became the the NFT. So I went ahead and,
S1: and I minted this just because I could ordinal 167,353.
S1: The question is around your assertion that these ordinals are
S1: going to cause Bitcoin transaction fees to go to $1,000.
S1: You just rendered bitcoin useless?
S5: Nope, not useless. Okay.
S1: Go ahead.
S3: Not useless at all. I mean, actually what? I was
S3: extremely upset when I when I came to this realization
S3: because I saw the blockchain starting to flood. I mean,
S3: we were up to like 100,000 unconfirmed transactions. I don't
S3: remember the number off the top of my head. Just
S3: as ordinals came out and there was a rush to
S3: be like the first ordinals on Bitcoin and the blockchain
S3: was flooded. Miners were not keeping up with the load.
S3: And um, simply the transaction cost went from like pennies
S3: to like dollars. Like it went mean. I often send,
S3: you know, 15, $20 to somebody in, in a developing economy, right?
S3: And like, um, literally, you know, it doesn't make sense
S3: to do that when it's three and a half dollars, right?
S3: It's like you're okay when it's, when it's $0.10, like, okay,
S3: who cares? Negligible.
S2: That's Western Union types percentages.
S3: And I dmed Woody Wertheimer. I met him offline a
S3: few times. I like him. He's a bit he's a
S3: bit weird, but like, Dude, what the heck are you
S3: doing with these these wizards? Dude, you're flooding the blockchain.
S3: And we had this whole conversation in the background, and, um, look,
S3: the end of the day.
S5: I can't stop.
S3: Him from doing what he wants to.
S5: Do. It's Bitcoin.
S3: Just like the Bitcoin maxes. Can't tell me how to
S3: use Bitcoin.
S5: I can't tell him.
S3: Taproot was invented. It's on the blockchain, It's in the code.
S3: People can now do these things. He's just being a
S3: capitalist and I can't fault him for that. He tells
S3: me you should. He said, Look, if you want, if
S3: you're concerned about layer one transactions use Stablecoins on Tron.
S3: I've never used that before, but apparently it's a thing.
S3: And he says, Well, you could try using Lightning Network.
S3: There are other solutions for. For you, sir, but the
S3: Bitcoin main chain is never going to remain cheap and
S3: easy to use as it is right now. And as
S3: soon as he said that, I went and bought some.
S5: Frogs, man.
S3: Like said, like, you know, you can't beat them, join
S3: them because like, what the heck am I going to do?
S3: Sit here and shout till I'm blue? He's not going
S3: to stop what he's doing other. It's just going to
S3: fuel the fire for other people to use these ordinals
S3: and it just gets more popular. So literally, you just
S3: got to accept it and move on. But um, yeah.
S3: Mean Ethereum transaction fees before, you know two successful very
S3: successful so far upgrades right? The merge and then the
S3: what was it, the Shanghai or whatever it was called
S3: just now. Um, it was $400, $500 transaction cost to
S3: buy a stupid NFT. Right. So if Ethereum right pre
S3: scaling reached 400 or $500 and there's no digital scarcity
S3: involved and at the time there was an inflationary model. Right.
S3: It's going to reach 400 and $500. I mean, I'm
S3: pretty certain that Bitcoin can can put that to shame.
S5: I mean, if we.
S3: If we do see that kind of rush to ordinals.
S2: So let me ask you this then, because one of
S2: the things that I that that we chatted about multiple
S2: times over the years.
S6: Is.
S2: So Bitcoin, there's 21 million.
S6: Bitcoin ever. One of the things they could do is
S6: just move the decimal point.
S2: So instead of having eight decimal points for Satoshis, maybe
S2: now they have ten, maybe they have 12. And then
S2: it just makes this a Toshi worth a lot more
S2: because now that's divisible, you just won't see that happening.
S1: The military scrunchy face. Did you see that when you was.
S2: Making scrunchy face mate? Yeah.
S5: I mean you can.
S3: Do it in a centralized platform, right? I mean, literally,
S3: if somebody is showing you a balance that's a fraction
S3: of a Bitcoin. And you know, I mean, you can
S3: you can transact. I mean they're, they're, they're transactions that
S3: don't round in traditional finance. And if you're with your
S3: your bank and it happens to come out with a
S3: half a cent I mean maybe they'll round it off
S3: and keep it for themselves, but they could technically, you know,
S3: keep that half a cent on your balance. Um.
S5: Well, I mean.
S2: Think about it, Bitcoin becomes worth $1 million then once
S2: Satoshi is technically worth a dollar and it's like, well
S2: we need to be able to divide that further. So
S2: I think it just depends on how high the price
S2: of Bitcoin.
S6: Gets before the.
S2: Bitcoin, You know.
S6: Foundation votes.
S2: On that and says, Well, let's just move the decimal point. Yeah.
S3: And that vote.
S5: Could.
S3: Potentially be extremely divisive. Yeah. I mean you don't just
S3: need 51% to agree because you know that you're going
S3: to have militants fighting it and you're going to have
S3: blockchain Bitcoin cashes and Bitcoin cash ABC's and BS and
S3: is that really worth it And you know and it's
S3: going to be it could it could potentially be.
S5: A war.
S3: Literally like people could die over this shit man. So
S3: like I don't know if that's ever going to happen.
S3: It would require a broad consensus of the entire world population.
S3: And I don't know if you know something about people,
S3: but they don't usually agree on everything.
S1: That's the truth. Well, okay, so there's an answer I
S1: didn't get from you. And that was calling this next
S1: bull run. I know. You know, you say you don't
S1: like to make predictions, but you do like to make predictions.
S1: We're just not going to hold.
S7: You, right? That's true.
S1: All right. All right. Time. So the next bull run,
S1: when do you think it's officially going to start? Set
S1: a set a date range, You know, give a third,
S1: you know, give a month in year. And then how
S1: far do you think we'll go on this next one?
S1: You got to have something in mind.
S5: I think it's already started.
S3: I mean, I'm fairly certain, like with a 98% certainty,
S3: we've seen the bottom already, right? I mean, 16,000. That's
S3: that's that's pretty damn low. That start of 2020 3rd
S3: January taking off like a rocket. I'm pretty sure that's
S3: that's it.
S7: But but that's I.
S1: Mean where we are now, that's not a bull run signal.
S1: Like a signal that's like 16.
S2: Months before the, the having. Yeah. Right.
S1: So 40 K is a signal. Like what, what's the
S1: actual signal that we're like, yeah, this is, we're going
S1: to the moon and this is how many dollars don't.
S2: Just want to text. Could you just message him on
S2: the day that it looks. I want.
S1: To know. I want to know right now.
S5: No, I.
S3: Literally mean, anything that I could say is just is
S3: just an educated.
S5: Guess.
S7: That's fine. We'll take it.
S3: Yeah. So I think that we're about let me share
S3: my screen again and I'm going to use, even though
S3: I think that Plan B is a hack and he's
S3: his predictions are silly. Um, this chart does have something
S3: to it as far as the having cycle is concerned. Um,
S3: and we're at around this where it's getting this dark
S3: green area. And if we think about 2019, that was
S3: a fake out, like a huge fake.
S5: Out.
S3: Right? And then it leveled out around 10,000, stabilized around
S3: 10,000 for a while until the until the having started.
S3: And then the bull run really kicked off after the
S3: having um but also this weirdly correlates with monetary policy
S3: right and it's.
S5: Difficult to.
S3: To tell which one's influencing which. And according to our
S3: research at quantum economics, more than the having the number
S3: one thing that really affects Bitcoin price so far has
S3: been the Federal Reserve. And when the printing presses are on,
S3: a lot of that money is being channeled into Bitcoin
S3: and when they start pulling back and money gets scarce,
S3: people need to sell off their bitcoin to pay the
S3: bills and fulfill obligations and shit like that. So I
S3: mean literally it can be seen. I mean 2017, 2018,
S3: I believe is around when Janet Yellen started like, um,
S3: you know, pulling back, uh, the money. Stimulus and started
S3: leveling off. Right. And then, you know, once COVID hit,
S3: they just turned the printer on go BR Right. And
S3: all the way up. So literally.
S5: It looks like we're.
S2: Going to get to that. So if you don't know
S2: this is stock to flow model he's looking at buy
S2: bitcoin worldwide slash stats slash stock to flow you can
S2: see that over on the side. So when that so
S2: when that turns to that darker green, then it's going
S2: to turn to blue and then all of a sudden
S2: it turns red. So is that. But it looks like
S2: from when it hits red, then it really starts taking
S2: off and going off again, like restarting or something. So
S2: I don't really fully understand that, Right.
S5: It's it's it's.
S3: Right before it turns orange. So what happens when when
S3: the having comes is basically like imagine the mine the
S3: it starts with the miners right And we're setting up
S3: a Bitcoin mining facility.
S5: At the moment.
S3: So a little bit about this. Basically, the miners are
S3: getting a set reward. Right. And they have their calculations
S3: for how much hash they're contributing and how much their
S3: machines cost, how much their electricity. They're throwing all of
S3: these things into a big spreadsheet and making their calculations. Now,
S3: all of a sudden, you know, it's happening in advance,
S3: but all of a sudden that reward, that profit, that
S3: that revenue that's coming in is basically cut in half.
S3: It's like, um, our CEO, Jason Dean, who's running our
S3: mining operation, explained at one time in a blog at
S3: the last heading, which was brilliant. He was basically goes,
S3: it's like sticking your hand in a jar of beans
S3: and just, you know, um, constantly the jar is full
S3: and you just stick your hand in and grab the
S3: beans out and all of a sudden the jar is
S3: pretty empty. Like the beans just aren't there anymore, right?
S3: So suddenly the bitcoin starts to get scarce, right? Cannot
S3: the people who are hodling or the people who are
S3: selling it up is the it's where the mining rewards
S3: start to affect the natural flow of the market.
S1: Okay. You still haven't answered my question and I'm going
S1: to hold your feet to the fire for the third time, mate.
S1: When and how much?
S7: Oh, educated guess we accept that.
S2: Can I throw this out there? Because it seems looking
S2: at that stock, the flow model you just showed, it's
S2: going to be over 100,000. It looks like that's like
S2: that's a no brainer. But how high would it get
S2: this time, this for the next cycle?
S3: Well, you know, $1 billion by eventually I mean, last
S3: time you guys tried to ask me this, I think
S3: that I was pretty explicit, like anywhere between $100 and
S3: a million by the end of the year. Like, it
S3: can be anywhere in between. Yeah, but you.
S1: Don't believe that because your money is in Bitcoin for
S1: a reason.
S5: Because.
S3: Because I don't believe in the dollar and have no
S3: other alternative.
S5: I believe coin.
S3: I believe that Bitcoin over time will go up because
S3: it's the only instance of something scarce that we have
S3: other than gold. And gold is not transactional.
S5: So it just it only makes those.
S2: Infinitely not scarce. If they find a big ass pool
S2: of it somewhere, right? Like they did in Uganda, they
S2: found a bunch of gold like, Whoa, nice. I got some.
S5: Gold coins, man.
S3: It's. It's okay.
S5: When you're.
S2: Like a pirate and holding a bunch of gold coins,
S2: you're like, you're mighty fucking.
S7: Yeah, because it goes down.
S5: Bitcoin isn't going to save you. You have to have
S5: something to barter it. Yeah.
S2: Bullets actually invest in bullets.
S5: Yeah. You don't want you don't want to.
S3: Spend a whole gold coin.
S5: On. Here you go.
S1: Got a gold ring? This was my father's. It was
S1: one of the things. Is that a.
S7: Lion?
S1: Yeah, it's a lion.
S5: You know, if the Internet goes down, that might.
S3: That might get you.
S5: A gun, literally, you know? So, um.
S3: But silver coins, I think, are a bit more transactional.
S3: If you need a loaf of bread, you.
S5: Don't want to give that gold coin away. Right, right, right.
S5: You got you got to have a bit of both.
S5: Maybe some diamonds also.
S3: Because that'll get you.
S5: Out of the country. Right.
S3: So literally, you know, you got it. You got to
S3: be diversified about these things. But I mean, for for
S3: for myself, you know, a few thousand dollars, I'll stick
S3: it a D5 because I'm playing around with it and
S3: building the system, making it better every time I'm, you know,
S3: using it, you know, using using a yield, using a
S3: smart contract, making the system grow, making the system strong
S3: for for anything more than, you know, 20, 30, 100
S3: KS like you got a you got to be in
S3: Bitcoin because like it's not really much of an.
S5: Alternative to me.
S2: So it would seem to me looking at the chart
S2: that this go round maybe we hit 200, 250 K
S2: like a quarter million potentially as a potentiality. And if
S2: that's the case then Bitcoin just did almost a 20
S2: x right. It did a 15 x or something and
S2: then it comes and come back down to the 50
S2: k range or whatever before it goes up to the
S2: next big number, right? If it does that because 50
S2: K then comes down and then does another 15 to
S2: 20 x, then it hits the million. So it's like,
S2: is that within two? Because you know, John McAfee was
S2: always joking, Oh, well if it doesn't hit a million
S2: by the end of 2020, I'm going to eat my
S2: junk and then literally little. They know Spain was going
S2: to eat his junk.
S6: And.
S2: Then. Yeah, yeah.
S5: You know what? The thing about that is, Travis and
S5: especially as far as influencers are concerned, whoever's.
S3: Whoever picks the highest number wins.
S5: You get.
S2: The most.
S4: Oh, so.
S6: Influencer Monte Greenspan says Bitcoin to hit $250,000 on the
S6: next bull run. Oh, why that man?
S5: I'll say it's going to hit $10 billion by tomorrow.
S4: Oh, shit. Yeah.
S5: Let's go viral. Like what?
S7: The viral. Well, Tim.
S1: Draper does that a lot. Tim. Tim is in the
S1: news a lot for making projections.
S7: Well, that's because.
S2: He did he.
S6: And got a whole shitload.
S2: Of it and was like, oh, I.
S6: Got it for super.
S2: Cheap.
S6: I really want this to be really high. I got
S6: a lot of it.
S5: Yeah. No, usually. Usually. But, but that's.
S3: But that's for small time influencers. The big guys like
S3: Jamie Dimon, man, he tries to squash it so he
S3: can get it cheaper.
S5: Yeah.
S7: Jamie Well.
S1: Matt, we appreciate you coming on your website. Is quantum economics.io.
S1: You guys can go sign up for free email right there.
S1: You guys just did an acquisition. You know, as you say,
S1: you're playing with Defi Revolt Network. What what is, what
S1: does Revolt Network do and what does that lead you
S1: into now?
S5: Yeah.
S3: So Revolt Network is a place to find and allocate
S3: money within the defi world. Um, basically we don't own
S3: the smart contracts, but we allow people to search all
S3: the smart contracts that are out there and find the
S3: highest yielding ones. Um, that in my mind is the
S3: true meaning of Defi because it's decentralized. We're actually not
S3: the broker themselves. Nobody's handing us money. We don't custody
S3: any money, but rather we're a gateway to finding to
S3: finding smart contracts and liquidity pools where people can in
S3: fact earn the yield. And of course, you know, this
S3: is this is a very early stage, a very early
S3: iteration of it. Um, but eventually we basically we add
S3: tools and obviously this is this is safe enough, not
S3: safe enough that I would recommend anybody put some serious
S3: money into. But you could play around with it and
S3: you know, with, you know, on small on small money
S3: and there's no there's no limit to how small. Also,
S3: there's no there's the blockchain you can literally come in with, with, with,
S3: with fractions. But um, the, the idea here is that
S3: we add tools to make it safer. Um, insurance and
S3: smart contract auditing services. I mean, those are the obvious ones.
S3: And the more, you know, a smart contract has been audited,
S3: the more you could say, wait, wait a second, It's
S3: more safe, more eyeballs, more programmer eyeballs and bid on this.
S3: And the more you have insurance, the more somebody can say, okay, well,
S3: I'm willing to pay out of my profits a little,
S3: you know, a few percentages because it might blow up
S3: in my face. And if it does, I'll get my
S3: money back. Right?
S5: So this is this.
S3: Is in my mind how we make defi stronger. And
S3: this is, in my mind the type of tool that's
S3: going to allow us to do it.
S1: I find that revolting. Travis, what do you think?
S2: Well, you need to stack your riva's I guess so
S2: let me ask that. So is it. It's a platform.
S2: They have their own token, but you were able to
S2: acquire the company as a thing. So it's a centralized
S2: thing of some sort.
S6: But it helps.
S2: People with with decentralized finance choices.
S5: Not only.
S3: That, um.
S5: The.
S3: Old development team who got it from, uh, you know, literally,
S3: they kind of, sort of rubbed. I mean, they, they, well,
S3: I mean, they, I would say that they ran into
S3: bear market trouble because, like, they were trying to get
S3: listed in South Korea and then Terra Luna happened. And then,
S3: I don't know, the founders started fighting. They stopped talking
S3: to the community. It's actually run as a Dao, right?
S3: So in the legal documents, when we were going through
S3: the legal documents, we realized that actually the DAO has
S3: to be on board with this decision. Like the Dao
S3: have to vote to be acquired. And we spoke with
S3: the Dao and we actually had several AMAs and people
S3: liked our vision, obviously. And the vote was the vote
S3: was unanimous. Um, we had 1.4 million Rivas in favor
S3: zero against. So yeah. So and.
S5: Would have voted.
S2: Against just out of principle because it doesn't need to
S2: be unanimous.
S5: That would be incredibly vindictive.
S2: That's not how I roll. That's good.
S7: Thank you. It is not nice at all.
S1: You can follow Matt on the Twitters at Matt Greenspan
S1: and he's going to make predictions that says bitcoin's going
S1: to be somewhere between $100 and $1 billion. I would
S1: I'm going to bet that he's completely accurate about that. Matt,
S1: thanks for, uh, for coming on again and sharing with us, man.
S5: We appreciate it.
S3: Thanks a lot for having me, guys. It's been a pleasure.
S1: Okay. I'm not triggered anymore.
S7: That was good. That's so good.
S2: I'm so grateful to hear about that.
S7: I'm always worried.
S1: I'm de trigger fied.
S2: You know, we can do what's be kind of fun.
S2: I noticed, like, on some of these interviews, it's like
S2: we should take a wide background image, slice it in two,
S2: and then whenever we're there, it's going to it would
S2: look like like if we had that, that, that earth
S2: you have behind you. And we had like one big earth,
S2: like a big rainbow, like we could both be on
S2: both sides of it and it would look seamless, would look, oh.
S1: Well, you're the artist.
S7: Make us a cool look.
S2: Hey, we can do one of those. I'll. I'll try
S2: to find where those extra wide ones chopping in half.
S2: You get one, I get the other. Just make sure
S2: we're in the right place and they can look cool.
S1: I'm feeling extra wide these days.
S7: That's good. Well, you're.
S2: About to go on a big cruise, so you're going
S2: to come back probably wider. If you don't pay attention
S2: to that.
S7: That may or may not be true. Yep. Spring vacation. Oh,
S7: it's a buffet again.
S2: Everybody, time for the buffet.
S1: Uh, we got a lot of things going on, gang.
S1: A lot of great content coming your way. Thank you
S1: for sticking with us. And please tell a friend about
S1: the Bad crypto podcast. You know, convert a phone. I
S1: do this. People are like, Oh, what show do you host?
S1: And I tell them we're like, Oh, I should listen
S1: to that. I say, Well, hand me your phone. And
S1: I take it and I go to their podcast player
S1: and I either follow or subscribe depending upon what they're
S1: using to listen and just convert them.
S2: Follow, follow us on the Bad crypto podcast on the YouTubes.
S2: That's good. We like subscribers over there. That's really helpful.
S2: And a lot of our stuff is becoming more visual.
S2: So if you're a visual person, you know, tune in
S2: that way. It's kind of fun. You can, especially if
S2: you've got a smart TV. We were doing a lot
S2: of cool stuff with that, so.
S1: It's because we get more attractive the older we get.
S2: So I'll tell you what, I'm debonair as fuck. I
S2: don't know if you know that or not.
S7: Suave.
S1: Af, suave and debonair.
S7: And then.
S2: I would say Joel is pretty.
S7: Swath. I'm bad.
S2: That is a 1980s flex term right there.
S4: No, you was your boyfriend was was like me swaps.
S2: And then and somebody else redid that song later but
S2: it was swaps so mix a lot it's an early
S2: sir makes a lot song before baby got back matter
S2: of fact.
S7: Okay you know.
S1: Things I did not know and now I did. Now
S1: I do know. And now you know. And I know
S1: that you're going to do something for us. And you're going.
S7: To stay back. Stay bad. Stay swaps. Stay swaps. Oh.
S9: Who's bad?
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