WEBVTT - How to Get Your Crypto from Bankruptcy 0:00:00.150 --> 0:00:03.029 We don't know exactly how many people were impacted by 0:00:03.029 --> 0:00:06.480 the crypto scandals of the past year, but retail investors 0:00:06.480 --> 0:00:11.160 lost billions of dollars tied up in Ftxs Celsius, Luna, 0:00:11.160 --> 0:00:14.720 Three Arrows and others. Today we're joined by Mark saidI, 0:00:14.730 --> 0:00:18.119 CEO of X, claim to discuss how they are helping 0:00:18.120 --> 0:00:20.880 people recover a portion of the money that they might 0:00:20.880 --> 0:00:24.090 not otherwise see. Again, if you're one of these investors, 0:00:24.090 --> 0:00:27.030 we hope you'll find hope in recovering your crypto from 0:00:27.030 --> 0:00:34.190 bankruptcy on episode number 671. Of the Bad Crypto podcast. Five. 0:00:34.490 --> 0:00:43.010 Four, three, one, zero. Ignition. Who's bad? 0:01:02.130 --> 0:01:04.110 And welcome to the MAD Crypto podcast, the show for 0:01:04.110 --> 0:01:07.830 the crypto curious and the crypto serious, the best blockchain 0:01:07.830 --> 0:01:11.009 and crypto show in the world. According to our moms. 0:01:11.010 --> 0:01:15.809 I'm Sir Joel and that is Sir Lord Travis, right? Hello, sir. 0:01:16.200 --> 0:01:19.110 It's not the best, but it's the best one that 0:01:19.110 --> 0:01:20.580 you're listening to right now. 0:01:20.580 --> 0:01:23.709 It's the best, according to our moms. That's true. Or 0:01:23.910 --> 0:01:24.120 I don't. 0:01:24.120 --> 0:01:25.649 Know my mom. I don't even know if my mom 0:01:25.650 --> 0:01:26.490 thinks that's true. 0:01:26.490 --> 0:01:28.770 They're like, you know, we like you guys. We love 0:01:28.770 --> 0:01:30.960 you guys even. But it's you're not the butt. 0:01:31.020 --> 0:01:33.029 Don't know what the hell you're talking about over there 0:01:33.030 --> 0:01:33.350 with that. 0:01:33.420 --> 0:01:37.140 Don't understand anything about this. And why do you guys 0:01:37.140 --> 0:01:39.870 why do you guys have to call yourselves crypto clowns 0:01:39.870 --> 0:01:43.949 and defi defi and and algorithmic asshats? That's not nice. 0:01:43.950 --> 0:01:46.169 Why are you bad? Why don't you get good? 0:01:46.170 --> 0:01:49.200 Let's get good. Well, think we still own good crypto 0:01:49.200 --> 0:01:54.570 podcast which was registered years ago in response to. Yeah. 0:01:54.570 --> 0:01:56.460 Just in case there was a troll out there going 0:01:56.970 --> 0:01:58.800 well we're the good crypto. Like no you're not Dick 0:01:58.800 --> 0:01:59.970 because we got it already. 0:02:00.240 --> 0:02:02.670 So travel a lot of people lost a lot of 0:02:02.670 --> 0:02:06.660 money in Celsius as we've talked about previously on the show. 0:02:06.810 --> 0:02:10.890 Brad Mills was a hero because he called Luna before 0:02:10.889 --> 0:02:12.930 it happened and then came on this show and called 0:02:12.930 --> 0:02:15.150 Celsius before it happened. And I got my money out. 0:02:15.150 --> 0:02:19.019 A lot of people didn't. But today's interview is super interesting. 0:02:19.020 --> 0:02:21.420 If you've got any money that was tied up in 0:02:21.419 --> 0:02:24.540 any of these services because there might be hope for you. 0:02:25.050 --> 0:02:26.940 There might be hope. Yeah. Yeah. This is this is 0:02:26.940 --> 0:02:30.510 really interesting how they're able to kind of go in 0:02:30.510 --> 0:02:34.860 and leverage the future potential returns of this money that 0:02:34.860 --> 0:02:37.459 may be lost, that may not get back for 4 0:02:37.460 --> 0:02:39.690 or 5 years down the road. Some people are still 0:02:39.690 --> 0:02:42.810 waiting for Mt. Gox. So. Right. You know, this right 0:02:42.810 --> 0:02:46.230 here is something that is a service that is needed 0:02:46.230 --> 0:02:48.420 and hopefully it's working out pretty good for the people 0:02:48.419 --> 0:02:50.919 that's using it. We'll find out why I so right here. 0:02:50.970 --> 0:02:57.300 Here we go. There's been a lot of sadness in 0:02:57.300 --> 0:03:00.660 the crypto world, especially for those who have had their 0:03:00.660 --> 0:03:06.209 crypto locked up in services like Voyager and Celsius. I 0:03:06.210 --> 0:03:11.640 am fortunate enough to have escaped Celsius two weeks before 0:03:11.639 --> 0:03:15.390 the thing got shut down because we had Brad Mills 0:03:15.389 --> 0:03:17.610 on this show. Remember that, Trav? Brad? 0:03:17.850 --> 0:03:20.369 Brad was like, Yeah, get your shits out of that 0:03:20.370 --> 0:03:22.560 because it's going to happen next. And we're like, What? 0:03:22.560 --> 0:03:25.650 And and then Joel was like, okay. But then one 0:03:25.650 --> 0:03:28.110 of our friends actually didn't had left a lot of 0:03:28.110 --> 0:03:31.530 his money in Celsius and in Voyager to the tune 0:03:31.530 --> 0:03:35.110 of a couple two, $300,000 sitting in there. So, yeah, 0:03:35.130 --> 0:03:36.090 that's no bueno. 0:03:36.450 --> 0:03:39.720 Painful. And a lot of these companies are now in 0:03:39.720 --> 0:03:44.760 bankruptcy proceedings. There's talks about other, you know, like Binance acquiring. 0:03:44.760 --> 0:03:48.030 And we'll dig more into this. We've got a specialist 0:03:48.030 --> 0:03:52.290 today who's been a chief restructuring officer helping companies in 0:03:52.290 --> 0:03:55.470 various industries and now is the CEO of a company 0:03:55.470 --> 0:04:01.170 called Exclaim X Dash claim. They say if your crypto 0:04:01.170 --> 0:04:04.590 is now in bankruptcy proceedings, that you can trade your 0:04:04.590 --> 0:04:08.370 claim for cash. His name is Matt Sardi. Did I 0:04:08.370 --> 0:04:12.030 pronounce that right? Siddig Siddiq All right, nailed it. Matt, 0:04:12.030 --> 0:04:14.670 welcome to the Bad Crypto podcast. Thank you for having me. 0:04:14.670 --> 0:04:15.990 Excited to have the conversation. 0:04:16.500 --> 0:04:22.380 Yeah. So there's been a whole string of crypto exchanges 0:04:22.380 --> 0:04:26.940 or custodial services that have failed. I've named two of 0:04:26.940 --> 0:04:32.010 them Voyager and Celsius. We also know that, of course 0:04:32.010 --> 0:04:36.180 FTX screwed over a good many people and Three Arrows 0:04:36.180 --> 0:04:40.380 has got problems because of their exposure to some of these. 0:04:40.380 --> 0:04:42.270 What are some of the other ones that might be 0:04:42.270 --> 0:04:45.030 lesser known where people could have gotten hurt? 0:04:45.150 --> 0:04:49.860 Yeah, you named four of the big ones. But in December, 0:04:49.860 --> 0:04:56.160 Blockfi also filed for bankruptcy and and Genesis in January, 0:04:57.510 --> 0:04:59.790 if we go further back, there were actually some other 0:04:59.790 --> 0:05:05.190 bankruptcies like nearly two years ago, but in the last 0:05:05.190 --> 0:05:09.630 6 or 7 months is really when it exploded. And unfortunately, 0:05:09.630 --> 0:05:11.070 a lot of people got hurt by that. 0:05:12.310 --> 0:05:13.060 Luna. 0:05:13.480 --> 0:05:14.890 That was crazy. I mean, there was like a there 0:05:14.890 --> 0:05:18.880 was like a couple of months there that was like, boom, boom, boom, boom. 0:05:18.880 --> 0:05:21.070 And it was like, uh oh, is this is this 0:05:21.070 --> 0:05:23.380 the end of crypto? Is crypto going to crash here? 0:05:23.380 --> 0:05:26.229 What's going on here? This It was insane. As you saw, 0:05:26.230 --> 0:05:29.380 Bitcoin just sort of go down with the ship a 0:05:29.380 --> 0:05:31.810 little bit. Now it looks like it's rising up again, 0:05:31.810 --> 0:05:34.330 but man, what a ride that was, huh? 0:05:34.600 --> 0:05:38.619 You can actually plot on a timeline these bankruptcy cases 0:05:38.620 --> 0:05:42.159 and the value of Bitcoin and watch the watch them 0:05:42.160 --> 0:05:45.850 fall off a cliff within 24 hours of a bankruptcy filing. 0:05:46.000 --> 0:05:49.779 Because each time a bankruptcy occurs, people are losing, are 0:05:49.779 --> 0:05:52.990 having less confidence and there's less faith in the system 0:05:52.990 --> 0:05:55.300 to protect their money and get them paid out. 0:05:57.630 --> 0:06:00.750 Well, the markets are emotional, right? People buy and sell 0:06:00.750 --> 0:06:06.690 on emotions. Most people don't have the the patience and 0:06:06.690 --> 0:06:10.380 the strength to not FOMO in or not sell out 0:06:10.380 --> 0:06:13.620 of fear. And so is there an have you actually 0:06:13.620 --> 0:06:17.130 plotted that out with the points of each of the, 0:06:17.130 --> 0:06:20.099 you know, the announcements of these failings? 0:06:21.270 --> 0:06:23.520 We haven't plotted it out. But you're exactly right about 0:06:23.520 --> 0:06:28.469 the emotion of driving these things, driving these trading decisions. 0:06:29.660 --> 0:06:32.599 But it's not so dissimilar from the bank runs that 0:06:32.600 --> 0:06:36.470 we've all heard of, of. Throughout history, when when people 0:06:36.470 --> 0:06:38.599 feel like their money is locked up or is going 0:06:38.600 --> 0:06:40.789 to be locked up, they'll try and pull it out. 0:06:40.790 --> 0:06:44.730 And unfortunately, that just spirals the whole situation further down. 0:06:44.750 --> 0:06:49.280 It's how FTX lost several billion dollars in a matter 0:06:49.279 --> 0:06:51.020 of 72 hours. 0:06:52.130 --> 0:06:55.010 How much do you think, you know, put put aside 0:06:55.010 --> 0:06:58.400 the the institutional money for a moment. Let's talk about 0:06:58.400 --> 0:07:03.500 the retail investor with all of these companies that have 0:07:03.800 --> 0:07:06.620 are going belly up or in bankruptcy or may not 0:07:06.620 --> 0:07:11.030 be coming back. How much retail money has been lost? 0:07:12.270 --> 0:07:18.210 Um. Well, lost, I don't know. But trapped in bankruptcy 0:07:18.210 --> 0:07:20.100 is about $10 billion. 0:07:21.690 --> 0:07:25.320 Wow. That's a lot of money. 0:07:25.470 --> 0:07:29.720 It's a lot of money. And and it's pretty tragic. 0:07:29.730 --> 0:07:33.420 We hear stories all the time of people that had 0:07:33.420 --> 0:07:37.800 their life savings in these accounts who can't make payments 0:07:37.800 --> 0:07:44.110 on medical bills right now and have. Really, really sad 0:07:44.110 --> 0:07:48.850 stories being mailed to the judge asking for for leniency 0:07:48.850 --> 0:07:53.680 and mercy to get their cash out. And unfortunately, that's 0:07:53.680 --> 0:07:56.320 just not the way it works. And people have been. 0:07:57.300 --> 0:08:02.020 A lot of harm has been done, but. For that reason, several, 0:08:02.040 --> 0:08:06.080 many people have decided that they're not willing to be 0:08:06.080 --> 0:08:08.540 harmed anymore and they're willing to take the money that 0:08:08.540 --> 0:08:11.960 they can get and decide and control it so they 0:08:11.960 --> 0:08:13.640 can decide what to do with it going forward. 0:08:14.300 --> 0:08:17.420 We're not going to take it anymore, Joel. We're not 0:08:17.420 --> 0:08:19.580 going to take it. You're just being. 0:08:19.580 --> 0:08:21.200 Twisted, sister. 0:08:21.470 --> 0:08:25.010 Man. So that's just bizarre. So it's like when this 0:08:25.010 --> 0:08:27.890 stuff is stuck, like, for example, some people still haven't 0:08:27.890 --> 0:08:31.160 gotten their money back from Mt. Gox. Like, that was 0:08:31.160 --> 0:08:33.320 years ago. And think about that. When they were they 0:08:33.320 --> 0:08:37.370 were buying Bitcoin. Then a couple hundred bucks a Bitcoin, 0:08:37.370 --> 0:08:40.730 it goes down, Bitcoin makes it up to almost $70,000. 0:08:40.730 --> 0:08:43.010 They can't get their money out even though their money 0:08:43.010 --> 0:08:48.410 has gone up so much. Man, it's insane. How about 300% 0:08:48.410 --> 0:08:51.650 300 x sometimes from what? They bought it, they couldn't 0:08:51.650 --> 0:08:54.290 get it. But then like, oh, you had $200 in 0:08:54.290 --> 0:08:57.170 there at the time. Here's your $200. Like, no, no, no, 0:08:57.470 --> 0:09:00.590 where's my big money? And it's like sometimes seems like 0:09:00.590 --> 0:09:02.420 people get screwed in that whole scenario. 0:09:02.570 --> 0:09:05.750 That's that's exactly right. Mt. Gox is a great example 0:09:05.750 --> 0:09:09.020 of where nine years ago people had their funds locked 0:09:09.020 --> 0:09:11.930 up in that bankruptcy and they still haven't been paid. 0:09:11.929 --> 0:09:14.750 But talking about trading mentality that we spoke of a 0:09:14.750 --> 0:09:21.300 moment ago, um, imagine. Be selling at the bottom and 0:09:21.300 --> 0:09:22.350 not getting paid. 0:09:22.440 --> 0:09:23.610 I can imagine this. 0:09:24.360 --> 0:09:27.780 Selling at the bottom and not getting paid and then 0:09:27.780 --> 0:09:31.260 watching the whole thing go up and not benefiting from it. 0:09:31.740 --> 0:09:36.240 That's what's happening right now to anybody that anybody who's 0:09:36.240 --> 0:09:39.990 trapped in these bankruptcies. They got crushed when the when 0:09:39.990 --> 0:09:45.030 bitcoin was at. What did it drop to? 13 at 1.14. 15? 0:09:45.330 --> 0:09:48.240 Yeah, we were we're definitely in the 13 range, maybe 0:09:48.240 --> 0:09:50.280 even 12. Right. 0:09:50.370 --> 0:09:53.100 So when it drops that low and that's when you 0:09:53.100 --> 0:09:56.730 get frozen and now it's up to 22 and you 0:09:56.730 --> 0:09:59.640 don't get the benefit of any of that. That's why 0:09:59.640 --> 0:10:03.239 people are becoming more urgently saying, I want to participate 0:10:03.240 --> 0:10:07.620 in the recovery of Bitcoin rather than or crypto generally, 0:10:07.620 --> 0:10:09.990 rather than just sit on the sidelines for up to 0:10:09.990 --> 0:10:11.520 nine years like Mt. Gox. 0:10:12.000 --> 0:10:15.390 So let's talk about what you're doing here. The website 0:10:16.350 --> 0:10:22.560 claim is the site and you guys are buying claims. 0:10:23.850 --> 0:10:25.890 I'm going to click on the how it works here 0:10:25.890 --> 0:10:28.890 and maybe you can kind of explain this to us. 0:10:29.250 --> 0:10:32.130 Sure. So to be first off, claim is not a 0:10:32.130 --> 0:10:36.840 buyer of claims. We're a marketplace. So we allow account 0:10:36.840 --> 0:10:39.630 holders from all of these different crypto bankruptcies that we 0:10:39.630 --> 0:10:43.680 mentioned to list their claim on X claim and expose 0:10:43.679 --> 0:10:47.370 it in a marketplace to buyers. There are hundreds of 0:10:47.370 --> 0:10:51.840 investors around the world distressed debt, institutional or even retail 0:10:51.840 --> 0:10:56.069 investors that are interested in buying these claims and waiting 0:10:56.070 --> 0:11:00.510 it out. It's really interesting actually, the difference between a 0:11:00.510 --> 0:11:03.960 buyer and a seller. A seller in these cases is 0:11:03.960 --> 0:11:08.250 effectively selling a loss. They're cashing out their loss and 0:11:08.250 --> 0:11:11.429 they're taking that those dollars to reinvest and use it 0:11:11.429 --> 0:11:14.490 for a better purpose. Buyers, on the other hand, are 0:11:14.490 --> 0:11:19.020 making a speculative investment that the future payoff is worth 0:11:19.080 --> 0:11:24.809 the investment today. So even if even if it pays 0:11:24.809 --> 0:11:29.970 off at $0.50 five years from now, a seller can 0:11:29.970 --> 0:11:32.730 cash out for half of what they are owed. But 0:11:32.730 --> 0:11:35.760 a buyer can make a decent return if they're paying 0:11:36.000 --> 0:11:37.980 $0.25 for it today. 0:11:42.090 --> 0:11:45.240 All right. So I'm on this claim calculator here looking 0:11:45.240 --> 0:11:48.630 at this and it's kind of gives me an idea 0:11:48.630 --> 0:11:52.500 of of what I can make on this. Do you 0:11:52.500 --> 0:11:55.620 have a calculator? Doesn't require me to put in my information. 0:11:57.050 --> 0:11:57.830 No, we don't. 0:11:58.640 --> 0:12:01.520 All right. So can I put a fake one in? 0:12:01.700 --> 0:12:02.330 Sure. 0:12:02.840 --> 0:12:07.729 The idea of the calculator is, first off, everybody, of course, 0:12:07.730 --> 0:12:12.530 wants to receive full recovery. 100 cents on the dollar 0:12:12.530 --> 0:12:17.300 payment immediately. But that's not the reality. And people don't 0:12:17.300 --> 0:12:21.830 typically give enough credit or weight to the the duration 0:12:21.830 --> 0:12:24.410 of how long it takes to recover these funds. And 0:12:24.410 --> 0:12:29.450 if you're waiting five years, you know, simple math, the 0:12:29.900 --> 0:12:35.720 $1 today is worth more than a dollar tomorrow. So. 0:12:36.750 --> 0:12:39.300 What we're trying to do is give people the opportunity 0:12:39.300 --> 0:12:42.750 to put in their own expectations of what they believe 0:12:42.750 --> 0:12:47.130 claims are worth and how long until they're going to 0:12:47.130 --> 0:12:51.270 see a recovery and then determine whether selling today is 0:12:51.270 --> 0:12:52.440 in their best interest or not. 0:12:52.620 --> 0:12:56.099 Okay. So in this case, it fills in the default. 0:12:56.220 --> 0:13:00.180 I'm expected let's say I've got $1,000 in Celsius. I 0:13:00.179 --> 0:13:02.880 expect that I'm going to get 600 of that. It's 0:13:02.880 --> 0:13:05.850 going to take 2.8 years to get it. Is this 0:13:05.850 --> 0:13:12.210 inflation rate accurate Right about now? That's 8.5%. And the 0:13:12.210 --> 0:13:15.390 email give me my money at aol.com from I lost 0:13:15.390 --> 0:13:24.450 bigly and calculated is today I could get $477.47 instead 0:13:24.450 --> 0:13:25.199 of waiting. 0:13:25.230 --> 0:13:29.640 So if a buyer pays for 77, which is what 0:13:29.640 --> 0:13:33.990 it's worth today and recovers 600 in 2 point eight years, 0:13:34.200 --> 0:13:37.050 that's their return. But if you're a seller and you 0:13:37.050 --> 0:13:41.850 sell for 47 today, you're getting the same discounted value 0:13:41.850 --> 0:13:44.550 of what you would be getting if you waited 2.8 years. 0:13:47.460 --> 0:13:50.700 And that that trade is happening all day, every day 0:13:50.700 --> 0:13:53.160 in a very hot market right now because buyers and 0:13:53.160 --> 0:13:59.040 sellers are increasingly finding exclaim and buyers directly of how 0:13:59.040 --> 0:14:03.210 to how to transact. We're aware of about $1 billion 0:14:03.210 --> 0:14:06.719 of claims that have traded hands over the last six months. 0:14:08.530 --> 0:14:13.270 Wow. So which are the the properties that that people 0:14:13.270 --> 0:14:15.670 got maybe hosed on that you guys are able to 0:14:15.670 --> 0:14:21.490 help them with claim is that with Ftxs Luna Celsius 0:14:21.490 --> 0:14:24.430 what are all of the properties that you guys have 0:14:24.430 --> 0:14:26.740 identified that you're able to work through now. 0:14:27.990 --> 0:14:32.760 We've traded claims in all of the above. Celsius and 0:14:32.760 --> 0:14:37.380 FTX have been the most active and the most popular. Um, 0:14:37.830 --> 0:14:42.810 but each of these cases has unique characteristics, even if 0:14:42.810 --> 0:14:46.560 even in a case where the claims are almost worthless, 0:14:46.560 --> 0:14:50.160 there's no expectation of recovery. There is still usually a 0:14:50.160 --> 0:14:54.770 buyer that will buy it for. Nearly nothing because they 0:14:54.770 --> 0:14:57.680 believe that five years from now they can make $0.05 0:14:57.680 --> 0:15:01.370 a dollar. Okay. From again, from a buyer, it's all 0:15:01.370 --> 0:15:04.640 about the gain. And from a seller, it's about the recovery. 0:15:04.640 --> 0:15:07.610 And we try to make it as easy as possible 0:15:07.610 --> 0:15:11.510 for sellers to come on the site, get as many 0:15:11.510 --> 0:15:14.450 offers as possible from as many buyers as possible, and 0:15:14.450 --> 0:15:17.120 make a decision of what's in the best interest of 0:15:17.270 --> 0:15:22.280 of of their lives to whether it's worth waiting or 0:15:22.280 --> 0:15:24.560 whether they can do better things with that money today. 0:15:24.680 --> 0:15:27.050 Yeah, it's an interesting service for people because a lot 0:15:27.050 --> 0:15:29.239 of people don't know they have options or like, All right, 0:15:29.240 --> 0:15:31.250 my money's tied up here and now I just got 0:15:31.250 --> 0:15:33.830 to wait and see what happens. So you're giving people 0:15:33.830 --> 0:15:36.290 an option and you're providing a service that, of course, 0:15:36.290 --> 0:15:40.430 this is a for profit service. So how does X 0:15:40.430 --> 0:15:43.310 claim make a profit on this? 0:15:43.490 --> 0:15:50.790 Yeah, So. I come from the restructuring bankruptcy industry. And 0:15:50.790 --> 0:15:52.860 the reason I started the business because I saw kind 0:15:52.860 --> 0:15:55.770 of the unfairness of the market and I always felt 0:15:55.770 --> 0:16:00.240 that account holders or sellers of claims had already suffered. 0:16:00.240 --> 0:16:05.370 They've they've already been receiving less than what they did. 0:16:05.370 --> 0:16:06.810 They put in a hard day's work and they're getting 0:16:06.810 --> 0:16:10.050 less for it. So we don't charge anything to sellers. 0:16:10.680 --> 0:16:12.330 If you want to come to us and list your 0:16:12.330 --> 0:16:16.200 claim and explore what selling could mean, even if it 0:16:16.200 --> 0:16:20.040 includes getting offers from 50 buyers and you choose not 0:16:20.040 --> 0:16:23.790 to sell, there's no cost. If you choose to sell 0:16:23.790 --> 0:16:26.670 and a buyer buys it. Buyers do pay us a 0:16:26.670 --> 0:16:31.710 commission for helping them find their investment. That's how we 0:16:31.710 --> 0:16:33.900 make money. We charge commissions to the buyer. 0:16:35.710 --> 0:16:38.229 Makes a lot of sense. Well, you guys can go 0:16:38.230 --> 0:16:42.880 check this out. X dash claim to learn more about it. 0:16:42.880 --> 0:16:46.750 You could speak with a claim holder advocate. And how 0:16:46.750 --> 0:16:52.060 much recovery have you guys done to date and quantify 0:16:52.060 --> 0:16:53.410 it in a dollar amount. 0:16:53.800 --> 0:16:59.410 We've traded about $200 million worth of claims. Each of 0:16:59.410 --> 0:17:02.530 these cases are different. We've been actually very active in 0:17:02.530 --> 0:17:08.860 the Genesis case and the FTC's case, and currently we 0:17:08.859 --> 0:17:12.670 have almost $400 million of claims listed on our platform. 0:17:15.540 --> 0:17:18.629 Excellent stuff going on, so. 0:17:19.619 --> 0:17:21.690 Well, I think that this could be something very valuable 0:17:21.690 --> 0:17:23.460 for some of the people who are maybe pissed off 0:17:23.460 --> 0:17:27.390 about crypto because, you know, FTX went down, Voyager went 0:17:27.390 --> 0:17:30.030 down Celsius, went down, some of these all went down. 0:17:30.030 --> 0:17:32.460 And so they need to find a way to to 0:17:32.490 --> 0:17:35.250 to remedy that in some way to to capture some 0:17:35.250 --> 0:17:38.729 sort of value from that because something is better than nothing. 0:17:38.730 --> 0:17:41.310 And if you can even take 50% of what you 0:17:41.310 --> 0:17:44.699 thought you were, you had lost forever. Right. That's a 0:17:44.730 --> 0:17:46.620 win for a lot of people. Then they can take 0:17:46.619 --> 0:17:49.200 that and invest in other things. It's not so much 0:17:49.200 --> 0:17:51.930 what you had, it's what you have access to now 0:17:51.930 --> 0:17:54.930 that then you can then leverage into more. So, you know, 0:17:54.990 --> 0:17:57.120 think this could be a viable option for a lot 0:17:57.119 --> 0:18:00.000 of people, not not financial advice by any means, but 0:18:00.000 --> 0:18:02.100 something is better than nothing, right? 0:18:03.080 --> 0:18:03.830 I think so. 0:18:04.280 --> 0:18:07.430 I agree, certainly. And I think that's exactly the right 0:18:07.430 --> 0:18:10.369 mentality because we hear it all day. There are people 0:18:10.369 --> 0:18:12.770 that are ready to sell their claim so that they 0:18:12.770 --> 0:18:15.980 can get the cash and reinvest it. As we all know, 0:18:15.980 --> 0:18:20.090 the crypto community really believes, and they've been proven right 0:18:20.090 --> 0:18:24.410 many times, that you can tend your investment quickly if 0:18:24.410 --> 0:18:26.000 you've got the cash in the right place at the 0:18:26.000 --> 0:18:26.660 right time. 0:18:26.900 --> 0:18:28.550 So which, which coin, Matt. 0:18:31.010 --> 0:18:34.310 But letting it sit in a bankruptcy court for a 0:18:34.310 --> 0:18:39.560 decade and personally I will I will bet that Ftxs 0:18:39.800 --> 0:18:44.210 creditors account holders will be waiting 5 to 10 years 0:18:44.359 --> 0:18:48.770 before they see anything. Really, it's going to take bankruptcy 0:18:48.770 --> 0:18:54.080 is not a fast process. Just an example. Bernie Madoff, 0:18:54.260 --> 0:18:57.199 many of many of you and your listeners may remember 0:18:57.200 --> 0:19:01.840 that name. That was 15 years ago. Wow. And the 0:19:01.850 --> 0:19:04.609 the people that are owed money in that bankruptcy are 0:19:04.609 --> 0:19:08.240 still getting paid little pennies here at a time. So 0:19:08.240 --> 0:19:12.500 Ftx's is just as big, just more complex. It's going 0:19:12.500 --> 0:19:14.390 to take a long time. 0:19:15.050 --> 0:19:17.420 Why is it the names of these people, you know, 0:19:17.420 --> 0:19:21.140 Bernie Madoff, he made off with people's money. Sam Bankman-fried. 0:19:21.140 --> 0:19:23.960 It sounds like fraud. It's like was it baked in? 0:19:23.990 --> 0:19:24.840 Do we need to be careful? 0:19:25.090 --> 0:19:25.629 Man was. 0:19:25.640 --> 0:19:28.430 Freed. That's what happened was the bank man got arrested 0:19:28.430 --> 0:19:31.639 in Bahamas and then he was freed immediately on coming 0:19:31.640 --> 0:19:33.200 to America. So weird. 0:19:33.200 --> 0:19:35.330 And all the investors got fried. 0:19:35.780 --> 0:19:36.410 They did. 0:19:36.590 --> 0:19:39.980 They did. There should be some diligence on last names. 0:19:39.980 --> 0:19:42.620 When people invest with with a with a newfound. 0:19:42.619 --> 0:19:46.040 Well, I just want to say Travis is right. There 0:19:46.040 --> 0:19:49.159 you go. And I'm and I'm what is calm? I mean, 0:19:49.160 --> 0:19:52.850 I just you're very peaceful. I'm just communicating and I'm 0:19:52.940 --> 0:19:58.300 mostly peaceful, so. I had a brilliant question for you. 0:19:58.300 --> 0:20:00.609 And and it went with the bad joke. 0:20:01.830 --> 0:20:04.900 With the Madoff joke, because I was thinking the same thing, 0:20:04.900 --> 0:20:06.640 which knows we're on the same line because he made 0:20:06.640 --> 0:20:08.650 off with a whole lot of money. And then Joe 0:20:08.650 --> 0:20:10.150 just got it and I was like and. 0:20:10.150 --> 0:20:13.660 It made off with my question is, is exactly what 0:20:13.660 --> 0:20:16.750 it did there. So you guys go check it out. 0:20:16.859 --> 0:20:20.410 Zcash claim do your own due diligence. Make sure you 0:20:20.410 --> 0:20:22.660 check it all out for yourself before you do anything. 0:20:22.660 --> 0:20:26.140 And Matt, thanks for coming on today and sharing with us. 0:20:26.140 --> 0:20:27.370 I'm having a breath mint. 0:20:28.119 --> 0:20:28.899 Of course. 0:20:28.900 --> 0:20:32.139 Thanks for having me. We're across the the cameras. I 0:20:32.140 --> 0:20:34.210 can't actually smell your breath, but I'm sure it's delightful. 0:20:34.210 --> 0:20:35.950 It's minty fresh, I guarantee you. 0:20:37.900 --> 0:20:39.340 There we go. So if you're interested in that, make 0:20:39.340 --> 0:20:41.230 sure you go check that out. This is not, again, 0:20:41.230 --> 0:20:44.440 not financial advice. This is not a sponsored thing, just 0:20:44.440 --> 0:20:47.800 a potential good service to maybe help you out in 0:20:47.800 --> 0:20:50.840 this scenario that you're in. So there you go. 0:20:52.930 --> 0:20:55.640 Get your money back. I got my money back. 0:20:56.710 --> 0:20:58.420 Oh, my gosh. Oh, that's not. 0:20:58.630 --> 0:21:00.430 Oh, my God. How did we just have the same 0:21:00.430 --> 0:21:01.030 dad joke. 0:21:01.030 --> 0:21:02.139 Simultaneously. 0:21:02.140 --> 0:21:05.889 Was just that's like combustion. Like that type of thing 0:21:06.490 --> 0:21:09.429 is people's people's MP3 players might be. 0:21:09.430 --> 0:21:10.090 On fire. 0:21:10.090 --> 0:21:11.980 Right? Oh, my God. It's a gusher. 0:21:12.790 --> 0:21:13.630 That's what you. 0:21:13.630 --> 0:21:15.820 Know what a gusher is? No. So you ever seen 0:21:15.820 --> 0:21:19.300 that movie Stand By Me? Yeah. Like River Phoenix and 0:21:19.850 --> 0:21:23.619 Wil Wheaton. Wil Wheaton, those guys. Yeah. Yeah. So that's 0:21:23.619 --> 0:21:25.689 what happens whenever you say the same thing at the 0:21:25.690 --> 0:21:28.450 same time. Back in the day. Now you say jinx, 0:21:28.450 --> 0:21:30.490 but back in the day it was a gusher. 0:21:30.490 --> 0:21:30.909 And for a. 0:21:30.910 --> 0:21:34.450 While it was pinch, poke, Buy me a Coke, Was it? Yeah. 0:21:34.450 --> 0:21:36.190 Never heard. Pinch poke. Buy me a Coke. 0:21:36.609 --> 0:21:37.959 Buy me a Coke. Now, I've heard of the pinch, 0:21:37.960 --> 0:21:40.419 the Penske pinch. Like if you see a Penske vehicle 0:21:40.420 --> 0:21:42.700 drive by, you got to pinch somebody or the slug bug, 0:21:43.150 --> 0:21:45.040 but not the poke. Buy me a coke. 0:21:45.310 --> 0:21:48.000 So if you guys are not yet members of that 0:21:48.010 --> 0:21:52.629 crypto nifty club, you will want to be because we 0:21:52.630 --> 0:21:55.359 are dropping nfts. All you need to do is go 0:21:55.359 --> 0:21:58.600 to bad crypto dot uncut dot FM and pick up 0:21:58.600 --> 0:22:03.520 this cool ultra spinny bad crypto nifty club membership. NFT. 0:22:03.520 --> 0:22:07.270 It's rare because Uncut says it's rare and it is 0:22:07.270 --> 0:22:12.130 0.002 eath, which equates to $3.13. You will be in 0:22:12.130 --> 0:22:14.950 good company to have this. Airdrops will be coming your 0:22:14.950 --> 0:22:16.600 way and if you're. 0:22:16.600 --> 0:22:19.120 Already coming to people who've got them right, there's some 0:22:19.119 --> 0:22:21.460 really cool ones that's in there. And guess what cost 0:22:21.460 --> 0:22:23.859 you three bucks? And you get all kinds of cool 0:22:23.859 --> 0:22:26.320 drops and you get it doesn't make us any money 0:22:26.320 --> 0:22:28.420 at all. It actually takes us time, but it's fun 0:22:28.420 --> 0:22:30.969 to do and you guys get cool excitement out of it. 0:22:30.970 --> 0:22:32.800 Some of the people who've received some of these are 0:22:32.800 --> 0:22:35.080 literally really excited about some of the cool things. 0:22:35.080 --> 0:22:35.680 We've dropped them. 0:22:35.680 --> 0:22:38.500 But and I hope that you bag crypto nifty club 0:22:38.500 --> 0:22:41.170 members that are currently holding or paying attention to what 0:22:41.170 --> 0:22:45.790 we said about our new sister show, The Bad I Show. 0:22:45.790 --> 0:22:49.480 And currently as of now you can get a free 0:22:49.480 --> 0:22:52.930 founder's NFT, but that is not an automatic drop. You 0:22:52.930 --> 0:22:57.520 need to go to bed. I show forward slash NFT. 0:22:57.520 --> 0:23:02.830 These founder's passes are so badass looking and they're going 0:23:02.830 --> 0:23:05.710 to entitle you to things and stuff and you'll be 0:23:05.710 --> 0:23:06.520 an OG. 0:23:06.550 --> 0:23:08.680 Yeah. So check this out. So you see this one 0:23:08.680 --> 0:23:11.379 right here where we're just all static inside there. The 0:23:11.380 --> 0:23:14.620 new one, it's not static like it's moving around. It's 0:23:14.619 --> 0:23:16.899 really cool. We're learning some really awesome tricks when it 0:23:16.900 --> 0:23:19.720 comes to this, you know, using AI and some of 0:23:19.720 --> 0:23:22.660 these different tools. And then also our buddy Alex, who's 0:23:22.660 --> 0:23:25.929 helping put the finalized touches on some of this stuff. Dude, 0:23:25.930 --> 0:23:28.660 it's just really cool. This stuff is going on. I 0:23:28.660 --> 0:23:31.150 don't know how many hours. Last night I was watching 0:23:31.150 --> 0:23:35.109 different AI tool videos on on YouTube last night. Joe 0:23:35.109 --> 0:23:36.880 Just checking. I'm gonna go on. Oh, my God, I've 0:23:36.880 --> 0:23:38.649 never even heard of that. And I go, Oh, and 0:23:38.650 --> 0:23:42.610 I finally got access to runway ML. That one. I've 0:23:42.609 --> 0:23:44.169 been waiting for that one for a while. It's got 0:23:44.170 --> 0:23:47.650 like 30 different creators tools inside this thing. And I said, Yeah, 0:23:47.650 --> 0:23:49.480 I'm going to go ahead and pay for the membership 0:23:49.480 --> 0:23:51.430 because I know I'm going to use this like crazy. 0:23:51.430 --> 0:23:53.650 That's the one where you can import a video and 0:23:53.650 --> 0:23:55.689 then tell that video what you want it to do, 0:23:55.690 --> 0:23:57.639 and it'll make it in the form of like, Oh, 0:23:57.640 --> 0:23:59.679 here's a picture of Joel and Travis walking down the street, 0:23:59.680 --> 0:24:01.359 turn these guys into claymation. 0:24:01.359 --> 0:24:03.310 And then their header gummy. 0:24:03.430 --> 0:24:06.820 Their header on the page. Their tagline is Everything you 0:24:06.820 --> 0:24:09.729 need to make anything you want. And so we're going 0:24:09.730 --> 0:24:13.510 to be covering that on the Bad AI show. You're 0:24:13.510 --> 0:24:15.730 going to want to go subscribe and make sure you 0:24:15.730 --> 0:24:19.570 get this free founder's pass NFT while you can, but 0:24:19.570 --> 0:24:22.990 you have to claim it at Bad II dot show 0:24:22.990 --> 0:24:26.859 forward Slash NFT. Thanks for listening to the Bad Crypto podcast. 0:24:26.859 --> 0:24:30.490 We appreciate you guys. We love crypto, we love blockchain, 0:24:30.490 --> 0:24:35.040 we love Web3, we love Nfts and Metaverse and gaming. 0:24:35.050 --> 0:24:38.320 The future of technology. Joel We love technology and as 0:24:38.320 --> 0:24:40.750 technology advances, we like to learn about it and then 0:24:40.750 --> 0:24:43.060 teach you about it. So that's really what it is. 0:24:43.060 --> 0:24:46.240 We probably when we named our show Bad Crypto, it 0:24:46.240 --> 0:24:49.420 probably just the bad technology show because we're talking about 0:24:49.420 --> 0:24:51.730 all kinds of badass technologies. Really? Yeah. 0:24:51.730 --> 0:24:55.869 But they did that in another timeline and it didn't work. Yeah. Yeah. 0:24:55.869 --> 0:24:58.000 Those guys failed. Nobody knows who they are. Yeah. 0:24:58.000 --> 0:24:58.330 Yeah. 0:24:58.630 --> 0:25:00.850 I guess that was. I guess we're on the proper timeline. 0:25:00.850 --> 0:25:03.399 We're in the right timeline, which is here and now. 0:25:03.400 --> 0:25:06.370 And as much as we love talking about technology, we 0:25:06.369 --> 0:25:09.430 also love telling you guys that one thing you should 0:25:09.430 --> 0:25:10.330 do is. 0:25:10.330 --> 0:25:11.270 To stay back. 0:25:29.359 --> 0:25:30.110 Who's bad? 0:25:31.700 --> 0:25:35.480 The Bad Crypto podcast is a production of Bad Crypto LLC. 0:25:35.510 --> 0:25:38.360 The content of the show, the videos and the website 0:25:38.359 --> 0:25:42.500 is provided for educational, informational and entertainment purposes only. It's 0:25:42.500 --> 0:25:46.400 not intended to be and does not constitute financial investment 0:25:46.400 --> 0:25:49.460 or trading advice of any kind. You shouldn't make any 0:25:49.460 --> 0:25:53.119 decisions as to finances, investing, trading or anything else based 0:25:53.119 --> 0:25:57.620 on this information without undertaking independent due diligence and consultation 0:25:57.619 --> 0:26:01.040 with a professional financial advisor, Please understand that the trading 0:26:01.040 --> 0:26:06.109 of bitcoins and alternative cryptocurrencies have potential risks involved. Anyone 0:26:06.109 --> 0:26:08.510 wishing to invest in any of the currencies or tokens 0:26:08.510 --> 0:26:11.869 mentioned on this podcast should first seek their own independent 0:26:11.869 --> 0:26:13.910 professional financial advisor.