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Speaker 1: From UFOs to psychic powers and government conspiracies. History is

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Speaker 1: riddled with unexplained events. You can turn back now or

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Speaker 1: learn the stuff they don't want you to know. A

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Speaker 1: production of My Heart Radio. Hello, welcome back to the show.

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Speaker 1: My name is Matt, my name is Noel. They called

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Speaker 1: me Ben. We're joined as always with our super producer

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Speaker 1: Paul Michig, control decand most importantly, you are you. You

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Speaker 1: are here and that makes this the stuff they don't

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Speaker 1: want you to know now. Folks, you've heard us talk

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Speaker 1: about bitcoin before. Bitcoin is a specific sort of alternative

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Speaker 1: currency or cryptocurrency, but it's it's not alone in that field.

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Speaker 1: It's the most well known of several different similar things,

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Speaker 1: like ethereum or doge coin personal favorite of mind. These

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Speaker 1: are popularly called crypto or coins. Unlike currency of previous eras,

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Speaker 1: bitcoin is not backed by any government or corporation. It's decentralized,

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Speaker 1: meaning there is no issuing authority, no central banking system.

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Speaker 1: Depending on which sources you ask, this is either one

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Speaker 1: of the greatest revolutions, innovations, and financial history, or it's

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Speaker 1: a grift or well. First things first, here are the

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Speaker 1: facts we we want to give you. A brief recap

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Speaker 1: of how bitcoin works, help blockchain works. But we're gonna

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Speaker 1: we're gonna just go high level because longtime listeners you've

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Speaker 1: heard us discussed this in depth in previous episodes, sometimes

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Speaker 1: with the help of our pal Jonathan Strickland. Yeah, he

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Speaker 1: was certainly the first person that I ever even heard

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Speaker 1: about blockchain and cryptocurrency from many years ago. Yes, so

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Speaker 1: let's let's talk about it. Uh. It runs on peer

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Speaker 1: to peer. This is very important. It's a network that

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Speaker 1: is peer to peer, like old school stuff that you

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Speaker 1: used to do on the Internet, probably where somebody's computer

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Speaker 1: is running part of the brain that's running the game

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Speaker 1: you're playing, or if you're let's say, using lime wire

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Speaker 1: something to share stuff across the network. That was a

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Speaker 1: well known peer to peer network, and as you said,

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Speaker 1: been the most important thing is that there's no centralized

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Speaker 1: server that is running any of this stuff. Yeah. If

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Speaker 1: you're using bitcoin, uh, each user's computer is part of

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Speaker 1: this larger network, what you could rightly call an ecosystem,

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Speaker 1: and it shares the burden of generating bitcoins and logging transactions.

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Speaker 1: It's this decentralized nature that makes bitcoin arguably impervious so

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Speaker 1: far to things like government intervention, whether that is by

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Speaker 1: monitoring the way you would monitor UH or orthodox banking transactions,

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Speaker 1: or regulation. And it's the weird thing, is okay, So

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Speaker 1: we're going to describe some things that may sound complicated.

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Speaker 1: But if you are an end user, if you are

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Speaker 1: like so many people, getting into bitcoin a little dipping

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Speaker 1: your toe in, a little bit at a time, you'll

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Speaker 1: find that it is astonishingly simple to do. So you

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Speaker 1: get a bitcoin wallet. This encrypts and maintains your bitcoin

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Speaker 1: balance on your computer, smartphone, or in the cloud, and

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Speaker 1: this happens with any any other version of cryptocurrency. Then

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Speaker 1: you can use your bank account or a credit card,

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Speaker 1: which I think is kind of dangerous, or another form

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Speaker 1: of payment to get bitcoins to up your wallet or

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Speaker 1: for most people realistically a fraction of bitcoins. Can you

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Speaker 1: use a credit card to buy securities by traditional stocks

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Speaker 1: and bonds? I wouldn't know. I'm an enemy of credit cards.

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Speaker 1: I just wonder. I mean, you know, it seems you're

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Speaker 1: it's seems dangerous, It seems like a slippery slope. If

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Speaker 1: you're not actually converting wealth, you know, into stocks, then

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Speaker 1: you're just gambling essentially, with with credit it's you know,

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Speaker 1: you can't use a credit card to pay off another

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Speaker 1: credit card, I just order the lottery right or to

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Speaker 1: go to casinos. So I would think probably there's some

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Speaker 1: guideline with the ftc UH that doesn't allow you to

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Speaker 1: buy stocks with credit cards. So that's not the case

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Speaker 1: with with crypto. You can you can't buy it with

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Speaker 1: credit cards, which is super slippery um. And it's a

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Speaker 1: little more complicated than some maybe more you know, kind

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Speaker 1: of technophobe type folks might be uh cut out for,

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Speaker 1: because you do have to you know, getting the wallet

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Speaker 1: is one thing, but then also to get the bitcoin,

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Speaker 1: you have to transfer it to the wallet because if

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Speaker 1: you keep it on in exchange, which is where you

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Speaker 1: buy it, that leaves it more kind of susceptible to things,

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Speaker 1: which many yeah, all exactly all sorts of things. So

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Speaker 1: in the code there's like a like a string of

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Speaker 1: of weird digits that are you know, your key for

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Speaker 1: transferring you know, the purchase to your wallet, and if

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Speaker 1: you get just one digit of that wrong and it

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Speaker 1: goes away into the ether never to be seen again.

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Speaker 1: And you have to be careful with any financial decisions

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Speaker 1: because I like the way it was put earlier somewhere

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Speaker 1: on the internet, probably Twitter. Somebody wrote to me up

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Speaker 1: and bowling hs W or I found it somewhere and

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Speaker 1: they said, you know, if you let someone shannan one

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Speaker 1: thing's for sure, they're gonna Shenan again. Sure, sort of

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Speaker 1: fool me once, shame on you fool me twice, can't

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Speaker 1: be fooled again. So so this is relatively um uncomplicated.

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Speaker 1: There is a learning curve for people entering his end users.

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Speaker 1: But before any of that happens, before bitcoin can be transferred,

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Speaker 1: can be spent, can be used at all, has to

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Speaker 1: be made. And this happens via mining process a k A.

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Speaker 1: A big reason that many of our gamer friends in

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Speaker 1: the audience today still don't have a PS five to

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Speaker 1: to a chip shortage. Uh. This this mining process uses computers.

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Speaker 1: You get a mining app, it's free, they're out there,

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Speaker 1: and mining requires the entire network of these let's call

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Speaker 1: them bitcoin participant computers to do essentially a ton of

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Speaker 1: difficult math problems, a bunch of number crunching, and there's

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Speaker 1: a set amount of work that these do and when

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Speaker 1: you reach that threshold of work, you get rewarded with

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Speaker 1: bitcoin and in the early days, there would be people

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Speaker 1: who were just at their houses, maybe setting up their

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Speaker 1: own kind of computer networks that would just do this work,

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Speaker 1: would just crunch these numbers and make them bitcoin. And

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Speaker 1: some of those people made quite a killing off of this.

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Speaker 1: But and I'll see the quiet part out loud, just

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Speaker 1: with things like with any quote unquote disruptive industry like podcasting.

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Speaker 1: Pretty soon the big fish got involved, and now some

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Speaker 1: people and some very powerful organizations has been thousands, thousands,

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Speaker 1: if I possibly millions of dollars making computers specifically to

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Speaker 1: mine bitcoin and nothing else. This became, and this is

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Speaker 1: fair to call it such, this became a global arms

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Speaker 1: race of sorts, a digital cutthroat arm race. At once

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Speaker 1: stat I found that I thought was pretty illuminating. Shout

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Speaker 1: out illumination global unlimited. As of two years ago, a

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Speaker 1: full nineteen per cent of the world's GPU graphic processing

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Speaker 1: unit production went entirely to mining not all crypto, but

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Speaker 1: just ethereum. And this was a huge, huge factor in

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Speaker 1: the ongoing global computer chip shortage. That means that even

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Speaker 1: if you never cared about crypto, if you've never heard

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Speaker 1: about it, had no plans to participate in it, you

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Speaker 1: were still being affected in a very real and sometimes

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Speaker 1: dangerous way. To my understanding as well, the way um

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Speaker 1: mining works is these GPUs are are the blockchain their

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Speaker 1: part and parcel they are. They are verifying transactions using

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Speaker 1: by solving these complex you know, like puzzles, essentially really

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Speaker 1: complex math problems. So in order to for the blockchain

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Speaker 1: to function, since it is decentralized, it's sort of like

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Speaker 1: crowdsourcing st you know, the way ST uses. Like, you know,

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Speaker 1: people can combine all of their computer processes together in

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Speaker 1: a way that allows them to participate in certain algorithms

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Speaker 1: that are taking place, you know, through a thing organization

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Speaker 1: like CT to monitor you know, space, etcetera. So when

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Speaker 1: these people that are putting forth all of this power

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Speaker 1: into from their personal you know property, uh solve these

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Speaker 1: equation leads equations, they are rewarded essentially with a little

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Speaker 1: bit of a bitcoin, not like a whole bitcoin. You

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Speaker 1: gotta do a gazillion of these to make any meaningful. Gosh,

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Speaker 1: is that y'alls understanding as well? That's correct, Yeah, The

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Speaker 1: and the the SETI crowdsourcing is not a bad comparison because,

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Speaker 1: as we'll find the rules of the game are set

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Speaker 1: to evolve over time. Right now, just as a result

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Speaker 1: of the bitcoin kind of gold rush throughout four of

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Speaker 1: what we'll call crypto winters UH. As a result of

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Speaker 1: that gold rush, almost a hundred and seventy distinct industries

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Speaker 1: have been affected by the computer chip shortage. It can

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Speaker 1: only make so many due to supply chain issues, even

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Speaker 1: pre pandemic. And the thing is that these chips can

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Speaker 1: be used for all sorts of stuff that is not

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Speaker 1: involved with bitcoin. So you could argue that add a

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Speaker 1: certain threshold. Every time somebody is scooping up technology and

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Speaker 1: dedicating it to mining bitcoin, they're scooping it away from

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Speaker 1: UH these other industries. Goldman Sacks specifically found a hundred

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Speaker 1: and sixty nine industries have been impacted. The circle on

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Speaker 1: forever you might be thinking. And if so, if you're

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Speaker 1: thinking that, you're on the money, because here's how the

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Speaker 1: rules change. There is a cap. There are only twenty

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Speaker 1: one million bitcoins that can ever exist and to create.

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Speaker 1: To like sort of manage this generation, the Bitcoin network

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Speaker 1: adjust the exact amount of work and number crunching required

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Speaker 1: to make coins. So they adjust at such that the

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Speaker 1: number of bitcoins will rise at a steady predetermined rate,

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Speaker 1: and it will continue to do us. The reasoning goes

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Speaker 1: until the number of bitcoins in circulation reaches that twenty

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Speaker 1: one million cap right now, that's projected to occur around

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Speaker 1: one forty. So if you are hearing this right to

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Speaker 1: the show, let us know if that ended up being correct.

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Speaker 1: Is it complicated? Yeah, of course, but don't make a mistake.

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Speaker 1: There was money to be made, so everyone for a

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Speaker 1: while went absolutely nuts for this. They went bonkers and bananas,

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Speaker 1: your faithful correspondence. By the way, some of our friends included.

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Speaker 1: As crypto's popularity skyrocketed, people began learning more about one

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Speaker 1: of my favorite parts of the story. It's incredibly shady origin,

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Speaker 1: and I think we have to talk about that. This

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Speaker 1: is a little bit here's where it gets crazy, but

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Speaker 1: it is worth knowing if you're not aware of this.

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Speaker 1: Uh previously Matt Noel, who made who made bitcoin? Who

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Speaker 1: invented it? Satan? Is that English set? Final answer? No

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Speaker 1: lifeline making it? No one was No one is listening

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Speaker 1: to this, guys. I have I have bad news. Civilization

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Speaker 1: collapses in uh less than two decades, so the very

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Speaker 1: at least been engulfed engulfed by the signs not making

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Speaker 1: it all right. Well, so I'll have to work with

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Speaker 1: the AI version of you guys. Uh, probably be really

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Speaker 1: high quality by that. Yeah, that's the thing. So our

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Speaker 1: optimism versus pessimism versus what something we called realism aside.

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Speaker 1: The truth is this, the identity of bit coins creator

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Speaker 1: is a huge mystery. The story really starts with the

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Speaker 1: mystery the phrase cryptocurrency as a as Neil Stevenson. As

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Speaker 1: it may sound, it was not coined by him. The

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Speaker 1: concept first comes out in a person named way Die

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Speaker 1: Uh mentions this idea, pitches it on a mailing list

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Speaker 1: for something called cipher punks see why p h e

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Speaker 1: r Punks and bitcoins creator who went by the identity

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Speaker 1: or the persona Setoshi Nakamoto. In two thousand nine, Setoshi

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Speaker 1: publishes the first specification like practical description of bitcoin and

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Speaker 1: proof of concept, and then later towards the end of

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Speaker 1: two thousand ten, this identity this persona ghosts it's gones

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Speaker 1: off the grid, uh. And all we know really is

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Speaker 1: that this person or people using this handle did create

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Speaker 1: the idea the practical application of it, and then did disappear.

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Speaker 1: And we know that that name, that handle is not

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Speaker 1: their real name. Bitcoin dot org, by the way, is

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Speaker 1: low key hilarious about this because they have to dispel

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Speaker 1: a lot of fear right and they say this person

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Speaker 1: whom they identify as Mail by the way, they say,

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Speaker 1: this person does not currently control bitcoin and that due

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Speaker 1: to the nature of the open source tech. This is

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Speaker 1: my favorite quote here. You can find it on bitcoin

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Speaker 1: dot org. They say, quote the identity bitcoins inventor is

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Speaker 1: probably as relevant today is the identity of the person

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Speaker 1: who invented paper. And we don't know who invented paper.

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Speaker 1: That's the point that well, it's mimetic though, it's like

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Speaker 1: a self replicating system, you know, once it kind of

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Speaker 1: gets off and running. Right at that point, it doesn't

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Speaker 1: It's like who invented d NA? Obviously, I think you

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Speaker 1: just insert the word flash into that sentence, invented flash paper? Okay,

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Speaker 1: Matt Math's got some some hot takes, some flash hot takes.

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Speaker 1: But no, but it's true. I mean, like at this

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Speaker 1: point it's kind of irrelevant. It would be interesting to know.

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Speaker 1: But would there be a reason you think? I mean,

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Speaker 1: I could think of many or that person would not

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Speaker 1: come forward because they probably I don't want to be

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Speaker 1: but don't don't want to have their spot blown up, essentially,

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Speaker 1: you know, because it is something that's pretty controversial still,

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Speaker 1: and I would imagine they've cashed out and they're probably

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Speaker 1: living the yacht life at this point. Yeah, quite possibly,

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Speaker 1: if indeed it is a single organic individual. I mean,

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Speaker 1: there are a couple of guesses we could make with Yet,

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Speaker 1: there are a couple of guesses we could make. One

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Speaker 1: they could have been working out of school using some

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Speaker 1: knowledge from their day drop that might be considered proprietary.

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Speaker 1: You know that got Blake Lemoinne fired. Uh. Second, second,

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Speaker 1: it could be it could be an op, it could

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Speaker 1: be a front, it could be a government organization. There's

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Speaker 1: it's I'm completely secure in saying that because there's no

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Speaker 1: proof otherwise anyway. So if there are controversies, surprise with bitcoin.

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Speaker 1: It's got a shady origin story. Uh, it involves a

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Speaker 1: lot of often misunderstood technology. Oh and it's also a

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Speaker 1: load of money. You can understand why bitcoin is controversial

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Speaker 1: given those three factors. Governments are have always been publicly

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Speaker 1: skeptical of bitcoin and blockchain technology in general. It's true

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Speaker 1: that some outliers like El Salvador have adopted it as

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Speaker 1: a recognized currency, but major economies, including Uncle Sam to

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Speaker 1: this day refused to recognize it as what's called legal tender.

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Speaker 1: And if you look at the if you if we

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Speaker 1: assume the perspective of countries and financial institutions, then we

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Speaker 1: can see how this idea, the skepticism and caution makes sense.

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Speaker 1: I mean, bitcoin potentially does a lot of things that

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Speaker 1: are dangerous. If you're happy, you know, at the top

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Speaker 1: of a financial or governmental regime, the citizens of your country,

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Speaker 1: we can undermine government authority because they can kind of

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Speaker 1: circumvent and skate around capital controls. Obviously, this can help

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Speaker 1: launder all sorts of things that can disguise criminal activity

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Speaker 1: for sure. And then the other thing, the third thing

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Speaker 1: that they don't say as much out loud officially, is

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Speaker 1: that potentially bitcoin and things like it could destabilize the

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Speaker 1: entirety of the existing global money regime, global financial infrastructure,

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Speaker 1: and then the irony there is. For the longest time,

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Speaker 1: the conversation from like you know, crypto bros and evangelists

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Speaker 1: has been this is an alternative to the crooked system

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Speaker 1: of capitalism that that is, that is legally you know, recognized. Uh,

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Speaker 1: and you know, you better get in while they getting

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Speaker 1: is good, they say, um, you know, because this is

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Speaker 1: gonna be the only game in town before you know it.

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Speaker 1: And as you don't, you want to, you know, protect

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Speaker 1: yourself from from the ebbs and flows and the whims

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Speaker 1: of of the FED and all that stuff. It's it's

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Speaker 1: not gonna follow any of those trends, right, that's the idea.

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Speaker 1: But and and that's the question, how long can this

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Speaker 1: thing last? Right? Uh? It could just be another currency

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Speaker 1: related bubble. This has definitely happened in the past, with

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Speaker 1: numerous things identified as currency by one civilization culture or another.

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Speaker 1: From day one, there were plenty of critics who were

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Speaker 1: certain that Bitcoin would eventually come crashing down, and now

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Speaker 1: it appears they just might be correct. What are we

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Speaker 1: talking about, We'll tell you after a word from our sponsor.

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Speaker 1: Here's where it gets crazy. Bitcoin crashed, feel what a

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Speaker 1: free fall? But like so did the stock market? You know,

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Speaker 1: I mean it's I think it's no, it's what we

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Speaker 1: were talking about earlier. I think there's Uh, I don't

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Speaker 1: know if there's a direct connection, but it certainly casts

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Speaker 1: a little bit of question into this whole notion that

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Speaker 1: bitcoin is bulletproof and crypto is its own thing, unconnected

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Speaker 1: to the rest of the economy, because these two things

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Speaker 1: kind of happened in tandem, you know. I mean, we

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Speaker 1: haven't experienced a full crash or a full recession, but

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Speaker 1: it sure feels like we're heading that way. But the

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Speaker 1: stock market isn't a currency, right if we're if the

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Speaker 1: statement was the dollar crashed, right, that would be applicable

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Speaker 1: to what's going on here. Right, there's a difference. It

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Speaker 1: feels like you're buying some kind of commodity, some kind

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Speaker 1: of you know, shares or stock when you're buying bitcoin,

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Speaker 1: I think the way it feels when you've got it,

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Speaker 1: because it's worth so much real world money. But it

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Speaker 1: is in itself a currency, I think, which it's That's

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Speaker 1: why it's weirding me out because we do think about

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Speaker 1: it as a stock market going up and down, but

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Speaker 1: in reality is the value of a currency, but the

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Speaker 1: value of like traditional currencies, they don't ebb and flow

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Speaker 1: the way cryptocurrencies and cryptocurrencies ebb and flow much more

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Speaker 1: like stocks, and and I believe are treated more speculatively

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Speaker 1: in the way that stocks are often treated. That's why

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Speaker 1: I think they're it's sort of in the middle, like

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Speaker 1: they're they're they're related but but different. But I see

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Speaker 1: exactly what you're saying appen. And so this brings us

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Speaker 1: to another another important issue. I want to paint the

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Speaker 1: scene here, so cash your memory back. By the end

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Speaker 1: of twenty one, big coin itself had fallen thirty from

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Speaker 1: its peak. Its peak was about sixty nine thousand dollars

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Speaker 1: seventy thousand dollars per coin, and it fell down to

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Speaker 1: forty seven thousand, six six dollars and eighty one cents. Ethereum,

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Speaker 1: which is sort of the Pepsi to the Coca cola

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Speaker 1: here also fell to three thousand, seven hundred sixty nine

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Speaker 1: seventy cents, And throughout a lot of January, much of

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Speaker 1: late January through let's call it late April, cryptocurrency and

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Speaker 1: general struggled, and Bitcoin was swinging back and forth. You know,

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Speaker 1: Edgar Allan Poe Pitt in the pendulum style. Sometimes it

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Speaker 1: was thirty five thousand, sometimes it was forty eight thousand.

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Speaker 1: And now, look, if you're an investor, this is your

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Speaker 1: what the f moment? But before anyone panics, we have

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Speaker 1: to know what that Bitcoin value has fluctuated before. To

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Speaker 1: your point, Matt, about treating something as a currency V

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Speaker 1: and investment, it would be weird if an investment did

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Speaker 1: not fluctuate to some degree. The crypto market, in fact,

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Speaker 1: has fallen by fifty percent or more on four different occasions,

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Speaker 1: including the current crypto winter of one two. Uh. But

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Speaker 1: is a little different now because back in the day

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Speaker 1: for a long time, Bitcoin was of the crypto market

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Speaker 1: until about so you could arguably just say the first

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Speaker 1: crypto winter really was a bitcoin winter. But this crash,

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Speaker 1: the one you're in now, has people worried, partially because

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Speaker 1: of the many other factors evolved, as well as the

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Speaker 1: extent where I should say, the timeline of the crash

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Speaker 1: it seems to be continuing. This is what is sometimes

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Speaker 1: called a free fall. Anyway, if we go back to

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Speaker 1: stay in one for a second, this is the first

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Speaker 1: time that a bitcoin associated industry announces layoffs job cuts.

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Speaker 1: April one, just a few days after everything goes to pot,

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Speaker 1: an outfit named bit Mex lays off of its employees.

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Speaker 1: Let's just fast forward to crash continues as of the

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Speaker 1: month we're recording this July two, both Bitcoin and ethereum

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Speaker 1: are down by more than sixty percent from their peak.

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Speaker 1: I want to shout out a couple of journalists in

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Speaker 1: this episode. One Tom Mitchell Hill, Tom I love your

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Speaker 1: last name, uh, is writing a coin Telegraph and said,

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Speaker 1: you know, just this past June, this means in real

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Speaker 1: terms that more than eighty thousand people who were millionaires

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Speaker 1: thanks to bitcoin are no longer millionaires. They're no longer

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Speaker 1: in the money. Yeah. That that. Uh. When I first

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Speaker 1: read an article from that outfit, I really thought it

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Speaker 1: was coin Telegraph, like really, but no, that that article.

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Speaker 1: It's pretty intense because I just give you a quick

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Speaker 1: rundown of those specifics there. Um, okay, So back on

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Speaker 1: November twelve, just uh, this is from the article by

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Speaker 1: Tom Mitchell Hill. Back on November twelve, just days after

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Speaker 1: bitcoin hit a new all time high of around sixty

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Speaker 1: nine thousand dollars. That been just mentioned, a little under

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Speaker 1: a hundred and nine thousand bitcoin addresses reported reported a

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Speaker 1: balance of greater than a million dollars. So an individual

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Speaker 1: address a wallet, right, So that's probably individuals, maybe a

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Speaker 1: few people having multiple ones, but that's a lot of people,

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Speaker 1: a hundred nine thousand who were at least a million

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Speaker 1: dollars worth in there. So you fast forward to today

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Speaker 1: that they were recording this and uh it says only

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Speaker 1: twenty six thousand, two hundred and eighty four addresses now

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Speaker 1: have holdings valued over a million dollars. So like eighty

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Speaker 1: thousand people just got wiped out. That's insane to think about.

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Speaker 1: It's wild. But also think how exponential the growth was.

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Speaker 1: Of course the decline is also going to be exponential.

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Speaker 1: I mean, so many of these people like made their

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Speaker 1: their their money by getting in at the right time,

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Speaker 1: and they didn't start with that much money. They invested

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Speaker 1: you know whatever, a respectable amount and it blossomed into

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Speaker 1: this crazy amount of money. But then if you bet

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Speaker 1: if the farm on those holdings, thinking it's just gonna

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Speaker 1: last forever, and you're leveraged against those holdings, that's something

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Speaker 1: you can do with crypto. You don't ever have to

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Speaker 1: cash out. A lot of people don't cash out. They

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Speaker 1: just leverage against it. You can borrow against it, you know,

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Speaker 1: they're they're exchanges or wallets rather like one called nexo

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Speaker 1: that allows you to leverage your holdings into zero interest

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Speaker 1: loans that then you pay back with little you know,

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Speaker 1: um hits little little taxes I guess on your holdings,

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Speaker 1: but you never actually have to cash out, because once

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Speaker 1: you cash out, then you're out of the system, and

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Speaker 1: then you're out of the game. But so the goal

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Speaker 1: for a lot of people is to stay in the system.

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Speaker 1: But of course when the hit like this happens, it's

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Speaker 1: also gonna be of epic proportions, you know, just like

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Speaker 1: the winds were and this is you know, the whales

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Speaker 1: got hit as well. I'll take the hit on that

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Speaker 1: one guy's because I snuck in a tongue tongue twister

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Speaker 1: in the In the notes, uh, there were per Mentchell

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Speaker 1: Hills reporting there were ten thousand, five eighty seven addresses

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Speaker 1: that had a minimum cash value of ten million US

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Speaker 1: dollars in November of last year, and now less than

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Speaker 1: half of them are still at that level. Only four thousand,

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Speaker 1: three and forty two hold the same status. So quick

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Speaker 1: cocktail napkin math. That's a fifty eight percent decline. And

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Speaker 1: another note for anybody who likes dancing on graves, please

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Speaker 1: don't be that I told you so. Guy to your

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Speaker 1: bitcoin friends, give them give him a couple of weeks.

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Speaker 1: You know, they've got a lot of stuff going on,

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Speaker 1: And how do we know these things? Well, the reason

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Speaker 1: we know them is that Bitcoin has something really interesting.

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Speaker 1: There is anonymity, but you can still due to the

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Speaker 1: nature of the interactions in this ecosystem, you can see

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Speaker 1: a dress like which addresses have certain amounts of coin?

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Speaker 1: And right now Bitcoin has been struggling to stay above

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Speaker 1: twenty thousand dollars US per coin. Now, uh, and like

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Speaker 1: you said, Matt, you see the decline with the people

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Speaker 1: holding a million. You see the descline with people holding

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Speaker 1: more than ten million. Now we have to ask what happened? Right?

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Speaker 1: It's questions so many people are asking, and we will

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Speaker 1: get into conspiratorial aspects here. But first, the best way

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Speaker 1: to say it is there are a couple of factors

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Speaker 1: we can point to with certitude, and there are several

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Speaker 1: other factors we can guess at. First things First, I'll

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Speaker 1: say this the big boys, big fish, they wanted some

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Speaker 1: more regulations. April one, the SEC starts swinging their h

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Speaker 1: mentionables around. The Securities and Exchange Commission of the u

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Speaker 1: S says, okay, guys, pump the breaks. We need to

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Speaker 1: put some regulations on these crypto agencies. And just that

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Speaker 1: just a financial superpower like the US moving toward a

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Speaker 1: regulatory environment made a lot of people sell off everything.

429
00:28:16,680 --> 00:28:19,080
Speaker 1: I guess they were like, let's get while they getting

430
00:28:19,160 --> 00:28:22,000
Speaker 1: is good. We'll support the cartels some other way. Get

431
00:28:22,040 --> 00:28:26,199
Speaker 1: back into fine art, where are loose diamonds all that jazz? Uh.

432
00:28:26,520 --> 00:28:30,080
Speaker 1: And then there's something that I, you know, I don't

433
00:28:30,119 --> 00:28:32,160
Speaker 1: know how familiar this is to a lot of people,

434
00:28:32,640 --> 00:28:38,440
Speaker 1: but there's something called stable coin. Stable Coin is a yeah,

435
00:28:38,640 --> 00:28:42,160
Speaker 1: it's a it's a crypto um crypto thing that can

436
00:28:42,600 --> 00:28:45,000
Speaker 1: occur in three different kind of buckets. So it's either

437
00:28:46,360 --> 00:28:51,520
Speaker 1: collateralized by cryptocurrencies, it's sort of based on other crypto,

438
00:28:51,840 --> 00:28:55,680
Speaker 1: or it's pegged to something like the Euro or the

439
00:28:55,840 --> 00:28:58,840
Speaker 1: US dollar, which means it's fiat backed. That's not a

440
00:28:58,880 --> 00:29:02,600
Speaker 1: hot take. Those are currencies. Or it relies entirely on

441
00:29:03,000 --> 00:29:07,520
Speaker 1: algorithms to maintain supply and demand, so it picks a

442
00:29:07,640 --> 00:29:10,720
Speaker 1: certain relationship to something like a dollar, and then it

443
00:29:10,880 --> 00:29:14,840
Speaker 1: just modifies on the back end everything to make it

444
00:29:15,040 --> 00:29:20,000
Speaker 1: maintain that value. Stable Coin is called stable coin because,

445
00:29:20,080 --> 00:29:23,200
Speaker 1: as you can imagine the idea, the main feature of

446
00:29:23,320 --> 00:29:27,040
Speaker 1: this is that it is not supposed to be subject

447
00:29:27,240 --> 00:29:30,720
Speaker 1: to all the wiles and whims of the marketplace, and

448
00:29:31,320 --> 00:29:35,240
Speaker 1: then that proved to be untrue. Luna Tara huge stable

449
00:29:35,280 --> 00:29:39,920
Speaker 1: coin crashed and this was such a this was such

450
00:29:40,000 --> 00:29:44,360
Speaker 1: a shock to the overall financial system of crypto that

451
00:29:44,840 --> 00:29:49,000
Speaker 1: when it plunged in value by eight percent, it rocked.

452
00:29:49,240 --> 00:29:52,200
Speaker 1: It rocked the foundations of the entire crypto market. So

453
00:29:52,360 --> 00:29:55,440
Speaker 1: that's one thing that happened. The stuff that was supposed

454
00:29:55,440 --> 00:29:58,560
Speaker 1: to be stable turned out not to be stable in

455
00:29:58,680 --> 00:30:02,200
Speaker 1: any case. And then, um, you know, we said the

456
00:30:02,600 --> 00:30:07,400
Speaker 1: sec started started paid interest. But in general, whether or

457
00:30:07,440 --> 00:30:09,640
Speaker 1: not you're in crypto, if you live in the US,

458
00:30:10,040 --> 00:30:13,800
Speaker 1: uncle Sam wants you to pay interest to what a

459
00:30:13,960 --> 00:30:18,200
Speaker 1: terrible segue. Now everything's bad. Uh, hikes and interest rates.

460
00:30:18,400 --> 00:30:21,440
Speaker 1: That's that's huge. Like we're talking about you mentioned earlier,

461
00:30:21,480 --> 00:30:25,520
Speaker 1: and all the idea of a recession historically, if you

462
00:30:25,640 --> 00:30:29,280
Speaker 1: look back in the span of you modern US civilization,

463
00:30:30,440 --> 00:30:35,440
Speaker 1: when interest rates start rising aggressively, it is it is

464
00:30:35,520 --> 00:30:40,200
Speaker 1: not proof, but it is definitely a sign that the

465
00:30:40,520 --> 00:30:44,840
Speaker 1: FED beliefs recession is on the horizon. So this hits

466
00:30:45,520 --> 00:30:48,600
Speaker 1: all the investment things, you all, most of the investment

467
00:30:48,760 --> 00:30:52,720
Speaker 1: vehicles you can think of. FED increases rates, stock market

468
00:30:52,880 --> 00:30:57,240
Speaker 1: and the crypto market have this huge downfall because ultimately,

469
00:30:57,880 --> 00:31:00,800
Speaker 1: you know, they're voting on articles of faith, right, it's

470
00:31:00,840 --> 00:31:05,840
Speaker 1: worth how much other people want it. So investors start

471
00:31:06,000 --> 00:31:10,840
Speaker 1: selling and this creates a blood bath in the crypto

472
00:31:10,960 --> 00:31:14,160
Speaker 1: market because the more people the secret of crypto is,

473
00:31:14,480 --> 00:31:17,240
Speaker 1: the more people who are selling off stuff in a

474
00:31:17,440 --> 00:31:21,960
Speaker 1: short time interval, uh, the less and less individual bitcoins

475
00:31:21,960 --> 00:31:25,280
Speaker 1: are worth. Yeah, it is interesting to um the link

476
00:31:25,400 --> 00:31:30,320
Speaker 1: between inflation and cryptocurrency because you know, in the same way,

477
00:31:30,320 --> 00:31:33,240
Speaker 1: a lot of folks have touted cryptocurrency to be sort

478
00:31:33,280 --> 00:31:36,000
Speaker 1: of resistant to some of the market trends that that

479
00:31:36,080 --> 00:31:38,479
Speaker 1: we're seeing, you know, hit the stock market and all

480
00:31:38,520 --> 00:31:41,560
Speaker 1: of that. Uh. Similarly, it's been said that that they're

481
00:31:41,600 --> 00:31:45,520
Speaker 1: resistance to inflation. So I marning with inflation kind of

482
00:31:45,560 --> 00:31:51,360
Speaker 1: going up, why aren't cryptocurrency is doing better? Um, you know,

483
00:31:51,440 --> 00:31:53,400
Speaker 1: it's a lot of it's a lot of factors, but

484
00:31:53,640 --> 00:31:56,480
Speaker 1: it is It is interesting that an additional thing to

485
00:31:56,720 --> 00:32:00,920
Speaker 1: to consider and then came financial trouble for a lot

486
00:32:01,040 --> 00:32:04,680
Speaker 1: of the companies that handle cryptocurrencies, the ones that are

487
00:32:04,680 --> 00:32:09,720
Speaker 1: actually exchanging things, that do other various things with bitcoin, uh,

488
00:32:10,040 --> 00:32:13,120
Speaker 1: that have lots and lots of employees because it's kind

489
00:32:13,120 --> 00:32:14,800
Speaker 1: of like Netflix if you think about a lot of

490
00:32:14,880 --> 00:32:20,640
Speaker 1: cry cryptocurrency companies. They've been staffing up like crazy historically

491
00:32:20,760 --> 00:32:23,480
Speaker 1: because there's just gains and gains and gains and gains,

492
00:32:23,560 --> 00:32:25,840
Speaker 1: so they need more human beings to do more work.

493
00:32:26,320 --> 00:32:29,720
Speaker 1: And then when these crashes happen, these winters come through,

494
00:32:30,080 --> 00:32:32,719
Speaker 1: it gets cold and they gotta they gotta get rid

495
00:32:32,760 --> 00:32:35,280
Speaker 1: of all these new people they've hired because their overhead

496
00:32:35,320 --> 00:32:39,000
Speaker 1: becomes too expensive, which was the case with Celsius Network.

497
00:32:39,320 --> 00:32:42,160
Speaker 1: This is one of those decentralized finance outfits, the things

498
00:32:42,200 --> 00:32:44,520
Speaker 1: we've been talking about. They said they were putting a

499
00:32:44,600 --> 00:32:47,920
Speaker 1: freeze on all crypto transactions, which is never good, right.

500
00:32:48,040 --> 00:32:51,160
Speaker 1: That's like when you freeze the stock market because stuff

501
00:32:51,200 --> 00:32:54,520
Speaker 1: is going downhill. Guys, we gotta stop trading, uh, Which

502
00:32:54,560 --> 00:32:57,560
Speaker 1: has happened right? Well? I I you know again to

503
00:32:57,640 --> 00:33:01,160
Speaker 1: your point that this to your it's your beautiful point

504
00:33:01,280 --> 00:33:07,120
Speaker 1: about currency versus investment. I would say a more immediate analogy,

505
00:33:07,640 --> 00:33:11,360
Speaker 1: even more impactful, would be the idea of banks not

506
00:33:11,520 --> 00:33:17,400
Speaker 1: allowing cash withdrawals or withdrawals or transfers to other financial institutions.

507
00:33:17,760 --> 00:33:21,840
Speaker 1: When that happens. It's what what we could rightly call

508
00:33:22,080 --> 00:33:26,160
Speaker 1: bad bad, it's it's double plus un good. So if

509
00:33:26,200 --> 00:33:29,680
Speaker 1: you're banking at the Celsius network, then this is this

510
00:33:29,920 --> 00:33:32,520
Speaker 1: is your wells Fargo saying we know you have money,

511
00:33:33,040 --> 00:33:35,880
Speaker 1: you just can't have it because we don't have it. Yeah,

512
00:33:36,000 --> 00:33:37,600
Speaker 1: that's the kind of stuff that happened like during the

513
00:33:37,680 --> 00:33:41,360
Speaker 1: Great Depression. That's that's a real bell weather of things

514
00:33:41,440 --> 00:33:44,240
Speaker 1: to come. Yeah, and and post something like that where

515
00:33:44,280 --> 00:33:48,320
Speaker 1: there is some kind of freeze, often not always as

516
00:33:48,360 --> 00:33:50,600
Speaker 1: we saw with Game Stop and some of the some

517
00:33:50,680 --> 00:33:53,120
Speaker 1: of the other weirdness that happened in the stock market, well, uh,

518
00:33:53,280 --> 00:33:56,560
Speaker 1: not that long ago. But what what happens after one

519
00:33:56,560 --> 00:33:58,720
Speaker 1: of those is a massive sell off. And that is

520
00:33:58,760 --> 00:34:02,680
Speaker 1: indeed what occurred of the Celsius network. Uh. And there

521
00:34:02,680 --> 00:34:06,040
Speaker 1: are a bunch of other companies that went through like

522
00:34:06,200 --> 00:34:11,840
Speaker 1: real rocky, real rocky month. Yeah. Yeah, And it's a

523
00:34:12,320 --> 00:34:15,480
Speaker 1: real rocky month that appears to be going much longer

524
00:34:15,560 --> 00:34:19,040
Speaker 1: than thirty days. It's a it's a non ending month.

525
00:34:19,200 --> 00:34:21,600
Speaker 1: I don't know if it ever resolved. Um, but a

526
00:34:21,680 --> 00:34:25,040
Speaker 1: buddy of mine had some stuff in Celsius, and I

527
00:34:25,120 --> 00:34:27,440
Speaker 1: think as far as he what he was getting for

528
00:34:27,560 --> 00:34:31,120
Speaker 1: message wars and some maybe like more seasoned crypto people,

529
00:34:31,239 --> 00:34:36,000
Speaker 1: was that don't hold your breath. Yeah. Unfortunately others would

530
00:34:36,040 --> 00:34:40,080
Speaker 1: follow suit a lot of this. Uh. Really, if you

531
00:34:40,160 --> 00:34:42,399
Speaker 1: look back on some of our previous work on this show,

532
00:34:42,600 --> 00:34:45,760
Speaker 1: you'll what you'll see is the danger of feedback loops

533
00:34:45,880 --> 00:34:50,480
Speaker 1: and they can happen in any financial sphere. Shortly after

534
00:34:51,480 --> 00:34:55,520
Speaker 1: our good friends at Celsius make their announcement, which they

535
00:34:55,600 --> 00:34:59,879
Speaker 1: by the way, they cited as a result of consequence

536
00:35:00,080 --> 00:35:04,040
Speaker 1: of extreme market conditions. Shortly after they do this, another

537
00:35:04,120 --> 00:35:07,160
Speaker 1: crypto exchange finance, which have all heard of if you're

538
00:35:07,160 --> 00:35:11,279
Speaker 1: involved in blockchain and bitcoin, they do the same, but

539
00:35:11,480 --> 00:35:15,960
Speaker 1: they say their freeze on bitcoin withdrawls was quote due

540
00:35:16,000 --> 00:35:20,880
Speaker 1: to a stuck transaction causing a backlog, and originally they

541
00:35:20,960 --> 00:35:24,480
Speaker 1: said this will take thirty minutes to fix. Spoiler, it

542
00:35:24,680 --> 00:35:28,839
Speaker 1: took longer than thirty minutes in the case of bitcoin specifically.

543
00:35:29,560 --> 00:35:33,160
Speaker 1: Experts are arguing something that I agree with wholeheartedly. This

544
00:35:33,400 --> 00:35:40,280
Speaker 1: is a symptom of a larger global economic climate. BBC

545
00:35:40,520 --> 00:35:43,680
Speaker 1: did a great job with this. Uh. They we pulled

546
00:35:43,719 --> 00:35:47,759
Speaker 1: some quotes from this. They said procession looms, inflation, is

547
00:35:47,800 --> 00:35:51,520
Speaker 1: soaring interest rates, arising living costs, are biting a little

548
00:35:51,560 --> 00:35:54,800
Speaker 1: bit of accidental freestyle there, I like it. Stock markets

549
00:35:54,800 --> 00:35:56,800
Speaker 1: are wobbling to with the U, S, S and P

550
00:35:57,040 --> 00:35:59,880
Speaker 1: five hundred now in a bearer market, meaning that a

551
00:36:00,120 --> 00:36:04,440
Speaker 1: down from where it was. And they point out, we'll

552
00:36:04,440 --> 00:36:07,640
Speaker 1: just summarize this part that as a result of this,

553
00:36:08,000 --> 00:36:13,480
Speaker 1: in a more hostile financial climate, even the really big investors,

554
00:36:13,920 --> 00:36:17,600
Speaker 1: like the people who don't really have jobs the way

555
00:36:17,719 --> 00:36:20,240
Speaker 1: normal people do, the people who just move money around

556
00:36:20,360 --> 00:36:23,440
Speaker 1: and live off the interest, they are less free with

557
00:36:23,600 --> 00:36:26,719
Speaker 1: their spending and investing. And that means that if you

558
00:36:26,800 --> 00:36:30,160
Speaker 1: are an ordinary investor rank and file, you're not you

559
00:36:30,200 --> 00:36:33,120
Speaker 1: don't own a hedge fund, you're not a corporation, you're

560
00:36:33,160 --> 00:36:37,520
Speaker 1: just you're just a schmuck. Then you have less money

561
00:36:37,600 --> 00:36:41,239
Speaker 1: in general to invest in anything. So why would you

562
00:36:41,320 --> 00:36:45,480
Speaker 1: invest in something that's not regulated, that doesn't have certain constraints.

563
00:36:45,920 --> 00:36:49,320
Speaker 1: From this perspective, we see the argument becoming something like

564
00:36:50,040 --> 00:36:53,720
Speaker 1: the same lack of regulation that make crypto so sexy

565
00:36:53,800 --> 00:37:00,360
Speaker 1: and appealing also for many investors makes it too unpredictable espec. Actually,

566
00:37:00,480 --> 00:37:03,320
Speaker 1: in times of austerity, do you want to buy something

567
00:37:03,400 --> 00:37:06,560
Speaker 1: that used to be sixty dollars. Now it's twenty dollars,

568
00:37:06,640 --> 00:37:08,960
Speaker 1: and just sort of roll the dice on whether it

569
00:37:08,960 --> 00:37:14,239
Speaker 1: will ever be sixty dollars and a penny like al right,

570
00:37:14,280 --> 00:37:17,640
Speaker 1: at twenty a penning might be more fair. So this

571
00:37:17,880 --> 00:37:21,360
Speaker 1: feedback loop has been created. Bitcoin's value is tied to

572
00:37:21,440 --> 00:37:26,600
Speaker 1: its desirability. The more people sell, whatever their reason might be,

573
00:37:28,320 --> 00:37:32,759
Speaker 1: the less bitcoin is worth. More people see the value decrease,

574
00:37:33,320 --> 00:37:37,080
Speaker 1: maybe they sell as well, they cut their losses, they

575
00:37:37,160 --> 00:37:39,319
Speaker 1: get out of the game, but it's too late. They're

576
00:37:39,360 --> 00:37:45,080
Speaker 1: perpetuating that feedback cycle. Bitcoin has no tangible assets underpinning it.

577
00:37:45,600 --> 00:37:50,800
Speaker 1: This is true. It means literally that the prices only

578
00:37:50,880 --> 00:37:53,759
Speaker 1: defined by what people are prepared to buy it for.

579
00:37:55,120 --> 00:37:59,040
Speaker 1: And then to your point, Matt, about Domino's falling coin base.

580
00:37:59,480 --> 00:38:02,640
Speaker 1: Later in June announced their own layoffs. They let go

581
00:38:02,880 --> 00:38:08,000
Speaker 1: of eight percent of their workforce. And when they did

582
00:38:08,080 --> 00:38:12,560
Speaker 1: this in their announcement, they didn't just say extreme market conditions.

583
00:38:13,080 --> 00:38:16,319
Speaker 1: They used the term crypto winter. And if you are

584
00:38:17,160 --> 00:38:20,960
Speaker 1: interested in this, I would highly recommend reading that official statement.

585
00:38:21,360 --> 00:38:23,600
Speaker 1: I thought it was transparent, I thought it was to

586
00:38:23,719 --> 00:38:27,200
Speaker 1: the point um and I don't think it was good news.

587
00:38:27,400 --> 00:38:32,800
Speaker 1: Nose terrible news. And coin Based Global Incorporated, which is

588
00:38:32,840 --> 00:38:34,919
Speaker 1: a wonderful name, isn't the only one that was laying

589
00:38:34,960 --> 00:38:38,520
Speaker 1: off people. There was also Crypto dot Com, Gemini, Trust,

590
00:38:38,760 --> 00:38:43,600
Speaker 1: block Fi Incorporated. All of these companies had huge numbers

591
00:38:43,800 --> 00:38:47,080
Speaker 1: of layoffs. And you know, just what, as you think

592
00:38:47,080 --> 00:38:49,600
Speaker 1: about coin Base, this is one of the biggest names

593
00:38:49,960 --> 00:38:54,200
Speaker 1: out there in in the crypto game. It what is

594
00:38:54,239 --> 00:38:56,719
Speaker 1: it had to lay off eighteen percent of its workforce

595
00:38:59,080 --> 00:39:03,000
Speaker 1: one thousand, two hundred people. Like, that's a lot of layoffs.

596
00:39:03,600 --> 00:39:05,640
Speaker 1: I mean. Also Crypto dot Com, which is probably the

597
00:39:05,680 --> 00:39:08,280
Speaker 1: most recognizable one because they literally named the Staples Center

598
00:39:08,360 --> 00:39:12,160
Speaker 1: after they had some pretty significant layoffs too. So everybody's

599
00:39:12,200 --> 00:39:15,600
Speaker 1: getting everybody's getting a little bit of the splashback. Actually

600
00:39:15,640 --> 00:39:18,759
Speaker 1: they're getting a lot a bit of the splashback. And

601
00:39:19,000 --> 00:39:24,880
Speaker 1: this is worrisome because with each announcement, with each decision,

602
00:39:24,960 --> 00:39:30,040
Speaker 1: each layoff, each sell off, the loop exacerbates, right, the

603
00:39:30,200 --> 00:39:33,799
Speaker 1: pace quickens, and so you have to wonder eventually where

604
00:39:33,920 --> 00:39:37,120
Speaker 1: the floor will be. But for many of us listening today,

605
00:39:37,239 --> 00:39:40,040
Speaker 1: many of our fellow conspiracy realists, this doesn't feel like

606
00:39:40,120 --> 00:39:44,719
Speaker 1: the whole explanation you might be thinking Okay, guys, come on,

607
00:39:45,800 --> 00:39:50,640
Speaker 1: what really happened? We'll pause, we'll tackle this after a

608
00:39:50,640 --> 00:40:01,240
Speaker 1: word from our sponsors. Okay, here is a conspiracy theory.

609
00:40:01,440 --> 00:40:02,800
Speaker 1: I don't know if you all have read this, but

610
00:40:02,880 --> 00:40:05,560
Speaker 1: I enjoyed it. It's from Reddit. I want to shout out,

611
00:40:06,520 --> 00:40:09,920
Speaker 1: juicy juice juice not spelled the way you think it's.

612
00:40:11,520 --> 00:40:15,800
Speaker 1: It's fun. Yes, yeah, juicy juice um soon to be

613
00:40:15,920 --> 00:40:19,279
Speaker 1: Pulitzer Prize winning juicy juice juice. No. Seriously, I thought

614
00:40:19,360 --> 00:40:23,200
Speaker 1: this was a really fascinating idea. I've been uh following

615
00:40:23,480 --> 00:40:26,400
Speaker 1: along with some contacts who are listening today. I've been

616
00:40:26,480 --> 00:40:30,280
Speaker 1: following the uh the whole game stop Wall Street stuck

617
00:40:30,400 --> 00:40:37,120
Speaker 1: stuff for a while now, and this conspiracy theory really

618
00:40:37,200 --> 00:40:41,320
Speaker 1: interested me. The idea is juicy juice Juice is asking

619
00:40:41,600 --> 00:40:46,360
Speaker 1: what if Krypto was purposely created to hide asset inflation,

620
00:40:46,960 --> 00:40:50,440
Speaker 1: making another financial path for the US dollar to pass

621
00:40:50,520 --> 00:40:56,080
Speaker 1: through inflating new different assets Like what if the full

622
00:40:56,160 --> 00:40:58,719
Speaker 1: quote then you can see this another media. The full

623
00:40:58,800 --> 00:41:02,800
Speaker 1: quote is Crypto creates the perfect trading vehicle for a

624
00:41:02,920 --> 00:41:07,480
Speaker 1: short time before becoming the scapegoat for whatever crash is coming.

625
00:41:07,960 --> 00:41:10,880
Speaker 1: If this is true, it would essentially mean that crypto

626
00:41:10,960 --> 00:41:16,799
Speaker 1: either became or was explicitly created to function as a scapegoat.

627
00:41:17,520 --> 00:41:20,320
Speaker 1: You know, it's getting pumped up into a bubble to

628
00:41:20,480 --> 00:41:27,719
Speaker 1: absorb ordinary existing inflationary pressure. That's a cool if that's true,

629
00:41:28,080 --> 00:41:31,799
Speaker 1: that's a really impressive shell game. But it's currently very

630
00:41:31,880 --> 00:41:35,160
Speaker 1: difficult to prove and it would also, let's be honest,

631
00:41:35,200 --> 00:41:40,839
Speaker 1: it would require some incredibly smart, dedicated people with an

632
00:41:40,920 --> 00:41:45,000
Speaker 1: insanely sophisticated level of cooperation. I haven't seen proof for

633
00:41:45,080 --> 00:41:47,759
Speaker 1: it yet. That doesn't mean it doesn't exist. It take

634
00:41:48,040 --> 00:41:51,279
Speaker 1: a ton of cooperation, or would it. I mean, you

635
00:41:51,400 --> 00:41:55,319
Speaker 1: just think about the seven eight crash, and that all

636
00:41:55,400 --> 00:42:00,239
Speaker 1: had to do with the amount of exposure big institutions had, right,

637
00:42:00,480 --> 00:42:03,640
Speaker 1: the amount of money they had invested or tied up

638
00:42:03,760 --> 00:42:09,600
Speaker 1: with subprime assets and packages. Right. Um, in this case,

639
00:42:09,840 --> 00:42:12,920
Speaker 1: if there when a major, major crash happens in the

640
00:42:13,040 --> 00:42:17,800
Speaker 1: stock market rather than in the cryptocurrency world, you could blame,

641
00:42:18,560 --> 00:42:23,000
Speaker 1: you know, the collapse of other major investing institutions on

642
00:42:23,239 --> 00:42:27,359
Speaker 1: their exposure to cryptocurrency, because we know those major institutions

643
00:42:27,480 --> 00:42:31,280
Speaker 1: are are investing more and more of their money into cryptocurrency,

644
00:42:31,360 --> 00:42:34,799
Speaker 1: not a ton of it right, not enough to play

645
00:42:34,880 --> 00:42:37,680
Speaker 1: the scapegoat, I don't think, but I know they are

646
00:42:37,760 --> 00:42:40,560
Speaker 1: investing millions of dollars. I mean, I think that's a

647
00:42:40,640 --> 00:42:46,320
Speaker 1: valid point. Matt the there. I still have some issues

648
00:42:46,440 --> 00:42:49,040
Speaker 1: with this though. I think it's really clever. And I

649
00:42:49,120 --> 00:42:51,719
Speaker 1: will admit a little bit of a personal bias here

650
00:42:51,800 --> 00:42:55,440
Speaker 1: because I missed the YouTube days where somebody with a

651
00:42:55,600 --> 00:42:59,520
Speaker 1: name like surf Daddy sixty nine whole hand x x

652
00:42:59,760 --> 00:43:03,000
Speaker 1: x would make a great point about the gold standard

653
00:43:03,080 --> 00:43:05,319
Speaker 1: in the eighteen hundreds. It would be able to write

654
00:43:05,320 --> 00:43:07,839
Speaker 1: back and say like, oh, that's a great point, uh,

655
00:43:08,200 --> 00:43:11,799
Speaker 1: surf Daddy sixty nine x x x or whatever. Uh.

656
00:43:12,600 --> 00:43:15,719
Speaker 1: But juicy Juice Juice does bring up I'm going to

657
00:43:15,800 --> 00:43:22,439
Speaker 1: say that name is mutations, right. Um makes a good point,

658
00:43:22,480 --> 00:43:24,359
Speaker 1: and I think you make a good point to their

659
00:43:25,160 --> 00:43:29,120
Speaker 1: The issue is that one would have to sort of

660
00:43:30,719 --> 00:43:33,279
Speaker 1: you can imagine the circumstances that would lead to that,

661
00:43:33,680 --> 00:43:36,760
Speaker 1: but we would have to if we were to prove

662
00:43:36,880 --> 00:43:39,480
Speaker 1: that we would we would just need some more right,

663
00:43:39,680 --> 00:43:44,120
Speaker 1: which is why juicy juice juice is astute. When they

664
00:43:44,280 --> 00:43:47,880
Speaker 1: call it a theory at this point, there's another crazy theory.

665
00:43:49,320 --> 00:43:50,960
Speaker 1: I don't know how much time we want to spend

666
00:43:51,000 --> 00:43:54,399
Speaker 1: on this one. But there's this idea that Russia may

667
00:43:54,480 --> 00:43:58,680
Speaker 1: have added some high octane fuel to the fire because

668
00:43:58,760 --> 00:44:03,040
Speaker 1: of their central bank statements. Russia's central bank came out

669
00:44:03,640 --> 00:44:08,120
Speaker 1: not too long ago and demanded a blanket ban across

670
00:44:08,400 --> 00:44:12,560
Speaker 1: the board on not only any crypto trading, but any

671
00:44:12,640 --> 00:44:16,360
Speaker 1: crypto mining. They wanted to cut it off, to cauterize it,

672
00:44:16,560 --> 00:44:21,080
Speaker 1: to amputate it from the system. They more or less

673
00:44:22,040 --> 00:44:25,040
Speaker 1: called bitcoin a pyramid scheme, and they said, look, if

674
00:44:25,080 --> 00:44:27,959
Speaker 1: we keep messing with bitcoin, it's gonna pose a risk

675
00:44:28,080 --> 00:44:32,720
Speaker 1: to the financial severenity of our nation. Which is funny

676
00:44:32,719 --> 00:44:35,799
Speaker 1: because you would think with all the problems Russia has

677
00:44:35,840 --> 00:44:39,120
Speaker 1: been having with things like Swift in other parts of

678
00:44:39,160 --> 00:44:44,920
Speaker 1: the global banking system, they would welcome decentralized thing like

679
00:44:45,000 --> 00:44:49,359
Speaker 1: a cryptocurrency, right, wouldn't logically makes sense? I mean yet

680
00:44:49,440 --> 00:44:52,600
Speaker 1: to me, like, I don't know, I don't, I'm not

681
00:44:52,760 --> 00:44:54,440
Speaker 1: the right person. I think the whole thing is a

682
00:44:54,480 --> 00:44:57,920
Speaker 1: Ponzi scheme. Hey man, I got this magical thing. You

683
00:44:57,960 --> 00:45:03,200
Speaker 1: should buy it? How much is it? I don't know? Okay, awesome?

684
00:45:03,640 --> 00:45:05,920
Speaker 1: And then that present, Hey, check us out, how this

685
00:45:06,000 --> 00:45:07,560
Speaker 1: thing I got you should buy it. How much is it?

686
00:45:07,680 --> 00:45:13,200
Speaker 1: I don't know, twelve dollars? Okay? Great? And it works.

687
00:45:13,560 --> 00:45:16,880
Speaker 1: It works so well until you're the person at the end.

688
00:45:17,080 --> 00:45:21,000
Speaker 1: But now now we have to ask, like why does okay,

689
00:45:21,120 --> 00:45:23,520
Speaker 1: why does Russia's opinion matter? You know what I mean?

690
00:45:23,760 --> 00:45:28,520
Speaker 1: Like what if what if Bhutan or Canada or Chile

691
00:45:28,800 --> 00:45:31,160
Speaker 1: or something, what if they said we don't like crypto?

692
00:45:31,600 --> 00:45:34,440
Speaker 1: So far, the only people have been unavowed Lee on

693
00:45:34,600 --> 00:45:37,200
Speaker 1: board with it or else Salvador and I hope it

694
00:45:37,280 --> 00:45:41,080
Speaker 1: works out for that country. But Russia's opinion matters more

695
00:45:41,160 --> 00:45:45,120
Speaker 1: than most because for a time they were the third

696
00:45:45,280 --> 00:45:49,120
Speaker 1: largest bitcoin mining hub in the world. So if they're

697
00:45:49,200 --> 00:45:53,240
Speaker 1: getting out of the game, that has a definite impact.

698
00:45:53,760 --> 00:45:55,920
Speaker 1: And this is long and short of it. These are

699
00:45:55,960 --> 00:45:59,240
Speaker 1: some of the conspiracies, These are some of the true factors,

700
00:45:59,360 --> 00:46:02,439
Speaker 1: the things we can improve. Um, we have to ask,

701
00:46:03,360 --> 00:46:05,040
Speaker 1: we have to close bask and what does this mean

702
00:46:05,120 --> 00:46:07,719
Speaker 1: for the future. For a lot of experts, a lot

703
00:46:07,800 --> 00:46:11,000
Speaker 1: of what Corporate America would call leaders in the space,

704
00:46:11,719 --> 00:46:16,040
Speaker 1: this crypto winter, unlike the previous three, seems set to

705
00:46:16,120 --> 00:46:19,440
Speaker 1: continue for some time. I found a lot of estimates

706
00:46:19,520 --> 00:46:24,880
Speaker 1: that commonly projected this would last for about two years

707
00:46:25,040 --> 00:46:29,920
Speaker 1: or so, But every reliable estimate or gues estimate about

708
00:46:30,000 --> 00:46:33,319
Speaker 1: that that I found at least did note it's very

709
00:46:33,440 --> 00:46:36,239
Speaker 1: difficult to make a solid guest here due to all

710
00:46:36,320 --> 00:46:40,919
Speaker 1: the non crypto variables involved. You know, like what about

711
00:46:40,960 --> 00:46:44,359
Speaker 1: the role of climate change? Does that affect it? People

712
00:46:44,400 --> 00:46:48,520
Speaker 1: don't know yet. Um And in an effort to be positive,

713
00:46:48,800 --> 00:46:51,319
Speaker 1: I do want to point out this may not necessarily

714
00:46:51,440 --> 00:46:54,359
Speaker 1: be all bad news. If a bunch of people get

715
00:46:54,440 --> 00:46:58,640
Speaker 1: out of crypto, and and then maybe that will up

716
00:46:58,719 --> 00:47:03,080
Speaker 1: your chances of getting the GPUs that you wanted, or

717
00:47:03,200 --> 00:47:05,680
Speaker 1: getting the chips that you need, or buying products that

718
00:47:05,840 --> 00:47:08,799
Speaker 1: have those chips. So maybe you can't get a PS five.

719
00:47:08,880 --> 00:47:12,560
Speaker 1: And also, if the price of bitcoin goes down, it's

720
00:47:12,600 --> 00:47:14,800
Speaker 1: obvious they're going to be more people who might be

721
00:47:14,880 --> 00:47:17,520
Speaker 1: interested in buying it while it's low, so there might

722
00:47:17,560 --> 00:47:20,680
Speaker 1: be more of what are called whole coiners. I never

723
00:47:20,760 --> 00:47:24,400
Speaker 1: heard that phrase before. Whole coiners just means people with

724
00:47:24,600 --> 00:47:27,360
Speaker 1: one or more whole bitcoins in their wallet, because I

725
00:47:27,400 --> 00:47:30,600
Speaker 1: think it's pretty it's pretty common nowadays for people to

726
00:47:30,680 --> 00:47:34,759
Speaker 1: have a percentage of a bitcoin right like slice, not

727
00:47:34,960 --> 00:47:39,600
Speaker 1: many have to drop into a whole coin in one

728
00:47:39,719 --> 00:47:43,959
Speaker 1: go like that. I mean, yeah, that's it's just weird

729
00:47:44,080 --> 00:47:49,240
Speaker 1: to me because for so many individuals crypto has become

730
00:47:49,480 --> 00:47:53,040
Speaker 1: almost a retirement account. I was reading an article from

731
00:47:53,440 --> 00:47:57,520
Speaker 1: The Guardian written by a Syrian kale Um, and it

732
00:47:57,640 --> 00:48:01,960
Speaker 1: was just discussing the real human impact, the emotional like

733
00:48:02,120 --> 00:48:06,600
Speaker 1: physical impact that the crash has been having on people. Um,

734
00:48:07,239 --> 00:48:10,839
Speaker 1: because it did at least for quite a time there,

735
00:48:10,880 --> 00:48:12,920
Speaker 1: and it still does for a lot of people. Um

736
00:48:13,440 --> 00:48:15,520
Speaker 1: seem like this is the way you could retire early,

737
00:48:16,080 --> 00:48:18,719
Speaker 1: Like take some of your whatever excess savings you make,

738
00:48:18,800 --> 00:48:21,640
Speaker 1: if you've got any, and invested in your bitcoin wallet

739
00:48:21,760 --> 00:48:24,920
Speaker 1: or your theorum or whatever it is wallet, and hopefully

740
00:48:25,040 --> 00:48:27,279
Speaker 1: that will continue to grow into a point where you've

741
00:48:27,320 --> 00:48:30,600
Speaker 1: got enough money to retire in like five ten years,

742
00:48:31,440 --> 00:48:33,759
Speaker 1: maybe even maybe in less time than that, depending on

743
00:48:33,880 --> 00:48:37,279
Speaker 1: how high the ceiling is. But a big thing too

744
00:48:37,360 --> 00:48:40,200
Speaker 1: in the I think maybe an investing community in general

745
00:48:40,360 --> 00:48:43,680
Speaker 1: is when in doubt zoom out. Um. So you know,

746
00:48:44,040 --> 00:48:46,719
Speaker 1: there have been dips like this in the past, maybe

747
00:48:46,760 --> 00:48:49,400
Speaker 1: not quite this so severe. But also let's remember that

748
00:48:49,480 --> 00:48:53,160
Speaker 1: cryptocurrency is still a really young thing compared to like

749
00:48:53,320 --> 00:48:56,160
Speaker 1: the stock market, and we certainly have seen the stock

750
00:48:56,239 --> 00:49:00,160
Speaker 1: market go horrible, horrible, terrifying places over the you know,

751
00:49:00,560 --> 00:49:03,960
Speaker 1: many many more years, and it's been around um, so

752
00:49:04,560 --> 00:49:06,120
Speaker 1: you can always just look at that graph and just

753
00:49:06,320 --> 00:49:08,680
Speaker 1: pull it out and you'll see those little ebbs and

754
00:49:08,719 --> 00:49:11,480
Speaker 1: flows that look much more like tiny little blips rather

755
00:49:11,560 --> 00:49:16,120
Speaker 1: than a huge, massive swings. Well said, guys, this this

756
00:49:16,440 --> 00:49:18,880
Speaker 1: is where, this is where we're at now, and this

757
00:49:19,080 --> 00:49:23,320
Speaker 1: is sort of the beginning. We may need to follow

758
00:49:23,400 --> 00:49:27,520
Speaker 1: up in future Strange News segment, or maybe we come

759
00:49:27,560 --> 00:49:33,520
Speaker 1: back and see if all the fears were unfounded and alarmist.

760
00:49:33,680 --> 00:49:37,440
Speaker 1: Maybe maybe we'll get to learn the real identity of Setoshi,

761
00:49:37,800 --> 00:49:40,239
Speaker 1: in which case we're totally throwing the rest of our

762
00:49:40,280 --> 00:49:44,399
Speaker 1: schedule out the window and and trying to interview him

763
00:49:44,680 --> 00:49:49,120
Speaker 1: or them or they or her or whomever used to

764
00:49:49,239 --> 00:49:57,480
Speaker 1: work at the Puzzle Palace and invented this daddy, lads,

765
00:49:58,680 --> 00:50:01,400
Speaker 1: and he said, I'm aid my bones off this, I

766
00:50:01,480 --> 00:50:04,600
Speaker 1: got I got that what twelve billion dollars or have

767
00:50:04,880 --> 00:50:09,359
Speaker 1: a many billion dollar mansion? Oh gosh, yeah, And it's

768
00:50:09,400 --> 00:50:12,520
Speaker 1: so you know, okay, I don't want to judge people's taste.

769
00:50:12,600 --> 00:50:16,160
Speaker 1: It's your mansion. Decorated how you want, but there's something

770
00:50:16,239 --> 00:50:19,759
Speaker 1: to be said for subtlety and aesthetic. I do want

771
00:50:19,800 --> 00:50:22,800
Speaker 1: to close this out today with so I don't know

772
00:50:22,840 --> 00:50:25,719
Speaker 1: if this will be a recurring segment where it's just

773
00:50:25,840 --> 00:50:28,839
Speaker 1: a one and done, but we read so much fantastic

774
00:50:29,000 --> 00:50:33,880
Speaker 1: work by so many people that Matt Noel Michigan control.

775
00:50:33,920 --> 00:50:35,759
Speaker 1: If you all are okay with it, I'd like to

776
00:50:35,840 --> 00:50:43,520
Speaker 1: do a little sound cue at an honorable mention. Our

777
00:50:43,680 --> 00:50:48,440
Speaker 1: honorable mention today goes to Zoe kleinman Is writing over

778
00:50:48,480 --> 00:50:52,040
Speaker 1: at the BBC guy. Zoe had my probably my favorite

779
00:50:52,080 --> 00:50:55,200
Speaker 1: beginning line of all the stuff I've read uh in

780
00:50:55,480 --> 00:50:59,879
Speaker 1: in this endeavor, like over the years. With bitcoin, Zoe says,

781
00:51:00,920 --> 00:51:04,600
Speaker 1: the first rule of writing about bitcoin is don't write

782
00:51:04,600 --> 00:51:08,280
Speaker 1: about bitcoin. The story of the world's best known cryptocurrency

783
00:51:08,400 --> 00:51:11,839
Speaker 1: is astonishingly fast moving, and its fans will soon line

784
00:51:11,920 --> 00:51:15,040
Speaker 1: up to tell you you've got it all wrong. So

785
00:51:15,239 --> 00:51:17,719
Speaker 1: there you have it, adorable mentioned is zone looking forward

786
00:51:17,760 --> 00:51:19,960
Speaker 1: to the feedback. I'm sure I was. I've been down

787
00:51:20,000 --> 00:51:23,440
Speaker 1: in this episode and it's just I'm sorry reading it.

788
00:51:23,680 --> 00:51:25,800
Speaker 1: Maybe it is just reading about so much of this

789
00:51:26,120 --> 00:51:31,040
Speaker 1: and another crash like this um specifically that Guardian article

790
00:51:31,200 --> 00:51:34,600
Speaker 1: and one from Bloomberg by Emily Nicole and Olga Careif.

791
00:51:34,800 --> 00:51:38,919
Speaker 1: It's just like pretty brutal. It just makes me feel

792
00:51:39,040 --> 00:51:43,360
Speaker 1: like somehow, somewhere, individual humans are being taken advantage of

793
00:51:43,520 --> 00:51:47,400
Speaker 1: by the hype beast that is cryptocurrency and n f

794
00:51:47,480 --> 00:51:49,759
Speaker 1: T s and all all this stuff that's just out there.

795
00:51:49,840 --> 00:51:52,880
Speaker 1: It's just people get so into it and they become acolytes.

796
00:51:53,360 --> 00:51:54,960
Speaker 1: Not like you're talking about the people who have those

797
00:51:55,000 --> 00:51:58,480
Speaker 1: phrases that sound like they should be on a you know,

798
00:51:58,680 --> 00:52:01,480
Speaker 1: on a little sign in your grandmother's kitchen or something.

799
00:52:02,000 --> 00:52:04,279
Speaker 1: It's like whatever, what was it? Don't what was it?

800
00:52:05,080 --> 00:52:10,440
Speaker 1: Jump zoom? Something about zooming? Or like hold the what

801
00:52:10,560 --> 00:52:14,160
Speaker 1: is it? The one that's like, don't ever sell diamond hands. See,

802
00:52:14,280 --> 00:52:16,319
Speaker 1: there's just like all of this, all this stuff. It's

803
00:52:16,360 --> 00:52:18,840
Speaker 1: like a cult. It's like this thing that's just like

804
00:52:20,040 --> 00:52:22,680
Speaker 1: it's designed to get everybody else into your thing, to

805
00:52:22,800 --> 00:52:26,200
Speaker 1: have these code words and cash phrases that make everybody

806
00:52:26,200 --> 00:52:27,919
Speaker 1: else want to be a part of that thing because

807
00:52:27,960 --> 00:52:29,919
Speaker 1: oh that's cool. I want to know what that phrase means.

808
00:52:29,960 --> 00:52:32,160
Speaker 1: I want to use that phrase on a regular basis

809
00:52:32,200 --> 00:52:34,200
Speaker 1: because or at least be able to say that and

810
00:52:34,280 --> 00:52:36,960
Speaker 1: not feel silly. I don't know that. This whole thing

811
00:52:37,080 --> 00:52:40,120
Speaker 1: is just really bothering me. Sorry, crypto fans, I just

812
00:52:40,160 --> 00:52:42,759
Speaker 1: don't get it, and I don't I don't really like it. Well,

813
00:52:43,080 --> 00:52:47,480
Speaker 1: we're gonna see what develops right now. That's where we're at.

814
00:52:47,560 --> 00:52:51,279
Speaker 1: A new crypto winter is upon society. No one is

815
00:52:51,360 --> 00:52:54,080
Speaker 1: quite sure how it we'll pan out and less of

816
00:52:54,200 --> 00:52:58,360
Speaker 1: course there's something they don't want you to know, But

817
00:52:59,040 --> 00:53:01,279
Speaker 1: you know what we want to know, folks, We will

818
00:53:01,360 --> 00:53:04,759
Speaker 1: tell you. We want to know what you think. Is

819
00:53:04,880 --> 00:53:07,880
Speaker 1: there something more to this story? Is this just the

820
00:53:08,320 --> 00:53:12,160
Speaker 1: you know, the danger of large scale financial systems? Is

821
00:53:12,280 --> 00:53:15,680
Speaker 1: someone trying to sink crypto? Those are allegations we had

822
00:53:15,719 --> 00:53:18,160
Speaker 1: heard as well. We can't wait to hear your thoughts.

823
00:53:18,239 --> 00:53:21,080
Speaker 1: We endeavor to be easy to find online, we sure do.

824
00:53:21,239 --> 00:53:23,680
Speaker 1: You can find us on Twitter, you can find us

825
00:53:23,760 --> 00:53:25,920
Speaker 1: on YouTube, and you can find us on Facebook. Out

826
00:53:25,960 --> 00:53:29,000
Speaker 1: of the handle Conspiracy Stuff on Facebook, Please feel free

827
00:53:29,040 --> 00:53:31,760
Speaker 1: to join our group. Here's where it gets crazy. Share

828
00:53:31,760 --> 00:53:35,040
Speaker 1: all your cryptomuns with us. Really cool community, there lots

829
00:53:35,080 --> 00:53:38,320
Speaker 1: of good folks. You can also find this on Instagram

830
00:53:38,400 --> 00:53:43,000
Speaker 1: where we are Conspiracy Stuff Show remember, you can pre

831
00:53:43,120 --> 00:53:46,040
Speaker 1: order our book right now. It comes out in October.

832
00:53:46,239 --> 00:53:48,680
Speaker 1: The more people who pre order, the awesom er it

833
00:53:48,840 --> 00:53:51,000
Speaker 1: is for the show. If you want to support us,

834
00:53:51,360 --> 00:53:53,560
Speaker 1: that is the best way to do it. We would

835
00:53:53,800 --> 00:53:57,200
Speaker 1: massively appreciate it if you took that step. Book is

836
00:53:57,239 --> 00:53:58,680
Speaker 1: called stuff they don't want you to know. You can

837
00:53:58,719 --> 00:54:02,319
Speaker 1: find it on Amazon everywhere else books are sold. If

838
00:54:02,360 --> 00:54:04,160
Speaker 1: you don't want to read, we get it. Maybe you

839
00:54:04,200 --> 00:54:07,080
Speaker 1: want to just talk with us, and if so, we've

840
00:54:07,120 --> 00:54:09,520
Speaker 1: got a phone number. The rumors are true. Also to

841
00:54:09,600 --> 00:54:13,800
Speaker 1: back up, Matt, Yeah, order our book. If I'll say it,

842
00:54:13,920 --> 00:54:15,920
Speaker 1: I'll do it. I'll put on me. If you send

843
00:54:16,080 --> 00:54:19,200
Speaker 1: me proof that you have pre ordered the book, then

844
00:54:19,400 --> 00:54:21,719
Speaker 1: I will record a thank you message and I will

845
00:54:21,800 --> 00:54:23,840
Speaker 1: send it to you. You have my word on that.

846
00:54:24,680 --> 00:54:26,400
Speaker 1: I don't know if it will be a funny message,

847
00:54:26,440 --> 00:54:29,040
Speaker 1: but we'll see how it goes in the meantime. As

848
00:54:29,080 --> 00:54:31,040
Speaker 1: you said, Matt, we do have a phone number. It

849
00:54:31,280 --> 00:54:35,480
Speaker 1: is one eight three three st d w y t K.

850
00:54:36,800 --> 00:54:39,879
Speaker 1: Call in. You'll have a familiar voice telling you you're

851
00:54:39,880 --> 00:54:42,080
Speaker 1: in the right place. You'll hear a beep just like

852
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Speaker 1: any other answering machine, and then you get three minutes,

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Speaker 1: there yours go nuts, make of them what you will.

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00:54:48,200 --> 00:54:51,320
Speaker 1: We ask that you give yourself a cool nickname, a

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Speaker 1: moniker and alias, let us know if we can use

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00:54:55,360 --> 00:54:59,680
Speaker 1: your name and or voice on air, and perhaps most importantly,

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00:55:00,400 --> 00:55:03,520
Speaker 1: if you have a story that needs more than three minutes.

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00:55:04,080 --> 00:55:07,440
Speaker 1: Always feel free to write to us directly, send us

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Speaker 1: ancillary links, send us videos. Were sponges. We get all

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Speaker 1: of that. We read every single email we get. All

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Speaker 1: you have to do is drop us a line where

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Speaker 1: we are conspiracy at iHeart radio dot com. Stuff they

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00:55:37,800 --> 00:55:39,680
Speaker 1: don't want you to know is a production of I

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Speaker 1: heart Radio. For more podcasts from my heart Radio, visit

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Speaker 1: the i heart Radio app, Apple Podcasts, or wherever you

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Speaker 1: listen to your favorite shows.