WEBVTT - Bad week for Twitter, Meta and FTX 0:00:10.039 --> 0:00:13.920 What the heck is happening with Twitter? Gmail gets a 0:00:13.920 --> 0:00:18.000 handy feature just in time for the holidays. Spotify might 0:00:18.120 --> 0:00:21.319 finally work properly on the Apple Watch. Plus Your tech 0:00:21.400 --> 0:00:25.000 questions Answered? What's going on on Rich Demiro And This 0:00:25.200 --> 0:00:27.440 is Rich on Tech, the podcast where I talk about 0:00:27.480 --> 0:00:30.479 the tech stuff I think you should know about. It's 0:00:30.520 --> 0:00:33.879 also the place where I answer the questions you send me. 0:00:35.400 --> 0:00:38.800 I'm the tech reporter at KTLA Channel five in Los Angeles. 0:00:38.920 --> 0:00:45.640 Hope you are having a fantastic day. Ah Twitter, Twitter, Twitter. 0:00:46.360 --> 0:00:51.360 I've seen nothing absorb the the talk of the town 0:00:51.640 --> 0:00:55.160 faster than Elon Musk taking over Twitter. And it's been 0:00:55.240 --> 0:00:57.560 kind of a rough ride. I don't think the media 0:00:57.640 --> 0:01:01.880 is helping, but it's it's really been interesting, to say 0:01:01.920 --> 0:01:05.120 the least. Now, I will say that I feel like 0:01:05.600 --> 0:01:09.560 my personal experience on Twitter has not changed substantially, and 0:01:09.640 --> 0:01:11.920 I was kind of holding off on, you know, making 0:01:11.920 --> 0:01:16.919 any judgments or really you know, getting kind of all 0:01:17.000 --> 0:01:19.679 bent out of shape with the changes or you know whatever, 0:01:19.880 --> 0:01:21.960 all the all the kind of chaos that's been happening 0:01:22.280 --> 0:01:24.280 because a lot of this stuff happens in a vacuum, 0:01:24.680 --> 0:01:28.240 and you know, I was waiting to see kind of like, 0:01:29.120 --> 0:01:31.920 what's what's going on here, what's going to change for 0:01:32.000 --> 0:01:36.399 the average person. And I feel like we've now surpassed that. 0:01:36.520 --> 0:01:38.600 It's gotten to the point where I you know, and 0:01:38.640 --> 0:01:41.600 I've said this before, I don't think the average person 0:01:41.680 --> 0:01:43.679 uses Twitter. And I think that's the biggest problem with 0:01:43.720 --> 0:01:45.680 Twitter is that it's not you know, if this kind 0:01:45.720 --> 0:01:47.559 of stuff was happening with Instagram, I think it would 0:01:47.560 --> 0:01:49.160 be a big deal if it was happening, you know, 0:01:49.200 --> 0:01:52.920 with Facebook, probably a big deal. Twitter not so much. 0:01:53.000 --> 0:01:55.640 Twitter is a very inside baseball It's like a very 0:01:55.720 --> 0:01:59.000 clubby place, and so it's used by a lot of journalists, 0:01:59.120 --> 0:02:01.040 used by a lot of tech people, but it's not 0:02:01.120 --> 0:02:04.280 used by a lot of regular people. And so all 0:02:04.280 --> 0:02:06.480 these things, all these growing pains, all these things that 0:02:06.560 --> 0:02:08.960 you know, Elon's trying to get through. It's like, well, 0:02:09.040 --> 0:02:12.600 nobody's really seeing that except the inside baseball people. The 0:02:12.639 --> 0:02:14.960 average person is not, you know, sitting there using it. 0:02:15.320 --> 0:02:18.200 But I do feel like there's been some developments in 0:02:18.240 --> 0:02:21.200 the time that Elon has taken over Twitter that you know, 0:02:21.240 --> 0:02:25.120 people are leaving, advertisers are pausing, you know, all that 0:02:25.200 --> 0:02:27.200 kind of stuff, and so I think that the turning 0:02:27.200 --> 0:02:31.200 point for me was when I started to see these 0:02:31.520 --> 0:02:34.200 you know, they're having this major issue with number one, 0:02:34.320 --> 0:02:37.720 how to monetize the website or the social media platform. 0:02:38.160 --> 0:02:39.960 Number two, like, what do you do. You've got this 0:02:40.080 --> 0:02:45.880 legacy kind of verified blue check program that they try 0:02:45.960 --> 0:02:50.000 to switch over to this pay pay for play program. 0:02:50.040 --> 0:02:51.560 You know, you pay eight bucks a month, you get 0:02:51.560 --> 0:02:53.720 a blue check. Well, the problem with that is that 0:02:53.760 --> 0:02:57.760 people started just paying the eight dollars getting that blue check, 0:02:57.800 --> 0:03:02.040 which makes you think that someone is verified official, and 0:03:02.080 --> 0:03:05.120 then they started tweeting all kinds of terrible things, you know. 0:03:05.160 --> 0:03:07.360 The main one that I saw was the you know, 0:03:07.400 --> 0:03:09.160 it was like a drug company and it was like, 0:03:09.560 --> 0:03:11.040 you know, I don't know if it was Eli Lilly 0:03:11.160 --> 0:03:13.880 or something like that, but it's like, okay, all insulin 0:03:13.960 --> 0:03:16.120 is now free. We've made the decision. And it looked 0:03:16.240 --> 0:03:19.200 very official because maybe one or two letters were off 0:03:19.240 --> 0:03:22.320 in the name of the company or the Twitter handle, 0:03:22.600 --> 0:03:24.520 but they had that blue check, so you're like, oh, wow, 0:03:24.520 --> 0:03:28.040 that's coming from the actual company. I can't believe that. Now, 0:03:28.160 --> 0:03:31.160 whether or not anyone believe that, I'm not sure whether 0:03:31.240 --> 0:03:33.799 or not anyone went to cvs to say, hey, can 0:03:33.840 --> 0:03:36.880 I get some free insulin? I'm not sure, but it 0:03:36.920 --> 0:03:39.600 did make a big enough of the rounds and the retweets, 0:03:39.600 --> 0:03:41.200 and maybe people just thought it was funny so they 0:03:41.280 --> 0:03:43.960 retweeted it. But the reality is that it made it 0:03:44.160 --> 0:03:46.680 very clear to me that there is a problem with 0:03:46.680 --> 0:03:48.680 with the new system. You can't just give people a 0:03:48.680 --> 0:03:52.080 blue check based on paying eight dollars, so there has 0:03:52.160 --> 0:03:56.360 to be something else. So now the Verge is reporting that, 0:03:56.400 --> 0:03:58.720 and all this stuff keeps changing and changing and changing, 0:03:58.800 --> 0:04:03.680 but now they basically have There's two things going on. 0:04:03.800 --> 0:04:07.760 Number One, if you tap the blue check on someone's account, 0:04:08.160 --> 0:04:10.600 you can see if they paid for that blue check 0:04:10.880 --> 0:04:13.800 or if it's in a it's kind of a verified account. 0:04:13.800 --> 0:04:15.760 So if you look at mine, for instance, and I 0:04:15.760 --> 0:04:17.479 should bring up my Twitter so I can see what 0:04:17.520 --> 0:04:20.760 I'm talking about exactly. But if you go to sort 0:04:20.800 --> 0:04:24.600 of my Twitter and I tweeted about this. Basically, there's 0:04:24.640 --> 0:04:26.880 two things that happen when you when you tap the 0:04:26.920 --> 0:04:31.240 blue check, it will either say verified account because it's 0:04:31.320 --> 0:04:35.800 notable in government, news, entertainment, or another category. It'll say that, 0:04:35.880 --> 0:04:39.320 and that's kind of like the legacy blue check. Then 0:04:39.360 --> 0:04:41.839 if you tap the blue check and it says verified account. 0:04:41.839 --> 0:04:44.560 This account is verified because it's subscribed to Twitter blue. 0:04:44.920 --> 0:04:47.159 That's when you put up your sort of like, oh 0:04:47.320 --> 0:04:49.320 uh oh, what's happening. Let me let me take a 0:04:49.320 --> 0:04:52.800 closer look at the username, because if you see that, 0:04:52.800 --> 0:04:54.720 that means that the person has All they've done is 0:04:54.760 --> 0:04:56.599 paid the eight dollars. They got the blue check, and 0:04:56.640 --> 0:04:58.880 now you know, they could be whoever they want to be. 0:04:59.400 --> 0:05:02.719 And so now, according to the Verge, they did what 0:05:02.839 --> 0:05:05.080 I think they should have done in the first place, 0:05:05.760 --> 0:05:10.520 is put an official underneath the person's name. So if 0:05:10.560 --> 0:05:13.120 you go to like Nintendo, for instance, I saw this one. 0:05:13.720 --> 0:05:15.840 So if you go to Nintendo of America, it got 0:05:15.880 --> 0:05:19.039 the blue check, and then underneath it there's now a 0:05:19.120 --> 0:05:22.039 new thing that like a gray check that says official. 0:05:22.680 --> 0:05:25.159 And so that's sort of taking the place of the 0:05:25.200 --> 0:05:28.520 blue check. Very confusing, and I think that this a 0:05:28.600 --> 0:05:31.960 very tedious process for Twitter to go through. And the 0:05:32.040 --> 0:05:35.480 same thing happened with the with the blue check originally 0:05:35.560 --> 0:05:37.760 back in the day when Twitter was owned by non 0:05:37.760 --> 0:05:41.000 Elon Musk. You know, they had to go through and 0:05:41.160 --> 0:05:44.520 manually make people a blue check. People like me, I 0:05:44.520 --> 0:05:47.320 would submit my information. I would say, hey, here's who 0:05:47.400 --> 0:05:49.440 I am, here's who I say I am, here's my account, 0:05:49.520 --> 0:05:52.880 here's my email, here's my verification whatever. I forget what 0:05:52.880 --> 0:05:55.480 they asked for, like different things, you know, like a 0:05:55.560 --> 0:05:57.440 letterhead or whatever it was back in the day I 0:05:57.440 --> 0:06:00.560 had to submit. And so now we're seeing that you'll 0:06:00.600 --> 0:06:04.839 see official people. So that is what's happening right now. 0:06:05.360 --> 0:06:07.000 We will see if this will change. I think this 0:06:07.120 --> 0:06:10.080 a better system, but I think that an easier system 0:06:10.720 --> 0:06:13.640 would be just a blue check, or say a gold check. 0:06:13.680 --> 0:06:16.400 You know, if someone's paying for Twitter blue, make it 0:06:16.760 --> 0:06:20.159 one color, make the official check another color. And I 0:06:20.160 --> 0:06:21.760 think that would just be really simple. You see the 0:06:21.800 --> 0:06:25.279 two check marks, you realize that someone has paid the money, 0:06:25.560 --> 0:06:27.360 but then the other check mark just means that that 0:06:27.400 --> 0:06:30.400 person is verified in a different way. And I think 0:06:30.440 --> 0:06:33.600 what they're really trying to get out of this is 0:06:33.720 --> 0:06:37.960 making sure that people like myself, you know, like Pony, 0:06:38.080 --> 0:06:40.520 up the eight dollars a month to have that blue check, 0:06:40.560 --> 0:06:43.000 which I'm probably not gonna do. I can't really see 0:06:43.000 --> 0:06:45.359 a reason. Now. There is something they're offering on that 0:06:45.360 --> 0:06:48.200 Twitter blue which I thought was interesting, is that you'll 0:06:48.200 --> 0:06:51.200 see less ads, which is kind of nice. But your 0:06:51.480 --> 0:06:54.000 sort of tweets and responses and all that kind of 0:06:54.040 --> 0:06:57.440 stuff will bubble up to the top of people's feets, 0:06:57.480 --> 0:07:00.159 which I do think is valuable because you tweet and 0:07:00.200 --> 0:07:02.719 there is an algorithm at play that puts things in 0:07:02.800 --> 0:07:05.880 various orders. So I think that having your stuff up 0:07:05.880 --> 0:07:07.880 at the top could be worth eight dollars a month 0:07:07.920 --> 0:07:10.880 so that people see it more. Also, I have lost 0:07:10.920 --> 0:07:15.160 about three hundred followers on Twitter, so that could be 0:07:15.200 --> 0:07:19.200 people that have deactivated, people that have left the platform bots, 0:07:19.240 --> 0:07:22.240 maybe that they got rid of who knows, but I've 0:07:22.240 --> 0:07:25.880 definitely seen that portion of it change. But to me, 0:07:26.120 --> 0:07:28.080 you know, the way I've always used Twitter is that 0:07:28.200 --> 0:07:30.200 it's just kind of one of those things that when 0:07:30.240 --> 0:07:32.960 I want to tweet something, sort of inside baseball, that's 0:07:32.960 --> 0:07:35.960 where I go. It's my place where I tweet to 0:07:36.200 --> 0:07:40.000 other journalists or just get something out there officially. So 0:07:40.480 --> 0:07:44.040 we'll see what happens with Twitter moving forward, but it 0:07:44.160 --> 0:07:48.880 is definitely it is a learning curve for Elon Musk, 0:07:48.960 --> 0:07:56.720 that is for sure. All right, let's get to the 0:07:56.760 --> 0:08:00.600 first question of the podcast. Valories says, I have a 0:08:00.640 --> 0:08:04.280 new computer HP, which I just got installed yesterday, and 0:08:04.320 --> 0:08:06.720 I was told that it can listen to whatever I'm saying. 0:08:07.280 --> 0:08:10.320 If this is true, and if so, is there a 0:08:10.360 --> 0:08:12.920 way that I can stop my computer from hearing everything 0:08:12.960 --> 0:08:16.280 I say? Thank you, Valerie. So it took me a 0:08:16.360 --> 0:08:18.880 second to kind of think about this one because I 0:08:18.960 --> 0:08:21.880 don't use a Windows computer regularly, although I do have 0:08:22.200 --> 0:08:26.520 a computer on loan from Microsoft, the new Surface Laptop five. 0:08:27.520 --> 0:08:29.160 So I said, you know, at last event I went 0:08:29.200 --> 0:08:32.000 to I said, hey, Microsoft, it's been a while since 0:08:32.000 --> 0:08:34.600 I've used a Microsoft computer because my day to day 0:08:34.800 --> 0:08:37.320 is a Mac. And they said, all right, well, let's 0:08:37.360 --> 0:08:39.720 get you a Windows computer for a couple months so 0:08:39.720 --> 0:08:41.640 you can test it out, put it through the paces, 0:08:41.679 --> 0:08:43.560 try out some of the new features and Windows eleven. 0:08:43.960 --> 0:08:46.360 And sure enough, it arrived a couple of weeks later, 0:08:46.760 --> 0:08:49.360 and here it is. So I've been playing with that computer. 0:08:49.440 --> 0:08:51.559 And by the way, I have to say, I am 0:08:51.679 --> 0:08:54.640 quite impressed with the state of affairs on the Windows 0:08:54.640 --> 0:08:56.600 side of things. I think that Windows has come a 0:08:56.800 --> 0:09:01.080 really long way. The computer is it's very slick. It 0:09:01.320 --> 0:09:03.840 very much feels and looks and acts like my MacBook, 0:09:04.120 --> 0:09:07.240 and some aspects are even better because you don't have 0:09:07.240 --> 0:09:09.600 to deal with the whole Apple kind of taking a 0:09:09.640 --> 0:09:12.440 commanding lead in everything you do. There's a lot of 0:09:12.480 --> 0:09:15.800 things that sort of are easier or simpler or just 0:09:16.040 --> 0:09:19.000 you know better on the Windows side of things, like 0:09:19.120 --> 0:09:23.080 number one, Android phones, like they just work with a 0:09:23.120 --> 0:09:26.880 Windows computer that you know, using a Mac for so long, 0:09:26.960 --> 0:09:30.400 it's like an Android computer. An Android just doesn't work, 0:09:30.440 --> 0:09:33.559 It doesn't play nice with a Mac computer. You plug 0:09:33.600 --> 0:09:35.600 the thing into a Windows computer and wow, all your 0:09:35.600 --> 0:09:37.320 pictures are right there. Whatever you want to do, your 0:09:37.360 --> 0:09:39.920 text messages, you can run Android apps. I mean, it's 0:09:39.960 --> 0:09:45.079 it's quite impressive. What else that's it for now, but 0:09:45.120 --> 0:09:47.640 it's it's you know, it's pretty nice to have everything 0:09:47.720 --> 0:09:50.280 running nicely on there, and it's it's been a it's 0:09:50.280 --> 0:09:53.040 been good for me because I need that education. So 0:09:53.080 --> 0:09:55.800 I can kind of talk about both sides of things. Okay, 0:09:55.880 --> 0:09:58.840 So back to this whole Quartana thing. So basically, yes, 0:09:58.880 --> 0:10:02.600 there is a setting on Windows that will allow Kortana 0:10:02.640 --> 0:10:07.320 to respond to I believe it's hey Kortana, or maybe 0:10:07.320 --> 0:10:11.240 it's just Kortana and is it Kortana or hey, oh gosh, 0:10:11.240 --> 0:10:13.760 I should know this now because I was playing with 0:10:13.800 --> 0:10:18.640 it today. So what's the Kuortana keyword okay? Or co 0:10:18.920 --> 0:10:21.199 r t A n A keyword. I've got to look 0:10:21.240 --> 0:10:25.120 this up because yeah, it's just kortana. So you don't 0:10:25.120 --> 0:10:29.320 have to you don't have to say, hey, it's hey kuortana. Okay. Anyway, 0:10:29.400 --> 0:10:32.440 So there is a setting you can go to Settings, 0:10:32.800 --> 0:10:36.240 Privacy and Security, Voice Activation, and then it's a toggle 0:10:36.280 --> 0:10:41.320 switch for let Kortana respond to Kortana keyword and a 0:10:41.320 --> 0:10:43.280 lot of things on Windows pretty easy. You just just 0:10:43.360 --> 0:10:45.720 press that Windows button and type in Kortana and you 0:10:45.720 --> 0:10:47.880 should find the thing that you need to do. Like 0:10:47.880 --> 0:10:49.480 if you need to do a printer thing, just type 0:10:49.520 --> 0:10:51.599 in printer. If you need to do updates, type in 0:10:51.679 --> 0:10:54.960 update anything. It's just one big search for the entire 0:10:55.000 --> 0:10:58.559 computer and also your programs and also things on the web, 0:10:58.600 --> 0:11:00.840 and also the weather. But if you want to turn 0:11:00.880 --> 0:11:03.840 that feature off, go ahead, turn it off. And you know, 0:11:03.960 --> 0:11:07.400 even when your computer's listening, yes it's listening, but there's 0:11:07.440 --> 0:11:10.600 a it's kind of not you know, it's not sending 0:11:10.679 --> 0:11:15.280 everything somewhere. It's basically listening locally. And then if it 0:11:15.360 --> 0:11:18.080 hears that word, it will say, oh, I just heard 0:11:18.080 --> 0:11:20.880 the word so let's now kind of listen to see 0:11:20.880 --> 0:11:24.600 what they're saying, and then we'll process that audio if 0:11:24.720 --> 0:11:27.600 necessary on the cloud. A lot of these systems now 0:11:27.640 --> 0:11:31.560 have become because of privacy concerns, a lot of this 0:11:31.640 --> 0:11:34.400 processing is done on device, and so when you hear 0:11:34.440 --> 0:11:37.719 that term processing done on device, it means that your 0:11:37.760 --> 0:11:41.520 device is actually doing the processing of you know, what 0:11:41.559 --> 0:11:44.560 you say and then kind of transcribing it and then 0:11:44.679 --> 0:11:47.600 figuring out in like a split second, is this something 0:11:47.600 --> 0:11:49.040 that I need to do on the web or is 0:11:49.040 --> 0:11:51.560 this something I need to do locally? And so it's 0:11:51.679 --> 0:11:53.720 it's really come a long way from the days of 0:11:54.040 --> 0:11:56.440 you know, everything was sent to the cloud, and you 0:11:56.480 --> 0:12:00.440 know that that those days are are quickly getting behind 0:12:00.480 --> 0:12:03.440 us because these devices have gotten so much better. So anyway, 0:12:03.520 --> 0:12:07.119 good question, and congrats to the new computer. That's always 0:12:07.400 --> 0:12:11.880 very exciting to have a new computer. All right, what 0:12:11.920 --> 0:12:13.520 do we want to talk about next? There's there's there 0:12:13.640 --> 0:12:16.560 was like three giant stories this week. I mean, you've 0:12:16.559 --> 0:12:21.640 got the Twitter drama, You've got Meta, which is, you know, 0:12:21.720 --> 0:12:24.040 cut a bunch of jobs for the first time in history, 0:12:24.360 --> 0:12:27.240 and then you've got this big cryptocurrency situation going on, 0:12:28.480 --> 0:12:32.760 let's talk about the cryptocurrency stuff. So I don't get 0:12:32.760 --> 0:12:35.240 into crypto a whole bunch on this show, but you know, 0:12:35.320 --> 0:12:38.480 I feel like when things again bubble up to you know, 0:12:38.600 --> 0:12:41.080 my my wholem o with with this tech stuff is 0:12:41.120 --> 0:12:44.880 really trying to give people, you know, give you news 0:12:44.880 --> 0:12:47.679 that you can use, you know, information that's helpful, you know, 0:12:47.720 --> 0:12:50.720 not just like the drama or the drama of it 0:12:50.840 --> 0:12:54.400 or the celebrity gossip side of things. Although sometimes you know, 0:12:54.480 --> 0:12:56.880 like I say, it gets to the to the forefront 0:12:56.920 --> 0:12:59.800 so much you kind of have to and sometimes these 0:12:59.800 --> 0:13:01.959 things to affect us in pretty big ways. And I 0:13:01.960 --> 0:13:04.360 think when it comes to this crypto stuff, it's just 0:13:04.559 --> 0:13:08.560 really kind of like danger, danger, danger. You gotta watch 0:13:08.559 --> 0:13:13.760 what you do with this crypto stuff. So FTX is 0:13:13.800 --> 0:13:19.600 a was a big cryptocurrency platform that is now filing 0:13:19.640 --> 0:13:21.640 for bankruptcy. And I'm not going to get into the 0:13:21.679 --> 0:13:25.600 whole nuance of why, but the reality is a lot 0:13:25.640 --> 0:13:32.120 of people used FTX. This was a very popular cryptocurrency 0:13:32.160 --> 0:13:37.120 platform in fact, and I can't believe this. Larry David 0:13:37.559 --> 0:13:41.080 was the commercial during the Super Bowl. He was the 0:13:41.080 --> 0:13:46.440 commercial for FTX, which is a total like This just 0:13:46.480 --> 0:13:50.000 goes to show that you can't trust celebrities with your 0:13:50.040 --> 0:13:53.600 financial decisions or even your product decisions. Because a celebrity 0:13:53.679 --> 0:13:57.880 endorses something does not mean it's good. Celebrities get paid 0:13:57.920 --> 0:14:01.240 a lot of money to talk about stuff, and quite frankly, 0:14:01.400 --> 0:14:03.440 a lot of times it's just more of like a 0:14:03.559 --> 0:14:06.360 manager thing, like they say, hey, this that we you know, 0:14:06.400 --> 0:14:08.960 we've got this really good opportunity for you. You know, 0:14:09.040 --> 0:14:10.720 you can be in this commercial. They're paying you a 0:14:10.720 --> 0:14:14.040 million bucks, they're paying you five million bucks. All you 0:14:14.120 --> 0:14:16.600 got to do is say this and said what is it? Well, 0:14:16.600 --> 0:14:18.959 it's crypto. You know a lot of people are using it. Okay, 0:14:19.040 --> 0:14:22.080 crypto cool, And next thing you know, you know you're 0:14:22.080 --> 0:14:23.600 in a crypto commercial. I mean there's a lot of 0:14:23.640 --> 0:14:26.640 celebrities that are doing this stuff. I mean Kim Kardashian, 0:14:27.680 --> 0:14:32.600 Matt Damon, Larry David, and probably probably many many more. 0:14:33.000 --> 0:14:36.000 In fact, if you watch TV for five minutes, which 0:14:36.160 --> 0:14:38.000 you know, I don't see a whole lot of commercials 0:14:38.040 --> 0:14:42.080 because I don't typically watch regular TV, but yeah, you 0:14:42.160 --> 0:14:43.680 see a lot of this stuff if you watch for 0:14:43.720 --> 0:14:47.120 five minutes. In fact, we just subscribed or resubscribed to 0:14:47.160 --> 0:14:49.560 YouTube TV and my kids were watching it last night, 0:14:50.520 --> 0:14:53.280 and you know they were they were really surprised at 0:14:53.280 --> 0:14:55.800 all the commercials on their Disney channel that they were watching, 0:14:55.840 --> 0:14:57.760 and it's like, yeah, this is regular TV. This is 0:14:57.800 --> 0:15:00.800 what it looks like now if you're getting free TV. 0:15:01.640 --> 0:15:03.400 It's funny to me that you have to pay for 0:15:03.600 --> 0:15:07.160 YouTube TV and watch commercials because you're paying so much 0:15:07.160 --> 0:15:10.000 for the service. Now, if you're watching over the air television, 0:15:10.280 --> 0:15:12.960 that's sort of the currency, right, You're getting a free 0:15:13.040 --> 0:15:16.360 channel so that you can, you know, you sit there 0:15:16.400 --> 0:15:18.320 through ads, you know, a couple of minutes of ads 0:15:18.360 --> 0:15:20.640 to watch free programming. That's fine, that's kind of like 0:15:20.680 --> 0:15:23.160 the agreement. But with cable TV, it's kind of like, 0:15:23.200 --> 0:15:25.320 wait a second, why why am I paying for this 0:15:25.560 --> 0:15:30.800 and sitting through ads? That makes no sense anyway. At 0:15:30.800 --> 0:15:35.640 any rate. FTX has filed for Chapter eleven bankruptcy. A 0:15:35.640 --> 0:15:37.720 lot of people are not happy because if you have 0:15:37.800 --> 0:15:42.160 crypto in this, in this platform, what's going to happen 0:15:42.200 --> 0:15:43.600 to it? Do you get your money back? And I 0:15:43.640 --> 0:15:47.000 think this whole thing happened when people were starting to 0:15:47.200 --> 0:15:51.600 sort of, you know, try to withdraw their money at 0:15:51.600 --> 0:15:55.640 a pace faster than FTX could provide it, and that's 0:15:55.720 --> 0:15:58.960 when the problems happened, you know. So this has happened many, 0:15:59.000 --> 0:16:03.160 many times over and over in our history of banking. Now, 0:16:03.200 --> 0:16:04.800 if you have you know, you know, you have the 0:16:04.880 --> 0:16:07.800 FDIIC which ensures like something like a savings or a 0:16:07.840 --> 0:16:10.040 checking account. You know, that's only up to a certain 0:16:10.080 --> 0:16:12.120 amount of money. I think it's two hundred and fifty grand. 0:16:12.240 --> 0:16:14.440 So if you've got more money than that in any 0:16:14.480 --> 0:16:16.680 of these things, it's like, oh, that that could be 0:16:16.680 --> 0:16:24.040 a problem. All right. So what happened basically filed for bankruptcy. 0:16:24.160 --> 0:16:29.240 The rival, which is named Binance. They went and said, okay, 0:16:29.280 --> 0:16:32.880 we'll actually scoop these people up, we'll help them, and 0:16:32.920 --> 0:16:34.880 then when they looked at their balance sheet, they said, oh, 0:16:35.080 --> 0:16:38.080 never mind, this is like way way worse than we 0:16:38.120 --> 0:16:42.120 could ever imagine. We're not buying this company. And so now, apparently, 0:16:42.160 --> 0:16:45.320 according to CNBC, in the space of just a couple 0:16:45.320 --> 0:16:48.560 of days, FTX went from a thirty two billion dollar 0:16:48.720 --> 0:16:55.360 valuation to bankruptcy. Bankruptcy, thirty two billion to bankruptcy. That 0:16:55.480 --> 0:16:59.040 is like just totally unacceptable. So it's also really sad 0:16:59.080 --> 0:17:04.199 that one of my favorite people Larry David was in 0:17:04.240 --> 0:17:07.119 the commercial for them, and the commercial was actually ironic 0:17:07.560 --> 0:17:11.639 because now looking back, Larry David apparently, you know, in 0:17:11.680 --> 0:17:14.119 the commercial. I remember it briefly in the Super Bowl. 0:17:14.359 --> 0:17:16.439 You know, he turned down every time someone asked him 0:17:16.480 --> 0:17:20.080 to invest in crypto, and you know, he said no, 0:17:20.880 --> 0:17:22.680 and he said, I don't think so, and I'm never 0:17:22.720 --> 0:17:25.000 wrong about this stuff, never, And now you know, of 0:17:25.080 --> 0:17:27.200 course he was right about it once again, even though 0:17:27.200 --> 0:17:30.040 he took money from them. A GameStop apparently had a 0:17:30.040 --> 0:17:35.520 partnership with FTX. They sold FTX gift cards. Oh my gosh. 0:17:35.520 --> 0:17:38.520 So now if you've got money in this company, you know, 0:17:38.640 --> 0:17:41.000 on this platform, I'm not sure what happens. And I'm 0:17:41.000 --> 0:17:43.679 not a huge, huge expert in crypto, but I know 0:17:43.720 --> 0:17:46.640 there's like this whole thing of like whether you can 0:17:46.800 --> 0:17:50.399 have your money on a platform or your money in 0:17:50.480 --> 0:17:53.760 your own wallet. And I think it's somewhat safer to 0:17:53.840 --> 0:17:56.560 have your money in your own wallet, which is way 0:17:56.560 --> 0:17:59.120 more complicated to set up, which is why the average 0:17:59.119 --> 0:18:01.840 person pretty much which puts their money on these platforms. 0:18:02.359 --> 0:18:04.359 You know, it's it's just easier because they do all 0:18:04.400 --> 0:18:07.000 the behind the scenes work of setting up your wallet 0:18:07.040 --> 0:18:10.679 and holding the crypto, but when they go out, it's like, 0:18:10.800 --> 0:18:13.639 there goes your crypto. And of course this also has 0:18:13.720 --> 0:18:17.840 ramifications on the crypto market in general. You know, bitcoin 0:18:18.000 --> 0:18:21.639 has had you know, bitcoin has just been really, really 0:18:22.680 --> 0:18:25.840 not good for a while now. So if you look 0:18:25.880 --> 0:18:32.639 at bitcoin a year to date, down sixty five percent. 0:18:33.280 --> 0:18:39.800 Twenty twenty two, bitcoin is down sixty five percent, that 0:18:40.000 --> 0:18:45.800 is horrendous. Okay, last six months, been down forty percent. 0:18:45.960 --> 0:18:49.400 Five years, it's still up ninety one percent, So that's 0:18:49.600 --> 0:18:51.919 it's got that going for it. So maybe we're in 0:18:51.920 --> 0:18:53.439 this for the long haul. I mean, you've got to 0:18:53.480 --> 0:18:57.119 really stick with bitcoin for a very long time. We'll see. 0:18:57.200 --> 0:18:59.879 I mean, I think that the problem with bitcoin is 0:19:00.200 --> 0:19:04.600 that it's you know, I think the problem is really governments. 0:19:05.040 --> 0:19:09.640 Governments don't want this to work, you know, Visa, MasterCard, PayPal, 0:19:09.760 --> 0:19:14.080 like all these companies that you know, banks, Bank of America, Chase, 0:19:14.240 --> 0:19:17.360 they don't really want bitcoin to work. Why they've got 0:19:17.359 --> 0:19:20.760 their own system that works really well, and they've got 0:19:20.760 --> 0:19:23.920 a lock on the financial system. Why would they want 0:19:23.960 --> 0:19:26.760 this other thing to come along that could be cheaper, 0:19:27.040 --> 0:19:29.800 that could be easier. They don't want this to work. 0:19:30.080 --> 0:19:32.400 So when you don't have governments wanting it to work, 0:19:32.600 --> 0:19:36.080 when you don't have major banks and financial institutions wanting 0:19:36.119 --> 0:19:40.880 it to work, it's not going to work. Not easily now, 0:19:40.920 --> 0:19:44.359 maybe because you know, I do believe that tech people 0:19:44.400 --> 0:19:48.480 are very smart people, and the people behind this could 0:19:48.480 --> 0:19:51.480 be very smart and say, look, we've created a better system. 0:19:51.760 --> 0:19:56.080 But is the general population ready for this better system? 0:19:56.280 --> 0:20:00.159 When you can't use bitcoin at any major retailer that 0:20:00.240 --> 0:20:04.840 I can think of, Amazon, Target, Best Buy, you can't 0:20:04.880 --> 0:20:07.720 use bitcoin to purchase at these things. You can't use 0:20:07.760 --> 0:20:10.600 bitcoin to buy a flight, you can't use bitcoin to 0:20:10.640 --> 0:20:13.080 buy a car. Tesla tried it for a minute, even 0:20:13.080 --> 0:20:16.120 Tesla Elon Musk, who you know was huge into crypto, 0:20:16.440 --> 0:20:19.920 you can't. Yeah, they took away that functionality. So when 0:20:19.960 --> 0:20:23.000 you've got all these things working against it, it's a 0:20:23.040 --> 0:20:25.359 tough it's a tough ride for this thing to get 0:20:25.680 --> 0:20:28.560 into a place where it's part of everyday lives and 0:20:28.600 --> 0:20:31.159 where it can be more legitimate. I'm not saying I 0:20:31.160 --> 0:20:33.399 don't like it, like I actually think it's it's kind 0:20:33.440 --> 0:20:36.679 of cool. I just don't know if it's at where 0:20:36.760 --> 0:20:38.800 people want it to be at. You know, other than 0:20:38.920 --> 0:20:42.000 an investment for the last couple of years, and that 0:20:42.119 --> 0:20:44.640 investment is not working out very well at this point. 0:20:44.720 --> 0:20:48.359 I could be wrong in five years. But also the 0:20:48.400 --> 0:20:51.159 functionality of it would be so much better if you could. 0:20:51.320 --> 0:20:54.160 You know, I had to pay someone the other day, 0:20:54.760 --> 0:20:58.120 and I had to pay them, you know, a little 0:20:58.160 --> 0:21:01.399 bit more than I typically pay for things like Venmo 0:21:01.880 --> 0:21:04.040 and zel and all that stuff, and it was a 0:21:04.080 --> 0:21:08.080 real problem. I mean, just sitting there, you realize the limitations. 0:21:09.080 --> 0:21:11.800 You know, like something like a wire transfer right that's 0:21:11.840 --> 0:21:16.680 been around forever. It's bank to bank, it's slow, it's bulky, 0:21:17.240 --> 0:21:19.200 it's kind of a big deal. You got to fill 0:21:19.200 --> 0:21:20.760 out a bunch of stuff. I remember doing it for 0:21:20.800 --> 0:21:23.119 when we bought our house. It's just a not a 0:21:23.160 --> 0:21:25.840 simple thing to do. And so you think bitcoin you 0:21:25.880 --> 0:21:28.000 could send as much as you want instantly to anyone 0:21:28.000 --> 0:21:30.480 you want, which is kind of cool but also kind 0:21:30.480 --> 0:21:33.639 of scary. But anyway, I saw I quickly saw the 0:21:33.680 --> 0:21:36.520 limits of zell and Venmo when I tried to do this, 0:21:36.640 --> 0:21:38.080