1 00:00:00,040 --> 00:00:02,680 Speaker 1: Hello, and welcome to another episode of the Mark Moa 2 00:00:02,840 --> 00:00:06,120 Speaker 1: show where we talk about the decentralized revolution each and 3 00:00:06,120 --> 00:00:08,559 Speaker 1: every week, talking about the way the world is changing, 4 00:00:08,600 --> 00:00:10,399 Speaker 1: of course as we look at it through the lens 5 00:00:10,480 --> 00:00:15,960 Speaker 1: of politics, finance, and technology, and there's no shortage of 6 00:00:16,000 --> 00:00:19,079 Speaker 1: things to talk about as the world is moving really 7 00:00:19,120 --> 00:00:24,919 Speaker 1: really fast. Of course, maybe, man, all three are just 8 00:00:24,960 --> 00:00:27,920 Speaker 1: so important. That's why we talk about all three. But 9 00:00:28,000 --> 00:00:32,159 Speaker 1: we're witnessing the first sovereign debt crisis in about a 10 00:00:32,240 --> 00:00:36,320 Speaker 1: hundred years, and so this super inflated you know, debt 11 00:00:36,360 --> 00:00:40,320 Speaker 1: bubble is collapsing. Of course, the Federal Reserve is restricting 12 00:00:40,320 --> 00:00:44,000 Speaker 1: the monetary supply by raising rates. Um. They came off 13 00:00:44,000 --> 00:00:47,400 Speaker 1: of their easing their monetary easy program to do monetary tightening, 14 00:00:47,760 --> 00:00:52,159 Speaker 1: and it's causing problems all over the world in every area, 15 00:00:52,680 --> 00:00:57,040 Speaker 1: from uh yeah, from politics, like where now people can't 16 00:00:57,040 --> 00:00:59,240 Speaker 1: afford their debt and so we want, you know, the 17 00:00:59,280 --> 00:01:02,120 Speaker 1: president one to forgive student loans, and now we need 18 00:01:02,160 --> 00:01:05,440 Speaker 1: to raise taxes and then we have to offset people's 19 00:01:05,720 --> 00:01:10,280 Speaker 1: expensive energy bills. Um. So yeah, politics, and of course finance, 20 00:01:10,360 --> 00:01:14,319 Speaker 1: where we have the stock markets crashing, the cryptocurrency markets 21 00:01:14,319 --> 00:01:16,559 Speaker 1: are crashing, and then of course we have technology which 22 00:01:16,640 --> 00:01:19,360 Speaker 1: is trying to kind of offset and change all this 23 00:01:19,440 --> 00:01:22,200 Speaker 1: and it is a wild world if you just tune 24 00:01:22,200 --> 00:01:24,440 Speaker 1: it in. Thank you, make sure to tune in with 25 00:01:24,440 --> 00:01:26,760 Speaker 1: me each and every week at the same time, at 26 00:01:26,800 --> 00:01:28,840 Speaker 1: the same channel. You can put a reminder in your 27 00:01:28,840 --> 00:01:32,000 Speaker 1: phone so you don't miss out, and of course always 28 00:01:32,120 --> 00:01:34,320 Speaker 1: feel free to catch me on the podcast. If you 29 00:01:34,360 --> 00:01:37,679 Speaker 1: miss me, just search Mark Moss on your favorite podcast player. 30 00:01:38,040 --> 00:01:41,160 Speaker 1: All right, so, uh, we have been talking about for 31 00:01:41,200 --> 00:01:42,759 Speaker 1: a good part of this year. I mean, we talk 32 00:01:42,840 --> 00:01:45,720 Speaker 1: a lot about all three of those topics. But of 33 00:01:45,760 --> 00:01:50,040 Speaker 1: course the financial markets have been in turmoil, and specifically 34 00:01:50,080 --> 00:01:54,520 Speaker 1: the cryptocurrency markets have burning turmoil going back until about 35 00:01:54,600 --> 00:01:58,160 Speaker 1: May of this year. Mayo where we saw, you know, 36 00:01:58,720 --> 00:02:01,360 Speaker 1: really things start to aching a turn for the worst. 37 00:02:01,400 --> 00:02:05,880 Speaker 1: Of course, November one was kind of the high water 38 00:02:06,120 --> 00:02:10,320 Speaker 1: mark for cryptocurrencies. That's where bitcoin, ethereum, etcetera. Had their 39 00:02:10,360 --> 00:02:14,440 Speaker 1: their their all time highs. And of course that is 40 00:02:14,480 --> 00:02:16,920 Speaker 1: when the Federal Reserve said that they were going to 41 00:02:17,200 --> 00:02:21,520 Speaker 1: start raising rates. Now, the Federal Reserve is not trying 42 00:02:21,600 --> 00:02:25,000 Speaker 1: to sneak up on anybody. A lot of times people 43 00:02:25,360 --> 00:02:27,320 Speaker 1: are a lot of people, I should say, are spending 44 00:02:27,320 --> 00:02:29,000 Speaker 1: a lot of time trying to figure out what the 45 00:02:29,000 --> 00:02:31,960 Speaker 1: feed is gonna do next, what they're gonna what, what 46 00:02:32,040 --> 00:02:34,560 Speaker 1: they're really saying. They're trying to read between the lines, 47 00:02:34,600 --> 00:02:37,840 Speaker 1: so to speak, trying to guess what they're doing. The 48 00:02:37,880 --> 00:02:41,959 Speaker 1: Central Banks, the Federal Reserve is not trying to trick you. 49 00:02:42,440 --> 00:02:44,239 Speaker 1: They're not trying to sneak up on you. As a 50 00:02:44,240 --> 00:02:46,080 Speaker 1: matter of fact, they're trying to tell us well in 51 00:02:46,160 --> 00:02:48,720 Speaker 1: advance what they're doing so we can all be prepared 52 00:02:48,800 --> 00:02:52,639 Speaker 1: for this. And so all you gotta do is watch 53 00:02:53,080 --> 00:02:56,359 Speaker 1: watch their news press releases, you know, watch their meetings, 54 00:02:56,760 --> 00:02:59,079 Speaker 1: look at the notes, the minutes that come out after that, 55 00:02:59,560 --> 00:03:03,320 Speaker 1: and they're helling you. All right. So they told us 56 00:03:03,600 --> 00:03:06,480 Speaker 1: back in November that they were going to start raising 57 00:03:06,560 --> 00:03:11,240 Speaker 1: rates and going into quantitative tightening. Now, if you haven't 58 00:03:11,240 --> 00:03:13,720 Speaker 1: been following along, if we just rewind the clock a 59 00:03:13,760 --> 00:03:17,560 Speaker 1: little bit more, you remember in two thousand twenty, specifically 60 00:03:17,600 --> 00:03:21,440 Speaker 1: March of two thousand twenty, the entire world stopped, or 61 00:03:21,480 --> 00:03:26,280 Speaker 1: more specifically, the governments of the world shut the world down, 62 00:03:26,600 --> 00:03:31,320 Speaker 1: uh specifically shutting down businesses, closing businesses, firing workers, and 63 00:03:31,400 --> 00:03:34,440 Speaker 1: so much more over this whole pandemic situation. Um. And 64 00:03:34,480 --> 00:03:37,680 Speaker 1: so when that happened, of course, businesses that have been 65 00:03:37,720 --> 00:03:42,080 Speaker 1: in business for decades, multiple decades, multiple family generations were 66 00:03:42,240 --> 00:03:45,640 Speaker 1: literally forced to close out of business. And so when 67 00:03:45,680 --> 00:03:49,560 Speaker 1: the economy screeches to a halt, then earnings go down. 68 00:03:49,600 --> 00:03:51,640 Speaker 1: So then you would expect stocks to go down, which 69 00:03:51,640 --> 00:03:54,280 Speaker 1: is exactly what happened. The stock markets crashed at a 70 00:03:54,280 --> 00:03:57,280 Speaker 1: at an alarming pace, dried up all the liquid e 71 00:03:57,360 --> 00:04:00,080 Speaker 1: that and everything just froze up of course because they 72 00:04:00,080 --> 00:04:02,240 Speaker 1: shut it down. Of course, then the Federal Reserve had 73 00:04:02,280 --> 00:04:06,760 Speaker 1: to leap into action and start injecting money, injecting liquidity 74 00:04:06,760 --> 00:04:08,960 Speaker 1: to get the markets moving back again. And then, um, 75 00:04:09,040 --> 00:04:10,920 Speaker 1: the reason why I kind of go backwards into that 76 00:04:10,960 --> 00:04:13,560 Speaker 1: story because then the Federal Reserve, which is doing this 77 00:04:13,760 --> 00:04:18,000 Speaker 1: monetary easy, which is lowering interest rates. Remember when they 78 00:04:18,040 --> 00:04:22,520 Speaker 1: lower interest rates, people take on more debt. Money is 79 00:04:22,640 --> 00:04:25,440 Speaker 1: created through debt, so it's not like the Fed pumps 80 00:04:25,440 --> 00:04:28,599 Speaker 1: and more dollars they create they lower interest rates. We 81 00:04:28,720 --> 00:04:32,120 Speaker 1: take on more debt by houses, cars, boats, etcetera. And 82 00:04:32,200 --> 00:04:34,400 Speaker 1: as that money is created in the ecosystem, it starts 83 00:04:34,400 --> 00:04:36,920 Speaker 1: slashing around inside of there and then the reason why 84 00:04:36,920 --> 00:04:38,120 Speaker 1: I go back to that, like I said, is because 85 00:04:38,120 --> 00:04:41,680 Speaker 1: the FED said, um, you know, we're not thinking about 86 00:04:41,760 --> 00:04:43,280 Speaker 1: raising rates. Then he came out like a month later 87 00:04:43,320 --> 00:04:46,320 Speaker 1: and said we're not even thinking about thinking about raising rates. 88 00:04:47,000 --> 00:04:52,560 Speaker 1: And what that did is that forecast to the markets that, hey, 89 00:04:52,640 --> 00:04:56,159 Speaker 1: the Fed's gonna hold this easy monetary policy for a while. 90 00:04:57,360 --> 00:04:59,800 Speaker 1: Let's go, let's run this thing up. And of course 91 00:05:00,000 --> 00:05:03,719 Speaker 1: financial assets caught a bid. You saw houses jumping through 92 00:05:03,760 --> 00:05:06,120 Speaker 1: through to new all time highs, all the stocks making 93 00:05:06,160 --> 00:05:10,480 Speaker 1: new all time highs. Um. You know, I couldn't get cars, cryptocurrencies, 94 00:05:10,520 --> 00:05:14,400 Speaker 1: et cetera. And so when they forecast to the market 95 00:05:14,480 --> 00:05:18,360 Speaker 1: that game on, let's go, things took off. And then, 96 00:05:18,400 --> 00:05:20,479 Speaker 1: of course, like I said, in November, they said, hey, 97 00:05:20,520 --> 00:05:25,239 Speaker 1: we're gonna start pulling back. And so first we saw 98 00:05:25,560 --> 00:05:29,440 Speaker 1: cryptocurrency start selling off. So Bitcoin and ethereum made their 99 00:05:29,520 --> 00:05:31,960 Speaker 1: all time high right after the announcement and started selling 100 00:05:31,960 --> 00:05:34,400 Speaker 1: off about a week or two later. On how the 101 00:05:34,480 --> 00:05:36,240 Speaker 1: exact chart in front of me. A week or two later, 102 00:05:36,240 --> 00:05:38,800 Speaker 1: we saw the Nasdaq, which is the tech stocks, start 103 00:05:38,839 --> 00:05:43,240 Speaker 1: selling off UM and then UM, I think it was 104 00:05:43,400 --> 00:05:48,520 Speaker 1: January two when the SMPI started selling off, and then 105 00:05:48,560 --> 00:05:51,120 Speaker 1: of course finally the FED came through with what they 106 00:05:51,120 --> 00:05:54,080 Speaker 1: said they were going to do in March of twenty two, 107 00:05:54,600 --> 00:05:58,960 Speaker 1: they actually did start raising rates. Now, the reason why 108 00:05:58,960 --> 00:06:01,200 Speaker 1: that's important to what I'm to say is because this 109 00:06:01,279 --> 00:06:06,360 Speaker 1: has set off this entire chain reaction of market crashes. 110 00:06:08,000 --> 00:06:11,160 Speaker 1: And we'll talk about the cryptocurrency space, but that's where 111 00:06:11,160 --> 00:06:15,640 Speaker 1: it started. And the reason why is because when when 112 00:06:15,680 --> 00:06:19,600 Speaker 1: the FED puts more dollars into the ecosystem, things take off, 113 00:06:19,680 --> 00:06:24,400 Speaker 1: and when they suck them out, everything crashes. Some things 114 00:06:24,400 --> 00:06:27,359 Speaker 1: are more susceptible to others. So the more riskier the 115 00:06:27,440 --> 00:06:32,480 Speaker 1: assets they go up faster, they crash faster. The more old, secure, 116 00:06:32,640 --> 00:06:36,120 Speaker 1: stable assets go up less and slower, and they also 117 00:06:36,200 --> 00:06:40,680 Speaker 1: fall less and slower. The problem that we also have 118 00:06:40,880 --> 00:06:44,560 Speaker 1: is that as these markets take off so fast, the 119 00:06:44,640 --> 00:06:47,440 Speaker 1: problem is how do we how do we keep up 120 00:06:47,480 --> 00:06:50,520 Speaker 1: with that? You and I as earners, you know we're 121 00:06:50,560 --> 00:06:53,160 Speaker 1: we're working for our wages, we're trying to save them. 122 00:06:53,320 --> 00:06:55,599 Speaker 1: But prices are going up so fast. We're getting priced 123 00:06:55,600 --> 00:06:58,080 Speaker 1: out of homes, we're getting priced out of the cars 124 00:06:58,120 --> 00:06:59,839 Speaker 1: we want to buy. We can't go out to eat 125 00:06:59,920 --> 00:07:02,920 Speaker 1: or take vacations anymore. How do we keep up with that? 126 00:07:03,000 --> 00:07:05,040 Speaker 1: And so in order to keep up with that, we 127 00:07:05,120 --> 00:07:07,400 Speaker 1: have to also take on more risk, and then we 128 00:07:07,440 --> 00:07:10,760 Speaker 1: start using things like leverage. So a lot of people 129 00:07:10,920 --> 00:07:16,160 Speaker 1: were leveraging their assets, and that looks really good when 130 00:07:16,200 --> 00:07:19,400 Speaker 1: things are going really good and you grow much faster. 131 00:07:20,080 --> 00:07:24,160 Speaker 1: But then when things go bad, unfortunately, you unravel much faster. 132 00:07:24,240 --> 00:07:27,240 Speaker 1: And so what we saw is in the cryptocurrency space, 133 00:07:27,400 --> 00:07:35,240 Speaker 1: in the financial space, founders, investors, etcetera. Used massive amounts 134 00:07:35,280 --> 00:07:37,360 Speaker 1: of leverage in order to grow, and so they look 135 00:07:37,360 --> 00:07:40,480 Speaker 1: like geniuses. They look they looked amazing, Like Sam Bankman 136 00:07:40,520 --> 00:07:43,920 Speaker 1: freed from ft X. Within three years, he built this 137 00:07:44,000 --> 00:07:47,560 Speaker 1: thirty million dollar company because he took the most risk, 138 00:07:47,720 --> 00:07:50,280 Speaker 1: He gambled the most, he used the most leverage. He'd 139 00:07:50,320 --> 00:07:54,640 Speaker 1: looked like a genius until everything came crumbling down. And 140 00:07:54,680 --> 00:07:58,120 Speaker 1: that's exactly what happened. So we saw in UM about 141 00:07:58,200 --> 00:08:01,120 Speaker 1: May of two thousand twenty two, after things had been 142 00:08:01,200 --> 00:08:05,240 Speaker 1: starting to wind down, we saw potentially maybe the first 143 00:08:05,520 --> 00:08:08,000 Speaker 1: really really really big domino to go down, which was 144 00:08:08,000 --> 00:08:10,160 Speaker 1: a stable coin, terror Luna. We've covered it at length. 145 00:08:10,280 --> 00:08:12,240 Speaker 1: If you want to figure that out, go back into 146 00:08:12,280 --> 00:08:14,320 Speaker 1: the archives back into about May and you can see 147 00:08:14,360 --> 00:08:17,880 Speaker 1: me talking about that. But as this algorithmic stable coin 148 00:08:18,400 --> 00:08:20,640 Speaker 1: which was never going to work, I talked about it 149 00:08:20,640 --> 00:08:23,360 Speaker 1: extensively before all pegs are meant to be broken, and 150 00:08:23,400 --> 00:08:25,120 Speaker 1: so of course it was going to come down. It 151 00:08:25,280 --> 00:08:28,440 Speaker 1: just needed the liquidity, it needed the right environment to 152 00:08:28,440 --> 00:08:30,840 Speaker 1: come down, and that's what happened, which then brought down 153 00:08:30,880 --> 00:08:33,320 Speaker 1: a whole chain reaction. Like I said, so we saw 154 00:08:33,400 --> 00:08:35,920 Speaker 1: that come down, and then we saw you know, Tara 155 00:08:36,040 --> 00:08:38,080 Speaker 1: Luna come down, an anchor broto Call come down, and 156 00:08:38,080 --> 00:08:40,679 Speaker 1: then we saw Voyager come down, and then Celsie has 157 00:08:40,760 --> 00:08:43,120 Speaker 1: come down, and on and on and on, and it's 158 00:08:43,160 --> 00:08:45,680 Speaker 1: finally it starts with the smaller ones and then it 159 00:08:45,800 --> 00:08:48,600 Speaker 1: scales up to bigger, bigger, bigger, bigger, bigger, and then 160 00:08:48,800 --> 00:08:51,000 Speaker 1: it's now taken down f t X and now the 161 00:08:51,000 --> 00:08:54,199 Speaker 1: whole world is taking notice. And I believe that it's 162 00:08:54,240 --> 00:08:57,160 Speaker 1: doing two things. It's doing to two big things that 163 00:08:57,160 --> 00:08:59,360 Speaker 1: you need to be aware of. One, it's showing the 164 00:08:59,400 --> 00:09:03,640 Speaker 1: difference is between bitcoin and crypto why people say bitcoin 165 00:09:03,679 --> 00:09:07,199 Speaker 1: not crypto. It's also I believe, going to push off 166 00:09:07,200 --> 00:09:09,679 Speaker 1: a whole wave of regulations that is going to completely 167 00:09:09,840 --> 00:09:14,480 Speaker 1: change the cryptocurrency landscape. And whether you think so or not, 168 00:09:14,640 --> 00:09:16,600 Speaker 1: you need to at least understand where I'm coming from, 169 00:09:16,679 --> 00:09:19,000 Speaker 1: because you need to understand the risks. All Right, So 170 00:09:19,040 --> 00:09:20,640 Speaker 1: I got lots of cover. You don't want to miss 171 00:09:20,640 --> 00:09:22,400 Speaker 1: what I'm gonna be talking about. If you're just tuning in, 172 00:09:22,440 --> 00:09:26,240 Speaker 1: you're listening to the Mark Mo Show talking about how 173 00:09:26,280 --> 00:09:30,240 Speaker 1: this f t x uh fiasco will change things moving forward, 174 00:09:30,520 --> 00:09:32,400 Speaker 1: don't go away. I'm gonna back right back in a minute. 175 00:09:32,679 --> 00:09:34,600 Speaker 1: All right, welcome back. If you're just tuning in, you're 176 00:09:34,600 --> 00:09:37,680 Speaker 1: listening to the Mark Mo Show, We're talking about how 177 00:09:38,080 --> 00:09:41,480 Speaker 1: the Federal Reserve, by tightening the monetary supply, kicked off 178 00:09:41,520 --> 00:09:45,760 Speaker 1: an entire domino effect that's rippled through the financial markets, 179 00:09:45,800 --> 00:09:49,000 Speaker 1: through the cryptocurrency markets, and I believe is going to 180 00:09:49,240 --> 00:09:52,320 Speaker 1: change the face of the cryptocurrency markets as we know it. 181 00:09:53,080 --> 00:09:56,160 Speaker 1: And so let's keep going here. So, as I said, 182 00:09:56,240 --> 00:09:58,480 Speaker 1: we kind of had this domino effect Harry Luna went down, 183 00:09:58,480 --> 00:10:02,240 Speaker 1: which then was Voyager, and then with Celsius and on 184 00:10:02,280 --> 00:10:05,360 Speaker 1: and on and on. It starts small and it gets bigger, bigger, bigger, bigger, bigger, 185 00:10:05,440 --> 00:10:07,960 Speaker 1: and then f t X, which was the savior. F 186 00:10:08,040 --> 00:10:11,120 Speaker 1: t X jumped into build everybody out, and the media 187 00:10:11,240 --> 00:10:13,360 Speaker 1: was painting them as the darlins of the space, the 188 00:10:13,400 --> 00:10:18,319 Speaker 1: savior of the space. They went down, and the reason 189 00:10:18,360 --> 00:10:21,240 Speaker 1: why is because they look like a genius using all 190 00:10:21,320 --> 00:10:24,680 Speaker 1: this leverage. But the leverage is what unwound them. Now 191 00:10:25,320 --> 00:10:28,640 Speaker 1: we have this UM. It's brought it to the forefront. 192 00:10:28,679 --> 00:10:32,040 Speaker 1: It's all over mainstream media, it's on every single news outlet. 193 00:10:32,040 --> 00:10:35,920 Speaker 1: I've talked about it extensively here. And now it's doing 194 00:10:35,960 --> 00:10:39,240 Speaker 1: two things. So we're gonna talk about one. It's highlighting 195 00:10:39,400 --> 00:10:44,320 Speaker 1: the big, big difference that bitcoin and UM generally cryptocurrencies 196 00:10:44,360 --> 00:10:46,120 Speaker 1: are not really the same thing at all, and so 197 00:10:46,160 --> 00:10:48,400 Speaker 1: people are starting to wake up to that. And then 198 00:10:48,440 --> 00:10:50,680 Speaker 1: the second thing is I believe it's going to really 199 00:10:50,760 --> 00:10:53,720 Speaker 1: push regulations to the forefront and it's going to change 200 00:10:53,760 --> 00:10:56,560 Speaker 1: the face of cryptocurrency as we know it. So let's explain, 201 00:10:56,920 --> 00:10:59,880 Speaker 1: or let's explore these two things that I'm talking about here. 202 00:11:00,480 --> 00:11:04,120 Speaker 1: So the first thing is we'll talk about UM. Why 203 00:11:04,440 --> 00:11:09,080 Speaker 1: you might hear me and other people say bitcoin not cryptocurrency, 204 00:11:09,120 --> 00:11:13,240 Speaker 1: and so we're not saying that bitcoin is not a cryptocurrency, 205 00:11:13,320 --> 00:11:16,000 Speaker 1: but what we're typically saying is when I'm talking about something, 206 00:11:16,040 --> 00:11:19,760 Speaker 1: I'm talking about bitcoin, and it doesn't apply generally to 207 00:11:19,960 --> 00:11:23,360 Speaker 1: all the other twenty thousand cryptocurrencies out there, And so 208 00:11:23,440 --> 00:11:25,880 Speaker 1: what are we talking about? So first of all, what 209 00:11:26,040 --> 00:11:33,160 Speaker 1: is crypto currency? Well, crypto being short for cryptography, all right, 210 00:11:33,520 --> 00:11:36,240 Speaker 1: So cryptography is a way to encrypt things, a way 211 00:11:36,280 --> 00:11:39,719 Speaker 1: to secure things. Right. So, up until I believe the nineties, 212 00:11:39,800 --> 00:11:44,240 Speaker 1: cryptography was illegal. The United States said it was banned. 213 00:11:44,280 --> 00:11:47,920 Speaker 1: It wasn't allowed to be exported under what they considered munition. 214 00:11:48,040 --> 00:11:51,800 Speaker 1: So it was considered like a security um US security 215 00:11:52,960 --> 00:11:56,360 Speaker 1: breach if we would ship that overseas, and so that 216 00:11:56,400 --> 00:11:58,600 Speaker 1: went all the way to the Supreme Court. I believe 217 00:11:58,640 --> 00:12:02,040 Speaker 1: it was under a case um by P G. P. 218 00:12:02,040 --> 00:12:05,520 Speaker 1: Pretty good. Um, I forget the guy's name. I didn't 219 00:12:05,559 --> 00:12:07,600 Speaker 1: prepare this part. I'm talking off the top of my head. 220 00:12:07,640 --> 00:12:11,160 Speaker 1: But basically they said, hey, this is cryptography. The the 221 00:12:11,760 --> 00:12:15,680 Speaker 1: the Department of Justice brought this suit against him and 222 00:12:15,720 --> 00:12:18,199 Speaker 1: it went all the way to Supreme Court. And when 223 00:12:18,200 --> 00:12:20,480 Speaker 1: he went to the Supreme Court, he had printed out 224 00:12:20,559 --> 00:12:23,640 Speaker 1: the code. The code is software, uh, and they printed 225 00:12:23,640 --> 00:12:25,440 Speaker 1: it out on paper and then they brought like a 226 00:12:25,480 --> 00:12:27,640 Speaker 1: stack of paper and put it on the desk, and 227 00:12:27,679 --> 00:12:30,960 Speaker 1: the Supreme Court's like, well, that's speech, and so that's 228 00:12:31,000 --> 00:12:34,240 Speaker 1: protected under free speech. And so cryptography has a sense 229 00:12:34,280 --> 00:12:38,680 Speaker 1: flourished since then, and bitcoin was this new technological revolution 230 00:12:38,679 --> 00:12:43,400 Speaker 1: which used cryptography to secure the transactions. So we can 231 00:12:43,400 --> 00:12:47,880 Speaker 1: secure our private keys, we can secure our bitcoin by cryptography, 232 00:12:47,920 --> 00:12:50,360 Speaker 1: and that way, unless I have the key, no one 233 00:12:50,400 --> 00:12:52,320 Speaker 1: else can get access to it. So when you hear 234 00:12:52,360 --> 00:12:54,720 Speaker 1: about like you know, the government is going to seize 235 00:12:54,720 --> 00:12:58,800 Speaker 1: your bitcoin, um, they can't, um not if it's not 236 00:12:58,880 --> 00:13:01,400 Speaker 1: unless they can get a hold of your key, your 237 00:13:01,440 --> 00:13:04,600 Speaker 1: private key, because it's cryptographically scared. So then you call 238 00:13:04,640 --> 00:13:08,880 Speaker 1: it well cryptography or crypto and then currency. So bitcoin 239 00:13:09,480 --> 00:13:12,079 Speaker 1: is a lot of things, one of which maybe the 240 00:13:12,160 --> 00:13:15,000 Speaker 1: killer application of it is to kind of reinvent money. 241 00:13:15,200 --> 00:13:17,480 Speaker 1: And so you take money or coins and then you 242 00:13:17,480 --> 00:13:21,800 Speaker 1: have cryptography, you get cryptocurrency. Now there's twenty thousand other 243 00:13:21,960 --> 00:13:26,640 Speaker 1: so called cryptocurrencies um, and maybe they use some form 244 00:13:26,720 --> 00:13:30,079 Speaker 1: of cryptography, but they're not all meant to be currencies. 245 00:13:30,280 --> 00:13:33,240 Speaker 1: So first of all, there's a big difference there. But 246 00:13:33,320 --> 00:13:37,320 Speaker 1: like I said, we're typically saying crypto or bitcoin, and 247 00:13:37,320 --> 00:13:40,400 Speaker 1: we're talking about bitcoins specifically and not crypto or cryptocurrency. 248 00:13:40,480 --> 00:13:43,320 Speaker 1: And so let's dig in a little bit more into that. 249 00:13:43,440 --> 00:13:47,680 Speaker 1: So the first thing is that bitcoin is, like I said, 250 00:13:47,679 --> 00:13:50,920 Speaker 1: it was a new new invention, a technological revolution that 251 00:13:51,120 --> 00:13:55,160 Speaker 1: gave us a big, big breakthrough. And the breakthrough was 252 00:13:55,520 --> 00:14:02,080 Speaker 1: instead of having centralized control centralized databases, we now have decentralized. 253 00:14:02,120 --> 00:14:06,040 Speaker 1: And so as the Internet grew um from the nineties um, 254 00:14:06,360 --> 00:14:08,199 Speaker 1: it was very hard to get on the Internet at first, 255 00:14:08,400 --> 00:14:10,640 Speaker 1: and then in the late nineties and the early two thousands, 256 00:14:10,679 --> 00:14:12,559 Speaker 1: when I started my first Internet business, it was very 257 00:14:12,559 --> 00:14:14,760 Speaker 1: hard to start Internet business because you had to run 258 00:14:14,800 --> 00:14:17,360 Speaker 1: your own server. And so the Internet wasn't really going 259 00:14:17,400 --> 00:14:19,120 Speaker 1: to scale if it was that hard where everyone had 260 00:14:19,120 --> 00:14:20,520 Speaker 1: to set up their own server. And so we started 261 00:14:20,520 --> 00:14:23,960 Speaker 1: getting these cloud hosting services and so then we have 262 00:14:24,040 --> 00:14:27,280 Speaker 1: Amazon Web Services and Google, etcetera. Which allowed us discovered 263 00:14:27,280 --> 00:14:29,640 Speaker 1: the quickly, but it created the centralized databases. On top 264 00:14:29,680 --> 00:14:31,720 Speaker 1: of it. You have these companies like Experience, which is 265 00:14:31,720 --> 00:14:35,360 Speaker 1: the credit reporting agency that runs their own database, or Facebook, etcetera. 266 00:14:36,040 --> 00:14:39,080 Speaker 1: But the problem is is they control those databases. Your 267 00:14:39,120 --> 00:14:42,360 Speaker 1: bank JP, Morgan Wells, Fargo, Bank of America, etcetera. Runs 268 00:14:42,360 --> 00:14:45,400 Speaker 1: a database that keeps track of all their customers accounts 269 00:14:45,400 --> 00:14:48,480 Speaker 1: and deposits, right and so um those are essentially now 270 00:14:48,560 --> 00:14:51,200 Speaker 1: if Wells Fargo wanted to, they could say, well, Mark, 271 00:14:51,280 --> 00:14:53,480 Speaker 1: you don't have money in your accounts anymore, or the 272 00:14:53,600 --> 00:14:55,160 Speaker 1: u S could just see, you know, tell them to 273 00:14:55,360 --> 00:14:58,240 Speaker 1: freeze your account. Um, it happens all the time. When 274 00:14:58,280 --> 00:15:00,520 Speaker 1: you don't pay your taxes, for example, it could freeze 275 00:15:00,520 --> 00:15:02,520 Speaker 1: your accounts or just take money out of your accounts. 276 00:15:02,800 --> 00:15:05,200 Speaker 1: And so whoever controls that database or we'll call it 277 00:15:05,280 --> 00:15:08,640 Speaker 1: a ledger, has control. But what bitcoin did is that 278 00:15:08,680 --> 00:15:11,760 Speaker 1: allowed us to have a decentralized database, or have thousands 279 00:15:11,880 --> 00:15:14,720 Speaker 1: or hundreds of thousands or millions of databases that so 280 00:15:14,920 --> 00:15:18,520 Speaker 1: each person could control their own database as opposed to 281 00:15:18,920 --> 00:15:25,600 Speaker 1: one single entity. That was the revolution d centralization, all right. 282 00:15:26,480 --> 00:15:28,880 Speaker 1: The problem is that that was the big trend, that 283 00:15:28,960 --> 00:15:31,160 Speaker 1: was the big breakthrough, That was the big revolution, and 284 00:15:31,520 --> 00:15:33,880 Speaker 1: a lot of these other cryptocurrencies have jumped on to 285 00:15:33,960 --> 00:15:36,960 Speaker 1: try to pretend like they have that, but they haven't 286 00:15:36,960 --> 00:15:40,800 Speaker 1: been able to achieve it. All right, So that is 287 00:15:41,000 --> 00:15:43,320 Speaker 1: the big difference here. Now, some of the big differences 288 00:15:44,480 --> 00:15:46,640 Speaker 1: that we would say would be um sort of like 289 00:15:46,720 --> 00:15:49,760 Speaker 1: I used the illustration on my YouTube channel um talking 290 00:15:49,800 --> 00:15:54,240 Speaker 1: about how just because things sound similar doesn't mean they are. 291 00:15:54,880 --> 00:15:57,800 Speaker 1: So we could look at I used the example of 292 00:15:57,840 --> 00:16:00,760 Speaker 1: like beyond meat, which was this big darl and it 293 00:16:00,840 --> 00:16:04,120 Speaker 1: was gonna gonna make meat healthier, but instead they have 294 00:16:04,200 --> 00:16:07,000 Speaker 1: like twenty or thirty ingredients, which many of them are 295 00:16:07,120 --> 00:16:09,800 Speaker 1: very very unhealthy for you, containing heavy amounts of steed 296 00:16:09,800 --> 00:16:12,400 Speaker 1: oils and things like that. And so you might say, well, 297 00:16:12,400 --> 00:16:15,760 Speaker 1: beyond meat is like meat, but meat is just supposed 298 00:16:15,760 --> 00:16:18,040 Speaker 1: to be like from an animal, just one ingredient, right, 299 00:16:18,080 --> 00:16:21,920 Speaker 1: it's just a cow, So beyond meat isn't really meat. 300 00:16:22,960 --> 00:16:26,000 Speaker 1: We might also say gold. Gold is a form of metal, 301 00:16:26,720 --> 00:16:29,880 Speaker 1: but it's a lot different as chemical different chemical mineral 302 00:16:30,680 --> 00:16:38,560 Speaker 1: breakdown of aluminum or steel or cromaley or platinum, pladium, silver, 303 00:16:38,640 --> 00:16:43,120 Speaker 1: et cetera. Right, so gold, they're all metals, but it's different. 304 00:16:43,520 --> 00:16:47,280 Speaker 1: And so bitcoin is just different than all the other cryptocurrencies. 305 00:16:47,280 --> 00:16:50,200 Speaker 1: One of the big things is that bitcoin was created. 306 00:16:50,320 --> 00:16:52,560 Speaker 1: It's a piece of as a piece of software. The 307 00:16:52,600 --> 00:16:56,440 Speaker 1: software was released into the public for people to go run, 308 00:16:58,080 --> 00:17:02,600 Speaker 1: and the bitcoin was created by a single issuer. As 309 00:17:02,640 --> 00:17:06,800 Speaker 1: anybody can go get a computer plug into the software 310 00:17:06,800 --> 00:17:10,600 Speaker 1: and can create bitcoin for themselves today just like they 311 00:17:10,600 --> 00:17:14,040 Speaker 1: could from the very beginning. Unlike most of the cryptocurrencies 312 00:17:14,040 --> 00:17:17,960 Speaker 1: and including your favorite top big ones, the number two ethereum, 313 00:17:18,000 --> 00:17:22,560 Speaker 1: you know, top ten cardano. Uh, those coins were created 314 00:17:22,600 --> 00:17:26,280 Speaker 1: by a group of founders who enriched themselves and kept 315 00:17:26,280 --> 00:17:30,320 Speaker 1: a good majority of those coins, and then they released 316 00:17:30,320 --> 00:17:32,119 Speaker 1: it open to the public. All right. So that's a 317 00:17:32,119 --> 00:17:34,959 Speaker 1: big difference. Um, there was no Bitcoin had no issuer. 318 00:17:35,080 --> 00:17:38,400 Speaker 1: So it's that's why the SEC considers it a commodity, 319 00:17:38,440 --> 00:17:40,560 Speaker 1: which will get more into the regulatory part and a 320 00:17:40,560 --> 00:17:43,240 Speaker 1: little bit all right. Now, the other thing that we 321 00:17:43,240 --> 00:17:46,680 Speaker 1: need to understand that makes bitcoin a lot different than 322 00:17:46,720 --> 00:17:51,560 Speaker 1: the other twenty thousand cryptocurrencies is what backs it? All right. 323 00:17:51,840 --> 00:17:53,960 Speaker 1: A lot of people will say, well, what backs cryptocurrency? 324 00:17:54,000 --> 00:17:56,240 Speaker 1: What gives it value? So I want to talk about that. 325 00:17:56,320 --> 00:17:58,040 Speaker 1: So I want to go through more. If you're just 326 00:17:58,080 --> 00:17:59,920 Speaker 1: tuning in you listening to the markma Show, or talk 327 00:18:00,200 --> 00:18:02,320 Speaker 1: about the ft X blow up and how it's going 328 00:18:02,320 --> 00:18:05,760 Speaker 1: to change the cryptocurrency space overall, I'm highlighting some of 329 00:18:05,760 --> 00:18:07,840 Speaker 1: the difference between bitcoin and the rest of cryptocurrency, and 330 00:18:07,880 --> 00:18:10,600 Speaker 1: we're gonna talk about the regulations and how the whole 331 00:18:10,600 --> 00:18:12,800 Speaker 1: industry will change. I got a lot to cover. You 332 00:18:12,800 --> 00:18:14,119 Speaker 1: don't want to miss it. I'll be back with more 333 00:18:14,160 --> 00:18:16,560 Speaker 1: in a minute, so don't go away, all right, Welcome back. 334 00:18:16,600 --> 00:18:18,200 Speaker 1: If you're just tune in, you're listening to the Mark 335 00:18:18,320 --> 00:18:22,480 Speaker 1: Mo Show. We're talking about how the financial system started 336 00:18:22,480 --> 00:18:25,080 Speaker 1: melting down. It created a collapse in the crypto industry. 337 00:18:25,359 --> 00:18:27,240 Speaker 1: The collapse of ft X brought a bunch of things 338 00:18:27,240 --> 00:18:30,640 Speaker 1: to the forefront, and how it's changing the cryptocurrency space, 339 00:18:31,600 --> 00:18:33,760 Speaker 1: probably for good. All right. So I'm highlighting some of 340 00:18:33,760 --> 00:18:36,080 Speaker 1: the differences between bitcoin and crypto and then we'll talk 341 00:18:36,080 --> 00:18:37,840 Speaker 1: about how the f t X and what I think 342 00:18:37,880 --> 00:18:41,840 Speaker 1: regulations will come and how that will change. So, uh, 343 00:18:42,040 --> 00:18:44,120 Speaker 1: going back to bitcoin, what we're talking about, how it's 344 00:18:44,160 --> 00:18:47,760 Speaker 1: just different, and the reason why it's different is because 345 00:18:48,040 --> 00:18:51,120 Speaker 1: or understanding why it's different leads to the next part, 346 00:18:51,160 --> 00:18:56,080 Speaker 1: which is the regulatory side of things. And so commodities 347 00:18:56,960 --> 00:19:00,960 Speaker 1: are typically things brought from the ground that could be 348 00:19:01,760 --> 00:19:04,040 Speaker 1: brought from the ground anywhere in the world and they 349 00:19:04,040 --> 00:19:06,800 Speaker 1: would all be fungible. So if I bought a piece 350 00:19:06,840 --> 00:19:11,600 Speaker 1: of dirt in Iowa or in Kenya, Africa, or in 351 00:19:11,640 --> 00:19:15,280 Speaker 1: the Ukraine. With that dirt, I could grow wheat and 352 00:19:15,359 --> 00:19:17,320 Speaker 1: didn't matter where I grow that wheat in the world, 353 00:19:17,440 --> 00:19:21,040 Speaker 1: wheat is wheat, So anyone can go buy dirt, grow wheat, 354 00:19:21,119 --> 00:19:22,920 Speaker 1: and wheat the same. I could go buy a piece 355 00:19:22,960 --> 00:19:25,640 Speaker 1: of dirt, and I could mine for gold in Mexico 356 00:19:26,200 --> 00:19:29,399 Speaker 1: or in Africa, and doesn't matter. The gold is still gold. 357 00:19:29,440 --> 00:19:32,040 Speaker 1: I could buy a piece of dirt and and drill 358 00:19:32,119 --> 00:19:35,199 Speaker 1: for oil, whether in California or Saudi Arabia, and the 359 00:19:35,200 --> 00:19:38,119 Speaker 1: oil's oil. And anybody can go buy the land and 360 00:19:38,240 --> 00:19:39,840 Speaker 1: mine for the gold or the oil, or for the 361 00:19:40,000 --> 00:19:41,800 Speaker 1: grow the wheat, and it's all the same. And so 362 00:19:41,840 --> 00:19:44,920 Speaker 1: bitcoin is the same, where anybody can go buy a computer, 363 00:19:45,200 --> 00:19:48,280 Speaker 1: plug it into the network, and they could bring bitcoin 364 00:19:48,359 --> 00:19:51,600 Speaker 1: into the ecosystem, so it's a commodity. There's no central 365 00:19:51,640 --> 00:19:54,520 Speaker 1: issue where nobody issued oil, wheat, or gold, and nobody's 366 00:19:54,600 --> 00:20:00,600 Speaker 1: issuing bitcoin either. The difference with other cryptocurrencies is that 367 00:20:00,800 --> 00:20:05,080 Speaker 1: they do have an issuer. So your your favorite cryptocurrencies 368 00:20:05,119 --> 00:20:08,240 Speaker 1: have all been pre mind, So about seventy of all 369 00:20:08,280 --> 00:20:10,480 Speaker 1: the ethereum and existence was pre mind. So when they 370 00:20:10,480 --> 00:20:12,639 Speaker 1: created it, they created the tokens and gave them to 371 00:20:12,720 --> 00:20:18,360 Speaker 1: themselves and their investors, which was themselves, Um, yes, Cardano, yes, 372 00:20:18,600 --> 00:20:21,600 Speaker 1: x l M yes, Ripple, they were all pre mind 373 00:20:21,640 --> 00:20:24,800 Speaker 1: Ripple x RP was a hundred percent. So a hundred 374 00:20:24,800 --> 00:20:28,200 Speaker 1: percent of the Ripple was created by the team that 375 00:20:28,280 --> 00:20:31,960 Speaker 1: invented it and used to make themselves filthy, filthy rich. 376 00:20:32,520 --> 00:20:34,480 Speaker 1: And so that's one of the big differences that you 377 00:20:34,520 --> 00:20:38,639 Speaker 1: have to understand now when it comes to these regulations. 378 00:20:38,640 --> 00:20:40,879 Speaker 1: Like I said, uh f t X kind of sat 379 00:20:41,000 --> 00:20:45,800 Speaker 1: in this kind of they think it's a gray area. 380 00:20:47,160 --> 00:20:49,320 Speaker 1: I don't think it's a gray area. There's this gray area. 381 00:20:49,400 --> 00:20:52,360 Speaker 1: The SEC is like, well, it's a it's a Bahamas corporation. Well, 382 00:20:52,400 --> 00:20:55,639 Speaker 1: they were founded in the US. They transferred to the 383 00:20:55,640 --> 00:20:58,680 Speaker 1: Bahamas their U. S citizens, and they built U. S 384 00:20:58,720 --> 00:21:01,359 Speaker 1: citizens out of money. It's never really stopped the US 385 00:21:01,440 --> 00:21:04,760 Speaker 1: from reaching their long arm of the law and regulated anyway. 386 00:21:05,359 --> 00:21:06,960 Speaker 1: So maybe there's a little bit of a gray area. 387 00:21:07,000 --> 00:21:11,760 Speaker 1: But I think because we're talking about tens of billions 388 00:21:11,760 --> 00:21:14,280 Speaker 1: of dollars that have been lost, we're talking about millions 389 00:21:14,280 --> 00:21:17,719 Speaker 1: of Americans that have lost some of them lost everything. 390 00:21:18,560 --> 00:21:23,160 Speaker 1: It's really bringing this conversation of regulations to the forefront 391 00:21:24,840 --> 00:21:28,760 Speaker 1: the SEC Security Exchange Commission. So there's two regulatory bodies 392 00:21:28,800 --> 00:21:30,760 Speaker 1: really that kind of fall into this. There's the SEC 393 00:21:30,960 --> 00:21:35,800 Speaker 1: Securities Exchange Commission, which is supposed to regulate securities as 394 00:21:35,800 --> 00:21:39,719 Speaker 1: in their name, securities exchange, so the exchanging of securities, 395 00:21:39,720 --> 00:21:43,520 Speaker 1: issuing and exchanging of securities. And then there's the CFTC, 396 00:21:43,600 --> 00:21:47,520 Speaker 1: which is the commodities futures all right, So some of 397 00:21:47,560 --> 00:21:51,560 Speaker 1: these assets kind of fall between here. So Bitcoin has 398 00:21:51,640 --> 00:21:55,160 Speaker 1: been the only digital asset out of the twenty thousand 399 00:21:55,280 --> 00:21:58,400 Speaker 1: or so cryptocurrencies, it's been the only one that has 400 00:21:58,440 --> 00:22:02,240 Speaker 1: been declared a commodity. And that's because, as I said, 401 00:22:02,240 --> 00:22:04,960 Speaker 1: there was no sensual issuer, no one making decisions on 402 00:22:05,000 --> 00:22:09,000 Speaker 1: the network, et cetera, all right, But all the other 403 00:22:09,040 --> 00:22:14,440 Speaker 1: ones it hasn't been clear. Now I believe that that 404 00:22:14,440 --> 00:22:16,399 Speaker 1: it's allowed them to operate that in this gray area. 405 00:22:16,400 --> 00:22:19,840 Speaker 1: That's allowed um, these problems like FTX to get bigger, bigger, bigger. 406 00:22:20,119 --> 00:22:23,320 Speaker 1: But now it's in the forefront, uh, and people are 407 00:22:23,320 --> 00:22:26,280 Speaker 1: going to demand action. The SEC looks horrible in this situation. 408 00:22:26,560 --> 00:22:31,320 Speaker 1: Their only role, the whole point of the organization, why 409 00:22:31,359 --> 00:22:37,800 Speaker 1: they're there, is to protect consumers from exactly this in 410 00:22:37,840 --> 00:22:40,240 Speaker 1: my opinion, they should probably just disband. Look, I am 411 00:22:40,280 --> 00:22:42,439 Speaker 1: not here. I'm not here. I just want to make 412 00:22:42,480 --> 00:22:45,879 Speaker 1: it very clear. I am not pro regulation. As a 413 00:22:45,880 --> 00:22:47,359 Speaker 1: matter of fact, I think we should be able to 414 00:22:47,359 --> 00:22:49,120 Speaker 1: do whatever we want with our money. If I want 415 00:22:49,119 --> 00:22:50,680 Speaker 1: to go gamble in Vegas, or I want to spend 416 00:22:50,680 --> 00:22:52,119 Speaker 1: it all on lottery tickets where I want to buy 417 00:22:52,119 --> 00:22:54,159 Speaker 1: crypto tokens, that's up to me. It's my money and 418 00:22:54,200 --> 00:22:56,159 Speaker 1: I should be able to do that. I don't. I 419 00:22:56,200 --> 00:22:58,439 Speaker 1: don't believe I need the nanny state of the government 420 00:22:58,480 --> 00:23:00,520 Speaker 1: to protect me. I think I should be smart enough 421 00:23:00,560 --> 00:23:04,640 Speaker 1: to make my own decisions. But that's what I think. 422 00:23:05,440 --> 00:23:08,760 Speaker 1: The reality is we do have a regulatory body called 423 00:23:08,760 --> 00:23:11,639 Speaker 1: the SEC, and the reality is they are there and 424 00:23:11,680 --> 00:23:14,760 Speaker 1: their role is supposed to protect us. They've done an 425 00:23:14,760 --> 00:23:17,680 Speaker 1: absolutely horrible job and they're disgraced, and Gary Gains ahead 426 00:23:17,680 --> 00:23:21,440 Speaker 1: of the SEC, should probably step down and apologize. Um. Nevertheless, 427 00:23:21,480 --> 00:23:24,080 Speaker 1: I think that with this egg on their face, so 428 00:23:24,160 --> 00:23:27,080 Speaker 1: to speak, they're going to be forced to up their game. 429 00:23:27,119 --> 00:23:29,960 Speaker 1: They're gonna be forced to stand up. We have lawmakers 430 00:23:29,960 --> 00:23:35,320 Speaker 1: Elizabeth Warren, you know, parading around um you know, uh, 431 00:23:35,480 --> 00:23:37,840 Speaker 1: the Capital saying we need to enforce this. We need 432 00:23:37,840 --> 00:23:39,359 Speaker 1: to you know, step this up. And so I believe 433 00:23:39,400 --> 00:23:42,480 Speaker 1: they're going to have to. So what does that mean, Well, 434 00:23:42,560 --> 00:23:44,840 Speaker 1: like I said, they've been very clear, the SEC has 435 00:23:44,840 --> 00:23:47,119 Speaker 1: been very clear that bitcoin is a commodity. But what 436 00:23:47,240 --> 00:23:49,800 Speaker 1: about the other twenty thousand and so we want to 437 00:23:49,800 --> 00:23:53,719 Speaker 1: take a look at that, and um, when it comes 438 00:23:53,760 --> 00:23:59,240 Speaker 1: to that, when it comes to the securities, can't could ripple? 439 00:23:59,400 --> 00:24:05,600 Speaker 1: Could xr P become a security? Could ethereum become a security? Now, 440 00:24:06,040 --> 00:24:08,760 Speaker 1: we don't know, and it's not for me to decide, 441 00:24:09,160 --> 00:24:13,680 Speaker 1: it's for it's for the SEC to decide. However, Uh, 442 00:24:14,080 --> 00:24:17,240 Speaker 1: I'm gonna tell you that there is a there's something 443 00:24:17,280 --> 00:24:19,879 Speaker 1: called how we test, not how he test? Has four 444 00:24:20,080 --> 00:24:23,240 Speaker 1: basic questions. Um, it gets a little more complex. There's 445 00:24:23,280 --> 00:24:26,399 Speaker 1: like thirty eight points underneath them, but but for the 446 00:24:26,520 --> 00:24:29,359 Speaker 1: for the most part, there's four. And the Supreme Court 447 00:24:29,560 --> 00:24:34,040 Speaker 1: established this four criteria to determine whether an investment contrast 448 00:24:34,480 --> 00:24:40,679 Speaker 1: contract exists. An investment contract is one an investment of money, 449 00:24:41,000 --> 00:24:46,040 Speaker 1: so you've put money in, two into a common enterprise, 450 00:24:47,320 --> 00:24:52,960 Speaker 1: three with the expectation of profit, and four to be 451 00:24:53,040 --> 00:24:57,720 Speaker 1: derived from the efforts of others. So there's four all right. Now, 452 00:24:58,840 --> 00:25:01,679 Speaker 1: if you want to ask about Ethereum or Cardano or 453 00:25:01,840 --> 00:25:04,560 Speaker 1: x RP or any of these other ones, those are 454 00:25:04,600 --> 00:25:08,560 Speaker 1: the four questions. At the Supreme Court, UH defined that 455 00:25:08,680 --> 00:25:12,280 Speaker 1: the SEC would consider these things. Now, there is a 456 00:25:12,440 --> 00:25:15,760 Speaker 1: lawsuit that's been going on for a long time between 457 00:25:15,760 --> 00:25:20,679 Speaker 1: the SEC and Ripple x RP, and so we'll see 458 00:25:20,720 --> 00:25:23,479 Speaker 1: how that shakes out. Now that's going to be UH 459 00:25:23,920 --> 00:25:26,800 Speaker 1: probably going to be used as precedents for pretty much 460 00:25:26,840 --> 00:25:30,320 Speaker 1: the rest of the entire cryptocurrency space, although we've had 461 00:25:30,359 --> 00:25:33,600 Speaker 1: just another one come out recently for this Library token 462 00:25:34,280 --> 00:25:36,720 Speaker 1: Um and the SEC clips said it is a security. 463 00:25:36,760 --> 00:25:38,280 Speaker 1: They tried to fight it, and the SEC said, no, 464 00:25:38,560 --> 00:25:41,360 Speaker 1: it is clearly a security. And I think that sets precedents. 465 00:25:41,400 --> 00:25:43,160 Speaker 1: The way the way the law works is that when 466 00:25:43,160 --> 00:25:45,560 Speaker 1: a court rules on something, that sets this precedence. And 467 00:25:45,600 --> 00:25:48,040 Speaker 1: so that kind of says And actually Library came out 468 00:25:48,160 --> 00:25:50,800 Speaker 1: after the ruling and said, hey, look, this sets a 469 00:25:50,920 --> 00:25:54,439 Speaker 1: very dangerous precedence for the rest of the industry. And 470 00:25:54,480 --> 00:25:57,119 Speaker 1: I think it does. Now the x RP, the Ripple 471 00:25:57,240 --> 00:25:59,960 Speaker 1: x RP is also going to be an even bigger present, 472 00:26:00,040 --> 00:26:02,399 Speaker 1: and I believe that is supposed to come out maybe 473 00:26:02,480 --> 00:26:04,959 Speaker 1: Q one of next year, so within the next you know, 474 00:26:05,520 --> 00:26:07,720 Speaker 1: six months or less, we should know where the sec 475 00:26:07,960 --> 00:26:11,240 Speaker 1: sits on that. But just ask yourself an investment of money, 476 00:26:11,280 --> 00:26:15,000 Speaker 1: So when people buy cryptocurrencies, are they doing it? Are 477 00:26:15,000 --> 00:26:17,360 Speaker 1: they investing their money into it? Do they buy that 478 00:26:17,840 --> 00:26:22,200 Speaker 1: expecting it to go up in value? And of course 479 00:26:22,520 --> 00:26:25,440 Speaker 1: the answer is yes. Pretty much every token is bought 480 00:26:25,520 --> 00:26:29,040 Speaker 1: because people think they can sell it for more later. 481 00:26:30,040 --> 00:26:32,840 Speaker 1: And then number two would be in a common enterprise. 482 00:26:34,080 --> 00:26:38,520 Speaker 1: So we could take Ethereum for example. Um there's Vitalic 483 00:26:38,560 --> 00:26:43,560 Speaker 1: Butterin and the Ethereum Foundation which are steering the direction 484 00:26:43,600 --> 00:26:45,239 Speaker 1: of Ethereum. As a matter of fact, they've changed the 485 00:26:45,400 --> 00:26:49,280 Speaker 1: entire consensus mechanism just recently. They changed the monetary issuance 486 00:26:49,400 --> 00:26:51,040 Speaker 1: a couple of times in the last couple years. So 487 00:26:51,480 --> 00:26:53,640 Speaker 1: there's a group of people that are steering us. It's 488 00:26:53,640 --> 00:26:58,160 Speaker 1: a common enterprise. Three, like I said, with an expectation 489 00:26:58,200 --> 00:26:59,800 Speaker 1: of profits. So first, as an investment of money, yes, 490 00:26:59,840 --> 00:27:02,520 Speaker 1: they money in three with an expectation of profit. I 491 00:27:02,520 --> 00:27:07,400 Speaker 1: believe if you pulled a hundred or a thousand cryptocurrency investors, 492 00:27:07,440 --> 00:27:09,480 Speaker 1: I mean we even used the word investor, they bought 493 00:27:09,480 --> 00:27:11,600 Speaker 1: it because there was an expectation of profit. They thought 494 00:27:11,600 --> 00:27:14,919 Speaker 1: it would be worth more later and then four to 495 00:27:15,000 --> 00:27:17,320 Speaker 1: be derived from the efforts of others. And so, like 496 00:27:17,359 --> 00:27:20,280 Speaker 1: I said, in the group of Ethereum, they have the foundation, 497 00:27:20,359 --> 00:27:24,560 Speaker 1: they have the steering committee. They literally just changed the 498 00:27:24,800 --> 00:27:29,240 Speaker 1: entire consensus mechanisms. So the efforts of others. I think 499 00:27:29,240 --> 00:27:32,840 Speaker 1: it's pretty clear now. Um. I think what people don't 500 00:27:32,960 --> 00:27:37,679 Speaker 1: understand is what happens if they cracked down on these regulations. 501 00:27:37,680 --> 00:27:39,119 Speaker 1: And that's what I want to talk about next. I 502 00:27:39,240 --> 00:27:41,359 Speaker 1: put out a big put out a Twitter post, and 503 00:27:41,359 --> 00:27:43,400 Speaker 1: they had a lot of miscommunication. I want to clarify 504 00:27:43,440 --> 00:27:44,960 Speaker 1: that if you're just tuning in, you're listening to the 505 00:27:44,960 --> 00:27:47,520 Speaker 1: markma Show, we're talking about how the entire cryptocurrency space 506 00:27:47,560 --> 00:27:49,640 Speaker 1: is about to change. Don't go away, be right back, 507 00:27:49,960 --> 00:27:51,480 Speaker 1: all right, welcome back. If you're just tune in, you 508 00:27:51,520 --> 00:27:54,280 Speaker 1: are listening to the Mark Moss Show, and we are 509 00:27:54,359 --> 00:27:59,960 Speaker 1: talking about um cryptocurrency space blowing up, and how I've 510 00:28:00,000 --> 00:28:03,200 Speaker 1: of the regulations are going to come in and change everything, 511 00:28:03,280 --> 00:28:06,040 Speaker 1: and I think a lot of people haven't really thought 512 00:28:06,080 --> 00:28:09,119 Speaker 1: this through. So I put out a Twitter post um 513 00:28:09,200 --> 00:28:13,000 Speaker 1: and I said that if regularly. I think, I believe 514 00:28:13,040 --> 00:28:15,520 Speaker 1: regulations are going to come in and I believe it 515 00:28:15,560 --> 00:28:19,280 Speaker 1: will change the entire trajectory of the of the cryptocurrency space. 516 00:28:19,920 --> 00:28:22,240 Speaker 1: I said that, I think we might have seen the 517 00:28:22,359 --> 00:28:25,560 Speaker 1: last cryptocurrency bull right now. It's very clear to say 518 00:28:25,960 --> 00:28:28,919 Speaker 1: crypto not bitcoin, all right, So there's a big distinction. 519 00:28:28,960 --> 00:28:30,760 Speaker 1: We already talked about that. If you've missed that part, 520 00:28:31,080 --> 00:28:32,840 Speaker 1: go back and listen to the podcast where I kind 521 00:28:32,840 --> 00:28:35,080 Speaker 1: of broke that down a little bit. Or um. I've 522 00:28:35,119 --> 00:28:37,800 Speaker 1: made some very long form videos with a lot of 523 00:28:37,800 --> 00:28:39,920 Speaker 1: details on my YouTube channel. You can go search Mark 524 00:28:39,960 --> 00:28:42,920 Speaker 1: Moss on YouTube and find those as well. But like 525 00:28:42,960 --> 00:28:44,920 Speaker 1: I said, so many people lost so much money with 526 00:28:44,960 --> 00:28:48,240 Speaker 1: the ft X. Uh, there they have. Now you know 527 00:28:48,440 --> 00:28:52,200 Speaker 1: these meetings on Capitol Hill and regulations are coming. The 528 00:28:52,240 --> 00:28:55,480 Speaker 1: SEC failed to do its only job, which is protect people, 529 00:28:55,920 --> 00:28:57,880 Speaker 1: and they are gonna have to step this up. But 530 00:28:57,920 --> 00:29:00,320 Speaker 1: what does it mean? Well, like I said, bitcoin has 531 00:29:00,320 --> 00:29:03,160 Speaker 1: already been deemed a commodity, but everything else is at 532 00:29:03,360 --> 00:29:07,880 Speaker 1: risk here. And so when I said, uh, if, if 533 00:29:08,160 --> 00:29:11,880 Speaker 1: and I believe they will crack down with regulations, then 534 00:29:11,920 --> 00:29:13,480 Speaker 1: I think we've seen the last crypto bull run. And 535 00:29:13,480 --> 00:29:14,880 Speaker 1: when I said the last crypto bull run, what I 536 00:29:14,880 --> 00:29:18,200 Speaker 1: mean is where the entire cryptocurrency market cap just goes 537 00:29:18,240 --> 00:29:20,920 Speaker 1: to the moon like it did in like it did 538 00:29:21,720 --> 00:29:24,640 Speaker 1: one again. I think that's over. I think where you 539 00:29:24,680 --> 00:29:26,280 Speaker 1: can just kind of close your eyes and just buy 540 00:29:26,320 --> 00:29:30,160 Speaker 1: any board ape or you know, JPEG or defy contract 541 00:29:30,240 --> 00:29:32,120 Speaker 1: or whatever and just make a bunch of money, I 542 00:29:32,160 --> 00:29:35,960 Speaker 1: think that's over. Now. Does that mean that there won't 543 00:29:35,960 --> 00:29:37,720 Speaker 1: ever be another one that will go up in value? No, 544 00:29:37,880 --> 00:29:40,680 Speaker 1: it certainly doesn't. And a lot of people really pushed back. 545 00:29:40,720 --> 00:29:43,560 Speaker 1: It was actually I think I had like six comments 546 00:29:43,560 --> 00:29:45,320 Speaker 1: on this Twitter post, which, by the way, if you're 547 00:29:45,320 --> 00:29:46,880 Speaker 1: not following me on Twitter, check it out. It's just 548 00:29:46,960 --> 00:29:49,760 Speaker 1: the number one at the number one, just at one 549 00:29:49,800 --> 00:29:52,880 Speaker 1: Mark moss Um. But anyway, a lot of people are like, oh, 550 00:29:52,920 --> 00:29:56,520 Speaker 1: you don't understand, Mark, you don't know what you're talking about. Um, 551 00:29:56,560 --> 00:30:01,480 Speaker 1: if the SEC cracks down, it will just go off shore. Okay, Yeah, 552 00:30:01,600 --> 00:30:05,880 Speaker 1: they said, you don't understand Mark, the SEC can't stop innovation. Yeah, okay. 553 00:30:05,920 --> 00:30:07,800 Speaker 1: I agree with both of those statements. So it's not 554 00:30:07,880 --> 00:30:10,320 Speaker 1: that I don't understand. I think you don't understand that 555 00:30:10,400 --> 00:30:13,680 Speaker 1: those people don't understand and so what happens is, uh, 556 00:30:13,880 --> 00:30:18,720 Speaker 1: if the SEC cracks down, Yes it will push some offshore, 557 00:30:19,640 --> 00:30:23,080 Speaker 1: and yes, m and yes we'll still have innovation. But 558 00:30:23,200 --> 00:30:27,160 Speaker 1: what will change is that these cryptocurrency companies. A lot 559 00:30:27,160 --> 00:30:28,680 Speaker 1: of people say, well, they'll just pay the fine and 560 00:30:28,760 --> 00:30:33,040 Speaker 1: just move on. It's not that easy because if they 561 00:30:33,040 --> 00:30:35,720 Speaker 1: want to comply with security laws, yes they'll have to 562 00:30:35,720 --> 00:30:38,280 Speaker 1: pay a big fine for sure, but too then they're 563 00:30:38,280 --> 00:30:41,400 Speaker 1: going to have to file as security you have to 564 00:30:41,440 --> 00:30:46,280 Speaker 1: file s ones. They're going to have to UM, They're 565 00:30:46,320 --> 00:30:50,040 Speaker 1: gonna have to disclose everything. So like in Ethereum's case, 566 00:30:50,080 --> 00:30:53,120 Speaker 1: for example, they're going to have to disclose who the 567 00:30:53,200 --> 00:30:56,560 Speaker 1: founders are, how many tokens they have, They're going to 568 00:30:56,640 --> 00:31:00,920 Speaker 1: have to disclose, who the insiders are, who the management 569 00:31:00,960 --> 00:31:03,640 Speaker 1: team is, what what the pre mind was, who kept 570 00:31:03,640 --> 00:31:07,800 Speaker 1: the tokens. They're gonna have to disclose, UM, what related 571 00:31:07,840 --> 00:31:11,760 Speaker 1: parties there are. What's the relationship between Metalic Buterin and 572 00:31:11,880 --> 00:31:15,600 Speaker 1: Joseph Luban, What about the Ethereum foundation, Um, you know, 573 00:31:15,840 --> 00:31:20,880 Speaker 1: what insider trading or insider selling happened. What other controls 574 00:31:20,880 --> 00:31:25,240 Speaker 1: and interests they may have between the companies, what risks 575 00:31:25,720 --> 00:31:28,360 Speaker 1: may be there the lost to disclose all of that, 576 00:31:28,400 --> 00:31:31,200 Speaker 1: and I don't think they're gonna want to. I don't 577 00:31:31,200 --> 00:31:33,200 Speaker 1: think any or I don't want to say any I 578 00:31:33,240 --> 00:31:35,960 Speaker 1: don't think most of these cryptocurrency projects who want to 579 00:31:35,960 --> 00:31:39,920 Speaker 1: disclose that the whole point is that they did the 580 00:31:40,120 --> 00:31:43,160 Speaker 1: i c OH, the initial coin offering, the outcoin offering 581 00:31:43,680 --> 00:31:47,640 Speaker 1: because they didn't want to do all that. So it's 582 00:31:47,640 --> 00:31:49,280 Speaker 1: not just as easy as they'll just pay the fine 583 00:31:49,320 --> 00:31:51,720 Speaker 1: and they'll just move on. No no, no, no, they'll 584 00:31:51,720 --> 00:31:56,560 Speaker 1: be forced to comply. It could take years and millions 585 00:31:56,600 --> 00:31:58,960 Speaker 1: of dollars to do it. But ultimately, I don't think 586 00:31:59,000 --> 00:32:02,880 Speaker 1: they're going to want to disclosed that information. And even 587 00:32:02,920 --> 00:32:06,880 Speaker 1: if they did, they disclosed all that information and they 588 00:32:06,880 --> 00:32:09,760 Speaker 1: were legally able to get away with what they're doing, um, 589 00:32:09,840 --> 00:32:13,680 Speaker 1: and they disclosed all that, then I think everybody would 590 00:32:14,680 --> 00:32:17,080 Speaker 1: look at that and go, We'll wait a minute. Basically, 591 00:32:17,080 --> 00:32:19,719 Speaker 1: what I've just bought as a software company or a 592 00:32:19,760 --> 00:32:23,280 Speaker 1: payment company, or a supply chain company, or a video 593 00:32:23,360 --> 00:32:27,280 Speaker 1: game company, and why am I buying this video game 594 00:32:27,280 --> 00:32:30,560 Speaker 1: company or software company over this video game or software 595 00:32:30,600 --> 00:32:35,040 Speaker 1: payment company. So it's going to change the game. Now, 596 00:32:35,920 --> 00:32:37,800 Speaker 1: Does that mean it goes away. No, it doesn't mean 597 00:32:37,840 --> 00:32:39,640 Speaker 1: it goes away. Does it mean something goes off shore? Sure, 598 00:32:41,600 --> 00:32:44,120 Speaker 1: But you also have to understand how the industry worked. 599 00:32:44,160 --> 00:32:46,720 Speaker 1: And I've talked about this before. I read I read 600 00:32:46,800 --> 00:32:50,880 Speaker 1: actually directly from Sam Bankman Freed's interview that he gave 601 00:32:51,320 --> 00:32:55,240 Speaker 1: an about May of this year with Matt Levine believe 602 00:32:55,280 --> 00:32:57,840 Speaker 1: it was on Bloomberg, and he basically explained that you 603 00:32:57,880 --> 00:33:00,280 Speaker 1: create this protocol, he calls it a ball box. You 604 00:33:00,320 --> 00:33:02,200 Speaker 1: create this just generic box, and you say that it's 605 00:33:02,200 --> 00:33:04,120 Speaker 1: going to change the world, and you create this token, 606 00:33:04,440 --> 00:33:07,120 Speaker 1: and then you trade the token to create this this value, 607 00:33:07,320 --> 00:33:09,880 Speaker 1: and everybody wants it because you've made it look like 608 00:33:09,960 --> 00:33:13,760 Speaker 1: there's like it's valuable. But what really plays into that 609 00:33:13,840 --> 00:33:17,560 Speaker 1: game is venture capitalist. And this is a key piece 610 00:33:17,600 --> 00:33:19,800 Speaker 1: here that most people just don't understand. Maybe they just 611 00:33:19,800 --> 00:33:22,600 Speaker 1: don't understand how the system works. And so venture capital 612 00:33:22,800 --> 00:33:26,120 Speaker 1: is we're an investor invest into a new venture, typically 613 00:33:26,160 --> 00:33:29,160 Speaker 1: like an early round, like an angel investor. And so 614 00:33:29,360 --> 00:33:32,760 Speaker 1: imagine like Uber in Silicon Valley a decade ago or whatever, right, 615 00:33:32,800 --> 00:33:34,960 Speaker 1: and so hey, do you want to invest into my startup? Okay, 616 00:33:35,000 --> 00:33:36,560 Speaker 1: what's it gonna do? What's going to change the world 617 00:33:36,560 --> 00:33:38,320 Speaker 1: in this way. And here's how much money I'm trying 618 00:33:38,360 --> 00:33:40,520 Speaker 1: to raise. And the way venture capitalist work is they 619 00:33:40,560 --> 00:33:43,000 Speaker 1: typically start of a fund of venture capital fund and 620 00:33:43,000 --> 00:33:44,760 Speaker 1: a bunch of people who put money into this fund, 621 00:33:45,160 --> 00:33:47,880 Speaker 1: and this fund might go invest in to say fifteen 622 00:33:47,880 --> 00:33:51,920 Speaker 1: different projects, and that fund locks up that money typically 623 00:33:51,960 --> 00:33:54,200 Speaker 1: seven to ten years. And the reason why is it 624 00:33:54,200 --> 00:33:56,960 Speaker 1: takes seven to ten years for these companies to get 625 00:33:56,960 --> 00:33:59,560 Speaker 1: big enough to be worth anything. And these venture capitalists 626 00:33:59,560 --> 00:34:01,320 Speaker 1: know that the majority of them are probably never going 627 00:34:01,360 --> 00:34:04,120 Speaker 1: to be worth anything, but some of them will hit really, 628 00:34:04,120 --> 00:34:07,120 Speaker 1: really big, and those investors that put that money into 629 00:34:07,120 --> 00:34:10,640 Speaker 1: that fund have that money locked up. The only way 630 00:34:10,640 --> 00:34:12,920 Speaker 1: they get that money back is some sort of a 631 00:34:12,960 --> 00:34:16,640 Speaker 1: liquidity event. So one one of those companies would go public, 632 00:34:16,760 --> 00:34:19,000 Speaker 1: go through the I p O process and go public, 633 00:34:19,040 --> 00:34:21,560 Speaker 1: and then those those early investors could eventually sell their 634 00:34:21,600 --> 00:34:24,879 Speaker 1: stock publicly or too maybe one of those companies gets 635 00:34:24,920 --> 00:34:27,680 Speaker 1: bought out and that creates a liquidity event. Otherwise that 636 00:34:27,719 --> 00:34:31,040 Speaker 1: money is locked up. But venture capitalists love these crypto 637 00:34:31,360 --> 00:34:35,800 Speaker 1: this crypto space because there's instant liquidity. So they're pumping 638 00:34:35,840 --> 00:34:39,040 Speaker 1: money in and they get tokens in return, and they 639 00:34:39,080 --> 00:34:42,960 Speaker 1: can go and dump these tokens some some of them 640 00:34:42,960 --> 00:34:47,400 Speaker 1: almost immediately, and they might make two x, a five x, 641 00:34:47,440 --> 00:34:51,560 Speaker 1: a ten x, a fifty x on their investments immediately 642 00:34:52,040 --> 00:34:54,040 Speaker 1: and still have more upside with the tokens they have 643 00:34:54,120 --> 00:34:57,840 Speaker 1: left over. So the venture capitalists love this, which is 644 00:34:57,840 --> 00:35:01,480 Speaker 1: why it's brought in hundreds of millions dollars of venture capital. 645 00:35:01,719 --> 00:35:05,520 Speaker 1: So they can make their two x by dumping on 646 00:35:05,560 --> 00:35:07,880 Speaker 1: your head on retail, and so then they spend a 647 00:35:07,880 --> 00:35:11,160 Speaker 1: lot of money in marketing, slick marketing and media put 648 00:35:11,200 --> 00:35:13,799 Speaker 1: all over the place. You see all this news about 649 00:35:13,840 --> 00:35:16,760 Speaker 1: all these tokens going higher, higher, higher, higher, highering value, 650 00:35:17,520 --> 00:35:19,600 Speaker 1: so they can get you to buy them so they 651 00:35:19,600 --> 00:35:22,800 Speaker 1: can dump them on you and then they all become worthless. 652 00:35:24,040 --> 00:35:26,440 Speaker 1: So if you understand, that's how it works, which again 653 00:35:26,800 --> 00:35:29,480 Speaker 1: is how it works. I got the receipts if you 654 00:35:29,480 --> 00:35:32,279 Speaker 1: want to check out my YouTube videos, UM and the 655 00:35:32,400 --> 00:35:35,400 Speaker 1: SEC cracks down. Could they go off shore? Yes, and 656 00:35:35,400 --> 00:35:38,759 Speaker 1: they probably will, but most countries also have some sort 657 00:35:38,800 --> 00:35:41,200 Speaker 1: of regulations as well, so they're gonna have to navigate that. 658 00:35:41,600 --> 00:35:43,360 Speaker 1: But more importantly, why I think we may not have 659 00:35:43,360 --> 00:35:46,680 Speaker 1: another Bowl run is because of the venture capitalists their 660 00:35:46,760 --> 00:35:50,160 Speaker 1: US based Now they love this because, like I said, 661 00:35:50,160 --> 00:35:52,080 Speaker 1: they can get instant liquity by dumping on your head. 662 00:35:52,120 --> 00:35:54,560 Speaker 1: But if all this goes off shore, they won't be 663 00:35:54,560 --> 00:35:57,360 Speaker 1: able to go participate because these i c O is 664 00:35:57,360 --> 00:36:03,319 Speaker 1: happening off shore specifically cannot include US investors. So they 665 00:36:03,320 --> 00:36:05,560 Speaker 1: may go off shore to some small little country that 666 00:36:05,680 --> 00:36:08,000 Speaker 1: they can get around these security laws, but the investors 667 00:36:08,120 --> 00:36:10,719 Speaker 1: won't go with them. So does it stop them from 668 00:36:10,760 --> 00:36:13,440 Speaker 1: one off shore? None. Does it stop the innovation, certainly not. 669 00:36:13,800 --> 00:36:15,800 Speaker 1: But what it does stop is hundreds of billions of 670 00:36:15,800 --> 00:36:18,680 Speaker 1: dollars of them of US based venture capital money from 671 00:36:18,719 --> 00:36:21,680 Speaker 1: going in, which then influences the media and the marketing 672 00:36:21,760 --> 00:36:23,839 Speaker 1: and you and allows them to dump on your head. 673 00:36:24,120 --> 00:36:27,160 Speaker 1: And that's why I think if these regulations go through, 674 00:36:27,719 --> 00:36:30,920 Speaker 1: which I think is the most likely case, um, I 675 00:36:30,960 --> 00:36:36,120 Speaker 1: think it ends the crypto bowl run as we know it. Now. 676 00:36:36,480 --> 00:36:40,839 Speaker 1: You may not like that you've been taught and you've 677 00:36:40,880 --> 00:36:44,120 Speaker 1: been told that these are life changing protocols by these 678 00:36:44,200 --> 00:36:45,880 Speaker 1: venture capitalists that have spent a lot of money on this. 679 00:36:46,480 --> 00:36:48,399 Speaker 1: But as someone who studied this for over seven years, 680 00:36:49,200 --> 00:36:51,319 Speaker 1: published over a thousand pages of research, I can tell 681 00:36:51,320 --> 00:36:53,600 Speaker 1: you this is exactly how it works and that's why 682 00:36:53,640 --> 00:36:55,200 Speaker 1: I think it can change. But I could be wrong. 683 00:36:55,360 --> 00:36:57,120 Speaker 1: I'd love to hear from you. Hit me up on 684 00:36:57,280 --> 00:36:59,759 Speaker 1: social media on Twitter, Instagram at one Mark mosson let 685 00:36:59,800 --> 00:37:02,840 Speaker 1: me know what you think. Am I wrong? And if so, 686 00:37:03,000 --> 00:37:05,480 Speaker 1: why don't just tell me I'm wrong. I'd like to 687 00:37:05,480 --> 00:37:08,640 Speaker 1: hear why, um you think that? That's what I think. 688 00:37:08,640 --> 00:37:10,160 Speaker 1: If you're just tuning and you listen to the Mark 689 00:37:10,239 --> 00:37:11,680 Speaker 1: ma Show, if you missed me, check me out on 690 00:37:11,719 --> 00:37:14,280 Speaker 1: the podcast. Just search Mark Mason on your favorite podcast 691 00:37:14,320 --> 00:37:16,560 Speaker 1: player for the recap of this and that's what I got. 692 00:37:17,120 --> 00:37:17,880 Speaker 1: Thanks for listening.