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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 1: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security.

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Speaker 3: All right, guys, welcome back EYL Episode.

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Speaker 2: Twenty eight, twenty eight weeks and.

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Speaker 3: Twenty eight monumental. First and foremost, we have to think

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Speaker 3: Black Enterprise sure for featuring us that that was a

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Speaker 3: very that was a good, gracious article that they did

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Speaker 3: for us.

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Speaker 4: It was a number one share story last week.

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Speaker 3: I saw that almost about that three thousand shiar So

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Speaker 3: shout out to everybody for sharing it and all of

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Speaker 3: the response that we've gotten for that. It's very encouraging,

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Speaker 3: very encouraging. So thank you, Thank you for Black Enterprise.

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Speaker 3: We appreciate you, Nicole Webb, thank you for writing the story.

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Speaker 2: We appreciate you. Well done.

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Speaker 4: And then we also have to shout out curl Fest amazing.

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Speaker 4: Shout out to older girls, a curly Girl collective. We

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Speaker 4: actually attended for the first time.

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Speaker 2: It definitely won't be our last time. Yeah, it was

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Speaker 2: just beautiful to.

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Speaker 4: See melan and celebrated and everybody come and have a

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Speaker 4: good time, and I was in all of it.

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Speaker 3: Yeah, for sure. Episode twenty five. If you haven't listened

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Speaker 3: to episode twenty five, that's what Samone Marris. She's one

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Speaker 3: of the co founders of curl Fest. Curl Fest is

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Speaker 3: the largest natural heir festival in the world, So that

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Speaker 3: check that episode out. It's a good one. She dropped

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Speaker 3: a lot of gems on women here and also on

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Speaker 3: the festival industry, so we actually went. This is our

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Speaker 3: first year actually going and attended. It was twenty thousand

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Speaker 3: and thirty thousand people there and it was it was dope,

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Speaker 3: just crazy, really good.

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Speaker 4: And they're not done that. They're gonna be doing Atlanta.

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Speaker 4: So Atlanta, get ready they come in your way out

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Speaker 4: to them.

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Speaker 3: For sure, for sure, but we're gonna jump right until.

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Speaker 3: We got a very very special show. We actually we're

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Speaker 3: doing a little different this week. We got so much

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Speaker 3: information that we want to give out to the public

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Speaker 3: that we're gonna release two shows this week. We're gonna

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Speaker 3: do our show what you're listening to right now Tuesday,

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Speaker 3: five pm, and then we're also going to drop on Friday.

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Speaker 2: We did that before episode twenty four.

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Speaker 3: We did episode twenty four, but this is just gonna

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Speaker 3: be two different episodes. And we got some information for

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Speaker 3: our international listeners as well on this on the episode

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Speaker 3: that's coming out Friday, because we get a lot of feedback.

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Speaker 3: We get a lot of positive feedback from from people

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Speaker 3: all over, from Africa, from Europe, from Asia, and they're like,

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Speaker 3: you know, we want to have a little bit more

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Speaker 3: of an international field.

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Speaker 4: So they love the content, but sometimes it doesn't relate

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Speaker 4: to their country.

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Speaker 3: Yeah, so we got some international information as well as

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Speaker 3: information for the globe. And I always say even for

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Speaker 3: people that live in America, don't limit yourself to America.

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Speaker 3: Like the world is big, right, So the international information

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Speaker 3: isn't just for international listeners, for you too, because we

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Speaker 3: need to give money every single way in the world,

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Speaker 3: and we need to educate ourselves everywhere in the world

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Speaker 3: that the world is flat, not literally like Kyrie IRV.

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Speaker 3: It's flat as far as information information is the same.

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Speaker 3: This is why we we can be on the charts

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Speaker 3: in Dubai being the charts, in Botswana being in charts,

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Speaker 3: and and Trinidad, Jamaica all of these different places, is

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Speaker 3: because we receiving information at the same time right now.

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Speaker 3: So it's a level playing field. So we need to

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Speaker 3: educate ourselves on what's going on all over the world,

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Speaker 3: not just what's happening in America, for sure. So a

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Speaker 3: very special guest today, Fritz Charles, thank you for joining us.

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Speaker 2: Thanks a legend in his own right.

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Speaker 3: Appreciate that for sure, for sure. So he's going to

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Speaker 3: tell the story, but very interesting story. You got a

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Speaker 3: lot to talk about from Wall Street to Crypto and

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Speaker 3: one of the things that we've been getting requested to

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Speaker 3: cover the most is cryptocurrency.

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Speaker 2: Right, we got some stories.

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Speaker 3: Yeah, so we got our own personal story, but we

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Speaker 3: wanted to bring an expert in the fielding as well.

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Speaker 3: So he's an expert in the field as well as

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Speaker 3: a bunch of other things as well. So we're going

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Speaker 3: to get into crypto. But before we start, we want

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Speaker 3: can we get a backstory on how you got here

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Speaker 3: because your story is really interested as far as working

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Speaker 3: in Wall Street and you were with the infamous Lehman Brothers. Right,

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Speaker 3: that's right, all right, so yeah, all right, can you

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Speaker 3: explain that because that's that's that's an interesting story now

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Speaker 3: for sure.

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Speaker 2: For sure, I try to make it as concise as

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Speaker 2: it could be because it's it's pretty long. But I think,

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Speaker 2: first off, thanks for having me. But yeah, like you said,

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Speaker 2: you know, it's kind of the personal background is a

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Speaker 2: group in Queens, born in Queens, New York. Ten college

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Speaker 2: at Brew College in New York, study finance. And my

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Speaker 2: first job out of school was at Leman Brothers. But

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Speaker 2: is not common. Yeah, yeah, I went hard for that job.

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Speaker 2: It was definitely a job that it's a dream job.

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Speaker 2: Leman Brothers at the time, this is two thousand and six.

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Speaker 2: You know, I would say, you know, probably you know,

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Speaker 2: it's Goldman Sacks and like Leman Brothers, Morgan Stanley wille

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Speaker 2: On that next.

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Speaker 3: Level investment bank. Ifnybody's not familiar, Leanan Brothers was one

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Speaker 3: of the biggest investment banks in the world. Yeap on

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Speaker 3: Wall Street like Goldman Sacks, same.

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Speaker 2: Level as exactly. And so I got a job there

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Speaker 2: as a as a trader. So I traded equity derivatives

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Speaker 2: mean equity swaps, equity options, and my clients were hedge

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Speaker 2: funds and crazy fun job, you know, really intense. I

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Speaker 2: was twenty two years old, kind of doing transactions that

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Speaker 2: were in the billions. Yeah, yeah, yeah, you know, the

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Speaker 2: intention of billion six digits six digits as as a

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Speaker 2: as a twenty two year old out of Queens is major.

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Speaker 2: And then I, you know, did my thing got you know,

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Speaker 2: you kind of the way you're hired as an analyst.

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Speaker 2: So you do two years as an analyst and they

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Speaker 2: decide what to do with you, and I got promoted

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Speaker 2: to associate. And this is two thousand and eight, you know,

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Speaker 2: two thousand and eight. Obviously the financial crisis happened and

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Speaker 2: about three months after got promoted, we went bankrupt and

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Speaker 2: so and then what happened was it was like three

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Speaker 2: days where people didn't know what was going on as

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Speaker 2: far as like whether it was a you know, whether

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Speaker 2: the building will be open, whether we had insurance. You

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Speaker 2: were just basically working for bankrupt entity. And then we

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Speaker 2: got word that Barcleys brought us, and then there was

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Speaker 2: like a whole lot of hoopla as far as like

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Speaker 2: who who's going to be left with Barkleys, Who's going

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Speaker 2: to get laid off? And I was one of the

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Speaker 2: fortunate people to keep my job, so I ended up

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Speaker 2: working at Barcleys. This is before the Barking Center, so

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Speaker 2: I didn't get any tickets.

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Speaker 3: So that's all right. So the financial crisis of two

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Speaker 3: thousand and eight, when banks were closing left and right,

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Speaker 3: Wall Street was in a mess, and you were trading

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Speaker 3: very complicated swap derivatives. Can you give eleventh grade explanation

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Speaker 3: on what swapped derivatives?

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Speaker 2: Yeah? Yeah, So basically what it is is basically it's

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Speaker 2: a it's a contract that says I traded equity swaps

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Speaker 2: on basically equity indexes. So the most popular equity index

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Speaker 2: is the S and P five hundred. So you always

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Speaker 2: hear about if you watch CNBC or even watch any news,

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Speaker 2: they say, oh the market, we're up five percent nine

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Speaker 2: times out of ten. They're talking about the S and

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Speaker 2: P five hundred, and so the s P five hundred

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Speaker 2: is five hundred stocks, right, so to trade it, to

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Speaker 2: trade five hundred stocks, especially if you you know, you're

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Speaker 2: not the hugest hedge fune or hugest client, like that's

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Speaker 2: really complicated. But what you can do with us is,

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Speaker 2: all right, well, we'll give you a contract that gives

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Speaker 2: you the same return of the five hundred stocks, will

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Speaker 2: take care of like buying all of them. And then

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Speaker 2: what you have to do with us is you give

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Speaker 2: us an interest rate. So we're going to say, all right,

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Speaker 2: well you pay us three percent. What we used to

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Speaker 2: quote it as is LIB or library is a London

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Speaker 2: Interbig offering rate, which is basically like it's almost like

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Speaker 2: the international Federal funds rate. It's like the set rate.

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Speaker 2: Like sometimes you hear about people talking about all the

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Speaker 2: Feds going to raise rates or whatever. This is like

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Speaker 2: the international version of that. So you so the hedge fund, says,

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Speaker 2: I say, the hedge fund all right, Well you want

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Speaker 2: the return on SMP over a year, I'll give you that,

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Speaker 2: but you got to go and pay me, you know,

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Speaker 2: five percent something like that for that. So if the

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Speaker 2: SMP goes up above five percent, let's say the SMP

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Speaker 2: goes up seven percent seven minus two seven seven minus

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Speaker 2: five is too they're doing well. The SMP is below

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Speaker 2: five percent, then they're out of money, right, So it's

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Speaker 2: kind of like this weird it's almost like a bet,

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Speaker 2: so to speak.

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Speaker 3: How much money was being traded on that.

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Speaker 2: So yeah, I mean normal transaction with these clients would

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Speaker 2: be five hundred million, one billion, Yeah, and so they'll

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Speaker 2: call us up like I want to move five to

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Speaker 2: move a billion dollars worth of investment B five hundred

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Speaker 2: and we would take that trade for them. And you're

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Speaker 2: doing that at twenty two years.

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Speaker 3: Old, yes, and you're doing that every every day, every day.

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Speaker 3: So he was traded from thirty to four straight billion

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Speaker 3: dollars every day basically.

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Speaker 2: Yeah.

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Speaker 3: So the reason why I say that is even if

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Speaker 3: the average person probably will never invest in this type

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Speaker 3: of investment, it's important to understand and know. Right, we

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Speaker 3: had ashcash showing. It was a great interview for US,

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Speaker 3: and he spoke about when he worked in a bank.

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Speaker 3: He used to be the CEO of a credit union,

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Speaker 3: and he spoke about when he was on behind the

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Speaker 3: scenes of a bank, and he started to see that

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Speaker 3: wealthy people had a team of people that was working

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Speaker 3: for him, right in so much stuff that the average

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Speaker 3: person black, white, Chinese, the average person has no idea

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Speaker 3: what happens. Right, But these things affect the world, right,

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Speaker 3: and so it's like a small group of people that

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Speaker 3: really affect the whole world. Right, So that ties into it,

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Speaker 3: the Lehman Brothers going bankrupt. So people I don't think

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Speaker 3: people fully understand, or maybe they forgot because we have

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Speaker 3: short term memories about two thous Right, how did how

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Speaker 3: did two thousand and eight happen?

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Speaker 2: When?

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Speaker 3: If you're not familiar, if you're too young, that's when

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Speaker 3: the financial crisis hit. We had the worst recession since

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Speaker 3: the Great the Propression. Stock market was down like forty percent,

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Speaker 3: the housing market crashed, Everything just fell apart, right, the

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Speaker 3: perfect storm. And then the banks, big banks had to

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Speaker 3: get bailed out, of course. So but this all started

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Speaker 3: because it was in England. It was it was a

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Speaker 3: trading block in England, right that was doing prime mortgages,

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Speaker 3: some prime mortgage.

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Speaker 2: Now is US. It was England, Yeah, that was England.

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Speaker 2: It was a US. So you know, the investment bank

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Speaker 2: is split in between a couple of different divisions. So

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Speaker 2: there's investment banks that kind of helps people go public

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Speaker 2: like IPO and stuff like that. Then you have the

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Speaker 2: capital market side, which was I was in and you

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Speaker 2: split that between fixed income and equities. Equities just mean stock.

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Speaker 2: So my style was talking about was doing stock. But

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Speaker 2: the other side is where they focused on bonds, mortgages,

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Speaker 2: a bunch of other things. And so what they would

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Speaker 2: so the way that mortgages happen, if I go get

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Speaker 2: a mortgage from like Bank of America or something like that,

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Speaker 2: or local credit Union, they give me a mortgage and

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Speaker 2: then now they have they're basically accredited to me, right,

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Speaker 2: and they take that, but they take like a thousand

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Speaker 2: of me and they put the mortgages together and then

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Speaker 2: they go to Lian Brothers or some other bank and

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Speaker 2: they're like yo packages together and sell it for me.

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Speaker 2: And so what Leman Brothers does is they give you

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Speaker 2: the upfront money. Let's say let's say he does a

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Speaker 2: I'll give you a mortgage for a house that's like

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Speaker 2: two hundred grand whatever, and over time people they pay

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Speaker 2: interests and stuff like that. Maybe I don't want to

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Speaker 2: wait thirty years to give my money back. I'll go

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Speaker 2: to Lian Brothers. I was like, you know what, there's

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Speaker 2: two hundred grand, there's two hundred grand mortgage. I'll sell

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Speaker 2: it to you for like two hundred and ten grand.

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Speaker 2: And by the way, I got one hundred of those.

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Speaker 2: Put it all together. And then what Lehman Brothers does,

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Speaker 2: or all the investment banks, they take it, put it together,

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Speaker 2: they chop it up, and they sell it to different people. Right,

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Speaker 2: but if the mortgage it so, but the way that

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Speaker 2: they price it is the risk. Right. So there's people

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Speaker 2: that put five percent in their homes. These people got

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Speaker 2: five to twenty credit you know credit scores. Some people

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Speaker 2: have seven hundred credit scores. Those things based the market says,

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Speaker 2: you know what, I'll pay you a premium for the

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Speaker 2: good credit people. I'll pay you a discount for the

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Speaker 2: bad credit people. But if the people in the middle

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Speaker 2: are not communicating straight what the underlying assets are, right,

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Speaker 2: or what was happening at the time you had you

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Speaker 2: had a real estate market with that was going up

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Speaker 2: for so long, so that people people that people with

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Speaker 2: like five hundred six hundred credit scores and making only

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Speaker 2: fifty ks stated income, Right, we're getting houses that were

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Speaker 2: like half a million dollars.

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Speaker 3: We not to cut you off, but we covered stated incoming.

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Speaker 3: We didn't really talk about stated income, so people might

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Speaker 3: have the income. Stated income was a policy in the

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Speaker 3: mid two thousands where you can state your income. So

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Speaker 3: if anybody is familiar with the process to get a mortgage,

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Speaker 3: you got to jump through hula hoops to get a mortgage, right,

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Speaker 3: you got to like bring your tax documents for the

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Speaker 3: last two years, and you gotta bring all kinds of stuff.

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Speaker 3: They gotta check your credit all at But in the

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Speaker 3: mid two thousands, it was you just walking to the

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Speaker 3: bank and you state your income and whatever you stated

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Speaker 3: your income, that's what they said.

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Speaker 4: So you can say I made one hundred fifty thousand,

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Speaker 4: You could say I made a half a million, half

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Speaker 4: a million.

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Speaker 3: You can be a gardener and make fifteen dollars an

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Speaker 3: hour and going to a bank and say I make

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Speaker 3: five hundred thousand dollars a year. They take your word

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Speaker 3: for it, and they give you a mortgage based on

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Speaker 3: a million dollar home and people was doing that. It

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Speaker 3: was crazy. Yeah, one hundred percent.

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Speaker 2: And that's and the only reason people were doing that

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Speaker 2: is because they didn't have to hold the bag right

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Speaker 2: like they were like, all right, because if you're a

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Speaker 2: bank and I give you, I mean just thinking about anybody.

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Speaker 2: If I give you, know that person my homeboy alone,

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Speaker 2: and I know he doesn't have a job, No, he

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Speaker 2: can't pay me back, but I have to wait for

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Speaker 2: that person to pay me back. I'm not gonna probably

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Speaker 2: give my homeboyd a loan, right, But if I knew,

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Speaker 2: I could take my homeboys loan and pass it to

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Speaker 2: somebody else and they they are unhooked for and they

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Speaker 2: got to worry about collecting from him. Somebody left holding

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Speaker 2: the back. So that's what happened. Because of the cap

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Speaker 2: of markets, you were able to do that super efficiently.

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Speaker 2: And that worked for a few years because all the

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Speaker 2: real estate prices are going up and up. Right, Because

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Speaker 2: even if if I have a loan against the house

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Speaker 2: and a person can't pay and the house goes up,

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Speaker 2: I'm good. So I'm okay with that, right, or that

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Speaker 2: person is okay because they're more likely to pay me.

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Speaker 2: But until that stops. It's like musical chairs, right. So anyway,

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Speaker 2: Lian Brothers was a leader in that. Basically they took

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Speaker 2: those packaged mortgages and sold them out. But what happened

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Speaker 2: was it's good when you could just pass them out,

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Speaker 2: but then when you can't liquidate them as quickly, and

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Speaker 2: then now you hold them the bag, and then real

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Speaker 2: estate prices go down. Then people default, they're not paying

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Speaker 2: their mortgages. The houses that are behind the mortgages are

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Speaker 2: not as valuable. Right, it becomes this cycle. And then

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Speaker 2: now Lien Brothers, now Lim Brothers has bad credit on

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Speaker 2: their books from the people they give credit to. Then

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Speaker 2: people don't give Lian Brothers credit. Right then the stock

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Speaker 2: market it's like yo, I heard Lim Bros can get credit.

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Speaker 2: Then it becomes this spiral, and then Lim Brothers has

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Speaker 2: a transaction with bes Terns and best Sterns a transact

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Speaker 2: with Javin Morgan. Now people are like, oh, actually I

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Speaker 2: know you. I know Lian Brothers, lim Brows can't pay

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Speaker 2: the money, and I know Lim Brouh's owes you, so

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Speaker 2: now you screw too, and now I'm not gonna buy

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Speaker 2: your stock. And then everything kind of just went in

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Speaker 2: a cycle so that you.

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Speaker 3: Know what it sounds like to cut you off. You

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Speaker 3: know what it sounds like. So it almost a Ponzi scheme, right,

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Speaker 3: And if you understand how Ponzi schemes work, you only

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Speaker 3: really get screwed in the Ponzi scheme when things go bad.

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Speaker 3: It's not a lot of people make money in the

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Speaker 3: Ponzi scheme like Bernie Madoff.

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Speaker 2: Right.

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Speaker 3: If you invested early with Bernie maydof, you made a

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Speaker 3: lot of money, right, because the thing about it is

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Speaker 3: he's taking new money and he's paying the old investors,

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Speaker 3: and then he's just kind of repeating the process. Right.

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Speaker 3: It only goes bad when people ask for their money

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Speaker 3: back in bulk. You don't have enough to cover it.

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Speaker 3: But as long as nobody really acts for their money

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Speaker 3: in bulk, you can keep that thing going. He kept it.

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Speaker 3: He kept the scam going for thirty years because it's

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Speaker 3: nobody really asks for anything. You're giving people twelve percent

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Speaker 3: a year, why would you ask for your money back.

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Speaker 2: You can kill a recession. Haapens.

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Speaker 3: Well, that's what I'm saying. So it's all good when

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Speaker 3: you when you hedge these kind of bets, until it's

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Speaker 3: not all good anymore.

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Speaker 2: It's all good till it's not. Exactly, it's like it's

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Speaker 2: all good till it's not good. So then, so how

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Speaker 2: how quickly did did these guys go under? Like?

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Speaker 3: How I could that happened like in a couple of months, right, Like.

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Speaker 2: Well, it happened a couple of months. But like I

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Speaker 2: guess O seven is when things got a little bit hairy.

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Speaker 2: But then like things stabilized in early O eight. So

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Speaker 2: bear Stearns was the world want to go down? So

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Speaker 2: bear Stearns going down probably like the first quarter of

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Speaker 2: O eight, Lean Brothers was you know, people, the stock

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Speaker 2: just started going down. So stock stock probably was trading

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Speaker 2: in the one hundred and twenty and forties and like

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Speaker 2: throughout the year just kind of kept going down. And

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Speaker 2: I don't know if you you guys covered this on

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Speaker 2: your podcast previously, but basically there's these people that called

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Speaker 2: short sellers. You could basically bet that the stock's going

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Speaker 2: You haven't covered that, can you talk about it? So

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Speaker 2: basically short selling is like it's weird, but basically what

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Speaker 2: you do is you say, all right, I think this

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Speaker 2: stock is gonna I think this company sucks, I think

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Speaker 2: this stock's gonna go down. I'm gonna go to my

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Speaker 2: broker or to a bank and say, let me bow

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Speaker 2: that stock. I'm gonna sell it, and then I'm gonna

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Speaker 2: buy it back later on at lower price. So the

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Speaker 2: stock is at fifty and you know, you know the

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Speaker 2: company is not making money, or you think the company's

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Speaker 2: not making money, you say, all right, I'm gonna buy

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Speaker 2: it back later. I might buy it back at twenty five.

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Speaker 2: I bought it, I barred, I sold it at fifty,

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Speaker 2: bought it back at twenty five. That's twenty five dollars profit, right,

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Speaker 2: And so it's actually reversed because obviously usually what you

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Speaker 2: do is you buy and you sell. In this case,

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Speaker 2: you sell then you buy. And the way you're able

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Speaker 2: to do it is because these firms will take other

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Speaker 2: people's assets, like other people's stock, and lend it to you.

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Speaker 2: It's similar to how people take people's savings account and

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Speaker 2: use those as loans. Right. And the question is like,

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Speaker 2: why would a bank do that? You actually pay an

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Speaker 2: interest rate on that money through while you have it short? Yeah,

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Speaker 2: because that's the big short you ever read that book? Yep,

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Speaker 2: big short movie that that movie's powerful, and that's what

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Speaker 2: these guys.

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Speaker 3: Did they made a bunch of a bunch of money,

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Speaker 3: a boatload of money from shortened.

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Speaker 2: Yeah, they were shortened. That there's shortened, there's mortgage access.

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Speaker 2: They predicted that this happened. Yeah, exactly.

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Speaker 3: And you went to war in school of business, right,

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Speaker 3: that's right after that, So.

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Speaker 4: That that comes because of what happens at Yes, I

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Speaker 4: go to Leman and uh, you know, at the time,

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Speaker 4: I thought I hadn't made.

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Speaker 2: I was gonna be working in that place till I

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Speaker 2: was older, stacking bread and maybe investing on the side.

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Speaker 2: But like I thought, I had my career made. But

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Speaker 2: as that was happening, I was seeing what's going on.

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00:18:44,320 --> 00:18:46,520
Speaker 2: I was and also what I what I think about

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Speaker 2: investing trading particularly, You're really like your skill set is

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Speaker 2: your skill set. You can't take anywhere else. Right, if

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Speaker 2: I traded that one thing, I can't even go and

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Speaker 2: straight bonds after that, Like the only jobs I could

414
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Speaker 2: get was at another bank doing the same exact thing.

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Speaker 2: And guess what, noneing we're hiring. And you know, like

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Speaker 2: I said, I went to cunitybrew College and it was

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Speaker 2: a great school, great education for the money, but I

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00:19:07,920 --> 00:19:09,840
Speaker 2: felt like that was a time where I really need

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Speaker 2: a network, and also I need to kind of think

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Speaker 2: about where I want to take my career. I want

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Speaker 2: to do something a little bit more I have more

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Speaker 2: control over, and I decided to apply business school and

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Speaker 2: I ended up getting to Warton and what they're Yeah,

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Speaker 2: the other.

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Speaker 3: The third person who's coming You're the third person that's

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Speaker 3: come from from Warren. That's during the podcast. Shout out

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00:19:30,080 --> 00:19:33,159
Speaker 3: to Brandon Copeland. Yeah, Derek Ferguson, Derek Ferguson, those are

428
00:19:33,200 --> 00:19:35,600
Speaker 3: all both great episodes. They got a lot of pressure

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Speaker 3: to lift up too. But so Warren, if anybody's not familiar,

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Speaker 3: is one of the best, if not the best business

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Speaker 3: school in the world, not just the country, the world.

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Speaker 3: So we have our third Warren alumni here and he

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Speaker 3: just gave you a very good, uh breakdown of very

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Speaker 3: complex trading. So you just got an Ivy League education

435
00:19:55,720 --> 00:19:58,359
Speaker 3: in twenty minutes. The university once again, once again we

436
00:19:58,680 --> 00:20:02,520
Speaker 3: provided free education for you guys. So you're welcome. So

437
00:20:02,640 --> 00:20:04,360
Speaker 3: now we're going to go into the second segment where

438
00:20:04,359 --> 00:20:08,560
Speaker 3: we're going to talk about cryptocurrency, bitcoin and everything you

439
00:20:08,600 --> 00:20:10,520
Speaker 3: need to know about it. All right, So now we're

440
00:20:10,520 --> 00:20:12,960
Speaker 3: going to go into what everybody's been waiting for. We're

441
00:20:12,960 --> 00:20:17,159
Speaker 3: gonna break down cryptocurrency. Before we go into cryptocurrency, we

442
00:20:17,200 --> 00:20:20,040
Speaker 3: gotta tell a story. We'll tell our own personal story

443
00:20:20,040 --> 00:20:23,720
Speaker 3: about crypto we avolved. Yeah, so if you know, if you,

444
00:20:23,880 --> 00:20:25,800
Speaker 3: if you, if you listen to the podcast, you know

445
00:20:25,880 --> 00:20:29,840
Speaker 3: that a our theme is transparency. We tell you know,

446
00:20:30,080 --> 00:20:32,080
Speaker 3: our real stories in real life, and our guests tell

447
00:20:32,119 --> 00:20:34,879
Speaker 3: their real stories. And we also have the slogan of

448
00:20:34,880 --> 00:20:37,560
Speaker 3: all money in shout out to nip rest in peace.

449
00:20:38,119 --> 00:20:41,600
Speaker 3: But it's real because we really tried everything at one

450
00:20:41,640 --> 00:20:43,800
Speaker 3: point in time. We literally tried everything.

451
00:20:45,640 --> 00:20:46,000
Speaker 2: Exact.

452
00:20:46,960 --> 00:20:51,600
Speaker 3: We tried everything. So all right, so here's the story

453
00:20:51,680 --> 00:20:59,879
Speaker 3: on cryptocurrency, right, so two thousand and seventeen, right the draft,

454
00:21:00,200 --> 00:21:01,480
Speaker 3: we got to take it back to the draft of

455
00:21:01,480 --> 00:21:04,920
Speaker 3: twenty seventeen. So Donovan Mitchell shout out to Donovan Mitchell, right,

456
00:21:04,960 --> 00:21:09,359
Speaker 3: hometown hero. And we were at the Barclay Center because

457
00:21:09,359 --> 00:21:11,880
Speaker 3: we're good friends with his family and they invited us,

458
00:21:11,920 --> 00:21:13,680
Speaker 3: and we were at the sweep when he got drafted.

459
00:21:13,960 --> 00:21:17,520
Speaker 2: The mess Yeah.

460
00:21:17,480 --> 00:21:19,680
Speaker 3: Once again, the Knicks screwed that up and didn't draft.

461
00:21:19,800 --> 00:21:22,240
Speaker 4: Yeah, we were sitting there, like you know, the Knicks

462
00:21:22,280 --> 00:21:24,400
Speaker 4: had a chance to do it. He worked out for them.

463
00:21:24,520 --> 00:21:27,440
Speaker 4: Dad was like, I think they got a chance and nope.

464
00:21:27,480 --> 00:21:28,560
Speaker 2: Yeah that's frank.

465
00:21:30,240 --> 00:21:32,399
Speaker 3: They didn't drafting, but he got drafted by Utah. But anyway,

466
00:21:32,440 --> 00:21:35,560
Speaker 3: we were there with his family and one of our

467
00:21:35,600 --> 00:21:41,119
Speaker 3: good friends. So her kid went to a private school

468
00:21:41,160 --> 00:21:42,879
Speaker 3: and one of his friends. This is why networking is

469
00:21:42,880 --> 00:21:45,639
Speaker 3: so important, right, people that you meet. His friend was

470
00:21:45,680 --> 00:21:48,000
Speaker 3: like a twenty year old kid, right, And I just

471
00:21:48,040 --> 00:21:49,879
Speaker 3: met him and we were just talking randomly, like what

472
00:21:49,880 --> 00:21:51,359
Speaker 3: do you do for living? On a financial advisors So

473
00:21:51,359 --> 00:21:53,280
Speaker 3: we just started talking. Mind you, he's twenty years old

474
00:21:53,280 --> 00:21:55,360
Speaker 3: at this time. Think he's like a freshman or sophomore

475
00:21:55,400 --> 00:21:57,879
Speaker 3: in college or something like that. And he's telling me,

476
00:21:57,880 --> 00:21:59,920
Speaker 3: he's like, you know, I just bought this e theory.

477
00:22:00,280 --> 00:22:02,439
Speaker 3: He's like, I put twenty thousand into ethereum. You know,

478
00:22:02,440 --> 00:22:05,120
Speaker 3: I put ten thousand to ethereum like five months ago

479
00:22:05,880 --> 00:22:08,800
Speaker 3: and it went to one hundred thousand. I cashed out.

480
00:22:08,800 --> 00:22:11,879
Speaker 3: He said. My friend put one hundred thousand into Etheroreum.

481
00:22:12,160 --> 00:22:14,040
Speaker 3: It went to a million. He cashed out. He started

482
00:22:14,080 --> 00:22:14,520
Speaker 3: a hedge fund.

483
00:22:14,640 --> 00:22:18,480
Speaker 4: What is twenty years I don't even think he might

484
00:22:18,480 --> 00:22:20,680
Speaker 4: have been twenty. I think he was eighteen ninety. I

485
00:22:20,720 --> 00:22:23,120
Speaker 4: think something like that as a graduation gift.

486
00:22:23,280 --> 00:22:25,800
Speaker 3: Yeah, well you know that. And that's the power of family,

487
00:22:26,119 --> 00:22:28,840
Speaker 3: of course, right, he wasn't from our community. That's for them.

488
00:22:28,920 --> 00:22:31,679
Speaker 2: Sure that story.

489
00:22:32,720 --> 00:22:35,600
Speaker 3: So when he told me that, I told you more.

490
00:22:35,760 --> 00:22:38,159
Speaker 3: I'm like, well, we got like what's this? Like this

491
00:22:38,240 --> 00:22:40,280
Speaker 3: because I heard about cryptocurrency. I heard about bitcoin, but

492
00:22:40,280 --> 00:22:43,960
Speaker 3: I ain't really hit about Ethereum. I'm like, hold up, wait,

493
00:22:44,200 --> 00:22:46,639
Speaker 3: like what's going on here? And that's when I started

494
00:22:46,640 --> 00:22:48,760
Speaker 3: studying it, but I still was kind of apprehensive. I

495
00:22:48,760 --> 00:22:51,520
Speaker 3: ain't really sure. And then I see bitcoin. I'm just

496
00:22:51,520 --> 00:22:54,080
Speaker 3: studying it. I'm just a student of the game, and

497
00:22:54,359 --> 00:22:57,640
Speaker 3: like October, I see bitcoin just start climbing. It went

498
00:22:57,640 --> 00:23:00,199
Speaker 3: from like six thousand to seven thousand. No, I went

499
00:23:00,240 --> 00:23:03,119
Speaker 3: from like three thousand, yeah, like four thousand to like

500
00:23:03,200 --> 00:23:05,639
Speaker 3: five thousand. So then I called my man shout to

501
00:23:05,680 --> 00:23:09,720
Speaker 3: Jason Lewis. I called him and he's a bitcoin expert,

502
00:23:09,960 --> 00:23:12,320
Speaker 3: and I'm like, okay, tell me everything I need to

503
00:23:12,320 --> 00:23:14,560
Speaker 3: know about cryptocurrency. He educated me for two and a

504
00:23:14,600 --> 00:23:16,639
Speaker 3: half hours, and I asked every single question that I

505
00:23:16,640 --> 00:23:19,040
Speaker 3: could have asked, like a thousand questions. Every question I had.

506
00:23:19,080 --> 00:23:21,320
Speaker 3: He educated on me on it, and I was like

507
00:23:21,440 --> 00:23:27,439
Speaker 3: around November. That was like November, actually late October. It

508
00:23:27,520 --> 00:23:30,200
Speaker 3: was late October. No, no, it was like November. No, November,

509
00:23:30,320 --> 00:23:33,000
Speaker 3: it was November. So I'm like, all right, cool. So

510
00:23:33,080 --> 00:23:35,680
Speaker 3: I found out this app called coinbase where you can

511
00:23:35,680 --> 00:23:37,960
Speaker 3: buy cryptocurrency. Right, So he educated me and he was

512
00:23:37,960 --> 00:23:40,080
Speaker 3: telling me about like the three biggest currencies at that time,

513
00:23:40,080 --> 00:23:45,840
Speaker 3: which is light coin, Bitcoin, and ethereum. So he's telling

514
00:23:45,880 --> 00:23:47,399
Speaker 3: me about it. So I'm like, all right, you know

515
00:23:47,440 --> 00:23:49,240
Speaker 3: what I'm gonna put my money in. I put six

516
00:23:49,280 --> 00:23:51,240
Speaker 3: thousand dollars and I told the group. I told the guys,

517
00:23:51,240 --> 00:23:53,080
Speaker 3: I'm like, look, I put six thousand dollars and I

518
00:23:53,080 --> 00:23:55,719
Speaker 3: spread it across the three coins. I'm like, I'm not

519
00:23:55,760 --> 00:23:58,080
Speaker 3: telling y'all to do this. This is money that I

520
00:23:58,080 --> 00:24:00,919
Speaker 3: feel comfortable losing because it's a it's a risk, Like

521
00:24:01,240 --> 00:24:03,879
Speaker 3: I feel comfortable losing it if I lose it. But

522
00:24:04,000 --> 00:24:06,399
Speaker 3: I don't know what's gonna happen. So then me and

523
00:24:06,640 --> 00:24:09,720
Speaker 3: Jamaal we go to Asia for a month.

524
00:24:09,880 --> 00:24:11,640
Speaker 2: Right, this is now December.

525
00:24:11,800 --> 00:24:15,200
Speaker 3: Yeah, we went to Asia for twenty days in December.

526
00:24:15,240 --> 00:24:16,560
Speaker 3: First we left for twenty days.

527
00:24:16,720 --> 00:24:19,240
Speaker 2: Don't let that go over your heads. Twenty days.

528
00:24:19,320 --> 00:24:21,359
Speaker 3: Now, I let a life you can write a book on.

529
00:24:21,560 --> 00:24:23,080
Speaker 3: I'm gonna write a book down.

530
00:24:23,080 --> 00:24:23,959
Speaker 2: A life done.

531
00:24:24,040 --> 00:24:28,840
Speaker 3: But we went to Asia with a return ticket. We

532
00:24:28,880 --> 00:24:31,879
Speaker 3: went with a ticket there and a ticket back and

533
00:24:32,000 --> 00:24:34,639
Speaker 3: two nights in Bangkok. That's it for twenty days. We

534
00:24:34,640 --> 00:24:36,000
Speaker 3: were gonna figure it out as we went. We just

535
00:24:36,040 --> 00:24:38,200
Speaker 3: winged it. We went to five different countries. Was just

536
00:24:38,240 --> 00:24:40,080
Speaker 3: winging it as we were literally winging it, like we

537
00:24:40,080 --> 00:24:43,240
Speaker 3: were buying hotels at the airport. He was just figuring

538
00:24:43,280 --> 00:24:46,119
Speaker 3: it out day to day. So I'm in Asia and

539
00:24:46,160 --> 00:24:48,679
Speaker 3: it just so happened as fate would have it. I

540
00:24:48,720 --> 00:24:51,639
Speaker 3: brought into the crypto space like one week before it

541
00:24:51,680 --> 00:24:55,720
Speaker 3: started to skyrocket. But if anybody's not familiar, No, December

542
00:24:56,080 --> 00:25:00,000
Speaker 3: of twenty seventeen is legendary in crypto world. Like every

543
00:25:00,040 --> 00:25:02,119
Speaker 3: think went up like a thousand percent, one hundred, like

544
00:25:02,359 --> 00:25:05,320
Speaker 3: it was crazy. So long story short, I'm in Asia

545
00:25:05,720 --> 00:25:08,040
Speaker 3: and I had six thousand dollars invested. Every single day

546
00:25:08,040 --> 00:25:10,040
Speaker 3: I'm waking up and I'm just getting five hundred, six

547
00:25:10,119 --> 00:25:13,000
Speaker 3: hundred more dollars is going up seven thousand, eight thousand.

548
00:25:13,520 --> 00:25:19,320
Speaker 3: It's just doping mean, yeah, yeah, I'm out and I'm

549
00:25:19,320 --> 00:25:22,919
Speaker 3: out in Thailand, and I'm more focused on that than anything.

550
00:25:22,960 --> 00:25:24,800
Speaker 3: I'm like, this is crazy. I'm like, I'm about to

551
00:25:24,800 --> 00:25:28,080
Speaker 3: make a million dollars before summer. Son Troy starts, so

552
00:25:28,119 --> 00:25:29,840
Speaker 3: I'm like, I'm telling the guys. I'm like, I'm sending

553
00:25:29,840 --> 00:25:33,680
Speaker 3: them screenshots like I don't know what y'all doing. I'm

554
00:25:33,680 --> 00:25:37,280
Speaker 3: getting money out here. So Troy is like he starts

555
00:25:37,320 --> 00:25:39,840
Speaker 3: studying it, like he's start one thing about toys, good

556
00:25:39,880 --> 00:25:42,040
Speaker 3: with research. So he starts studying it like he's up

557
00:25:42,040 --> 00:25:44,240
Speaker 3: all night, no sleep, and he starts telling me about

558
00:25:44,240 --> 00:25:47,000
Speaker 3: all these other coins, Tron and all of these different things.

559
00:25:47,600 --> 00:25:51,040
Speaker 3: And by meanwhile, I'm thinking I'm doing good because I'm

560
00:25:51,040 --> 00:25:52,840
Speaker 3: going up like one hundred percent, three hundred percent, four

561
00:25:52,920 --> 00:25:55,160
Speaker 3: hundred But he's like that's not enough. He's like, you earning,

562
00:25:55,240 --> 00:25:56,920
Speaker 3: but that's not enough, these other coins going up a

563
00:25:57,000 --> 00:26:00,920
Speaker 3: thousand percent, three thousand percent. He's you got to come home,

564
00:26:01,480 --> 00:26:02,240
Speaker 3: Like I never forget.

565
00:26:02,280 --> 00:26:02,960
Speaker 2: I was in Hong Kong.

566
00:26:03,119 --> 00:26:05,639
Speaker 3: I was in Hong Kong, and he called me.

567
00:26:05,800 --> 00:26:09,280
Speaker 4: Like come home because this is like fact, right, So

568
00:26:09,880 --> 00:26:12,760
Speaker 4: I heard about bitcoin prior to all this, right, because

569
00:26:12,760 --> 00:26:16,480
Speaker 4: I was in the music downloading the services.

570
00:26:16,560 --> 00:26:16,720
Speaker 2: Right.

571
00:26:17,320 --> 00:26:20,480
Speaker 4: So at that time, the US had said early two

572
00:26:20,480 --> 00:26:22,640
Speaker 4: thousand and they were like, yo, they're going to prohibit

573
00:26:22,800 --> 00:26:23,640
Speaker 4: illegal downloads.

574
00:26:23,720 --> 00:26:23,840
Speaker 2: Right.

575
00:26:23,880 --> 00:26:26,720
Speaker 4: So the people started coming up with web sharing sites

576
00:26:26,760 --> 00:26:29,840
Speaker 4: like mega upload, rapid shit, if anybody downloaded music, you

577
00:26:29,880 --> 00:26:32,199
Speaker 4: know those sites. And one of the things as far

578
00:26:32,240 --> 00:26:35,199
Speaker 4: as payment was bitcoin, right, and there's no way that

579
00:26:35,200 --> 00:26:35,920
Speaker 4: the government.

580
00:26:35,600 --> 00:26:36,080
Speaker 2: Can track you.

581
00:26:36,160 --> 00:26:38,800
Speaker 4: So I'm like, all right, that sounds pretty cool. And

582
00:26:38,800 --> 00:26:40,840
Speaker 4: then I never heard about it again. Right, people were

583
00:26:40,920 --> 00:26:42,720
Speaker 4: using it. I kept seeing it. I never heard about

584
00:26:42,720 --> 00:26:45,120
Speaker 4: it until like November, and I was like, yo, I'm

585
00:26:45,160 --> 00:26:45,760
Speaker 4: putting money in.

586
00:26:45,840 --> 00:26:47,080
Speaker 2: Like he's like two weeks from leaving.

587
00:26:47,119 --> 00:26:50,000
Speaker 4: I'm like whatever. And then like he said, he started

588
00:26:50,000 --> 00:26:52,280
Speaker 4: texting us. I'm like, yo, this he actually made some money.

589
00:26:52,320 --> 00:26:53,960
Speaker 4: So now it's like nah, I gotta figure this out.

590
00:26:54,720 --> 00:26:57,400
Speaker 4: So he leaves and I'm like still trying to figure

591
00:26:57,400 --> 00:26:59,080
Speaker 4: this out. I'm studying and studying it, and like I

592
00:26:59,160 --> 00:27:01,360
Speaker 4: never forget. I read the this article on this dude,

593
00:27:01,440 --> 00:27:06,120
Speaker 4: Justin's son who created troyn tr rex, and so I'm like, wow,

594
00:27:06,280 --> 00:27:10,280
Speaker 4: this guy has a vision for currency, Like he's gonna

595
00:27:10,280 --> 00:27:12,600
Speaker 4: do it through video games and right, I'm thinking, like wow,

596
00:27:13,400 --> 00:27:15,440
Speaker 4: like Gods of War, like these are these games where

597
00:27:15,480 --> 00:27:17,840
Speaker 4: it's like it's not real money anymore, Like people are

598
00:27:17,920 --> 00:27:21,360
Speaker 4: actually using currency inside of games. It's like how before Fortnite,

599
00:27:21,720 --> 00:27:23,440
Speaker 4: it was like, yo, we'll give you the game for free,

600
00:27:23,480 --> 00:27:24,399
Speaker 4: but you'll buy things in it.

601
00:27:24,440 --> 00:27:27,000
Speaker 2: And I'm like, all right, well, how do I get this? Right?

602
00:27:27,680 --> 00:27:30,440
Speaker 4: So after I start studying it, right, I knew coin Base,

603
00:27:30,520 --> 00:27:31,960
Speaker 4: and I'm like, this gotta be more to this, right

604
00:27:31,960 --> 00:27:34,119
Speaker 4: because I can't even find t rex on Coinbase, right,

605
00:27:34,520 --> 00:27:36,520
Speaker 4: And so I studied and then I hear this this

606
00:27:36,520 --> 00:27:39,880
Speaker 4: this company called Binance. And when I went to I'm

607
00:27:39,920 --> 00:27:42,040
Speaker 4: telling you, it was like three in the morning. I

608
00:27:42,080 --> 00:27:43,880
Speaker 4: had to wait because they were on like yeah, twelve

609
00:27:43,880 --> 00:27:48,240
Speaker 4: hours ahead. How many twelve hours I waited? I said, listen,

610
00:27:48,720 --> 00:27:51,080
Speaker 4: get you on, y'all gotta come home. Like I'm like, yo,

611
00:27:51,400 --> 00:27:54,240
Speaker 4: book a flight back. I found something, I said, book

612
00:27:54,280 --> 00:27:57,440
Speaker 4: a flight back. Fact, we found something. He kept talking

613
00:27:57,440 --> 00:27:59,720
Speaker 4: about trying like this, trying. I'm like, I don't know, man,

614
00:27:59,720 --> 00:28:01,960
Speaker 4: about Tron. I got like less than a cent.

615
00:28:02,119 --> 00:28:04,119
Speaker 2: You know, it's funny, literally, you know you were like

616
00:28:04,119 --> 00:28:08,320
Speaker 2: in a home with Tron. Yeah yeah, right, spot he

617
00:28:08,440 --> 00:28:11,040
Speaker 2: just had to find that community. It was crazy, I

618
00:28:11,080 --> 00:28:14,040
Speaker 2: remember it was. It was a Hong Kong ko. Remember

619
00:28:14,119 --> 00:28:15,320
Speaker 2: in the background was all these lights.

620
00:28:15,320 --> 00:28:16,040
Speaker 3: I was Hong Kong.

621
00:28:16,119 --> 00:28:19,800
Speaker 2: I was like them all almost died in that story

622
00:28:19,840 --> 00:28:21,960
Speaker 2: for a different day, he almost died, But I was

623
00:28:21,960 --> 00:28:25,040
Speaker 2: a Hong Kong by myself, and I had all these

624
00:28:25,119 --> 00:28:25,920
Speaker 2: lights in the background.

625
00:28:26,000 --> 00:28:27,679
Speaker 3: You like, come home. I'm like, I'm in agient. I'm

626
00:28:27,680 --> 00:28:28,560
Speaker 3: having the time of my life.

627
00:28:28,840 --> 00:28:29,680
Speaker 4: Come home right now.

628
00:28:29,720 --> 00:28:33,880
Speaker 3: So he So he came home, and when I got home,

629
00:28:33,920 --> 00:28:35,600
Speaker 3: the first thing I did, I came to his house

630
00:28:35,880 --> 00:28:38,240
Speaker 3: and he educated me on how to like buy buy coin.

631
00:28:38,280 --> 00:28:40,480
Speaker 3: It's a whole process. We're gonna talk about that, but

632
00:28:40,760 --> 00:28:42,960
Speaker 3: how to buy coins, how to put the money in.

633
00:28:43,080 --> 00:28:44,680
Speaker 2: All that stuff, right, market caps, all that.

634
00:28:44,760 --> 00:28:46,760
Speaker 3: So then I so, so anybody that knows me, you

635
00:28:46,800 --> 00:28:49,760
Speaker 3: know that I kind of have an addictive personality. I've

636
00:28:49,760 --> 00:28:51,960
Speaker 3: never done any drugs in my life, and I'm a

637
00:28:52,040 --> 00:28:57,280
Speaker 3: light drinker, but I'm very compulsive. It's worked out a

638
00:28:57,320 --> 00:28:59,320
Speaker 3: lot of times, and it's been very bad for me

639
00:28:59,360 --> 00:29:01,880
Speaker 3: a lot of times. But I make very composed decisions.

640
00:29:01,920 --> 00:29:05,960
Speaker 3: So when I started, I started making money, and I'm like, okay,

641
00:29:05,960 --> 00:29:07,760
Speaker 3: so now educating myself on what we call all coins.

642
00:29:07,800 --> 00:29:10,080
Speaker 3: We'll explained that later too. So then I just started,

643
00:29:10,080 --> 00:29:11,640
Speaker 3: I'm like, you know what, I just started rolling the dice.

644
00:29:11,720 --> 00:29:14,640
Speaker 3: I started like buying coins and doing on and hour

645
00:29:14,680 --> 00:29:18,320
Speaker 3: was it was crazy. So by like the first week

646
00:29:18,360 --> 00:29:21,880
Speaker 3: in January, my six thousand grew to twenty eight thousand, yep,

647
00:29:22,320 --> 00:29:25,080
Speaker 3: twenty eight thousand dollars in a month, six thousand and

648
00:29:25,080 --> 00:29:27,720
Speaker 3: twenty eight in a month. And I'm feeling like Warren

649
00:29:27,720 --> 00:29:29,280
Speaker 3: Buffett Vincent.

650
00:29:29,360 --> 00:29:30,920
Speaker 4: We said it to ourselves, We're like, yo, if we

651
00:29:31,000 --> 00:29:34,120
Speaker 4: don't make one hundred thousand by June, we did something wrong.

652
00:29:34,240 --> 00:29:37,640
Speaker 3: Now I was feeling I told you I was playing

653
00:29:37,640 --> 00:29:41,440
Speaker 3: on making eight hundred thousand in crypto for that year.

654
00:29:41,480 --> 00:29:44,640
Speaker 3: We calculated calculation that did the whole thing.

655
00:29:45,840 --> 00:29:51,120
Speaker 2: So then everything, wait, everything fell apart, not yet, no.

656
00:29:49,960 --> 00:29:52,840
Speaker 4: No, no, no, early January it went, it went down,

657
00:29:52,960 --> 00:29:54,960
Speaker 4: but then it came back like late January. Were like,

658
00:29:55,000 --> 00:29:57,880
Speaker 4: all right, we're back, we're back right now.

659
00:29:57,880 --> 00:30:01,240
Speaker 3: I fell apart and I put more money in and

660
00:30:01,280 --> 00:30:03,360
Speaker 3: I'm gonna buy the dip. And then it fell apart

661
00:30:03,360 --> 00:30:05,760
Speaker 3: again and I put more money in. I said, I'm

662
00:30:05,920 --> 00:30:11,760
Speaker 3: buy this dip. And then it just completely collapsed and.

663
00:30:10,640 --> 00:30:11,640
Speaker 2: He gave up on the space.

664
00:30:11,720 --> 00:30:11,960
Speaker 3: Yeah.

665
00:30:12,040 --> 00:30:14,800
Speaker 4: So but I said this, I said this. I said, look,

666
00:30:15,760 --> 00:30:18,480
Speaker 4: if it was gonna die, I would have right. And

667
00:30:18,520 --> 00:30:20,720
Speaker 4: one of the things I heard that was powerful to

668
00:30:20,760 --> 00:30:23,960
Speaker 4: me is the CEO of Ripple said this. He was like,

669
00:30:24,160 --> 00:30:26,480
Speaker 4: the reason that this is gonna work is because if

670
00:30:26,480 --> 00:30:29,400
Speaker 4: you think about money, right, what's the fastest way to

671
00:30:29,480 --> 00:30:32,959
Speaker 4: get one hundred thousand dollars from San Francisco to London?

672
00:30:33,480 --> 00:30:35,800
Speaker 2: What do you think this is? Its crypto?

673
00:30:36,480 --> 00:30:39,520
Speaker 4: He was like, the fastest way in today's society, right,

674
00:30:39,520 --> 00:30:42,720
Speaker 4: twenty and eighteenth flight is to get on a plane

675
00:30:42,760 --> 00:30:45,240
Speaker 4: to fly with that money to London. How is that

676
00:30:45,280 --> 00:30:48,440
Speaker 4: work in the world of technology? Right, That's why Ripple

677
00:30:48,520 --> 00:30:50,280
Speaker 4: and all these other old coins and bitcoins, that's why

678
00:30:50,280 --> 00:30:52,600
Speaker 4: it's gonna work. And when he said that, I'm like, Nah,

679
00:30:52,680 --> 00:30:54,320
Speaker 4: I don't care. This is gonna go down. This is

680
00:30:54,360 --> 00:30:56,600
Speaker 4: not going anywhere. And so like one of the things

681
00:30:56,640 --> 00:30:59,479
Speaker 4: we did too, and for sure it was like we

682
00:30:59,480 --> 00:31:01,960
Speaker 4: were like, look, we're not letting anybody get left on

683
00:31:01,960 --> 00:31:06,480
Speaker 4: the boat, like if they missed it. This episode is

684
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686
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687
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688
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695
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697
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Speaker 4: What's up? You ever walk into a small business and

698
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699
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700
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701
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Speaker 4: We love supporting businesses that run on Square because it

702
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703
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704
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Speaker 2: Our merch partners.

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Speaker 4: Square makes it easy for them to take payments, manage inventory,

706
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707
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708
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709
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710
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711
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712
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713
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714
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715
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716
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717
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731
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732
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733
00:33:54,520 --> 00:33:57,520
Speaker 4: The cyberbubble right in the nineteies, right, if that is this,

734
00:33:58,040 --> 00:33:59,760
Speaker 4: we got to make sure that we get the Google.

735
00:34:00,000 --> 00:34:02,760
Speaker 4: We got to make sure that we get Amazon, and

736
00:34:02,760 --> 00:34:04,360
Speaker 4: we don't get stuck with excite dot com.

737
00:34:04,640 --> 00:34:05,800
Speaker 2: But we're not leaving anybody.

738
00:34:05,840 --> 00:34:07,600
Speaker 4: So I was like, yo, call everybody you know, Like,

739
00:34:07,600 --> 00:34:09,719
Speaker 4: we're gonna call everybody we know so we can tell

740
00:34:09,719 --> 00:34:12,160
Speaker 4: them how this works and teach them. And like we

741
00:34:12,239 --> 00:34:14,560
Speaker 4: made mad phone calls and it was like, Yo, nobody

742
00:34:14,600 --> 00:34:15,120
Speaker 4: wants to learn.

743
00:34:16,000 --> 00:34:18,480
Speaker 3: People ain't people ain't playing, Like, nah, I'm good. All right,

744
00:34:18,480 --> 00:34:21,480
Speaker 3: So now we gave you my story. It's a tragic story,

745
00:34:22,880 --> 00:34:26,200
Speaker 3: it's a learning so all right, So can we talk

746
00:34:26,200 --> 00:34:29,040
Speaker 3: about crypto Lets start one on one, right, What is cryptocurrency?

747
00:34:29,280 --> 00:34:34,200
Speaker 2: So cryptocurrency is uh a digital asset that lives on

748
00:34:34,239 --> 00:34:40,440
Speaker 2: the Internet that has value and where does the come from?

749
00:34:40,719 --> 00:34:43,680
Speaker 2: It comes from people saying it has value, right, And

750
00:34:43,719 --> 00:34:47,120
Speaker 2: it's that simple and so and it's that simple but

751
00:34:47,239 --> 00:34:49,520
Speaker 2: also that fickle based on what you just said, right,

752
00:34:49,920 --> 00:34:52,040
Speaker 2: And the question is like a lot of people say

753
00:34:52,120 --> 00:34:55,360
Speaker 2: or housing the currency, how's anything? The currency? Anything is

754
00:34:55,400 --> 00:34:59,479
Speaker 2: the currency because currency back by anything is a belief, right,

755
00:35:00,280 --> 00:35:02,840
Speaker 2: and it's a belief that it's If more people believe

756
00:35:02,840 --> 00:35:04,319
Speaker 2: that it's going to go up in the future, then

757
00:35:04,360 --> 00:35:06,799
Speaker 2: more people buy. It's a supply and demand thing and

758
00:35:06,800 --> 00:35:09,040
Speaker 2: that's what kind of moves it. But yes, it's a

759
00:35:09,080 --> 00:35:14,799
Speaker 2: digital asset that lives on the Internet and there's you

760
00:35:14,800 --> 00:35:18,240
Speaker 2: could transfer it without any middle man, so you don't

761
00:35:18,280 --> 00:35:21,160
Speaker 2: need uh. The experience is similar to like a Venmo

762
00:35:21,239 --> 00:35:24,600
Speaker 2: experience or zell experience or whatever cash hap experience. You

763
00:35:24,600 --> 00:35:26,600
Speaker 2: don't have cash, you don't have cash up in the middle.

764
00:35:26,960 --> 00:35:29,600
Speaker 2: What's in the middle is actually a community people that

765
00:35:29,719 --> 00:35:31,200
Speaker 2: validate every transaction.

766
00:35:31,400 --> 00:35:34,719
Speaker 4: And right, so that's the definition of the blockchain. Yes,

767
00:35:35,600 --> 00:35:37,280
Speaker 4: it's validated by the blockchain exactly.

768
00:35:37,320 --> 00:35:39,120
Speaker 3: So yeah, so crypto current But the name is little

769
00:35:39,120 --> 00:35:41,520
Speaker 3: deceiving because it's not really being used as currency right now.

770
00:35:41,560 --> 00:35:43,480
Speaker 3: It's more of an investment, right.

771
00:35:43,560 --> 00:35:50,319
Speaker 2: Right, So it's an investment because due to people, due

772
00:35:50,360 --> 00:35:53,680
Speaker 2: to the way it's moved, and bitcoin, being the first cryptocurrency,

773
00:35:53,960 --> 00:35:56,440
Speaker 2: it's moving up and down based on the story you

774
00:35:56,480 --> 00:35:58,560
Speaker 2: just said. People don't want to use it as a currency,

775
00:35:58,719 --> 00:36:01,120
Speaker 2: so it's it's made to be a currency. It's made

776
00:36:01,160 --> 00:36:03,799
Speaker 2: to allow people to move money back and forth. But

777
00:36:03,960 --> 00:36:07,759
Speaker 2: because of the way it's structured. So Bitcoin structure in

778
00:36:07,800 --> 00:36:10,160
Speaker 2: a way where there's a limited supply. Right, it was

779
00:36:10,160 --> 00:36:13,120
Speaker 2: a seventeen million, it's seventeen million now, but the max

780
00:36:13,200 --> 00:36:16,640
Speaker 2: is twenty one million, so people are anticipating at that

781
00:36:16,719 --> 00:36:19,040
Speaker 2: point that it's going to be worth a lot, and

782
00:36:19,080 --> 00:36:21,239
Speaker 2: so it's kind of transferred from a currency to more

783
00:36:21,280 --> 00:36:22,040
Speaker 2: of a digital gold.

784
00:36:22,480 --> 00:36:25,560
Speaker 3: So it's like it's being viewed as a commodity and value.

785
00:36:25,600 --> 00:36:28,040
Speaker 3: It is exactly right. So that's what Jason told me here.

786
00:36:28,200 --> 00:36:30,279
Speaker 3: So all right, because this is something that's interesting. So

787
00:36:30,320 --> 00:36:34,399
Speaker 3: people say, like, well, cryptocurrency is in thin air, it's

788
00:36:34,440 --> 00:36:38,200
Speaker 3: not physical, it's not backed by anything, And I say,

789
00:36:38,360 --> 00:36:41,239
Speaker 3: neither is the American dollar. Right, American dollar used to

790
00:36:41,280 --> 00:36:44,279
Speaker 3: be backed by gold, but I think in Nixon he

791
00:36:44,440 --> 00:36:46,759
Speaker 3: changed and he removed the gold Standarday, he removed the

792
00:36:46,760 --> 00:36:49,880
Speaker 3: gold standard. So now the American dollar, like most all

793
00:36:50,000 --> 00:36:52,239
Speaker 3: dollars all over the world. There's only back by the

794
00:36:52,239 --> 00:36:54,280
Speaker 3: faith went in America to talk at American American dollars,

795
00:36:54,320 --> 00:36:58,080
Speaker 3: only back by the faith of the people people think

796
00:36:58,200 --> 00:37:01,000
Speaker 3: that it's worth what it's worth. So at any point

797
00:37:01,000 --> 00:37:03,160
Speaker 3: in time when the vast majority of people think the

798
00:37:03,200 --> 00:37:06,759
Speaker 3: American dollar isn't worth anything, it's not worth anything.

799
00:37:06,520 --> 00:37:08,600
Speaker 4: Right because I mean, like you said, with bitcoin, there's

800
00:37:08,600 --> 00:37:10,520
Speaker 4: a limited supplied. Once it gets to twenty one million,

801
00:37:11,120 --> 00:37:12,960
Speaker 4: there's no more, right, so that the value of that

802
00:37:13,040 --> 00:37:14,920
Speaker 4: will go up obviously, right, So that's why you get

803
00:37:14,920 --> 00:37:17,360
Speaker 4: those projections like bitcoin will be worth five hundred thousand

804
00:37:17,360 --> 00:37:20,600
Speaker 4: dollars for one coin, whereas a dollar they can make

805
00:37:20,880 --> 00:37:23,359
Speaker 4: a million of those every second, exactly day.

806
00:37:23,400 --> 00:37:24,560
Speaker 2: So like what's the real value?

807
00:37:24,680 --> 00:37:27,239
Speaker 3: So bitcoin, that's what most people have heard about bitcoin.

808
00:37:27,840 --> 00:37:31,040
Speaker 3: Bitcoin is the first crypto, the grand daddy of crypto currency,

809
00:37:31,160 --> 00:37:34,880
Speaker 3: started by Shatoshi na Kamoto.

810
00:37:35,680 --> 00:37:38,760
Speaker 2: Anybody found him in Nobody's a lot of people claiming

811
00:37:39,400 --> 00:37:43,920
Speaker 2: nobody knows this is the real Shatoshi knock Umoto.

812
00:37:44,480 --> 00:37:45,400
Speaker 3: Did I say that correctly?

813
00:37:45,760 --> 00:37:45,960
Speaker 2: Yeah?

814
00:37:45,960 --> 00:37:47,879
Speaker 4: Good, bro, I got I don't get you some credit.

815
00:37:47,880 --> 00:37:48,239
Speaker 2: That was good.

816
00:37:48,280 --> 00:37:52,400
Speaker 3: If anybody's not the whole crypto thing is crazy. Everybody's

817
00:37:52,440 --> 00:37:54,480
Speaker 3: not familiar to Guy's a legend. Nobody even knows if

818
00:37:54,480 --> 00:37:57,239
Speaker 3: he's if he a actually ever really existed, or if

819
00:37:57,239 --> 00:37:59,439
Speaker 3: he's a group of people, or if he's one person,

820
00:37:59,560 --> 00:38:02,400
Speaker 3: or if he's living, who knows, But he's the founder

821
00:38:02,800 --> 00:38:07,400
Speaker 3: of crypto, right because he made bitcoin. Right. Then from Bitcoin,

822
00:38:07,960 --> 00:38:11,400
Speaker 3: you have thousands of cryptocurrencies, over two thousands. You have

823
00:38:11,440 --> 00:38:13,960
Speaker 3: a whole bunch of different from Ethereum to Ripple, and

824
00:38:13,960 --> 00:38:15,759
Speaker 3: they all kind of serve different purposes. So you have

825
00:38:15,840 --> 00:38:18,239
Speaker 3: some that are like for just music. You have it's

826
00:38:18,239 --> 00:38:21,400
Speaker 3: like all kinds of differences like websites now, like you

827
00:38:21,440 --> 00:38:24,120
Speaker 3: have a website for everything, and you have a cryptocurrency

828
00:38:24,160 --> 00:38:24,600
Speaker 3: for everything.

829
00:38:24,719 --> 00:38:26,839
Speaker 4: Well, and then you have so like from those right,

830
00:38:26,880 --> 00:38:31,800
Speaker 4: the top three you named Bitcoin, Ethereum, those are like platforms,

831
00:38:31,800 --> 00:38:35,600
Speaker 4: so people build on those platforms like Ethereum, like a

832
00:38:35,640 --> 00:38:37,440
Speaker 4: bunch of platforms will get built on them.

833
00:38:37,560 --> 00:38:39,840
Speaker 2: Is like a digital computer, right, right, you can build

834
00:38:39,880 --> 00:38:43,200
Speaker 2: on top of it. You could. The Ethereum introduced the

835
00:38:43,280 --> 00:38:47,160
Speaker 2: concept of a smart contract, right. A smart contract is

836
00:38:47,320 --> 00:38:51,720
Speaker 2: basically a digital contract that says, if then if this happens,

837
00:38:51,719 --> 00:38:55,600
Speaker 2: then this happens, right, and uh, the way I like

838
00:38:55,640 --> 00:39:00,000
Speaker 2: to illustrated is a Vendom machine, this smart contract, right,

839
00:39:00,440 --> 00:39:02,560
Speaker 2: like I don't need like I go to corner store

840
00:39:02,640 --> 00:39:05,440
Speaker 2: and get a Twizzler's or if I go to Vendom machine,

841
00:39:05,520 --> 00:39:08,200
Speaker 2: I put a dollar in, there's cold inside a Venom

842
00:39:08,239 --> 00:39:13,120
Speaker 2: machine that gives me the Twizzlers immediately. And Ethereum takes

843
00:39:13,160 --> 00:39:15,680
Speaker 2: that and makes it a whole another level. Right. If

844
00:39:15,719 --> 00:39:17,719
Speaker 2: you think about the Internet, most of the interest, like

845
00:39:17,800 --> 00:39:21,359
Speaker 2: most any website anything, the way it works is if

846
00:39:21,400 --> 00:39:23,680
Speaker 2: then if this, then that If I like going to

847
00:39:23,719 --> 00:39:26,839
Speaker 2: Gmail dot com and I put in my password, if

848
00:39:26,880 --> 00:39:28,920
Speaker 2: the pastor is good, then it gives me access. If

849
00:39:28,920 --> 00:39:31,239
Speaker 2: the past is not good, then it tells me you

850
00:39:31,360 --> 00:39:36,000
Speaker 2: got the gown pass. So Ethereum was the first time

851
00:39:36,080 --> 00:39:40,080
Speaker 2: to take that that cold and put it on the blockchain,

852
00:39:40,160 --> 00:39:43,440
Speaker 2: makes it makes it decentralized because like when I did,

853
00:39:43,480 --> 00:39:47,640
Speaker 2: the Spain decentralized it, right, so Google centralized, like it

854
00:39:47,680 --> 00:39:50,520
Speaker 2: lives like the way that the code works lives on

855
00:39:50,560 --> 00:39:53,839
Speaker 2: Google servers and Mountain View in California obviously throughout the world,

856
00:39:53,920 --> 00:39:56,720
Speaker 2: but like that is where the hub is that vending machine,

857
00:39:56,719 --> 00:39:59,759
Speaker 2: like that code is in that vendom machine. But the

858
00:39:59,760 --> 00:40:03,160
Speaker 2: way that blockchain and crypto has done it actually distributes

859
00:40:03,200 --> 00:40:06,000
Speaker 2: the code around the whole world or whoever wants to

860
00:40:06,800 --> 00:40:09,640
Speaker 2: be a validator and then that's it. And so it

861
00:40:09,680 --> 00:40:13,000
Speaker 2: decentralizes it. It makes it democratic, and it makes it

862
00:40:13,480 --> 00:40:15,160
Speaker 2: limitless as well as borderless.

863
00:40:15,480 --> 00:40:17,960
Speaker 4: That was one of those those key words in that space,

864
00:40:18,000 --> 00:40:21,080
Speaker 4: is decentralized. And it was like if you think about it,

865
00:40:21,120 --> 00:40:23,960
Speaker 4: like a company like Google, right, like a lot of times,

866
00:40:23,960 --> 00:40:25,360
Speaker 4: and it's coming up in the news now that that

867
00:40:25,520 --> 00:40:27,200
Speaker 4: you know, the federal government is looking into them with

868
00:40:27,239 --> 00:40:30,719
Speaker 4: that data that's being sold, right, they're like the middle

869
00:40:30,760 --> 00:40:32,839
Speaker 4: man selling it right, right. That's one of the things

870
00:40:32,880 --> 00:40:35,399
Speaker 4: with this space is like there is no middle guy.

871
00:40:35,440 --> 00:40:36,680
Speaker 2: There's no middle man, you know what I mean. So

872
00:40:36,760 --> 00:40:38,360
Speaker 2: it makes it the middle man is everybody?

873
00:40:38,520 --> 00:40:40,640
Speaker 3: Right, Well, the one thing and that's one thing that

874
00:40:40,719 --> 00:40:44,439
Speaker 3: I said. So when I first my first reservation before

875
00:40:44,480 --> 00:40:47,000
Speaker 3: I started investing in cryptocurrency, I made a video on

876
00:40:47,800 --> 00:40:51,879
Speaker 3: Instagram and it was my reservations on bitcoin, right, because

877
00:40:51,920 --> 00:40:54,680
Speaker 3: everybody kept asking me my feelings about bitcoin, and I

878
00:40:54,719 --> 00:40:56,840
Speaker 3: said this. What I said was I think it's a

879
00:40:56,880 --> 00:41:00,640
Speaker 3: good idea in theory, and I think that is dope.

880
00:41:00,960 --> 00:41:06,120
Speaker 3: But my biggest fear is that governments control currency, and

881
00:41:06,239 --> 00:41:08,319
Speaker 3: at any point in time, when governments feel that they

882
00:41:08,320 --> 00:41:10,279
Speaker 3: don't have full control of the currency or it's not

883
00:41:10,360 --> 00:41:14,320
Speaker 3: benefiting them, then they'll stop it. One of the reasons

884
00:41:14,360 --> 00:41:19,040
Speaker 3: why cryptocurrencies really fell in twenty eighteen is because governments

885
00:41:19,040 --> 00:41:20,600
Speaker 3: across the world cracked down on them.

886
00:41:20,920 --> 00:41:26,200
Speaker 4: Are China, South Korea, they just said it what not,

887
00:41:26,320 --> 00:41:27,920
Speaker 4: you can't trade And then like if you were in

888
00:41:27,920 --> 00:41:29,680
Speaker 4: the United States, like this was we ran into this

889
00:41:29,680 --> 00:41:33,280
Speaker 4: problem too. It was like we couldn't buy on certain exchanges.

890
00:41:33,320 --> 00:41:34,920
Speaker 4: So like one of those things like you said, like

891
00:41:35,200 --> 00:41:37,759
Speaker 4: as far as like stocks, you can go to different exchanges.

892
00:41:38,040 --> 00:41:40,480
Speaker 2: Same thing with this space, right there was like.

893
00:41:40,520 --> 00:41:45,040
Speaker 4: Finance was the number one, but we had crypto, Cryptotopia, Cryptoia,

894
00:41:45,960 --> 00:41:48,560
Speaker 4: Meta Doods, all these others. Some of them we couldn't

895
00:41:48,560 --> 00:41:50,960
Speaker 4: buy because we were US citizens, right, so we had

896
00:41:50,960 --> 00:41:54,120
Speaker 4: to try. You couldn't buy icos R especially, that was

897
00:41:54,239 --> 00:42:01,480
Speaker 4: yeah that will yeah yeah, so icnothern IPL So like

898
00:42:01,560 --> 00:42:03,960
Speaker 4: that's an initial coin offering. So when these companies are

899
00:42:03,960 --> 00:42:07,080
Speaker 4: coming up with ideas, right, they need funding for it,

900
00:42:07,840 --> 00:42:08,399
Speaker 4: they make an.

901
00:42:08,480 --> 00:42:10,640
Speaker 2: Ic I think it's important to illustrate why so many

902
00:42:10,760 --> 00:42:14,200
Speaker 2: coins could exist. So it's over two thousand cryptocurrencies right

903
00:42:14,320 --> 00:42:17,840
Speaker 2: now US. You could actually create an ey L token tomorrow.

904
00:42:18,200 --> 00:42:21,719
Speaker 2: The reason why is because the currency is cold and

905
00:42:21,760 --> 00:42:23,960
Speaker 2: the code is open source. So I could go and

906
00:42:24,040 --> 00:42:27,240
Speaker 2: actually see how bigcoin works, and I could actually create

907
00:42:27,719 --> 00:42:30,520
Speaker 2: big I could change the B to F and make

908
00:42:30,560 --> 00:42:34,240
Speaker 2: it fit coin and fritz coin. That's the white paper.

909
00:42:34,600 --> 00:42:36,640
Speaker 2: That's the white paper, right, So that's how it starts.

910
00:42:36,640 --> 00:42:40,200
Speaker 2: That's how it's social. Malkamoto, the group or whoever this

911
00:42:40,280 --> 00:42:43,880
Speaker 2: individual is that bigcoin was introduced through the introduction of

912
00:42:43,880 --> 00:42:45,480
Speaker 2: a white paper. And the white paper basic it was

913
00:42:45,520 --> 00:42:48,800
Speaker 2: like this cold slash business plan that said how it works,

914
00:42:49,000 --> 00:42:52,240
Speaker 2: how the colde works, and everybody could see that. Everybody

915
00:42:52,239 --> 00:42:54,200
Speaker 2: could see exactly how it works, so anybody could pick

916
00:42:54,239 --> 00:42:57,200
Speaker 2: it up and copy it. Right, But just because you

917
00:42:57,360 --> 00:42:59,080
Speaker 2: pick it up and copy it doesn't mean that people

918
00:42:59,080 --> 00:43:00,880
Speaker 2: are going to follow you. So you need a community

919
00:43:00,920 --> 00:43:01,480
Speaker 2: behind it too.

920
00:43:01,600 --> 00:43:04,000
Speaker 4: Yeah, So like that, that's how you get these other coins.

921
00:43:04,000 --> 00:43:06,520
Speaker 4: Like if you look now on the on like coin

922
00:43:07,000 --> 00:43:09,800
Speaker 4: market cap, you'll see like a bitcoin gold or a

923
00:43:09,800 --> 00:43:12,759
Speaker 4: big gray like they'll say like, hey, we got that

924
00:43:12,880 --> 00:43:14,759
Speaker 4: cold from the white paper. But we're gonna make it

925
00:43:14,800 --> 00:43:18,160
Speaker 4: even better. Yeah, tweak it. That's why it's like different.

926
00:43:18,160 --> 00:43:21,319
Speaker 4: And another thing that was she did was he he

927
00:43:21,400 --> 00:43:24,680
Speaker 4: made it open sourced, so anybody can change the cold.

928
00:43:24,719 --> 00:43:28,799
Speaker 4: It's an ongoing process of bitcoin. It's changing. Anybody can. Really,

929
00:43:28,840 --> 00:43:31,120
Speaker 4: you could change it, right, it's not something that's set

930
00:43:31,120 --> 00:43:31,600
Speaker 4: in stone.

931
00:43:32,440 --> 00:43:36,879
Speaker 3: He did that. So his vision and how I see

932
00:43:36,920 --> 00:43:39,399
Speaker 3: it is that his vision was to eliminate the world

933
00:43:39,520 --> 00:43:42,759
Speaker 3: banks and government from like he wanted to make it

934
00:43:42,800 --> 00:43:46,799
Speaker 3: peer to peer and also open source evolving where it's

935
00:43:46,800 --> 00:43:47,400
Speaker 3: for the people.

936
00:43:47,719 --> 00:43:50,720
Speaker 2: It was actually funny enough, it goes back to my story,

937
00:43:51,040 --> 00:43:53,319
Speaker 2: like Leam Brothers, he's great. In two thousand and eight,

938
00:43:54,000 --> 00:43:57,799
Speaker 2: he was these It derives out of a community of

939
00:43:57,920 --> 00:44:01,000
Speaker 2: libertarians and archists, so people that didn't trust the government,

940
00:44:01,440 --> 00:44:05,360
Speaker 2: and there was level of high high distrust amongst people

941
00:44:06,440 --> 00:44:09,360
Speaker 2: from the financial system in general, just because we fellas

942
00:44:09,400 --> 00:44:12,120
Speaker 2: went down and he had a community and he said, listen,

943
00:44:12,120 --> 00:44:14,880
Speaker 2: I'm gonna create this thing that doesn't need banks, Like

944
00:44:14,920 --> 00:44:17,600
Speaker 2: we could actually work without banks, we could work without

945
00:44:17,800 --> 00:44:21,000
Speaker 2: the government, and we could transact to each other trustless.

946
00:44:21,680 --> 00:44:24,800
Speaker 2: And that's that's kind of what where the fervor came from.

947
00:44:24,880 --> 00:44:29,360
Speaker 4: Yeah, it's crazy still, all right, So we read a

948
00:44:29,360 --> 00:44:31,640
Speaker 4: lot of white papers, man, we read a lot of

949
00:44:31,680 --> 00:44:32,160
Speaker 4: white people.

950
00:44:32,560 --> 00:44:37,239
Speaker 3: So all right, so tax, right, because that's what you're

951
00:44:37,280 --> 00:44:38,360
Speaker 3: doing now with the tax.

952
00:44:38,600 --> 00:44:38,719
Speaker 2: Right.

953
00:44:39,080 --> 00:44:43,439
Speaker 3: So that's another issue because everything is so new that

954
00:44:43,960 --> 00:44:46,319
Speaker 3: the government is trying to like catch up to it. Right,

955
00:44:46,400 --> 00:44:49,080
Speaker 3: So we know how like real estate is tax a

956
00:44:49,080 --> 00:44:51,279
Speaker 3: certain way. Stocks a tax a certain way. It's called

957
00:44:51,280 --> 00:44:55,880
Speaker 3: capital gains tax. So can you explain the taxes on that,

958
00:44:55,920 --> 00:44:57,920
Speaker 3: because that's that's what you're working with now, right.

959
00:44:57,840 --> 00:44:59,640
Speaker 2: Right, right, So I'll work with a company go token

960
00:44:59,680 --> 00:45:03,520
Speaker 2: tax and so the easy explanation is like TurboTax and

961
00:45:03,520 --> 00:45:07,480
Speaker 2: crypto and so crypto, if you trade crypto, it's very

962
00:45:07,480 --> 00:45:11,319
Speaker 2: hard to calculate your taxes. It's because the assumption is that,

963
00:45:11,360 --> 00:45:13,399
Speaker 2: all right, I go from let's say you're from the US,

964
00:45:13,440 --> 00:45:16,360
Speaker 2: I go from dollar to crypto, and then I go

965
00:45:17,400 --> 00:45:20,239
Speaker 2: from back to crypto back to dollar. That's when I

966
00:45:20,280 --> 00:45:22,840
Speaker 2: have to pay taxes. But actually, when you're in the

967
00:45:22,840 --> 00:45:25,000
Speaker 2: crypto world, like we said, it's about two thousand cryptos

968
00:45:25,000 --> 00:45:27,839
Speaker 2: you could trade between from crypto to crypto, and you

969
00:45:27,880 --> 00:45:31,480
Speaker 2: actually have to all those things are taxical transactions. It's

970
00:45:31,560 --> 00:45:34,040
Speaker 2: as if you when you sell one for the other,

971
00:45:34,280 --> 00:45:37,600
Speaker 2: the government actually looks at that as a sell and

972
00:45:37,640 --> 00:45:40,239
Speaker 2: a buy. And also there's other things like you could

973
00:45:40,280 --> 00:45:42,720
Speaker 2: actually work for crypto and get paid in crypto. That's taxable.

974
00:45:42,920 --> 00:45:45,719
Speaker 2: You also buy things in crypto and you that's also

975
00:45:45,760 --> 00:45:48,360
Speaker 2: a taxable transaction. So all of that is pretty is

976
00:45:48,440 --> 00:45:51,920
Speaker 2: complex to calculate. And so the company I work with,

977
00:45:51,960 --> 00:45:54,640
Speaker 2: this software basically hooks into all the all the wallets,

978
00:45:54,840 --> 00:45:59,360
Speaker 2: all the exchanges and pullsing your transactions and converts the

979
00:45:59,440 --> 00:46:02,160
Speaker 2: dollar equipped. So an example is, all right, I go

980
00:46:02,160 --> 00:46:05,120
Speaker 2: from dollar to bitcoin, and I trade bitcoin to ethereum.

981
00:46:05,480 --> 00:46:08,359
Speaker 2: Then I trade from ethereum back to maybe ripple. Right,

982
00:46:08,800 --> 00:46:11,000
Speaker 2: I didn't go back to dollars, but all those three

983
00:46:11,040 --> 00:46:14,600
Speaker 2: transactions are taxable because when I went from bitcoin to

984
00:46:14,640 --> 00:46:18,560
Speaker 2: bitcoin to ether, there I have to actually look at

985
00:46:18,680 --> 00:46:22,720
Speaker 2: the USD value of bitcoins from each time and convert

986
00:46:22,760 --> 00:46:24,960
Speaker 2: it back even though I didn't go into dollars. So

987
00:46:25,239 --> 00:46:27,200
Speaker 2: we allow that calculation.

988
00:46:27,320 --> 00:46:29,080
Speaker 4: Yeah, and the government, I mean, they just put out

989
00:46:29,080 --> 00:46:31,560
Speaker 4: an article last week where they're going to start taxing.

990
00:46:31,600 --> 00:46:33,640
Speaker 4: They sent out ten thousand letters to people.

991
00:46:33,760 --> 00:46:36,760
Speaker 2: Yeah, yeah, so going back to how crypto started. Obviously

992
00:46:36,800 --> 00:46:40,080
Speaker 2: with uh, there's a lot of anarchist libertarians and a

993
00:46:40,080 --> 00:46:42,040
Speaker 2: lot of these people are like anti taxes because they

994
00:46:42,040 --> 00:46:43,880
Speaker 2: don't trust the government. They don't think the government is

995
00:46:43,880 --> 00:46:47,240
Speaker 2: doing the right thing. And people were under the false

996
00:46:47,280 --> 00:46:49,080
Speaker 2: belief that you don't have to pay taxes on crypto.

997
00:46:49,480 --> 00:46:51,279
Speaker 2: But one of the things, one of the one of

998
00:46:51,360 --> 00:46:54,320
Speaker 2: the things that they created was transparency in the blockchain

999
00:46:54,360 --> 00:46:58,400
Speaker 2: and so yes, the transparent, but arrests also see that

1000
00:46:58,480 --> 00:47:02,080
Speaker 2: those transactions too, right, so you actually are exposing yourself,

1001
00:47:02,600 --> 00:47:04,239
Speaker 2: so you actually have to pay taxes on that.

1002
00:47:05,080 --> 00:47:08,000
Speaker 3: And what's what's coin coin Gamma. So coin Gamma is

1003
00:47:08,040 --> 00:47:09,680
Speaker 3: my own media platform.

1004
00:47:09,800 --> 00:47:11,880
Speaker 2: So it started with an app that I built as

1005
00:47:11,920 --> 00:47:15,280
Speaker 2: a side project in twenty fifteen. Twenty seventeen, I expanded

1006
00:47:15,320 --> 00:47:18,080
Speaker 2: it to a blog as well as a podcast where

1007
00:47:18,080 --> 00:47:22,200
Speaker 2: I interview leaders in the space and just provide education.

1008
00:47:23,040 --> 00:47:26,160
Speaker 2: And so what we do is we write about the space,

1009
00:47:26,640 --> 00:47:30,400
Speaker 2: we offer educational content, we interview leaders in the space,

1010
00:47:30,880 --> 00:47:33,520
Speaker 2: and we're actually going to start coming up with digital

1011
00:47:33,560 --> 00:47:36,560
Speaker 2: courses where people could kind of teach me. Teach me. Yeah,

1012
00:47:36,600 --> 00:47:39,680
Speaker 2: So I've taught some some in person classes, so I've

1013
00:47:39,680 --> 00:47:42,799
Speaker 2: taught in person classes in New York City and also

1014
00:47:42,840 --> 00:47:45,480
Speaker 2: I've taught at my alma Motors. So I've lectured at

1015
00:47:45,560 --> 00:47:48,480
Speaker 2: Warton as well as Brew College around crypto and blockchain.

1016
00:47:48,719 --> 00:47:51,319
Speaker 2: But I'll be doing some online courses over the next

1017
00:47:51,360 --> 00:47:51,759
Speaker 2: few weeks.

1018
00:47:51,800 --> 00:47:53,279
Speaker 3: How do you invest in cryptocurrency?

1019
00:47:53,400 --> 00:47:55,000
Speaker 2: All right? I mean it depends where you are, but

1020
00:47:55,040 --> 00:47:57,640
Speaker 2: if you're in the US, you take it. You have

1021
00:47:57,680 --> 00:48:00,080
Speaker 2: to take your dollars, you have to be you have

1022
00:48:00,120 --> 00:48:04,319
Speaker 2: to transact on the exchange that actually takes fiat, which

1023
00:48:04,360 --> 00:48:07,960
Speaker 2: is dollars and converts to crypto. Now, most exchanges actually

1024
00:48:08,000 --> 00:48:11,480
Speaker 2: do not do that. So you mentioned Binance earlier. Binance

1025
00:48:11,520 --> 00:48:15,279
Speaker 2: doesn't take dollars, right, most, but there are some major

1026
00:48:15,320 --> 00:48:17,719
Speaker 2: exchanges in the US that take dollars and convert for you.

1027
00:48:18,040 --> 00:48:21,239
Speaker 2: And it's similar to like buying something on PayPal. Right,

1028
00:48:21,560 --> 00:48:26,440
Speaker 2: so coin Base is the most popular. Another one is

1029
00:48:25,440 --> 00:48:28,680
Speaker 2: is Robbins robber Hood, Right, that just happened in New York, Right,

1030
00:48:28,680 --> 00:48:32,440
Speaker 2: we just got Another one is the cash app, Right,

1031
00:48:32,480 --> 00:48:33,959
Speaker 2: So if you use if you used the cash app

1032
00:48:33,960 --> 00:48:36,920
Speaker 2: to pay friends or family for you know, dinner or

1033
00:48:36,920 --> 00:48:39,719
Speaker 2: something like that, you actually could buy biitcoin the same way.

1034
00:48:40,320 --> 00:48:43,920
Speaker 2: But if you want to buy another cryptocurrency, so if

1035
00:48:43,920 --> 00:48:46,880
Speaker 2: it's if it's a cryptocurrency, so not all cryptocurrencies on

1036
00:48:46,920 --> 00:48:49,239
Speaker 2: every exchange. So if there's a crypto, if it's so,

1037
00:48:49,719 --> 00:48:52,759
Speaker 2: coin Base has a limited supply of crypto cryptos. Same

1038
00:48:52,800 --> 00:48:55,160
Speaker 2: thing as as the same thing with the other apps

1039
00:48:55,160 --> 00:48:57,560
Speaker 2: I mentioned, so the cash app, as well as the

1040
00:48:57,640 --> 00:48:59,839
Speaker 2: robin Hood app. But if you want to do some

1041
00:48:59,840 --> 00:49:03,479
Speaker 2: of the other cryptos, you actually have to basically buy

1042
00:49:03,520 --> 00:49:06,200
Speaker 2: the bitcoin or e theoreum or on coin Base, then

1043
00:49:06,320 --> 00:49:09,279
Speaker 2: move it to the other exchange, right, and then you

1044
00:49:09,280 --> 00:49:11,600
Speaker 2: could transact on those change And that's how people get

1045
00:49:11,600 --> 00:49:14,240
Speaker 2: caught up. It's extremely complicated.

1046
00:49:13,760 --> 00:49:17,320
Speaker 3: Toorius Big had a legendary line. Let me say shictly

1047
00:49:17,320 --> 00:49:22,160
Speaker 3: for live man, not for freshmen cryptocurrency. Don't play around

1048
00:49:22,200 --> 00:49:23,960
Speaker 3: with it if you don't understand what you're doing.

1049
00:49:24,320 --> 00:49:26,560
Speaker 4: Because there's been plenty of days where we got calls

1050
00:49:26,640 --> 00:49:28,560
Speaker 4: like yo, not money didn't go through.

1051
00:49:28,680 --> 00:49:29,680
Speaker 2: What happened? What happened.

1052
00:49:30,000 --> 00:49:32,879
Speaker 3: Actually, it's probably gotten more user friendly now. I don't

1053
00:49:32,880 --> 00:49:35,840
Speaker 3: even look at it anymore. I have my money invested,

1054
00:49:36,000 --> 00:49:37,520
Speaker 3: but I don't look at it. But at one point

1055
00:49:37,560 --> 00:49:39,520
Speaker 3: I was looking at it every day, but it was

1056
00:49:39,560 --> 00:49:42,319
Speaker 3: extremely complicated when we first got in because you had to,

1057
00:49:42,600 --> 00:49:47,280
Speaker 3: like you said, you can't buy cryptocurrency with American dollars.

1058
00:49:47,320 --> 00:49:51,240
Speaker 3: You can trade dollars for bitcoin or ethereum or ethereum

1059
00:49:51,280 --> 00:49:54,120
Speaker 3: or like coin and coin based at that time, and

1060
00:49:54,160 --> 00:50:00,560
Speaker 3: then you can buy the other coins. It was mainly bitcoin, ethereum.

1061
00:50:00,920 --> 00:50:02,440
Speaker 3: Some of them you can buy with light coin, but

1062
00:50:02,520 --> 00:50:03,920
Speaker 3: most of them so you had so let's say you

1063
00:50:03,920 --> 00:50:07,960
Speaker 3: wanted to buy trying, right, you had to exchange American

1064
00:50:08,000 --> 00:50:11,960
Speaker 3: money for bitcoin on coin base. From coin Base, you

1065
00:50:12,000 --> 00:50:17,759
Speaker 3: had to send your bigcoin to Binance Exchange and it

1066
00:50:18,400 --> 00:50:21,440
Speaker 3: went now it's in Binance. Then now it's in Binance.

1067
00:50:21,520 --> 00:50:24,360
Speaker 4: Now don't skip the stuff. Because that that the transaction

1068
00:50:24,440 --> 00:50:26,080
Speaker 4: speed was so slow, which is one of the things

1069
00:50:26,080 --> 00:50:28,040
Speaker 4: about bitcoin. So you had to So let's say you

1070
00:50:28,080 --> 00:50:31,080
Speaker 4: sent a thousand or five thousand dollars, right, it would

1071
00:50:31,120 --> 00:50:33,280
Speaker 4: take maybe a half hour before it even.

1072
00:50:33,120 --> 00:50:35,239
Speaker 3: Got Bitcoin was o d I remember one kind of

1073
00:50:35,239 --> 00:50:38,360
Speaker 3: bitcoin took me five hours. I'm like, where's the customer service?

1074
00:50:38,520 --> 00:50:43,160
Speaker 2: Like, I'm like, going on, it's crazy, but the crazy

1075
00:50:43,200 --> 00:50:45,160
Speaker 2: thing real because I mean if you if I was

1076
00:50:45,200 --> 00:50:48,439
Speaker 2: to if I was on the Venmo or cash app

1077
00:50:48,480 --> 00:50:50,800
Speaker 2: and I sent it to the wrong person. I could

1078
00:50:51,200 --> 00:50:53,120
Speaker 2: hit up cash app and say, yo, I sent it all,

1079
00:50:54,080 --> 00:50:56,080
Speaker 2: give me a charge back. If I said, if I

1080
00:50:56,680 --> 00:50:59,480
Speaker 2: Bigger America and I put wired the money in the wrong

1081
00:50:59,520 --> 00:51:05,720
Speaker 2: person America, it might mistake because this thing is decentralized,

1082
00:51:05,800 --> 00:51:09,560
Speaker 2: is owned by you, and it's owned you. Also mistakes

1083
00:51:09,560 --> 00:51:10,560
Speaker 2: literally in the black hole.

1084
00:51:10,600 --> 00:51:13,560
Speaker 3: Now so then all right, so now it's in binance,

1085
00:51:13,640 --> 00:51:18,160
Speaker 3: and then from now you have to buy tron with

1086
00:51:18,239 --> 00:51:20,640
Speaker 3: the bitcoin and binance. So it's like a three part process.

1087
00:51:20,680 --> 00:51:22,399
Speaker 3: What happens is that and then you had so when

1088
00:51:22,440 --> 00:51:24,480
Speaker 3: you send it, they send you a cold It's a

1089
00:51:24,520 --> 00:51:25,960
Speaker 3: code that you have to put in to send it

1090
00:51:26,000 --> 00:51:28,400
Speaker 3: to one place to another. This is something that is

1091
00:51:28,440 --> 00:51:30,279
Speaker 3: extremely important. This happened to me. Happened to me on

1092
00:51:30,280 --> 00:51:33,040
Speaker 3: my birthday two years ago. I was I sent five

1093
00:51:33,120 --> 00:51:36,719
Speaker 3: hundred dollars. I was trying to buy bitcoin gold or

1094
00:51:36,800 --> 00:51:40,560
Speaker 3: was it bitcoin cash. There's another bitcoin, bitcoin cash, bitcoin case.

1095
00:51:40,600 --> 00:51:44,640
Speaker 3: I was trying to buy bitcoin cash, but I put

1096
00:51:44,640 --> 00:51:47,560
Speaker 3: the code for bitcoin. Long story short, I sent the

1097
00:51:47,600 --> 00:51:50,040
Speaker 3: wrong code. After i said, I'm like, damn, so I

1098
00:51:50,120 --> 00:51:53,239
Speaker 3: go back. I'm like, I sent five hundred dollars, but

1099
00:51:53,280 --> 00:51:58,880
Speaker 3: I sent it to the wrong address. I'm going now

1100
00:51:58,920 --> 00:52:01,040
Speaker 3: it's going, it's it's no to track it. It's just

1101
00:52:01,840 --> 00:52:05,880
Speaker 3: it's in the universe. Somebody that's gone. Somebody lost like

1102
00:52:06,520 --> 00:52:10,239
Speaker 3: twenty one bitcoins like that they lost twenty one bitcoins

1103
00:52:10,440 --> 00:52:13,040
Speaker 3: because they sent it to the wrong address or something,

1104
00:52:14,160 --> 00:52:15,680
Speaker 3: and just going.

1105
00:52:15,960 --> 00:52:16,719
Speaker 2: It's crazy, man.

1106
00:52:16,760 --> 00:52:18,719
Speaker 4: But like even like that, it was like there's so

1107
00:52:18,760 --> 00:52:21,040
Speaker 4: many steps to it, like this is not like we

1108
00:52:21,040 --> 00:52:23,120
Speaker 4: weren't sleeping, like legit weren't sleeping. It was like, you

1109
00:52:23,120 --> 00:52:24,920
Speaker 4: know what, I'm not eve gonna do this transaction to

1110
00:52:24,960 --> 00:52:27,080
Speaker 4: the morning, but by the time you wake up, the

1111
00:52:27,160 --> 00:52:30,040
Speaker 4: value could have gone up by like a thousand.

1112
00:52:29,880 --> 00:52:33,040
Speaker 2: So because of that, you probably do moving so fast

1113
00:52:33,080 --> 00:52:35,560
Speaker 2: and frantic because you I gotta buy this, gotta bother us,

1114
00:52:35,600 --> 00:52:37,560
Speaker 2: and that leaves you open to making it was mistakes

1115
00:52:37,880 --> 00:52:38,799
Speaker 2: even if you are sharp.

1116
00:52:38,880 --> 00:52:42,000
Speaker 3: Now it's moving like a fiend. Now it's moving like

1117
00:52:42,000 --> 00:52:44,319
Speaker 3: a fiend, like because it was like we gotta do

1118
00:52:44,360 --> 00:52:46,880
Speaker 3: this right now, or they just so I'm like halfway

1119
00:52:47,239 --> 00:52:49,560
Speaker 3: like awake, trying to do this on my phone, and

1120
00:52:49,600 --> 00:52:51,360
Speaker 3: it's like damn, like I didn't really have time to

1121
00:52:51,360 --> 00:52:54,200
Speaker 3: really think about it. But you become addicted. You can.

1122
00:52:54,360 --> 00:52:56,960
Speaker 3: It's very addictive, especially at that time because it was

1123
00:52:56,960 --> 00:52:58,719
Speaker 3: so much money being made and it was moving so fast.

1124
00:52:58,719 --> 00:53:00,640
Speaker 3: And anything with cryptoi is that it's only four hours.

1125
00:53:00,640 --> 00:53:03,920
Speaker 3: It's like the stock market on steroids. Stock market they closed,

1126
00:53:03,960 --> 00:53:06,920
Speaker 3: they you know, it's it's way more structured. Cryptos like

1127
00:53:06,920 --> 00:53:07,719
Speaker 3: the wild wild West.

1128
00:53:07,719 --> 00:53:08,080
Speaker 2: No sleep.

1129
00:53:08,120 --> 00:53:10,120
Speaker 3: It's twenty four hours a day, and you have with

1130
00:53:10,239 --> 00:53:14,200
Speaker 3: these called whales, and these whales are like these are

1131
00:53:14,200 --> 00:53:17,520
Speaker 3: like the big dogs, like the marketos. Really it's really control.

1132
00:53:17,600 --> 00:53:19,640
Speaker 3: It's like all things. Even though it was made for

1133
00:53:19,680 --> 00:53:22,319
Speaker 3: the people, it's only controlled by like a handful of

1134
00:53:22,360 --> 00:53:27,200
Speaker 3: people that have millions, billions of dollars and they move it.

1135
00:53:27,600 --> 00:53:30,200
Speaker 3: They move the market so crazy and they sell their

1136
00:53:30,680 --> 00:53:33,120
Speaker 3: Bitcoin's gonna drop exactly right now. They know, they know

1137
00:53:33,160 --> 00:53:35,000
Speaker 3: what they're doing. So it's like it's hard to day

1138
00:53:35,000 --> 00:53:38,719
Speaker 3: trade in that space because you get eating up. You

1139
00:53:38,719 --> 00:53:39,239
Speaker 3: get eating up.

1140
00:53:39,680 --> 00:53:40,200
Speaker 2: That's what I'm saying.

1141
00:53:40,200 --> 00:53:41,680
Speaker 4: Like even if you're sitting in front of your computer,

1142
00:53:41,719 --> 00:53:43,400
Speaker 4: it's like you can't watch them all like it.

1143
00:53:44,080 --> 00:53:46,919
Speaker 2: I mean, this was like no sleep before like two months.

1144
00:53:46,960 --> 00:53:48,840
Speaker 4: Like you get text message like a group chat, it

1145
00:53:48,840 --> 00:53:51,200
Speaker 4: would be like I remember what Tron went from less

1146
00:53:51,239 --> 00:53:55,359
Speaker 4: than a penny to like fifteen cents. Like to thank

1147
00:53:55,400 --> 00:53:57,680
Speaker 4: you text for just coming in. I'm like I woke up,

1148
00:53:57,719 --> 00:53:59,960
Speaker 4: like yo, what happened? Like I missed?

1149
00:54:00,320 --> 00:54:02,080
Speaker 3: You know what I'm saying now because I brought trot

1150
00:54:02,080 --> 00:54:05,680
Speaker 3: at two cents and it went to thirty eight cents.

1151
00:54:05,880 --> 00:54:08,040
Speaker 3: I think the highest that it got to with thirty

1152
00:54:08,080 --> 00:54:10,520
Speaker 3: eight cents. So that's why, like I said, when I

1153
00:54:10,560 --> 00:54:13,120
Speaker 3: went to Swarm from six thousand to twenty eight thousand,

1154
00:54:13,160 --> 00:54:17,200
Speaker 3: I had a couple I brought Ripple at like ninety

1155
00:54:17,360 --> 00:54:20,719
Speaker 3: cents and I sold Ripple at like three dollars and

1156
00:54:20,760 --> 00:54:25,160
Speaker 3: fifteen cents. So it was like the good Times was rolling.

1157
00:54:26,160 --> 00:54:29,080
Speaker 3: The good Times was rolling. The good Times is rolling.

1158
00:54:29,239 --> 00:54:33,480
Speaker 3: But all right, so can we talk about like you said, okay,

1159
00:54:33,520 --> 00:54:35,840
Speaker 3: so now we got established of how to actually buy it?

1160
00:54:35,880 --> 00:54:37,960
Speaker 3: How do you evaluate coins? Like, how do you know

1161
00:54:38,520 --> 00:54:39,840
Speaker 3: which coin to buy?

1162
00:54:40,440 --> 00:54:40,520
Speaker 2: Like?

1163
00:54:41,560 --> 00:54:43,120
Speaker 3: How did somebody do that?

1164
00:54:43,320 --> 00:54:47,920
Speaker 2: Yeah, that's a hard one. I think the the space

1165
00:54:48,000 --> 00:54:51,840
Speaker 2: is early. None of a lot of these things are moving.

1166
00:54:51,920 --> 00:54:54,000
Speaker 2: A lot of these things are actually pre products, right,

1167
00:54:54,040 --> 00:54:56,760
Speaker 2: so people a lot of these coins out there are

1168
00:54:57,680 --> 00:55:01,480
Speaker 2: raising money on a hope they're going out there and

1169
00:55:01,480 --> 00:55:03,719
Speaker 2: they're pitching like a white paper, which is like their

1170
00:55:03,719 --> 00:55:06,799
Speaker 2: business plan, and they're saying, all right, well if you

1171
00:55:06,840 --> 00:55:09,600
Speaker 2: give us some money and you'll get a coin and

1172
00:55:09,640 --> 00:55:11,480
Speaker 2: you will be able to use it for x, y

1173
00:55:11,520 --> 00:55:15,560
Speaker 2: and z. And you have to study that. You have

1174
00:55:15,600 --> 00:55:18,239
Speaker 2: to look at the technology, right, because sometimes a lot

1175
00:55:18,280 --> 00:55:20,279
Speaker 2: of these coins actually are like you said, you took

1176
00:55:20,400 --> 00:55:22,360
Speaker 2: a bigcoin goal, bigcoin cash. It's like a bunch of

1177
00:55:22,400 --> 00:55:24,600
Speaker 2: big coins. There's light coin. There's a bunch of coins

1178
00:55:24,640 --> 00:55:27,040
Speaker 2: that actually are trying to do exactly what the major

1179
00:55:27,040 --> 00:55:29,560
Speaker 2: ones are doing. And what they're doing is tweaking it

1180
00:55:29,640 --> 00:55:31,399
Speaker 2: and say all right, we're gonna be faster, we're gonna

1181
00:55:31,400 --> 00:55:33,560
Speaker 2: be more secure, all that kind of stuff. And so

1182
00:55:33,640 --> 00:55:37,279
Speaker 2: you have to figure out whether that story resonates with you, right,

1183
00:55:37,360 --> 00:55:40,879
Speaker 2: So you have to study that. But most importantly you

1184
00:55:40,920 --> 00:55:43,960
Speaker 2: could believe that, but because of supply and demand is

1185
00:55:44,000 --> 00:55:46,359
Speaker 2: actually you need other people to believe it too, right,

1186
00:55:46,880 --> 00:55:51,080
Speaker 2: Like you could believe in that new Christian or Islamic

1187
00:55:51,200 --> 00:55:55,920
Speaker 2: religion or that new whatever religion. Right, but you may

1188
00:55:55,960 --> 00:55:58,000
Speaker 2: be the only person at church or a mosque or

1189
00:55:58,000 --> 00:56:01,520
Speaker 2: the or the or whatever by yourself, right unless you

1190
00:56:01,520 --> 00:56:04,440
Speaker 2: bring it so it is very religious in certain spects

1191
00:56:04,440 --> 00:56:07,439
Speaker 2: because it's their community aspects. Because the value of these

1192
00:56:07,719 --> 00:56:11,399
Speaker 2: of these assets are them going up, so you need

1193
00:56:11,400 --> 00:56:14,080
Speaker 2: more people to buy it, or they're able to be

1194
00:56:14,280 --> 00:56:17,759
Speaker 2: used amongst the community between each other. So if you're

1195
00:56:17,800 --> 00:56:20,680
Speaker 2: the only person that that, if you get into it

1196
00:56:20,760 --> 00:56:22,960
Speaker 2: and then people don't follow you, or a community doesn't

1197
00:56:22,960 --> 00:56:25,320
Speaker 2: follow you, then they're not gonna go up, no matter

1198
00:56:25,360 --> 00:56:28,000
Speaker 2: how strong you believe it to be. So you not

1199
00:56:28,120 --> 00:56:31,240
Speaker 2: only have to analyze the fundamentals of it, you also

1200
00:56:31,320 --> 00:56:34,920
Speaker 2: have to read what other people think about So a

1201
00:56:34,960 --> 00:56:38,160
Speaker 2: lot of research is actually spending time on Twitter, spending

1202
00:56:38,200 --> 00:56:43,040
Speaker 2: time on Reddit, spending time on these apps like Telegram

1203
00:56:43,120 --> 00:56:45,640
Speaker 2: and discord where people are talking about it and seeing

1204
00:56:45,680 --> 00:56:48,279
Speaker 2: what the energy is like. And so it makes no

1205
00:56:48,320 --> 00:56:50,840
Speaker 2: sense to have to make your investment decisions based on

1206
00:56:50,840 --> 00:56:53,120
Speaker 2: what other people think. But in this space is just

1207
00:56:53,160 --> 00:56:54,719
Speaker 2: the way it is now. They got they got the

1208
00:56:54,760 --> 00:56:55,799
Speaker 2: whole terminology like.

1209
00:56:55,760 --> 00:57:01,279
Speaker 4: Hold total total hld hld L, hold on with their life.

1210
00:57:01,360 --> 00:57:05,200
Speaker 2: Yeah, yeah, to the moon was like rocket. It was

1211
00:57:05,200 --> 00:57:06,600
Speaker 2: like when something was going up to the moon.

1212
00:57:06,760 --> 00:57:15,920
Speaker 3: That's when the they call those all coins shit coins.

1213
00:57:13,360 --> 00:57:16,320
Speaker 4: All coins with just any coin outside of the top

1214
00:57:16,360 --> 00:57:16,960
Speaker 4: three really.

1215
00:57:16,960 --> 00:57:20,080
Speaker 2: Basically, yeah, it's a whole culture. Cryptocurrency was a whole culture.

1216
00:57:20,120 --> 00:57:21,320
Speaker 2: I mean we studied it down to the t.

1217
00:57:21,560 --> 00:57:24,360
Speaker 4: Right when we started, I know Shoddy when he's amazing

1218
00:57:24,360 --> 00:57:27,200
Speaker 4: with numbers, so he started studying the market caps for

1219
00:57:27,240 --> 00:57:29,680
Speaker 4: each one. And then after we saw the market caps,

1220
00:57:29,680 --> 00:57:31,600
Speaker 4: we saw the coin supply. Right, Like we said that

1221
00:57:31,840 --> 00:57:33,960
Speaker 4: they have twenty one million, That means like, yo, in

1222
00:57:33,960 --> 00:57:36,200
Speaker 4: this space, that's pretty limited. But then you'll get a

1223
00:57:36,200 --> 00:57:37,840
Speaker 4: coin that that will come out as like there's only

1224
00:57:37,880 --> 00:57:41,680
Speaker 4: two thousand of it, right, whereas like Ripple was like

1225
00:57:41,920 --> 00:57:44,680
Speaker 4: was it something like crazy billion or something like that? Yeah,

1226
00:57:44,680 --> 00:57:46,000
Speaker 4: it's crazy, you know what I'm saying. So like you

1227
00:57:46,040 --> 00:57:48,120
Speaker 4: can see like, hey, what's the growth on that? If

1228
00:57:48,160 --> 00:57:51,720
Speaker 4: it's sixty five billion and it's only at like right now,

1229
00:57:51,760 --> 00:57:53,760
Speaker 4: it's probably like fifty one cent, it's like, well, how

1230
00:57:53,840 --> 00:57:55,360
Speaker 4: high can this really go? This ain't going to be

1231
00:57:55,400 --> 00:57:56,680
Speaker 4: a twenty dollars, do you know what I'm saying.

1232
00:57:56,680 --> 00:57:58,760
Speaker 2: It's too many of them. But here's the problem with show.

1233
00:57:59,040 --> 00:58:01,600
Speaker 2: You know, we talked about the the FIAT currencies like

1234
00:58:01,640 --> 00:58:05,240
Speaker 2: the dollar, year, et cetera, and how there's each they

1235
00:58:05,240 --> 00:58:07,480
Speaker 2: have like a Federal Reserve that could create unlimited supply.

1236
00:58:08,080 --> 00:58:11,880
Speaker 2: Bigcoin doesn't have like a group of people. All these

1237
00:58:11,920 --> 00:58:14,720
Speaker 2: other coins actually are centralized, so they're actually a little

1238
00:58:14,760 --> 00:58:18,080
Speaker 2: bit more like fiat money. So yes, they could go

1239
00:58:18,080 --> 00:58:20,040
Speaker 2: out with a white people says that we're gonna limit it.

1240
00:58:20,240 --> 00:58:22,800
Speaker 2: But there's been coins that like they were out and

1241
00:58:22,840 --> 00:58:25,440
Speaker 2: like the they just the people that were behind it

1242
00:58:25,520 --> 00:58:27,360
Speaker 2: or the company behind it decided to just change the call.

1243
00:58:27,400 --> 00:58:30,920
Speaker 2: We're like, we're gonna do more, right, And there's no

1244
00:58:31,320 --> 00:58:33,200
Speaker 2: you know that it's it's a wild West because there's

1245
00:58:33,200 --> 00:58:35,600
Speaker 2: no sec to like stop them. There's like there's a

1246
00:58:35,640 --> 00:58:37,880
Speaker 2: lot of coin, you know in twenty seventeen, a lot

1247
00:58:37,880 --> 00:58:41,840
Speaker 2: of coins you know, raise all that money and they

1248
00:58:42,200 --> 00:58:45,000
Speaker 2: were supposed to come out with things and they bounced right.

1249
00:58:45,240 --> 00:58:48,440
Speaker 2: Feel yeah, it's scary, but like I think one thing

1250
00:58:48,480 --> 00:58:50,800
Speaker 2: that you know ra Sean talked about earlier is like

1251
00:58:51,320 --> 00:58:53,200
Speaker 2: you put six k's like that was that was what

1252
00:58:53,360 --> 00:58:56,160
Speaker 2: you could lose. Like even to this day, like I

1253
00:58:56,200 --> 00:58:59,360
Speaker 2: don't put money you could lose like do not. At

1254
00:58:59,360 --> 00:59:01,360
Speaker 2: that time, I would get text with people like hey,

1255
00:59:01,360 --> 00:59:04,040
Speaker 2: like my retirement's not right about like putting money in

1256
00:59:04,640 --> 00:59:08,400
Speaker 2: the tirement retirement and like now, only play with what

1257
00:59:08,520 --> 00:59:09,120
Speaker 2: you could lose.

1258
00:59:09,920 --> 00:59:11,440
Speaker 3: Now, I don't don't play with the big boys if

1259
00:59:11,440 --> 00:59:13,320
Speaker 3: you're not if you're not ready, man, because like I said,

1260
00:59:13,360 --> 00:59:17,000
Speaker 3: now it's real talk. We don't have control over this.

1261
00:59:17,400 --> 00:59:20,600
Speaker 3: It's very and we have control over anything, but especially

1262
00:59:20,680 --> 00:59:22,920
Speaker 3: crypto because it's very thin. It's very thin. And that's

1263
00:59:22,960 --> 00:59:25,120
Speaker 3: one of the things that actually got me involved. Once

1264
00:59:25,200 --> 00:59:27,000
Speaker 3: I saw the market cap. I saw the market cap,

1265
00:59:27,000 --> 00:59:29,680
Speaker 3: it was like one hundred what's the market cap.

1266
00:59:29,600 --> 00:59:32,120
Speaker 4: Now, it's probably like two hundred and the two.

1267
00:59:32,080 --> 00:59:34,760
Speaker 3: Hundred million, right, billion?

1268
00:59:34,320 --> 00:59:34,600
Speaker 2: Billion?

1269
00:59:34,880 --> 00:59:37,080
Speaker 4: Yeah, so we got a pretty hot to like nine hundred.

1270
00:59:37,360 --> 00:59:38,840
Speaker 2: Yeah, it was a trillion.

1271
00:59:38,920 --> 00:59:40,360
Speaker 3: Yeah, it was supposed hit a trillion by the time.

1272
00:59:40,360 --> 00:59:41,960
Speaker 3: I don't think it was even at a billion at

1273
00:59:41,960 --> 00:59:43,800
Speaker 3: that time. I think it's like nine hundred million something

1274
00:59:43,840 --> 00:59:45,880
Speaker 3: like that. But one story short, even where it's at now,

1275
00:59:45,960 --> 00:59:48,040
Speaker 3: a couple of hundred billion, that's not a lot of money.

1276
00:59:48,040 --> 00:59:49,400
Speaker 3: That sounds like a lot of money, but that's really

1277
00:59:49,440 --> 00:59:49,840
Speaker 3: not a lot.

1278
00:59:49,760 --> 00:59:51,680
Speaker 2: Of It's really not a lot because if you look

1279
00:59:51,720 --> 00:59:54,320
Speaker 2: at traditional assets, I tell people a whole time, Yeah,

1280
00:59:54,560 --> 00:59:58,320
Speaker 2: the whole crypto market is two hundred and fifty billion dollars.

1281
00:59:58,360 --> 01:00:02,440
Speaker 2: But guess what Fidelity one investment shop has seven trillion

1282
01:00:02,440 --> 01:00:05,520
Speaker 2: of the assets fact but themselves seven trillion, right, So

1283
01:00:05,640 --> 01:00:08,320
Speaker 2: like this is this is a spect.

1284
01:00:10,200 --> 01:00:11,760
Speaker 3: When I first got into, I'm like, look, it's a

1285
01:00:11,760 --> 01:00:14,080
Speaker 3: lot more room for it to grow because the market

1286
01:00:14,400 --> 01:00:16,439
Speaker 3: value is so low. And that's one of the things

1287
01:00:16,440 --> 01:00:17,920
Speaker 3: that made me get into And that's one of the

1288
01:00:17,920 --> 01:00:21,520
Speaker 3: reasons why I still actually hold out hope because I like, that's.

1289
01:00:22,520 --> 01:00:25,320
Speaker 2: If it was gonna die, no, I would have died

1290
01:00:25,640 --> 01:00:28,400
Speaker 2: over the last year as exactly right, because like people

1291
01:00:28,640 --> 01:00:31,080
Speaker 2: people who gave it, people the bigcoin went down, people

1292
01:00:31,160 --> 01:00:33,439
Speaker 2: like it's over, like it's a wrap and it came

1293
01:00:33,520 --> 01:00:36,280
Speaker 2: back up and it's trading, kind of trading. We never

1294
01:00:36,360 --> 01:00:38,800
Speaker 2: know why. It's just people the belief, you said, it's

1295
01:00:38,800 --> 01:00:39,240
Speaker 2: the belief.

1296
01:00:40,120 --> 01:00:42,400
Speaker 3: So yeah, all right, so now you got the education.

1297
01:00:42,520 --> 01:00:45,240
Speaker 3: But for people that want more information, how can they

1298
01:00:45,320 --> 01:00:49,080
Speaker 3: contact you? What's your podcast and your app? All your information?

1299
01:00:49,240 --> 01:00:53,560
Speaker 2: Yeah, so the podcast app, Instagram as well as Twitter

1300
01:00:53,640 --> 01:00:55,800
Speaker 2: is all the same thing. Coin Gamma so c O

1301
01:00:55,960 --> 01:00:59,880
Speaker 2: I N G A M M A. Gamma is like

1302
01:00:59,880 --> 01:01:02,320
Speaker 2: a term that is in the options world that in

1303
01:01:02,400 --> 01:01:05,120
Speaker 2: my old world that I brought over but yeah, Cooin

1304
01:01:05,200 --> 01:01:07,440
Speaker 2: Gamma is it And uh, if you search my name,

1305
01:01:07,440 --> 01:01:10,480
Speaker 2: my name is relatively unique, so you'll find me. So

1306
01:01:11,360 --> 01:01:15,800
Speaker 2: Fritz Charles on LinkedIn. I kind of changed my last

1307
01:01:15,880 --> 01:01:18,760
Speaker 2: name on Twitter and Instagram it is frist chain. You'll

1308
01:01:18,760 --> 01:01:23,560
Speaker 2: follow me a frist chain on on on that like chain. Yeah, gotcha. Yeah,

1309
01:01:23,680 --> 01:01:26,680
Speaker 2: So you can find me all those platforms. And I'm

1310
01:01:26,680 --> 01:01:29,600
Speaker 2: always putting out educational content. D m me ad me

1311
01:01:29,680 --> 01:01:32,120
Speaker 2: on LinkedIn and we could chat for sure, for sure.

1312
01:01:32,280 --> 01:01:35,760
Speaker 2: So Troy Patreon, Yeah, shout out to Patreon. It's our

1313
01:01:35,760 --> 01:01:39,440
Speaker 2: private paid program patreon dot com. Backslash on healsia every

1314
01:01:39,600 --> 01:01:41,280
Speaker 2: every week. It seems to be growing.

1315
01:01:41,640 --> 01:01:42,200
Speaker 3: It's a community.

1316
01:01:42,240 --> 01:01:43,439
Speaker 2: It's a community now, man.

1317
01:01:43,520 --> 01:01:45,800
Speaker 4: So we got some new members' gonna shout them out

1318
01:01:45,840 --> 01:01:51,200
Speaker 4: Sean uh Branina Nicola Trip, Johnna, Tyris, and we got

1319
01:01:51,240 --> 01:01:52,439
Speaker 4: to give a huge shout out to Tony.

1320
01:01:52,440 --> 01:01:53,160
Speaker 2: Shout out to Tony.

1321
01:01:53,160 --> 01:01:55,600
Speaker 4: He was one of our members from a couple of

1322
01:01:55,600 --> 01:01:59,320
Speaker 4: months ago, but he made a video, like a testimonial

1323
01:01:59,400 --> 01:02:02,160
Speaker 4: video just about how great Patreon is. So he just

1324
01:02:02,160 --> 01:02:03,520
Speaker 4: did that out of love for us. So shout out

1325
01:02:03,520 --> 01:02:05,560
Speaker 4: to Tony and everybody that's been supporting on Patreon.

1326
01:02:06,040 --> 01:02:08,040
Speaker 3: No, it's amazing. Patreon is amazing. It's like I said,

1327
01:02:08,040 --> 01:02:13,000
Speaker 3: it's a community and e Yo University is real. We're

1328
01:02:13,080 --> 01:02:15,640
Speaker 3: launching some stuff. Everything is top secret right now. But

1329
01:02:16,640 --> 01:02:19,000
Speaker 3: if you you can't get this level of information, even

1330
01:02:19,040 --> 01:02:20,880
Speaker 3: if you paid to go to school, you probably wouldn't

1331
01:02:20,960 --> 01:02:23,880
Speaker 3: be very difficult to get this this because it's real world.

1332
01:02:23,880 --> 01:02:27,320
Speaker 3: It's not just people just supply and demand. Charge is

1333
01:02:27,360 --> 01:02:30,040
Speaker 3: actually real world people that's actually in the field doing

1334
01:02:30,080 --> 01:02:31,960
Speaker 3: it themselves. Like, you can't get that kind of information

1335
01:02:32,000 --> 01:02:35,080
Speaker 3: in college. Professors aren't. They don't do that, but most

1336
01:02:35,160 --> 01:02:35,720
Speaker 3: professors are.

1337
01:02:36,000 --> 01:02:37,960
Speaker 4: If they do that, they study in one area.

1338
01:02:38,040 --> 01:02:39,400
Speaker 2: Right, We're given everything.

1339
01:02:39,440 --> 01:02:41,360
Speaker 3: No, it's different, it's it's a different level of education.

1340
01:02:41,520 --> 01:02:42,760
Speaker 3: Was going to land and somebody said that they got

1341
01:02:42,800 --> 01:02:45,000
Speaker 3: two master's degrees and they learned more from our podcast

1342
01:02:45,040 --> 01:02:46,120
Speaker 3: than they got from the masters.

1343
01:02:46,920 --> 01:02:47,280
Speaker 2: Amazing.

1344
01:02:48,120 --> 01:02:53,520
Speaker 3: So Patreon is a lot cheaper than any university in America.

1345
01:02:53,680 --> 01:02:56,720
Speaker 4: There's different level tiers, like we said on every episode,

1346
01:02:56,760 --> 01:02:58,440
Speaker 4: so you can join at any level you like.

1347
01:02:58,840 --> 01:03:01,360
Speaker 3: But we're just gonna keep on it, not for sure,

1348
01:03:01,480 --> 01:03:03,880
Speaker 3: for sure. And then book tip of this week is

1349
01:03:04,040 --> 01:03:11,120
Speaker 3: Bitcoin Billionaires from the Winkle von winkleon Winklevoss Twins and

1350
01:03:11,240 --> 01:03:13,800
Speaker 3: chronicles their journey. If anybody's not familiar, those are the

1351
01:03:13,840 --> 01:03:18,240
Speaker 3: guys that Facebook. They depending on how you look at

1352
01:03:18,240 --> 01:03:19,960
Speaker 3: they might have they might have got screw out of Facebook,

1353
01:03:19,960 --> 01:03:21,680
Speaker 3: but they got the last laugh at the end because

1354
01:03:21,680 --> 01:03:26,479
Speaker 3: they they made well. That but they became the first

1355
01:03:26,520 --> 01:03:30,480
Speaker 3: billionaires off of bitcoin. That was a fact. I don't know.

1356
01:03:30,560 --> 01:03:33,000
Speaker 3: They probably lost some money now, but they made so

1357
01:03:33,080 --> 01:03:33,960
Speaker 3: much money. Doesn't matter.

1358
01:03:34,160 --> 01:03:36,320
Speaker 2: We get that point. Doesn't change.

1359
01:03:36,400 --> 01:03:39,240
Speaker 3: No, no, no, they're powerful players in the bitcoin market.

1360
01:03:39,800 --> 01:03:43,480
Speaker 3: So it's a good book. I highly recommend it. And

1361
01:03:43,600 --> 01:03:45,560
Speaker 3: we will see you guys in three days because we

1362
01:03:45,680 --> 01:03:48,720
Speaker 3: have as I said, this this week is different. We're

1363
01:03:48,720 --> 01:03:51,000
Speaker 3: going to put out two episodes this week, so we'll

1364
01:03:51,040 --> 01:03:54,240
Speaker 3: see you back on Friday at five pm. Keep spreading

1365
01:03:54,280 --> 01:03:56,960
Speaker 3: the word and peace, Sis