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Speaker 3: All right, guys, welcome back EYL Episode.
Speaker 2: Twenty eight, twenty eight weeks and.
Speaker 3: Twenty eight monumental. First and foremost, we have to think
Speaker 3: Black Enterprise sure for featuring us that that was a
Speaker 3: very that was a good, gracious article that they did
Speaker 3: for us.
Speaker 4: It was a number one share story last week.
Speaker 3: I saw that almost about that three thousand shiar So
Speaker 3: shout out to everybody for sharing it and all of
Speaker 3: the response that we've gotten for that. It's very encouraging,
Speaker 3: very encouraging. So thank you, Thank you for Black Enterprise.
Speaker 3: We appreciate you, Nicole Webb, thank you for writing the story.
Speaker 2: We appreciate you. Well done.
Speaker 4: And then we also have to shout out curl Fest amazing.
Speaker 4: Shout out to older girls, a curly Girl collective. We
Speaker 4: actually attended for the first time.
Speaker 2: It definitely won't be our last time. Yeah, it was
Speaker 2: just beautiful to.
Speaker 4: See melan and celebrated and everybody come and have a
Speaker 4: good time, and I was in all of it.
Speaker 3: Yeah, for sure. Episode twenty five. If you haven't listened
Speaker 3: to episode twenty five, that's what Samone Marris. She's one
Speaker 3: of the co founders of curl Fest. Curl Fest is
Speaker 3: the largest natural heir festival in the world, So that
Speaker 3: check that episode out. It's a good one. She dropped
Speaker 3: a lot of gems on women here and also on
Speaker 3: the festival industry, so we actually went. This is our
Speaker 3: first year actually going and attended. It was twenty thousand
Speaker 3: and thirty thousand people there and it was it was dope,
Speaker 3: just crazy, really good.
Speaker 4: And they're not done that. They're gonna be doing Atlanta.
Speaker 4: So Atlanta, get ready they come in your way out
Speaker 4: to them.
Speaker 3: For sure, for sure, but we're gonna jump right until.
Speaker 3: We got a very very special show. We actually we're
Speaker 3: doing a little different this week. We got so much
Speaker 3: information that we want to give out to the public
Speaker 3: that we're gonna release two shows this week. We're gonna
Speaker 3: do our show what you're listening to right now Tuesday,
Speaker 3: five pm, and then we're also going to drop on Friday.
Speaker 2: We did that before episode twenty four.
Speaker 3: We did episode twenty four, but this is just gonna
Speaker 3: be two different episodes. And we got some information for
Speaker 3: our international listeners as well on this on the episode
Speaker 3: that's coming out Friday, because we get a lot of feedback.
Speaker 3: We get a lot of positive feedback from from people
Speaker 3: all over, from Africa, from Europe, from Asia, and they're like,
Speaker 3: you know, we want to have a little bit more
Speaker 3: of an international field.
Speaker 4: So they love the content, but sometimes it doesn't relate
Speaker 4: to their country.
Speaker 3: Yeah, so we got some international information as well as
Speaker 3: information for the globe. And I always say even for
Speaker 3: people that live in America, don't limit yourself to America.
Speaker 3: Like the world is big, right, So the international information
Speaker 3: isn't just for international listeners, for you too, because we
Speaker 3: need to give money every single way in the world,
Speaker 3: and we need to educate ourselves everywhere in the world
Speaker 3: that the world is flat, not literally like Kyrie IRV.
Speaker 3: It's flat as far as information information is the same.
Speaker 3: This is why we we can be on the charts
Speaker 3: in Dubai being the charts, in Botswana being in charts,
Speaker 3: and and Trinidad, Jamaica all of these different places, is
Speaker 3: because we receiving information at the same time right now.
Speaker 3: So it's a level playing field. So we need to
Speaker 3: educate ourselves on what's going on all over the world,
Speaker 3: not just what's happening in America, for sure. So a
Speaker 3: very special guest today, Fritz Charles, thank you for joining us.
Speaker 2: Thanks a legend in his own right.
Speaker 3: Appreciate that for sure, for sure. So he's going to
Speaker 3: tell the story, but very interesting story. You got a
Speaker 3: lot to talk about from Wall Street to Crypto and
Speaker 3: one of the things that we've been getting requested to
Speaker 3: cover the most is cryptocurrency.
Speaker 2: Right, we got some stories.
Speaker 3: Yeah, so we got our own personal story, but we
Speaker 3: wanted to bring an expert in the fielding as well.
Speaker 3: So he's an expert in the field as well as
Speaker 3: a bunch of other things as well. So we're going
Speaker 3: to get into crypto. But before we start, we want
Speaker 3: can we get a backstory on how you got here
Speaker 3: because your story is really interested as far as working
Speaker 3: in Wall Street and you were with the infamous Lehman Brothers. Right,
Speaker 3: that's right, all right, so yeah, all right, can you
Speaker 3: explain that because that's that's that's an interesting story now
Speaker 3: for sure.
Speaker 2: For sure, I try to make it as concise as
Speaker 2: it could be because it's it's pretty long. But I think,
Speaker 2: first off, thanks for having me. But yeah, like you said,
Speaker 2: you know, it's kind of the personal background is a
Speaker 2: group in Queens, born in Queens, New York. Ten college
Speaker 2: at Brew College in New York, study finance. And my
Speaker 2: first job out of school was at Leman Brothers. But
Speaker 2: is not common. Yeah, yeah, I went hard for that job.
Speaker 2: It was definitely a job that it's a dream job.
Speaker 2: Leman Brothers at the time, this is two thousand and six.
Speaker 2: You know, I would say, you know, probably you know,
Speaker 2: it's Goldman Sacks and like Leman Brothers, Morgan Stanley wille
Speaker 2: On that next.
Speaker 3: Level investment bank. Ifnybody's not familiar, Leanan Brothers was one
Speaker 3: of the biggest investment banks in the world. Yeap on
Speaker 3: Wall Street like Goldman Sacks, same.
Speaker 2: Level as exactly. And so I got a job there
Speaker 2: as a as a trader. So I traded equity derivatives
Speaker 2: mean equity swaps, equity options, and my clients were hedge
Speaker 2: funds and crazy fun job, you know, really intense. I
Speaker 2: was twenty two years old, kind of doing transactions that
Speaker 2: were in the billions. Yeah, yeah, yeah, you know, the
Speaker 2: intention of billion six digits six digits as as a
Speaker 2: as a twenty two year old out of Queens is major.
Speaker 2: And then I, you know, did my thing got you know,
Speaker 2: you kind of the way you're hired as an analyst.
Speaker 2: So you do two years as an analyst and they
Speaker 2: decide what to do with you, and I got promoted
Speaker 2: to associate. And this is two thousand and eight, you know,
Speaker 2: two thousand and eight. Obviously the financial crisis happened and
Speaker 2: about three months after got promoted, we went bankrupt and
Speaker 2: so and then what happened was it was like three
Speaker 2: days where people didn't know what was going on as
Speaker 2: far as like whether it was a you know, whether
Speaker 2: the building will be open, whether we had insurance. You
Speaker 2: were just basically working for bankrupt entity. And then we
Speaker 2: got word that Barcleys brought us, and then there was
Speaker 2: like a whole lot of hoopla as far as like
Speaker 2: who who's going to be left with Barkleys, Who's going
Speaker 2: to get laid off? And I was one of the
Speaker 2: fortunate people to keep my job, so I ended up
Speaker 2: working at Barcleys. This is before the Barking Center, so
Speaker 2: I didn't get any tickets.
Speaker 3: So that's all right. So the financial crisis of two
Speaker 3: thousand and eight, when banks were closing left and right,
Speaker 3: Wall Street was in a mess, and you were trading
Speaker 3: very complicated swap derivatives. Can you give eleventh grade explanation
Speaker 3: on what swapped derivatives?
Speaker 2: Yeah? Yeah, So basically what it is is basically it's
Speaker 2: a it's a contract that says I traded equity swaps
Speaker 2: on basically equity indexes. So the most popular equity index
Speaker 2: is the S and P five hundred. So you always
Speaker 2: hear about if you watch CNBC or even watch any news,
Speaker 2: they say, oh the market, we're up five percent nine
Speaker 2: times out of ten. They're talking about the S and
Speaker 2: P five hundred, and so the s P five hundred
Speaker 2: is five hundred stocks, right, so to trade it, to
Speaker 2: trade five hundred stocks, especially if you you know, you're
Speaker 2: not the hugest hedge fune or hugest client, like that's
Speaker 2: really complicated. But what you can do with us is,
Speaker 2: all right, well, we'll give you a contract that gives
Speaker 2: you the same return of the five hundred stocks, will
Speaker 2: take care of like buying all of them. And then
Speaker 2: what you have to do with us is you give
Speaker 2: us an interest rate. So we're going to say, all right,
Speaker 2: well you pay us three percent. What we used to
Speaker 2: quote it as is LIB or library is a London
Speaker 2: Interbig offering rate, which is basically like it's almost like
Speaker 2: the international Federal funds rate. It's like the set rate.
Speaker 2: Like sometimes you hear about people talking about all the
Speaker 2: Feds going to raise rates or whatever. This is like
Speaker 2: the international version of that. So you so the hedge fund, says,
Speaker 2: I say, the hedge fund all right, Well you want
Speaker 2: the return on SMP over a year, I'll give you that,
Speaker 2: but you got to go and pay me, you know,
Speaker 2: five percent something like that for that. So if the
Speaker 2: SMP goes up above five percent, let's say the SMP
Speaker 2: goes up seven percent seven minus two seven seven minus
Speaker 2: five is too they're doing well. The SMP is below
Speaker 2: five percent, then they're out of money, right, So it's
Speaker 2: kind of like this weird it's almost like a bet,
Speaker 2: so to speak.
Speaker 3: How much money was being traded on that.
Speaker 2: So yeah, I mean normal transaction with these clients would
Speaker 2: be five hundred million, one billion, Yeah, and so they'll
Speaker 2: call us up like I want to move five to
Speaker 2: move a billion dollars worth of investment B five hundred
Speaker 2: and we would take that trade for them. And you're
Speaker 2: doing that at twenty two years.
Speaker 3: Old, yes, and you're doing that every every day, every day.
Speaker 3: So he was traded from thirty to four straight billion
Speaker 3: dollars every day basically.
Speaker 2: Yeah.
Speaker 3: So the reason why I say that is even if
Speaker 3: the average person probably will never invest in this type
Speaker 3: of investment, it's important to understand and know. Right, we
Speaker 3: had ashcash showing. It was a great interview for US,
Speaker 3: and he spoke about when he worked in a bank.
Speaker 3: He used to be the CEO of a credit union,
Speaker 3: and he spoke about when he was on behind the
Speaker 3: scenes of a bank, and he started to see that
Speaker 3: wealthy people had a team of people that was working
Speaker 3: for him, right in so much stuff that the average
Speaker 3: person black, white, Chinese, the average person has no idea
Speaker 3: what happens. Right, But these things affect the world, right,
Speaker 3: and so it's like a small group of people that
Speaker 3: really affect the whole world. Right, So that ties into it,
Speaker 3: the Lehman Brothers going bankrupt. So people I don't think
Speaker 3: people fully understand, or maybe they forgot because we have
Speaker 3: short term memories about two thous Right, how did how
Speaker 3: did two thousand and eight happen?
Speaker 2: When?
Speaker 3: If you're not familiar, if you're too young, that's when
Speaker 3: the financial crisis hit. We had the worst recession since
Speaker 3: the Great the Propression. Stock market was down like forty percent,
Speaker 3: the housing market crashed, Everything just fell apart, right, the
Speaker 3: perfect storm. And then the banks, big banks had to
Speaker 3: get bailed out, of course. So but this all started
Speaker 3: because it was in England. It was it was a
Speaker 3: trading block in England, right that was doing prime mortgages,
Speaker 3: some prime mortgage.
Speaker 2: Now is US. It was England, Yeah, that was England.
Speaker 2: It was a US. So you know, the investment bank
Speaker 2: is split in between a couple of different divisions. So
Speaker 2: there's investment banks that kind of helps people go public
Speaker 2: like IPO and stuff like that. Then you have the
Speaker 2: capital market side, which was I was in and you
Speaker 2: split that between fixed income and equities. Equities just mean stock.
Speaker 2: So my style was talking about was doing stock. But
Speaker 2: the other side is where they focused on bonds, mortgages,
Speaker 2: a bunch of other things. And so what they would
Speaker 2: so the way that mortgages happen, if I go get
Speaker 2: a mortgage from like Bank of America or something like that,
Speaker 2: or local credit Union, they give me a mortgage and
Speaker 2: then now they have they're basically accredited to me, right,
Speaker 2: and they take that, but they take like a thousand
Speaker 2: of me and they put the mortgages together and then
Speaker 2: they go to Lian Brothers or some other bank and
Speaker 2: they're like yo packages together and sell it for me.
Speaker 2: And so what Leman Brothers does is they give you
Speaker 2: the upfront money. Let's say let's say he does a
Speaker 2: I'll give you a mortgage for a house that's like
Speaker 2: two hundred grand whatever, and over time people they pay
Speaker 2: interests and stuff like that. Maybe I don't want to
Speaker 2: wait thirty years to give my money back. I'll go
Speaker 2: to Lian Brothers. I was like, you know what, there's
Speaker 2: two hundred grand, there's two hundred grand mortgage. I'll sell
Speaker 2: it to you for like two hundred and ten grand.
Speaker 2: And by the way, I got one hundred of those.
Speaker 2: Put it all together. And then what Lehman Brothers does,
Speaker 2: or all the investment banks, they take it, put it together,
Speaker 2: they chop it up, and they sell it to different people. Right,
Speaker 2: but if the mortgage it so, but the way that
Speaker 2: they price it is the risk. Right. So there's people
Speaker 2: that put five percent in their homes. These people got
Speaker 2: five to twenty credit you know credit scores. Some people
Speaker 2: have seven hundred credit scores. Those things based the market says,
Speaker 2: you know what, I'll pay you a premium for the
Speaker 2: good credit people. I'll pay you a discount for the
Speaker 2: bad credit people. But if the people in the middle
Speaker 2: are not communicating straight what the underlying assets are, right,
Speaker 2: or what was happening at the time you had you
Speaker 2: had a real estate market with that was going up
Speaker 2: for so long, so that people people that people with
Speaker 2: like five hundred six hundred credit scores and making only
Speaker 2: fifty ks stated income, Right, we're getting houses that were
Speaker 2: like half a million dollars.
Speaker 3: We not to cut you off, but we covered stated incoming.
Speaker 3: We didn't really talk about stated income, so people might
Speaker 3: have the income. Stated income was a policy in the
Speaker 3: mid two thousands where you can state your income. So
Speaker 3: if anybody is familiar with the process to get a mortgage,
Speaker 3: you got to jump through hula hoops to get a mortgage, right,
Speaker 3: you got to like bring your tax documents for the
Speaker 3: last two years, and you gotta bring all kinds of stuff.
Speaker 3: They gotta check your credit all at But in the
Speaker 3: mid two thousands, it was you just walking to the
Speaker 3: bank and you state your income and whatever you stated
Speaker 3: your income, that's what they said.
Speaker 4: So you can say I made one hundred fifty thousand,
Speaker 4: You could say I made a half a million, half
Speaker 4: a million.
Speaker 3: You can be a gardener and make fifteen dollars an
Speaker 3: hour and going to a bank and say I make
Speaker 3: five hundred thousand dollars a year. They take your word
Speaker 3: for it, and they give you a mortgage based on
Speaker 3: a million dollar home and people was doing that. It
Speaker 3: was crazy. Yeah, one hundred percent.
Speaker 2: And that's and the only reason people were doing that
Speaker 2: is because they didn't have to hold the bag right
Speaker 2: like they were like, all right, because if you're a
Speaker 2: bank and I give you, I mean just thinking about anybody.
Speaker 2: If I give you, know that person my homeboy alone,
Speaker 2: and I know he doesn't have a job, No, he
Speaker 2: can't pay me back, but I have to wait for
Speaker 2: that person to pay me back. I'm not gonna probably
Speaker 2: give my homeboyd a loan, right, But if I knew,
Speaker 2: I could take my homeboys loan and pass it to
Speaker 2: somebody else and they they are unhooked for and they
Speaker 2: got to worry about collecting from him. Somebody left holding
Speaker 2: the back. So that's what happened. Because of the cap
Speaker 2: of markets, you were able to do that super efficiently.
Speaker 2: And that worked for a few years because all the
Speaker 2: real estate prices are going up and up. Right, Because
Speaker 2: even if if I have a loan against the house
Speaker 2: and a person can't pay and the house goes up,
Speaker 2: I'm good. So I'm okay with that, right, or that
Speaker 2: person is okay because they're more likely to pay me.
Speaker 2: But until that stops. It's like musical chairs, right. So anyway,
Speaker 2: Lian Brothers was a leader in that. Basically they took
Speaker 2: those packaged mortgages and sold them out. But what happened
Speaker 2: was it's good when you could just pass them out,
Speaker 2: but then when you can't liquidate them as quickly, and
Speaker 2: then now you hold them the bag, and then real
Speaker 2: estate prices go down. Then people default, they're not paying
Speaker 2: their mortgages. The houses that are behind the mortgages are
Speaker 2: not as valuable. Right, it becomes this cycle. And then
Speaker 2: now Lien Brothers, now Lim Brothers has bad credit on
Speaker 2: their books from the people they give credit to. Then
Speaker 2: people don't give Lian Brothers credit. Right then the stock
Speaker 2: market it's like yo, I heard Lim Bros can get credit.
Speaker 2: Then it becomes this spiral, and then Lim Brothers has
Speaker 2: a transaction with bes Terns and best Sterns a transact
Speaker 2: with Javin Morgan. Now people are like, oh, actually I
Speaker 2: know you. I know Lian Brothers, lim Brows can't pay
Speaker 2: the money, and I know Lim Brouh's owes you, so
Speaker 2: now you screw too, and now I'm not gonna buy
Speaker 2: your stock. And then everything kind of just went in
Speaker 2: a cycle so that you.
Speaker 3: Know what it sounds like to cut you off. You
Speaker 3: know what it sounds like. So it almost a Ponzi scheme, right,
Speaker 3: And if you understand how Ponzi schemes work, you only
Speaker 3: really get screwed in the Ponzi scheme when things go bad.
Speaker 3: It's not a lot of people make money in the
Speaker 3: Ponzi scheme like Bernie Madoff.
Speaker 2: Right.
Speaker 3: If you invested early with Bernie maydof, you made a
Speaker 3: lot of money, right, because the thing about it is
Speaker 3: he's taking new money and he's paying the old investors,
Speaker 3: and then he's just kind of repeating the process. Right.
Speaker 3: It only goes bad when people ask for their money
Speaker 3: back in bulk. You don't have enough to cover it.
Speaker 3: But as long as nobody really acts for their money
Speaker 3: in bulk, you can keep that thing going. He kept it.
Speaker 3: He kept the scam going for thirty years because it's
Speaker 3: nobody really asks for anything. You're giving people twelve percent
Speaker 3: a year, why would you ask for your money back.
Speaker 2: You can kill a recession. Haapens.
Speaker 3: Well, that's what I'm saying. So it's all good when
Speaker 3: you when you hedge these kind of bets, until it's
Speaker 3: not all good anymore.
Speaker 2: It's all good till it's not. Exactly, it's like it's
Speaker 2: all good till it's not good. So then, so how
Speaker 2: how quickly did did these guys go under? Like?
Speaker 3: How I could that happened like in a couple of months, right, Like.
Speaker 2: Well, it happened a couple of months. But like I
Speaker 2: guess O seven is when things got a little bit hairy.
Speaker 2: But then like things stabilized in early O eight. So
Speaker 2: bear Stearns was the world want to go down? So
Speaker 2: bear Stearns going down probably like the first quarter of
Speaker 2: O eight, Lean Brothers was you know, people, the stock
Speaker 2: just started going down. So stock stock probably was trading
Speaker 2: in the one hundred and twenty and forties and like
Speaker 2: throughout the year just kind of kept going down. And
Speaker 2: I don't know if you you guys covered this on
Speaker 2: your podcast previously, but basically there's these people that called
Speaker 2: short sellers. You could basically bet that the stock's going
Speaker 2: You haven't covered that, can you talk about it? So
Speaker 2: basically short selling is like it's weird, but basically what
Speaker 2: you do is you say, all right, I think this
Speaker 2: stock is gonna I think this company sucks, I think
Speaker 2: this stock's gonna go down. I'm gonna go to my
Speaker 2: broker or to a bank and say, let me bow
Speaker 2: that stock. I'm gonna sell it, and then I'm gonna
Speaker 2: buy it back later on at lower price. So the
Speaker 2: stock is at fifty and you know, you know the
Speaker 2: company is not making money, or you think the company's
Speaker 2: not making money, you say, all right, I'm gonna buy
Speaker 2: it back later. I might buy it back at twenty five.
Speaker 2: I bought it, I barred, I sold it at fifty,
Speaker 2: bought it back at twenty five. That's twenty five dollars profit, right,
Speaker 2: And so it's actually reversed because obviously usually what you
Speaker 2: do is you buy and you sell. In this case,
Speaker 2: you sell then you buy. And the way you're able
Speaker 2: to do it is because these firms will take other
Speaker 2: people's assets, like other people's stock, and lend it to you.
Speaker 2: It's similar to how people take people's savings account and
Speaker 2: use those as loans. Right. And the question is like,
Speaker 2: why would a bank do that? You actually pay an
Speaker 2: interest rate on that money through while you have it short? Yeah,
Speaker 2: because that's the big short you ever read that book? Yep,
Speaker 2: big short movie that that movie's powerful, and that's what
Speaker 2: these guys.
Speaker 3: Did they made a bunch of a bunch of money,
Speaker 3: a boatload of money from shortened.
Speaker 2: Yeah, they were shortened. That there's shortened, there's mortgage access.
Speaker 2: They predicted that this happened. Yeah, exactly.
Speaker 3: And you went to war in school of business, right,
Speaker 3: that's right after that, So.
Speaker 4: That that comes because of what happens at Yes, I
Speaker 4: go to Leman and uh, you know, at the time,
Speaker 4: I thought I hadn't made.
Speaker 2: I was gonna be working in that place till I
Speaker 2: was older, stacking bread and maybe investing on the side.
Speaker 2: But like I thought, I had my career made. But
Speaker 2: as that was happening, I was seeing what's going on.
Speaker 2: I was and also what I what I think about
Speaker 2: investing trading particularly, You're really like your skill set is
Speaker 2: your skill set. You can't take anywhere else. Right, if
Speaker 2: I traded that one thing, I can't even go and
Speaker 2: straight bonds after that, Like the only jobs I could
Speaker 2: get was at another bank doing the same exact thing.
Speaker 2: And guess what, noneing we're hiring. And you know, like
Speaker 2: I said, I went to cunitybrew College and it was
Speaker 2: a great school, great education for the money, but I
Speaker 2: felt like that was a time where I really need
Speaker 2: a network, and also I need to kind of think
Speaker 2: about where I want to take my career. I want
Speaker 2: to do something a little bit more I have more
Speaker 2: control over, and I decided to apply business school and
Speaker 2: I ended up getting to Warton and what they're Yeah,
Speaker 2: the other.
Speaker 3: The third person who's coming You're the third person that's
Speaker 3: come from from Warren. That's during the podcast. Shout out
Speaker 3: to Brandon Copeland. Yeah, Derek Ferguson, Derek Ferguson, those are
Speaker 3: all both great episodes. They got a lot of pressure
Speaker 3: to lift up too. But so Warren, if anybody's not familiar,
Speaker 3: is one of the best, if not the best business
Speaker 3: school in the world, not just the country, the world.
Speaker 3: So we have our third Warren alumni here and he
Speaker 3: just gave you a very good, uh breakdown of very
Speaker 3: complex trading. So you just got an Ivy League education
Speaker 3: in twenty minutes. The university once again, once again we
Speaker 3: provided free education for you guys. So you're welcome. So
Speaker 3: now we're going to go into the second segment where
Speaker 3: we're going to talk about cryptocurrency, bitcoin and everything you
Speaker 3: need to know about it. All right, So now we're
Speaker 3: going to go into what everybody's been waiting for. We're
Speaker 3: gonna break down cryptocurrency. Before we go into cryptocurrency, we
Speaker 3: gotta tell a story. We'll tell our own personal story
Speaker 3: about crypto we avolved. Yeah, so if you know, if you,
Speaker 3: if you, if you listen to the podcast, you know
Speaker 3: that a our theme is transparency. We tell you know,
Speaker 3: our real stories in real life, and our guests tell
Speaker 3: their real stories. And we also have the slogan of
Speaker 3: all money in shout out to nip rest in peace.
Speaker 3: But it's real because we really tried everything at one
Speaker 3: point in time. We literally tried everything.
Speaker 2: Exact.
Speaker 3: We tried everything. So all right, so here's the story
Speaker 3: on cryptocurrency, right, so two thousand and seventeen, right the draft,
Speaker 3: we got to take it back to the draft of
Speaker 3: twenty seventeen. So Donovan Mitchell shout out to Donovan Mitchell, right,
Speaker 3: hometown hero. And we were at the Barclay Center because
Speaker 3: we're good friends with his family and they invited us,
Speaker 3: and we were at the sweep when he got drafted.
Speaker 2: The mess Yeah.
Speaker 3: Once again, the Knicks screwed that up and didn't draft.
Speaker 4: Yeah, we were sitting there, like you know, the Knicks
Speaker 4: had a chance to do it. He worked out for them.
Speaker 4: Dad was like, I think they got a chance and nope.
Speaker 2: Yeah that's frank.
Speaker 3: They didn't drafting, but he got drafted by Utah. But anyway,
Speaker 3: we were there with his family and one of our
Speaker 3: good friends. So her kid went to a private school
Speaker 3: and one of his friends. This is why networking is
Speaker 3: so important, right, people that you meet. His friend was
Speaker 3: like a twenty year old kid, right, And I just
Speaker 3: met him and we were just talking randomly, like what
Speaker 3: do you do for living? On a financial advisors So
Speaker 3: we just started talking. Mind you, he's twenty years old
Speaker 3: at this time. Think he's like a freshman or sophomore
Speaker 3: in college or something like that. And he's telling me,
Speaker 3: he's like, you know, I just bought this e theory.
Speaker 3: He's like, I put twenty thousand into ethereum. You know,
Speaker 3: I put ten thousand to ethereum like five months ago
Speaker 3: and it went to one hundred thousand. I cashed out.
Speaker 3: He said. My friend put one hundred thousand into Etheroreum.
Speaker 3: It went to a million. He cashed out. He started
Speaker 3: a hedge fund.
Speaker 4: What is twenty years I don't even think he might
Speaker 4: have been twenty. I think he was eighteen ninety. I
Speaker 4: think something like that as a graduation gift.
Speaker 3: Yeah, well you know that. And that's the power of family,
Speaker 3: of course, right, he wasn't from our community. That's for them.
Speaker 2: Sure that story.
Speaker 3: So when he told me that, I told you more.
Speaker 3: I'm like, well, we got like what's this? Like this
Speaker 3: because I heard about cryptocurrency. I heard about bitcoin, but
Speaker 3: I ain't really hit about Ethereum. I'm like, hold up, wait,
Speaker 3: like what's going on here? And that's when I started
Speaker 3: studying it, but I still was kind of apprehensive. I
Speaker 3: ain't really sure. And then I see bitcoin. I'm just
Speaker 3: studying it. I'm just a student of the game, and
Speaker 3: like October, I see bitcoin just start climbing. It went
Speaker 3: from like six thousand to seven thousand. No, I went
Speaker 3: from like three thousand, yeah, like four thousand to like
Speaker 3: five thousand. So then I called my man shout to
Speaker 3: Jason Lewis. I called him and he's a bitcoin expert,
Speaker 3: and I'm like, okay, tell me everything I need to
Speaker 3: know about cryptocurrency. He educated me for two and a
Speaker 3: half hours, and I asked every single question that I
Speaker 3: could have asked, like a thousand questions. Every question I had.
Speaker 3: He educated on me on it, and I was like
Speaker 3: around November. That was like November, actually late October. It
Speaker 3: was late October. No, no, it was like November. No, November,
Speaker 3: it was November. So I'm like, all right, cool. So
Speaker 3: I found out this app called coinbase where you can
Speaker 3: buy cryptocurrency. Right, So he educated me and he was
Speaker 3: telling me about like the three biggest currencies at that time,
Speaker 3: which is light coin, Bitcoin, and ethereum. So he's telling
Speaker 3: me about it. So I'm like, all right, you know
Speaker 3: what I'm gonna put my money in. I put six
Speaker 3: thousand dollars and I told the group. I told the guys,
Speaker 3: I'm like, look, I put six thousand dollars and I
Speaker 3: spread it across the three coins. I'm like, I'm not
Speaker 3: telling y'all to do this. This is money that I
Speaker 3: feel comfortable losing because it's a it's a risk, Like
Speaker 3: I feel comfortable losing it if I lose it. But
Speaker 3: I don't know what's gonna happen. So then me and
Speaker 3: Jamaal we go to Asia for a month.
Speaker 2: Right, this is now December.
Speaker 3: Yeah, we went to Asia for twenty days in December.
Speaker 3: First we left for twenty days.
Speaker 2: Don't let that go over your heads. Twenty days.
Speaker 3: Now, I let a life you can write a book on.
Speaker 3: I'm gonna write a book down.
Speaker 2: A life done.
Speaker 3: But we went to Asia with a return ticket. We
Speaker 3: went with a ticket there and a ticket back and
Speaker 3: two nights in Bangkok. That's it for twenty days. We
Speaker 3: were gonna figure it out as we went. We just
Speaker 3: winged it. We went to five different countries. Was just
Speaker 3: winging it as we were literally winging it, like we
Speaker 3: were buying hotels at the airport. He was just figuring
Speaker 3: it out day to day. So I'm in Asia and
Speaker 3: it just so happened as fate would have it. I
Speaker 3: brought into the crypto space like one week before it
Speaker 3: started to skyrocket. But if anybody's not familiar, No, December
Speaker 3: of twenty seventeen is legendary in crypto world. Like every
Speaker 3: think went up like a thousand percent, one hundred, like
Speaker 3: it was crazy. So long story short, I'm in Asia
Speaker 3: and I had six thousand dollars invested. Every single day
Speaker 3: I'm waking up and I'm just getting five hundred, six
Speaker 3: hundred more dollars is going up seven thousand, eight thousand.
Speaker 3: It's just doping mean, yeah, yeah, I'm out and I'm
Speaker 3: out in Thailand, and I'm more focused on that than anything.
Speaker 3: I'm like, this is crazy. I'm like, I'm about to
Speaker 3: make a million dollars before summer. Son Troy starts, so
Speaker 3: I'm like, I'm telling the guys. I'm like, I'm sending
Speaker 3: them screenshots like I don't know what y'all doing. I'm
Speaker 3: getting money out here. So Troy is like he starts
Speaker 3: studying it, like he's start one thing about toys, good
Speaker 3: with research. So he starts studying it like he's up
Speaker 3: all night, no sleep, and he starts telling me about
Speaker 3: all these other coins, Tron and all of these different things.
Speaker 3: And by meanwhile, I'm thinking I'm doing good because I'm
Speaker 3: going up like one hundred percent, three hundred percent, four
Speaker 3: hundred But he's like that's not enough. He's like, you earning,
Speaker 3: but that's not enough, these other coins going up a
Speaker 3: thousand percent, three thousand percent. He's you got to come home,
Speaker 3: Like I never forget.
Speaker 2: I was in Hong Kong.
Speaker 3: I was in Hong Kong, and he called me.
Speaker 4: Like come home because this is like fact, right, So
Speaker 4: I heard about bitcoin prior to all this, right, because
Speaker 4: I was in the music downloading the services.
Speaker 2: Right.
Speaker 4: So at that time, the US had said early two
Speaker 4: thousand and they were like, yo, they're going to prohibit
Speaker 4: illegal downloads.
Speaker 2: Right.
Speaker 4: So the people started coming up with web sharing sites
Speaker 4: like mega upload, rapid shit, if anybody downloaded music, you
Speaker 4: know those sites. And one of the things as far
Speaker 4: as payment was bitcoin, right, and there's no way that
Speaker 4: the government.
Speaker 2: Can track you.
Speaker 4: So I'm like, all right, that sounds pretty cool. And
Speaker 4: then I never heard about it again. Right, people were
Speaker 4: using it. I kept seeing it. I never heard about
Speaker 4: it until like November, and I was like, yo, I'm
Speaker 4: putting money in.
Speaker 2: Like he's like two weeks from leaving.
Speaker 4: I'm like whatever. And then like he said, he started
Speaker 4: texting us. I'm like, yo, this he actually made some money.
Speaker 4: So now it's like nah, I gotta figure this out.
Speaker 4: So he leaves and I'm like still trying to figure
Speaker 4: this out. I'm studying and studying it, and like I
Speaker 4: never forget. I read the this article on this dude,
Speaker 4: Justin's son who created troyn tr rex, and so I'm like, wow,
Speaker 4: this guy has a vision for currency, Like he's gonna
Speaker 4: do it through video games and right, I'm thinking, like wow,
Speaker 4: like Gods of War, like these are these games where
Speaker 4: it's like it's not real money anymore, Like people are
Speaker 4: actually using currency inside of games. It's like how before Fortnite,
Speaker 4: it was like, yo, we'll give you the game for free,
Speaker 4: but you'll buy things in it.
Speaker 2: And I'm like, all right, well, how do I get this? Right?
Speaker 4: So after I start studying it, right, I knew coin Base,
Speaker 4: and I'm like, this gotta be more to this, right
Speaker 4: because I can't even find t rex on Coinbase, right,
Speaker 4: And so I studied and then I hear this this
Speaker 4: this company called Binance. And when I went to I'm
Speaker 4: telling you, it was like three in the morning. I
Speaker 4: had to wait because they were on like yeah, twelve
Speaker 4: hours ahead. How many twelve hours I waited? I said, listen,
Speaker 4: get you on, y'all gotta come home. Like I'm like, yo,
Speaker 4: book a flight back. I found something, I said, book
Speaker 4: a flight back. Fact, we found something. He kept talking
Speaker 4: about trying like this, trying. I'm like, I don't know, man,
Speaker 4: about Tron. I got like less than a cent.
Speaker 2: You know, it's funny, literally, you know you were like
Speaker 2: in a home with Tron. Yeah yeah, right, spot he
Speaker 2: just had to find that community. It was crazy, I
Speaker 2: remember it was. It was a Hong Kong ko. Remember
Speaker 2: in the background was all these lights.
Speaker 3: I was Hong Kong.
Speaker 2: I was like them all almost died in that story
Speaker 2: for a different day, he almost died, But I was
Speaker 2: a Hong Kong by myself, and I had all these
Speaker 2: lights in the background.
Speaker 3: You like, come home. I'm like, I'm in agient. I'm
Speaker 3: having the time of my life.
Speaker 4: Come home right now.
Speaker 3: So he So he came home, and when I got home,
Speaker 3: the first thing I did, I came to his house
Speaker 3: and he educated me on how to like buy buy coin.
Speaker 3: It's a whole process. We're gonna talk about that, but
Speaker 3: how to buy coins, how to put the money in.
Speaker 2: All that stuff, right, market caps, all that.
Speaker 3: So then I so, so anybody that knows me, you
Speaker 3: know that I kind of have an addictive personality. I've
Speaker 3: never done any drugs in my life, and I'm a
Speaker 3: light drinker, but I'm very compulsive. It's worked out a
Speaker 3: lot of times, and it's been very bad for me
Speaker 3: a lot of times. But I make very composed decisions.
Speaker 3: So when I started, I started making money, and I'm like, okay,
Speaker 3: so now educating myself on what we call all coins.
Speaker 3: We'll explained that later too. So then I just started,
Speaker 3: I'm like, you know what, I just started rolling the dice.
Speaker 3: I started like buying coins and doing on and hour
Speaker 3: was it was crazy. So by like the first week
Speaker 3: in January, my six thousand grew to twenty eight thousand, yep,
Speaker 3: twenty eight thousand dollars in a month, six thousand and
Speaker 3: twenty eight in a month. And I'm feeling like Warren
Speaker 3: Buffett Vincent.
Speaker 4: We said it to ourselves, We're like, yo, if we
Speaker 4: don't make one hundred thousand by June, we did something wrong.
Speaker 3: Now I was feeling I told you I was playing
Speaker 3: on making eight hundred thousand in crypto for that year.
Speaker 3: We calculated calculation that did the whole thing.
Speaker 2: So then everything, wait, everything fell apart, not yet, no.
Speaker 4: No, no, no, early January it went, it went down,
Speaker 4: but then it came back like late January. Were like,
Speaker 4: all right, we're back, we're back right now.
Speaker 3: I fell apart and I put more money in and
Speaker 3: I'm gonna buy the dip. And then it fell apart
Speaker 3: again and I put more money in. I said, I'm
Speaker 3: buy this dip. And then it just completely collapsed and.
Speaker 2: He gave up on the space.
Speaker 3: Yeah.
Speaker 4: So but I said this, I said this. I said, look,
Speaker 4: if it was gonna die, I would have right. And
Speaker 4: one of the things I heard that was powerful to
Speaker 4: me is the CEO of Ripple said this. He was like,
Speaker 4: the reason that this is gonna work is because if
Speaker 4: you think about money, right, what's the fastest way to
Speaker 4: get one hundred thousand dollars from San Francisco to London?
Speaker 2: What do you think this is? Its crypto?
Speaker 4: He was like, the fastest way in today's society, right,
Speaker 4: twenty and eighteenth flight is to get on a plane
Speaker 4: to fly with that money to London. How is that
Speaker 4: work in the world of technology? Right, That's why Ripple
Speaker 4: and all these other old coins and bitcoins, that's why
Speaker 4: it's gonna work. And when he said that, I'm like, Nah,
Speaker 4: I don't care. This is gonna go down. This is
Speaker 4: not going anywhere. And so like one of the things
Speaker 4: we did too, and for sure it was like we
Speaker 4: were like, look, we're not letting anybody get left on
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Speaker 4: The cyberbubble right in the nineteies, right, if that is this,
Speaker 4: we got to make sure that we get the Google.
Speaker 4: We got to make sure that we get Amazon, and
Speaker 4: we don't get stuck with excite dot com.
Speaker 2: But we're not leaving anybody.
Speaker 4: So I was like, yo, call everybody you know, Like,
Speaker 4: we're gonna call everybody we know so we can tell
Speaker 4: them how this works and teach them. And like we
Speaker 4: made mad phone calls and it was like, Yo, nobody
Speaker 4: wants to learn.
Speaker 3: People ain't people ain't playing, Like, nah, I'm good. All right,
Speaker 3: So now we gave you my story. It's a tragic story,
Speaker 3: it's a learning so all right, So can we talk
Speaker 3: about crypto Lets start one on one, right, What is cryptocurrency?
Speaker 2: So cryptocurrency is uh a digital asset that lives on
Speaker 2: the Internet that has value and where does the come from?
Speaker 2: It comes from people saying it has value, right, And
Speaker 2: it's that simple and so and it's that simple but
Speaker 2: also that fickle based on what you just said, right,
Speaker 2: And the question is like a lot of people say
Speaker 2: or housing the currency, how's anything? The currency? Anything is
Speaker 2: the currency because currency back by anything is a belief, right,
Speaker 2: and it's a belief that it's If more people believe
Speaker 2: that it's going to go up in the future, then
Speaker 2: more people buy. It's a supply and demand thing and
Speaker 2: that's what kind of moves it. But yes, it's a
Speaker 2: digital asset that lives on the Internet and there's you
Speaker 2: could transfer it without any middle man, so you don't
Speaker 2: need uh. The experience is similar to like a Venmo
Speaker 2: experience or zell experience or whatever cash hap experience. You
Speaker 2: don't have cash, you don't have cash up in the middle.
Speaker 2: What's in the middle is actually a community people that
Speaker 2: validate every transaction.
Speaker 4: And right, so that's the definition of the blockchain. Yes,
Speaker 4: it's validated by the blockchain exactly.
Speaker 3: So yeah, so crypto current But the name is little
Speaker 3: deceiving because it's not really being used as currency right now.
Speaker 3: It's more of an investment, right.
Speaker 2: Right, So it's an investment because due to people, due
Speaker 2: to the way it's moved, and bitcoin, being the first cryptocurrency,
Speaker 2: it's moving up and down based on the story you
Speaker 2: just said. People don't want to use it as a currency,
Speaker 2: so it's it's made to be a currency. It's made
Speaker 2: to allow people to move money back and forth. But
Speaker 2: because of the way it's structured. So Bitcoin structure in
Speaker 2: a way where there's a limited supply. Right, it was
Speaker 2: a seventeen million, it's seventeen million now, but the max
Speaker 2: is twenty one million, so people are anticipating at that
Speaker 2: point that it's going to be worth a lot, and
Speaker 2: so it's kind of transferred from a currency to more
Speaker 2: of a digital gold.
Speaker 3: So it's like it's being viewed as a commodity and value.
Speaker 3: It is exactly right. So that's what Jason told me here.
Speaker 3: So all right, because this is something that's interesting. So
Speaker 3: people say, like, well, cryptocurrency is in thin air, it's
Speaker 3: not physical, it's not backed by anything, And I say,
Speaker 3: neither is the American dollar. Right, American dollar used to
Speaker 3: be backed by gold, but I think in Nixon he
Speaker 3: changed and he removed the gold Standarday, he removed the
Speaker 3: gold standard. So now the American dollar, like most all
Speaker 3: dollars all over the world. There's only back by the
Speaker 3: faith went in America to talk at American American dollars,
Speaker 3: only back by the faith of the people people think
Speaker 3: that it's worth what it's worth. So at any point
Speaker 3: in time when the vast majority of people think the
Speaker 3: American dollar isn't worth anything, it's not worth anything.
Speaker 4: Right because I mean, like you said, with bitcoin, there's
Speaker 4: a limited supplied. Once it gets to twenty one million,
Speaker 4: there's no more, right, so that the value of that
Speaker 4: will go up obviously, right, So that's why you get
Speaker 4: those projections like bitcoin will be worth five hundred thousand
Speaker 4: dollars for one coin, whereas a dollar they can make
Speaker 4: a million of those every second, exactly day.
Speaker 2: So like what's the real value?
Speaker 3: So bitcoin, that's what most people have heard about bitcoin.
Speaker 3: Bitcoin is the first crypto, the grand daddy of crypto currency,
Speaker 3: started by Shatoshi na Kamoto.
Speaker 2: Anybody found him in Nobody's a lot of people claiming
Speaker 2: nobody knows this is the real Shatoshi knock Umoto.
Speaker 3: Did I say that correctly?
Speaker 2: Yeah?
Speaker 4: Good, bro, I got I don't get you some credit.
Speaker 2: That was good.
Speaker 3: If anybody's not the whole crypto thing is crazy. Everybody's
Speaker 3: not familiar to Guy's a legend. Nobody even knows if
Speaker 3: he's if he a actually ever really existed, or if
Speaker 3: he's a group of people, or if he's one person,
Speaker 3: or if he's living, who knows, But he's the founder
Speaker 3: of crypto, right because he made bitcoin. Right. Then from Bitcoin,
Speaker 3: you have thousands of cryptocurrencies, over two thousands. You have
Speaker 3: a whole bunch of different from Ethereum to Ripple, and
Speaker 3: they all kind of serve different purposes. So you have
Speaker 3: some that are like for just music. You have it's
Speaker 3: like all kinds of differences like websites now, like you
Speaker 3: have a website for everything, and you have a cryptocurrency
Speaker 3: for everything.
Speaker 4: Well, and then you have so like from those right,
Speaker 4: the top three you named Bitcoin, Ethereum, those are like platforms,
Speaker 4: so people build on those platforms like Ethereum, like a
Speaker 4: bunch of platforms will get built on them.
Speaker 2: Is like a digital computer, right, right, you can build
Speaker 2: on top of it. You could. The Ethereum introduced the
Speaker 2: concept of a smart contract, right. A smart contract is
Speaker 2: basically a digital contract that says, if then if this happens,
Speaker 2: then this happens, right, and uh, the way I like
Speaker 2: to illustrated is a Vendom machine, this smart contract, right,
Speaker 2: like I don't need like I go to corner store
Speaker 2: and get a Twizzler's or if I go to Vendom machine,
Speaker 2: I put a dollar in, there's cold inside a Venom
Speaker 2: machine that gives me the Twizzlers immediately. And Ethereum takes
Speaker 2: that and makes it a whole another level. Right. If
Speaker 2: you think about the Internet, most of the interest, like
Speaker 2: most any website anything, the way it works is if
Speaker 2: then if this, then that If I like going to
Speaker 2: Gmail dot com and I put in my password, if
Speaker 2: the pastor is good, then it gives me access. If
Speaker 2: the past is not good, then it tells me you
Speaker 2: got the gown pass. So Ethereum was the first time
Speaker 2: to take that that cold and put it on the blockchain,
Speaker 2: makes it makes it decentralized because like when I did,
Speaker 2: the Spain decentralized it, right, so Google centralized, like it
Speaker 2: lives like the way that the code works lives on
Speaker 2: Google servers and Mountain View in California obviously throughout the world,
Speaker 2: but like that is where the hub is that vending machine,
Speaker 2: like that code is in that vendom machine. But the
Speaker 2: way that blockchain and crypto has done it actually distributes
Speaker 2: the code around the whole world or whoever wants to
Speaker 2: be a validator and then that's it. And so it
Speaker 2: decentralizes it. It makes it democratic, and it makes it
Speaker 2: limitless as well as borderless.
Speaker 4: That was one of those those key words in that space,
Speaker 4: is decentralized. And it was like if you think about it,
Speaker 4: like a company like Google, right, like a lot of times,
Speaker 4: and it's coming up in the news now that that
Speaker 4: you know, the federal government is looking into them with
Speaker 4: that data that's being sold, right, they're like the middle
Speaker 4: man selling it right, right. That's one of the things
Speaker 4: with this space is like there is no middle guy.
Speaker 2: There's no middle man, you know what I mean. So
Speaker 2: it makes it the middle man is everybody?
Speaker 3: Right, Well, the one thing and that's one thing that
Speaker 3: I said. So when I first my first reservation before
Speaker 3: I started investing in cryptocurrency, I made a video on
Speaker 3: Instagram and it was my reservations on bitcoin, right, because
Speaker 3: everybody kept asking me my feelings about bitcoin, and I
Speaker 3: said this. What I said was I think it's a
Speaker 3: good idea in theory, and I think that is dope.
Speaker 3: But my biggest fear is that governments control currency, and
Speaker 3: at any point in time, when governments feel that they
Speaker 3: don't have full control of the currency or it's not
Speaker 3: benefiting them, then they'll stop it. One of the reasons
Speaker 3: why cryptocurrencies really fell in twenty eighteen is because governments
Speaker 3: across the world cracked down on them.
Speaker 4: Are China, South Korea, they just said it what not,
Speaker 4: you can't trade And then like if you were in
Speaker 4: the United States, like this was we ran into this
Speaker 4: problem too. It was like we couldn't buy on certain exchanges.
Speaker 4: So like one of those things like you said, like
Speaker 4: as far as like stocks, you can go to different exchanges.
Speaker 2: Same thing with this space, right there was like.
Speaker 4: Finance was the number one, but we had crypto, Cryptotopia, Cryptoia,
Speaker 4: Meta Doods, all these others. Some of them we couldn't
Speaker 4: buy because we were US citizens, right, so we had
Speaker 4: to try. You couldn't buy icos R especially, that was
Speaker 4: yeah that will yeah yeah, so icnothern IPL So like
Speaker 4: that's an initial coin offering. So when these companies are
Speaker 4: coming up with ideas, right, they need funding for it,
Speaker 4: they make an.
Speaker 2: Ic I think it's important to illustrate why so many
Speaker 2: coins could exist. So it's over two thousand cryptocurrencies right
Speaker 2: now US. You could actually create an ey L token tomorrow.
Speaker 2: The reason why is because the currency is cold and
Speaker 2: the code is open source. So I could go and
Speaker 2: actually see how bigcoin works, and I could actually create
Speaker 2: big I could change the B to F and make
Speaker 2: it fit coin and fritz coin. That's the white paper.
Speaker 2: That's the white paper, right, So that's how it starts.
Speaker 2: That's how it's social. Malkamoto, the group or whoever this
Speaker 2: individual is that bigcoin was introduced through the introduction of
Speaker 2: a white paper. And the white paper basic it was
Speaker 2: like this cold slash business plan that said how it works,
Speaker 2: how the colde works, and everybody could see that. Everybody
Speaker 2: could see exactly how it works, so anybody could pick
Speaker 2: it up and copy it. Right, But just because you
Speaker 2: pick it up and copy it doesn't mean that people
Speaker 2: are going to follow you. So you need a community
Speaker 2: behind it too.
Speaker 4: Yeah, So like that, that's how you get these other coins.
Speaker 4: Like if you look now on the on like coin
Speaker 4: market cap, you'll see like a bitcoin gold or a
Speaker 4: big gray like they'll say like, hey, we got that
Speaker 4: cold from the white paper. But we're gonna make it
Speaker 4: even better. Yeah, tweak it. That's why it's like different.
Speaker 4: And another thing that was she did was he he
Speaker 4: made it open sourced, so anybody can change the cold.
Speaker 4: It's an ongoing process of bitcoin. It's changing. Anybody can. Really,
Speaker 4: you could change it, right, it's not something that's set
Speaker 4: in stone.
Speaker 3: He did that. So his vision and how I see
Speaker 3: it is that his vision was to eliminate the world
Speaker 3: banks and government from like he wanted to make it
Speaker 3: peer to peer and also open source evolving where it's
Speaker 3: for the people.
Speaker 2: It was actually funny enough, it goes back to my story,
Speaker 2: like Leam Brothers, he's great. In two thousand and eight,
Speaker 2: he was these It derives out of a community of
Speaker 2: libertarians and archists, so people that didn't trust the government,
Speaker 2: and there was level of high high distrust amongst people
Speaker 2: from the financial system in general, just because we fellas
Speaker 2: went down and he had a community and he said, listen,
Speaker 2: I'm gonna create this thing that doesn't need banks, Like
Speaker 2: we could actually work without banks, we could work without
Speaker 2: the government, and we could transact to each other trustless.
Speaker 2: And that's that's kind of what where the fervor came from.
Speaker 4: Yeah, it's crazy still, all right, So we read a
Speaker 4: lot of white papers, man, we read a lot of
Speaker 4: white people.
Speaker 3: So all right, so tax, right, because that's what you're
Speaker 3: doing now with the tax.
Speaker 2: Right.
Speaker 3: So that's another issue because everything is so new that
Speaker 3: the government is trying to like catch up to it. Right,
Speaker 3: So we know how like real estate is tax a
Speaker 3: certain way. Stocks a tax a certain way. It's called
Speaker 3: capital gains tax. So can you explain the taxes on that,
Speaker 3: because that's that's what you're working with now, right.
Speaker 2: Right, right, So I'll work with a company go token
Speaker 2: tax and so the easy explanation is like TurboTax and
Speaker 2: crypto and so crypto, if you trade crypto, it's very
Speaker 2: hard to calculate your taxes. It's because the assumption is that,
Speaker 2: all right, I go from let's say you're from the US,
Speaker 2: I go from dollar to crypto, and then I go
Speaker 2: from back to crypto back to dollar. That's when I
Speaker 2: have to pay taxes. But actually, when you're in the
Speaker 2: crypto world, like we said, it's about two thousand cryptos
Speaker 2: you could trade between from crypto to crypto, and you
Speaker 2: actually have to all those things are taxical transactions. It's
Speaker 2: as if you when you sell one for the other,
Speaker 2: the government actually looks at that as a sell and
Speaker 2: a buy. And also there's other things like you could
Speaker 2: actually work for crypto and get paid in crypto. That's taxable.
Speaker 2: You also buy things in crypto and you that's also
Speaker 2: a taxable transaction. So all of that is pretty is
Speaker 2: complex to calculate. And so the company I work with,
Speaker 2: this software basically hooks into all the all the wallets,
Speaker 2: all the exchanges and pullsing your transactions and converts the
Speaker 2: dollar equipped. So an example is, all right, I go
Speaker 2: from dollar to bitcoin, and I trade bitcoin to ethereum.
Speaker 2: Then I trade from ethereum back to maybe ripple. Right,
Speaker 2: I didn't go back to dollars, but all those three
Speaker 2: transactions are taxable because when I went from bitcoin to
Speaker 2: bitcoin to ether, there I have to actually look at
Speaker 2: the USD value of bitcoins from each time and convert
Speaker 2: it back even though I didn't go into dollars. So
Speaker 2: we allow that calculation.
Speaker 4: Yeah, and the government, I mean, they just put out
Speaker 4: an article last week where they're going to start taxing.
Speaker 4: They sent out ten thousand letters to people.
Speaker 2: Yeah, yeah, so going back to how crypto started. Obviously
Speaker 2: with uh, there's a lot of anarchist libertarians and a
Speaker 2: lot of these people are like anti taxes because they
Speaker 2: don't trust the government. They don't think the government is
Speaker 2: doing the right thing. And people were under the false
Speaker 2: belief that you don't have to pay taxes on crypto.
Speaker 2: But one of the things, one of the one of
Speaker 2: the things that they created was transparency in the blockchain
Speaker 2: and so yes, the transparent, but arrests also see that
Speaker 2: those transactions too, right, so you actually are exposing yourself,
Speaker 2: so you actually have to pay taxes on that.
Speaker 3: And what's what's coin coin Gamma. So coin Gamma is
Speaker 3: my own media platform.
Speaker 2: So it started with an app that I built as
Speaker 2: a side project in twenty fifteen. Twenty seventeen, I expanded
Speaker 2: it to a blog as well as a podcast where
Speaker 2: I interview leaders in the space and just provide education.
Speaker 2: And so what we do is we write about the space,
Speaker 2: we offer educational content, we interview leaders in the space,
Speaker 2: and we're actually going to start coming up with digital
Speaker 2: courses where people could kind of teach me. Teach me. Yeah,
Speaker 2: So I've taught some some in person classes, so I've
Speaker 2: taught in person classes in New York City and also
Speaker 2: I've taught at my alma Motors. So I've lectured at
Speaker 2: Warton as well as Brew College around crypto and blockchain.
Speaker 2: But I'll be doing some online courses over the next
Speaker 2: few weeks.
Speaker 3: How do you invest in cryptocurrency?
Speaker 2: All right? I mean it depends where you are, but
Speaker 2: if you're in the US, you take it. You have
Speaker 2: to take your dollars, you have to be you have
Speaker 2: to transact on the exchange that actually takes fiat, which
Speaker 2: is dollars and converts to crypto. Now, most exchanges actually
Speaker 2: do not do that. So you mentioned Binance earlier. Binance
Speaker 2: doesn't take dollars, right, most, but there are some major
Speaker 2: exchanges in the US that take dollars and convert for you.
Speaker 2: And it's similar to like buying something on PayPal. Right,
Speaker 2: so coin Base is the most popular. Another one is
Speaker 2: is Robbins robber Hood, Right, that just happened in New York, Right,
Speaker 2: we just got Another one is the cash app, Right,
Speaker 2: So if you use if you used the cash app
Speaker 2: to pay friends or family for you know, dinner or
Speaker 2: something like that, you actually could buy biitcoin the same way.
Speaker 2: But if you want to buy another cryptocurrency, so if
Speaker 2: it's if it's a cryptocurrency, so not all cryptocurrencies on
Speaker 2: every exchange. So if there's a crypto, if it's so,
Speaker 2: coin Base has a limited supply of crypto cryptos. Same
Speaker 2: thing as as the same thing with the other apps
Speaker 2: I mentioned, so the cash app, as well as the
Speaker 2: robin Hood app. But if you want to do some
Speaker 2: of the other cryptos, you actually have to basically buy
Speaker 2: the bitcoin or e theoreum or on coin Base, then
Speaker 2: move it to the other exchange, right, and then you
Speaker 2: could transact on those change And that's how people get
Speaker 2: caught up. It's extremely complicated.
Speaker 3: Toorius Big had a legendary line. Let me say shictly
Speaker 3: for live man, not for freshmen cryptocurrency. Don't play around
Speaker 3: with it if you don't understand what you're doing.
Speaker 4: Because there's been plenty of days where we got calls
Speaker 4: like yo, not money didn't go through.
Speaker 2: What happened? What happened.
Speaker 3: Actually, it's probably gotten more user friendly now. I don't
Speaker 3: even look at it anymore. I have my money invested,
Speaker 3: but I don't look at it. But at one point
Speaker 3: I was looking at it every day, but it was
Speaker 3: extremely complicated when we first got in because you had to,
Speaker 3: like you said, you can't buy cryptocurrency with American dollars.
Speaker 3: You can trade dollars for bitcoin or ethereum or ethereum
Speaker 3: or like coin and coin based at that time, and
Speaker 3: then you can buy the other coins. It was mainly bitcoin, ethereum.
Speaker 3: Some of them you can buy with light coin, but
Speaker 3: most of them so you had so let's say you
Speaker 3: wanted to buy trying, right, you had to exchange American
Speaker 3: money for bitcoin on coin base. From coin Base, you
Speaker 3: had to send your bigcoin to Binance Exchange and it
Speaker 3: went now it's in Binance. Then now it's in Binance.
Speaker 4: Now don't skip the stuff. Because that that the transaction
Speaker 4: speed was so slow, which is one of the things
Speaker 4: about bitcoin. So you had to So let's say you
Speaker 4: sent a thousand or five thousand dollars, right, it would
Speaker 4: take maybe a half hour before it even.
Speaker 3: Got Bitcoin was o d I remember one kind of
Speaker 3: bitcoin took me five hours. I'm like, where's the customer service?
Speaker 2: Like, I'm like, going on, it's crazy, but the crazy
Speaker 2: thing real because I mean if you if I was
Speaker 2: to if I was on the Venmo or cash app
Speaker 2: and I sent it to the wrong person. I could
Speaker 2: hit up cash app and say, yo, I sent it all,
Speaker 2: give me a charge back. If I said, if I
Speaker 2: Bigger America and I put wired the money in the wrong
Speaker 2: person America, it might mistake because this thing is decentralized,
Speaker 2: is owned by you, and it's owned you. Also mistakes
Speaker 2: literally in the black hole.
Speaker 3: Now so then all right, so now it's in binance,
Speaker 3: and then from now you have to buy tron with
Speaker 3: the bitcoin and binance. So it's like a three part process.
Speaker 3: What happens is that and then you had so when
Speaker 3: you send it, they send you a cold It's a
Speaker 3: code that you have to put in to send it
Speaker 3: to one place to another. This is something that is
Speaker 3: extremely important. This happened to me. Happened to me on
Speaker 3: my birthday two years ago. I was I sent five
Speaker 3: hundred dollars. I was trying to buy bitcoin gold or
Speaker 3: was it bitcoin cash. There's another bitcoin, bitcoin cash, bitcoin case.
Speaker 3: I was trying to buy bitcoin cash, but I put
Speaker 3: the code for bitcoin. Long story short, I sent the
Speaker 3: wrong code. After i said, I'm like, damn, so I
Speaker 3: go back. I'm like, I sent five hundred dollars, but
Speaker 3: I sent it to the wrong address. I'm going now
Speaker 3: it's going, it's it's no to track it. It's just
Speaker 3: it's in the universe. Somebody that's gone. Somebody lost like
Speaker 3: twenty one bitcoins like that they lost twenty one bitcoins
Speaker 3: because they sent it to the wrong address or something,
Speaker 3: and just going.
Speaker 2: It's crazy, man.
Speaker 4: But like even like that, it was like there's so
Speaker 4: many steps to it, like this is not like we
Speaker 4: weren't sleeping, like legit weren't sleeping. It was like, you
Speaker 4: know what, I'm not eve gonna do this transaction to
Speaker 4: the morning, but by the time you wake up, the
Speaker 4: value could have gone up by like a thousand.
Speaker 2: So because of that, you probably do moving so fast
Speaker 2: and frantic because you I gotta buy this, gotta bother us,
Speaker 2: and that leaves you open to making it was mistakes
Speaker 2: even if you are sharp.
Speaker 3: Now it's moving like a fiend. Now it's moving like
Speaker 3: a fiend, like because it was like we gotta do
Speaker 3: this right now, or they just so I'm like halfway
Speaker 3: like awake, trying to do this on my phone, and
Speaker 3: it's like damn, like I didn't really have time to
Speaker 3: really think about it. But you become addicted. You can.
Speaker 3: It's very addictive, especially at that time because it was
Speaker 3: so much money being made and it was moving so fast.
Speaker 3: And anything with cryptoi is that it's only four hours.
Speaker 3: It's like the stock market on steroids. Stock market they closed,
Speaker 3: they you know, it's it's way more structured. Cryptos like
Speaker 3: the wild wild West.
Speaker 2: No sleep.
Speaker 3: It's twenty four hours a day, and you have with
Speaker 3: these called whales, and these whales are like these are
Speaker 3: like the big dogs, like the marketos. Really it's really control.
Speaker 3: It's like all things. Even though it was made for
Speaker 3: the people, it's only controlled by like a handful of
Speaker 3: people that have millions, billions of dollars and they move it.
Speaker 3: They move the market so crazy and they sell their
Speaker 3: Bitcoin's gonna drop exactly right now. They know, they know
Speaker 3: what they're doing. So it's like it's hard to day
Speaker 3: trade in that space because you get eating up. You
Speaker 3: get eating up.
Speaker 2: That's what I'm saying.
Speaker 4: Like even if you're sitting in front of your computer,
Speaker 4: it's like you can't watch them all like it.
Speaker 2: I mean, this was like no sleep before like two months.
Speaker 4: Like you get text message like a group chat, it
Speaker 4: would be like I remember what Tron went from less
Speaker 4: than a penny to like fifteen cents. Like to thank
Speaker 4: you text for just coming in. I'm like I woke up,
Speaker 4: like yo, what happened? Like I missed?
Speaker 3: You know what I'm saying now because I brought trot
Speaker 3: at two cents and it went to thirty eight cents.
Speaker 3: I think the highest that it got to with thirty
Speaker 3: eight cents. So that's why, like I said, when I
Speaker 3: went to Swarm from six thousand to twenty eight thousand,
Speaker 3: I had a couple I brought Ripple at like ninety
Speaker 3: cents and I sold Ripple at like three dollars and
Speaker 3: fifteen cents. So it was like the good Times was rolling.
Speaker 3: The good Times was rolling. The good Times is rolling.
Speaker 3: But all right, so can we talk about like you said, okay,
Speaker 3: so now we got established of how to actually buy it?
Speaker 3: How do you evaluate coins? Like, how do you know
Speaker 3: which coin to buy?
Speaker 2: Like?
Speaker 3: How did somebody do that?
Speaker 2: Yeah, that's a hard one. I think the the space
Speaker 2: is early. None of a lot of these things are moving.
Speaker 2: A lot of these things are actually pre products, right,
Speaker 2: so people a lot of these coins out there are
Speaker 2: raising money on a hope they're going out there and
Speaker 2: they're pitching like a white paper, which is like their
Speaker 2: business plan, and they're saying, all right, well if you
Speaker 2: give us some money and you'll get a coin and
Speaker 2: you will be able to use it for x, y
Speaker 2: and z. And you have to study that. You have
Speaker 2: to look at the technology, right, because sometimes a lot
Speaker 2: of these coins actually are like you said, you took
Speaker 2: a bigcoin goal, bigcoin cash. It's like a bunch of
Speaker 2: big coins. There's light coin. There's a bunch of coins
Speaker 2: that actually are trying to do exactly what the major
Speaker 2: ones are doing. And what they're doing is tweaking it
Speaker 2: and say all right, we're gonna be faster, we're gonna
Speaker 2: be more secure, all that kind of stuff. And so
Speaker 2: you have to figure out whether that story resonates with you, right,
Speaker 2: So you have to study that. But most importantly you
Speaker 2: could believe that, but because of supply and demand is
Speaker 2: actually you need other people to believe it too, right,
Speaker 2: Like you could believe in that new Christian or Islamic
Speaker 2: religion or that new whatever religion. Right, but you may
Speaker 2: be the only person at church or a mosque or
Speaker 2: the or the or whatever by yourself, right unless you
Speaker 2: bring it so it is very religious in certain spects
Speaker 2: because it's their community aspects. Because the value of these
Speaker 2: of these assets are them going up, so you need
Speaker 2: more people to buy it, or they're able to be
Speaker 2: used amongst the community between each other. So if you're
Speaker 2: the only person that that, if you get into it
Speaker 2: and then people don't follow you, or a community doesn't
Speaker 2: follow you, then they're not gonna go up, no matter
Speaker 2: how strong you believe it to be. So you not
Speaker 2: only have to analyze the fundamentals of it, you also
Speaker 2: have to read what other people think about So a
Speaker 2: lot of research is actually spending time on Twitter, spending
Speaker 2: time on Reddit, spending time on these apps like Telegram
Speaker 2: and discord where people are talking about it and seeing
Speaker 2: what the energy is like. And so it makes no
Speaker 2: sense to have to make your investment decisions based on
Speaker 2: what other people think. But in this space is just
Speaker 2: the way it is now. They got they got the
Speaker 2: whole terminology like.
Speaker 4: Hold total total hld hld L, hold on with their life.
Speaker 2: Yeah, yeah, to the moon was like rocket. It was
Speaker 2: like when something was going up to the moon.
Speaker 3: That's when the they call those all coins shit coins.
Speaker 4: All coins with just any coin outside of the top
Speaker 4: three really.
Speaker 2: Basically, yeah, it's a whole culture. Cryptocurrency was a whole culture.
Speaker 2: I mean we studied it down to the t.
Speaker 4: Right when we started, I know Shoddy when he's amazing
Speaker 4: with numbers, so he started studying the market caps for
Speaker 4: each one. And then after we saw the market caps,
Speaker 4: we saw the coin supply. Right, Like we said that
Speaker 4: they have twenty one million, That means like, yo, in
Speaker 4: this space, that's pretty limited. But then you'll get a
Speaker 4: coin that that will come out as like there's only
Speaker 4: two thousand of it, right, whereas like Ripple was like
Speaker 4: was it something like crazy billion or something like that? Yeah,
Speaker 4: it's crazy, you know what I'm saying. So like you
Speaker 4: can see like, hey, what's the growth on that? If
Speaker 4: it's sixty five billion and it's only at like right now,
Speaker 4: it's probably like fifty one cent, it's like, well, how
Speaker 4: high can this really go? This ain't going to be
Speaker 4: a twenty dollars, do you know what I'm saying.
Speaker 2: It's too many of them. But here's the problem with show.
Speaker 2: You know, we talked about the the FIAT currencies like
Speaker 2: the dollar, year, et cetera, and how there's each they
Speaker 2: have like a Federal Reserve that could create unlimited supply.
Speaker 2: Bigcoin doesn't have like a group of people. All these
Speaker 2: other coins actually are centralized, so they're actually a little
Speaker 2: bit more like fiat money. So yes, they could go
Speaker 2: out with a white people says that we're gonna limit it.
Speaker 2: But there's been coins that like they were out and
Speaker 2: like the they just the people that were behind it
Speaker 2: or the company behind it decided to just change the call.
Speaker 2: We're like, we're gonna do more, right, And there's no
Speaker 2: you know that it's it's a wild West because there's
Speaker 2: no sec to like stop them. There's like there's a
Speaker 2: lot of coin, you know in twenty seventeen, a lot
Speaker 2: of coins you know, raise all that money and they
Speaker 2: were supposed to come out with things and they bounced right.
Speaker 2: Feel yeah, it's scary, but like I think one thing
Speaker 2: that you know ra Sean talked about earlier is like
Speaker 2: you put six k's like that was that was what
Speaker 2: you could lose. Like even to this day, like I
Speaker 2: don't put money you could lose like do not. At
Speaker 2: that time, I would get text with people like hey,
Speaker 2: like my retirement's not right about like putting money in
Speaker 2: the tirement retirement and like now, only play with what
Speaker 2: you could lose.
Speaker 3: Now, I don't don't play with the big boys if
Speaker 3: you're not if you're not ready, man, because like I said,
Speaker 3: now it's real talk. We don't have control over this.
Speaker 3: It's very and we have control over anything, but especially
Speaker 3: crypto because it's very thin. It's very thin. And that's
Speaker 3: one of the things that actually got me involved. Once
Speaker 3: I saw the market cap. I saw the market cap,
Speaker 3: it was like one hundred what's the market cap.
Speaker 4: Now, it's probably like two hundred and the two.
Speaker 3: Hundred million, right, billion?
Speaker 2: Billion?
Speaker 4: Yeah, so we got a pretty hot to like nine hundred.
Speaker 2: Yeah, it was a trillion.
Speaker 3: Yeah, it was supposed hit a trillion by the time.
Speaker 3: I don't think it was even at a billion at
Speaker 3: that time. I think it's like nine hundred million something
Speaker 3: like that. But one story short, even where it's at now,
Speaker 3: a couple of hundred billion, that's not a lot of money.
Speaker 3: That sounds like a lot of money, but that's really
Speaker 3: not a lot.
Speaker 2: Of It's really not a lot because if you look
Speaker 2: at traditional assets, I tell people a whole time, Yeah,
Speaker 2: the whole crypto market is two hundred and fifty billion dollars.
Speaker 2: But guess what Fidelity one investment shop has seven trillion
Speaker 2: of the assets fact but themselves seven trillion, right, So
Speaker 2: like this is this is a spect.
Speaker 3: When I first got into, I'm like, look, it's a
Speaker 3: lot more room for it to grow because the market
Speaker 3: value is so low. And that's one of the things
Speaker 3: that made me get into And that's one of the
Speaker 3: reasons why I still actually hold out hope because I like, that's.
Speaker 2: If it was gonna die, no, I would have died
Speaker 2: over the last year as exactly right, because like people
Speaker 2: people who gave it, people the bigcoin went down, people
Speaker 2: like it's over, like it's a wrap and it came
Speaker 2: back up and it's trading, kind of trading. We never
Speaker 2: know why. It's just people the belief, you said, it's
Speaker 2: the belief.
Speaker 3: So yeah, all right, so now you got the education.
Speaker 3: But for people that want more information, how can they
Speaker 3: contact you? What's your podcast and your app? All your information?
Speaker 2: Yeah, so the podcast app, Instagram as well as Twitter
Speaker 2: is all the same thing. Coin Gamma so c O
Speaker 2: I N G A M M A. Gamma is like
Speaker 2: a term that is in the options world that in
Speaker 2: my old world that I brought over but yeah, Cooin
Speaker 2: Gamma is it And uh, if you search my name,
Speaker 2: my name is relatively unique, so you'll find me. So
Speaker 2: Fritz Charles on LinkedIn. I kind of changed my last
Speaker 2: name on Twitter and Instagram it is frist chain. You'll
Speaker 2: follow me a frist chain on on on that like chain. Yeah, gotcha. Yeah,
Speaker 2: So you can find me all those platforms. And I'm
Speaker 2: always putting out educational content. D m me ad me
Speaker 2: on LinkedIn and we could chat for sure, for sure.
Speaker 2: So Troy Patreon, Yeah, shout out to Patreon. It's our
Speaker 2: private paid program patreon dot com. Backslash on healsia every
Speaker 2: every week. It seems to be growing.
Speaker 3: It's a community.
Speaker 2: It's a community now, man.
Speaker 4: So we got some new members' gonna shout them out
Speaker 4: Sean uh Branina Nicola Trip, Johnna, Tyris, and we got
Speaker 4: to give a huge shout out to Tony.
Speaker 2: Shout out to Tony.
Speaker 4: He was one of our members from a couple of
Speaker 4: months ago, but he made a video, like a testimonial
Speaker 4: video just about how great Patreon is. So he just
Speaker 4: did that out of love for us. So shout out
Speaker 4: to Tony and everybody that's been supporting on Patreon.
Speaker 3: No, it's amazing. Patreon is amazing. It's like I said,
Speaker 3: it's a community and e Yo University is real. We're
Speaker 3: launching some stuff. Everything is top secret right now. But
Speaker 3: if you you can't get this level of information, even
Speaker 3: if you paid to go to school, you probably wouldn't
Speaker 3: be very difficult to get this this because it's real world.
Speaker 3: It's not just people just supply and demand. Charge is
Speaker 3: actually real world people that's actually in the field doing
Speaker 3: it themselves. Like, you can't get that kind of information
Speaker 3: in college. Professors aren't. They don't do that, but most
Speaker 3: professors are.
Speaker 4: If they do that, they study in one area.
Speaker 2: Right, We're given everything.
Speaker 3: No, it's different, it's it's a different level of education.
Speaker 3: Was going to land and somebody said that they got
Speaker 3: two master's degrees and they learned more from our podcast
Speaker 3: than they got from the masters.
Speaker 2: Amazing.
Speaker 3: So Patreon is a lot cheaper than any university in America.
Speaker 4: There's different level tiers, like we said on every episode,
Speaker 4: so you can join at any level you like.
Speaker 3: But we're just gonna keep on it, not for sure,
Speaker 3: for sure. And then book tip of this week is
Speaker 3: Bitcoin Billionaires from the Winkle von winkleon Winklevoss Twins and
Speaker 3: chronicles their journey. If anybody's not familiar, those are the
Speaker 3: guys that Facebook. They depending on how you look at
Speaker 3: they might have they might have got screw out of Facebook,
Speaker 3: but they got the last laugh at the end because
Speaker 3: they they made well. That but they became the first
Speaker 3: billionaires off of bitcoin. That was a fact. I don't know.
Speaker 3: They probably lost some money now, but they made so
Speaker 3: much money. Doesn't matter.
Speaker 2: We get that point. Doesn't change.
Speaker 3: No, no, no, they're powerful players in the bitcoin market.
Speaker 3: So it's a good book. I highly recommend it. And
Speaker 3: we will see you guys in three days because we
Speaker 3: have as I said, this this week is different. We're
Speaker 3: going to put out two episodes this week, so we'll
Speaker 3: see you back on Friday at five pm. Keep spreading
Speaker 3: the word and peace, Sis