1 00:00:01,280 --> 00:00:03,520 Speaker 1: This episode is brought to you by P and C Bank. 2 00:00:03,920 --> 00:00:06,680 Speaker 1: A lot of people think podcasts about work are boring, 3 00:00:06,880 --> 00:00:10,719 Speaker 1: and sure they definitely can be. But understanding of professionals 4 00:00:10,800 --> 00:00:14,040 Speaker 1: routine shows us how they achieve their success little by little, 5 00:00:14,440 --> 00:00:18,079 Speaker 1: day after day. It's like banking with P and C Bank. 6 00:00:18,560 --> 00:00:21,360 Speaker 1: It might seem boring to save, plan and make calculated 7 00:00:21,400 --> 00:00:24,479 Speaker 1: decisions with your bank, but keeping your money boring is 8 00:00:24,520 --> 00:00:27,840 Speaker 1: what helps you live or more happily fulfilled life. P 9 00:00:27,960 --> 00:00:32,800 Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 10 00:00:32,840 --> 00:00:35,479 Speaker 1: Boring since eighteen sixty five is a service mark of 11 00:00:35,520 --> 00:00:38,760 Speaker 1: the PNC Financial Service Group, Inc. P and C Bank 12 00:00:39,159 --> 00:00:41,360 Speaker 1: National Association Member FDIC. 13 00:00:43,240 --> 00:00:45,239 Speaker 2: Yeah for sure, one hundred percent. Let's do this. 14 00:00:45,320 --> 00:00:50,120 Speaker 3: Let's talk about some financial topics before we get into yours. 15 00:00:50,560 --> 00:00:53,760 Speaker 3: So I want to show this clip about bitcoin fraud 16 00:00:54,400 --> 00:00:58,000 Speaker 3: that's been happening with ATM machines. Can we show this 17 00:00:58,040 --> 00:00:58,560 Speaker 3: clip please? 18 00:01:00,760 --> 00:01:03,360 Speaker 4: You are watching a victim get scammed so. 19 00:01:03,400 --> 00:01:05,679 Speaker 2: Much money you haven't already sense of the ten. 20 00:01:05,600 --> 00:01:10,080 Speaker 4: Thousand, one of thousands of Americans caught in a growing 21 00:01:10,120 --> 00:01:13,119 Speaker 4: global crime spree. That's no secret police what. 22 00:01:13,160 --> 00:01:18,960 Speaker 5: They tell you to take any podcasts, get flangle, please 23 00:01:20,160 --> 00:01:22,520 Speaker 5: the phone, Okay, you're not. 24 00:01:23,080 --> 00:01:27,000 Speaker 4: In all of these cases, these machines called crypto ATMs 25 00:01:27,360 --> 00:01:29,960 Speaker 4: become the getaway car for the scammers who pray on 26 00:01:30,160 --> 00:01:31,839 Speaker 4: victims like Gus case. 27 00:01:32,160 --> 00:01:35,560 Speaker 6: That's where I stuff ten hundred dollars bills. They would 28 00:01:35,640 --> 00:01:38,360 Speaker 6: prompt you for everything and come up. And I had 29 00:01:38,440 --> 00:01:39,319 Speaker 6: him on the phone too. 30 00:01:39,560 --> 00:01:42,279 Speaker 5: Had you ever seen this before? Never been here before, 31 00:01:42,440 --> 00:01:43,039 Speaker 5: never been here. 32 00:01:43,080 --> 00:01:46,920 Speaker 4: After this happened as he was recovering from a stroke. 33 00:01:46,760 --> 00:01:48,480 Speaker 5: I got a phone call. Well, he told me he 34 00:01:48,600 --> 00:01:51,000 Speaker 5: was president of the bank. And so now you tell me. 35 00:01:51,160 --> 00:01:53,400 Speaker 5: I want you to swear that you're not a scam. 36 00:01:53,720 --> 00:01:55,680 Speaker 5: I swear I'm not a scam. You know all that. 37 00:01:56,160 --> 00:01:58,880 Speaker 5: He convinced me. He was good. He was good. 38 00:02:00,000 --> 00:02:02,400 Speaker 4: A scammer told Gus that he would be arrested unless 39 00:02:02,520 --> 00:02:05,840 Speaker 4: he withdrew fifteen thousand dollars in cash and deposited it 40 00:02:06,040 --> 00:02:09,919 Speaker 4: in that crypto ATM. It looks like a normal ATM, 41 00:02:10,160 --> 00:02:12,919 Speaker 4: but a crypto ATM is different. Put in cash and 42 00:02:13,000 --> 00:02:16,560 Speaker 4: it converts it into cryptocurrency in an instant. The FBI 43 00:02:16,680 --> 00:02:19,160 Speaker 4: says victims like Gus have lost about two hundred and 44 00:02:19,160 --> 00:02:21,880 Speaker 4: forty million dollars so far this year, double the pace 45 00:02:22,040 --> 00:02:22,720 Speaker 4: of last year. 46 00:02:22,960 --> 00:02:24,799 Speaker 5: I should have known better. I should have known better. 47 00:02:25,400 --> 00:02:26,359 Speaker 5: I was stupid enough. 48 00:02:26,400 --> 00:02:29,359 Speaker 4: I failed for the scammer took off with Gus's cash 49 00:02:29,400 --> 00:02:33,520 Speaker 4: in the form of cryptocurrency, but the crypto ATM company 50 00:02:33,880 --> 00:02:36,799 Speaker 4: also made money from the transaction in the form of 51 00:02:36,880 --> 00:02:40,679 Speaker 4: fees and markups, often at twenty to thirty percent that 52 00:02:40,840 --> 00:02:45,000 Speaker 4: they charge on transaction. Scam or legit. Lawsuits from Attorney's 53 00:02:45,080 --> 00:02:48,840 Speaker 4: General accused the top three crypto ATM firms of profiting 54 00:02:48,919 --> 00:02:53,000 Speaker 4: from scams and not protecting customers. When police seized the 55 00:02:53,200 --> 00:02:56,760 Speaker 4: scam cash out of ATMs, the crypto ATM companies hit 56 00:02:56,880 --> 00:02:59,839 Speaker 4: back hard in court to get that cash back, which 57 00:02:59,880 --> 00:03:01,280 Speaker 4: is what happened to GUS. 58 00:03:01,880 --> 00:03:03,880 Speaker 6: Cops went and got it that night. They took to 59 00:03:04,080 --> 00:03:06,800 Speaker 6: they going on a machine and took out fifteen thousand dollars. 60 00:03:07,120 --> 00:03:08,000 Speaker 5: They held on to it. 61 00:03:08,200 --> 00:03:11,280 Speaker 4: Bitcoin Depot, the company with the most crypto ATMs in 62 00:03:11,360 --> 00:03:14,320 Speaker 4: the US, fought in court to get the fifteen thousand 63 00:03:14,360 --> 00:03:16,480 Speaker 4: dollars back, and one. 64 00:03:16,560 --> 00:03:20,720 Speaker 6: Bitcoin had no buenness getting that money at all. I mean, really, when, 65 00:03:20,919 --> 00:03:23,960 Speaker 6: especially when it's a scam, you think that's fair, well, 66 00:03:24,000 --> 00:03:24,359 Speaker 6: hell no. 67 00:03:25,440 --> 00:03:28,840 Speaker 4: The company points out its machines, like many crypto ATMs, 68 00:03:28,919 --> 00:03:32,840 Speaker 4: have multiple onscreen warnings, alerts of scams, and requires that 69 00:03:32,919 --> 00:03:36,160 Speaker 4: customers agree that they're only sending money to their own accounts. 70 00:03:36,600 --> 00:03:39,920 Speaker 4: Bitcoin Depot also told CNN, we do not profit from scams, 71 00:03:39,960 --> 00:03:42,480 Speaker 4: and the vast majority of our customers use our kiosk 72 00:03:42,560 --> 00:03:45,400 Speaker 4: for lawful purposes. The company adds, if it can't stop 73 00:03:45,440 --> 00:03:49,120 Speaker 4: the transaction, it reviews every potential scam case individually for 74 00:03:49,240 --> 00:03:51,080 Speaker 4: possible fee relief or refunds. 75 00:03:59,800 --> 00:04:04,640 Speaker 3: All right, so you know this is interesting, Hey bigcoin 76 00:04:04,920 --> 00:04:07,480 Speaker 3: on the it's interested on a few different levels. If 77 00:04:07,520 --> 00:04:14,000 Speaker 3: you follow the bigcoin bull bear cycle, we're at the 78 00:04:15,360 --> 00:04:19,200 Speaker 3: tail end of this bull run. If history would repeat itself, 79 00:04:19,720 --> 00:04:23,080 Speaker 3: why do you say that shot? Well, chat GBT says it. 80 00:04:23,200 --> 00:04:27,080 Speaker 3: But if you go by the amount of time that 81 00:04:27,160 --> 00:04:30,560 Speaker 3: a bull run lasts, for this bull run will be 82 00:04:30,680 --> 00:04:34,800 Speaker 3: over fourth quarter of this year or first quarter of 83 00:04:34,920 --> 00:04:37,720 Speaker 3: next year. So we're at the tail end and you 84 00:04:37,839 --> 00:04:40,200 Speaker 3: start to see. One of the signs of seeing the 85 00:04:40,240 --> 00:04:41,960 Speaker 3: tail end is when you start to see scams pick 86 00:04:42,080 --> 00:04:46,240 Speaker 3: up dramatically. And they said, like, this is the highest 87 00:04:46,320 --> 00:04:49,080 Speaker 3: level of scams that we've seen in bitcoin ever, I 88 00:04:49,160 --> 00:04:51,040 Speaker 3: think it's almost twice is what it was last year. 89 00:04:52,040 --> 00:04:54,000 Speaker 3: But this is a questionary tale for people just in 90 00:04:54,120 --> 00:04:58,280 Speaker 3: general as far as what artificial intelligence has done now 91 00:04:58,600 --> 00:05:01,440 Speaker 3: is is made it easier to scam people. 92 00:05:01,800 --> 00:05:03,440 Speaker 7: And to be clear, you're not saying bitcoin is a 93 00:05:03,480 --> 00:05:04,800 Speaker 7: scam because I don't want them clip that. 94 00:05:04,880 --> 00:05:06,920 Speaker 2: Up in No, No, I'm not saying bitcoin is a scam. 95 00:05:07,040 --> 00:05:10,320 Speaker 3: I'm saying that it can be used as a shield 96 00:05:10,640 --> 00:05:14,680 Speaker 3: to facilitate to facilitate a scam. And so these people, 97 00:05:15,040 --> 00:05:17,479 Speaker 3: you know a lot of elderly people, but it could 98 00:05:17,480 --> 00:05:20,120 Speaker 3: happen to anybody. You know, they saying, okay, like go 99 00:05:20,200 --> 00:05:23,279 Speaker 3: to the ATM machine, give the ATM machine the money. 100 00:05:23,560 --> 00:05:25,240 Speaker 3: So if you see, I'm pretty sure you people everybody 101 00:05:25,279 --> 00:05:28,160 Speaker 3: has seen bitcoin ATM machines for sure, and that's the 102 00:05:28,200 --> 00:05:31,040 Speaker 3: way to actually put physical cash into a into a machine, 103 00:05:31,400 --> 00:05:34,559 Speaker 3: send bitcoin to somebody. But now the bigcoin ATM machine 104 00:05:34,640 --> 00:05:37,160 Speaker 3: is like, now we're not it's your fault, like we're 105 00:05:37,200 --> 00:05:38,600 Speaker 3: not going to give you the money back, like just 106 00:05:38,680 --> 00:05:41,200 Speaker 3: because you got scammed, like you know, like we make 107 00:05:41,279 --> 00:05:43,760 Speaker 3: you read everything on this, make sure you know who 108 00:05:43,800 --> 00:05:46,200 Speaker 3: you're sending into another thing about crypto once you have it. 109 00:05:46,279 --> 00:05:49,560 Speaker 2: The meet before I've sent crypto, I missed one letter. 110 00:05:50,080 --> 00:05:50,440 Speaker 2: You can't. 111 00:05:50,440 --> 00:05:55,800 Speaker 3: There's no customer service number. There is no recourse to 112 00:05:55,880 --> 00:05:56,800 Speaker 3: get your money back. 113 00:05:58,120 --> 00:06:00,320 Speaker 2: That's why sit bank. 114 00:06:00,360 --> 00:06:01,600 Speaker 3: I think that they said that they're going to start 115 00:06:01,640 --> 00:06:05,800 Speaker 3: holding bitcoin for people, uh starting next year, and like 116 00:06:05,920 --> 00:06:09,080 Speaker 3: we already have either we already have bitcoin ets. Now 117 00:06:09,279 --> 00:06:11,360 Speaker 3: the next thing is that banks are going to start 118 00:06:11,440 --> 00:06:13,479 Speaker 3: to be custodians of people's bigcoin. 119 00:06:13,839 --> 00:06:15,760 Speaker 7: It's a good way to prevent that crash from happening 120 00:06:15,800 --> 00:06:17,720 Speaker 7: on your end because the books not looking solid right, 121 00:06:18,800 --> 00:06:20,920 Speaker 7: all of a sudden, every every fucking bank on Earth 122 00:06:21,120 --> 00:06:25,840 Speaker 7: loves bitcoin. I bet, but Swee, do you ever gotten 123 00:06:25,880 --> 00:06:26,480 Speaker 7: paid a bitcoin? 124 00:06:26,640 --> 00:06:32,800 Speaker 2: Though maybe she did, I don't know. Shot solute. 125 00:06:35,560 --> 00:06:39,200 Speaker 7: Be careful of all scams going around. 126 00:06:40,760 --> 00:06:42,719 Speaker 2: But at the end of the ball run or started 127 00:06:42,800 --> 00:06:47,840 Speaker 2: the ball? Do you think is different? You think you 128 00:06:47,880 --> 00:06:49,080 Speaker 2: think you still got some more time. 129 00:06:49,440 --> 00:06:51,560 Speaker 7: I think we have a little bit more time because 130 00:06:51,839 --> 00:06:56,040 Speaker 7: the banks and financial institution have vested interests for it 131 00:06:56,200 --> 00:06:57,360 Speaker 7: to stay afloat. 132 00:06:58,520 --> 00:06:59,279 Speaker 2: A so that. 133 00:07:00,920 --> 00:07:04,560 Speaker 7: The mid tier banks don't get crushed. And I think 134 00:07:04,680 --> 00:07:10,200 Speaker 7: with the onboarding of that asset class, it makes banks a. 135 00:07:11,920 --> 00:07:14,920 Speaker 7: I think the institution will take over a bitcoin or 136 00:07:14,920 --> 00:07:17,880 Speaker 7: adoption of bitcoin. I think that they're going to push 137 00:07:17,960 --> 00:07:19,960 Speaker 7: it up a little bit further, a little bit longer, 138 00:07:20,120 --> 00:07:23,360 Speaker 7: maybe end of Q one. But I can definitely see 139 00:07:24,040 --> 00:07:26,480 Speaker 7: a pullback, not like the one we have from sixty 140 00:07:26,520 --> 00:07:29,760 Speaker 7: to twenty, but I definitely can see a pullback, and 141 00:07:29,800 --> 00:07:31,960 Speaker 7: I think that would be a goal rush no pun 142 00:07:32,000 --> 00:07:35,440 Speaker 7: intended from the rest of the banks into it earners. 143 00:07:35,480 --> 00:07:35,840 Speaker 2: What's up? 144 00:07:35,920 --> 00:07:38,360 Speaker 1: You ever walk into a small business and everything just 145 00:07:38,560 --> 00:07:41,680 Speaker 1: works like the checkout is fast, the receipts are digital, 146 00:07:42,280 --> 00:07:45,240 Speaker 1: tipping is a breeze, and you're out the door before 147 00:07:45,280 --> 00:07:49,400 Speaker 1: the line even builds odds are they're using Square. 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