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Speaker 2: Yeah for sure, one hundred percent. Let's do this.
Speaker 3: Let's talk about some financial topics before we get into yours.
Speaker 3: So I want to show this clip about bitcoin fraud
Speaker 3: that's been happening with ATM machines. Can we show this
Speaker 3: clip please?
Speaker 4: You are watching a victim get scammed so.
Speaker 2: Much money you haven't already sense of the ten.
Speaker 4: Thousand, one of thousands of Americans caught in a growing
Speaker 4: global crime spree. That's no secret police what.
Speaker 5: They tell you to take any podcasts, get flangle, please
Speaker 5: the phone, Okay, you're not.
Speaker 4: In all of these cases, these machines called crypto ATMs
Speaker 4: become the getaway car for the scammers who pray on
Speaker 4: victims like Gus case.
Speaker 6: That's where I stuff ten hundred dollars bills. They would
Speaker 6: prompt you for everything and come up. And I had
Speaker 6: him on the phone too.
Speaker 5: Had you ever seen this before? Never been here before,
Speaker 5: never been here.
Speaker 4: After this happened as he was recovering from a stroke.
Speaker 5: I got a phone call. Well, he told me he
Speaker 5: was president of the bank. And so now you tell me.
Speaker 5: I want you to swear that you're not a scam.
Speaker 5: I swear I'm not a scam. You know all that.
Speaker 5: He convinced me. He was good. He was good.
Speaker 4: A scammer told Gus that he would be arrested unless
Speaker 4: he withdrew fifteen thousand dollars in cash and deposited it
Speaker 4: in that crypto ATM. It looks like a normal ATM,
Speaker 4: but a crypto ATM is different. Put in cash and
Speaker 4: it converts it into cryptocurrency in an instant. The FBI
Speaker 4: says victims like Gus have lost about two hundred and
Speaker 4: forty million dollars so far this year, double the pace
Speaker 4: of last year.
Speaker 5: I should have known better. I should have known better.
Speaker 5: I was stupid enough.
Speaker 4: I failed for the scammer took off with Gus's cash
Speaker 4: in the form of cryptocurrency, but the crypto ATM company
Speaker 4: also made money from the transaction in the form of
Speaker 4: fees and markups, often at twenty to thirty percent that
Speaker 4: they charge on transaction. Scam or legit. Lawsuits from Attorney's
Speaker 4: General accused the top three crypto ATM firms of profiting
Speaker 4: from scams and not protecting customers. When police seized the
Speaker 4: scam cash out of ATMs, the crypto ATM companies hit
Speaker 4: back hard in court to get that cash back, which
Speaker 4: is what happened to GUS.
Speaker 6: Cops went and got it that night. They took to
Speaker 6: they going on a machine and took out fifteen thousand dollars.
Speaker 5: They held on to it.
Speaker 4: Bitcoin Depot, the company with the most crypto ATMs in
Speaker 4: the US, fought in court to get the fifteen thousand
Speaker 4: dollars back, and one.
Speaker 6: Bitcoin had no buenness getting that money at all. I mean, really, when,
Speaker 6: especially when it's a scam, you think that's fair, well,
Speaker 6: hell no.
Speaker 4: The company points out its machines, like many crypto ATMs,
Speaker 4: have multiple onscreen warnings, alerts of scams, and requires that
Speaker 4: customers agree that they're only sending money to their own accounts.
Speaker 4: Bitcoin Depot also told CNN, we do not profit from scams,
Speaker 4: and the vast majority of our customers use our kiosk
Speaker 4: for lawful purposes. The company adds, if it can't stop
Speaker 4: the transaction, it reviews every potential scam case individually for
Speaker 4: possible fee relief or refunds.
Speaker 3: All right, so you know this is interesting, Hey bigcoin
Speaker 3: on the it's interested on a few different levels. If
Speaker 3: you follow the bigcoin bull bear cycle, we're at the
Speaker 3: tail end of this bull run. If history would repeat itself,
Speaker 3: why do you say that shot? Well, chat GBT says it.
Speaker 3: But if you go by the amount of time that
Speaker 3: a bull run lasts, for this bull run will be
Speaker 3: over fourth quarter of this year or first quarter of
Speaker 3: next year. So we're at the tail end and you
Speaker 3: start to see. One of the signs of seeing the
Speaker 3: tail end is when you start to see scams pick
Speaker 3: up dramatically. And they said, like, this is the highest
Speaker 3: level of scams that we've seen in bitcoin ever, I
Speaker 3: think it's almost twice is what it was last year.
Speaker 3: But this is a questionary tale for people just in
Speaker 3: general as far as what artificial intelligence has done now
Speaker 3: is is made it easier to scam people.
Speaker 7: And to be clear, you're not saying bitcoin is a
Speaker 7: scam because I don't want them clip that.
Speaker 2: Up in No, No, I'm not saying bitcoin is a scam.
Speaker 3: I'm saying that it can be used as a shield
Speaker 3: to facilitate to facilitate a scam. And so these people,
Speaker 3: you know a lot of elderly people, but it could
Speaker 3: happen to anybody. You know, they saying, okay, like go
Speaker 3: to the ATM machine, give the ATM machine the money.
Speaker 3: So if you see, I'm pretty sure you people everybody
Speaker 3: has seen bitcoin ATM machines for sure, and that's the
Speaker 3: way to actually put physical cash into a into a machine,
Speaker 3: send bitcoin to somebody. But now the bigcoin ATM machine
Speaker 3: is like, now we're not it's your fault, like we're
Speaker 3: not going to give you the money back, like just
Speaker 3: because you got scammed, like you know, like we make
Speaker 3: you read everything on this, make sure you know who
Speaker 3: you're sending into another thing about crypto once you have it.
Speaker 2: The meet before I've sent crypto, I missed one letter.
Speaker 2: You can't.
Speaker 3: There's no customer service number. There is no recourse to
Speaker 3: get your money back.
Speaker 2: That's why sit bank.
Speaker 3: I think that they said that they're going to start
Speaker 3: holding bitcoin for people, uh starting next year, and like
Speaker 3: we already have either we already have bitcoin ets. Now
Speaker 3: the next thing is that banks are going to start
Speaker 3: to be custodians of people's bigcoin.
Speaker 7: It's a good way to prevent that crash from happening
Speaker 7: on your end because the books not looking solid right,
Speaker 7: all of a sudden, every every fucking bank on Earth
Speaker 7: loves bitcoin. I bet, but Swee, do you ever gotten
Speaker 7: paid a bitcoin?
Speaker 2: Though maybe she did, I don't know. Shot solute.
Speaker 7: Be careful of all scams going around.
Speaker 2: But at the end of the ball run or started
Speaker 2: the ball? Do you think is different? You think you
Speaker 2: think you still got some more time.
Speaker 7: I think we have a little bit more time because
Speaker 7: the banks and financial institution have vested interests for it
Speaker 7: to stay afloat.
Speaker 2: A so that.
Speaker 7: The mid tier banks don't get crushed. And I think
Speaker 7: with the onboarding of that asset class, it makes banks a.
Speaker 7: I think the institution will take over a bitcoin or
Speaker 7: adoption of bitcoin. I think that they're going to push
Speaker 7: it up a little bit further, a little bit longer,
Speaker 7: maybe end of Q one. But I can definitely see
Speaker 7: a pullback, not like the one we have from sixty
Speaker 7: to twenty, but I definitely can see a pullback, and
Speaker 7: I think that would be a goal rush no pun
Speaker 7: intended from the rest of the banks into it earners.
Speaker 2: What's up?
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