1 00:00:00,040 --> 00:00:02,280 Speaker 1: Hello, and welcome to another episode of The Markma Show, 2 00:00:02,680 --> 00:00:05,800 Speaker 1: where we talk about the decentralized revolution each and every week, 3 00:00:05,840 --> 00:00:10,800 Speaker 1: talking about bitcoin, cryptocurrencies and the way the world is changing. Now. 4 00:00:10,880 --> 00:00:12,600 Speaker 1: I try to keep you up to date with the 5 00:00:12,720 --> 00:00:15,440 Speaker 1: education so you can see the world in the right way. 6 00:00:15,480 --> 00:00:18,200 Speaker 1: There's a lot of noise out there. We're looking for 7 00:00:18,200 --> 00:00:20,760 Speaker 1: the signal. We gotta kind of pull back the covers 8 00:00:20,800 --> 00:00:22,200 Speaker 1: on this and so I try to help you with that, 9 00:00:22,560 --> 00:00:25,480 Speaker 1: bring bring you some of the latest breaking news around 10 00:00:25,920 --> 00:00:27,800 Speaker 1: around the world so you can stay up to date 11 00:00:27,840 --> 00:00:29,159 Speaker 1: on what's going on, and of course bring to you 12 00:00:29,200 --> 00:00:32,159 Speaker 1: some some interesting guests so you can listen to and 13 00:00:32,760 --> 00:00:34,760 Speaker 1: right now, you know, we're gonna talk about some of 14 00:00:34,760 --> 00:00:37,240 Speaker 1: these big news stories so we can kind of understand 15 00:00:37,280 --> 00:00:38,720 Speaker 1: what's going on in the world today. I think it's 16 00:00:38,800 --> 00:00:42,879 Speaker 1: um there's a lot going on. And lately what's been 17 00:00:42,920 --> 00:00:45,720 Speaker 1: going on is the markets have been crashing. The stock 18 00:00:45,760 --> 00:00:48,120 Speaker 1: markets have been crashing, the real estate markets are softening up, 19 00:00:48,120 --> 00:00:50,720 Speaker 1: but the cryptocurrency markets. Bitcoin has been crashing, and the 20 00:00:50,720 --> 00:00:54,560 Speaker 1: crypto markets have been crashing, and uh, you know, it's 21 00:00:54,560 --> 00:00:57,680 Speaker 1: interesting going through what we call a bear market. When 22 00:00:57,680 --> 00:01:00,720 Speaker 1: the markets dropped this fast UM in the bitcoin space, 23 00:01:00,720 --> 00:01:03,000 Speaker 1: in the cryptocurrency space. It happens, you know, every couple 24 00:01:03,000 --> 00:01:05,959 Speaker 1: of years you go through this, this bitcoin bear market 25 00:01:06,040 --> 00:01:09,759 Speaker 1: there or this winter as they call it. And it's 26 00:01:10,000 --> 00:01:13,920 Speaker 1: been you know, I guess maybe just the second time 27 00:01:13,959 --> 00:01:17,000 Speaker 1: I've been through it, and uh, it doesn't get an easier. 28 00:01:17,040 --> 00:01:19,839 Speaker 1: But I want to give you some stories that will 29 00:01:19,880 --> 00:01:22,200 Speaker 1: help you through with this. All right, so let's talk. 30 00:01:22,280 --> 00:01:24,160 Speaker 1: Let's take a look and see what has been going on. 31 00:01:24,280 --> 00:01:27,880 Speaker 1: So UM obviously no surprise, the price of bitcoin is 32 00:01:28,080 --> 00:01:32,480 Speaker 1: way down. We know that UM from the November high 33 00:01:32,520 --> 00:01:36,920 Speaker 1: that it's set. We are down approximately as of right now, 34 00:01:36,959 --> 00:01:41,760 Speaker 1: about sixty seven percent off of the high, which is 35 00:01:41,760 --> 00:01:45,399 Speaker 1: not good. It's it's pretty far down. However, if you 36 00:01:45,480 --> 00:01:49,280 Speaker 1: put that into UM comparison, it's not good compared to 37 00:01:49,400 --> 00:01:52,720 Speaker 1: what right, That's always a question you want to ask yourself. Well, 38 00:01:52,760 --> 00:01:55,960 Speaker 1: we know that the NASDAC, for example, which has all 39 00:01:56,000 --> 00:02:00,440 Speaker 1: the tech stocks, the Nasdaq index has bump up in 40 00:02:00,480 --> 00:02:03,960 Speaker 1: the last few days. We're down about thirty percent just 41 00:02:04,040 --> 00:02:07,080 Speaker 1: on the on the index, so sixty seven percent on 42 00:02:07,120 --> 00:02:10,720 Speaker 1: bitcoin on the text docks. However, that doesn't really tell 43 00:02:10,760 --> 00:02:12,400 Speaker 1: the picture, right if we dig into the NASDAC. We 44 00:02:12,440 --> 00:02:15,160 Speaker 1: can see that half of the Nasdaq is down more 45 00:02:15,800 --> 00:02:18,480 Speaker 1: than most of it's down even more than Bitcoin. And 46 00:02:18,480 --> 00:02:20,639 Speaker 1: most of the big names that you know and love, 47 00:02:20,760 --> 00:02:26,279 Speaker 1: the zooms, the shopifies, the paypals, they're down seventy eighty 48 00:02:26,320 --> 00:02:29,320 Speaker 1: percent or more. So Bitcoin has done pretty good. But 49 00:02:30,320 --> 00:02:32,840 Speaker 1: what is going to happen with it from here? That's 50 00:02:32,880 --> 00:02:34,520 Speaker 1: a good question, and we'll dig into some of the 51 00:02:34,560 --> 00:02:36,520 Speaker 1: stories this week to try to figure that out. So 52 00:02:36,560 --> 00:02:38,960 Speaker 1: we can see that bitcoin is one of the last 53 00:02:39,000 --> 00:02:42,760 Speaker 1: free markets that we have. So it trades seven it 54 00:02:42,800 --> 00:02:46,880 Speaker 1: trades very liquid and uh, it's not uh and so 55 00:02:46,880 --> 00:02:49,760 Speaker 1: so trades pretty freely. That doesn't mean it's not manipulated. 56 00:02:50,360 --> 00:02:53,160 Speaker 1: So because it's such a small market, it was up 57 00:02:53,200 --> 00:02:55,359 Speaker 1: to about a trillion dollars at one point. It's down 58 00:02:55,400 --> 00:02:58,480 Speaker 1: to about four hundred billion today, which which is a 59 00:02:58,480 --> 00:03:00,639 Speaker 1: lot of money. But when you're a front hedge fund 60 00:03:00,680 --> 00:03:03,200 Speaker 1: on Wall Street, you throw around hundreds of billions at 61 00:03:03,240 --> 00:03:06,200 Speaker 1: a time. So four billion isn't that big in the 62 00:03:06,240 --> 00:03:10,200 Speaker 1: grand scheme of things compared to the overall market, stock markets, etcetera. 63 00:03:10,639 --> 00:03:13,800 Speaker 1: And so it moves, you know, it moves pretty easily. 64 00:03:14,360 --> 00:03:17,240 Speaker 1: It's very thinly traded, meaning there's not a liquidity there. 65 00:03:17,760 --> 00:03:20,440 Speaker 1: And so because of that, if you had enough liquidity, 66 00:03:20,760 --> 00:03:22,799 Speaker 1: you could move the market. So what do I mean 67 00:03:22,800 --> 00:03:24,799 Speaker 1: by that, Well, we can see that the market cap, 68 00:03:24,840 --> 00:03:28,079 Speaker 1: like I said, it's about four hundred million, but there's 69 00:03:28,120 --> 00:03:35,800 Speaker 1: about um let's see, there's about twenty five billion dollars 70 00:03:35,840 --> 00:03:40,480 Speaker 1: a day that's being traded in bitcoin. And so if 71 00:03:40,520 --> 00:03:43,520 Speaker 1: you were to overwhelm the market with you know, a 72 00:03:43,560 --> 00:03:45,800 Speaker 1: few hundred million dollars, you could you could really affect 73 00:03:45,840 --> 00:03:47,880 Speaker 1: the market one way or another. And so what we saw, 74 00:03:47,920 --> 00:03:49,520 Speaker 1: and I've been covering this for weeks now, we saw 75 00:03:50,520 --> 00:03:55,880 Speaker 1: this cascading, this domino effect of D five defy, decentralized 76 00:03:55,880 --> 00:04:00,840 Speaker 1: finance and c FI centralized finance, UM platform arms, companies, 77 00:04:00,840 --> 00:04:03,160 Speaker 1: et cetera, starting to collapse. And what happened is is 78 00:04:03,200 --> 00:04:04,960 Speaker 1: when one went down. We started with Tera Luna. We 79 00:04:05,040 --> 00:04:07,200 Speaker 1: talked about that at length. When that went down, it 80 00:04:07,320 --> 00:04:09,920 Speaker 1: started to create liquidation, to start liquidating people. That's what 81 00:04:09,920 --> 00:04:12,160 Speaker 1: happens when you use too much leverage, and we have 82 00:04:12,240 --> 00:04:15,240 Speaker 1: too much leverage across all of the markets, from real 83 00:04:15,360 --> 00:04:19,039 Speaker 1: estate to stocks and cryptocurrencies as well. And as those 84 00:04:19,080 --> 00:04:22,719 Speaker 1: people's leverage were leveraged up and the price started going down. 85 00:04:22,960 --> 00:04:25,760 Speaker 1: They started getting margin calls meaning hey, you better post 86 00:04:25,800 --> 00:04:28,599 Speaker 1: more collateral, we're gonna liquidate your position. And as those 87 00:04:28,640 --> 00:04:32,359 Speaker 1: positions got sold into the market, it was more selling. 88 00:04:32,520 --> 00:04:34,520 Speaker 1: More selling brought the price down even more, which then 89 00:04:34,600 --> 00:04:36,920 Speaker 1: caused even more liquidations. When it brought the price down 90 00:04:36,920 --> 00:04:39,400 Speaker 1: even more, which caused more liquidations than you understand how 91 00:04:39,400 --> 00:04:41,600 Speaker 1: it works, It's like a going down a set of stairs. 92 00:04:42,120 --> 00:04:44,920 Speaker 1: And so then we started seeing um Tara Luna go down, 93 00:04:44,960 --> 00:04:46,800 Speaker 1: and then it started to drag down other ones. So 94 00:04:46,839 --> 00:04:49,200 Speaker 1: then we saw like Celsius go down, and then it 95 00:04:49,240 --> 00:04:52,160 Speaker 1: brought down voyager Um. They had to file for bankruptcy 96 00:04:52,160 --> 00:04:54,359 Speaker 1: over the last week, and it started bringing all of 97 00:04:54,400 --> 00:04:57,200 Speaker 1: these down. But it looks like we've kind of hit 98 00:04:57,279 --> 00:05:00,360 Speaker 1: the bottom with all of these big liquidations, and so 99 00:05:00,440 --> 00:05:04,240 Speaker 1: we've seen f t X step in and basically backstop this. 100 00:05:04,320 --> 00:05:06,400 Speaker 1: And it's kind of similar. And I used the when 101 00:05:06,440 --> 00:05:08,560 Speaker 1: we talked about Terry Lune, I talked about like the 102 00:05:08,600 --> 00:05:11,480 Speaker 1: free banking era, and so before the Federal Reserve of 103 00:05:11,480 --> 00:05:13,479 Speaker 1: the United States in the late eighteen hundreds, we had 104 00:05:13,480 --> 00:05:16,279 Speaker 1: an era known as free banking where banks could pop up, 105 00:05:16,279 --> 00:05:18,400 Speaker 1: they could create their own currency. But these banks have 106 00:05:18,520 --> 00:05:20,239 Speaker 1: out of business all the time. So the Federal Reserve 107 00:05:20,360 --> 00:05:24,240 Speaker 1: was created, UM for what they tell us is to 108 00:05:24,240 --> 00:05:27,080 Speaker 1: to backstop the banks, to protect the banks, to make 109 00:05:27,120 --> 00:05:28,560 Speaker 1: sure that the banks don't out of business. They would 110 00:05:28,560 --> 00:05:30,360 Speaker 1: be what's called the lender of last resort. They would 111 00:05:30,360 --> 00:05:33,160 Speaker 1: come in and and buy them up or or prop 112 00:05:33,240 --> 00:05:35,479 Speaker 1: them up. And what we've kind of seen now is 113 00:05:35,480 --> 00:05:37,880 Speaker 1: we're seeing all these c FI and defy protocols and 114 00:05:37,920 --> 00:05:41,640 Speaker 1: platforms going down, and f t X has now stepped 115 00:05:41,640 --> 00:05:45,880 Speaker 1: in to start shoring these up to backstop these companies. 116 00:05:46,320 --> 00:05:48,599 Speaker 1: And so they've agreed to buy a block five. I 117 00:05:48,600 --> 00:05:52,880 Speaker 1: believe they've backstopped Voyager as well, and we're seeing f 118 00:05:53,000 --> 00:05:55,400 Speaker 1: t X now really Sam Bankman freed Alamy to come 119 00:05:55,400 --> 00:05:57,080 Speaker 1: in and kind of back stop this almost kind of 120 00:05:57,080 --> 00:05:59,800 Speaker 1: take this Federal Reserve position. UM. And I don't want 121 00:05:59,800 --> 00:06:01,760 Speaker 1: to get super deep into that, but UM, what I 122 00:06:01,760 --> 00:06:03,560 Speaker 1: do want to just cover is that it looks like 123 00:06:03,640 --> 00:06:06,760 Speaker 1: we've seen, um probably the worst of it at this point, 124 00:06:07,120 --> 00:06:09,160 Speaker 1: meaning that we probably don't have any more of these 125 00:06:09,160 --> 00:06:12,760 Speaker 1: giant liquidations in front of us, because I don't see 126 00:06:12,800 --> 00:06:16,080 Speaker 1: how they would put in, you know, hundreds of millions 127 00:06:16,080 --> 00:06:19,520 Speaker 1: of dollars to just let it go away disappear. Now 128 00:06:19,600 --> 00:06:21,599 Speaker 1: they're sitting on billions of dollars. If they need to 129 00:06:21,640 --> 00:06:23,560 Speaker 1: proping putting more money, they'll put in more money and 130 00:06:23,560 --> 00:06:25,360 Speaker 1: they're not going to let it go down now. So 131 00:06:25,440 --> 00:06:29,320 Speaker 1: I think that damage is done. So markets stopped going 132 00:06:29,440 --> 00:06:33,040 Speaker 1: down when there's no more sellers, pretty simple. And so 133 00:06:33,120 --> 00:06:36,359 Speaker 1: you had all these liquidations. These forced sellers continue to 134 00:06:36,360 --> 00:06:38,279 Speaker 1: sell and sell and sell, pushing the price down, which 135 00:06:38,279 --> 00:06:40,240 Speaker 1: caused more liquidations. I talked to you through that. But 136 00:06:40,320 --> 00:06:43,120 Speaker 1: now who are the sellers? Well, we saw more of 137 00:06:43,160 --> 00:06:44,800 Speaker 1: the last week or two. And what am I talking 138 00:06:44,800 --> 00:06:48,320 Speaker 1: about that? Well, now the bitcoin miners are forced to 139 00:06:48,320 --> 00:06:50,800 Speaker 1: start liquidating their bitcoin as a matter of fact, that 140 00:06:50,800 --> 00:06:52,719 Speaker 1: they've been dumping it, and it would be a better word. 141 00:06:53,640 --> 00:06:55,560 Speaker 1: And we can see a bunch of these big bitcoin 142 00:06:55,560 --> 00:06:59,520 Speaker 1: mining companies, publicly traded ones have been dumping their their bitcoin. 143 00:06:59,600 --> 00:07:02,320 Speaker 1: We can see argo Blockchain was the latest crypto mining 144 00:07:02,360 --> 00:07:05,640 Speaker 1: firm to dump bitcoin. It's sold fifteen point six million 145 00:07:05,760 --> 00:07:08,720 Speaker 1: in bitcoin. It's the second crypto minor this week to 146 00:07:08,760 --> 00:07:11,600 Speaker 1: announce it sold more coin than it mined last month. 147 00:07:11,680 --> 00:07:14,680 Speaker 1: So they they typically they would be mining bitcoin, but 148 00:07:14,680 --> 00:07:16,320 Speaker 1: they wouldn't sell it all. They would keep some of it. 149 00:07:16,800 --> 00:07:19,120 Speaker 1: But argo had to sell all of the coins they 150 00:07:19,160 --> 00:07:21,720 Speaker 1: mind last month, and they had to dip into some 151 00:07:21,760 --> 00:07:24,400 Speaker 1: of their savings of the reserve and start selling that 152 00:07:24,440 --> 00:07:27,680 Speaker 1: as well. UM in June they had sold six hundred 153 00:07:27,680 --> 00:07:31,880 Speaker 1: and thirty seven bitcoin, which pushed the price down. UM 154 00:07:32,000 --> 00:07:35,120 Speaker 1: they had mined a hundred and seventy nine, so they 155 00:07:35,160 --> 00:07:38,200 Speaker 1: mined a hundred and seventy nine, but they sold sixty seven, 156 00:07:38,240 --> 00:07:40,280 Speaker 1: so that was big. But they're not the only ones 157 00:07:40,360 --> 00:07:44,400 Speaker 1: doing that. Another crypto minor called core Scientific dumped a 158 00:07:44,560 --> 00:07:49,160 Speaker 1: hundred and sixty five million dollars worth of bitcoin to 159 00:07:49,280 --> 00:07:51,680 Speaker 1: get more liquidity, so they had to sell over seven 160 00:07:51,680 --> 00:07:56,280 Speaker 1: thousand bitcoin to cover costs. Now they say that they 161 00:07:56,320 --> 00:07:59,120 Speaker 1: sold seventy two bitcoin at an average price of twenty 162 00:07:59,160 --> 00:08:02,600 Speaker 1: three thou dollars, leaving ud on their books, so they've 163 00:08:02,640 --> 00:08:04,800 Speaker 1: got rid of seven thousand. They still have almost two 164 00:08:04,840 --> 00:08:08,120 Speaker 1: thousand left, so they could potentially sell more, but they've 165 00:08:08,120 --> 00:08:10,680 Speaker 1: sold the majority of it. They said they're not having 166 00:08:10,680 --> 00:08:13,200 Speaker 1: a tough time. They're gonna be okay. They still expect 167 00:08:13,240 --> 00:08:17,480 Speaker 1: to bring on seventy thousand new bitcoin mining computers in 168 00:08:17,520 --> 00:08:19,720 Speaker 1: the next six months. They've already paid ninety US at 169 00:08:19,800 --> 00:08:21,960 Speaker 1: the cost for these, so those should be good. But 170 00:08:22,080 --> 00:08:24,160 Speaker 1: we see this going on and on and on. Here's 171 00:08:24,480 --> 00:08:26,880 Speaker 1: this says here in the last two weeks of June, 172 00:08:27,640 --> 00:08:30,200 Speaker 1: many large bitcoin wallets have emerged. Over the past two weeks, 173 00:08:30,400 --> 00:08:33,440 Speaker 1: a number of addresses holding ten to ten thousand bitcoin 174 00:08:33,480 --> 00:08:37,280 Speaker 1: appeared on the network while bitcoin was going down, and 175 00:08:37,640 --> 00:08:42,320 Speaker 1: uh they popped up to absorb more than eighteen thousand 176 00:08:42,360 --> 00:08:46,600 Speaker 1: bitcoin worth three seventy two million dollars was put onto 177 00:08:46,640 --> 00:08:49,880 Speaker 1: the market by these bitcoin miners and it all got absorbed. 178 00:08:50,280 --> 00:08:52,560 Speaker 1: And so it looks like all of the big selling 179 00:08:52,679 --> 00:08:55,840 Speaker 1: is done. Now. Individuals can still sell. Some of these 180 00:08:55,840 --> 00:08:57,960 Speaker 1: miners still have some bitcoin they could still sell, but 181 00:08:58,000 --> 00:09:00,920 Speaker 1: the majority of it is done. And even more importantly, 182 00:09:01,520 --> 00:09:05,120 Speaker 1: all these big whales showed up and gobbled it all up. 183 00:09:05,760 --> 00:09:08,800 Speaker 1: So it's bullish. It looks like maybe we found the bottom. 184 00:09:08,840 --> 00:09:11,200 Speaker 1: Of course, we'd never know until we're looking backwards on it. 185 00:09:11,600 --> 00:09:13,720 Speaker 1: But based off of what we can see, based off 186 00:09:13,760 --> 00:09:16,720 Speaker 1: of the liquidations, based off the mining sales, maybe we 187 00:09:16,760 --> 00:09:18,800 Speaker 1: have you're listening to the Mark Mos show talking about 188 00:09:18,800 --> 00:09:22,079 Speaker 1: bitcoin cryptocurrencies and the decentralized revolution. I got a lot 189 00:09:22,120 --> 00:09:23,600 Speaker 1: more to cover in a minute when I come back, 190 00:09:23,640 --> 00:09:26,400 Speaker 1: So don't go away. I'll be right back, all right, 191 00:09:26,440 --> 00:09:28,959 Speaker 1: Welcome back. You're listening to the Mark Mo Show. We're 192 00:09:29,000 --> 00:09:31,480 Speaker 1: talking about the decentralized revolution. Look at the way the 193 00:09:31,480 --> 00:09:35,480 Speaker 1: world is changing. Of course, the catalyst being bitcoin cryptocurrencies, 194 00:09:35,800 --> 00:09:38,280 Speaker 1: and uh, we've been talking about bitcoin and what's going 195 00:09:38,320 --> 00:09:40,440 Speaker 1: on with the price, what's happening with the liquidations, what's 196 00:09:40,480 --> 00:09:43,600 Speaker 1: pushing the price down. There is a lot of stuff 197 00:09:43,640 --> 00:09:47,920 Speaker 1: going on, but it looks like we might have about 198 00:09:48,040 --> 00:09:50,760 Speaker 1: found the bottom of it. We know that markets stopped 199 00:09:50,760 --> 00:09:54,400 Speaker 1: going down when there's no more sellers now. Um, there 200 00:09:54,440 --> 00:09:56,800 Speaker 1: was a lot of big companies that went down, and 201 00:09:56,840 --> 00:09:59,880 Speaker 1: so we talked about Terry Luna that's gone. But sell 202 00:10:00,000 --> 00:10:02,800 Speaker 1: Seius is one of the biggest ones and they halted 203 00:10:02,960 --> 00:10:06,720 Speaker 1: withdraws and a lot of people have money locked up 204 00:10:06,760 --> 00:10:08,400 Speaker 1: on that platform that they may or may not be 205 00:10:08,440 --> 00:10:09,960 Speaker 1: able to get off, and a lot of people are 206 00:10:09,960 --> 00:10:13,360 Speaker 1: hopeful that they'll get their money off. Ah, there's a 207 00:10:13,440 --> 00:10:16,360 Speaker 1: chance depends on where your money is in which account, 208 00:10:16,360 --> 00:10:18,440 Speaker 1: if it's in a lending account, or if it's in 209 00:10:18,480 --> 00:10:21,920 Speaker 1: a holding account. Um, it depends on what they're they're 210 00:10:21,920 --> 00:10:23,880 Speaker 1: going through, like a bankruptcy now, so it depends on 211 00:10:23,920 --> 00:10:26,960 Speaker 1: how they decided to negotiate this out. Um. Will depend 212 00:10:27,000 --> 00:10:29,160 Speaker 1: on if you get some and how much you get. 213 00:10:29,360 --> 00:10:31,679 Speaker 1: So there's a lot of factors there. But first thing 214 00:10:31,720 --> 00:10:33,600 Speaker 1: they had to do is they had to survive to 215 00:10:33,720 --> 00:10:37,440 Speaker 1: even get to the point where they can negotiate that down. Now. Um, 216 00:10:37,480 --> 00:10:39,439 Speaker 1: we talked about market stoff going down when there's no 217 00:10:39,480 --> 00:10:43,120 Speaker 1: more sellers, and these big liquidations have been happening to 218 00:10:43,160 --> 00:10:46,520 Speaker 1: have been basically forcing the cell of thousands and thousands 219 00:10:46,520 --> 00:10:49,400 Speaker 1: and thousands of bitcoin, dumping them onto the market. And 220 00:10:49,440 --> 00:10:51,760 Speaker 1: it was a little bit scary for me because what's 221 00:10:51,760 --> 00:10:54,400 Speaker 1: been happening, and I've been talking about this extensively, um, 222 00:10:54,520 --> 00:10:56,480 Speaker 1: is that we have these big Wall Street funds and 223 00:10:56,520 --> 00:10:59,480 Speaker 1: they're hunting these pegs to break them so they can 224 00:10:59,520 --> 00:11:01,040 Speaker 1: make some money. Now, it happens all the time, It's 225 00:11:01,040 --> 00:11:02,920 Speaker 1: been happening for a long time. They do it outside 226 00:11:02,920 --> 00:11:06,080 Speaker 1: of cryptocurrency as well. I mean just think game stop, right, um. 227 00:11:06,080 --> 00:11:08,760 Speaker 1: And so they they purpose they try to break these pegs. 228 00:11:08,760 --> 00:11:11,360 Speaker 1: That's how George Soros got famously rich, made a billion 229 00:11:11,360 --> 00:11:13,520 Speaker 1: dollars in one day by breaking the peg of the 230 00:11:13,520 --> 00:11:16,000 Speaker 1: Bank of England. And so they'll throw around their weight, 231 00:11:16,000 --> 00:11:17,880 Speaker 1: they'll throw around their money to try to break these things. 232 00:11:18,440 --> 00:11:21,320 Speaker 1: And they may or may not have something to do 233 00:11:21,360 --> 00:11:23,840 Speaker 1: with Celsius. I'm going down having to halt with their draws. 234 00:11:24,120 --> 00:11:27,640 Speaker 1: But we could see because with bitcoin and blockchain, we 235 00:11:27,679 --> 00:11:30,400 Speaker 1: can see these most of these addresses, and we can 236 00:11:30,400 --> 00:11:32,520 Speaker 1: see where the wallets are um and how many coins 237 00:11:32,520 --> 00:11:35,000 Speaker 1: they hold in et cetera. And we could see based 238 00:11:35,000 --> 00:11:38,480 Speaker 1: off of these decentralized protocols, these defied lending protocols, that 239 00:11:38,520 --> 00:11:40,079 Speaker 1: they had a liquidation price. I want to say it 240 00:11:40,120 --> 00:11:42,480 Speaker 1: was around like eighteen thousand dollars and I Bitcoin got 241 00:11:42,480 --> 00:11:45,600 Speaker 1: to about eighteen thousand dollars, then Celsius would be liquidated. 242 00:11:46,520 --> 00:11:48,319 Speaker 1: And that means two things. One that would push the 243 00:11:48,360 --> 00:11:50,760 Speaker 1: price of bitcoin down even more. And to uh, if 244 00:11:50,760 --> 00:11:52,760 Speaker 1: they got liquidated, anybody that had money on Celsius that 245 00:11:52,760 --> 00:11:55,679 Speaker 1: was trapped, that were hoping to get some back wouldn't 246 00:11:55,920 --> 00:11:58,360 Speaker 1: wouldn't get it, but they but they were able to 247 00:11:58,480 --> 00:12:01,800 Speaker 1: get money to continue to pay this this loan down. 248 00:12:01,840 --> 00:12:05,320 Speaker 1: They took out a decentralized finance loan on a on 249 00:12:05,360 --> 00:12:08,000 Speaker 1: a protocol called maker dow and so the way it 250 00:12:08,040 --> 00:12:10,480 Speaker 1: works on a decentralized protocol is that you have to 251 00:12:10,600 --> 00:12:13,800 Speaker 1: overcollateralize the loan. And so if I want to borrow 252 00:12:14,440 --> 00:12:17,959 Speaker 1: UM fifty dollars, I have to give them a hundred 253 00:12:17,960 --> 00:12:22,400 Speaker 1: dollars or more of collateral and so in order for UM. 254 00:12:22,440 --> 00:12:25,320 Speaker 1: If that gets liquidated, then Celsius would lose all of 255 00:12:25,360 --> 00:12:27,880 Speaker 1: that collateral they had on the exchange. But they've been 256 00:12:27,920 --> 00:12:29,880 Speaker 1: able to continue to get more money. And I don't 257 00:12:29,880 --> 00:12:31,880 Speaker 1: know where they've been getting money from, but it says 258 00:12:31,880 --> 00:12:34,640 Speaker 1: here that Celsius Network was able to pay down the 259 00:12:34,800 --> 00:12:39,440 Speaker 1: remaining forty one million of its debt on the defied 260 00:12:39,440 --> 00:12:42,959 Speaker 1: platform on the Maker down platform, which freed up four 261 00:12:43,080 --> 00:12:47,319 Speaker 1: hundred and forty million dollars worth of collateral, which is 262 00:12:47,360 --> 00:12:50,840 Speaker 1: a pretty good move for for Celsius, and it's good 263 00:12:50,880 --> 00:12:54,640 Speaker 1: if you have money trapped on the Celsius platform. Um, 264 00:12:54,720 --> 00:12:57,240 Speaker 1: we can see here. It says that the on chain data, 265 00:12:57,320 --> 00:12:58,839 Speaker 1: so that's how we can see what's happening here. We 266 00:12:58,840 --> 00:13:00,560 Speaker 1: can see all this on chain data. It's one of 267 00:13:00,559 --> 00:13:03,200 Speaker 1: the benefits of the bitcoin and the blockchain technology is 268 00:13:03,240 --> 00:13:05,120 Speaker 1: that we can see all that data, and so it 269 00:13:05,160 --> 00:13:08,080 Speaker 1: adds transparency, which in my opinion is a good thing. 270 00:13:08,400 --> 00:13:11,320 Speaker 1: Um when you have things like stocks and equities and 271 00:13:11,360 --> 00:13:14,000 Speaker 1: things like that, you have no idea what's going on there, 272 00:13:14,320 --> 00:13:16,960 Speaker 1: but at least the blockchain we can see that data. 273 00:13:17,000 --> 00:13:19,000 Speaker 1: So on Chaine data shows that a wallet linked to 274 00:13:19,080 --> 00:13:22,040 Speaker 1: Celsius repaid the remaining forty one point two million of 275 00:13:22,080 --> 00:13:25,360 Speaker 1: the loan in die, which is the currency that maker 276 00:13:25,400 --> 00:13:29,000 Speaker 1: now uses, which is the says the maker's protocol stable coin. 277 00:13:29,480 --> 00:13:34,600 Speaker 1: That prompted the maker protocol to release nio. So about 278 00:13:34,600 --> 00:13:39,280 Speaker 1: twenty two thousand bitcoin two thousand bitcoin. Imagine there was 279 00:13:39,280 --> 00:13:41,840 Speaker 1: twenty two thousand bitcoin being dumped into the market. If 280 00:13:41,840 --> 00:13:44,959 Speaker 1: that was liquidated, that wouldn't be good for the overall 281 00:13:44,960 --> 00:13:47,080 Speaker 1: cryptocurrency market. It wouldn't be good for Bitcoin, It certainly 282 00:13:47,120 --> 00:13:48,920 Speaker 1: wouldn't be good for Celsius, and it certainly wouldn't be 283 00:13:48,960 --> 00:13:50,760 Speaker 1: good for anybody that has money trapped on Celsius that 284 00:13:50,800 --> 00:13:54,120 Speaker 1: are hoping to get that out. So that took that away. 285 00:13:54,200 --> 00:13:56,880 Speaker 1: Remember twenty bitcoin where a danger of being liquidated in 286 00:13:56,880 --> 00:13:59,679 Speaker 1: the market. It says that works out to about four 287 00:13:59,720 --> 00:14:02,400 Speaker 1: hundred forty eight millions. Since the bitcoin was recently traded 288 00:14:02,400 --> 00:14:05,640 Speaker 1: in about twenty four hundred, which at the time of 289 00:14:05,640 --> 00:14:07,880 Speaker 1: this recording were up a little bit higher than that. 290 00:14:07,880 --> 00:14:11,800 Speaker 1: We're over one right now. We can see here that 291 00:14:11,800 --> 00:14:14,800 Speaker 1: fund strat analyst UM told Coin Desk the collateral that 292 00:14:14,880 --> 00:14:18,520 Speaker 1: Celsius freed up can be sold on centralized exchanges or 293 00:14:18,640 --> 00:14:21,480 Speaker 1: or via over the counter to meet credited demands and 294 00:14:21,600 --> 00:14:25,000 Speaker 1: customer with draws. So now they have that money, and 295 00:14:25,040 --> 00:14:28,640 Speaker 1: now maybe they could start letting some customers get withdraws. Now. 296 00:14:28,680 --> 00:14:30,680 Speaker 1: I don't think they can, because I believe now they're 297 00:14:30,720 --> 00:14:34,400 Speaker 1: kind of in this receivership or this reorganization or restructuring, 298 00:14:34,640 --> 00:14:35,880 Speaker 1: or they're going to have to wait for like a 299 00:14:35,880 --> 00:14:38,760 Speaker 1: formal plan and orderly plan to start giving money back. 300 00:14:39,160 --> 00:14:41,600 Speaker 1: But hopefully there's some hope if you have money on 301 00:14:41,680 --> 00:14:44,760 Speaker 1: Celsius that you might actually get some back. Could be pennies, 302 00:14:45,200 --> 00:14:48,720 Speaker 1: could be none. UM, don't hold your breath, but there 303 00:14:48,800 --> 00:14:51,200 Speaker 1: is a little bit of hope. It says. The cell 304 00:14:51,360 --> 00:14:53,800 Speaker 1: which is their native token on the Celsius platform, spiked 305 00:14:54,320 --> 00:14:55,960 Speaker 1: within minutes on the news, but it's still done eight 306 00:14:56,080 --> 00:14:59,000 Speaker 1: one on the year UM, and it says the loans 307 00:14:59,000 --> 00:15:03,200 Speaker 1: on decentralized the platforms such as Maker are generally overcollateralized. 308 00:15:03,320 --> 00:15:05,200 Speaker 1: So it goes back to if you want to borrow 309 00:15:05,200 --> 00:15:06,880 Speaker 1: fifty bucks, you have to put up about a hundred 310 00:15:06,880 --> 00:15:09,080 Speaker 1: bucks or more me and that the borrow has to 311 00:15:09,120 --> 00:15:11,400 Speaker 1: put up more assets and value as a backing of 312 00:15:11,440 --> 00:15:14,720 Speaker 1: the loan than the value of the loan itself. Repaying 313 00:15:14,760 --> 00:15:16,920 Speaker 1: the loan made sense for Celsius because it could get 314 00:15:16,920 --> 00:15:19,160 Speaker 1: a grip of the valuable collateral by paying back a 315 00:15:19,280 --> 00:15:21,760 Speaker 1: fraction of its value. So they paid back the forty 316 00:15:21,800 --> 00:15:25,560 Speaker 1: million and they got four d forty million of collateral back. 317 00:15:26,920 --> 00:15:32,240 Speaker 1: So big news for Celsius. Now, it doesn't mean we're 318 00:15:32,240 --> 00:15:35,360 Speaker 1: out of the woods, but I think it is good 319 00:15:35,400 --> 00:15:39,040 Speaker 1: news nevertheless, But I would say that I hope this 320 00:15:39,120 --> 00:15:41,840 Speaker 1: is a wake up call for everybody. Now. I put 321 00:15:41,840 --> 00:15:43,640 Speaker 1: out a tweet I think it was I don't know 322 00:15:43,680 --> 00:15:45,880 Speaker 1: about a week ago, and I said something to the 323 00:15:45,880 --> 00:15:50,320 Speaker 1: effect of, um, the age of personal responsibility is going 324 00:15:50,400 --> 00:15:54,000 Speaker 1: to snap back and hard, and what do I mean 325 00:15:54,000 --> 00:15:56,880 Speaker 1: by that? So you know, I feel really bad for 326 00:15:56,920 --> 00:15:59,680 Speaker 1: anybody who's lost any money. I don't wish that upon anybody, 327 00:15:59,800 --> 00:16:01,480 Speaker 1: not even my enemies, which I don't think I have 328 00:16:01,520 --> 00:16:03,920 Speaker 1: any enemies. Hopefully I don't try not to, but I 329 00:16:03,960 --> 00:16:08,240 Speaker 1: don't wish anybody to lose money, so I feel bad 330 00:16:08,280 --> 00:16:11,960 Speaker 1: for them. But at the same time, you should never 331 00:16:12,080 --> 00:16:15,320 Speaker 1: be loaning money to somebody that you don't know what 332 00:16:15,440 --> 00:16:18,120 Speaker 1: the risk is of them paying you back. You shouldn't 333 00:16:18,160 --> 00:16:21,280 Speaker 1: do that. So if you put money onto Celsius, you 334 00:16:21,360 --> 00:16:24,840 Speaker 1: should have known there was risk there, And if you didn't, 335 00:16:24,880 --> 00:16:26,840 Speaker 1: then why would you put money there If you didn't 336 00:16:26,880 --> 00:16:28,680 Speaker 1: know there was risk. So right off the bat, you 337 00:16:28,680 --> 00:16:31,000 Speaker 1: shouldn't have put money there. Then you if you did 338 00:16:31,040 --> 00:16:32,320 Speaker 1: and you knew there was risk, you should have been 339 00:16:32,320 --> 00:16:34,440 Speaker 1: paying attention to that. Now, maybe you believed, like a 340 00:16:34,480 --> 00:16:37,400 Speaker 1: lot of people, that they had overcollateralized all their loans 341 00:16:37,640 --> 00:16:39,000 Speaker 1: and so that there was really no risk of them 342 00:16:39,000 --> 00:16:41,120 Speaker 1: not paying you back because if other people didn't pay 343 00:16:41,160 --> 00:16:43,440 Speaker 1: them back, they had they had the collateral right. But 344 00:16:43,480 --> 00:16:45,880 Speaker 1: then you saw in the news that um, they lost 345 00:16:45,920 --> 00:16:49,320 Speaker 1: money on Badger Dow. What the heck were they doing 346 00:16:49,360 --> 00:16:52,680 Speaker 1: invested into something as risky as a Badger Dow, And 347 00:16:52,720 --> 00:16:54,840 Speaker 1: so that should have told you like, oh, shoot, they're 348 00:16:54,840 --> 00:16:56,960 Speaker 1: doing things that are pretty risky. I should maybe be 349 00:16:57,040 --> 00:16:59,480 Speaker 1: aware of that and and not just to pick on 350 00:16:59,520 --> 00:17:01,280 Speaker 1: Celsius to Could it be block fire, could be voyage, 351 00:17:01,320 --> 00:17:03,480 Speaker 1: or it could be any of these things. First of all, 352 00:17:03,520 --> 00:17:06,480 Speaker 1: they're offering to pay you eight ten interest. Maybe that's 353 00:17:06,520 --> 00:17:09,119 Speaker 1: too good to be true. Second of all, you know 354 00:17:09,200 --> 00:17:10,919 Speaker 1: that's gonna have risk. That's the only way they can 355 00:17:10,920 --> 00:17:12,639 Speaker 1: pay you back if there was risk. Third of all, 356 00:17:12,640 --> 00:17:15,439 Speaker 1: you should be paying attention to that. And when you 357 00:17:15,480 --> 00:17:18,040 Speaker 1: saw some of these risky signs, you should have done 358 00:17:18,080 --> 00:17:22,160 Speaker 1: something to remove that risk that you were facing. Now again, 359 00:17:22,240 --> 00:17:24,119 Speaker 1: I don't I'm not trying to wave my finger and 360 00:17:24,160 --> 00:17:26,359 Speaker 1: say I told you so. Um, certainly not saying that 361 00:17:26,400 --> 00:17:28,520 Speaker 1: at all. What I'm saying is that it's time for 362 00:17:28,600 --> 00:17:31,040 Speaker 1: you to step up and take responsibility for yourself. And 363 00:17:31,080 --> 00:17:34,000 Speaker 1: whether you got caught in one of these or didn't, 364 00:17:34,520 --> 00:17:38,000 Speaker 1: you should please use this. We either when are we learn? 365 00:17:38,280 --> 00:17:40,280 Speaker 1: We either win. If I lose, I at least I learned, 366 00:17:40,280 --> 00:17:42,879 Speaker 1: so at least learned from this. Learned that there's no 367 00:17:42,960 --> 00:17:46,440 Speaker 1: such thing as risk free returns. There's always risk. Understand 368 00:17:47,160 --> 00:17:50,960 Speaker 1: how to quantify that risk, take the proper steps to 369 00:17:51,480 --> 00:17:55,199 Speaker 1: limit that risk, and become responsible for yourself because no 370 00:17:55,200 --> 00:17:56,600 Speaker 1: one's coming to save you. You're listening to the Mark 371 00:17:56,640 --> 00:18:00,760 Speaker 1: Ball Show. We're talking about the decentralized revolution, talking about bitcoin, potocurrencies, 372 00:18:01,280 --> 00:18:03,160 Speaker 1: and trying to make sense of the news that's going 373 00:18:03,160 --> 00:18:05,080 Speaker 1: on today so we can understand where things are going 374 00:18:05,080 --> 00:18:07,200 Speaker 1: in the near future. I'll be back with a lot 375 00:18:07,240 --> 00:18:09,080 Speaker 1: more and a second, so don't go away. I'll be 376 00:18:09,160 --> 00:18:11,560 Speaker 1: right back. All right, Welcome back. You are listening to 377 00:18:11,600 --> 00:18:15,199 Speaker 1: the Markma Show. We're talking about the decentralized revolution, the 378 00:18:15,240 --> 00:18:17,400 Speaker 1: world as it's changing right before our very eyes. Of course, 379 00:18:17,440 --> 00:18:21,399 Speaker 1: it's being led by technologies like bitcoin and cryptocurrencies, and 380 00:18:21,400 --> 00:18:24,520 Speaker 1: so we talked about that and we watch the world 381 00:18:24,600 --> 00:18:27,440 Speaker 1: as it unfolds so we can navigate it. Now. One 382 00:18:27,480 --> 00:18:30,280 Speaker 1: thing that's important to think about when you're talking about 383 00:18:30,320 --> 00:18:35,800 Speaker 1: new technologies like bitcoin. Now, bitcoin isn't just a new technology. 384 00:18:35,880 --> 00:18:39,360 Speaker 1: Bitcoin is a technological revolution. There's a there's a difference. 385 00:18:39,760 --> 00:18:42,720 Speaker 1: A new technology is something cool and it's an improvement 386 00:18:43,160 --> 00:18:46,600 Speaker 1: and it extends markets. So like an iPhone was cool. 387 00:18:46,640 --> 00:18:48,359 Speaker 1: We took a computer and the phone, we put them together. 388 00:18:48,600 --> 00:18:50,199 Speaker 1: Now that's cool, and I love the iPhone, don't get 389 00:18:50,240 --> 00:18:53,040 Speaker 1: me wrong. A technological revolution is different in a way 390 00:18:53,080 --> 00:18:55,760 Speaker 1: that it changes the course of humanity and it drives 391 00:18:55,800 --> 00:18:58,520 Speaker 1: financial markets. There's only been five. I believe bitcoin is 392 00:18:58,560 --> 00:19:02,320 Speaker 1: the sixth technological evolution. They come about every fifty years. 393 00:19:02,359 --> 00:19:05,560 Speaker 1: But whenever you're looking at new technologies and especially technological revolutions, 394 00:19:06,200 --> 00:19:08,720 Speaker 1: it's important to understand how to look at them properly. 395 00:19:09,880 --> 00:19:11,960 Speaker 1: And um, one of the things that I mean by 396 00:19:12,000 --> 00:19:15,000 Speaker 1: that is the wrong way to look at them is 397 00:19:15,000 --> 00:19:18,080 Speaker 1: by looking at the price. The price is the least 398 00:19:18,160 --> 00:19:21,159 Speaker 1: interesting thing and the least accurate thing to take a 399 00:19:21,160 --> 00:19:24,720 Speaker 1: look at. So UM, I like to use the story 400 00:19:24,760 --> 00:19:26,360 Speaker 1: over and over. If you tune in every week, then 401 00:19:26,440 --> 00:19:28,000 Speaker 1: I apologize if you've heard this before, but I like 402 00:19:28,040 --> 00:19:30,720 Speaker 1: to think about Uber and uber. You know, it's pitched 403 00:19:30,720 --> 00:19:33,560 Speaker 1: in Silicon Valley a decade ago, and um, it was 404 00:19:33,720 --> 00:19:36,399 Speaker 1: supposedly going to be this new way to get a ride, 405 00:19:36,480 --> 00:19:38,240 Speaker 1: you know, from your from your phone and people are like, 406 00:19:38,400 --> 00:19:39,760 Speaker 1: what do you mean, I can't I use my phone 407 00:19:39,800 --> 00:19:41,679 Speaker 1: to call a taxi? Well, yeah, it's sort of like that, 408 00:19:41,720 --> 00:19:43,879 Speaker 1: but this is a cool app or whatever, right, But 409 00:19:44,000 --> 00:19:47,160 Speaker 1: imagine if so when you invest into what's called venture 410 00:19:47,240 --> 00:19:50,880 Speaker 1: capital venture deals, these are really early companies. They typically 411 00:19:50,920 --> 00:19:53,040 Speaker 1: don't go public, if if they ever go at all, 412 00:19:53,600 --> 00:19:57,160 Speaker 1: for about a decade. So that means for a decade 413 00:19:57,400 --> 00:19:59,080 Speaker 1: you had money if you would have invested into Uber, 414 00:19:59,119 --> 00:20:00,439 Speaker 1: which by the way, you would have don really well 415 00:20:00,440 --> 00:20:02,040 Speaker 1: if you would have done that. There's been a lot 416 00:20:02,040 --> 00:20:03,520 Speaker 1: of other losers. But if you would have invested into 417 00:20:03,560 --> 00:20:05,719 Speaker 1: Uber in the early days, um, you would have had 418 00:20:05,760 --> 00:20:08,200 Speaker 1: to wait about a decade for it to go public 419 00:20:08,280 --> 00:20:10,480 Speaker 1: and have a daily stock price where you could get 420 00:20:10,520 --> 00:20:13,840 Speaker 1: your money out of it. So during that decade, how 421 00:20:13,880 --> 00:20:16,199 Speaker 1: would you know if it's doing any good Because it 422 00:20:16,240 --> 00:20:18,159 Speaker 1: doesn't have a daily price and it's not publicly listed, 423 00:20:18,880 --> 00:20:21,240 Speaker 1: so um, looking at the price is not something you 424 00:20:21,240 --> 00:20:22,600 Speaker 1: can do, and even if you could, it would be 425 00:20:22,640 --> 00:20:24,080 Speaker 1: the wrong thing to look at. And the reason why 426 00:20:24,400 --> 00:20:26,600 Speaker 1: is when it's so small and so new, it would 427 00:20:26,600 --> 00:20:29,080 Speaker 1: be extremely volatile and you'd be shaking all the time. 428 00:20:29,119 --> 00:20:31,879 Speaker 1: Imagine with Uber where it's like hey we uh we 429 00:20:31,880 --> 00:20:34,240 Speaker 1: we moved into San Francisco, hooray, and the price goes 430 00:20:34,320 --> 00:20:36,720 Speaker 1: up and then oh um, New York cab drivers are 431 00:20:36,760 --> 00:20:39,280 Speaker 1: protesting against Uber, and then the price goes down, and 432 00:20:39,359 --> 00:20:41,320 Speaker 1: every time good news or bad news comes out, it 433 00:20:41,359 --> 00:20:42,720 Speaker 1: was up and down, up and down, up and down, 434 00:20:42,720 --> 00:20:45,199 Speaker 1: and you would drive you crazy. But That's exactly what 435 00:20:45,200 --> 00:20:47,320 Speaker 1: happened with bitcoin. Bitcoin has been a live price since 436 00:20:47,400 --> 00:20:50,760 Speaker 1: day one. Um, So if you can't look at the price, 437 00:20:50,840 --> 00:20:52,119 Speaker 1: or you shouldn't look at the price, what should you 438 00:20:52,160 --> 00:20:54,040 Speaker 1: be looking at? Well, you want to look at two things. 439 00:20:54,160 --> 00:20:56,600 Speaker 1: One is the network growth, the growth of the network 440 00:20:57,080 --> 00:21:00,760 Speaker 1: Metcalf's law. Is the network expanding or more people using it? 441 00:21:00,760 --> 00:21:03,200 Speaker 1: Are the number of wallets going up? Or the addresses 442 00:21:03,240 --> 00:21:06,159 Speaker 1: going up? Are the miners the amount of computers that 443 00:21:06,200 --> 00:21:08,920 Speaker 1: are mining on the network, which equals hash power the 444 00:21:09,680 --> 00:21:12,320 Speaker 1: combined power of those computers hash power? Is that going up? 445 00:21:12,400 --> 00:21:16,480 Speaker 1: Is the network growing? Is the network becoming stronger? And 446 00:21:16,480 --> 00:21:19,040 Speaker 1: then we want to look at the development on the network. 447 00:21:19,240 --> 00:21:22,520 Speaker 1: So think about back to the Uber example. Um, is 448 00:21:22,520 --> 00:21:25,840 Speaker 1: is the Uber network growing? Are there more people signing 449 00:21:25,920 --> 00:21:29,120 Speaker 1: up to give rides? Right? What good is Uber if 450 00:21:29,119 --> 00:21:30,959 Speaker 1: there's no one that will give you a ride? So 451 00:21:31,080 --> 00:21:32,919 Speaker 1: you need to have all the cities and you need 452 00:21:32,920 --> 00:21:34,600 Speaker 1: to have as many drivers as you can in all 453 00:21:34,600 --> 00:21:36,159 Speaker 1: the cities. Right, So the more cities and the more 454 00:21:36,200 --> 00:21:38,960 Speaker 1: drivers you have, the better. But you also need riders. 455 00:21:39,040 --> 00:21:42,159 Speaker 1: So are the writers going up? So is the network growing? 456 00:21:42,560 --> 00:21:45,399 Speaker 1: And so um we would say that with bitcoin, it is, right. 457 00:21:45,400 --> 00:21:47,080 Speaker 1: We can see that through the growth of the miners, 458 00:21:47,560 --> 00:21:49,879 Speaker 1: the growth of the bitcoin wallets. We can see how 459 00:21:49,880 --> 00:21:52,000 Speaker 1: many wallets are being added to the system. And the 460 00:21:52,040 --> 00:21:53,920 Speaker 1: other thing with Uber is you look at the development 461 00:21:53,960 --> 00:21:57,760 Speaker 1: on the network. Is it developing? Have they added new 462 00:21:57,800 --> 00:22:00,399 Speaker 1: types of cars? Now they have rideshare, now they have vans, 463 00:22:00,840 --> 00:22:03,000 Speaker 1: um now they do Uber eats, right, and so they're 464 00:22:03,040 --> 00:22:06,160 Speaker 1: developing on the network. Um, they're improving the product and 465 00:22:06,280 --> 00:22:09,199 Speaker 1: the network is growing. Now it's important understanding with the network. 466 00:22:09,240 --> 00:22:12,119 Speaker 1: Network effects are very very powerful. So a lot of 467 00:22:12,160 --> 00:22:14,080 Speaker 1: people say, well, why can't you just copy Bitcoin? Well 468 00:22:14,119 --> 00:22:16,960 Speaker 1: you can, You can totally copy bitcoin, but you can't 469 00:22:16,960 --> 00:22:20,479 Speaker 1: copy the network. Right. So, um, I could probably have 470 00:22:20,520 --> 00:22:22,400 Speaker 1: someone make me a copy of Facebook and I can 471 00:22:22,400 --> 00:22:24,680 Speaker 1: call it marx Book, But it doesn't mean anybody would 472 00:22:24,720 --> 00:22:27,400 Speaker 1: use it. Right, So I can make a copy of Bitcoin, 473 00:22:27,480 --> 00:22:30,200 Speaker 1: but doesn't mean anybody would use it. More importantly, it 474 00:22:30,240 --> 00:22:33,400 Speaker 1: doesn't mean anybody would come mine on it. Would all 475 00:22:33,480 --> 00:22:36,639 Speaker 1: the miners that have spent hundreds of billions of dollars 476 00:22:36,680 --> 00:22:38,960 Speaker 1: to mine bitcoin to help secure the network, would they 477 00:22:38,960 --> 00:22:41,479 Speaker 1: all just come start mining Marxcoin. They'd give all that up? 478 00:22:42,400 --> 00:22:44,720 Speaker 1: Most likely, not what about all the development that's happened 479 00:22:44,720 --> 00:22:46,720 Speaker 1: on that all the services that have been built, so 480 00:22:46,880 --> 00:22:49,720 Speaker 1: the Bitcoin Lightning Layer two and all the different wallets 481 00:22:49,720 --> 00:22:51,720 Speaker 1: and all the apps and all of that. Would they 482 00:22:51,760 --> 00:22:54,639 Speaker 1: all just come onto marx Coin. Probably not. So why 483 00:22:54,840 --> 00:22:58,520 Speaker 1: while I can copy the idea, I could copy maybe 484 00:22:58,560 --> 00:23:03,320 Speaker 1: even the technology, I can't copy the network now. Um. 485 00:23:03,359 --> 00:23:05,439 Speaker 1: Michael Sailor wrote a book a long time ago, and 486 00:23:05,440 --> 00:23:07,160 Speaker 1: he was talking about network effects. And I believe he said, 487 00:23:07,160 --> 00:23:09,639 Speaker 1: like any any company that's achieved over like a hundred 488 00:23:09,640 --> 00:23:12,639 Speaker 1: billion dollar evaluation, the network effects are too strong for 489 00:23:12,640 --> 00:23:15,760 Speaker 1: it to be overcome. And you don't really see companies 490 00:23:15,880 --> 00:23:19,000 Speaker 1: lose once they've built that network up. And so again 491 00:23:19,119 --> 00:23:23,520 Speaker 1: think Facebook today. Um. Now, eventually maybe people stop using it, 492 00:23:23,560 --> 00:23:26,240 Speaker 1: but but there's no way like another social media app 493 00:23:26,240 --> 00:23:29,120 Speaker 1: would come and replace that. Amazon right, these have big 494 00:23:29,160 --> 00:23:31,240 Speaker 1: network effects. Again, I can go make a new site 495 00:23:31,280 --> 00:23:33,440 Speaker 1: where you can buy and sell products, but doesn't mean 496 00:23:33,480 --> 00:23:36,160 Speaker 1: that network will come over. Um. But so we want 497 00:23:36,160 --> 00:23:38,160 Speaker 1: to look at those things. And I saw this week, UM, 498 00:23:38,440 --> 00:23:40,679 Speaker 1: something that we've seen over and over and over is 499 00:23:40,720 --> 00:23:43,840 Speaker 1: we're seeing minds share. Some of the smartest people in 500 00:23:43,880 --> 00:23:48,439 Speaker 1: the world are leaving their very high positions to come 501 00:23:48,440 --> 00:23:51,080 Speaker 1: work in this space. And so I know right now 502 00:23:51,080 --> 00:23:52,679 Speaker 1: we're in a bear market at the price of bitcoin 503 00:23:52,720 --> 00:23:56,240 Speaker 1: and cryptocurrencies are way down and bitcoin is dead again, 504 00:23:56,320 --> 00:23:58,600 Speaker 1: right It's been dead I think thirteen or fourteen times 505 00:23:58,960 --> 00:24:01,600 Speaker 1: um every time the price draw up. It's dead. Never 506 00:24:01,680 --> 00:24:06,399 Speaker 1: mind that it's it's fallen all the way down to 507 00:24:06,520 --> 00:24:11,160 Speaker 1: its previous high position that was that before. So again 508 00:24:11,200 --> 00:24:14,119 Speaker 1: looking at the wrong um thing. But if bitcoin is dead, 509 00:24:14,200 --> 00:24:15,800 Speaker 1: and then why are some of the smartest people in 510 00:24:15,840 --> 00:24:17,840 Speaker 1: the biggest positions of the world coming over to work 511 00:24:17,840 --> 00:24:19,440 Speaker 1: on it? And so we saw this week a new 512 00:24:19,480 --> 00:24:23,520 Speaker 1: story came out and says three executives leave JP Morgan 513 00:24:23,800 --> 00:24:27,760 Speaker 1: this week to join crypto firms. So JP Morgan one 514 00:24:27,800 --> 00:24:30,800 Speaker 1: of the biggest and most connected banks in the world 515 00:24:30,840 --> 00:24:34,960 Speaker 1: in the United States, Jamie Diamond and JP Morgan. Jamie 516 00:24:34,960 --> 00:24:37,639 Speaker 1: Diamond had once said, um, you know, bitcoin is a scam. 517 00:24:37,680 --> 00:24:40,040 Speaker 1: If anybody at JP Morgan traded, I would fire them. 518 00:24:40,080 --> 00:24:42,159 Speaker 1: But of course now JP Morgan has moved into the space. 519 00:24:42,520 --> 00:24:46,119 Speaker 1: But three executives and one of the most connected banks 520 00:24:46,920 --> 00:24:49,800 Speaker 1: in the world have left to go join crypto. Now, 521 00:24:50,280 --> 00:24:51,840 Speaker 1: a lot of people said, well, it's never gonna work 522 00:24:51,880 --> 00:24:53,960 Speaker 1: because you know, the Governm's gonna make it illegal and 523 00:24:54,560 --> 00:24:58,919 Speaker 1: all these things. Right, Well, these executives are you know, 524 00:24:58,960 --> 00:25:01,479 Speaker 1: they know a couple of things, and they would probably 525 00:25:01,520 --> 00:25:04,520 Speaker 1: not agree because they've left their high power jobs and 526 00:25:04,560 --> 00:25:07,280 Speaker 1: traditional finance to go work for this new company. And 527 00:25:07,359 --> 00:25:08,600 Speaker 1: take a look at that. So we can see here 528 00:25:09,280 --> 00:25:12,440 Speaker 1: UM a banner week for people departing mega bank JP 529 00:25:12,600 --> 00:25:16,840 Speaker 1: Morgan to join the cryptocurrency industry. Three executives taking the 530 00:25:16,880 --> 00:25:21,679 Speaker 1: plunge despite a looming crypto winter. So even though the 531 00:25:21,720 --> 00:25:24,520 Speaker 1: price is down, even though it's dead again, even though 532 00:25:24,560 --> 00:25:27,959 Speaker 1: it's never gonna work, they've decided to leave JP Morgan 533 00:25:28,359 --> 00:25:32,800 Speaker 1: to go join the crypt industry in the winter. No less. Now, 534 00:25:32,960 --> 00:25:35,159 Speaker 1: someone who's been through a few bear markets, and let 535 00:25:35,200 --> 00:25:37,320 Speaker 1: me just say that bear markets are the time to build, 536 00:25:37,680 --> 00:25:39,560 Speaker 1: that's the time we get ahead. We can see. The 537 00:25:39,600 --> 00:25:43,480 Speaker 1: latest leavers include Eric Raggy, a former managing director at 538 00:25:43,560 --> 00:25:46,960 Speaker 1: JP Morgan with twenty one years tenure at the bank. Look, 539 00:25:46,960 --> 00:25:48,720 Speaker 1: he wasn't just a guy who had been there for 540 00:25:48,760 --> 00:25:51,280 Speaker 1: a few months. He had twenty one year's tenure at 541 00:25:51,280 --> 00:25:55,439 Speaker 1: the bank. Um he left to go work ahead of 542 00:25:55,440 --> 00:25:57,760 Speaker 1: business development and capital markets at the company, and we 543 00:25:57,800 --> 00:26:01,919 Speaker 1: have Puja Samuel, formerly ahead of ideation and digitization at 544 00:26:02,000 --> 00:26:05,040 Speaker 1: JP Morgan based in New York City, joins the Digital 545 00:26:05,080 --> 00:26:09,040 Speaker 1: Currency Group. Digital Currency Group runs the new site coin desk, 546 00:26:09,160 --> 00:26:14,320 Speaker 1: They run the event called consensus Um. They have the UM, 547 00:26:16,320 --> 00:26:20,080 Speaker 1: they have the big gray scale trust Bitcoin Trust. So 548 00:26:20,320 --> 00:26:23,040 Speaker 1: he left to go work there UM, and we have 549 00:26:23,400 --> 00:26:27,000 Speaker 1: JP Morgan banker Samir Shaw left the bank to become 550 00:26:27,080 --> 00:26:31,800 Speaker 1: chief operating officer at an investment firm called Pantera Capital. 551 00:26:32,520 --> 00:26:36,280 Speaker 1: So look, these people don't think Krypto is dead. You might, 552 00:26:37,440 --> 00:26:40,600 Speaker 1: but I would just stop and ask myself. Am I 553 00:26:40,760 --> 00:26:43,520 Speaker 1: more connected than this guy that worked at JP Morgan 554 00:26:43,640 --> 00:26:47,920 Speaker 1: for twenty one years? I'm not. I don't know anybody 555 00:26:47,920 --> 00:26:50,959 Speaker 1: at Wall Street or inside JP Morgan. Am I smarter 556 00:26:51,040 --> 00:26:54,040 Speaker 1: than them? I probably no different things than they know. 557 00:26:54,560 --> 00:26:57,719 Speaker 1: But um, you might want to stop and think when 558 00:26:57,760 --> 00:27:00,879 Speaker 1: you see this amount of mindshare leaving tradition, no finance 559 00:27:01,080 --> 00:27:04,560 Speaker 1: to go work in this industry, especially in a bear market, 560 00:27:04,920 --> 00:27:06,159 Speaker 1: and that should give you hope. I think if you 561 00:27:06,240 --> 00:27:08,639 Speaker 1: zoom out and you can have the right time perspective, 562 00:27:09,280 --> 00:27:12,200 Speaker 1: these things can help you a lot. I still believe 563 00:27:12,240 --> 00:27:14,960 Speaker 1: it's the greatest opportunity that we'll ever see in our lifetime. 564 00:27:15,280 --> 00:27:17,120 Speaker 1: Now you listen to the Markmas Show. We're talking about 565 00:27:17,119 --> 00:27:19,719 Speaker 1: the decentralized revolution, the way the world is changing right 566 00:27:19,760 --> 00:27:22,439 Speaker 1: before our very eyes. The catalyst, of course is technology 567 00:27:22,520 --> 00:27:26,080 Speaker 1: as always being led by decentralized technology. We're talking about bitcoin. 568 00:27:27,680 --> 00:27:29,880 Speaker 1: Just going through some of the mind share that's leaving 569 00:27:29,920 --> 00:27:32,439 Speaker 1: the space. And uh, I got a lot more to 570 00:27:32,480 --> 00:27:35,919 Speaker 1: cover when I come back in a minute, some big stuff, 571 00:27:36,040 --> 00:27:38,399 Speaker 1: So don't go away. I'll be right back, all right, 572 00:27:38,400 --> 00:27:40,360 Speaker 1: Welcome back. You are listening to the Markma Show. We're 573 00:27:40,359 --> 00:27:43,320 Speaker 1: talking about the decentralized Revolution. We're talking about bitcoin, We're 574 00:27:43,359 --> 00:27:47,440 Speaker 1: talking about cryptocurrencies. We are talking about the latest breaking news. 575 00:27:47,520 --> 00:27:49,359 Speaker 1: So we can see all of this playing out in 576 00:27:49,480 --> 00:27:52,960 Speaker 1: real time. Now hopefully you've got the last segment there. Um, 577 00:27:52,960 --> 00:27:55,240 Speaker 1: it's a bear market, but it's not dead. We're seeing people, 578 00:27:55,400 --> 00:27:58,440 Speaker 1: some of the top people from the traditional finance space 579 00:27:58,480 --> 00:28:02,920 Speaker 1: are leaving their posts to come in. But I want to, UM, 580 00:28:02,920 --> 00:28:04,680 Speaker 1: I want to talk about a couple of things. Are 581 00:28:05,600 --> 00:28:11,919 Speaker 1: here real quick, so let's see here. First thing, we 582 00:28:12,000 --> 00:28:14,400 Speaker 1: have to understand what happened in the market. We saw 583 00:28:14,400 --> 00:28:17,200 Speaker 1: a bunch of experimentation, which I'm a fan of experimentation. 584 00:28:17,880 --> 00:28:24,359 Speaker 1: UM c FI defy decentralized finance, centralized finance, and we 585 00:28:24,359 --> 00:28:27,520 Speaker 1: saw it end pretty badly. Now, I was talking about 586 00:28:27,560 --> 00:28:32,040 Speaker 1: before that you know, if it sounds too good to 587 00:28:32,080 --> 00:28:33,679 Speaker 1: be true, a lot of times it is. Doesn't mean 588 00:28:33,760 --> 00:28:36,040 Speaker 1: it always is, but a lot of times it is. 589 00:28:36,200 --> 00:28:39,120 Speaker 1: And so UM, at a minimum, you should use some 590 00:28:39,240 --> 00:28:41,200 Speaker 1: extra scrutiny, and you should really dig in and take 591 00:28:41,240 --> 00:28:43,280 Speaker 1: a look at this. And I think when we're looking 592 00:28:43,320 --> 00:28:47,800 Speaker 1: at the c FI DFI platforms, centralized finances, decentralized finance platforms, 593 00:28:47,960 --> 00:28:52,480 Speaker 1: we're talking about the block fives, the celsius is, the voyagers, um, 594 00:28:53,000 --> 00:28:55,840 Speaker 1: the et cetera. When we're looking at those and they're 595 00:28:55,840 --> 00:29:00,080 Speaker 1: paying out, you know, interest, you might ask yourself of 596 00:29:00,280 --> 00:29:02,560 Speaker 1: how in the heck in the world that we're in 597 00:29:02,600 --> 00:29:06,000 Speaker 1: today with zero interest rates they're able to pay out, 598 00:29:07,920 --> 00:29:10,920 Speaker 1: And you would ask yourself that. Now, we talked about 599 00:29:10,960 --> 00:29:14,160 Speaker 1: how all this collapsed and how it became this cascading 600 00:29:14,200 --> 00:29:17,760 Speaker 1: domino effect, and it's really dragged the entire market cap 601 00:29:17,800 --> 00:29:21,960 Speaker 1: down with it. But I think it's also fundamentally transformed 602 00:29:21,960 --> 00:29:24,360 Speaker 1: the industry. At least I hope so so I think 603 00:29:24,400 --> 00:29:29,120 Speaker 1: it's washed out most of, if not not not all, 604 00:29:29,160 --> 00:29:31,480 Speaker 1: but pretty much most of the leverage that's been built 605 00:29:31,520 --> 00:29:33,080 Speaker 1: up in the system. But what I also hope is 606 00:29:33,120 --> 00:29:36,880 Speaker 1: that it wakes people up to the to, like I 607 00:29:36,880 --> 00:29:40,920 Speaker 1: said I'm saying earlier, the era of of a personal responsibility, 608 00:29:41,880 --> 00:29:43,960 Speaker 1: and I think you have to want to be responsible 609 00:29:43,920 --> 00:29:45,640 Speaker 1: for yourself and think about the risk that you're taking. 610 00:29:45,680 --> 00:29:49,080 Speaker 1: But also I think it maybe marks an end to 611 00:29:49,960 --> 00:29:54,960 Speaker 1: that entire era that was there. You know, UM, people 612 00:29:55,000 --> 00:29:56,959 Speaker 1: were taking a lot of risk. They were putting a 613 00:29:57,000 --> 00:30:00,200 Speaker 1: coin on this defied platform, and they're taking it out here, 614 00:30:00,240 --> 00:30:01,840 Speaker 1: and they're wrapping it, and they're putting it on here, 615 00:30:01,840 --> 00:30:03,160 Speaker 1: and they were taking the yield and they're wrapping that 616 00:30:03,200 --> 00:30:05,040 Speaker 1: and they're putting on here, and they're adding all these 617 00:30:05,040 --> 00:30:07,239 Speaker 1: steps and all this complexity to try to get more 618 00:30:07,280 --> 00:30:11,200 Speaker 1: and more what we'd call alpha, more profit, more yield, 619 00:30:11,440 --> 00:30:13,040 Speaker 1: and in order to do that, they were taking more 620 00:30:13,080 --> 00:30:15,440 Speaker 1: and more risks. So it pushes people way out on 621 00:30:15,480 --> 00:30:18,960 Speaker 1: this on this risk curve in order to do that UM. 622 00:30:19,040 --> 00:30:21,440 Speaker 1: And now through the collapse of Anchor and other defied 623 00:30:21,480 --> 00:30:26,320 Speaker 1: protocols UM, we're seeing that these these platforms have blown up. 624 00:30:26,720 --> 00:30:30,760 Speaker 1: It's shrunk. The amount of value that's locked up into 625 00:30:30,800 --> 00:30:33,560 Speaker 1: these DeFi protocols at trunk about sevent from its all 626 00:30:33,600 --> 00:30:36,640 Speaker 1: time high, and we're seeing a lot of them that 627 00:30:36,680 --> 00:30:42,000 Speaker 1: have just disappeared altogether. And I think, um, well, I 628 00:30:42,000 --> 00:30:45,000 Speaker 1: don't know. You can't ever count out the stupidity of 629 00:30:45,040 --> 00:30:48,400 Speaker 1: other people. Um, but typically when you touch a hot stove, 630 00:30:48,400 --> 00:30:52,440 Speaker 1: when you burn your hand, you don't do that again. Um, 631 00:30:52,600 --> 00:30:55,000 Speaker 1: sometimes they might, but I think it should be a 632 00:30:55,120 --> 00:30:58,040 Speaker 1: it should be abundantly clear of anybody looking right now 633 00:30:58,440 --> 00:31:03,440 Speaker 1: that high returns equals higher risk and at a minimum, 634 00:31:03,520 --> 00:31:05,440 Speaker 1: if you want to continue to try these things, hopefully 635 00:31:05,480 --> 00:31:08,440 Speaker 1: you'll take a much more seasons approach to it. Now. 636 00:31:08,480 --> 00:31:10,680 Speaker 1: I also want to give um, that's kind of what 637 00:31:10,680 --> 00:31:12,520 Speaker 1: I'm thinking about the space overall, But I also want 638 00:31:12,520 --> 00:31:15,480 Speaker 1: to give some advice. I was went to a meet 639 00:31:15,560 --> 00:31:18,200 Speaker 1: up last night. Swan Bitcoin put together shout out to 640 00:31:18,240 --> 00:31:21,120 Speaker 1: swan bitcoin. If you're looking to buy bitcoin, check them 641 00:31:21,120 --> 00:31:24,640 Speaker 1: out swan bitcoin dot com. I think slash mark, by 642 00:31:24,680 --> 00:31:28,200 Speaker 1: the way, get ten dollars in free bitcoin. But we 643 00:31:28,200 --> 00:31:29,880 Speaker 1: went to a meet up meet up last night and 644 00:31:29,920 --> 00:31:32,720 Speaker 1: we were talking about the market and what's going to happen, 645 00:31:32,720 --> 00:31:34,280 Speaker 1: and when when will the price of bitcoin come back? 646 00:31:35,400 --> 00:31:38,760 Speaker 1: And how long will this bear market last? This crypto 647 00:31:38,800 --> 00:31:42,040 Speaker 1: bear market? And uh, I said, you know, shoot, it 648 00:31:42,080 --> 00:31:44,240 Speaker 1: could be three years before we see the all time 649 00:31:44,320 --> 00:31:48,280 Speaker 1: high price come back. And some people didn't like that answer. 650 00:31:49,160 --> 00:31:52,640 Speaker 1: And UM, you know, I've been through this before. It 651 00:31:52,760 --> 00:31:55,520 Speaker 1: doesn't Maybe it's a little bit easier, but it's still 652 00:31:55,560 --> 00:31:58,600 Speaker 1: not not fun, still painful. But I said, you know, 653 00:31:58,680 --> 00:32:01,000 Speaker 1: if it took that long to get back, that would 654 00:32:01,040 --> 00:32:03,480 Speaker 1: be a three x return from here, you know, in 655 00:32:03,600 --> 00:32:07,240 Speaker 1: three years that that's pretty good return. I like that, UM. 656 00:32:07,320 --> 00:32:10,200 Speaker 1: But also I think that these bear markets, these these 657 00:32:10,200 --> 00:32:14,880 Speaker 1: winters are opportunities to UM build. And so let's talk 658 00:32:14,880 --> 00:32:18,200 Speaker 1: about a survival guide for the crypto bear market and 659 00:32:18,280 --> 00:32:21,480 Speaker 1: how to get ready for the next bull run. And 660 00:32:21,480 --> 00:32:23,000 Speaker 1: I think a couple of things. You know, one thing 661 00:32:23,040 --> 00:32:26,800 Speaker 1: that I think of is, um, what if it never 662 00:32:26,880 --> 00:32:30,360 Speaker 1: comes back? It's a scary one. I think about that. 663 00:32:30,880 --> 00:32:33,160 Speaker 1: And uh, having gone through this before, like I said, 664 00:32:33,200 --> 00:32:35,560 Speaker 1: it doesn't necessarily get easier. So what how do I 665 00:32:35,640 --> 00:32:39,240 Speaker 1: deal with that? Um? You know, should I panic? Should 666 00:32:39,280 --> 00:32:42,600 Speaker 1: I sell out right now? Or should I double down? Well? 667 00:32:42,640 --> 00:32:44,160 Speaker 1: I would I would think about a couple of ways. 668 00:32:44,440 --> 00:32:47,320 Speaker 1: So first of all, why did you buy the asset? 669 00:32:47,880 --> 00:32:50,040 Speaker 1: What do you think is going to happen with that asset, 670 00:32:50,080 --> 00:32:54,400 Speaker 1: and what's your plan for that? So for me, for example, 671 00:32:54,840 --> 00:32:58,920 Speaker 1: I believe bitcoin is the most pristine asset reserve asset 672 00:32:58,960 --> 00:33:02,040 Speaker 1: we've ever seen. I believe it's a superior form of money. 673 00:33:02,160 --> 00:33:05,440 Speaker 1: I believe it's going to take a big majority out 674 00:33:05,440 --> 00:33:09,720 Speaker 1: of the global reserve assets. I I believe that um 675 00:33:09,840 --> 00:33:12,280 Speaker 1: and so that's why I bought it. That's why I 676 00:33:12,320 --> 00:33:14,720 Speaker 1: hold it, and what am I plan to do with it? 677 00:33:14,720 --> 00:33:17,320 Speaker 1: While I'm planning to hold it until that becomes reality, 678 00:33:17,360 --> 00:33:22,239 Speaker 1: which could be past my lifetime. And so that's what 679 00:33:22,280 --> 00:33:25,320 Speaker 1: I'm waiting for. Now. When it crashes in price, should 680 00:33:25,360 --> 00:33:27,120 Speaker 1: I panic and seller? Should I double down? Well, I 681 00:33:27,120 --> 00:33:31,360 Speaker 1: would ask myself, do I still think that could be true? Well? 682 00:33:31,400 --> 00:33:34,480 Speaker 1: The network still works as design, the network growth is 683 00:33:34,520 --> 00:33:36,640 Speaker 1: still happening in development, never gonna happen. It looks like 684 00:33:36,640 --> 00:33:39,080 Speaker 1: it's still on track to do that. So I'm gonna 685 00:33:39,080 --> 00:33:40,600 Speaker 1: continue to hold. As a matter of fact, I will 686 00:33:40,640 --> 00:33:43,160 Speaker 1: double down on this. Now, let's say that you bought 687 00:33:43,240 --> 00:33:46,040 Speaker 1: like a board ape n f T for example, why 688 00:33:46,080 --> 00:33:48,640 Speaker 1: did you buy it, and what did you expect to 689 00:33:48,680 --> 00:33:50,520 Speaker 1: happen in what were you thinking would happen. So let's 690 00:33:50,520 --> 00:33:52,920 Speaker 1: say that you bought this because all your friends were 691 00:33:52,920 --> 00:33:55,480 Speaker 1: buying them and were doubling tripling their money within thirty days. 692 00:33:55,840 --> 00:34:00,080 Speaker 1: Now you bought it and the price dropped, Well, do 693 00:34:00,080 --> 00:34:01,600 Speaker 1: you still think you can double the triple your money 694 00:34:01,640 --> 00:34:07,120 Speaker 1: in thirty days? Um? And uh? You know, and ask 695 00:34:07,160 --> 00:34:09,160 Speaker 1: yourself that question. Now I would say, well, shoot, now 696 00:34:09,239 --> 00:34:11,880 Speaker 1: there's been a million board apes come on, and I 697 00:34:11,920 --> 00:34:14,200 Speaker 1: can just go onto Google images and search board apes 698 00:34:14,239 --> 00:34:16,399 Speaker 1: and I could just right click and save any of those. 699 00:34:16,560 --> 00:34:18,080 Speaker 1: So I don't know if that's going to be a reality. More. 700 00:34:18,080 --> 00:34:19,520 Speaker 1: I really bought into the hype of the hype is 701 00:34:19,520 --> 00:34:21,360 Speaker 1: dead now and so since the hype is dead and 702 00:34:21,400 --> 00:34:23,000 Speaker 1: I only bought it for the hype and it's dead, 703 00:34:23,000 --> 00:34:24,759 Speaker 1: then maybe I should get rid of it. Now. I'm 704 00:34:24,800 --> 00:34:26,239 Speaker 1: not saying that's the case, but these are ways that 705 00:34:26,239 --> 00:34:29,279 Speaker 1: I would think through this process. You never want to 706 00:34:29,400 --> 00:34:34,480 Speaker 1: become a forced seller. That means you don't want to 707 00:34:34,480 --> 00:34:37,560 Speaker 1: panic at the bottom. It's simple, not easy, but simple. 708 00:34:37,600 --> 00:34:40,279 Speaker 1: You're supposed to buy low and sell high, not buy 709 00:34:40,360 --> 00:34:41,640 Speaker 1: high and sell low. So you don't want to be 710 00:34:41,680 --> 00:34:43,719 Speaker 1: a force seller at the bottom. You shouldn't panic, which 711 00:34:43,719 --> 00:34:47,920 Speaker 1: brings me to the next point, which is avoid panic selling. Um. 712 00:34:47,960 --> 00:34:50,879 Speaker 1: You also want to avoid greed. So if you were 713 00:34:50,920 --> 00:34:53,960 Speaker 1: only buying these board apes at astronomical levels because you 714 00:34:53,960 --> 00:34:56,000 Speaker 1: thought you could triple or quadruple or ten extra money 715 00:34:56,000 --> 00:34:59,560 Speaker 1: in thirty days, you were buying into greed. So you 716 00:34:59,560 --> 00:35:01,440 Speaker 1: don't want to you want to avoid greed. Um. I 717 00:35:01,480 --> 00:35:04,160 Speaker 1: can tell you that my phone starts ringing off the 718 00:35:04,160 --> 00:35:05,799 Speaker 1: hook with people I haven't talked to in years and 719 00:35:05,880 --> 00:35:08,080 Speaker 1: years and years when Bitcoin reaches new all time highs. 720 00:35:08,400 --> 00:35:10,759 Speaker 1: They're buying into greed. You're supposed to buy at the 721 00:35:10,840 --> 00:35:14,239 Speaker 1: bottom when it's cheap, not at the top when it's expensive. Um, 722 00:35:14,280 --> 00:35:16,480 Speaker 1: but now it's cheap and people don't want to buy, 723 00:35:16,680 --> 00:35:18,160 Speaker 1: so think about that. But you want to avoid the 724 00:35:18,160 --> 00:35:20,279 Speaker 1: panic selling. That means being forced to sell. That means 725 00:35:20,320 --> 00:35:23,640 Speaker 1: avoid liquidations. And so that goes to my next point, 726 00:35:23,640 --> 00:35:26,319 Speaker 1: which is staying solvent. So you don't ever want to 727 00:35:26,360 --> 00:35:30,719 Speaker 1: buy um or trade with leverage. I like to say 728 00:35:30,800 --> 00:35:33,560 Speaker 1: leverages like fire. It can warm your house up or 729 00:35:33,600 --> 00:35:35,359 Speaker 1: it can burn your house down. And a lot of 730 00:35:35,400 --> 00:35:39,600 Speaker 1: times people get into the greedy part they start using leverage, 731 00:35:40,040 --> 00:35:42,680 Speaker 1: and then they are they become a forced seller. So 732 00:35:42,719 --> 00:35:45,520 Speaker 1: those things all kind of work together. And so shoot, 733 00:35:45,600 --> 00:35:48,440 Speaker 1: if my bitcoin is not levered, then I can let 734 00:35:48,480 --> 00:35:50,040 Speaker 1: it ride all the way down and I'll hold it 735 00:35:50,120 --> 00:35:51,799 Speaker 1: until it goes all the way back up again. But 736 00:35:51,880 --> 00:35:54,799 Speaker 1: if I have leverage against it, I've taken loans against it, 737 00:35:55,719 --> 00:35:58,440 Speaker 1: or I'm trading with leverage with it, then and the 738 00:35:58,440 --> 00:36:01,040 Speaker 1: price moves down, then I get liquidated. Then I become 739 00:36:01,080 --> 00:36:04,399 Speaker 1: a forced seller. So then I was forced to sell low. 740 00:36:04,440 --> 00:36:06,840 Speaker 1: I don't want to sell low. I want to sell high. 741 00:36:06,920 --> 00:36:09,080 Speaker 1: And so you don't ever want to become a force seller. 742 00:36:09,200 --> 00:36:11,000 Speaker 1: You don't want to be a panic seller. You want 743 00:36:11,000 --> 00:36:14,680 Speaker 1: to still stay solvent. The other thing I'd say is research. 744 00:36:15,239 --> 00:36:18,960 Speaker 1: Spend your time doing research. What's going on? Is it 745 00:36:19,000 --> 00:36:21,719 Speaker 1: going to survive? What was my thesis? Why did I 746 00:36:21,719 --> 00:36:24,000 Speaker 1: buy it? What did I expect? What happened? Is that 747 00:36:24,200 --> 00:36:27,240 Speaker 1: still on track? As long as long as I'm researching 748 00:36:27,239 --> 00:36:29,719 Speaker 1: and as long as my thesis is remaining true, and 749 00:36:29,719 --> 00:36:31,960 Speaker 1: as long as that project is staying on track, then 750 00:36:31,960 --> 00:36:33,880 Speaker 1: I'm going to continue to stay in it. If I 751 00:36:33,920 --> 00:36:37,640 Speaker 1: come to find out that there's new information and it's 752 00:36:37,719 --> 00:36:39,640 Speaker 1: not on track anymore than I should get out of 753 00:36:39,640 --> 00:36:41,839 Speaker 1: it as fast as I can. The last piece I'd 754 00:36:41,840 --> 00:36:43,960 Speaker 1: give you is keep your job. We saw a record 755 00:36:44,000 --> 00:36:45,600 Speaker 1: amount of job quits at the end of last year. 756 00:36:45,640 --> 00:36:47,520 Speaker 1: People want to quit their jobs to trade options on 757 00:36:47,600 --> 00:36:52,280 Speaker 1: robin Hood and trade cryptocurrencies. Think twice about quitting your job. 758 00:36:52,560 --> 00:36:54,400 Speaker 1: You want to have income coming in so you're not 759 00:36:54,600 --> 00:36:57,960 Speaker 1: forced into be an emotional force to seller. Hopefully that 760 00:36:58,000 --> 00:37:00,120 Speaker 1: helps you get through the crypto bearer market. How Ever, 761 00:37:00,200 --> 00:37:02,160 Speaker 1: long at last and listening to the Mark Moa show 762 00:37:02,200 --> 00:37:05,400 Speaker 1: talking about the decentralized Revolution talking about bitcoin and cryptocurrencies. 763 00:37:05,680 --> 00:37:07,600 Speaker 1: That's what I got for you today. Thanks for listening. 764 00:37:07,760 --> 00:37:08,480 Speaker 1: Until next time.