1 00:00:00,040 --> 00:00:02,000 Speaker 1: Welcome to another episode of the Mark Mos Show where 2 00:00:02,000 --> 00:00:05,640 Speaker 1: we talk about the decentralized revolution, talking about how the 3 00:00:05,680 --> 00:00:08,880 Speaker 1: world is changing. Bitcoin cryptocurrencies are changing the world, and 4 00:00:08,920 --> 00:00:12,160 Speaker 1: we've discussed it through politics, finance, and technology to help 5 00:00:12,200 --> 00:00:15,880 Speaker 1: you understand what's going on. I mean, the world seems crazy, 6 00:00:15,920 --> 00:00:18,600 Speaker 1: but if you understand these things, it becomes a lot 7 00:00:18,680 --> 00:00:22,279 Speaker 1: more clear. And it's changing rapidly, of course, like I said, 8 00:00:22,360 --> 00:00:27,640 Speaker 1: led by bitcoin cryptocurrencies, because the decentralization and those technologies 9 00:00:27,760 --> 00:00:31,080 Speaker 1: is breaking apart the centralization that we have so much. 10 00:00:31,120 --> 00:00:34,520 Speaker 1: And of course bitcoin is the asset to own, the 11 00:00:34,560 --> 00:00:38,320 Speaker 1: asset to watch. And when you're understanding a new technology 12 00:00:38,400 --> 00:00:42,239 Speaker 1: like bitcoin, it's important to understand how to look at it. 13 00:00:42,360 --> 00:00:43,800 Speaker 1: And so a lot of people are stuck looking at 14 00:00:43,800 --> 00:00:46,200 Speaker 1: the price, which has been pretty boring. I talked pretty 15 00:00:46,200 --> 00:00:49,800 Speaker 1: regularly about it being the the least least interesting thing 16 00:00:49,880 --> 00:00:52,959 Speaker 1: to think about is just the price, and um, it's 17 00:00:53,040 --> 00:00:55,360 Speaker 1: kind of been like a like a stable coin. We're 18 00:00:55,400 --> 00:00:57,640 Speaker 1: sitting at about thirty thousand, it's been there for about 19 00:00:57,680 --> 00:01:00,120 Speaker 1: a month. But again the price is the wrong to 20 00:01:00,120 --> 00:01:02,639 Speaker 1: look at. We want to look at two things. One, 21 00:01:02,720 --> 00:01:05,000 Speaker 1: we want to look at the growth of the network, 22 00:01:05,440 --> 00:01:07,880 Speaker 1: So we have met Cass's law network effects, um. And 23 00:01:07,959 --> 00:01:10,920 Speaker 1: the more people use the network, the more valuable that 24 00:01:10,959 --> 00:01:14,280 Speaker 1: network becomes. If I had one phone, it's not worth 25 00:01:14,280 --> 00:01:16,440 Speaker 1: a whole lot. When you have a lot of phones, 26 00:01:16,440 --> 00:01:17,679 Speaker 1: it's worth a lot. As a matter of fact, I 27 00:01:17,720 --> 00:01:21,280 Speaker 1: remember when I got my first cell phone, and I'm 28 00:01:21,280 --> 00:01:23,280 Speaker 1: pretty old, so there weren't a lot of people that 29 00:01:23,319 --> 00:01:26,120 Speaker 1: had cell phones at the time, and I was doing construction, 30 00:01:26,160 --> 00:01:27,600 Speaker 1: so I was driving all over the place, and I 31 00:01:27,600 --> 00:01:29,520 Speaker 1: thought should I should probably get the cell phone so 32 00:01:29,640 --> 00:01:31,520 Speaker 1: when I'm out on the job side or whatever, I could, uh, 33 00:01:31,959 --> 00:01:33,800 Speaker 1: I could use it. And had this big, old long 34 00:01:33,800 --> 00:01:37,279 Speaker 1: whip antenna. And it was at the time phones weren't 35 00:01:37,280 --> 00:01:40,240 Speaker 1: even Alpha Newmerica, they were only newmeric So at the time, 36 00:01:40,360 --> 00:01:42,640 Speaker 1: the display just had numbers. That was it. So like 37 00:01:42,640 --> 00:01:44,399 Speaker 1: if you want to store phone numbers or names, and 38 00:01:44,440 --> 00:01:46,560 Speaker 1: they're like they had no way to like punch in 39 00:01:46,560 --> 00:01:48,800 Speaker 1: the name. Um. And I remember when I first got 40 00:01:48,840 --> 00:01:50,880 Speaker 1: that phone, I didn't even carry it with me. A 41 00:01:50,880 --> 00:01:52,280 Speaker 1: lot of times I just would leave it at the 42 00:01:52,320 --> 00:01:55,200 Speaker 1: house because like, who was I going to call? I 43 00:01:55,200 --> 00:01:57,640 Speaker 1: didn't know anyone else that had a phone. But then 44 00:01:57,680 --> 00:02:00,240 Speaker 1: as now, today when everybody has a phone, you can't 45 00:02:00,240 --> 00:02:02,000 Speaker 1: get by without it. And so that's the way the 46 00:02:02,080 --> 00:02:04,920 Speaker 1: network effects work. And so we want to look at 47 00:02:04,920 --> 00:02:08,079 Speaker 1: the network effects of bitcoin. How many people are using it? 48 00:02:08,160 --> 00:02:09,760 Speaker 1: Is the growth rate growing? And then we want to 49 00:02:09,760 --> 00:02:13,160 Speaker 1: look at the development on the network. Is the development? 50 00:02:13,200 --> 00:02:15,600 Speaker 1: Are there being upgrades and changes in the development, And 51 00:02:15,680 --> 00:02:17,960 Speaker 1: so I like to talk about those things as I 52 00:02:18,000 --> 00:02:21,760 Speaker 1: look at those things. Um, there's been massive, massive developments. 53 00:02:21,800 --> 00:02:23,320 Speaker 1: I've been talking about that since I got back from 54 00:02:23,360 --> 00:02:26,320 Speaker 1: the Bitcoin conference. UM, one of which is this new 55 00:02:26,360 --> 00:02:29,120 Speaker 1: Taro upgrade. I'm not gonna go deep into that, but UM, 56 00:02:29,160 --> 00:02:32,720 Speaker 1: it allows basically, with the development that's happened on Bitcoin, 57 00:02:33,080 --> 00:02:35,560 Speaker 1: between the Lightning network and now the new uh tap 58 00:02:35,600 --> 00:02:38,919 Speaker 1: root upgrade and now the new Taro upgrade. UM, pretty 59 00:02:39,000 --> 00:02:42,440 Speaker 1: much anything that any of these other cryptocurrencies all coins 60 00:02:42,440 --> 00:02:43,960 Speaker 1: think they can do, it can all be done on 61 00:02:44,080 --> 00:02:46,800 Speaker 1: top of Bitcoin. It's pretty amazing. Bitcoin allows you to 62 00:02:46,800 --> 00:02:52,360 Speaker 1: send bitcoin faster, cheaper, and more private than any other cryptocurrency. 63 00:02:52,440 --> 00:02:54,400 Speaker 1: So anything that's faster, cheaper, and more private, Okay, get 64 00:02:54,400 --> 00:02:56,400 Speaker 1: all that out the window. Um, and then you have 65 00:02:56,480 --> 00:02:59,880 Speaker 1: things like uh, you know whatever, I don't know, smart contracts. 66 00:02:59,880 --> 00:03:02,760 Speaker 1: I suppose um and all that stuff and creating new 67 00:03:02,800 --> 00:03:06,120 Speaker 1: tokens for like token assets like stocks, etcetera. If all 68 00:03:06,160 --> 00:03:07,639 Speaker 1: that now that all that could be done on bitcoin 69 00:03:07,680 --> 00:03:10,840 Speaker 1: as well. So that's the development side. But on the 70 00:03:10,880 --> 00:03:14,760 Speaker 1: adoption side, on the networking side, we're also having massive growth. 71 00:03:14,800 --> 00:03:17,000 Speaker 1: And I talked about this on a regular basis. Um 72 00:03:17,080 --> 00:03:21,120 Speaker 1: this week, Big News one of my favorite places to eat. 73 00:03:21,240 --> 00:03:26,720 Speaker 1: I eat there at least once a week, Um, except bitcoin. 74 00:03:26,800 --> 00:03:28,919 Speaker 1: Now I haven't. I haven't gone there to pay with 75 00:03:28,960 --> 00:03:32,480 Speaker 1: bitcoin yet. Uh, And I'll talk about why. But Um, Chippotle, 76 00:03:32,919 --> 00:03:37,920 Speaker 1: Chippotle Mexican grill now excepts bitcoin as payment. The popular 77 00:03:38,000 --> 00:03:41,320 Speaker 1: Mexican style fast food restaurant chain now excepts bitcoin and 78 00:03:41,400 --> 00:03:46,680 Speaker 1: other cryptocurrencies through flexa, a digital payments platform. So it's 79 00:03:46,720 --> 00:03:49,880 Speaker 1: a new technology or a new application built on top 80 00:03:49,880 --> 00:03:53,720 Speaker 1: of Bitcoin that allows this network growth to happen. He says. 81 00:03:53,720 --> 00:03:56,920 Speaker 1: Flexus supports as many as ninety eight cryptocurrencies, including Bitcoin 82 00:03:56,960 --> 00:03:59,440 Speaker 1: and ethereum, and customers can use an app to pay 83 00:03:59,440 --> 00:04:03,440 Speaker 1: for food items in any of the nearly three thousand 84 00:04:03,560 --> 00:04:07,440 Speaker 1: Chipotle restaurants across the United States. You have to download 85 00:04:07,440 --> 00:04:10,520 Speaker 1: the Gemini or spend an app both are which are 86 00:04:11,000 --> 00:04:12,920 Speaker 1: story or digital assets, and then you can use that 87 00:04:12,960 --> 00:04:16,120 Speaker 1: app and tap it in store to make a payment. 88 00:04:16,360 --> 00:04:19,080 Speaker 1: Supportly joins a long list of restaurants that currently accept 89 00:04:19,120 --> 00:04:23,760 Speaker 1: cryptocurrencies of payments, including Subway, Um and Starbucks. Sp u 90 00:04:24,000 --> 00:04:26,479 Speaker 1: x allows reward members to hold cryptocurrencies in lieu of 91 00:04:26,520 --> 00:04:30,320 Speaker 1: cash in its app. So um my favorite place to 92 00:04:30,360 --> 00:04:33,640 Speaker 1: eat now except bitcoin. Now, the problem that we have 93 00:04:34,040 --> 00:04:38,600 Speaker 1: is that in the United States, bitcoin is treated as property, 94 00:04:38,920 --> 00:04:41,200 Speaker 1: and so you have to understand that from a taxable standpoint. 95 00:04:41,320 --> 00:04:43,520 Speaker 1: So um, if you hold, if you buy and sell 96 00:04:43,560 --> 00:04:46,600 Speaker 1: stocks or gold or real estate, if you make a profit, 97 00:04:47,000 --> 00:04:49,479 Speaker 1: that's a taxable event. And so if I buy bitcoin 98 00:04:49,520 --> 00:04:51,360 Speaker 1: and then I go spend it at Chipotle, I gotta 99 00:04:51,400 --> 00:04:53,240 Speaker 1: figure out when did I buy it? When did I 100 00:04:53,279 --> 00:04:55,920 Speaker 1: sell it? Was their profit? I bought a burrito at 101 00:04:55,960 --> 00:04:58,240 Speaker 1: six Bucks. I bought this bitcoin at this date? What's 102 00:04:58,279 --> 00:04:59,760 Speaker 1: my problem? I have to I have to file that 103 00:04:59,800 --> 00:05:03,320 Speaker 1: on my taxes and potentially pay tax on the capital 104 00:05:03,320 --> 00:05:06,599 Speaker 1: gains I made. And that's a massive problem for adoption 105 00:05:06,680 --> 00:05:08,960 Speaker 1: in the United States, specifically because it makes it a 106 00:05:09,000 --> 00:05:10,720 Speaker 1: pain in the butt. I don't want to spend it. 107 00:05:11,000 --> 00:05:14,240 Speaker 1: I'll save my bitcoin, I'll spend my feat. But I 108 00:05:14,279 --> 00:05:16,800 Speaker 1: have talked about before on the show how Panama recently 109 00:05:17,320 --> 00:05:21,359 Speaker 1: UM moved to take away capital gains from bitcoin, so 110 00:05:21,400 --> 00:05:23,680 Speaker 1: that solves that problem in Panama. Of course El Salvador 111 00:05:23,720 --> 00:05:26,760 Speaker 1: solved that problem by making bitcoin legal tenders, so they 112 00:05:26,760 --> 00:05:30,520 Speaker 1: don't have that problem. And now Germany, Germany is the 113 00:05:30,640 --> 00:05:36,000 Speaker 1: economic engine for the EU. Germany is probably the most 114 00:05:36,040 --> 00:05:40,440 Speaker 1: important country in the entire European um Union because like 115 00:05:40,440 --> 00:05:42,440 Speaker 1: I said, they're the engine. They set that policy. And 116 00:05:42,480 --> 00:05:45,599 Speaker 1: now Germany came out this week and said that no 117 00:05:45,920 --> 00:05:50,039 Speaker 1: taxes for selling bitcoin or ethereum if they're held for 118 00:05:50,120 --> 00:05:54,400 Speaker 1: over one year. Germany's finance ministry said private individuals won't 119 00:05:54,440 --> 00:05:57,640 Speaker 1: pay any taxes when selling bitcoin or ethereum if they 120 00:05:57,640 --> 00:06:00,320 Speaker 1: have held the assets for more than a year, which 121 00:06:00,360 --> 00:06:03,920 Speaker 1: is pretty amazing. So now they're solving that problem now. 122 00:06:03,920 --> 00:06:06,560 Speaker 1: Previously digital assets using such activities had to be held 123 00:06:06,560 --> 00:06:10,760 Speaker 1: for ten years to be exempt from taxation, but now 124 00:06:10,839 --> 00:06:13,719 Speaker 1: it's only one year. They vowed to keep dealing with 125 00:06:13,720 --> 00:06:18,000 Speaker 1: the digital asset taxation policy and eliminate any arising issues. 126 00:06:19,160 --> 00:06:22,600 Speaker 1: This is only going to speed up adoption. We're seeing 127 00:06:22,640 --> 00:06:25,359 Speaker 1: in Panama we're seeing a nel Salvador. We're seeing in Africa, 128 00:06:25,640 --> 00:06:29,760 Speaker 1: now we're seeing it in Germany. Germany, according to a 129 00:06:29,760 --> 00:06:34,480 Speaker 1: CONCUPT study, is the European Unions most crypto friendly nation 130 00:06:34,760 --> 00:06:38,799 Speaker 1: in the world for Q one two. So what's happening 131 00:06:39,279 --> 00:06:46,400 Speaker 1: and uh, it's really going to speed up adoption. Speaking 132 00:06:46,440 --> 00:06:48,560 Speaker 1: of adoption, one big thing that happened in the network 133 00:06:48,600 --> 00:06:52,760 Speaker 1: in was China, that had over six of the bitcoin 134 00:06:52,920 --> 00:06:57,159 Speaker 1: mining in the world, banned all their bitcoin mining. So 135 00:06:57,240 --> 00:06:59,760 Speaker 1: bitcoin mining, you buy high power computer, you plug it in, 136 00:07:00,040 --> 00:07:03,880 Speaker 1: help secure the network, process transactions, you earned rewards. And 137 00:07:03,960 --> 00:07:06,320 Speaker 1: China had this massive advantage where they had over sixty 138 00:07:06,640 --> 00:07:09,360 Speaker 1: of the mining or almost six of the mining in 139 00:07:09,400 --> 00:07:12,800 Speaker 1: the world, was concentrated in mind in China, but boom, 140 00:07:12,920 --> 00:07:15,920 Speaker 1: they flipped off a switch last year and just shut 141 00:07:15,920 --> 00:07:18,040 Speaker 1: it down. Now the United States was the big beneficiary 142 00:07:18,080 --> 00:07:20,920 Speaker 1: of that, and um now the United States is the 143 00:07:21,000 --> 00:07:24,200 Speaker 1: largest has more mining capacity United States and anywhere else 144 00:07:24,200 --> 00:07:26,280 Speaker 1: in the world, Texas being the big beneficiary of that. 145 00:07:27,280 --> 00:07:32,440 Speaker 1: But what's interesting is last week Cambridge University's Cambridge Center 146 00:07:32,480 --> 00:07:37,200 Speaker 1: for Alternative Finance released an update and said that it 147 00:07:37,240 --> 00:07:40,320 Speaker 1: looks like things have actually changed as a matter of fact, 148 00:07:41,040 --> 00:07:43,400 Speaker 1: the previous Cambridge update showed that China's share of the 149 00:07:43,440 --> 00:07:47,000 Speaker 1: mining went from thirty four point three pc in June 150 00:07:47,320 --> 00:07:51,600 Speaker 1: to zero percent in July. So from Junior July it 151 00:07:51,640 --> 00:07:54,440 Speaker 1: went to zero following the crypto mining band that they 152 00:07:54,440 --> 00:07:59,960 Speaker 1: had um But last week the update showed that china 153 00:08:00,040 --> 00:08:03,239 Speaker 1: As share of mining went from zero percent in August 154 00:08:04,320 --> 00:08:08,800 Speaker 1: to twenty two three in September, so it went from 155 00:08:08,920 --> 00:08:13,560 Speaker 1: zero back up to So there's something going on there. 156 00:08:14,480 --> 00:08:18,600 Speaker 1: What's going on? Well, they banned it right, we saw it. 157 00:08:18,640 --> 00:08:20,400 Speaker 1: We could see it in the data that there was 158 00:08:20,440 --> 00:08:22,600 Speaker 1: no miners, there's no what we call hash power. The 159 00:08:22,640 --> 00:08:26,560 Speaker 1: hash power is is the power of all the collectively 160 00:08:26,880 --> 00:08:30,120 Speaker 1: computers that are on the network, and so so we 161 00:08:30,120 --> 00:08:32,439 Speaker 1: can see it went to zero, but then we can 162 00:08:32,440 --> 00:08:36,400 Speaker 1: see it started coming back online and it looks like 163 00:08:36,480 --> 00:08:40,640 Speaker 1: it's only continued to grow since then. As a matter 164 00:08:40,679 --> 00:08:43,400 Speaker 1: of fact, the hash power has continued to grow to 165 00:08:43,480 --> 00:08:47,280 Speaker 1: a point that China starting to be a big player again. 166 00:08:48,040 --> 00:08:50,520 Speaker 1: They haven't been able to get back to where they 167 00:08:50,520 --> 00:08:53,760 Speaker 1: were before, but it looks like they've now firmly put 168 00:08:53,800 --> 00:08:58,440 Speaker 1: themselves into number two, number two. So it says the 169 00:08:59,120 --> 00:09:01,640 Speaker 1: highlight that hash rate. The computational power of the bitcoin 170 00:09:01,679 --> 00:09:06,440 Speaker 1: network has grown forty percent since the China ban, So 171 00:09:06,480 --> 00:09:10,840 Speaker 1: they've grown by putting themselves back into number two in 172 00:09:10,840 --> 00:09:14,880 Speaker 1: in the world, which is pretty amazing because they've banned it. 173 00:09:14,880 --> 00:09:20,040 Speaker 1: It's illegal, but China just can't stop it. The desire, 174 00:09:20,160 --> 00:09:25,480 Speaker 1: the need, um, the the benefits of mining bitcoin, the 175 00:09:25,600 --> 00:09:29,280 Speaker 1: money making potential of mining bitcoin is so powerful that 176 00:09:29,760 --> 00:09:32,560 Speaker 1: they will risk whatever, you know, problems they may have 177 00:09:32,600 --> 00:09:35,000 Speaker 1: in China to mine it. And so it's went from 178 00:09:35,080 --> 00:09:37,240 Speaker 1: zero when they cracked down back up to be number 179 00:09:37,240 --> 00:09:38,839 Speaker 1: two in the world. If you're listening to the Mark 180 00:09:38,920 --> 00:09:41,680 Speaker 1: Moa Show, we're talking about bitcoin and the decentralized Revolution. 181 00:09:41,880 --> 00:09:45,600 Speaker 1: I'll be right back. Don't go away, all right, Welcome back. 182 00:09:45,600 --> 00:09:47,640 Speaker 1: You are listening to the Mark Moa Show talking about 183 00:09:47,679 --> 00:09:52,600 Speaker 1: the decentralized Revolution, walking you step by step how the 184 00:09:52,600 --> 00:09:57,000 Speaker 1: world is changing, talking about bitcoin, cryptocurrencies, politics, technology, finance, 185 00:09:57,320 --> 00:10:00,360 Speaker 1: all your favorite subjects we're talking to about. Over the 186 00:10:00,440 --> 00:10:03,920 Speaker 1: last couple weeks, we've been talking about this stable coin 187 00:10:04,080 --> 00:10:07,679 Speaker 1: called Terra Luna ust Us stable coin Terra Luna, and 188 00:10:07,679 --> 00:10:09,920 Speaker 1: then at the Tera Luna Toka I went deep into 189 00:10:09,960 --> 00:10:12,400 Speaker 1: it and talked about how it blew up. How about 190 00:10:12,640 --> 00:10:17,679 Speaker 1: fifty year and I was about sixty billion dollars just 191 00:10:17,720 --> 00:10:20,160 Speaker 1: went up and smoke and I kind of broke it 192 00:10:20,200 --> 00:10:21,880 Speaker 1: all down. I'm not gonna dive super deep into that, 193 00:10:21,920 --> 00:10:23,599 Speaker 1: but talked about how it was it was doomed to 194 00:10:23,640 --> 00:10:27,760 Speaker 1: fail from day one. UM, peg coins they don't work. 195 00:10:28,640 --> 00:10:31,280 Speaker 1: George Soros got famously rich a billion dollars in a 196 00:10:31,360 --> 00:10:33,400 Speaker 1: day by breaking the peg of the Bank of England. 197 00:10:34,080 --> 00:10:36,320 Speaker 1: Pegs are meant to be broken, and that's exactly what happened. 198 00:10:36,320 --> 00:10:38,200 Speaker 1: I'm not gonna go to super super deep into that, 199 00:10:38,240 --> 00:10:41,880 Speaker 1: but what I do want to talk about is sixty 200 00:10:42,040 --> 00:10:48,440 Speaker 1: billion dollars got eviscerated, basically. And uh, the founder of 201 00:10:48,480 --> 00:10:53,120 Speaker 1: this project ust his name is Do Kwon. Here's a 202 00:10:53,160 --> 00:10:55,400 Speaker 1: thirty year old South Korean and he was the founder 203 00:10:55,440 --> 00:11:00,520 Speaker 1: of this stable coin project. And uh, he's he's kind 204 00:11:00,520 --> 00:11:03,560 Speaker 1: of a shady character. And when I say that, UM, 205 00:11:03,720 --> 00:11:05,160 Speaker 1: part of the reason why I would say that is 206 00:11:05,200 --> 00:11:08,360 Speaker 1: because he already set up a stable coin project before 207 00:11:08,400 --> 00:11:11,960 Speaker 1: that failed, and he did it under a fake alias 208 00:11:12,040 --> 00:11:14,040 Speaker 1: name and coin Desk did a bunch of research on 209 00:11:14,080 --> 00:11:16,440 Speaker 1: this and found all this out. But he was already 210 00:11:16,440 --> 00:11:18,080 Speaker 1: part of another project that failed, and he made a 211 00:11:18,080 --> 00:11:19,480 Speaker 1: bunch of money on that, and then he then he 212 00:11:19,559 --> 00:11:21,240 Speaker 1: launched this other one. So he's got he's like this 213 00:11:21,320 --> 00:11:25,160 Speaker 1: serial offender, if you will, and he operates in this 214 00:11:25,400 --> 00:11:29,040 Speaker 1: gray part of the law where he probably caused more 215 00:11:29,080 --> 00:11:31,480 Speaker 1: pain and damage than Bernie made off who's doing like 216 00:11:31,600 --> 00:11:36,520 Speaker 1: life life in prison. And yet here he is looks 217 00:11:36,559 --> 00:11:39,520 Speaker 1: like he's unlikely, it says, unlikely to face prison time 218 00:11:39,760 --> 00:11:44,599 Speaker 1: for sixty billion dollar wipe out butt finds in lawsuits 219 00:11:44,800 --> 00:11:47,920 Speaker 1: or more likely. And so we're starting to see that. 220 00:11:48,080 --> 00:11:51,880 Speaker 1: We're starting to see, um, some lawsuits pile up. However, 221 00:11:52,760 --> 00:11:55,040 Speaker 1: because there's no what's what I'm gonna talk more about 222 00:11:55,040 --> 00:11:58,439 Speaker 1: that in a second. But because there's no I guess 223 00:11:58,520 --> 00:12:00,679 Speaker 1: jail time or prison time that's going be likely for 224 00:12:00,760 --> 00:12:03,920 Speaker 1: him just making billions of dollars while everyone lost their 225 00:12:03,960 --> 00:12:07,000 Speaker 1: life savings. And we've I've heard stories of I've heard 226 00:12:07,200 --> 00:12:09,439 Speaker 1: I've heard stories of people committing suicide over this. I mean, 227 00:12:09,440 --> 00:12:11,920 Speaker 1: it's a big, big deal. People lost their life savings, 228 00:12:12,960 --> 00:12:14,960 Speaker 1: but not for him, right, No no prison time. So 229 00:12:15,520 --> 00:12:17,520 Speaker 1: I mean I didn't have a problem the first time. 230 00:12:17,600 --> 00:12:20,480 Speaker 1: I didn't have a problem with this one. Why not 231 00:12:21,040 --> 00:12:23,760 Speaker 1: do it again? I mean, sure, why not? Right? So 232 00:12:24,040 --> 00:12:26,520 Speaker 1: guess what he just did and they just launched Tera 233 00:12:26,640 --> 00:12:31,040 Speaker 1: Luna two point oh. So, um, we have an idea. 234 00:12:31,360 --> 00:12:34,200 Speaker 1: Let's just uh, let's just you know, we'll take the 235 00:12:34,240 --> 00:12:37,440 Speaker 1: original Tera Luna token. We'll call that Tera Luna Classic 236 00:12:37,559 --> 00:12:39,240 Speaker 1: or original or whatever they called it, and let's just 237 00:12:39,320 --> 00:12:41,320 Speaker 1: make a new one. How about that. And then what 238 00:12:41,360 --> 00:12:43,440 Speaker 1: we'll do is we're going to air drop a bunch 239 00:12:43,440 --> 00:12:45,880 Speaker 1: of tokens to everybody who had who had the Luna token. 240 00:12:46,360 --> 00:12:48,520 Speaker 1: Air Dropping means basically they create a bunch of new 241 00:12:48,559 --> 00:12:51,440 Speaker 1: tokens out of thin air, and then they just send 242 00:12:51,480 --> 00:12:53,600 Speaker 1: it out to everybody that has an address. Just air 243 00:12:53,679 --> 00:12:55,480 Speaker 1: drop it. Just it just shows up in your wallet. 244 00:12:56,240 --> 00:12:59,360 Speaker 1: And so they did on on May. They name they 245 00:12:59,480 --> 00:13:02,080 Speaker 1: created this new token, they air dropped it. The new 246 00:13:02,080 --> 00:13:05,480 Speaker 1: one they named the old ones Tarra Classic, and they 247 00:13:05,559 --> 00:13:09,480 Speaker 1: traded they created this new coin. UM. Now, uh, these 248 00:13:09,559 --> 00:13:14,800 Speaker 1: exchanges Binance, coup Coin, and okay x, they're complicit in this. 249 00:13:16,640 --> 00:13:19,040 Speaker 1: If this was a crime, which it would be if 250 00:13:19,080 --> 00:13:21,040 Speaker 1: it wasn't in this gray area where they don't quite 251 00:13:21,080 --> 00:13:23,959 Speaker 1: have names and laws for this um, they would probably 252 00:13:24,000 --> 00:13:26,679 Speaker 1: accessories to this crime. But binance coo Cooin and okay 253 00:13:26,679 --> 00:13:30,920 Speaker 1: Coin okay x cryptocurrency exchanges decided to list this new 254 00:13:31,080 --> 00:13:35,320 Speaker 1: Lunar two point oh token and they did, and when 255 00:13:35,320 --> 00:13:38,600 Speaker 1: the token came out, he started trading it about seventeen dollars. 256 00:13:39,240 --> 00:13:43,400 Speaker 1: It then went up to twenty dollars. I don't know 257 00:13:43,400 --> 00:13:45,480 Speaker 1: who was buying this. I mean they got everyone got 258 00:13:45,520 --> 00:13:48,360 Speaker 1: this token for free. It already felt spectacularly. Now they 259 00:13:48,360 --> 00:13:50,640 Speaker 1: got this new token. Now in order to sell the token, 260 00:13:50,720 --> 00:13:54,040 Speaker 1: someone has to buy the token, right, We're not exactly 261 00:13:54,040 --> 00:13:56,240 Speaker 1: sure on who was buying it or what they thought 262 00:13:56,280 --> 00:13:58,440 Speaker 1: they were getting out of it. Somehow, maybe they thought 263 00:13:58,440 --> 00:14:00,640 Speaker 1: that it would go back to reclaim the previous high 264 00:14:00,640 --> 00:14:04,320 Speaker 1: that the original Luna had UM. However it didn't it. 265 00:14:04,640 --> 00:14:07,680 Speaker 1: As a matter of fact, um the old Luno token 266 00:14:07,760 --> 00:14:14,079 Speaker 1: was trading at zero point zero zero zero two zero 267 00:14:14,200 --> 00:14:17,160 Speaker 1: zero zero two point zero zero two UM, and so 268 00:14:17,240 --> 00:14:19,280 Speaker 1: this new one um was air dropped out. It started 269 00:14:19,320 --> 00:14:23,040 Speaker 1: trading and it went as high as thirty dollars on 270 00:14:23,200 --> 00:14:27,320 Speaker 1: by bit and now it's crashed all the way down. 271 00:14:27,440 --> 00:14:30,240 Speaker 1: It's lost eight percent of its value in just a 272 00:14:30,320 --> 00:14:33,560 Speaker 1: couple of hours. And now it's somewhere in the seven 273 00:14:33,600 --> 00:14:39,680 Speaker 1: dollar range. So you create a scam, it fails, You 274 00:14:39,720 --> 00:14:42,400 Speaker 1: create another scam. People lose your life stating sixty billion 275 00:14:42,440 --> 00:14:45,520 Speaker 1: dollars gets lost. You create another scam. I don't know 276 00:14:45,560 --> 00:14:48,320 Speaker 1: why these exchanges are listening it, but look, no one's 277 00:14:48,360 --> 00:14:51,280 Speaker 1: coming to save you here. You should not be participating 278 00:14:51,320 --> 00:14:53,240 Speaker 1: in these scams. I get it. You're like, well, if 279 00:14:53,240 --> 00:14:54,640 Speaker 1: I could have bought here, and it could have got 280 00:14:54,640 --> 00:14:56,480 Speaker 1: out right right there there the company I would have made. 281 00:14:56,840 --> 00:14:59,640 Speaker 1: The reality is you're not on the inside. You don't 282 00:14:59,640 --> 00:15:03,160 Speaker 1: have the information. You don't know when when that pump 283 00:15:03,200 --> 00:15:06,080 Speaker 1: and dump is happening, and so you turn into liquidity. 284 00:15:06,520 --> 00:15:10,080 Speaker 1: You're the one that gets dumped on. And so I 285 00:15:10,120 --> 00:15:12,640 Speaker 1: know when you look at the chart and you hear 286 00:15:12,680 --> 00:15:15,280 Speaker 1: the stories of but this guy made all this money, 287 00:15:15,400 --> 00:15:17,440 Speaker 1: if I could do that too, Yeah, yeah, you hear 288 00:15:17,440 --> 00:15:19,880 Speaker 1: all the stories of people win the lottery too. How 289 00:15:19,920 --> 00:15:21,400 Speaker 1: much money you're going to put in the lottery? Right? 290 00:15:21,400 --> 00:15:22,880 Speaker 1: There's always stories of that. I mean, you hear a 291 00:15:22,880 --> 00:15:26,600 Speaker 1: about guys getting you know, uh, million dollar contracts to 292 00:15:26,640 --> 00:15:29,800 Speaker 1: play basketball or football or baseball, But are you doing 293 00:15:29,800 --> 00:15:32,120 Speaker 1: that right? So there's always stories, don't get me wrong. 294 00:15:32,160 --> 00:15:34,600 Speaker 1: There's always stories And are are there people that made 295 00:15:34,600 --> 00:15:37,479 Speaker 1: that money? Yes, there are, but most likely their insiders 296 00:15:37,480 --> 00:15:40,440 Speaker 1: that had innate knowledge of this pump and dump timing 297 00:15:40,440 --> 00:15:45,520 Speaker 1: and scam. And uh, you don't, you're not, You're not 298 00:15:45,560 --> 00:15:48,200 Speaker 1: connected enough to have that happened. I'm sorry to tell 299 00:15:48,200 --> 00:15:50,360 Speaker 1: you that. I mean, maybe you are. Maybe you're one 300 00:15:50,360 --> 00:15:51,920 Speaker 1: of the few people that are on the inside that 301 00:15:52,000 --> 00:15:56,160 Speaker 1: organize these scams, most likely or not, and most likely 302 00:15:56,200 --> 00:16:00,200 Speaker 1: you'll end up losing everything. Um, and it's unfortun it 303 00:16:00,520 --> 00:16:02,640 Speaker 1: And uh, you know, I'm not here regular I'm not 304 00:16:02,680 --> 00:16:07,120 Speaker 1: here advocating for regulations. Um. What I actually like is 305 00:16:07,160 --> 00:16:10,280 Speaker 1: that as big of a hole as this was for 306 00:16:10,320 --> 00:16:13,440 Speaker 1: the cryptocurrency market overall, like I said, sixty billion dollars 307 00:16:13,880 --> 00:16:18,040 Speaker 1: up in smoke, the entire cryptocurrency market just shrugged it off, 308 00:16:18,960 --> 00:16:20,560 Speaker 1: like we kind of heard. I mean, the price of 309 00:16:20,600 --> 00:16:24,400 Speaker 1: bitcoin dropped, um, but for the most part, it absorbed 310 00:16:24,400 --> 00:16:29,400 Speaker 1: the losses and it's just continued on. Unlike the centrally 311 00:16:29,440 --> 00:16:34,760 Speaker 1: planned markets, like what's happening in the energy markets, like Russia, 312 00:16:34,840 --> 00:16:38,480 Speaker 1: which controls less than ten percent of the oil in 313 00:16:38,520 --> 00:16:42,880 Speaker 1: the world, supposedly is responsible for everyone pay more for energy, 314 00:16:43,000 --> 00:16:45,560 Speaker 1: Like we can't shrug that off, or the food you know, 315 00:16:45,960 --> 00:16:49,000 Speaker 1: all these markets that the government's the central planners control, 316 00:16:49,240 --> 00:16:52,800 Speaker 1: they can't. They're so fragile. They can't even handle a 317 00:16:52,920 --> 00:16:56,760 Speaker 1: small single digit disruption. But here we have the crypto 318 00:16:56,760 --> 00:17:01,200 Speaker 1: market that's some someone unregulated, maybe the closest form of 319 00:17:01,240 --> 00:17:04,200 Speaker 1: an actual free market that we have had a sixty 320 00:17:04,240 --> 00:17:07,399 Speaker 1: billion dollar lost and just the market has absorbed it, 321 00:17:07,480 --> 00:17:10,440 Speaker 1: just keept on moving forward. So um, I'm not a 322 00:17:10,480 --> 00:17:14,560 Speaker 1: fan of it. Um, you know, I suppose there could 323 00:17:14,600 --> 00:17:16,760 Speaker 1: be something done. I'm not a fan of regulation. I'm 324 00:17:16,840 --> 00:17:20,439 Speaker 1: a fan of self regulation. I think that you know, 325 00:17:20,520 --> 00:17:22,400 Speaker 1: a lot of these people that lost money, it's unfortunate, 326 00:17:22,760 --> 00:17:25,000 Speaker 1: but hopefully they won't make that same mistake again. Of 327 00:17:25,040 --> 00:17:26,360 Speaker 1: course I'd like to think that. But then I see 328 00:17:26,359 --> 00:17:28,560 Speaker 1: what happened. They just launched Luna Tude point Oh, and 329 00:17:28,600 --> 00:17:32,360 Speaker 1: here they are right back on board with it, and 330 00:17:32,520 --> 00:17:34,920 Speaker 1: uh no, one's coming to savior. Here we can see 331 00:17:34,920 --> 00:17:40,360 Speaker 1: that lawsuits are piling up in crypto cases. I want 332 00:17:40,359 --> 00:17:42,360 Speaker 1: to talk about these lawsuits, and I'm gonna talking about 333 00:17:42,359 --> 00:17:45,960 Speaker 1: a lawsuit that I was actually personally involved in as well. 334 00:17:46,680 --> 00:17:48,280 Speaker 1: I'll tell you what the outcome of that was and 335 00:17:48,320 --> 00:17:50,440 Speaker 1: what you can expect if you find yourself in a 336 00:17:50,520 --> 00:17:53,359 Speaker 1: similar situation and in a lawsuit. Moving back with that 337 00:17:53,440 --> 00:17:55,640 Speaker 1: and more in a minute. You're listening to the Mark 338 00:17:55,720 --> 00:17:59,240 Speaker 1: Moa Show talking about the decentralized Revolution, talking about the 339 00:17:59,280 --> 00:18:03,639 Speaker 1: intersection Paul Tex, finance and technology as they converge and 340 00:18:03,680 --> 00:18:06,320 Speaker 1: it changes the world. Of course, that's being led by bitcoin, 341 00:18:06,520 --> 00:18:10,160 Speaker 1: being led by cryptocurrencies, and if you can navigate it correctly, 342 00:18:10,200 --> 00:18:11,960 Speaker 1: it could be the greatest opportunity of your life. However, 343 00:18:12,000 --> 00:18:13,920 Speaker 1: if you get caught up in these scams like these guys, 344 00:18:14,040 --> 00:18:16,520 Speaker 1: it could be disastrous for you. Don't want that to happen, 345 00:18:16,960 --> 00:18:19,919 Speaker 1: so don't go away. I'll be back with more. All right, 346 00:18:19,920 --> 00:18:21,840 Speaker 1: welcome back. You are listening to the markmas Show, and 347 00:18:21,840 --> 00:18:25,600 Speaker 1: we are talking about the decentralized Revolution. We're talking about bitcoin, 348 00:18:25,920 --> 00:18:30,000 Speaker 1: We're talking about cryptocurrencies. We're talking about politics, finance, technology 349 00:18:30,080 --> 00:18:32,320 Speaker 1: and how the world has changed before of our eyes. 350 00:18:32,320 --> 00:18:34,840 Speaker 1: We were just talking about, uh, we were talking about 351 00:18:34,840 --> 00:18:37,720 Speaker 1: this Luna Luna crash and how it sucks sixty billion 352 00:18:37,760 --> 00:18:40,600 Speaker 1: dollars out of the crypto markets and how they basically 353 00:18:40,600 --> 00:18:42,720 Speaker 1: just shrugged it off and just kept moving because their 354 00:18:42,800 --> 00:18:46,080 Speaker 1: free markets, unlike the essentially planned markets that are so 355 00:18:46,160 --> 00:18:51,720 Speaker 1: fragile they can't handle even a single point reduction. But 356 00:18:51,760 --> 00:18:55,000 Speaker 1: that's where we are now in these scams, like I said, 357 00:18:55,040 --> 00:18:58,320 Speaker 1: there's not uh they're they're operating in this gray area 358 00:18:58,480 --> 00:19:00,679 Speaker 1: and so it's unfortunate that they can get away with 359 00:19:01,400 --> 00:19:05,160 Speaker 1: repeated offenses. And Do Kuan, who founded Luna now has 360 00:19:05,160 --> 00:19:06,880 Speaker 1: just launched Terra two point o, which is is now 361 00:19:07,000 --> 00:19:11,160 Speaker 1: third attempt he gets, he gets fabulously rich. Most people 362 00:19:11,200 --> 00:19:14,160 Speaker 1: lose everything, and a lot of people jump in hoping 363 00:19:14,200 --> 00:19:16,280 Speaker 1: they're gonna get super rich as well. It doesn't always 364 00:19:16,320 --> 00:19:18,080 Speaker 1: work out so well for him. And so what we've 365 00:19:18,119 --> 00:19:21,639 Speaker 1: seen is these lawsuits. Crypto industry has seen this surge 366 00:19:21,720 --> 00:19:25,720 Speaker 1: and lawsuits, lawsuits as investors losses pile up, and it 367 00:19:25,760 --> 00:19:30,960 Speaker 1: says suits target issuers of digital coins and tokens. Now, 368 00:19:31,960 --> 00:19:33,760 Speaker 1: I'm gonna talk about this for a minute. Let me 369 00:19:33,840 --> 00:19:35,080 Speaker 1: let me, let me read this article and then I'll 370 00:19:35,080 --> 00:19:37,679 Speaker 1: explain a little bit. Even before the recent plunge in 371 00:19:37,720 --> 00:19:41,240 Speaker 1: crypto prices, the industry was already seen an upticking lawsuits. 372 00:19:41,280 --> 00:19:45,720 Speaker 1: The lawsuits are nothing new. Um Um an attorney that 373 00:19:45,760 --> 00:19:48,280 Speaker 1: I that I've used and I'm friends with David Silver. 374 00:19:48,359 --> 00:19:50,399 Speaker 1: He is probably one of the top attorneys in the space. 375 00:19:50,480 --> 00:19:52,720 Speaker 1: I mean, he's been working for years on this so 376 00:19:53,480 --> 00:19:57,040 Speaker 1: some swap attacks and exchange attacks and frauds. I mean, 377 00:19:57,080 --> 00:19:59,680 Speaker 1: he deals with all this, and it's a growing place. 378 00:19:59,680 --> 00:20:02,240 Speaker 1: If you're a attorney, maybe you should be looking at 379 00:20:02,240 --> 00:20:04,399 Speaker 1: working in this crypto space because it's it's a growing industry. 380 00:20:04,400 --> 00:20:07,639 Speaker 1: But it says even before the recent crypto plunge, the 381 00:20:07,640 --> 00:20:10,520 Speaker 1: prices plunge, the industry has already seen an uptip uptick 382 00:20:10,600 --> 00:20:13,439 Speaker 1: in lawsuits. Many of the cases have been fueled by 383 00:20:13,480 --> 00:20:17,240 Speaker 1: investors who allege some digital coins were hyped and then 384 00:20:17,440 --> 00:20:21,199 Speaker 1: sold under false pretenses. So, as I was explaining to you, um, 385 00:20:21,200 --> 00:20:23,040 Speaker 1: it's easy to look at these coins and go, shoot, man, 386 00:20:23,040 --> 00:20:24,320 Speaker 1: if I would have just bought here and I would 387 00:20:24,320 --> 00:20:26,280 Speaker 1: have sold here, look how much I made and so 388 00:20:26,320 --> 00:20:31,440 Speaker 1: and so my friends, friends, cousins, roommates, girlfriends, um an uncles, 389 00:20:31,480 --> 00:20:34,760 Speaker 1: whatever made all this money. I can't too well, not really, 390 00:20:34,800 --> 00:20:37,080 Speaker 1: because as I said, you're not on the inside. And 391 00:20:37,119 --> 00:20:39,720 Speaker 1: so what it says right here, Many of the cases 392 00:20:39,720 --> 00:20:42,440 Speaker 1: have been fueled by investors who allege some digital coins 393 00:20:42,440 --> 00:20:45,720 Speaker 1: were hyped and then sold under false pretenses. So they 394 00:20:45,720 --> 00:20:48,440 Speaker 1: work under these pump and dump schemes. You're not connected enough, 395 00:20:48,520 --> 00:20:52,800 Speaker 1: neither am I um It says some proposed class action 396 00:20:52,880 --> 00:20:57,040 Speaker 1: suits alleged pump and dump schemes involving celebrity promoters. So 397 00:20:57,119 --> 00:21:00,199 Speaker 1: just because your favorite celebrity like Matt Damon from in 398 00:21:00,200 --> 00:21:02,920 Speaker 1: crypto dot com on the super Bowl, just because your 399 00:21:02,920 --> 00:21:07,240 Speaker 1: favorite celebrity promoter is promoting it does not mean it's safe, 400 00:21:07,920 --> 00:21:11,199 Speaker 1: does not mean it's good, and does not mean you 401 00:21:11,240 --> 00:21:13,760 Speaker 1: should be blindly following that. We like to say D 402 00:21:14,040 --> 00:21:16,879 Speaker 1: Y O R, do your own research always. So it 403 00:21:16,880 --> 00:21:20,080 Speaker 1: says here these pump and dump schemes are involved celebrity promoters. 404 00:21:20,240 --> 00:21:23,000 Speaker 1: We've seen Paris Hilton, We've seen Kanye West, We've seen 405 00:21:23,400 --> 00:21:26,520 Speaker 1: Floyd Mayweather, I mean new name it. They're on their 406 00:21:26,840 --> 00:21:30,520 Speaker 1: other alleged that some digital tokens are unregistered securities, or 407 00:21:30,560 --> 00:21:35,439 Speaker 1: that cryptocurrency issuers were deceitful in their marketing. So a 408 00:21:35,480 --> 00:21:43,760 Speaker 1: couple of things. One, I believe in personal responsibility. Freedom 409 00:21:44,000 --> 00:21:48,120 Speaker 1: comes with responsibility. I should be free what I want 410 00:21:48,200 --> 00:21:51,000 Speaker 1: to do, but then if it doesn't work out the 411 00:21:51,000 --> 00:21:53,720 Speaker 1: way that I want, then I should be responsible enough 412 00:21:53,720 --> 00:21:57,040 Speaker 1: to deal with those consequences, right, UM, I grew up 413 00:21:57,040 --> 00:21:58,960 Speaker 1: doing action sports, and like you know, we want to 414 00:21:59,000 --> 00:22:01,000 Speaker 1: go write dirt bikes on the empty lot over here, 415 00:22:01,000 --> 00:22:02,800 Speaker 1: but then we can't because they're afraid that if someone 416 00:22:02,840 --> 00:22:05,000 Speaker 1: gets hurt on that land and there will be lawsuits. 417 00:22:05,240 --> 00:22:06,879 Speaker 1: So I want to be free to go ride my 418 00:22:06,920 --> 00:22:09,680 Speaker 1: dirtbike there, but if I get hurt, that I should 419 00:22:09,680 --> 00:22:11,880 Speaker 1: be responsible for what happens to me. But what most 420 00:22:11,920 --> 00:22:14,239 Speaker 1: people want these days is I want the freedom let 421 00:22:14,240 --> 00:22:15,920 Speaker 1: me go ride dirt bikes there, but if I get hurt, 422 00:22:16,040 --> 00:22:17,960 Speaker 1: then I want someone else take the blame for that. 423 00:22:18,359 --> 00:22:20,479 Speaker 1: And that's exactly what's happening here in the space. Is 424 00:22:20,520 --> 00:22:23,800 Speaker 1: I should be free to invest my money. Well, I 425 00:22:23,800 --> 00:22:25,760 Speaker 1: shouldn't even use the word invest. We'll call it gamble. 426 00:22:25,760 --> 00:22:28,879 Speaker 1: I should be free to gamble my own money, but 427 00:22:28,920 --> 00:22:30,399 Speaker 1: then if I lose money, I want someone else to 428 00:22:30,400 --> 00:22:32,479 Speaker 1: be responsible for that. Now, it's kind of ridiculous. If 429 00:22:32,480 --> 00:22:34,440 Speaker 1: I go to UM, if I go buy a bunch 430 00:22:34,480 --> 00:22:36,960 Speaker 1: of lottery tickets and I don't make any money, UM, 431 00:22:37,000 --> 00:22:39,480 Speaker 1: I'm responsible for those losses. If I go to Vegas 432 00:22:39,760 --> 00:22:42,160 Speaker 1: or online sports betting or a bet on a football game, whatever, 433 00:22:42,280 --> 00:22:44,600 Speaker 1: and I lose that money, I'm responsible for that. But 434 00:22:44,640 --> 00:22:47,280 Speaker 1: somehow these people are jumping in saying I invested into 435 00:22:47,280 --> 00:22:50,520 Speaker 1: this cryptocurrency, I lost money. Now someone else should be responsible. 436 00:22:51,080 --> 00:22:55,280 Speaker 1: Now I get it they had a so called celebrity 437 00:22:55,320 --> 00:23:00,199 Speaker 1: promoting it, but I mean celebrity endorse all kinds of things. Um. 438 00:23:00,240 --> 00:23:02,680 Speaker 1: Now in this case where it says they used they 439 00:23:02,680 --> 00:23:05,639 Speaker 1: were deceitful in their marketing, Now that's fraud, and we 440 00:23:05,680 --> 00:23:08,119 Speaker 1: already have laws against fraud. So there's something there. Right. 441 00:23:08,520 --> 00:23:10,760 Speaker 1: If if you promise me something but you deliver me 442 00:23:10,840 --> 00:23:14,159 Speaker 1: something else, that's fraud. I don't like to use the 443 00:23:14,160 --> 00:23:18,040 Speaker 1: word scam and fraud, uh liberally, they should be used 444 00:23:18,200 --> 00:23:20,840 Speaker 1: right when it's when it's intentional. So if you promised 445 00:23:20,880 --> 00:23:22,560 Speaker 1: me one thing but you give me something else, that's 446 00:23:22,560 --> 00:23:26,120 Speaker 1: a scam. That's fraud, and we have laws for that. Um. 447 00:23:26,160 --> 00:23:28,399 Speaker 1: If it's just deceitful, I mean I don't know. I 448 00:23:28,400 --> 00:23:30,680 Speaker 1: don't know where that falls in. But the one thing 449 00:23:30,680 --> 00:23:32,679 Speaker 1: and why you hear a lot of times bitcoin people, 450 00:23:34,440 --> 00:23:36,360 Speaker 1: I don't say it as much, but we would say 451 00:23:36,400 --> 00:23:39,560 Speaker 1: that most of these all coins are scams and not 452 00:23:39,600 --> 00:23:43,000 Speaker 1: saying that, uh liberally as a scambut but literally as 453 00:23:43,040 --> 00:23:45,919 Speaker 1: a scam. And the reason why is because any cryptocurrency 454 00:23:45,960 --> 00:23:49,960 Speaker 1: that tells you they're quote unquote decentralized, but then they 455 00:23:49,960 --> 00:23:53,480 Speaker 1: sell you a token that's not decentralized, that would be 456 00:23:53,560 --> 00:23:58,720 Speaker 1: a scam or a fraud. So, um, really only bitcoin 457 00:23:58,960 --> 00:24:02,040 Speaker 1: is the true de centralized coin out there. The other 458 00:24:02,080 --> 00:24:04,800 Speaker 1: ones could be, well, we're sort of kind of one 459 00:24:04,840 --> 00:24:08,200 Speaker 1: day maybe we'll be decentralized, but that's not decentralized, and 460 00:24:08,240 --> 00:24:10,200 Speaker 1: so we talked about that being a scam a whole 461 00:24:10,200 --> 00:24:14,639 Speaker 1: another subject. But basically, um, if they're unregised security, so 462 00:24:14,680 --> 00:24:16,359 Speaker 1: they're saying, well, you sold it to me, but it 463 00:24:16,400 --> 00:24:18,480 Speaker 1: was technically a security so you shouldn't have been able 464 00:24:18,520 --> 00:24:20,639 Speaker 1: to sell it to me. Okay, but why did you 465 00:24:20,680 --> 00:24:22,960 Speaker 1: buy it then? Right? So that goes back onto you 466 00:24:23,000 --> 00:24:25,480 Speaker 1: with personal responsibility. But we're seeing this over and over 467 00:24:25,480 --> 00:24:27,240 Speaker 1: and over. Like it said, it's really really growing up 468 00:24:28,000 --> 00:24:30,920 Speaker 1: gaining attention. Here. We can see here among recent lawsuits 469 00:24:30,920 --> 00:24:33,400 Speaker 1: as a case filed in a California federal court over 470 00:24:33,440 --> 00:24:36,560 Speaker 1: losses in the stable coin Gwen g y e N. 471 00:24:36,600 --> 00:24:40,000 Speaker 1: The pseud accuses gmo z dot Com Trust company. The 472 00:24:40,040 --> 00:24:43,119 Speaker 1: issue of Gwen and crypto exchange coin Base, So it 473 00:24:43,240 --> 00:24:45,480 Speaker 1: was on coin base. So you say, but wait a minute. 474 00:24:45,560 --> 00:24:47,280 Speaker 1: Coin Base is a is a well known company. They're 475 00:24:47,280 --> 00:24:50,280 Speaker 1: publicly traded, So if I bought it there, um, then 476 00:24:50,280 --> 00:24:53,840 Speaker 1: shouldn't it be protected and shouldn't somebody be responsible? Apparently 477 00:24:53,840 --> 00:24:58,080 Speaker 1: that's what this guy thinks. So the lawsuit filed against Gwen. 478 00:24:58,680 --> 00:25:01,960 Speaker 1: Um it was on the exchange coin Base advertising the 479 00:25:02,000 --> 00:25:05,919 Speaker 1: stable coin as being pegged to the Japanese yen. Now 480 00:25:05,960 --> 00:25:09,119 Speaker 1: what I tell you about Luna. Pegs are meant to 481 00:25:09,160 --> 00:25:12,359 Speaker 1: be broken. Anything that says they're peg, don't trust it. 482 00:25:12,400 --> 00:25:14,200 Speaker 1: They said they're pegged to the Japanese yen, which I 483 00:25:14,200 --> 00:25:16,119 Speaker 1: don't know why anybody would want to buy something pegged 484 00:25:16,119 --> 00:25:19,280 Speaker 1: to the Japanese yen. Japan's currency is blowing up. That's 485 00:25:19,280 --> 00:25:22,159 Speaker 1: a whole another subject. But when Gwen began trading on 486 00:25:22,240 --> 00:25:26,440 Speaker 1: coin base in November, it immediately became untethered from yen. 487 00:25:26,600 --> 00:25:31,000 Speaker 1: Oh you mean the peg broke. Remember pegs are meant 488 00:25:31,000 --> 00:25:34,359 Speaker 1: to be broken, So the peg broke. Um. When that happened, 489 00:25:34,400 --> 00:25:37,439 Speaker 1: it led to the coin to spike in value. Oh 490 00:25:37,600 --> 00:25:40,440 Speaker 1: we made money. Now, Remember stable coins are supposed to 491 00:25:40,440 --> 00:25:42,000 Speaker 1: be stable they're not supposed to go up or down, 492 00:25:42,119 --> 00:25:46,840 Speaker 1: but it's the spiked value and then it dropped in 493 00:25:47,000 --> 00:25:51,680 Speaker 1: one day at least. That's the lawsuit of edges Um 494 00:25:51,760 --> 00:25:54,679 Speaker 1: and So. Kenneth Donovan, twenty seven years old, is a 495 00:25:54,680 --> 00:26:00,280 Speaker 1: plaintiff who began investing in cryptocurrency in so from two 496 00:26:00,480 --> 00:26:03,920 Speaker 1: it was all tides or great rising tide rises all boats. 497 00:26:03,960 --> 00:26:06,280 Speaker 1: He made a bunch of money. He said he bought 498 00:26:06,400 --> 00:26:10,240 Speaker 1: three thirty five thousand dollars worth of win last year 499 00:26:10,280 --> 00:26:13,920 Speaker 1: after reading its white paper and learning about it um 500 00:26:14,000 --> 00:26:16,760 Speaker 1: that the New York Department of Financial Services had authorized 501 00:26:17,200 --> 00:26:20,080 Speaker 1: this to issue this company to issue stable coins. But 502 00:26:20,160 --> 00:26:22,840 Speaker 1: in a matter of hours, he said, his investment plummeted 503 00:26:22,880 --> 00:26:26,480 Speaker 1: to three thousand dollars, so from three thousand to three 504 00:26:26,520 --> 00:26:30,359 Speaker 1: thousand dollars, wiping out his entire life savings. Before the loss, 505 00:26:30,440 --> 00:26:33,199 Speaker 1: he his wife and their young daughter lived comfortably off 506 00:26:33,280 --> 00:26:36,800 Speaker 1: his investments and gig work for Uber and door Dash, 507 00:26:36,920 --> 00:26:42,160 Speaker 1: But now he lives paycheck to paycheck. Now, look, I'm 508 00:26:42,200 --> 00:26:44,080 Speaker 1: not trying to make fun of him here. I feel 509 00:26:44,080 --> 00:26:47,479 Speaker 1: bad for him, Um, I I do. I was wiped 510 00:26:47,480 --> 00:26:50,000 Speaker 1: out in two thousand eight when I was just married 511 00:26:50,000 --> 00:26:52,040 Speaker 1: and had my first kid, so I feel his pain. 512 00:26:52,160 --> 00:26:55,359 Speaker 1: I was there. Um My, I was ripped off by 513 00:26:55,400 --> 00:26:58,640 Speaker 1: a scam. To the scam was the Federal Reserve um 514 00:26:58,680 --> 00:27:01,480 Speaker 1: and the and Wall Street crap, the entire global financial system. 515 00:27:01,720 --> 00:27:03,280 Speaker 1: So I got caught up in a scam as well. 516 00:27:03,440 --> 00:27:04,960 Speaker 1: It was out of my control. This is out of 517 00:27:05,000 --> 00:27:10,560 Speaker 1: his control. However, don't buy these cryptocurrencies that are alleging 518 00:27:10,640 --> 00:27:13,920 Speaker 1: to provide some sort of innovation, that have some sort 519 00:27:13,960 --> 00:27:17,119 Speaker 1: of a stable coin algorithm that tethers it to some 520 00:27:17,160 --> 00:27:20,760 Speaker 1: other currency. It doesn't work. There's no reason for you 521 00:27:20,800 --> 00:27:22,280 Speaker 1: to buy it. And if you want to and you 522 00:27:22,280 --> 00:27:23,960 Speaker 1: want to speculate it, why would you put your life 523 00:27:24,000 --> 00:27:26,840 Speaker 1: savings into it? Why would you put your life savings 524 00:27:26,840 --> 00:27:28,800 Speaker 1: into it? But that's what he's done, and that's why 525 00:27:29,040 --> 00:27:32,040 Speaker 1: people like this, dozens and dozens, hundreds of cases, thousands 526 00:27:32,040 --> 00:27:34,439 Speaker 1: of cases like this, and that's why lawsuits are picking 527 00:27:34,520 --> 00:27:37,960 Speaker 1: up rapidly. But again, no one is coming to save you. 528 00:27:38,040 --> 00:27:40,720 Speaker 1: Only you can save yourself. Don't buy into these, and 529 00:27:40,720 --> 00:27:43,040 Speaker 1: if you do want to, then only put a little 530 00:27:43,040 --> 00:27:45,280 Speaker 1: bit in. Not your life savings. Are you're listening to 531 00:27:45,320 --> 00:27:47,920 Speaker 1: the Mark Moa show. We're talking about the decentralized Revolution, 532 00:27:47,960 --> 00:27:51,080 Speaker 1: bitcoin cryptocurrencies and the way the world is changing. I 533 00:27:51,160 --> 00:27:52,879 Speaker 1: have a lot more to go when I come back 534 00:27:52,960 --> 00:27:55,120 Speaker 1: in a second, so don't go away, all right, Welcome back. 535 00:27:55,119 --> 00:27:57,280 Speaker 1: You are listening to the markma Show talking about the 536 00:27:57,400 --> 00:28:00,440 Speaker 1: decentralized Revolution, talking about the way of the world is 537 00:28:00,520 --> 00:28:04,120 Speaker 1: changing with bitcoin, cryptocurrencies, and discussing it through the lens 538 00:28:04,119 --> 00:28:07,800 Speaker 1: of politics, finance, and technology so we can understand what 539 00:28:08,040 --> 00:28:12,320 Speaker 1: is happening. And it is happening fast and furious. There 540 00:28:12,400 --> 00:28:16,040 Speaker 1: is so much going on. We're talking about how the 541 00:28:16,080 --> 00:28:18,760 Speaker 1: markets are changing. Um, the laws aren't able to keep up, 542 00:28:18,840 --> 00:28:21,760 Speaker 1: and people are getting hurt and no one is coming 543 00:28:21,920 --> 00:28:24,480 Speaker 1: to save you, and so you need to learn to 544 00:28:24,600 --> 00:28:29,480 Speaker 1: protect yourself. I was talking about this um the stable coin, 545 00:28:29,560 --> 00:28:31,320 Speaker 1: and this guy lost all his money and he thought 546 00:28:31,359 --> 00:28:33,800 Speaker 1: it was safe because it was sold on coin base. 547 00:28:34,600 --> 00:28:36,280 Speaker 1: But just because it's on coin based doesn't mean you're 548 00:28:36,280 --> 00:28:38,400 Speaker 1: protected and doesn't mean they're going to save you. As 549 00:28:38,400 --> 00:28:40,959 Speaker 1: a matter of fact, Um, there's an article that came 550 00:28:40,960 --> 00:28:43,840 Speaker 1: out this week that says coin based doesn't offer a 551 00:28:43,920 --> 00:28:48,280 Speaker 1: liability protection. But that's no reason to panic. So they're 552 00:28:48,280 --> 00:28:51,440 Speaker 1: saying we don't offer liability protection um and they had 553 00:28:51,440 --> 00:28:53,880 Speaker 1: an announcement last month as they were going through this 554 00:28:53,920 --> 00:28:58,320 Speaker 1: regulatory process that really set people off and put people 555 00:28:58,480 --> 00:29:02,920 Speaker 1: in the wrong way. So, oh, of course, as things 556 00:29:02,960 --> 00:29:06,600 Speaker 1: go good, there's never problems. It's only when things go bad, right, 557 00:29:06,960 --> 00:29:09,560 Speaker 1: And so that's why Warren Puffett says, a rising tide 558 00:29:09,720 --> 00:29:12,600 Speaker 1: rises all boats. But when the tide goes out, you 559 00:29:12,600 --> 00:29:15,000 Speaker 1: see who was swimming naked. So when we're in these 560 00:29:15,040 --> 00:29:19,560 Speaker 1: bull runs and everybody's making money, it's all good. Everyone's happy. 561 00:29:20,040 --> 00:29:22,640 Speaker 1: Tera Luna token it's growing, growing, growing. We're in a 562 00:29:22,720 --> 00:29:27,280 Speaker 1: bull run, and this Ponzi scheme lever's up really really quick. 563 00:29:27,720 --> 00:29:30,640 Speaker 1: You put a dollar in, it creates a token, it 564 00:29:30,720 --> 00:29:34,280 Speaker 1: creates another token, It burns the terror Luna token, creates scarcity, 565 00:29:34,280 --> 00:29:36,760 Speaker 1: it pushes the value up. Everything is great. But as 566 00:29:36,760 --> 00:29:39,360 Speaker 1: soon as the market turns and starts going down, the 567 00:29:39,440 --> 00:29:42,880 Speaker 1: Ponzi unwinds itself and it falls apart really fast. People 568 00:29:42,920 --> 00:29:44,960 Speaker 1: get mad. And so that's kind of where we're at. 569 00:29:45,000 --> 00:29:47,880 Speaker 1: And so right now, with with all of the financial 570 00:29:47,880 --> 00:29:49,880 Speaker 1: markets down. As a matter of fact, like I said, 571 00:29:51,160 --> 00:29:53,840 Speaker 1: most of the fang stocks, the Facebook, Apple, Netflix, Google 572 00:29:53,880 --> 00:29:57,600 Speaker 1: are down fifty s A lot of the big real 573 00:29:57,680 --> 00:30:02,959 Speaker 1: big tech, Darleans, Pelotons, the shopifies, um, things like that 574 00:30:03,000 --> 00:30:06,680 Speaker 1: they're down seventy eight percent. Um. Crypto markets don't actually 575 00:30:06,720 --> 00:30:10,560 Speaker 1: looks so bad, um now a lot of them. Most 576 00:30:10,600 --> 00:30:13,160 Speaker 1: of the cryptocurrency markets are down really really heavy a 577 00:30:13,160 --> 00:30:15,320 Speaker 1: matter of factive. Look at like the top twenty coins, 578 00:30:15,520 --> 00:30:19,080 Speaker 1: most of them are down sixty bitcoins holding on in 579 00:30:19,080 --> 00:30:22,880 Speaker 1: about just year to date, doing pretty good. But as 580 00:30:22,960 --> 00:30:26,360 Speaker 1: that goes down, people are losing money, people are unhappy. Um. 581 00:30:26,400 --> 00:30:29,920 Speaker 1: And also coin Base their revenues are going down in 582 00:30:29,960 --> 00:30:31,760 Speaker 1: a in a really big way. As a matter of fact, 583 00:30:32,280 --> 00:30:33,680 Speaker 1: they went as an I p O. So they're a 584 00:30:33,680 --> 00:30:36,880 Speaker 1: publicly traded company and their stock is down over eighty 585 00:30:37,040 --> 00:30:40,080 Speaker 1: percent as well. Coin Base the symbols c O, I, 586 00:30:40,280 --> 00:30:43,640 Speaker 1: N or coin and so as they're doing this, Uh, 587 00:30:44,200 --> 00:30:47,600 Speaker 1: there's a lot of talk about their business model and uh, 588 00:30:47,640 --> 00:30:51,400 Speaker 1: at what point will they run into trouble? Like could 589 00:30:51,400 --> 00:30:55,760 Speaker 1: they go bankrupt? And if they go bankrupt, what happens? 590 00:30:56,120 --> 00:30:58,120 Speaker 1: And this is a key piece I've talked about before 591 00:30:58,400 --> 00:31:01,400 Speaker 1: and this article is talking about here. They don't offer 592 00:31:01,440 --> 00:31:05,640 Speaker 1: liability protection. So, um, if I have money in the 593 00:31:05,680 --> 00:31:09,200 Speaker 1: bank and the bank goes busts, I have f d 594 00:31:09,320 --> 00:31:12,719 Speaker 1: i C insurance and they will give me my money back. Right, 595 00:31:12,760 --> 00:31:15,600 Speaker 1: the FDC will make me whole. And what happens is, 596 00:31:15,920 --> 00:31:17,640 Speaker 1: you know, we've just been so accustomed to working with 597 00:31:17,680 --> 00:31:23,000 Speaker 1: banks that we view lots of people view um, these uh, 598 00:31:23,440 --> 00:31:27,560 Speaker 1: these cryptocurrency exchanges like coin base as a bank. So 599 00:31:27,680 --> 00:31:29,680 Speaker 1: I can buy my bitcoin there or my x y 600 00:31:29,800 --> 00:31:32,360 Speaker 1: z crypto there, and then I could just leave it 601 00:31:32,400 --> 00:31:34,280 Speaker 1: there and they have a vault they can put it 602 00:31:34,320 --> 00:31:36,040 Speaker 1: in and then at some point if I want, I 603 00:31:36,040 --> 00:31:38,840 Speaker 1: can withdraw it. And so they look at it as 604 00:31:38,880 --> 00:31:41,920 Speaker 1: a bank. Now back to I was talking earlier about 605 00:31:42,080 --> 00:31:47,880 Speaker 1: freedom and responsibility. So bitcoin has solved the oldest problem 606 00:31:47,920 --> 00:31:50,600 Speaker 1: in the world. The oldest problem in the world is 607 00:31:50,640 --> 00:31:52,160 Speaker 1: how do I secure my property in a way that 608 00:31:52,280 --> 00:31:55,960 Speaker 1: can't be stolen. And so bitcoin allows me to custody it, 609 00:31:56,040 --> 00:31:58,640 Speaker 1: to hold my own bitcoin in a cryptographically a way 610 00:31:58,680 --> 00:32:01,960 Speaker 1: that nobody can seal it from me. So that's great freedom. 611 00:32:02,000 --> 00:32:03,920 Speaker 1: I can now have the freedom to hold my wealth 612 00:32:03,920 --> 00:32:07,120 Speaker 1: in a way they can't be stolen. However, it takes responsibility, 613 00:32:07,480 --> 00:32:09,640 Speaker 1: so now I have to learn the right way to 614 00:32:09,920 --> 00:32:12,320 Speaker 1: store and provide custody and to keep it in a 615 00:32:12,320 --> 00:32:15,640 Speaker 1: way that it can't be stolen, I don't lose it, etcetera. 616 00:32:15,800 --> 00:32:18,640 Speaker 1: So I have the freedom, but I also need the responsibility. 617 00:32:18,840 --> 00:32:21,640 Speaker 1: What a lot of people want is they don't they 618 00:32:21,640 --> 00:32:23,000 Speaker 1: don't want the freedom and they don't want to take 619 00:32:23,000 --> 00:32:24,880 Speaker 1: the responsibility. Well, they don't want to take responsibility, so 620 00:32:24,920 --> 00:32:27,480 Speaker 1: they don't have the freedom. So I'll just let coin 621 00:32:27,520 --> 00:32:29,760 Speaker 1: base hold onto it for me. So coin Base can 622 00:32:29,800 --> 00:32:33,239 Speaker 1: hold it, and UM, I'll give them the responsibility to 623 00:32:33,280 --> 00:32:36,959 Speaker 1: safeguard my bitcoin. But what happens if something goes wrong? So, 624 00:32:37,080 --> 00:32:40,600 Speaker 1: for example, thousands of stories of people visiting and say 625 00:32:40,640 --> 00:32:43,200 Speaker 1: Cuba and then log it into their coin Base account 626 00:32:43,440 --> 00:32:45,320 Speaker 1: and then it flags their I p s from Cuba, 627 00:32:45,400 --> 00:32:47,280 Speaker 1: Their account gets locked, They're locked out the account, and 628 00:32:47,280 --> 00:32:48,440 Speaker 1: I have to go to the US State Department to 629 00:32:48,440 --> 00:32:51,120 Speaker 1: even get access to their account again. UM, let's say 630 00:32:51,120 --> 00:32:54,240 Speaker 1: that the US government for some reason tells coin Base 631 00:32:54,280 --> 00:32:56,680 Speaker 1: that they can't allow you to withdraw your funds anymore 632 00:32:56,840 --> 00:32:59,640 Speaker 1: for whatever reason, I don't know, You're implicated on some 633 00:32:59,720 --> 00:33:01,760 Speaker 1: charge is or they changed the loss as you can't 634 00:33:01,800 --> 00:33:06,600 Speaker 1: custody your bitcoin anymore, or what happens if their business 635 00:33:06,640 --> 00:33:12,520 Speaker 1: model fails and they go bankrupt? Now with their price 636 00:33:12,560 --> 00:33:17,280 Speaker 1: of their stock sliding over eight, that's a pretty big question. 637 00:33:18,400 --> 00:33:20,400 Speaker 1: In this article says quote the crypto assets we hold 638 00:33:20,400 --> 00:33:23,719 Speaker 1: in custody on behalf of our customers could be subject 639 00:33:24,240 --> 00:33:29,080 Speaker 1: to bankruptcy proceedings end quote. This has put out by 640 00:33:29,120 --> 00:33:33,920 Speaker 1: coin based in its first quarter earnings UM and so 641 00:33:34,440 --> 00:33:38,120 Speaker 1: they're saying, if we go bankrupt, our customer deposits that 642 00:33:38,160 --> 00:33:41,720 Speaker 1: were holding on behalf of them could be subject to 643 00:33:41,840 --> 00:33:47,320 Speaker 1: our bankruptcy proceedings, meaning that the bankruptcy judge could say, 644 00:33:47,440 --> 00:33:49,600 Speaker 1: wait a minute, no, these aren't the customers funds. These 645 00:33:49,640 --> 00:33:53,520 Speaker 1: are your funds. You owe them the funds. But since 646 00:33:53,560 --> 00:33:55,400 Speaker 1: you owe them, we have to take into conduct and 647 00:33:55,520 --> 00:33:59,080 Speaker 1: into account everything you own and then we have to 648 00:33:59,080 --> 00:34:01,959 Speaker 1: figure out the best way to do that. And this 649 00:34:02,000 --> 00:34:06,680 Speaker 1: announcement was really a reminder to the entire ecosystem and 650 00:34:06,680 --> 00:34:08,759 Speaker 1: it should be a wake up call to you. The 651 00:34:09,520 --> 00:34:12,680 Speaker 1: brokerage is not like a bank. Um. There is no protection. 652 00:34:12,719 --> 00:34:15,680 Speaker 1: There is no fd I C insurance. If something were 653 00:34:15,719 --> 00:34:19,880 Speaker 1: to happen with them bankruptcy, etcetera, then you may not 654 00:34:19,920 --> 00:34:21,640 Speaker 1: contracoins back. Now I'm not saying that they are going 655 00:34:21,680 --> 00:34:24,920 Speaker 1: to go bankrupt, but with their stock sliding over. It 656 00:34:25,040 --> 00:34:27,440 Speaker 1: leads a lot of people to thinking about that. But 657 00:34:27,480 --> 00:34:29,160 Speaker 1: like I said, it doesn't even have to be a bankruptcy. 658 00:34:29,200 --> 00:34:31,239 Speaker 1: What if there's just something, like I said, they pass 659 00:34:31,280 --> 00:34:33,440 Speaker 1: a law in the United States that you can't withdraw 660 00:34:33,480 --> 00:34:36,520 Speaker 1: your tokens anymore, So you definitely want to have them 661 00:34:36,560 --> 00:34:38,920 Speaker 1: off before that happens. UM. Like I said that, there 662 00:34:38,920 --> 00:34:41,279 Speaker 1: could be any number of reasons why there's a potentially 663 00:34:41,840 --> 00:34:45,640 Speaker 1: um an incident that all that you know prohibits you 664 00:34:45,719 --> 00:34:48,640 Speaker 1: from withdrawing your coins off of them, and so you 665 00:34:48,719 --> 00:34:52,600 Speaker 1: need to be careful of that, especially in today's uncertain world. 666 00:34:52,760 --> 00:34:56,239 Speaker 1: Right there, there's lots of talk about regulating bitcoin, which 667 00:34:56,280 --> 00:34:57,880 Speaker 1: of course is funny. A lot of people say, but 668 00:34:57,960 --> 00:35:01,120 Speaker 1: what if they regulate bitcoin? I say, well, bitcoins already 669 00:35:01,960 --> 00:35:04,719 Speaker 1: the most regulated asset. So typically an asset would be 670 00:35:04,760 --> 00:35:07,560 Speaker 1: regulated by one entity that that covers that asseid, but 671 00:35:07,600 --> 00:35:09,759 Speaker 1: bitcoins regulated by all of them, so the I r S, 672 00:35:10,120 --> 00:35:14,399 Speaker 1: the SEC, the CFTC FINS and etcetera. But they could 673 00:35:14,400 --> 00:35:17,600 Speaker 1: regulate it more, they could crack on it more, especially 674 00:35:17,600 --> 00:35:22,080 Speaker 1: when it comes to this uh um self custody UM. 675 00:35:22,120 --> 00:35:23,880 Speaker 1: And you know you have to be careful about this 676 00:35:23,960 --> 00:35:28,160 Speaker 1: because these these types of problems only continue to get 677 00:35:28,160 --> 00:35:31,080 Speaker 1: worse and worse and worse. UM. At the same time 678 00:35:31,200 --> 00:35:35,560 Speaker 1: we're seeing we're seeing the demand grow, but we're also 679 00:35:35,600 --> 00:35:38,839 Speaker 1: seeing the scams and problems abound at the same time. 680 00:35:38,840 --> 00:35:40,480 Speaker 1: So it's almost like we're seeing it both, which of 681 00:35:40,480 --> 00:35:44,040 Speaker 1: course makes sense. Right. As the demand grows, more people 682 00:35:44,200 --> 00:35:49,479 Speaker 1: use it, more cryptocurrencies appear, more people use it, more 683 00:35:49,520 --> 00:35:52,640 Speaker 1: problems are found. So so it goes without saying, UM, 684 00:35:52,719 --> 00:35:56,080 Speaker 1: we can see that Fidelity, who has been a big 685 00:35:56,120 --> 00:35:59,120 Speaker 1: player in the bitcoin space for a long time. UM, 686 00:35:59,239 --> 00:36:02,160 Speaker 1: they've they've jumped in bitcoin early and now they said 687 00:36:02,160 --> 00:36:05,920 Speaker 1: they're adding a hundred and ten new workers by the 688 00:36:06,040 --> 00:36:09,080 Speaker 1: end of the year as it continues to branch out 689 00:36:09,880 --> 00:36:13,000 Speaker 1: UM into this space. So that's pretty rapidly for Fidelity, 690 00:36:13,040 --> 00:36:15,560 Speaker 1: which is one of the largest asset managers in the 691 00:36:15,640 --> 00:36:19,160 Speaker 1: United States. UM. There, they've set up a way now 692 00:36:19,239 --> 00:36:22,960 Speaker 1: to allow people planning for retirement holding it for oh 693 00:36:22,960 --> 00:36:24,799 Speaker 1: one k to now take that four oh one k 694 00:36:25,400 --> 00:36:28,960 Speaker 1: and put that into bitcoin, which is pretty big, and 695 00:36:29,040 --> 00:36:31,919 Speaker 1: so a lot of growth, a lot more people coming 696 00:36:31,920 --> 00:36:34,799 Speaker 1: into the space, UM, and it's growing. Remember the two 697 00:36:34,880 --> 00:36:37,840 Speaker 1: things that we look at our growth of the network 698 00:36:39,080 --> 00:36:42,160 Speaker 1: and development on the network. And so we've seen lots 699 00:36:42,160 --> 00:36:43,560 Speaker 1: of development on the network. I'm talking about that, but 700 00:36:43,600 --> 00:36:45,680 Speaker 1: this is the growth on the network. UM as this 701 00:36:45,719 --> 00:36:49,320 Speaker 1: continues to grow UM with Fidelity jumping in, that's massive opportunity. 702 00:36:49,440 --> 00:36:51,319 Speaker 1: But you need to be aware with companies like coin 703 00:36:51,360 --> 00:36:55,880 Speaker 1: base potentially having financial problems if they're holding onto your bitcoin, 704 00:36:55,920 --> 00:36:58,360 Speaker 1: if you're giving them the responsibility to custody that asset 705 00:36:58,440 --> 00:37:01,760 Speaker 1: for you, that's the problem and you should be taking 706 00:37:02,360 --> 00:37:07,120 Speaker 1: moves to pull that off as fast as possible. You 707 00:37:07,200 --> 00:37:09,880 Speaker 1: listen to the Mark mo Show talking about the decentralized Revolution, 708 00:37:09,960 --> 00:37:14,880 Speaker 1: explaining how the world is changing as technology is that 709 00:37:15,000 --> 00:37:18,360 Speaker 1: driver that changes the world. Of course we're talking about bitcoin, cryptocurrencies, 710 00:37:18,400 --> 00:37:20,360 Speaker 1: and we're looking at through the lens of politics, finance, 711 00:37:20,400 --> 00:37:24,480 Speaker 1: and technology as these converge, as these change, so you 712 00:37:24,480 --> 00:37:27,680 Speaker 1: can be better equipped and prepared to handle this change. 713 00:37:28,120 --> 00:37:29,680 Speaker 1: That's what I got for you today. Thanks for listening.