Speaker 1: The coin Viewer, a podcast is a production of I
Speaker 1: Hunt Radio. I think it was Charlie Munger and Warren
Speaker 1: Buffett who said there's three ways to lose everything, ladies, liquor,
Speaker 1: and leverage, and it makes a lot of sense. And
Speaker 1: then lastly is take profits along the way. Sweet Jesus,
Speaker 1: I mean, if you could just take a look and
Speaker 1: just say to yourself, and we'll talk about this later,
Speaker 1: as about people will always say you gotta diamond hands
Speaker 1: everything and hold it forever, and you could, you could
Speaker 1: hold everything. Maybe bitcoin becomes the new world reserve currency.
Speaker 1: I'm not here to dispute that. I have no idea,
Speaker 1: but maybe, just maybe that won't happen. And if those
Speaker 1: things don't happen, maybe it's a good idea to take
Speaker 1: profits along the way so when the bear market comes,
Speaker 1: you have more powder on the sidelines to do the
Speaker 1: things you really want to do. Buy crypto, buy real estate,
Speaker 1: start a company, pay your bills for petez sakes, and
Speaker 1: go from there. So those are the new rules. But
Speaker 1: it all came from all the screw ups that I
Speaker 1: did along the way. A guy, you were too kind,
Speaker 1: Thanks for having me again. It's yeah, Rob, and I
Speaker 1: have Rob and I have chatted on live streams before
Speaker 1: and actually met in real life, which doesn't doesn't happen
Speaker 1: all that often in the crypto space. But we we
Speaker 1: met in real life when you when you very kindly
Speaker 1: came and spoke at the Coin Bureau event in London,
Speaker 1: which I think it's safe to say feels like a
Speaker 1: lifetime ago. No, it was. It was the great time.
Speaker 1: It was was end of April early May, somewhere around
Speaker 1: there at twenty twenty one, and the market was just
Speaker 1: ripping and everybody there was there was exuberance, everybody was happy.
Speaker 1: And of course now here we are in October twenty
Speaker 1: twenty two and people are miserable. But that's okay because
Speaker 1: this is the time when millionaires are made. It's it's
Speaker 1: time for all the tourists to leave and the real
Speaker 1: people that want to stick around to make some real
Speaker 1: wealth to just hang around because it's going to happen.
Speaker 1: Absolutely absolutely, and yeah, this is This is one of
Speaker 1: the main reasons I wanted to get you on Rob,
Speaker 1: because I think your perspective on all of this, You've
Speaker 1: got a very pragmatic outlook. You've got a no bs outlook.
Speaker 1: It's all delivered with a big generous helping of text
Speaker 1: and charm. So I thought, I thought, this is this
Speaker 1: is all stuff that are our listeners need to hear.
Speaker 1: So I thought, should we just should we just dive
Speaker 1: on in and just kind of have a quick kind
Speaker 1: of talk about the about the markets in general. Well,
Speaker 1: in fact, no, look before we do that, Rob, can
Speaker 1: you can you tell us a bit about yourself, how
Speaker 1: you how you came to do what you do, your
Speaker 1: your background, all that sort of stuff. Sure, and before
Speaker 1: we start. I wish I wish it was later in
Speaker 1: the day because like this kind of feels like two
Speaker 1: guys talking in the pub about this, just talking shop.
Speaker 1: I do love these ones. So my background is prior military.
Speaker 1: I went in is there's a long time ago, because
Speaker 1: I'm an old guy. I got grandkids now, and I
Speaker 1: was what's called a ninety one bravo, which was back
Speaker 1: in those days it was called a medic, so you
Speaker 1: run around try to save people, real fun times, right,
Speaker 1: And then I didn't like being in the field, so
Speaker 1: they said, who wants to get out of the field.
Speaker 1: I said, sure, I'll do that, and they I became
Speaker 1: a ninety one whiskey m six, which is an LVM
Speaker 1: or a nurse, and then I didn't really don't really
Speaker 1: like that too much. Then I got out of the
Speaker 1: military and I went into sales, medical device sales, and
Speaker 1: I worked at a company called kCi, which is a
Speaker 1: wound back company. People would get these these huge, massive
Speaker 1: wounds or massive injuries or whatever else and we'd put
Speaker 1: these essentially a medical grade sponge, close up the wound
Speaker 1: and heal people. Was great. Then I got into management.
Speaker 1: I went and worked for a couple of different home
Speaker 1: health companies and just kind of trotted around the area
Speaker 1: and health and healthcare. But then I realize one day,
Speaker 1: I'm like, you know, if I keep trading my time
Speaker 1: for money, I'm never gonna get ahead. It's just how
Speaker 1: it goes. And I just started to dabble into a
Speaker 1: little online education platform and I created this website helped
Speaker 1: nursing students past their clinical exam, and that was the
Speaker 1: first time I realized that I didn't have to trade
Speaker 1: my time for money. People would come in there, they
Speaker 1: could learn some things, and they could pay me a fee.
Speaker 1: And then everything worked out. And then I got into
Speaker 1: real estate with me and my wife, and that was
Speaker 1: an even better advantage because with real estate, what's great
Speaker 1: about that is that it's an appreciating asset. There's a
Speaker 1: lot of things you can do with it. And this
Speaker 1: is back in gosh, two thousand, ten eleven. Yeah, and
Speaker 1: I don't know, I don't know if Airbnb was around,
Speaker 1: but we did. We know, we did short term rentals,
Speaker 1: we did long term rentals, and now we do a
Speaker 1: lot more of the short term rentals. Well Airbnb with
Speaker 1: houses here in Alpasso and Houston and Puerto Rico, condos
Speaker 1: and apartments, and that was a pretty good one to
Speaker 1: be into. So we did all that and then also
Speaker 1: a nice little sports facility year for sand, volleyball, sand
Speaker 1: soccer stuff. So a lot of different things that we do.
Speaker 1: And Amazon business too, but that's that's pretty simple. But
Speaker 1: a lot of these things are starting to run on autopilot.
Speaker 1: And I remember in twenty seventeen, actually, no, let's take
Speaker 1: it back in twenty twelve, the son came home and
Speaker 1: he said, hey, I've got a great deal for you.
Speaker 1: And the deal is there's this guy and he's selling
Speaker 1: a hard drive with these things called bitcoins, and he's
Speaker 1: gonna sell five hundred of those bitcoins for five hundred dollars,
Speaker 1: and I said, Alan, what is a bitcoin? And you
Speaker 1: know when you first explained what a bitcoin is? And
Speaker 1: he's like, well, it's this thing and it's decentralized, and
Speaker 1: I'm like that, I'm gonna stop it right now. Makes
Speaker 1: no sense whatsoever. It's never gonna make it. It sounds
Speaker 1: the dumbest thing I've ever heard in my life. And
Speaker 1: of course, as time goes on, I just, you know,
Speaker 1: missed out on a massive opportunity. And but I will
Speaker 1: say this, and we'll get into this later, is that
Speaker 1: I didn't understand what bitcoin was. So if I would
Speaker 1: have bought it for five hundred dollars, two things would
Speaker 1: have happened. I would have lost that hard drive, because
Speaker 1: this is back in twenty twelve. Maybe it would have
Speaker 1: I would have figured it out in thirteen when the
Speaker 1: big bull run happened. But plus I would probably have
Speaker 1: sold it when it doubled, because I don't want I
Speaker 1: didn't understand it back then, so I don't think I
Speaker 1: really missed out on the big opportunity. Fast forward later
Speaker 1: twenty seventeen, all of a sudden we hear more about
Speaker 1: crypto and the glassts. That's when everything blew up. This
Speaker 1: was I got in after you did, guy, because you
Speaker 1: got in way before I did twenty thirteen, twenty fourteen
Speaker 1: that area. But when I got in twenty seventeen, ye,
Speaker 1: this is a great opportunity, just like all the other businesses.
Speaker 1: And I thought I was a genius as everything went up,
Speaker 1: and I wrote it all the way up, and I
Speaker 1: wrote it all the way down. I bought bitcoin at
Speaker 1: thirty five hundred, five thousand, ten thousand, seventeen thousand, five hundred,
Speaker 1: and then when a crash in January and February twenty eighteen,
Speaker 1: I was back down to where I was. And at
Speaker 1: that point I said to myself, I got two ashes.
Speaker 1: I could take a huge loss and get the hell
Speaker 1: out of here, or I can figure out some principles.
Speaker 1: Maybe you stick around for a bit, maybe dollar cost average,
Speaker 1: Maybe figure out that time in the market's greater than
Speaker 1: timing the market, maybe understanding what the projects actually were
Speaker 1: and how they could change the world. And just kind
Speaker 1: of moved from there. And then from that point on,
Speaker 1: I just dollar cost average, and I kept talking about it.
Speaker 1: My friends and the family were like, don't tell us,
Speaker 1: we don't care. So I'll go, okay, you don't care,
Speaker 1: I'll start a YouTube channel and just talk about it there.
Speaker 1: Because all the other businesses are just running on on
Speaker 1: oili pilots. I'm as will do something. And now here
Speaker 1: we are up to today talking to the great guy
Speaker 1: from coin Bureau. How the mighty have fallen? It's uh mean,
Speaker 1: listening to that, it's I mean, it's such a it's
Speaker 1: such a great story you've got. It's it's also it's
Speaker 1: it says so much about your character. You know, you're
Speaker 1: you're you sound like a really kind of pragmatic guy,
Speaker 1: that sort of guy who's kind of not afraid to
Speaker 1: take a step back assess the situation kind of I
Speaker 1: guess dispassionately and and think, hey, you know, what's what's
Speaker 1: wrong with this picture? How can I fix this? Where
Speaker 1: do I go next? You know, you strike me as
Speaker 1: someone who's kind of constantly curious. Is that is that
Speaker 1: fair to say? It's it's it's well, there's a couple
Speaker 1: of things. First of all, there's curiosity, and the other
Speaker 1: thing that I've learned along the way, especially starting these
Speaker 1: different projects, is that I know that I'm going to fail.
Speaker 1: I failed way more than I've actually succeeded. So when
Speaker 1: I do these things, I step into it going I
Speaker 1: know I'm gonna screw up. I know this is going
Speaker 1: to be hardship. But it just like in the military,
Speaker 1: if I just show up at the right uniform, things
Speaker 1: are going to work out. I'll get promoted. Everything work,
Speaker 1: And that's pretty much how it kind of comes down to.
Speaker 1: I look at the market, I go, I'm gonna pick projects.
Speaker 1: They are gonna lose and I know that, and I
Speaker 1: think a lot of other investors know that too. They go, okay, well,
Speaker 1: I know that if I invest into ten eight, seven,
Speaker 1: eight nine, my bomb, But the one that really makes
Speaker 1: it is the one that's gonna that's gonna pull my
Speaker 1: a out of out of everything, and it's gonna be okay.
Speaker 1: So if if I can understand that I'm not perfect
Speaker 1: and I will fail, that, I think at the end
Speaker 1: of the day, I'll be all right. And that's just
Speaker 1: leads me to the curiosity what you were talking about.
Speaker 1: If I'm not curious as to all my screw ups
Speaker 1: and all my successes, and I can't just take a
Speaker 1: step back and say what works and what doesn't, then
Speaker 1: nothing will work. So I always say, like we have
Speaker 1: to learn from mistakes and don't have to be your mistakes,
Speaker 1: So hopefully people can learn from our mistakes and move
Speaker 1: forward as better investors. Yeah, it's and I think that's
Speaker 1: an attitude that's all too often kind of missing from
Speaker 1: I think missing from the crypto space certainly. And I
Speaker 1: guess kind of you know, the wider, the wider world
Speaker 1: of investing, You know, it tends to be. It can
Speaker 1: have such a kind of matcho feel to it sometimes,
Speaker 1: you know, And and there's so much there's so much
Speaker 1: hype gets built up, especially as you say, during during
Speaker 1: bull markets when things are just going crazy and the
Speaker 1: can the picture becomes so unclear, doesn't it? And it
Speaker 1: looks like it looks like everyone's kind of making these
Speaker 1: huge wins and making these huge gains, and no one
Speaker 1: seems to be failing. And yet people are sitting there
Speaker 1: at home and thinking, well, why am I? Why can't
Speaker 1: I do all of this? Why can't I? And without
Speaker 1: without really appreciating that. Yeah, people are failing all the time,
Speaker 1: across the boards, at everything every day. But it's the
Speaker 1: people who learn from those mistakes who and like you do, Rob,
Speaker 1: kind of accept those failures and and move on. Oh,
Speaker 1: let me tell you. I want to talk about failures.
Speaker 1: So let's just let's just stick with it in the
Speaker 1: crypto space itself. I remember so in twenty twenty, when
Speaker 1: things are really really heating up. I remember I put
Speaker 1: out a couple of price prediction videos. Well never do
Speaker 1: those again, and I took a look out and I said,
Speaker 1: you know, I think that bitcoin. I thought it was
Speaker 1: a conservative number. I thought, I said, I think bitcoin
Speaker 1: can make to one hunter k. How whereas that didn't
Speaker 1: that didn't work out. But then I thought, well, maybe
Speaker 1: it go'ld make to one hundred and fifty k. And
Speaker 1: that was the most the conservative I'd always be one
Speaker 1: hundred one hundred fifty k. And we didn't even touch that.
Speaker 1: I mean we hit I think we topped out on
Speaker 1: November fourteenth, and remember eleven somewhere around there, around sixty
Speaker 1: nine K, and that was about it ethereum. I thought
Speaker 1: could go up to you know, ten k. Of course
Speaker 1: we only did half that, and then some other ones.
Speaker 1: And then like when I take a look at and
Speaker 1: I step back and go, look at all these these
Speaker 1: these failures that I've done. But it taught me some
Speaker 1: important lessons which is as much as you think you
Speaker 1: know the market and where you think things are going,
Speaker 1: you're usually mistaken. So it's important too. And well, I
Speaker 1: think we're gonna talk about this in a bit, is
Speaker 1: taking profits along the way so you don't pull the
Speaker 1: same thing that I pulled, which was writing everything up
Speaker 1: and writing everything back down into that in twenty eighteen.
Speaker 1: In twenty twenty one, I didn't do it as bad,
Speaker 1: but I don't think I sold as much as I
Speaker 1: as I should have, and taken a little bit more
Speaker 1: conservative approach, and now now here we are. And then also,
Speaker 1: like I mean, other mistakes, I mean, I've this is
Speaker 1: why I have these these new rules on my are
Speaker 1: not new, these rules of Betama forever, but I've got really,
Speaker 1: you know, five rules. And it's because of the mistakes
Speaker 1: that I've learned from Voyager and Celsius, which is they
Speaker 1: became insolvent because they made bad management decisions. And if
Speaker 1: we can hedge ourselves against these bad management decisions that
Speaker 1: we don't know about, will be a lot safer. And
Speaker 1: one of those that I talk about is it's all gone,
Speaker 1: meaning don't invest more than you can afford to lose.
Speaker 1: I've had people say that they've invested their total life
Speaker 1: savings and everything else into crypto. That is a recipe
Speaker 1: for disaster. The next one is everything is a scam
Speaker 1: until proven otherwise. Next one is don't leave anything in exchanges.
Speaker 1: I mean you can, you can. Now we're in a
Speaker 1: world now where we don't need a bank, we don't
Speaker 1: need an intermediary, we don't need those those middle people.
Speaker 1: We can we can custody our own assets in a
Speaker 1: in a ledger or a tracer. So don't leave anything
Speaker 1: exchang is there's no point to it, and it's very
Speaker 1: simple to do. I mean, you've got great videos. I've
Speaker 1: got some videos too, it would show you how to
Speaker 1: do it. Also, don't use leverage because it's a it's
Speaker 1: again a rescue for disaster. There's I think it was
Speaker 1: Charlie Munger and Warren Buffett who said there's three ways
Speaker 1: to lose everything, ladies, liquor, and leverage, and it makes
Speaker 1: a lot of sense. And then lastly is take profits
Speaker 1: along the way. Sweet Jesus, I mean, if you could
Speaker 1: just take a look and just say yourself and we'll
Speaker 1: talk about this later. It's about people will always say
Speaker 1: you gotta diamond hands everything and hold it forever, and
Speaker 1: you could you could hold everything. Maybe bitcoin becomes the
Speaker 1: new world reserve currency. I'm not here to dispute that
Speaker 1: I have no idea, but maybe, just maybe that won't happen.
Speaker 1: And if those things don't happen, maybe it's a good
Speaker 1: idea to take profits along the way so when the
Speaker 1: bear market comes, you have more powder on the sidelines
Speaker 1: to do the things you really want to do. Buy crypto,
Speaker 1: buy real estate, start a company, pay your bills for
Speaker 1: pete sakes, and go from there. So those are the
Speaker 1: new rules. But it all came from all the screw
Speaker 1: ups that I did along the way. Yeah, I think, well,
Speaker 1: anyone listening to this, I think should just should just
Speaker 1: rewind those last few minutes and just listen to those
Speaker 1: five rules five rules again and note them down, because yeah,
Speaker 1: I mean, it's it's so true. It's so true. And yeah,
Speaker 1: from someone like you, from someone like yourself, Rob, who
Speaker 1: has who has made these mistakes, you know, this isn't
Speaker 1: just something This isn't just something you know you pick
Speaker 1: up in a self help book. This is this is
Speaker 1: this is You've been there, you know, and I mean
Speaker 1: I've I've made I've made these so many of these
Speaker 1: mistakes as well, and yeah, you know the best the
Speaker 1: only thing you know, it's making a mistake twice. That's that.
Speaker 1: That's the definition of a fool, isn't it. And if
Speaker 1: you if you're prepared to learn from your mistakes, then
Speaker 1: then you know there's there's so many there's so many
Speaker 1: possibilities ahead of you. But it's that first it's that
Speaker 1: difficult first stake step of of looking yourself in the
Speaker 1: eye and going, I screwed. You know, what can I
Speaker 1: how can I? How can I not? What steps can
Speaker 1: I take to not screw up again? And I think, yeah,
Speaker 1: those those five steps of yours are the best, the
Speaker 1: best best advice you can give anyone. Well, if you
Speaker 1: whoever listen to the podcast or comes to the show,
Speaker 1: they'll see those five rules. They're constantly on my on
Speaker 1: every live stream and every video that I do, so
Speaker 1: you can't forget them. And then there's a there's a quote.
Speaker 1: It's a it was a Greek philosopher poet Archipelaicus, and
Speaker 1: they said, we don't we don't rise to the occasion,
Speaker 1: we fall to the level of our training. And I think,
Speaker 1: if you can have these these rules, whatever those rules
Speaker 1: are that you create for yourself or maybe some of mine.
Speaker 1: I think it's it makes you a little bit safer
Speaker 1: in the investment realm, absolutely absolutely, so yeah, so so
Speaker 1: I mean, let's let's kind of bearing all those sparing
Speaker 1: all those things in mind. And you know, as as
Speaker 1: you say, you talk about Voyager and Celsius, these these
Speaker 1: these events that have taken place just within the last
Speaker 1: few months in the in these really difficult last few
Speaker 1: months that the crypto markets had that financial markets everywhere
Speaker 1: have had. So yeah, I just I'm really interested to
Speaker 1: kind of get your your take on where crypto is
Speaker 1: at the moment, where the markets, what we're looking at,
Speaker 1: what sort of situation we're looking at. Obviously we're deep
Speaker 1: into a bear market. Now, how long do you see
Speaker 1: it's going on? You know what, what do you think
Speaker 1: we're at a particular stage of the bear market yet.
Speaker 1: So I'm a big believer in in cycles and four
Speaker 1: your cycles and twenty your cycles and things like that.
Speaker 1: There's a great book it's called This Time Is Different.
Speaker 1: It's by Ryan Hart and Roboth and it takes a
Speaker 1: look at eight centuries of economic folly and just says
Speaker 1: how things just kind of repeat and repeat and repeat.
Speaker 1: And for these four your side, I mean, for bitcoin
Speaker 1: has them. In the crypto market, I always take a look,
Speaker 1: you know, and it always starts with a with a having.
Speaker 1: So in twenty twelve we had a Having thirteen and
Speaker 1: all time high than twenty fourteen, we have a dip
Speaker 1: until I'm fifteen, a reset. Two thousand and sixteen, we
Speaker 1: have a Having seventeen all time high two eighteen, a
Speaker 1: dip in a reset. In two thousand twenty we had
Speaker 1: a HAVOC twenty one all time high, which I didn't
Speaker 1: I honestly went against my better judgment. I thought, well,
Speaker 1: maybe we'll extend it out to twenty twenty two, but
Speaker 1: it didn't work like that. Twenty twenty one was it,
Speaker 1: And then twenty twenty two. Now here we are in
Speaker 1: this in this massive dip. I mean, I think we're
Speaker 1: down seventy one percent sevent two percent from the all
Speaker 1: time high for bitcoin. All t cooins, of course, have
Speaker 1: fallen somewhere, specifically different ones eighty percent or lower, depending
Speaker 1: on which one you take a look at. So I
Speaker 1: think when I take a look at where we're at
Speaker 1: right now, I just see it at as we're in
Speaker 1: a bear market, and you have to understand that we
Speaker 1: were in a in a very long uptrend from the
Speaker 1: time that bitcoin was creating two thousand and nine, after
Speaker 1: the financial global crisis and meltdown, when we had an
Speaker 1: economic boom from twenty ten all the way up twenty
Speaker 1: twenty one. Yeah, I mean, I mean, take away that
Speaker 1: the coronavirus, and there was a lot of quantitative easing
Speaker 1: and a lot of printing and a lot of globalization,
Speaker 1: and it was it was right for that market to
Speaker 1: really happen, and we didn't see a recession. So now
Speaker 1: when people say, well, bitcoin's never done, bitcoin has never
Speaker 1: been through a major war. Oh, I mean, you know,
Speaker 1: it's been through Afghanistan. And Afghanistan we've been in there
Speaker 1: for for decades. We just pulled out last year and
Speaker 1: of course the Ukraine War. Now we're taking a look
Speaker 1: at sort of quantity of easing, quantity of tightening, which
Speaker 1: I believe what will happen. And if we take a
Speaker 1: look at just the basic charts of how long recessions last,
Speaker 1: usually looking at around eighteen months, maybe twenty four months,
Speaker 1: and going all the way back to the sixties. So
Speaker 1: if we hit a recession like we think we are
Speaker 1: going to in twenty twenty three, and not to say
Speaker 1: we can't have a rally in that time. I think
Speaker 1: in the next three months we might have a bear
Speaker 1: market rally. But if we have a recession twenty twenty three,
Speaker 1: which is the same thing as a four year cycle,
Speaker 1: it goes down, which we'll see it. I think stocks, equities,
Speaker 1: real estate will collapse, and then in twenty twenty four
Speaker 1: we'll see a little bit of rebuilding, but pretty much sideways.
Speaker 1: And what does that leave us to to twenty twenty
Speaker 1: five when we start to hit bigger numbers in all
Speaker 1: time high So it's almost it's weird. It's almost like
Speaker 1: it fits in there perfectly. And having said that, does
Speaker 1: that mean it's going to happen? No? I could be
Speaker 1: wrong yet again, don't I have no crystal ball, so
Speaker 1: don't listen to me. But it's almost like it's fitting
Speaker 1: in there pretty well. But maybe it takes to twenty
Speaker 1: twenty six by twenty twenty seven. And so the question
Speaker 1: that I have for actually, for you guys, would that
Speaker 1: be so awful if we got three years or so
Speaker 1: two dollar cost average and buy into our positions because
Speaker 1: like we know that bearer markets and wilts forever, and
Speaker 1: neither do ball markets. So maybe that's another blessing we
Speaker 1: just don't know yet. Yeah, And it feels like after
Speaker 1: such a I mean, there was talk of the everything bubble,
Speaker 1: wasn't there after such a long period of high prices,
Speaker 1: of growth, of quantitative easing of all the it. You know, Yeah,
Speaker 1: as you say, these things, these things can't possibly last forever,
Speaker 1: and there has to be there has to be a
Speaker 1: cooling off. There has to be a draining of all
Speaker 1: this kind of unnatural exuberance, and that has to happen
Speaker 1: before anything can grow again. So I'm kind of with you.
Speaker 1: I mean, twenty twenty five, it seems it seems such
Speaker 1: a long way off, doesn't it. And there's there's so
Speaker 1: much there's so much kind of pain, there's so much
Speaker 1: kind of you know, there's so much bleeding of prices
Speaker 1: in that time. And I guess, I mean, I don't
Speaker 1: know about you, but certainly the sense that I'm getting
Speaker 1: looking at the crypto market a lot of the time,
Speaker 1: but also kind of wider markets as well, I think
Speaker 1: the overriding sense can at times like this can often
Speaker 1: be just boredom. You know, everything's kind of trading kind
Speaker 1: of sideways and down, and all that exuberance has gone
Speaker 1: and all you've got left are you know, a kind
Speaker 1: of a few people sort of grimly hanging on in there,
Speaker 1: whilst most people just kind of focus on other things.
Speaker 1: It's so, yeah, I don't I don't necessarily think a
Speaker 1: long cooling off, a long period of of of of
Speaker 1: low growth is necessarily a bad thing. No. No, And
Speaker 1: then when I when I take a look at it,
Speaker 1: and I take a look at you know, where these
Speaker 1: markets are are potentially going. I mean, we could be
Speaker 1: we could go any which way in our honesty, but
Speaker 1: there's a couple of things that make me stop and
Speaker 1: consider I could very well be wrong. There's two two
Speaker 1: ways to go about it. There is a legendary investor,
Speaker 1: Drucken Miller, and he came out and he said, like, look,
Speaker 1: he said, this reminds me of the same time of
Speaker 1: back in the sixties and seventies. Maybe take a look
Speaker 1: at the SMP five hundred. There was like a ten
Speaker 1: years of stagnation and I went down and it kind
Speaker 1: of went sideways and went up, but it took ten
Speaker 1: years to really recover of what actually happened, and and
Speaker 1: he gave some specific reasons, and the reasons why that
Speaker 1: it went down and came back up was, of course globalization.
Speaker 1: Things actually started to move out. These big corporations would
Speaker 1: would move across globally and higher workers for cheaper labor,
Speaker 1: and they would increase their productivity. And right now there's
Speaker 1: less of globalization as people as especially here in America,
Speaker 1: we're starting to kind of pull things back and become
Speaker 1: more nationalization of what we want to do. And there's that.
Speaker 1: There's there's the FED rate hikes, which I mean, we
Speaker 1: just did seenti five basis points mortgage housing mortgage costs
Speaker 1: or like seven percent or higher. And Jerome Palace said
Speaker 1: pretty much, hey, we're going to keep going until we
Speaker 1: break the back of inflation, which is two percent, even
Speaker 1: though we just see it's it's well over gosh six
Speaker 1: percent now as well. So I take a look at
Speaker 1: that and go, maybe we've got a longer time than
Speaker 1: I think about. But then on the flip side, I
Speaker 1: also think about this. Institutions are greedy, let's be honest,
Speaker 1: and if they're looking at some asymmetrical bets, they have
Speaker 1: to take a look at well, okay, where is the
Speaker 1: future going? You know, from the industrial revolution to the
Speaker 1: computer revolution to where we are right now, maybe the
Speaker 1: cryptologial asset revolution. Where's the money going? Right now? We're
Speaker 1: sitting around nine hundred and fifty billion dollars market cap
Speaker 1: for the entire crypto market. Well, the entire market cap
Speaker 1: of gold is twelve trillion dollars, the entire market cap
Speaker 1: of real estate globally is over three hundred and forty
Speaker 1: trillion dollars, and the entire market cap of the entire
Speaker 1: stock market is between two hundred and sixty and three
Speaker 1: hundred trillion dollars. So if they take a look at
Speaker 1: that and go, Okay, where's the best place I can
Speaker 1: park my money as it inflates away? Well, maybe it's
Speaker 1: this thing called bitcoin cryptogial assets. Because I want to
Speaker 1: see a double triple, and alls I gotta do is
Speaker 1: wait for it to go to nine hundred fifty billion
Speaker 1: to two and three trillion. Well they've already done that
Speaker 1: in twenty twenty one. So that's the thing that I
Speaker 1: always look at and go, is druck a Miller right?
Speaker 1: Or we get a whole decade? Or do we just
Speaker 1: take a look at the money and go, Okay, well
Speaker 1: there's a bigger upsite here, and that's a big asymmetrical bet. Yeah. Yeah,
Speaker 1: and the sense, I think, the sense that there are
Speaker 1: institutions there is there is big institutional money kind of
Speaker 1: waiting on the sidelines, I think, and obviously a lot
Speaker 1: of it. It concerns well, I mean, the actions of
Speaker 1: the FED. That's something I wanted to talk to you
Speaker 1: about it a little bit because I was really keen
Speaker 1: to get your perspective. I was talking to to Ben
Speaker 1: Cohen about this just yesterday. I'm really keen to get,
Speaker 1: you know, the perspectives of my American friends, because well,
Speaker 1: let's let's quickly talk about the FED, because obviously you
Speaker 1: referenced you talked about your own how these the seventy
Speaker 1: five basis point rate hike that they've just the FED
Speaker 1: is just put in place. I mean, it looks like
Speaker 1: we're gonna you're going to get another one in early
Speaker 1: November when the next when the FED sort of reconvenes again.
Speaker 1: Do you think that the FED is do you think
Speaker 1: that the FED is kind of is focused on its
Speaker 1: kind of credibility at the moment, because obviously they kind
Speaker 1: of got burned around the pandemic, didn't they when when
Speaker 1: they these kind of claims that inflation was transitory, and
Speaker 1: now inflation is running red hot and they've got to
Speaker 1: get it under control. So do you think do you
Speaker 1: think the Fed is is desperately trying to kind of
Speaker 1: maintain a bit of credibility now, which which would obviously
Speaker 1: mean that interest rates are going to keep going up
Speaker 1: for really the foreseeable future. I think I'm just going
Speaker 1: to guess. I mean, I know Jerome watched the show,
Speaker 1: but I mean I've never talked him personally, and and
Speaker 1: I just have to guess that, I mean, they kind
Speaker 1: of have a black eye because they talked about, you know,
Speaker 1: inflation is not a big issue. Inflation is transitory. Okay,
Speaker 1: now it's going to be around. But we're gonna have
Speaker 1: a soft landing. Okay, now it's not so much as
Speaker 1: soft landing. It's gonna be harder landing. And now it's
Speaker 1: just going to be, you know, maybe just a big
Speaker 1: delta disaster and it just crashes in. So I think
Speaker 1: there is a part of that where they want to
Speaker 1: They probably wanted not just their reputation, but it's it's
Speaker 1: something a guy you know this. You you always want
Speaker 1: to do the best thing that you can do at
Speaker 1: your job. You want to always want to, you know,
Speaker 1: try to live up to the expectation, to try to
Speaker 1: the best that you possibly can. I don't think that
Speaker 1: Jerome Powell wants to be remembered as the FED chair
Speaker 1: like Burns was in the late seventies, because Burns was
Speaker 1: was the FED chair before Volker came in and he
Speaker 1: got replaced because he did do FED rate hikes, but
Speaker 1: he didn't do enough, which was really leading us into
Speaker 1: another great depression, and they had to get this, you
Speaker 1: have to step down. Bulker came in and said, look,
Speaker 1: here's what we're gonna do. It's gonna suck, it's being painful,
Speaker 1: but we're gonna avoid this depression. And he did it,
Speaker 1: and people were mad at him. But I know in
Speaker 1: the back of your mind you're thinking to yourself, this
Speaker 1: is what I need to do to do my job
Speaker 1: and to make sure I do things right. And I
Speaker 1: think it's and you can hear it in his voice
Speaker 1: and every one of his of his speeches, I mean,
Speaker 1: just the Jackson whole speech. He invoked the Volker at
Speaker 1: least four or five times. And said, look, we're gonna
Speaker 1: keep doing until the job is done. We're gonna we're
Speaker 1: gonna try to hit that two percent rate, and we're gonna, unfortunately,
Speaker 1: to keep raising rates. It's gonna be painful for the
Speaker 1: American worker, but we must do this because if we don't,
Speaker 1: leads to da da da, and then off we go.
Speaker 1: So I think that yes, he's probably worried about, like,
Speaker 1: you know, to saving face, but I think the bigger
Speaker 1: thing is moving forward into you know, what is your
Speaker 1: what is your legacy moving forward? Were you the one
Speaker 1: that led America to the depression or were you the
Speaker 1: one that led him out? Yeah? Yeah, and I guess
Speaker 1: being you know, you want to he'll want to be
Speaker 1: remembered as as as as the guy who kind of
Speaker 1: forced the American economy to take its medicine. However, you know,
Speaker 1: however difficult, however painful that was, because yeah, you're absolutely right,
Speaker 1: you know, legacy, I think is is top of mind
Speaker 1: for guys like this. You don't want you want to
Speaker 1: be the Volca, you don't want to be the Burns. Yeah,
Speaker 1: and you know what, like like here's a couple of things.
Speaker 1: First of all, who remembers Burns. Nobody remembers Burns, you know,
Speaker 1: they remember Volcan though, like, oh I remember Volcan because
Speaker 1: he isn't one who did it. But having said all that,
Speaker 1: there's another side of that. Is this the perfect way
Speaker 1: to do things? Is this the right way for that
Speaker 1: Drum has to do it this way, The whole fet
Speaker 1: has to do this way. That's a difficult decision. That's
Speaker 1: a difficult things to say, and a lot of people
Speaker 1: will say, no, he can actually ease up and he
Speaker 1: can do these things. I personally think that he has
Speaker 1: to keep his foot on the gas a little bit
Speaker 1: because we start quantitative easing, which, let's be honest, thank
Speaker 1: if anyone's doing that right now, what's the turns out?
Speaker 1: I mean, it's kind of weird to raise rates then
Speaker 1: also start to turn on the money. Printer. Maybe that's
Speaker 1: the way, but I just don't see it. It's and
Speaker 1: it's an odd situation we've got in the UK at
Speaker 1: the moment because obviously, yeah, with the pound, the pound
Speaker 1: absolutely plunged on on the news of that kind of
Speaker 1: disastrous budget, and I mean it's scary how close to
Speaker 1: parity with the dollar we got. I mean, it's the
Speaker 1: craziest thing. But you know, now that the bank has
Speaker 1: now that the bank has stepped in, the markets are
Speaker 1: are rallying. And actually, I mean the the UK government
Speaker 1: has been kind of forced into into a very embarrassing
Speaker 1: U turn to to kind of scrap this this top
Speaker 1: rate at this this top rate tax cut. But I mean, yeah,
Speaker 1: certainly the pound is the pound is rallying now. But
Speaker 1: I mean, yeah, long term, you think, how can this
Speaker 1: how can just flooding the economy with more money? How
Speaker 1: can that be? How can that be a good thing
Speaker 1: in the long term? This this feels to me like
Speaker 1: a very sort of a kind of relief rally before
Speaker 1: before things start trending downwards again. Certainly certainly in the
Speaker 1: UK market. Yeah, that's a good point. A lot of people,
Speaker 1: I mean, it's amazing, Like you'll see, like there's two
Speaker 1: camps one that say this is going to lead to
Speaker 1: absolute disaster, and people are like, no, modern monetary theory,
Speaker 1: we can keep printing as long as you want to
Speaker 1: and it'll be fine. And so we're going to find out.
Speaker 1: We are going to find out, and it's going to
Speaker 1: be a scary time. That's why, like, like people listen
Speaker 1: to this heads your bet. You know, I don't think
Speaker 1: this is the time to sell your house and kids
Speaker 1: and kidneys just to start to put up into a
Speaker 1: bunch of stocks or crypto I think, I think there's
Speaker 1: a lot of unknowns, so be careful out there. Yeah. Yeah,
Speaker 1: And that's well, that kind of leads me into something
Speaker 1: because I wanted to talk to you about as well, Rob,
Speaker 1: because we were we were speaking off air, and you
Speaker 1: were talking about you were talking about kind of this
Speaker 1: this idea of diamond hands, you know, this phrase that
Speaker 1: you a phrase that we hear a lot in the
Speaker 1: crypto space, this idea of you know, holding on at
Speaker 1: all costs, you never sell, you never sell, and never sell.
Speaker 1: And you know, this is something that's it's a really
Speaker 1: kind of pervasive, you know, pervasive thing in the crypto
Speaker 1: space at the moment. I've I've I must say, you know,
Speaker 1: I've I've kind of pushed this philosophy in the past
Speaker 1: as well, because you know, I have I believe it
Speaker 1: a lot of the time. But you made this really
Speaker 1: good point of like, you know, people are so often
Speaker 1: kind of led down this path of believing one thing
Speaker 1: or on and there's a complete opposite to that as well,
Speaker 1: isn't there there there are hype There are the hype
Speaker 1: merchants who are just you know, buy, sell, trade, you know,
Speaker 1: do what, do what you gotta do, and then you've
Speaker 1: got the other but you know, the hardcore diamond handers
Speaker 1: on the other on the other side. So I wanted
Speaker 1: to Yeah, I think there's this idea of how you
Speaker 1: should I feel as an investor, you should you should
Speaker 1: look to go your own way. You know that that
Speaker 1: filter out some of this noise, filter out, filtering out
Speaker 1: the diamond hand does filter out the hype merchants and
Speaker 1: kind of focus on your particular path. I mean, is
Speaker 1: that something Is that something that you've kind of always
Speaker 1: Is that? Have you always trying to be your own man?
Speaker 1: Do you think? Or is this something that you've you've
Speaker 1: kind of developed over time? No, just it just it
Speaker 1: goes back the samething where it's home about about screw
Speaker 1: ups in the beginning and the mistakes. Like in the beginning,
Speaker 1: I was just you know, me and you guy are
Speaker 1: the same. We would say you got a diamond hands,
Speaker 1: you gotta hold for you gotta hold and hold and
Speaker 1: hold and then hold some more, because that's just how
Speaker 1: everything will work out, and it'll work itself out again.
Speaker 1: There's a there's this phrase I say because people will say, well,
Speaker 1: you know, bull runs don't last for nothing goes up,
Speaker 1: for anything goes down forever. So if you just hold
Speaker 1: you be okay. But I want everybody remember this. Some
Speaker 1: things aren't coming back as far as like crypto digital assets,
Speaker 1: they're just not. And I always use an example, and
Speaker 1: it may play out differently, but I always say a
Speaker 1: Dash assault. And there was two different projects. One was
Speaker 1: called Dash and it was the biggest one of the
Speaker 1: It was the top ten crypto in twenty seventeen, and
Speaker 1: I was supposed to be the next big thing and
Speaker 1: the flippening and takeover ethereum. And you invest in twenty seventeen,
Speaker 1: you are underwater big time because even twenty twenty one
Speaker 1: had a little rally but not too much. And the
Speaker 1: one on their one called Salt Salts was a lending
Speaker 1: platform and the SEC got involved in sued him and
Speaker 1: twenty seventeen, I think one above a dollar. Now, what's
Speaker 1: pennies in the dollar and it's not coming back. Almost
Speaker 1: looks like it almost looks like like an EKG rhythm.
Speaker 1: When some of the flatlines and has a heart attack.
Speaker 1: That's essentially what it looks like. It's like one bit
Speaker 1: and that's it. So when we take a look at
Speaker 1: these things, you have to understand that some things aren't
Speaker 1: coming back. And in this bear market, that's when you
Speaker 1: want to call build a bear, do your research and
Speaker 1: all those things. So the next part is understanding what
Speaker 1: kind of a trader you are, what kind of person
Speaker 1: you are, what kind of investor you are. If you
Speaker 1: are a Michael Sailor and you're a billionaire with a
Speaker 1: company that can take out a bunch of debt and
Speaker 1: buy a bitcoin and wait for fifty years, that is
Speaker 1: much different from a person who works at the post office,
Speaker 1: or is it works at a post office? Maybe single
Speaker 1: mom has three kids and has very little time to
Speaker 1: invest and very little money and has to put through
Speaker 1: the table. There is a vast difference. So you have
Speaker 1: to understand who am I and how long is my
Speaker 1: time horizon? If you want a diamond hands for fifty years.
Speaker 1: Bitcoin might be the greatest thing of all time. I'm
Speaker 1: not saying it. It can't. It may be the next
Speaker 1: world reserve currency. I have no idea, but I will
Speaker 1: save this. It is everything in crypto and digital assets
Speaker 1: is a speculative asset until we start to get some
Speaker 1: really fast mass adoption where people are using it on
Speaker 1: a day to day like basis. And I'm not talking
Speaker 1: about like a million people or ten million people. I'm
Speaker 1: talking like one hundred million up to a billion people.
Speaker 1: Once we get that we're not a speculative asset anymore,
Speaker 1: then all of a sudden start to start to smooth
Speaker 1: out and we have more of those like typical bear
Speaker 1: and bull runs like we see in the stock market.
Speaker 1: So right now, if people say diamond hands, you can
Speaker 1: do that. I'm not here to say that you can't
Speaker 1: do that, but I understand, like, how long is your
Speaker 1: time horizon? Do you have problems like buying things and
Speaker 1: putting through the table and if and if you lose
Speaker 1: too much then that's it. Or you like a billionaire
Speaker 1: who are like let a ride, I don't care. I
Speaker 1: got a billion dollar company. I can do those things.
Speaker 1: So yeah, it's just it comes down to you and
Speaker 1: what you want to do. And that's why I say
Speaker 1: nobody ever want broke taking profits. Take a little profits
Speaker 1: on along the way, you'll be all right. And I
Speaker 1: think that's such that's so relevant now when you know
Speaker 1: as you as you alluded too early. You know, mortgages
Speaker 1: are going up, but just cut the cost of living
Speaker 1: everywhere is going up. You know, there are bills to
Speaker 1: be paid and they're getting harder and harder to pay.
Speaker 1: And yeah, I think it's so important to consider, you know,
Speaker 1: your own individual secumstances. It's like, yes, it would be
Speaker 1: great if you could hold on to this, to you know,
Speaker 1: to your bitcoin, to your you know, to your ethereum,
Speaker 1: to your stocks or whatever. It would be great if
Speaker 1: you could hold on to that until you know, prices
Speaker 1: go up again. But if if you've got to pay
Speaker 1: a bill, if you've got to make your mortgage payment,
Speaker 1: then you know, perhaps perhaps now is the time to sell.
Speaker 1: If if if there's no other way to make that payment. Yeah,
Speaker 1: and not only that, but think about this way, like
Speaker 1: how many people have been diamond handing for and it
Speaker 1: is less stress if you have just extra cash in
Speaker 1: the side, and you're like, I don't really care, right,
Speaker 1: but if your if your job as an investor is
Speaker 1: to accumulate wealth. Well, we know that these cycles come
Speaker 1: in come out right, and we know that there are
Speaker 1: inevitable crashes, and we see that there's a recession on
Speaker 1: the horizon. So I'm gonna ask everybody here listening, if
Speaker 1: you have been in this crypto space for quite some time,
Speaker 1: did you sell as much as you wanted to sell
Speaker 1: or do you think that and maybe at some point
Speaker 1: you should have sold a little more, because now we're
Speaker 1: in this bear market, we're below a trillion dollars, and
Speaker 1: we know that there's a lot of great buying opportunities
Speaker 1: right now and coming up in the next twelve, eighteen
Speaker 1: and twenty four months. Maybe I'm not saying that this
Speaker 1: is wrong or right. Maybe it will be nice to
Speaker 1: have the dry powder and cash on the side to
Speaker 1: going Okay, first of all, I can breathe, and second
Speaker 1: of all, if these opportunities come up, I am ready
Speaker 1: to strike because I have enough in the background and
Speaker 1: I can do the things I want to do. So
Speaker 1: I think that that's the bigger question you have to
Speaker 1: think about. And hopefully when people are listening to this now,
Speaker 1: maybe in a bull run, they think to myself, wow,
Speaker 1: maybe it's a good idea to think about selling at
Speaker 1: some point, maybe a percentage absolutely absolutely whatst people digest
Speaker 1: that we're going to take a very quick break, but
Speaker 1: we'll be back in just a moment. Welcome back everyone.
Speaker 1: Just before the break, Rob, you were talking, Yeah, you
Speaker 1: were talking about this, I guess the importance of the
Speaker 1: importance of just sometimes sometimes just taking profits, you know,
Speaker 1: kind of moving on from this this idea of kind
Speaker 1: of diamond handing until quite possibly the end of time. Yeah,
Speaker 1: what's what sort of what what kind of advice can
Speaker 1: you can you give people on that, you know, especially
Speaker 1: especially given your kind of your long experience. Well, the
Speaker 1: first experience is this is that it's it's important to
Speaker 1: take profits along the way perfect you know, at some
Speaker 1: point I should say so, I know people will say,
Speaker 1: well when do I take profits? When's a good when's
Speaker 1: a good time to take profits? And this all depends
Speaker 1: on really what it comes down to is what kind
Speaker 1: of you know trader that you actually are, and if
Speaker 1: you are, you know, what's your time horizon. So there's
Speaker 1: there's different types of traders, and there's there's technical analysis traders,
Speaker 1: and they're all over YouTube. You can find much better
Speaker 1: ones than me. I'm actually quite awful at TA. But
Speaker 1: you've got TA, you got FA, you got fundamental analysis,
Speaker 1: or people take a look at well, you know, like
Speaker 1: what does the product do? And I always say like
Speaker 1: like what's the cut, what's the community? How big is that?
Speaker 1: What is the utility? What does it do? What is
Speaker 1: a team behind it? What is the tokenomics? Or and
Speaker 1: if you're into stocks, of course, you take a look
Speaker 1: at earnings like what warm Buffett does, and you take
Speaker 1: a look at sentiment analysis like what is the the
Speaker 1: greed and fear index? What kind of sentiment is positive
Speaker 1: or negative? And kind of go from all those things.
Speaker 1: But the big thing, though, I think, is is time horizon.
Speaker 1: What kind of trader? Are you a scalper and you're
Speaker 1: like you sit around for like seconds and then you
Speaker 1: start trading all day long or a day trader, or
Speaker 1: you can get things done in like hours to today's
Speaker 1: a swing position or a swing for again days two weeks,
Speaker 1: a position trader months or if you're somebody like me
Speaker 1: who waits like as far as like cycles, I kind
Speaker 1: of oscillate between a position and a cycle where I
Speaker 1: wait like weeks to months, sometimes even years to trade out,
Speaker 1: because you have to understand it all depends on what
Speaker 1: you want to do. Do you want to sit around
Speaker 1: and look at a bunch of charts all day and
Speaker 1: just kind of get in and out. You can do that,
Speaker 1: It's just not my thing. I just got more things
Speaker 1: going on. Or if you just say, okay, here's here's
Speaker 1: a basic way you can do it, and this is
Speaker 1: no financial advice. This is just the basics of basics.
Speaker 1: I would say, let's say you put in a thousand
Speaker 1: dollars into bitcoin, and bitcoin is at twenty thousand, and
Speaker 1: then it goes up to forty thousand. Now that a
Speaker 1: thousand dollars is now worth two thousand dollars, Maybe maybe
Speaker 1: you take out eleven hundred dollars from that position and go, okay,
Speaker 1: I'm and take profits which is my initial investment plus
Speaker 1: one hundred bucks and other nine hundred dollars ride and
Speaker 1: I don't really care what happens. That's just that that's
Speaker 1: just one thing that you can do or like. For me,
Speaker 1: I take a look at There's a couple of different
Speaker 1: things I look at because this is only specific to
Speaker 1: crypto digital assets, stocks and the way that that market
Speaker 1: moves is different. It's not so much of a speculative asset.
Speaker 1: There's some actual real world things that are going on
Speaker 1: as far as like an Apple, a Microsoft at Tesla
Speaker 1: and their shares. But I remember it's speculative, so I
Speaker 1: take a look at things yet to understand that usually
Speaker 1: not all the time, but bitcoin moves first. Bitcoin starts
Speaker 1: to rally, altcoins rally behind that. People sell their position
Speaker 1: in Bitcoin a little bit to go into alts because
Speaker 1: there is it's higher risk, for there's higher return. They
Speaker 1: ride those those positions up until they decide, okay, I'm
Speaker 1: gonna take my profits here. They get out of al
Speaker 1: Alts fall, Bitcoin's fall, and it kind of just goes again.
Speaker 1: So for me, what I take a look at is
Speaker 1: and we did a video on this couple weeks ago,
Speaker 1: which is there's a great website it's called look into
Speaker 1: bitcoin dot com. It's great because it's free, one hundred
Speaker 1: percent free. It's got high quality charts that you can
Speaker 1: take a look at. And the first thing I'm gonna
Speaker 1: look at is there's this thing called picycle top, and
Speaker 1: the picycle top but it does it takes the one
Speaker 1: hundred eleven day moving average as it crosses over the
Speaker 1: three hundred day moving average times two. I know it
Speaker 1: sounds complex, but it makes it super simple. Because I
Speaker 1: like pictures because I'm not that smart, and I just
Speaker 1: like how how the colors are? The colors are what
Speaker 1: we'll tell you, Like, look up here is in the
Speaker 1: red meaning it's it's pretty much gonna it's it's heating up.
Speaker 1: Maybe it's a good time to take some profits. Or
Speaker 1: it goes down to the green and that means that's
Speaker 1: it's cooling off. In the blue section, I should say
Speaker 1: where it's cooling off and maybe it's time to accumulate there.
Speaker 1: And there's a big white swath. And what's crazy about
Speaker 1: the picycle top? For example, it was createing in twenty nineteen,
Speaker 1: it took a retrospective look back, and it called the tops.
Speaker 1: In twenty thirteen, it's called the top almost perfectly. In
Speaker 1: twenty seventeen, and in twenty twenty one it called one
Speaker 1: of the tops. When bitcoin was at sixty K, you know,
Speaker 1: on April eleventh, twenty one. It missed the next top,
Speaker 1: which was in November twenty twenty one when it went
Speaker 1: from sixty to sixty eight K. But here's the thing
Speaker 1: for me, when I look at these things, I'm like,
Speaker 1: I don't I'm never going to hit the top. I'm
Speaker 1: not that smart, I'm not that good. But if I
Speaker 1: get between sixteen eighty percent of the tops and I
Speaker 1: can buy between sixty eight percent of the bottoms, I
Speaker 1: hit those those numbers. Overall, I'll be a much happier person.
Speaker 1: So we took a look at the picycle top. There's
Speaker 1: another one called the MVRVZ score, and that'll just take
Speaker 1: a look at the market value versus realized value because
Speaker 1: things get overheated this and what I do. They take
Speaker 1: a look at these charts and just to kind of
Speaker 1: verify they're not all going to line up. I take
Speaker 1: a look at that that the nupl and was the
Speaker 1: other one, not stock the flow Bitcoin Rainbow Price Arnicator,
Speaker 1: not really although and of course there's one called the
Speaker 1: Pwell multiple, which is pretty important pul e l L
Speaker 1: because what it does it looks at the supply side
Speaker 1: of bitcoin's economy, all the different bitcoin miners, because when
Speaker 1: they start to sell off, then it might be a
Speaker 1: good idea for you to start to sell off, and
Speaker 1: when they're holding pretty high, maybe it's a good idea
Speaker 1: for you to do the same thing. So you take
Speaker 1: a look at all those those four five charts, run
Speaker 1: them together and go, this is where I think things
Speaker 1: are going, and then what's and then just to give
Speaker 1: Ben a plug from into the cryptoverse that only takes
Speaker 1: a look at Bitcoin, But what about the alts Because
Speaker 1: if you take a look at the one of the
Speaker 1: highs for bitcoin April eleventh, Etherium is only a two
Speaker 1: thousand dollars, Cardono was only at a dollar twenty dollars thirty,
Speaker 1: chain Link was was far far below that. Lightcoin is
Speaker 1: actually pretty close. So again, if it starts with bitcoin
Speaker 1: and then it goes into the alt coins, what if
Speaker 1: I do, well, you can take those same charts that
Speaker 1: are in look into bitcoin, go over to Ben's website,
Speaker 1: into the cryptoverse dot com, and you can do a
Speaker 1: picycle top for Ethereum, you can do a picycle top
Speaker 1: for chain Link, Cardono, Avalanche, all those things and just go, oh, well,
Speaker 1: this is where things are going. You won't time the top,
Speaker 1: but it's a good going to take a look at
Speaker 1: that as things go up and go, this is the
Speaker 1: this is the problems I'm going to take again, nobody
Speaker 1: ever want broth taken profits. You might cry a little
Speaker 1: bit because you're like, oh, I took it at sixty thousand.
Speaker 1: Bit one went to sixty nine thousand and this nine thousand.
Speaker 1: It's okay, you're gonna be all right as long as
Speaker 1: you don't do what I did, which in twenty seventeen
Speaker 1: write it all up and then all the way back
Speaker 1: down and be a bag holder for two or three years.
Speaker 1: There's a I think there's there's a real sense. It's
Speaker 1: it's interesting, you know what you say about that that
Speaker 1: that there's you know, there's that that need that people
Speaker 1: feel to to to try and to try and time
Speaker 1: the top perfectly. And as you say, like no one
Speaker 1: does it. It's it's almost impossible, and if anyone does
Speaker 1: do it, it's more often than not luck. But I
Speaker 1: think trading and investing there tends to there tends to
Speaker 1: be a kind of macho element to it. Sometimes I
Speaker 1: feel that that says, oh, you know you. And again
Speaker 1: this ties into this ties into the concept of diamond hands,
Speaker 1: doesn't it. It's like you somehow have to be a
Speaker 1: hard man about it. You have to be you have
Speaker 1: to be tough as nails. It's like, no, you have
Speaker 1: to be. You have to be smart, you have to
Speaker 1: get out. It's like I remember someone saying the best way,
Speaker 1: the best way to win a fight, you know, the
Speaker 1: best way to survive a fight is to not get
Speaker 1: into a fight in the first place. And it always
Speaker 1: kind of it always kind of stuck with me like that.
Speaker 1: It's like, yeah, you know, the people who do the
Speaker 1: people who do well are the people who cross the
Speaker 1: street and avoid trouble. You know, the people who take
Speaker 1: profits early and and accept that they cannot time the top. Yeah,
Speaker 1: and then I mean you gotta remember something, is that
Speaker 1: there's always going to be the person on the YouTube,
Speaker 1: TikTok Twitter, Instagram. It's like, I I time it. I
Speaker 1: told you I time to look at this tweet from
Speaker 1: blah blah blah. However, look at all the tweets, look
Speaker 1: at all the posts, because it's amazing how many people
Speaker 1: will say this is the top. And then the month later, okay,
Speaker 1: this is the top. Okay, two months later, okay, this
Speaker 1: is the top. See I told you I got the top.
Speaker 1: And it's the same thing of like the doomsday predictors. Right, well, actually,
Speaker 1: if you did take a look at look back, like
Speaker 1: some people say, you're gonna get You're gonna get in
Speaker 1: a car accident. Okay, it's gonna be a car accident.
Speaker 1: It's gonna be a car accident. I mean, and they
Speaker 1: say that's you for like five years and you're going
Speaker 1: to a car accident. You'll see I told you, I
Speaker 1: told you're gonna a car accident. Well, yes, of course,
Speaker 1: but you just gotta think, did you really tell me
Speaker 1: the exact day now you didn't. That's really what it
Speaker 1: comes down to. What people love to say, I did it,
Speaker 1: I did this whole thing. Maybe I don't know. I'm
Speaker 1: just trying to be safe. Yeah, And I think, you know,
Speaker 1: in the Internet age, in the social media age, we
Speaker 1: so many you know, we're assumed to have just really
Speaker 1: short memories and the tension spans, aren't we It's like, oh,
Speaker 1: you know, we'll only look at the last tweet. We'll
Speaker 1: only look at we'll only watch the last video. And
Speaker 1: that's what so many of these kind of hype merchants
Speaker 1: count on, isn't it. It's like, oh, they'll forget the
Speaker 1: fact that I that I said BTC was going to
Speaker 1: go to two million, you know, just in a couple
Speaker 1: of weeks ago or a few months ago or anything
Speaker 1: like that. But they'll just look at the latest tweet
Speaker 1: and I'll see if I can get it right there,
Speaker 1: and if I don't, I'll just move on, you know,
Speaker 1: And I think get it kind of ties into that
Speaker 1: whole idea, doesn't it of if in doubt zoom out.
Speaker 1: You know, you have to have you have to have
Speaker 1: a longer view. You can't just it. It's so difficult
Speaker 1: to it's it's not worth trying to make decisions in
Speaker 1: the moment. You have to. You have to use all
Speaker 1: the data that you can that you can find and
Speaker 1: the data that you can interpret interpret well. And I
Speaker 1: mean the benefit is the upside is that that data
Speaker 1: is there. It's taking the time to wade through it
Speaker 1: and look at it and try and make I think,
Speaker 1: you know, dispassionate decisions if you like. Yeah, And that's why, well,
Speaker 1: that's why you guys had a great channel guy, because
Speaker 1: like you will do, you will do a deep dive
Speaker 1: into a project, and then you'll follow up at the
Speaker 1: project and say did I do this right? And then
Speaker 1: you look at and go, okay, we missed this part.
Speaker 1: We've got this part. Here's the pros and cons. I
Speaker 1: actually stole that from you on my on my channel
Speaker 1: for the pros and cards, which makes sense. And then
Speaker 1: you constantly update so people can't go, oh, okay, because
Speaker 1: a lot of times you'll see a project or a
Speaker 1: prediction and one really updates it and says and I
Speaker 1: also going to do is just go, you know, I
Speaker 1: messed that up, that that wasn't right, and I here's
Speaker 1: here's the correction, and we go from there. That's it. Yeah,
Speaker 1: but it's it's hard to say that it is, but
Speaker 1: you know, it's so it's so important and and you know,
Speaker 1: it's a thing that you've got to you've got to accept,
Speaker 1: and it's it's a thing that it's a good thing
Speaker 1: for me to accept as well. And sometimes it does
Speaker 1: feel now, you know, you go, do you know what
Speaker 1: I was? I was wrong about that or I overstated
Speaker 1: I overstated this positive, or I understated this negative. But
Speaker 1: I think it reinforces in the viewer, or at least
Speaker 1: I hope it does. You know, this sense that this
Speaker 1: is a constant learning curve. You know, I feel I
Speaker 1: feel like I know a lot about crypto, but you know,
Speaker 1: I like to think that I'm the first to admit
Speaker 1: that there's always more or I can know you know,
Speaker 1: it's a constant, a constant process. You can never know
Speaker 1: it all and is it was it Aristotle who said,
Speaker 1: you know that the first step on the road to
Speaker 1: wisdom is admitting how little it is that you actually know.
Speaker 1: I may be I may be getting my philosophers mixed
Speaker 1: up there, but that's some you know, that's something that
Speaker 1: I try to live by. It's it's like there is
Speaker 1: always something for me to learn, and it's you know,
Speaker 1: it's it's about going out there and finding it and
Speaker 1: being open to it. Yeah, And that's why I like
Speaker 1: in these and this is the time for people in
Speaker 1: the crypto market that everything's in a bear market, that
Speaker 1: the noise, the volune gets turned down, so you can
Speaker 1: do a lot of good education for yourself to figure
Speaker 1: out what's the best investment strategy, what's the best project,
Speaker 1: what's the best plan of attack moving forward? Because right
Speaker 1: now is is probably the most sanest you'll be when
Speaker 1: things are boring and moving sideways. If you can make
Speaker 1: a plan now when things are when I said, like
Speaker 1: I said, the volume is down, if you follow that
Speaker 1: plan when things get crazy, because it's gonna get crazy everybody.
Speaker 1: You're gonna see these markets rip at some point and go,
Speaker 1: you know what, I know, I'm up five hundred percent,
Speaker 1: but I think it's gonna go a thousand percent. I
Speaker 1: think it's gonna go two thousand percent. And that may
Speaker 1: be true, but you did a plan before, and you're
Speaker 1: gonna be a lot happy you're following that plan in
Speaker 1: the most saneous moments. Then when it gets insane and
Speaker 1: those days are coming. Yeah, absolutely absolutely on that good
Speaker 1: on that ray of sunshine. Should we take a quick break.
Speaker 1: Let's take a break. Welcome back everyone, two Part three.
Speaker 1: Before we I wanted to talk in a minute Rob
Speaker 1: about the we were touching on this just before the break,
Speaker 1: and I want to get back to that. In a moment,
Speaker 1: this idea, you know, was starting to kind of lean in,
Speaker 1: I think to the idea that sometimes, you know, when
Speaker 1: you want to do something, doing nothing is perhaps the
Speaker 1: best strategy. But before we get to that, I just
Speaker 1: want as well to kind of go back to what
Speaker 1: you were you were talking about with with trading, and you,
Speaker 1: I must say, you know, you as you have got
Speaker 1: such a broader perspective on trading than I have, you know,
Speaker 1: trading for me has I've you know, one of the
Speaker 1: great things, I think one of the great steps I
Speaker 1: kind of made in the last in the last couple
Speaker 1: of years is kind of admitting that I am not
Speaker 1: really a trader. You know. I'm good at kind of
Speaker 1: digging into projects and looking at the big picture and
Speaker 1: you know, making what I think are informed decisions about
Speaker 1: buying and selling. But just this idea of trading, I
Speaker 1: think is, you know, especially especially on short time frames
Speaker 1: or shorter time frames, is just is just beyond me.
Speaker 1: It's just not my strength. So yeah, I think I
Speaker 1: think it's really important for people to accept their limitations
Speaker 1: as trades, don't you think I think, yeah, I mean,
Speaker 1: but it's it's hard to accept the limitations when you
Speaker 1: see and it's a constant bombardment of people saying how
Speaker 1: successful they are, whether they are or not. I can't,
Speaker 1: I can't speak for anybody. But when you take a
Speaker 1: look at and go, like you allude to this just
Speaker 1: a little bit ago, like why can't I make those
Speaker 1: millions of dollars when I see this other person who's
Speaker 1: talking about it and he or she is making million
Speaker 1: of dollars, and only makes sense that I could. First
Speaker 1: of all, I think you have to understand that that
Speaker 1: some of those people are not truthfully honest about where
Speaker 1: it is. And the second thing is is that you
Speaker 1: have to understand that sometimes those people that say that
Speaker 1: they made that on trading, they didn't make it on trading.
Speaker 1: They did a lot of things. They thought they did
Speaker 1: some dirty things, whether that be a pump and dump
Speaker 1: or some other type of business, you don't know. So
Speaker 1: when they when they flash something out here, you have
Speaker 1: to understand, maybe that's not the real truth. And I
Speaker 1: know it's hard. It's it's easy to say, I'm like, well,
Speaker 1: that makes sense, but then when you see it, you're like, hey, hey,
Speaker 1: that guy's got it. Why can't I get it? So
Speaker 1: just accept the fact that again, like you're gonna make
Speaker 1: mistakes and things are going to work out. You're never
Speaker 1: going to sell the absolute top. You're never going to
Speaker 1: sell the absolute bottom. But the real question is what
Speaker 1: is most important for you and you're a specific situation.
Speaker 1: Is it to gain ten percent on whatever that you're
Speaker 1: invested into on top of your regular salary or you
Speaker 1: all the way up to like a micro strategy going
Speaker 1: well do we make a couple of billion in this
Speaker 1: quarter or whatever else? It is one hundreds and millions
Speaker 1: dollars and there's a big wide swath in between, So
Speaker 1: just save yourself what is important for me and what
Speaker 1: I want to do, because there's a big difference out
Speaker 1: there and what and I guess as well. And this
Speaker 1: is something that I think Krypto has kind of mundied
Speaker 1: the water zone a bit, because we have seen people
Speaker 1: who have made insane games, you know, people who have
Speaker 1: invested perhaps just a couple of hundred dollars or sometimes
Speaker 1: even less and have become millionaires, multimillionaires are off the
Speaker 1: back of it, you know. And I think that's that's
Speaker 1: I think that a sense that kind of still hangs
Speaker 1: around the crypto market. It's like, this is this is
Speaker 1: a this is a way to make fast and easy money.
Speaker 1: And I think I mean, I think, for one thing,
Speaker 1: those days are were certainly they're they're they're gone at
Speaker 1: the moment. At the moment, yeah they could you know,
Speaker 1: they could come back. That those sorts of returns aren't
Speaker 1: aren't impossible in the future. But I think it's so
Speaker 1: important to manage expectations. And it's like, you know, it's
Speaker 1: not about making a million dollars off of a hundred
Speaker 1: you know, that is that is the that is a
Speaker 1: moon shot, and not many people pull it off. But
Speaker 1: if you can make a thousand dollars off that hundred,
Speaker 1: or even if you can make two hundred dollars off
Speaker 1: that one hundred dollars, that is that is that is success.
Speaker 1: That is success by by any sane person's measure. Yeah,
Speaker 1: and then like I mean, the average returns of the
Speaker 1: of the of the typical of the SMP five hundred,
Speaker 1: you looking around eight point seven percent annualized, which is
Speaker 1: still pretty good and not too bad. Now years ago
Speaker 1: you do a sixty forty split with stocks and bonds,
Speaker 1: that's a little bit out the window now. But I
Speaker 1: want everybody remember this also is that you know, you'll
Speaker 1: you'll see the post of and here's a prime example,
Speaker 1: like the dogecoin millionaire seems like a nice guy, and
Speaker 1: i've you know, I've watched the evolution of what happened there.
Speaker 1: So apparently he invested one hundred eighty one hundred and
Speaker 1: eighty thousand dollars into dogecoin when it was pennies in
Speaker 1: the dollar, right, and it went all the way up
Speaker 1: to a million and three months a million dollars worth,
Speaker 1: so he almost ten x a little bit less than
Speaker 1: ten x, and then went all the way up to
Speaker 1: three million dollars and can you do that, Well, it's
Speaker 1: very risky if you have one hundred and that's just
Speaker 1: like one hundred and eighty thousand. I don't know who's
Speaker 1: got that laying around, but sure, and it goes all
Speaker 1: the way up to three million. But and that's what
Speaker 1: people know, but they don't know this part, and that
Speaker 1: is that he never sold a dime and he and
Speaker 1: it went all the way back down. As of three
Speaker 1: months ago, it was worth three hundred and twenty thousand.
Speaker 1: That was three months ago, no, four months ago, and
Speaker 1: now today it's probably around two hundred and ten thousand dollars.
Speaker 1: So what we just talked about as far as taking profits,
Speaker 1: make sure you understand what's going on. And you might
Speaker 1: see this one post of one guy who made a
Speaker 1: million dollars, But the question is where is he now?
Speaker 1: And that is a bigger thing to think about. Yeah,
Speaker 1: and it's I guess you know social media is in particular,
Speaker 1: it's so it's so two D, isn't it. You only
Speaker 1: get you only get what's what the what the person
Speaker 1: is willing to show you and is he alluded to earlier?
Speaker 1: You know, there's so much, there's so much happening behind
Speaker 1: the scenes in so many cases, but all we get
Speaker 1: is two D on the screen, whereas you know, you
Speaker 1: your own your own perspective on your situation that's in
Speaker 1: that's in three D, and that is a much is
Speaker 1: a much clearer picture. So I think, yeah, it's really
Speaker 1: as you say, it's really important to try and think, well,
Speaker 1: there's a what's happening in that what's happening in that
Speaker 1: other dimension that I'm not seeing? You know, is this
Speaker 1: is this the full story? Because yeah, you know that
Speaker 1: story illustrates it perfectly, doesn't it. And and I think,
Speaker 1: as you, yeah, as you said, like this guy invested,
Speaker 1: who has one hundred and eighty and to invest in
Speaker 1: a dog coin? I mean that's yeah, yeah, I mean
Speaker 1: eighteen dollars, not yourself, you go through it, but one
Speaker 1: hundred and I mean, that's just that's just mind boggling.
Speaker 1: I mean, and you have to assume you kind of
Speaker 1: have to just guess that that that the person doing
Speaker 1: that one hundred and eighty thousand dollars of them presumably
Speaker 1: isn't that much, and therefore they are not They are
Speaker 1: not living a regular person's life any stretch of the imagination. No,
Speaker 1: and you know that's that's more of a of a
Speaker 1: great story to highlight as opposed to the person was like,
Speaker 1: you know, I've been investing for twenty years. I just
Speaker 1: put a little money into it, and as time goes on,
Speaker 1: I take a little profits and now I have X, Y,
Speaker 1: and Z. That's a very boring story and no one
Speaker 1: wants to really get that's not hype. That's not going
Speaker 1: to sell, that's not going to click. But that's, to me,
Speaker 1: is one of those ways to grow wealth over time.
Speaker 1: Not fancial advice, but it seems to work out, okay,
Speaker 1: over time. Yeah, don't be afraid to be boring. That's right,
Speaker 1: they'll be afraid of boring. So a lesson I've I've
Speaker 1: taken to heart all my life apparently. But yeah, and
Speaker 1: and that kind of leads us in nicely, doesn't it
Speaker 1: to what we were touching on earlier, This idea of
Speaker 1: just learning to do nothing. I think, you know, and
Speaker 1: I think this is is this is a great time,
Speaker 1: you know, from an investment point of view, I think,
Speaker 1: I mean, I am. I look at the markets and
Speaker 1: I think this is this is just a time to
Speaker 1: sit on the sidelines. This is a time too. As
Speaker 1: you said earlier, you know, to do to do some digging,
Speaker 1: to do the research, to do the you know, to
Speaker 1: do the stuff that is going to stand you in
Speaker 1: good stead later on. But so many people ask me,
Speaker 1: you know all the time at the moment, it's like, oh,
Speaker 1: what are you getting into? At the moment, andy, thing
Speaker 1: you've got your eye on. It's like, no, I'm just
Speaker 1: I'm I'm I'm holding back. It's like there's there's that
Speaker 1: uh I when I look at all the when people
Speaker 1: say what are you get into? What are you get into?
Speaker 1: What's going on? You know, what's the next investment? It's
Speaker 1: like that that that Dave of Chappelle skite where there's
Speaker 1: a homeless guy's always scratched himself. Hey man, gunya that
Speaker 1: da da da, Because it seems like it's almost like
Speaker 1: like an addiction. It's there's three there's three things, and
Speaker 1: and there's and there's very ability for investing. The easiest
Speaker 1: by far as to buy. It's easy to buy. It's
Speaker 1: it's always easy for me to say dolla cross average
Speaker 1: people will say, by the depth, it's the easiest way,
Speaker 1: because you think I'm buying, I'm doing something, I'm taking action.
Speaker 1: The second heart thing to do is selling. You're still
Speaker 1: taking action, but it's hard to say to yourself, well
Speaker 1: this could have like I said, and went a five
Speaker 1: hundred percent, but it could go up ten thousand percent.
Speaker 1: But I did a plan. I got to sell. And
Speaker 1: the third and the by far the hardest thing to
Speaker 1: do is what you just said, guy, is sitting on
Speaker 1: your hands and waiting and doing nothing because you're not
Speaker 1: taking action. You're sitting in the sidelines going and it's patience.
Speaker 1: And in this day and age, when we are sucked
Speaker 1: into the social media and the phones and the near instantaneous,
Speaker 1: instantaneous gratification, it's very hard to sit and do nothing,
Speaker 1: and that I think right now is one of those
Speaker 1: things to do. And unfortunately, unlike I say, don't do anything.
Speaker 1: Am I talking about us in the channel as far
Speaker 1: as dollar cost averaging like for me? And I don't
Speaker 1: know that that's what comes down to that, that whole
Speaker 1: thing we talk about where is the money going? You know,
Speaker 1: we have less than a trillion market cap and all
Speaker 1: these different trillions dollars we have drug in millar going.
Speaker 1: It's a ten year time frame. I don't know who's right.
Speaker 1: So For me, I've scaled back drastically by dollar cost average,
Speaker 1: and I do very few alt coins. But I still
Speaker 1: buy a little bit and nibble on the way. But
Speaker 1: I still think that there's a lower low coming in.
Speaker 1: I don't know if it's this year or if it's
Speaker 1: next year. If we take a look at the macro landscape,
Speaker 1: I mean, rates are going up, we still have the
Speaker 1: Ukraine War, you got the horrible situation with with energy
Speaker 1: and energy supply in the UK, the high cost of living,
Speaker 1: the housing market that we're seeing more as far as
Speaker 1: supply and less of demand. And that's that means that
Speaker 1: there's there's problems of brew. So when I look at
Speaker 1: this thing, I'm like, I can't buy much, but I
Speaker 1: just because maybe I'm wrong, I nibble just a little bit,
Speaker 1: I think. And yeah, it's that that that word control.
Speaker 1: I think that would you know, you feel you're feel
Speaker 1: in control if you're doing something, and that makes it, Yeah,
Speaker 1: it makes it so much harder, doesn't it. And I
Speaker 1: mean my dad talks about because he's kind of amazed that.
Speaker 1: I mean he's amazed that you can trade crypto twenty
Speaker 1: four seven for instance, because he you know, when he
Speaker 1: was when he was kind of getting into investing many
Speaker 1: many years ago. You know, you couldn't you know, markets closed,
Speaker 1: you know, the market closed at at three pm or
Speaker 1: five pm or wherever it was, and that was it.
Speaker 1: And it was closed over the weekend, if you know,
Speaker 1: and if you wanted to, you know, if you wanted
Speaker 1: to invest in stocks, you had to call your broker
Speaker 1: and all this sort of stuff. And now he looks,
Speaker 1: you've got twenty four hour, twenty four seven crypto markets,
Speaker 1: you know, three hundred and sixty five days a year.
Speaker 1: You've got these platforms, you know that the things like
Speaker 1: robin Hood and stuff where you can just buy it
Speaker 1: in your pockets. And it feels like, you know, he
Speaker 1: was he was looking at one and it's just like
Speaker 1: it looks kind of like a game, but it's it's
Speaker 1: it feels like it's rigged to try and make us
Speaker 1: do something, to try and make us act all the time,
Speaker 1: to be taking action. And again, this is a kind
Speaker 1: of it's a macho thing, isn't it. You know, you know,
Speaker 1: you're you're you're a man of action. You're doing something,
Speaker 1: taking steps and actually again it's like, don't be afraid
Speaker 1: to not take steps to be a man of a
Speaker 1: man of inaction to do nothing. You know, when you
Speaker 1: just said that, it made me think about gambling, because
Speaker 1: you know, in the old days, of course, I mean
Speaker 1: before the internet. This is an old guy. I remember
Speaker 1: this these days before the internet. I mean, to gamble
Speaker 1: you had to go to certain states in the US
Speaker 1: when those of course being Las Vegas or even on
Speaker 1: the East Coast. And then of course then you can
Speaker 1: start to gamble online. And of course now that they're
Speaker 1: moving into it, more states are allowed to do that.
Speaker 1: But it's almost the same thing like what you just said.
Speaker 1: You know, there's these apps that you can go to
Speaker 1: and they take a lot of our time, and it's
Speaker 1: almost like, if you really think about it, in these
Speaker 1: in these spaces, were really gambling and it's and there's
Speaker 1: not much difference between gambling here and gambling in Las
Speaker 1: Vegas and putting all your all your money on eighteen black,
Speaker 1: and so to get away from that is a it's
Speaker 1: pretty hard to do, and I can see why people
Speaker 1: get into it. Yeah, it's and I remember sort of
Speaker 1: one of the most pervasive things in the UK that
Speaker 1: I've noticed in recent years. I don't know if you
Speaker 1: have it over there, rob But you know, gambling has
Speaker 1: evolved now that you know, you used to bet on
Speaker 1: the outcome of other football match. Say that's that's that's
Speaker 1: I think the best example football, I mean football is
Speaker 1: in you know, soccer, soccer. But yeah, you used to
Speaker 1: bet on the outcome of a football match. Is it
Speaker 1: going to be win, lose or draw? And now it's evolved.
Speaker 1: Obviously the Internet has enabled this, but you can people
Speaker 1: will bet on the number of free kicks, on the
Speaker 1: number of red cards, what time the next goal is
Speaker 1: going to be scored, how many corner kicks. You know,
Speaker 1: there seems to be no end of things that you
Speaker 1: can bet on. And apparently I talk to people who
Speaker 1: you know, I talk to people of my father's generation
Speaker 1: who would go to football matches. I'm not a big
Speaker 1: kind of football match a football fan, but you know,
Speaker 1: these guys would go and you know, everyone would kind
Speaker 1: of watch the game. You'd be you'd be fixated on
Speaker 1: the game happening in front of you. And now apparently
Speaker 1: the stands are full of younger guys who are half
Speaker 1: watching the game and half watching their phone and betting
Speaker 1: on what the seeing and the you know, these older guys,
Speaker 1: these kind of veterans are just just like what has happened?
Speaker 1: This is crazy? Yeah, and that's and that's the world
Speaker 1: we live in now. Whoever would have thought that the
Speaker 1: new drug it wouldn't be some some synthetic or fence
Speaker 1: and all or or crack, you would be right here.
Speaker 1: It will be in our hand twenty four seven, three
Speaker 1: sixty five, and it will be socially acceptable. That's a
Speaker 1: crazy thing. And with adverts on TV and you know
Speaker 1: it's encouraged. It's it's on billboards everywhere. You know, you
Speaker 1: smoking is bad now, but but gambling, you know, it
Speaker 1: just hadn't it hasn't caught up. It's it's so out
Speaker 1: of sync. And yeah, it's it's a it's a crazy
Speaker 1: it's a crazy, crazy time. And that new drug is dopamine,
Speaker 1: isn't it. You know, they figured out, they figured out
Speaker 1: how to how to make make people's bodies release dopamine
Speaker 1: and got us all hooked on it. I mean, it's
Speaker 1: it's it's one of the great it's the great con
Speaker 1: of the twenty first century. You could argue, this is
Speaker 1: why I get out every so often and do those
Speaker 1: you know, we did this a charity appsil of course
Speaker 1: for kids, and I get to go out there and
Speaker 1: work outside new construction things like that, And that's my
Speaker 1: dopamine detox. Do it twice a year and it works
Speaker 1: out great because if not, unfortunately, Twitter will always be
Speaker 1: beckoning me saying, read this, tweet, tweet this out, check
Speaker 1: this out. And of course here we go again. Be
Speaker 1: sure it'sn't time to post. You haven't posted in a while.
Speaker 1: What's happening. Haven't you got anything to say? Oh man,
Speaker 1: it's bad news. Yeah yeah, And I mean that's what
Speaker 1: you say about the you know, going out and going
Speaker 1: out and doing these obstacle courses for kids, you know,
Speaker 1: getting out in the fresh air. That leads me to
Speaker 1: the kind of the last thing that I wanted to
Speaker 1: the thing that I wanted to kind of sign off
Speaker 1: on Rob was this idea. And this is something I've
Speaker 1: talked about before as well. But market conditions are really
Speaker 1: tough at the moment, all those things you were talking about,
Speaker 1: all those potential black swans lurking out there. You know,
Speaker 1: the world feels a pretty dangerous, mad and insecure place
Speaker 1: right now. But I think, I think again, it's so
Speaker 1: important is it not to to to realize that there's
Speaker 1: nothing you can do about that, and that you have
Speaker 1: to you know, your responsibility as as an investors, as
Speaker 1: a person is to is to try and not let
Speaker 1: this stuff get on top of you. If you look
Speaker 1: at the news and you look at what's going on,
Speaker 1: it's a pretty bleak time frame. But what can we control?
Speaker 1: So we take a look and say, and I always
Speaker 1: say this to myself, give me the power and understand
Speaker 1: and the things that I can control and not control,
Speaker 1: and the knowledge to distinguish between the two. And if
Speaker 1: I can understand that that I can say, okay, I
Speaker 1: can deal with this, because this is the thing that's
Speaker 1: within my realm of control. I can't do anything for Ukraine.
Speaker 1: I can't you go over there and conduct peace talks.
Speaker 1: I can't deal with the Nord stream sabotage and the
Speaker 1: rising electricity costs. I can't deal with what's going on
Speaker 1: in the crypto market as it plummets or the old
Speaker 1: course sideways or it goes up. I can't control that. However,
Speaker 1: I can have a plan of action the things that
Speaker 1: I can control and just kind of go from there.
Speaker 1: And if I can, if I'm okay with that, then
Speaker 1: then I can kind of it leads to a little
Speaker 1: bit more mental health. I don't have to deal with
Speaker 1: so many things. So yeah, but that's a big thing.
Speaker 1: What can you control? What can you can not control?
Speaker 1: I can't control lot of things. It's just a little
Speaker 1: small spear I have. Only Elon Musk can control things. Apparently,
Speaker 1: only Elon Musk can can broak a peace in Ukra
Speaker 1: apparently according to him. But yeah, and and with a tweet,
Speaker 1: that's what's crazy. This guy is everywhere. Yeah, yeah, I
Speaker 1: think that that just sums up what a what a
Speaker 1: crazy world we're living in at the moment, isn't it.
Speaker 1: Where Elon Musk is kind of positioning himself as a
Speaker 1: kind of diplomat statesman sort of guy. It's yeah, folks,
Speaker 1: you can't control that sort of world, So don't even try.
Speaker 1: Don't even try, exactly, Rob, This has been a real pleasure.
Speaker 1: It's always it's always great talking to you. You have
Speaker 1: such good advice, you have so much wisdom, and it's yeah,
Speaker 1: I love I love just kind of spending time chatting
Speaker 1: about all all things crypto and beyond with you. It
Speaker 1: really is an absolute pleasure to have you on. So
Speaker 1: thank you so much for joining us today. Guy is
Speaker 1: always a pleasure, and we've got to get together soon.
Speaker 1: I don't know when the next event is, but I'll
Speaker 1: be there. Yeah, I hope so, I hope so. And
Speaker 1: folks for all you listening, Yeah, Rob's everything Rob said
Speaker 1: should have spoken for itself today. He is a wonderful
Speaker 1: a wonderful person to have in your life, so please
Speaker 1: do follow him. Check out his YouTube channel, Digital Asset
Speaker 1: News YouTube dot com, forward Slash Digital Asset News. Rob
Speaker 1: your you're a great Twitter as well at news asset
Speaker 1: So follow Rob on Twitter two and he's got an
Speaker 1: excellent website to Dan Dan teaches Crypto dot com Digital
Speaker 1: Asset News. Dan teaches Crypto dot Com. Rob, do do
Speaker 1: I need to give any other shout out? So you
Speaker 1: any other platforms I need to let people know about.
Speaker 1: Just know that the website, it's the it's the best
Speaker 1: information I can put together that i've qum throughout the years.
Speaker 1: And it's one hundred percent free. It's free right now,
Speaker 1: It'll it'll be free tomorrow. It's always free. So just
Speaker 1: go there and check it out and then share it
Speaker 1: with your friends. They can learn. That's the whole point
Speaker 1: of that, I don't. I just felt like if I charge,
Speaker 1: there's people around the world they can't afford it, So
Speaker 1: just come by and check it out for free. Sometimes
Speaker 1: the best things in life are free, folks. Yeah, do
Speaker 1: check that out. It's a wonder website. Rob, Thank you
Speaker 1: so much. This has been an absolute pleasure. Thanks Gay
Speaker 1: I'll see. Yeah, thank you so much for listening to
Speaker 1: the coin Bureau podcast. If you'd like to learn more
Speaker 1: about cryptocurrency, you can visit our YouTube channel at YouTube
Speaker 1: dot com forward slash coin Bureau. You can also go
Speaker 1: to coin bureau dot com for loads more information about
Speaker 1: all things crypto. You can follow me on Twitter and
Speaker 1: at coin bureau or one word, and I'm also active
Speaker 1: on TikTok and Instagram as well. First of all, it's
Speaker 1: not thank you for listening, you're welcome for great content. Yeah,
Speaker 1: Like this is free and they're learning about a fairly
Speaker 1: great topic in a non boring way. If you'd like
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