1 00:00:01,200 --> 00:00:04,000 Speaker 1: Hello, and welcome back to another episode of the Markma Show, 2 00:00:04,000 --> 00:00:07,680 Speaker 1: where we discuss seats in every week. The decentralized revolution, 3 00:00:07,720 --> 00:00:10,039 Speaker 1: the way the world is changing right before our very eyes. 4 00:00:10,080 --> 00:00:12,960 Speaker 1: Of course, we look at it through the lens of politics, finance, 5 00:00:13,240 --> 00:00:18,840 Speaker 1: and technology. That technology being bitcoin being the decentralized revolution, accelerator, 6 00:00:19,239 --> 00:00:21,599 Speaker 1: the catalyst, if you will. It's always technology that changes 7 00:00:21,640 --> 00:00:23,800 Speaker 1: the world. I'd like to bring to you some education, 8 00:00:23,880 --> 00:00:25,960 Speaker 1: some different viewpoints, different ways to look at things, because 9 00:00:26,000 --> 00:00:28,440 Speaker 1: it's hard to understand what's going on and how to 10 00:00:28,480 --> 00:00:29,920 Speaker 1: see through it. I like to bring some of the 11 00:00:30,040 --> 00:00:33,360 Speaker 1: latest breaking news, which I like to call the signposts 12 00:00:33,400 --> 00:00:35,839 Speaker 1: that show us that we're getting closer to this inevitable end, 13 00:00:36,520 --> 00:00:38,199 Speaker 1: and of course that is what we're going to be 14 00:00:38,240 --> 00:00:40,400 Speaker 1: digging into today. I have some of some big, big 15 00:00:40,440 --> 00:00:42,800 Speaker 1: stories that are happening throughout the space that can show 16 00:00:42,920 --> 00:00:46,360 Speaker 1: us what is happening now. Some of these at first 17 00:00:46,800 --> 00:00:49,559 Speaker 1: maybe don't make sense to you and how do they 18 00:00:49,560 --> 00:00:52,640 Speaker 1: fit together, But hopefully by looking at the three of 19 00:00:52,680 --> 00:00:55,600 Speaker 1: those things, politics, finance, technology together you start to get 20 00:00:55,640 --> 00:00:59,200 Speaker 1: better context to actually what is going on. You kind 21 00:00:59,200 --> 00:01:01,720 Speaker 1: of put this together and holistic way. And one of 22 00:01:01,720 --> 00:01:06,320 Speaker 1: the big things. Of course, it's both political and it's financial. Um, 23 00:01:06,480 --> 00:01:08,960 Speaker 1: not so much technological, not yet, but from a political 24 00:01:08,959 --> 00:01:11,480 Speaker 1: and financial lens, you have to understand that the financial 25 00:01:11,520 --> 00:01:15,559 Speaker 1: system is collapsing on eighty year time frame, it's happening 26 00:01:15,640 --> 00:01:18,280 Speaker 1: right now. The political system is also collapsing on tuning 27 00:01:18,319 --> 00:01:20,240 Speaker 1: for your time frame, it's happening right now. And so 28 00:01:20,280 --> 00:01:23,480 Speaker 1: we're seeing this happening is in the last gaps as 29 00:01:23,520 --> 00:01:26,560 Speaker 1: it tries to remain relevant here and we see, um, 30 00:01:26,600 --> 00:01:29,320 Speaker 1: some of the big news this week is student loans, 31 00:01:29,920 --> 00:01:32,080 Speaker 1: some big moves happening with student loans. If you have 32 00:01:32,080 --> 00:01:34,600 Speaker 1: student loans, you might be interested in this. And of 33 00:01:34,640 --> 00:01:37,000 Speaker 1: course this is both financial and political because it's a 34 00:01:37,040 --> 00:01:40,280 Speaker 1: political move. Well, maybe if we give away a bunch 35 00:01:40,280 --> 00:01:42,160 Speaker 1: of free money, people will like us and vote for us. 36 00:01:42,200 --> 00:01:45,000 Speaker 1: Maybe if we give them back their money, they'll like us, 37 00:01:45,040 --> 00:01:47,760 Speaker 1: they'll vote for us. Um, it's also financial can we 38 00:01:47,800 --> 00:01:51,600 Speaker 1: afford it? What happens to that money? And what does 39 00:01:51,600 --> 00:01:54,000 Speaker 1: that do to inflation? That's supposed to be the number 40 00:01:54,000 --> 00:01:55,600 Speaker 1: one concern that we're trying to bring back down. So 41 00:01:55,600 --> 00:01:58,320 Speaker 1: it's it's it's both political and financial and what are 42 00:01:58,360 --> 00:01:59,840 Speaker 1: the what are the knock on effects. What are the 43 00:02:00,000 --> 00:02:04,760 Speaker 1: intending consequences of this? Does this bring people closer together 44 00:02:05,760 --> 00:02:08,000 Speaker 1: or does it push people further apart. Let's look at 45 00:02:08,040 --> 00:02:09,920 Speaker 1: a couple of things that I saw to this week 46 00:02:10,120 --> 00:02:13,000 Speaker 1: that really stood out to me. And so it says 47 00:02:13,200 --> 00:02:18,360 Speaker 1: the student loans relief seen costing billions and favoring so 48 00:02:18,400 --> 00:02:21,000 Speaker 1: any times you favor particularly group, it's probably not a 49 00:02:21,040 --> 00:02:24,640 Speaker 1: good idea favoring top earners all right. Now, it says 50 00:02:24,680 --> 00:02:29,200 Speaker 1: that forgiving student loan debt could cost between three and 51 00:02:30,200 --> 00:02:33,519 Speaker 1: billion over the next ten years, according to new analysis, 52 00:02:33,600 --> 00:02:36,800 Speaker 1: and the majority of that relief would be going towards 53 00:02:36,919 --> 00:02:41,840 Speaker 1: borrowers in the top sixty percent of earners, so about 54 00:02:41,919 --> 00:02:45,640 Speaker 1: you know, more than of the earners would get um 55 00:02:45,680 --> 00:02:48,600 Speaker 1: some of that benefit. Now, White House officials have been 56 00:02:48,600 --> 00:02:51,239 Speaker 1: trying to combat critiques that such a move would add 57 00:02:51,280 --> 00:02:56,200 Speaker 1: to rampant inflation, and that's become a political liability for Biden. 58 00:02:56,280 --> 00:03:00,480 Speaker 1: So see political and rampant inflation. That's a monetary situation, 59 00:03:00,520 --> 00:03:03,800 Speaker 1: that's a that's a financial situation, um, but it's a 60 00:03:03,960 --> 00:03:07,760 Speaker 1: that financial situation is a political liability for Biden. So 61 00:03:07,800 --> 00:03:11,800 Speaker 1: see how all this works together? UM. This report here 62 00:03:11,840 --> 00:03:14,519 Speaker 1: says that loan forgiveness has become a tricky issue for 63 00:03:14,560 --> 00:03:16,360 Speaker 1: the White House. Of course, Biden ran on this, it 64 00:03:16,400 --> 00:03:18,600 Speaker 1: was part of what got him elected, and it's trying 65 00:03:18,639 --> 00:03:20,880 Speaker 1: to appeal to younger voters. Hey, look, i'm gonna give 66 00:03:20,880 --> 00:03:23,239 Speaker 1: you a bunch of freebies. Vote for me, and then 67 00:03:23,320 --> 00:03:26,600 Speaker 1: the you know, um, whoever the the challenger will be 68 00:03:26,639 --> 00:03:28,520 Speaker 1: to Biden, is gonna come in and say, no, we're 69 00:03:28,520 --> 00:03:31,399 Speaker 1: gonna bring inflation down, We're gonna bring the budget back down. 70 00:03:31,440 --> 00:03:33,320 Speaker 1: We're gonna live within our means, and that means we're 71 00:03:33,360 --> 00:03:36,480 Speaker 1: gonna cut all this spending. We're gonna cut all these programs. 72 00:03:36,640 --> 00:03:38,480 Speaker 1: So one guy is over here saying, we're gonna give 73 00:03:38,520 --> 00:03:40,760 Speaker 1: you all this free money. We're gonna give you all 74 00:03:40,760 --> 00:03:44,680 Speaker 1: these free things, never mind the consequences. And over here 75 00:03:44,720 --> 00:03:46,960 Speaker 1: the guy is saying, look, the consequences are dire, Like, 76 00:03:47,000 --> 00:03:49,200 Speaker 1: look at inflation. We're gonna bring this back down. We 77 00:03:49,240 --> 00:03:51,040 Speaker 1: have to cut all your money. Who do you think 78 00:03:51,080 --> 00:03:54,240 Speaker 1: is gonna get the votes? Obviously the guy offering all 79 00:03:54,240 --> 00:03:55,960 Speaker 1: the free stuff. So um, this is part of the 80 00:03:56,040 --> 00:03:58,800 Speaker 1: reason why from a from both the little political and 81 00:03:58,840 --> 00:04:02,720 Speaker 1: financial situation and a technological situation, the world can't change. 82 00:04:03,160 --> 00:04:06,040 Speaker 1: The world can't change, because who's going to come back 83 00:04:06,080 --> 00:04:08,280 Speaker 1: in and say, no, we can't keep spending money like this. 84 00:04:08,480 --> 00:04:10,160 Speaker 1: We have to cut money going to you and you 85 00:04:10,240 --> 00:04:12,600 Speaker 1: and you and this group in this group, in this group, uh, 86 00:04:12,680 --> 00:04:14,560 Speaker 1: in order to get back in and check who's going 87 00:04:14,600 --> 00:04:18,240 Speaker 1: to ever vote for somebody doing that? Nobody, Nobody's ever 88 00:04:18,320 --> 00:04:21,599 Speaker 1: going to vote for that. So both sides have to 89 00:04:21,640 --> 00:04:25,000 Speaker 1: continue to promise to give free stuff. Now, one side 90 00:04:25,040 --> 00:04:28,120 Speaker 1: promises a little bit more free stuff, one side promises 91 00:04:28,160 --> 00:04:31,000 Speaker 1: a little bit less free stuff. At the same time, 92 00:04:31,360 --> 00:04:36,719 Speaker 1: they both have to promise free stuff. Now, this part 93 00:04:36,960 --> 00:04:40,360 Speaker 1: is part of a bigger conversation to have, which is, um, 94 00:04:40,800 --> 00:04:46,839 Speaker 1: the failure of democracy. Now, I know, I know, I know, Um. 95 00:04:47,040 --> 00:04:51,719 Speaker 1: Democracy is supposed to be the best thing in the world. Right. Um. 96 00:04:51,760 --> 00:04:58,800 Speaker 1: There's a book um called Democracy, The God That Failed. 97 00:04:58,880 --> 00:05:00,680 Speaker 1: And I recommend that you read that book if you're 98 00:05:00,680 --> 00:05:02,839 Speaker 1: interested in what I'm talking about, because this what I'm 99 00:05:02,839 --> 00:05:05,640 Speaker 1: what I'm what I say next might shock you, and 100 00:05:05,680 --> 00:05:07,280 Speaker 1: so you might want to read up on it and 101 00:05:07,279 --> 00:05:09,800 Speaker 1: study it a little bit. But what happens is democracy 102 00:05:09,880 --> 00:05:12,200 Speaker 1: is kind of a scam. It's kind of a scam. 103 00:05:12,560 --> 00:05:15,920 Speaker 1: Democracy promises you that it's for the people. The government 104 00:05:15,960 --> 00:05:18,279 Speaker 1: is for the people. We the people, right, Um, they 105 00:05:18,360 --> 00:05:20,799 Speaker 1: work for us. We vote whatever the Whatever the people 106 00:05:20,880 --> 00:05:24,279 Speaker 1: want is what the people get. And that sounds all 107 00:05:24,360 --> 00:05:27,240 Speaker 1: warm and fuzzy, and it's it's definitely much better than 108 00:05:27,279 --> 00:05:30,240 Speaker 1: a dictator who just tells us the way it is 109 00:05:30,279 --> 00:05:33,080 Speaker 1: and we get no say, shouldn't we get say in 110 00:05:33,120 --> 00:05:36,240 Speaker 1: the matter? Well, sure I would like to have say 111 00:05:36,320 --> 00:05:40,400 Speaker 1: that makes sense? Right? But what if, um, what if 112 00:05:40,720 --> 00:05:43,640 Speaker 1: ten of us were in a room, and you are 113 00:05:43,760 --> 00:05:46,080 Speaker 1: the highest earner in the room. Let's say, for example, 114 00:05:46,560 --> 00:05:48,680 Speaker 1: and nine of us get together and say, hey, this 115 00:05:48,720 --> 00:05:51,040 Speaker 1: guy over here, he's look how much money he makes, Like, 116 00:05:51,279 --> 00:05:53,680 Speaker 1: that's ridiculous. He makes so much money. Why why does 117 00:05:53,720 --> 00:05:55,400 Speaker 1: he get all that money? We don't make that much money. 118 00:05:55,480 --> 00:05:57,280 Speaker 1: The ten of us, we're not even the ten of us. 119 00:05:57,520 --> 00:05:59,920 Speaker 1: Six of us. Out of the ten people, six of 120 00:06:00,080 --> 00:06:05,919 Speaker 1: us agree that that guy give us his money. And 121 00:06:05,960 --> 00:06:10,200 Speaker 1: so what happens to that guy. Six of the ten 122 00:06:10,279 --> 00:06:12,880 Speaker 1: people agreed that he should give up all his money 123 00:06:12,920 --> 00:06:14,760 Speaker 1: for those other people, and he has to do it. 124 00:06:15,360 --> 00:06:21,200 Speaker 1: That's democracy, that's democracy. It's it's tyranny of the minority 125 00:06:21,240 --> 00:06:25,120 Speaker 1: of the majority. So once you get to the point 126 00:06:25,160 --> 00:06:29,440 Speaker 1: where fifty or more of the people want to vote 127 00:06:29,440 --> 00:06:32,479 Speaker 1: for more of your money, you're always going to be 128 00:06:32,520 --> 00:06:34,520 Speaker 1: forced to give them more because they have the majority 129 00:06:34,560 --> 00:06:37,760 Speaker 1: now and you're in the minority. See how democracy works. 130 00:06:38,160 --> 00:06:40,800 Speaker 1: And so that's why back to this issue, we see 131 00:06:40,880 --> 00:06:43,760 Speaker 1: President Biden's running on this issue of forgiving this debt. 132 00:06:44,040 --> 00:06:45,880 Speaker 1: No one could ever challenge him saying they're not going 133 00:06:45,960 --> 00:06:53,400 Speaker 1: to do that. Now it says, um um Penwarton estimates 134 00:06:53,440 --> 00:06:55,680 Speaker 1: a one time maximum debt forgiven US of ten dollars 135 00:06:55,720 --> 00:06:58,040 Speaker 1: per bar work could cost roughly three in the relief. 136 00:06:58,800 --> 00:07:01,400 Speaker 1: What's another three billion we send that to Ukraine every week? 137 00:07:01,560 --> 00:07:05,320 Speaker 1: Who cares? Right? Um? Digging in a little bit deeper though, Um. 138 00:07:05,400 --> 00:07:07,159 Speaker 1: What people need to be aware of if you have 139 00:07:07,160 --> 00:07:09,440 Speaker 1: student owned debt is that it says after a yolo 140 00:07:09,560 --> 00:07:12,320 Speaker 1: summer yolo, you know you only live once. After you 141 00:07:12,360 --> 00:07:15,040 Speaker 1: only live one summer Yolo summer, student own borrowers brace 142 00:07:15,440 --> 00:07:18,040 Speaker 1: for their payments to restart. Now, this is a couple 143 00:07:18,080 --> 00:07:19,560 Speaker 1: of important things that I want to pull out of 144 00:07:19,560 --> 00:07:22,040 Speaker 1: this article. Or it says that Americans a student debt 145 00:07:22,080 --> 00:07:24,080 Speaker 1: are bracing to start making payments again after more than 146 00:07:24,080 --> 00:07:30,400 Speaker 1: two years. Congratulations, you got two years off, UM, it said, Uh, 147 00:07:30,600 --> 00:07:33,120 Speaker 1: it said, allowed UM student debt burden to be kind 148 00:07:33,120 --> 00:07:35,480 Speaker 1: of set aside for a minute, allowing them to reach 149 00:07:35,560 --> 00:07:42,400 Speaker 1: major life milestones, booster financial health and quote splurge on vacations. UM. 150 00:07:42,440 --> 00:07:43,960 Speaker 1: And there's a couple of key pieces that I want 151 00:07:43,960 --> 00:07:46,880 Speaker 1: to pull out of this here. It says UM President 152 00:07:46,960 --> 00:07:50,680 Speaker 1: Joe Biden could once again extend the deadline, but as 153 00:07:50,680 --> 00:07:54,400 Speaker 1: of right now, there's no clear announcement on that. And 154 00:07:54,400 --> 00:07:57,880 Speaker 1: the deadline is August thirty one. So you're looking at UM, 155 00:07:57,920 --> 00:08:00,320 Speaker 1: you know, about a week a week away before you 156 00:08:00,320 --> 00:08:03,120 Speaker 1: have to start paying again. Now, even if he forgive 157 00:08:03,200 --> 00:08:04,360 Speaker 1: some of it, like it was on the table, is 158 00:08:04,360 --> 00:08:06,440 Speaker 1: like a tenor forgiveness. So if you have sixty grand 159 00:08:06,480 --> 00:08:08,840 Speaker 1: or ninety grand or two grand or whatever you have, UM, 160 00:08:08,880 --> 00:08:12,520 Speaker 1: that knocks off of that. But there's been no plan 161 00:08:12,600 --> 00:08:15,640 Speaker 1: on that. UM. Who's going to go to what income brackets? 162 00:08:15,760 --> 00:08:17,480 Speaker 1: But even if you only know fifty grand, six again, 163 00:08:17,600 --> 00:08:20,400 Speaker 1: ninety grand, whatever, it knocks off ten grand, you're still 164 00:08:20,400 --> 00:08:22,840 Speaker 1: gonna have to keep making payments. As of right now, 165 00:08:22,920 --> 00:08:26,000 Speaker 1: there's no announcement on extending that, and it's probably not 166 00:08:26,040 --> 00:08:27,880 Speaker 1: going to happen, so just make sure your plan on that. 167 00:08:28,240 --> 00:08:29,880 Speaker 1: But a couple of things that I see in this 168 00:08:29,960 --> 00:08:34,280 Speaker 1: that I think are very very telling is um is 169 00:08:34,559 --> 00:08:38,240 Speaker 1: is kind of indicative of where we are at in 170 00:08:38,280 --> 00:08:42,280 Speaker 1: this system, and it really kind of shows how much 171 00:08:42,280 --> 00:08:45,360 Speaker 1: of a problem this is. So Like, for example, here's 172 00:08:45,440 --> 00:08:47,840 Speaker 1: Jennifer Nagle, thirty eight year old Michigan who works in 173 00:08:47,880 --> 00:08:51,760 Speaker 1: i UM. She was able to go on a voccation. 174 00:08:52,960 --> 00:08:56,000 Speaker 1: She graduated from college with sixty in student loan debt, 175 00:08:56,280 --> 00:08:58,000 Speaker 1: two thirds of the federal and was paying six hundred 176 00:08:58,000 --> 00:09:00,640 Speaker 1: bucks a month and she was only able to take 177 00:09:00,679 --> 00:09:05,199 Speaker 1: a vacation. So your tax dollars enabled Jennifer Nagle to 178 00:09:05,240 --> 00:09:08,200 Speaker 1: go on a vacation. Now, I believe that is long. 179 00:09:08,320 --> 00:09:11,760 Speaker 1: And I've loaned money to plenty of people UM and 180 00:09:11,800 --> 00:09:13,520 Speaker 1: if they haven't paid me back, and I see them 181 00:09:13,520 --> 00:09:15,600 Speaker 1: going out and splurging on these crazy occasions, they haven't 182 00:09:15,600 --> 00:09:17,320 Speaker 1: paid me back, that kind of rubs me the wrong way, 183 00:09:17,400 --> 00:09:19,040 Speaker 1: Like shouldn't they try to pay me back before they 184 00:09:19,040 --> 00:09:21,079 Speaker 1: go splurge. Anyway, I'm gonna come back. I got a 185 00:09:21,080 --> 00:09:22,679 Speaker 1: couple more stories to highlight and then I'll show what's 186 00:09:22,679 --> 00:09:24,720 Speaker 1: gonna happen with inflation because of this. Don't go away. 187 00:09:24,720 --> 00:09:26,640 Speaker 1: You're listening to the Markma Show. I'll be back with 188 00:09:26,679 --> 00:09:28,599 Speaker 1: this and more in a minute. You don't want to 189 00:09:28,600 --> 00:09:31,320 Speaker 1: miss it, So don't go away, all right, welcome back. 190 00:09:31,360 --> 00:09:32,800 Speaker 1: You were listening to the Mark Mos Show. Of course, 191 00:09:32,800 --> 00:09:35,000 Speaker 1: we talked about the way the world is changing through 192 00:09:35,040 --> 00:09:36,920 Speaker 1: the decentralized revolution, and we look at it through the 193 00:09:36,960 --> 00:09:40,120 Speaker 1: lens of politics, finance, and technology, and today we're looking 194 00:09:40,120 --> 00:09:43,240 Speaker 1: at it through all three of those. I'm talking specifically 195 00:09:43,240 --> 00:09:45,839 Speaker 1: about political and financial and then we'll talk about the 196 00:09:45,840 --> 00:09:49,640 Speaker 1: technology piece. But political and financial is that no president, 197 00:09:49,679 --> 00:09:52,000 Speaker 1: President Biden is running on trying to forgive student loan debt. 198 00:09:52,160 --> 00:09:54,440 Speaker 1: No president can never run against that because if anybody 199 00:09:54,520 --> 00:09:56,320 Speaker 1: runs and says I'm gonna take away all your free money, 200 00:09:56,400 --> 00:09:58,160 Speaker 1: no one's gonna vote for him. So it's political and 201 00:09:58,200 --> 00:10:01,880 Speaker 1: it's financial. But I'm just letting you know we're we're 202 00:10:01,880 --> 00:10:03,920 Speaker 1: digging into situation. You can understand it from a little 203 00:10:03,920 --> 00:10:06,760 Speaker 1: bit of a different viewpoint. So um, in this article 204 00:10:06,800 --> 00:10:09,679 Speaker 1: here on Bloomberg, Jennifer Nagle um she because of her 205 00:10:09,679 --> 00:10:13,520 Speaker 1: student owned payment um pause, she was able to go 206 00:10:13,520 --> 00:10:16,080 Speaker 1: on a vacation and I was saying, how I've loaned many, many, 207 00:10:16,120 --> 00:10:18,319 Speaker 1: many times, and I have friends that start dodging me. 208 00:10:18,320 --> 00:10:19,560 Speaker 1: They don't want to pay me the money back. And 209 00:10:19,600 --> 00:10:22,760 Speaker 1: I see them going in on these like extravagant splurges 210 00:10:22,840 --> 00:10:25,200 Speaker 1: or whatever. And I'm like, dude, like you only a 211 00:10:25,200 --> 00:10:27,480 Speaker 1: couple hundred bucks, Like, shouldn't you pay me that back first? 212 00:10:27,760 --> 00:10:30,600 Speaker 1: But no, students. Students think they should just not pay 213 00:10:30,600 --> 00:10:32,840 Speaker 1: their debt and they should go on vacations. And we 214 00:10:32,840 --> 00:10:34,880 Speaker 1: can see this over and over and over and again 215 00:10:34,920 --> 00:10:38,199 Speaker 1: the more we dig into these stories. And and one 216 00:10:38,240 --> 00:10:42,880 Speaker 1: of these I saw here, Um, he says, uh, here's 217 00:10:42,920 --> 00:10:45,280 Speaker 1: another one. Jennifer a thirty year old architectural designer in 218 00:10:45,320 --> 00:10:48,360 Speaker 1: Washington the Positives Welcome Break. She left graduate school with 219 00:10:48,440 --> 00:10:51,960 Speaker 1: ninety dollars in debt in so she went to school 220 00:10:52,000 --> 00:10:53,880 Speaker 1: to become architectural Now a lot of people chose not 221 00:10:53,920 --> 00:10:55,400 Speaker 1: to go to college because they didn't want to take 222 00:10:55,400 --> 00:10:58,040 Speaker 1: on the debt, and now they may be working what 223 00:10:58,080 --> 00:11:01,640 Speaker 1: we call blue collar jobs. But not Jennifer. She's an 224 00:11:01,720 --> 00:11:05,000 Speaker 1: architectural designer. She's a white collar professional. She's making lots 225 00:11:05,040 --> 00:11:07,559 Speaker 1: of money. She has ninety thousand a debt now, some 226 00:11:07,600 --> 00:11:09,320 Speaker 1: people didn't want the debt. She decided to take us 227 00:11:09,360 --> 00:11:11,840 Speaker 1: so she can make more money. But you know she 228 00:11:11,840 --> 00:11:13,920 Speaker 1: doesn't want to pay it back either. She says that 229 00:11:14,080 --> 00:11:15,520 Speaker 1: she's put some of the money and she would have 230 00:11:15,520 --> 00:11:19,320 Speaker 1: spent on her student loans to one help her fund 231 00:11:19,520 --> 00:11:23,840 Speaker 1: extravagant wedding. Um, and it says to um, splurge a 232 00:11:23,880 --> 00:11:28,120 Speaker 1: little on luxuries. Oh, congratulations, Jennifer. I'm glad you got 233 00:11:28,160 --> 00:11:29,960 Speaker 1: your student loan debt forgiven so you could have an 234 00:11:30,000 --> 00:11:32,719 Speaker 1: extravagant wedding and splurge a little on luxuries. And then 235 00:11:32,720 --> 00:11:38,240 Speaker 1: I love this one here. Um. Heather Dial of Virginia said, quote, 236 00:11:38,480 --> 00:11:42,000 Speaker 1: I wish our society didn't force eighteen year olds into 237 00:11:42,080 --> 00:11:44,720 Speaker 1: loads of debt just to be able to get a job. 238 00:11:45,840 --> 00:11:48,760 Speaker 1: She said, Um, oh, she works in human resources and 239 00:11:48,760 --> 00:11:51,520 Speaker 1: graduated ninety thousand dollars in debt. Quote. I hope the 240 00:11:51,559 --> 00:11:53,440 Speaker 1: system isn't as broken in eighteen years. One of my 241 00:11:53,440 --> 00:11:55,400 Speaker 1: son has to figure out what he wants to do. 242 00:11:55,720 --> 00:11:57,880 Speaker 1: So I wish our society didn't force eighteen year olds 243 00:11:57,880 --> 00:12:01,400 Speaker 1: into loads of debt. Does it is that what happens? 244 00:12:01,520 --> 00:12:03,240 Speaker 1: As a matter of fact, might daughter just turned eighteen 245 00:12:03,280 --> 00:12:05,120 Speaker 1: she's not going into loads of debt. She's not going 246 00:12:05,160 --> 00:12:07,760 Speaker 1: to college at all. She's not being forced into that. 247 00:12:08,320 --> 00:12:11,960 Speaker 1: Nobody was forced into that debt. She could have worked 248 00:12:12,000 --> 00:12:14,120 Speaker 1: her way through college. She could have had two jobs 249 00:12:14,120 --> 00:12:15,720 Speaker 1: going through college. She could have gone two years to 250 00:12:15,720 --> 00:12:18,920 Speaker 1: community college and stayed at home with her parents. Then 251 00:12:18,920 --> 00:12:20,800 Speaker 1: she could have gone to another call. There's lots of 252 00:12:20,800 --> 00:12:23,480 Speaker 1: ways to do it. No one forced you to take 253 00:12:23,559 --> 00:12:26,840 Speaker 1: this debt. You didn't, weren't weren't forcing that. You could 254 00:12:26,840 --> 00:12:28,640 Speaker 1: have gone to college without the debt, and you weren't 255 00:12:28,640 --> 00:12:32,160 Speaker 1: forced to go to college. My daughter is not going 256 00:12:32,200 --> 00:12:34,160 Speaker 1: to college. No one's forcing her to go to college. 257 00:12:34,240 --> 00:12:35,720 Speaker 1: She doesn't need to take on the debt. You don't 258 00:12:35,720 --> 00:12:38,480 Speaker 1: need to take on the debt. Society isn't forcing you 259 00:12:38,600 --> 00:12:43,240 Speaker 1: to do anything, take some personal responsibility. This is just 260 00:12:43,280 --> 00:12:46,720 Speaker 1: a signpost of the end of a society when we've 261 00:12:46,840 --> 00:12:49,920 Speaker 1: we have gotten rid of all our responsibility. It's not 262 00:12:50,040 --> 00:12:54,360 Speaker 1: my fault that I'm fat. It's because the doctor told me. 263 00:12:54,440 --> 00:12:56,440 Speaker 1: It's not my fault i'm fat. It's not because I 264 00:12:56,480 --> 00:12:58,960 Speaker 1: eat all this junk processed food and I can't control 265 00:12:59,000 --> 00:13:02,599 Speaker 1: what I put in my mouth. Not my fault society 266 00:13:02,720 --> 00:13:05,040 Speaker 1: forced me to take this debt. Now they should pay 267 00:13:05,040 --> 00:13:07,160 Speaker 1: it off for me, so I could go splurge on 268 00:13:07,240 --> 00:13:11,360 Speaker 1: vacations and luxuries. Per what they're saying, they're doing. No 269 00:13:11,400 --> 00:13:13,320 Speaker 1: one's forcing you to take on that debt, no one's 270 00:13:13,400 --> 00:13:16,400 Speaker 1: no one's on them. But but the critics of the 271 00:13:16,400 --> 00:13:19,160 Speaker 1: forebearance extension, which you might argue I might be critical 272 00:13:19,200 --> 00:13:22,120 Speaker 1: of it, is that it's unfair to people who already 273 00:13:22,200 --> 00:13:25,200 Speaker 1: paid off their debt. So what about the people who 274 00:13:25,280 --> 00:13:26,920 Speaker 1: chose not to go to college and now they're working 275 00:13:26,920 --> 00:13:28,280 Speaker 1: a low end job. And someone who did go to 276 00:13:28,360 --> 00:13:30,080 Speaker 1: college and now he's got a high end job, but 277 00:13:30,120 --> 00:13:32,800 Speaker 1: now his debt gets forgiven. But if the other guy 278 00:13:32,800 --> 00:13:34,120 Speaker 1: would have known his deb would have been forgiven, he 279 00:13:34,120 --> 00:13:35,959 Speaker 1: probably would have gone to college. To imagine how much 280 00:13:35,960 --> 00:13:39,200 Speaker 1: life is His life would be different. Now, what about 281 00:13:39,200 --> 00:13:41,559 Speaker 1: the person who did work two jobs going through college 282 00:13:42,000 --> 00:13:45,080 Speaker 1: and and scrimped and saved and and for ten years 283 00:13:45,400 --> 00:13:48,400 Speaker 1: sacrifice to pay that debt back, and while other people 284 00:13:48,400 --> 00:13:50,760 Speaker 1: were splurging on luxuries and vacations and they just got 285 00:13:50,760 --> 00:13:54,480 Speaker 1: their debt forgiven. Does that seem fair? Do you think 286 00:13:54,559 --> 00:13:57,200 Speaker 1: that makes people in the United States get together better? 287 00:13:57,960 --> 00:14:00,560 Speaker 1: Or do they break apart? Does this bring us closer 288 00:14:00,600 --> 00:14:06,040 Speaker 1: to civil war or further away from civil war? Um 289 00:14:06,080 --> 00:14:09,720 Speaker 1: Anthony Portesi dreaded the return of loan payments. He dreads 290 00:14:09,720 --> 00:14:12,880 Speaker 1: that he's a thirty five year old lawyer, a lawyer, 291 00:14:12,960 --> 00:14:15,040 Speaker 1: he went to school and probably builds people at five 292 00:14:15,120 --> 00:14:18,200 Speaker 1: hundred bucks an hour. He's a lawyer. And he says 293 00:14:18,440 --> 00:14:20,200 Speaker 1: he was paying seven hundred dollars a month towards a 294 00:14:20,240 --> 00:14:22,520 Speaker 1: six figure loan balance, so it's like two hours consulting 295 00:14:22,560 --> 00:14:25,680 Speaker 1: for you boo. He said. He sends funneled money into 296 00:14:25,760 --> 00:14:28,960 Speaker 1: paying off his credit card debt and most recently buying 297 00:14:29,040 --> 00:14:33,160 Speaker 1: his girlfriend an engagement ring and a romantic getaway. Aren't 298 00:14:33,160 --> 00:14:35,080 Speaker 1: you happy that your tax dollars are gonna go pay 299 00:14:35,080 --> 00:14:38,360 Speaker 1: for Anthony Portesi, who's an who's an attorney now and 300 00:14:38,400 --> 00:14:40,440 Speaker 1: now he's buying his girlfriend and engagement ring and a 301 00:14:40,520 --> 00:14:44,240 Speaker 1: romantic getaway. You see what's happening now? The argument is 302 00:14:44,320 --> 00:14:48,640 Speaker 1: Larry Summers. Larry Summers is previous Head of the Treasury, 303 00:14:48,640 --> 00:14:52,160 Speaker 1: president emeritus of Harvard University today former Treasury secretary. He 304 00:14:52,200 --> 00:14:54,880 Speaker 1: said that, look, this is going to be massive inflationary. 305 00:14:54,880 --> 00:14:58,000 Speaker 1: So at a time when the number one thing Biden administration, 306 00:14:58,280 --> 00:15:00,120 Speaker 1: the Federal Reserve is trying to fight his inflation, and 307 00:15:00,640 --> 00:15:03,120 Speaker 1: this is just more inflation. So you say you're trying 308 00:15:03,160 --> 00:15:05,280 Speaker 1: to fight inflation, but yet you're gonna do these policies 309 00:15:05,320 --> 00:15:07,480 Speaker 1: are going to create more inflation. Like what the heck? 310 00:15:09,080 --> 00:15:12,240 Speaker 1: It's political? So over here, look, I get it. You 311 00:15:12,280 --> 00:15:15,400 Speaker 1: can't afford gas, and you can't afford rent, and you 312 00:15:15,440 --> 00:15:17,600 Speaker 1: can't afford some food because the price has gone up 313 00:15:17,600 --> 00:15:19,840 Speaker 1: so high. I get it. Inflations hurting you. And I'm 314 00:15:19,880 --> 00:15:21,960 Speaker 1: the president. I'm my number one goal is gonna bring 315 00:15:22,000 --> 00:15:24,880 Speaker 1: inflation down. But yet I'm gonna go over here and 316 00:15:24,920 --> 00:15:26,640 Speaker 1: buy votes and give people a bunch of money and 317 00:15:26,760 --> 00:15:31,920 Speaker 1: gonna cause more inflation. Lie a right to your face 318 00:15:31,920 --> 00:15:33,920 Speaker 1: of what's happening. He says it's it. Says that spending, 319 00:15:34,360 --> 00:15:39,560 Speaker 1: He says that unreasonably generous student loan relief. Um, he's 320 00:15:39,560 --> 00:15:44,200 Speaker 1: against it because it's spending that raises demand and that's 321 00:15:44,200 --> 00:15:47,480 Speaker 1: what increases inflation. So these people, they don't have to 322 00:15:47,480 --> 00:15:49,280 Speaker 1: make their payments. And so what were they doing? I 323 00:15:49,320 --> 00:15:53,480 Speaker 1: read you the stories from Blueberg going on vacations, buying 324 00:15:53,480 --> 00:15:57,680 Speaker 1: wedding rings, paying for weddings. They're spending money, so money 325 00:15:57,760 --> 00:15:59,560 Speaker 1: that should be going back to pay the debt. That 326 00:15:59,600 --> 00:16:02,000 Speaker 1: would be destroying the demand, that would be killing debt. 327 00:16:02,240 --> 00:16:04,160 Speaker 1: We want to do that, destroy the debt, destroy demand, 328 00:16:04,480 --> 00:16:07,160 Speaker 1: but instead we don't make them pay that. And now 329 00:16:07,200 --> 00:16:08,800 Speaker 1: they take that money and spend it back and they 330 00:16:08,840 --> 00:16:10,960 Speaker 1: call me. That pushes the prices back up. Now we 331 00:16:11,000 --> 00:16:13,720 Speaker 1: have more people competing on plane tickets, prices go up. 332 00:16:13,760 --> 00:16:16,080 Speaker 1: We have more people competing on airbnb s price, we 333 00:16:16,120 --> 00:16:18,680 Speaker 1: have more people competing on wedding venues. The prices go up. 334 00:16:19,040 --> 00:16:21,440 Speaker 1: So of course, the one thing yet they're supposed to 335 00:16:21,440 --> 00:16:23,680 Speaker 1: be doing is fighting inflation, but instead they're trying to 336 00:16:23,720 --> 00:16:27,600 Speaker 1: win political votes and it pushes up even more. It 337 00:16:27,680 --> 00:16:33,280 Speaker 1: also says that um it also encourages college tuition increases, 338 00:16:34,200 --> 00:16:36,360 Speaker 1: so now it's going to cause more people to go 339 00:16:36,400 --> 00:16:38,640 Speaker 1: to college, get more to the student that forgiven, and 340 00:16:38,640 --> 00:16:41,120 Speaker 1: it pushed up college. So all of these things are 341 00:16:41,160 --> 00:16:43,960 Speaker 1: going to cause inflation and said he says, every dollar 342 00:16:44,000 --> 00:16:46,600 Speaker 1: spent on student loan relief is a dollar that could 343 00:16:46,680 --> 00:16:49,640 Speaker 1: have gone to support those who didn't get the opportunity 344 00:16:49,640 --> 00:16:52,720 Speaker 1: to go to college. So what about you went to college, 345 00:16:52,880 --> 00:16:54,440 Speaker 1: you got the student debt. Now, I've seen all these 346 00:16:54,440 --> 00:16:56,560 Speaker 1: stories of people who got the student loan debt and 347 00:16:56,560 --> 00:17:01,040 Speaker 1: they're like, I can't afford to pay my debt and eat. Well, 348 00:17:01,040 --> 00:17:02,520 Speaker 1: then what the hell did you get the student what? 349 00:17:02,520 --> 00:17:03,720 Speaker 1: What the hell did you get the student loan debt 350 00:17:03,720 --> 00:17:05,119 Speaker 1: for in the first place? Why did you go to 351 00:17:05,200 --> 00:17:08,280 Speaker 1: college if it won't even give you a job good 352 00:17:08,320 --> 00:17:11,320 Speaker 1: enough to pay back the debt. That might be the 353 00:17:11,359 --> 00:17:13,840 Speaker 1: worst investment of the world that I've ever heard of. 354 00:17:13,880 --> 00:17:15,200 Speaker 1: Wait a minute, So I went to college so I 355 00:17:15,200 --> 00:17:16,720 Speaker 1: can get a good job, But now the job I 356 00:17:16,720 --> 00:17:18,520 Speaker 1: have doesn't even allow me to pay the debt back 357 00:17:20,480 --> 00:17:22,720 Speaker 1: back to what we said earlier, Like in a society 358 00:17:22,720 --> 00:17:25,080 Speaker 1: that forces people in to day, it doesn't force you. 359 00:17:25,600 --> 00:17:28,760 Speaker 1: It doesn't force anybody. And I hope everybody thinks twice 360 00:17:28,800 --> 00:17:30,320 Speaker 1: about this. I don't know how it's gonna play out. 361 00:17:30,359 --> 00:17:32,640 Speaker 1: My guess is that student loan debt will be forgiven. 362 00:17:32,680 --> 00:17:34,800 Speaker 1: My guess is that we'll see at least ten thousand 363 00:17:34,800 --> 00:17:37,080 Speaker 1: dollars given because they want to buy the political votes. 364 00:17:38,680 --> 00:17:41,760 Speaker 1: But when inflation goes up because of it, and we 365 00:17:41,800 --> 00:17:43,920 Speaker 1: have more people at each other's throats, we have more 366 00:17:43,960 --> 00:17:47,080 Speaker 1: division inside the United States because of it. Just know 367 00:17:47,480 --> 00:17:50,040 Speaker 1: that that was the cost of getting those political votes. 368 00:17:50,280 --> 00:17:53,360 Speaker 1: And that's democracy for you. Check out the book Democracy 369 00:17:53,400 --> 00:17:55,840 Speaker 1: That God That Failed. You're listening to the markmah Show. 370 00:17:56,040 --> 00:17:58,679 Speaker 1: We're talking about the decentralized Revolution, talking about the way 371 00:17:58,720 --> 00:18:01,040 Speaker 1: the world is breaking apart right now, looking at through 372 00:18:01,040 --> 00:18:03,760 Speaker 1: the lens of politics, as we're talking about finance, money, 373 00:18:03,800 --> 00:18:06,840 Speaker 1: of course, and technology. I got a whole more to 374 00:18:06,920 --> 00:18:08,680 Speaker 1: cover when I get back. I am not done yet, 375 00:18:08,680 --> 00:18:10,920 Speaker 1: So don't go away. We'll be right back. All right, 376 00:18:10,920 --> 00:18:13,680 Speaker 1: Welcome back. If you are just tuning in, you're listening 377 00:18:13,720 --> 00:18:16,000 Speaker 1: to the Mark Moas Show. Of course, we talked about 378 00:18:16,000 --> 00:18:19,320 Speaker 1: the decentralized Revolution each and every week, looking at through 379 00:18:19,320 --> 00:18:21,359 Speaker 1: the lens of politics, finance, and technology. And when we 380 00:18:21,359 --> 00:18:23,919 Speaker 1: look at these three different stories by themselves, a lot 381 00:18:23,960 --> 00:18:25,879 Speaker 1: of times they don't make sense. And I don't know 382 00:18:25,880 --> 00:18:27,760 Speaker 1: what that means. Do how to put it into perspective. 383 00:18:28,080 --> 00:18:31,200 Speaker 1: When you look at them all together in the proper context, 384 00:18:31,280 --> 00:18:33,320 Speaker 1: all of a sudden, the picture starts becoming a lot 385 00:18:33,359 --> 00:18:34,800 Speaker 1: more clear. It's like if you looked at this big 386 00:18:34,800 --> 00:18:36,320 Speaker 1: picture and you just zoomed in on one little piece 387 00:18:36,400 --> 00:18:38,760 Speaker 1: like a like a puzzle, and you had one piece 388 00:18:38,800 --> 00:18:40,439 Speaker 1: of a puzzle, you don't really know what that puzzle is. 389 00:18:40,520 --> 00:18:42,560 Speaker 1: But as you start getting the puzzle more and more together, 390 00:18:42,640 --> 00:18:44,680 Speaker 1: you start zooming out looking at the bigger picture. You 391 00:18:44,720 --> 00:18:47,320 Speaker 1: start to understand what is going on in that image. 392 00:18:47,520 --> 00:18:51,199 Speaker 1: And that's basically what we're talking about right here, UM, 393 00:18:51,280 --> 00:18:54,239 Speaker 1: and it's changing fast. Of course. The technology piece of that, 394 00:18:54,320 --> 00:18:57,800 Speaker 1: of course is bitcoin. It is cryptocurrencies that so what's 395 00:18:57,880 --> 00:19:02,360 Speaker 1: leading a decentralized revolution and UH for months now we've 396 00:19:02,359 --> 00:19:05,800 Speaker 1: been talking about the UH one of the big catalysts 397 00:19:05,800 --> 00:19:08,320 Speaker 1: of causing the bitcoin price and the cryptocurrency price to 398 00:19:08,400 --> 00:19:10,359 Speaker 1: just tumble off of a cliff. Part of it was 399 00:19:10,359 --> 00:19:13,200 Speaker 1: because the Federal Reserve UM Reserve came out in November 400 00:19:13,200 --> 00:19:15,280 Speaker 1: of last year announce they're gonna start raising race, we're 401 00:19:15,320 --> 00:19:17,600 Speaker 1: gonna start doing quantitive tightening. Of course, at that same time, 402 00:19:17,640 --> 00:19:21,040 Speaker 1: the NASDAC, the tech stocks, the risk assets, and bitcoin 403 00:19:21,080 --> 00:19:24,320 Speaker 1: and cryptocurrencies all have kind of turned down, kind of 404 00:19:24,359 --> 00:19:27,320 Speaker 1: falling off a cliff. But when that started to happen, 405 00:19:27,880 --> 00:19:30,199 Speaker 1: it's set off a chain reaction. It started off a 406 00:19:30,240 --> 00:19:32,360 Speaker 1: domino effect. And of course we've talked about this extensively 407 00:19:32,400 --> 00:19:36,280 Speaker 1: on the channel UM. As the price of bitcoin and 408 00:19:36,280 --> 00:19:41,480 Speaker 1: cryptocurrencies came down UM, then collateral that was pledged with 409 00:19:41,520 --> 00:19:44,280 Speaker 1: those bitcoin and cryptocurrencies went down in value, which then 410 00:19:44,359 --> 00:19:47,040 Speaker 1: means more collateral had to be pledged, and when they 411 00:19:47,080 --> 00:19:49,879 Speaker 1: couldn't meet the marginal requirements, then they were liquidated. And 412 00:19:49,920 --> 00:19:52,920 Speaker 1: then when that assets were liquidated, it caused even assets 413 00:19:52,920 --> 00:19:54,560 Speaker 1: to go down even further. And when assets went down 414 00:19:54,560 --> 00:19:56,800 Speaker 1: even further than more margain margin calls were made, and 415 00:19:56,800 --> 00:19:58,880 Speaker 1: then when those weren't made, and more liquidations were made, 416 00:19:58,920 --> 00:20:04,320 Speaker 1: and it just started triggering UH this default. When you 417 00:20:04,440 --> 00:20:10,679 Speaker 1: have like a ponzi scheme, UM, it can grow really fast. 418 00:20:11,280 --> 00:20:13,480 Speaker 1: And so we saw you know, Tera Luna, which was 419 00:20:13,520 --> 00:20:15,879 Speaker 1: the first one that went down. UM. They had this 420 00:20:16,000 --> 00:20:20,360 Speaker 1: algorithmically UM program stable coin, and it was backed by 421 00:20:20,480 --> 00:20:23,560 Speaker 1: this Tara Luna token and it was basically a big 422 00:20:23,600 --> 00:20:25,480 Speaker 1: Ponzi scheme. I've broken it down in detail. I'm not 423 00:20:25,480 --> 00:20:28,240 Speaker 1: gonna dig into it now. If you've missed this in 424 00:20:28,280 --> 00:20:29,800 Speaker 1: the past and you want me to want to hear 425 00:20:29,840 --> 00:20:32,639 Speaker 1: me dig into that specifically, I don't worry. Just go 426 00:20:32,720 --> 00:20:34,800 Speaker 1: check on the podcast. Just search Mark Moss podcast. You 427 00:20:34,840 --> 00:20:37,119 Speaker 1: can find it on the iHeart player, iTunes player wherever 428 00:20:37,119 --> 00:20:39,520 Speaker 1: you want, or you can go to my YouTube channel. 429 00:20:39,800 --> 00:20:41,320 Speaker 1: I have YouTube channel called Mark Moss. I have a 430 00:20:41,359 --> 00:20:44,480 Speaker 1: YouTube channel called Market Disruptors, and all of these podcasts 431 00:20:44,480 --> 00:20:46,200 Speaker 1: are on that channels. You can watch me and listen 432 00:20:46,200 --> 00:20:48,760 Speaker 1: to me at the same time if you want. But um, 433 00:20:48,800 --> 00:20:50,199 Speaker 1: we broke that down and how that works. But it 434 00:20:50,280 --> 00:20:53,159 Speaker 1: allowed that terror Luna Ponsi to kind of grow really fast, 435 00:20:53,600 --> 00:20:57,520 Speaker 1: but it also caused it to unwind even faster. All right, 436 00:20:57,960 --> 00:21:00,760 Speaker 1: Debt is like is that leverage and debt allows you 437 00:21:00,840 --> 00:21:03,080 Speaker 1: to go really fast. Instead of saving up for a 438 00:21:03,119 --> 00:21:07,040 Speaker 1: decade to buy one house, I could use debt and 439 00:21:07,119 --> 00:21:10,359 Speaker 1: buy three houses at one time. Instead of saving up 440 00:21:10,359 --> 00:21:13,080 Speaker 1: for two years to buy a new truck for my work, 441 00:21:13,520 --> 00:21:15,960 Speaker 1: I could get a loan and buy three trucks for 442 00:21:16,040 --> 00:21:18,280 Speaker 1: my work. So that debt allows me to grow away faster. 443 00:21:18,640 --> 00:21:20,560 Speaker 1: But the problem is is then when it comes down, 444 00:21:22,200 --> 00:21:24,320 Speaker 1: if I can't afford the payments, if if my business 445 00:21:24,359 --> 00:21:27,160 Speaker 1: suffers now construction slows down, real estate slows down, construction 446 00:21:27,160 --> 00:21:29,400 Speaker 1: slows down, I can't afford the payments, I lose all 447 00:21:29,440 --> 00:21:32,520 Speaker 1: three trucks at once. That's just wiped out. So that's 448 00:21:32,520 --> 00:21:34,280 Speaker 1: how leverage works, and that's what happens. So Tera Luna 449 00:21:34,280 --> 00:21:37,320 Speaker 1: starts coming down, which then brings Celsius down, which then 450 00:21:37,359 --> 00:21:39,679 Speaker 1: brings there was capital down. And I don't know, you 451 00:21:39,720 --> 00:21:41,359 Speaker 1: know the story. I don't go into that, but what 452 00:21:41,400 --> 00:21:44,200 Speaker 1: I want to talk about right now was specifically Celsius. 453 00:21:44,400 --> 00:21:46,119 Speaker 1: And so I know a lot of you had a 454 00:21:46,200 --> 00:21:48,760 Speaker 1: lot of money there, and I've talked to people who 455 00:21:48,800 --> 00:21:52,440 Speaker 1: got completely wiped out, lost everything, and um, I want 456 00:21:52,440 --> 00:21:54,359 Speaker 1: to give you some updates on that. I know that 457 00:21:55,280 --> 00:21:58,720 Speaker 1: I wouldn't be holding my breath if I had money there, 458 00:21:58,800 --> 00:22:01,879 Speaker 1: but there could be something coming. They're going through bankruptcy 459 00:22:02,440 --> 00:22:04,600 Speaker 1: on the other side of the bankrupt superseding. There will 460 00:22:04,680 --> 00:22:08,520 Speaker 1: be money sent out to some people, most likely probably 461 00:22:08,520 --> 00:22:11,000 Speaker 1: broken down into different categories. If you had yield products, 462 00:22:11,000 --> 00:22:12,400 Speaker 1: if you had loan products, or if you just had 463 00:22:12,400 --> 00:22:15,000 Speaker 1: savings there. Um, And I don't know how much there 464 00:22:15,040 --> 00:22:16,920 Speaker 1: will be and how much they owed and how much 465 00:22:16,920 --> 00:22:19,000 Speaker 1: will be sent out. It could be a penny, it 466 00:22:19,040 --> 00:22:21,480 Speaker 1: could be fifty on the dollar, it could be you know, 467 00:22:21,480 --> 00:22:24,520 Speaker 1: who knows. But I want to keep you up up 468 00:22:24,520 --> 00:22:26,400 Speaker 1: to date on some of the stuff what's going on now. 469 00:22:26,600 --> 00:22:29,959 Speaker 1: We saw this week crypto lender Celsius sues Prime Trust 470 00:22:30,040 --> 00:22:33,680 Speaker 1: over seventeen million dollars and tokens. And so the good 471 00:22:33,760 --> 00:22:37,399 Speaker 1: thing is, through um the bankruptcy proceedings, they're forced to 472 00:22:37,440 --> 00:22:39,680 Speaker 1: declare all their assets and they're forced to go collect 473 00:22:39,800 --> 00:22:42,080 Speaker 1: all those assets. So you can all get total up 474 00:22:42,240 --> 00:22:44,680 Speaker 1: the total amount of liabilities, total amount of assets, and 475 00:22:44,720 --> 00:22:47,120 Speaker 1: they can div you out what's rest and what's what's 476 00:22:47,200 --> 00:22:50,600 Speaker 1: left over. And they're doing that. The bankruptcy court is 477 00:22:50,600 --> 00:22:52,960 Speaker 1: helping them do that. And they're going after Prime Trust 478 00:22:52,960 --> 00:22:56,000 Speaker 1: over seventeen million dollars in tokens that were held Salesa's 479 00:22:56,000 --> 00:22:58,359 Speaker 1: network on Tuesday's suited cryptocho Stodian Prime Trust and an 480 00:22:58,359 --> 00:23:02,760 Speaker 1: attempt to claw back seventeen million in crypto that the 481 00:23:02,760 --> 00:23:07,680 Speaker 1: bankrupt lender alleges its former business partner still holds. This 482 00:23:07,800 --> 00:23:10,240 Speaker 1: is all filed in federal bankruptcy court. Again like once 483 00:23:10,280 --> 00:23:12,760 Speaker 1: the bankruptcy court gets a hold of this stuff, it's 484 00:23:12,800 --> 00:23:15,360 Speaker 1: all going to come to light. There was a fifty 485 00:23:15,440 --> 00:23:18,200 Speaker 1: four page suit and the stems from a dispute over 486 00:23:18,280 --> 00:23:21,680 Speaker 1: assets tied to Celsius's yield product that customers in Washington 487 00:23:21,720 --> 00:23:24,800 Speaker 1: and New York had used and It says that Prime 488 00:23:24,920 --> 00:23:27,120 Speaker 1: Chest had returned almost a hundred and twenty million dollars 489 00:23:27,160 --> 00:23:30,720 Speaker 1: in assets before, but it didn't return them all. And 490 00:23:30,720 --> 00:23:33,200 Speaker 1: they said that upon the commencement of these bankruptcy proceedings, 491 00:23:33,240 --> 00:23:37,600 Speaker 1: Prime Trust was obligated under the Bankruptcy Code to deliver 492 00:23:37,680 --> 00:23:40,720 Speaker 1: all property belonging to Celsius that is in Prime Trust 493 00:23:40,840 --> 00:23:44,760 Speaker 1: possession to Celsius, including the remaining crypto assets, and should 494 00:23:44,760 --> 00:23:49,480 Speaker 1: be ordered to turn them over. Now. UM, if you're 495 00:23:49,960 --> 00:23:52,960 Speaker 1: um still waiting and hopefully you get your fingers crossed, 496 00:23:53,040 --> 00:23:54,439 Speaker 1: I I don't hold your breath, but maybe keep your 497 00:23:54,480 --> 00:23:57,200 Speaker 1: fingers crossed that you could get some money back from Celsius. 498 00:23:57,280 --> 00:24:00,280 Speaker 1: This is a positive announcement. They're continuing to find more 499 00:24:00,359 --> 00:24:03,280 Speaker 1: and more money to come back. But you know, if 500 00:24:03,400 --> 00:24:06,320 Speaker 1: if anything, you've probably heard the same. UM. I never lose, 501 00:24:06,440 --> 00:24:10,680 Speaker 1: right either win or I learned. You've heard that, and 502 00:24:10,680 --> 00:24:12,240 Speaker 1: I hope you didn't lose too bad if if you 503 00:24:12,320 --> 00:24:14,399 Speaker 1: lost at all. But what can you learn out of this? 504 00:24:14,480 --> 00:24:18,800 Speaker 1: And this is an important thing? So, UM, I've got 505 00:24:18,880 --> 00:24:21,439 Speaker 1: on record to say that I think Defy is a 506 00:24:21,480 --> 00:24:25,200 Speaker 1: scam and that people don't like that. Let me clarify 507 00:24:25,280 --> 00:24:28,040 Speaker 1: that what I mean by that, as I tell people 508 00:24:28,040 --> 00:24:31,359 Speaker 1: all the time, I would never and I would urge 509 00:24:31,440 --> 00:24:35,440 Speaker 1: you to never, please, never, never, never, never, never loan 510 00:24:35,560 --> 00:24:39,200 Speaker 1: money to somebody that you don't know and you don't 511 00:24:39,280 --> 00:24:41,680 Speaker 1: understand the risks and if you'll get your money back. 512 00:24:42,440 --> 00:24:44,159 Speaker 1: If you've ever watched the show The Shark Tank, it 513 00:24:44,200 --> 00:24:45,720 Speaker 1: was one of the favorites in our household for a 514 00:24:45,720 --> 00:24:47,040 Speaker 1: long time. I'd sit down and watch it with my 515 00:24:47,119 --> 00:24:50,080 Speaker 1: kids and we'd we do the commentary and we'd pose 516 00:24:50,119 --> 00:24:51,639 Speaker 1: it and we kind of start talking between ourselves. We 517 00:24:51,720 --> 00:24:53,960 Speaker 1: loved it. One of the first questions the shark would 518 00:24:53,960 --> 00:24:57,040 Speaker 1: always ask. They would they would hear about this new invention, 519 00:24:57,080 --> 00:24:59,600 Speaker 1: this new product, this new business whatever, and they were, 520 00:24:59,640 --> 00:25:01,440 Speaker 1: you know, asking for this much money, for this much 521 00:25:01,440 --> 00:25:03,720 Speaker 1: percentage or whatever. And the first question the shark would 522 00:25:03,720 --> 00:25:06,080 Speaker 1: always ask is how do I get my money back? 523 00:25:06,800 --> 00:25:08,679 Speaker 1: Where they would say, I'm not going to invest in 524 00:25:08,680 --> 00:25:10,760 Speaker 1: this deal because I don't see how I can get 525 00:25:10,760 --> 00:25:12,480 Speaker 1: my money back out of it. Right, So the first 526 00:25:12,520 --> 00:25:13,720 Speaker 1: thing that always wanted is how do I get my 527 00:25:13,760 --> 00:25:15,840 Speaker 1: money back? And so you never want to loan money 528 00:25:15,960 --> 00:25:20,200 Speaker 1: or invest money to somebody who you don't know. How 529 00:25:20,280 --> 00:25:23,400 Speaker 1: you get your money back, right. We have to understand that. 530 00:25:23,840 --> 00:25:26,159 Speaker 1: And so when you have a business model like a 531 00:25:26,200 --> 00:25:29,640 Speaker 1: Celsius that's this very opaque, I can't see it. There's 532 00:25:29,640 --> 00:25:34,320 Speaker 1: no transparency, UM, then UM one that should raise red flags. 533 00:25:34,359 --> 00:25:36,800 Speaker 1: And then even if you do, then you want to 534 00:25:36,800 --> 00:25:40,959 Speaker 1: continue paying attention. So you know, if like there's trouble 535 00:25:41,080 --> 00:25:44,240 Speaker 1: ruined on the horizon, like, shoot, it looks like they've 536 00:25:44,320 --> 00:25:46,760 Speaker 1: done some really stupid things. I don't know if I 537 00:25:46,800 --> 00:25:48,960 Speaker 1: trust them anymore like I used to. Maybe in the beginning, 538 00:25:49,040 --> 00:25:50,600 Speaker 1: I really believed in them. I really thought they were 539 00:25:50,600 --> 00:25:52,720 Speaker 1: doing the right thing. They said that every loan was 540 00:25:52,760 --> 00:25:55,639 Speaker 1: overclatteralized by a hundred and fifty. That was kind of 541 00:25:55,640 --> 00:25:59,080 Speaker 1: the story I remember them telling. UM. But now look 542 00:25:59,080 --> 00:26:01,800 Speaker 1: at these couple of things they've done that doesn't look 543 00:26:01,840 --> 00:26:03,880 Speaker 1: like what they told me they were doing. I don't 544 00:26:03,880 --> 00:26:05,600 Speaker 1: know if I trust them anymore. And so you need 545 00:26:05,600 --> 00:26:07,240 Speaker 1: to be looking at these things. So even if you 546 00:26:07,760 --> 00:26:09,840 Speaker 1: made decision. Something I like to say all the time 547 00:26:09,920 --> 00:26:13,680 Speaker 1: is uh, it's um. I believe it was from Einstein. 548 00:26:14,600 --> 00:26:18,480 Speaker 1: And Einstein was a professor and every year he gave 549 00:26:18,520 --> 00:26:23,119 Speaker 1: the same test to students, same test every year, and 550 00:26:23,160 --> 00:26:25,320 Speaker 1: one time some of the other professors at the university 551 00:26:25,359 --> 00:26:27,080 Speaker 1: came up to and said, hey, what are you doing, man, 552 00:26:27,480 --> 00:26:29,879 Speaker 1: Like you give the same test every single year. What 553 00:26:30,160 --> 00:26:32,600 Speaker 1: are you doing? Like, don't you get it? Like the 554 00:26:32,640 --> 00:26:35,000 Speaker 1: students from last year are going to share their answers 555 00:26:35,000 --> 00:26:36,399 Speaker 1: with the students from this year and they're all going 556 00:26:36,440 --> 00:26:41,080 Speaker 1: to cheat. And he said no, So the answers have changed. 557 00:26:41,640 --> 00:26:44,840 Speaker 1: You see. So sometimes sometimes in life we make decisions 558 00:26:44,880 --> 00:26:48,040 Speaker 1: based off of the information we have at that time. 559 00:26:48,680 --> 00:26:52,280 Speaker 1: But when you get new information, then you have then 560 00:26:52,280 --> 00:26:54,480 Speaker 1: you have to change your mind. And so that's exactly 561 00:26:54,520 --> 00:26:56,960 Speaker 1: what I'm talking about. And so even if you made 562 00:26:56,960 --> 00:26:59,040 Speaker 1: that decision to go into Celsius, and again this is 563 00:26:59,040 --> 00:27:00,920 Speaker 1: a learning example for all of us, even if you 564 00:27:00,960 --> 00:27:02,680 Speaker 1: made made a decision to get into one of these 565 00:27:02,880 --> 00:27:05,359 Speaker 1: risky platforms based off of certain information. He told me. 566 00:27:05,359 --> 00:27:08,680 Speaker 1: Every longe was collateralized. He told me, he's only lening 567 00:27:08,680 --> 00:27:11,679 Speaker 1: institutional people. And so you based that decision off of 568 00:27:11,680 --> 00:27:13,720 Speaker 1: that information. But then you always have to be looking 569 00:27:13,720 --> 00:27:16,280 Speaker 1: for more information, not information that confirms what you know, 570 00:27:16,320 --> 00:27:18,639 Speaker 1: typically information that goes against what you know, and then 571 00:27:18,640 --> 00:27:20,000 Speaker 1: you want to be quick to change your mind. I'm 572 00:27:20,040 --> 00:27:21,520 Speaker 1: gonna show you some of this information that came out 573 00:27:21,560 --> 00:27:24,240 Speaker 1: and show you what these warning signs are. Whether you're 574 00:27:24,280 --> 00:27:26,920 Speaker 1: involved or not involved in this or not, it doesn't matter. 575 00:27:26,920 --> 00:27:29,200 Speaker 1: This is a learning opportunity. Better to learn from someone 576 00:27:29,240 --> 00:27:31,520 Speaker 1: else's mistakes than of course, your own. So I want 577 00:27:31,520 --> 00:27:33,840 Speaker 1: to talk about exactly what happened. You're listening to the 578 00:27:33,840 --> 00:27:35,960 Speaker 1: Mark mos Show. We're talking about the decentralized revolution, the 579 00:27:36,000 --> 00:27:42,119 Speaker 1: way the world is changing right before our very eyes, politics, finance, technology, bitcoin, cryptocurrency. 580 00:27:42,119 --> 00:27:44,040 Speaker 1: Will be right back in a minute. Don't go away, 581 00:27:44,520 --> 00:27:46,560 Speaker 1: all right, welcome back. You're listening to the Mark Moss Show. 582 00:27:47,080 --> 00:27:49,360 Speaker 1: We talk about the decentralized revolution each and every week, 583 00:27:49,400 --> 00:27:51,159 Speaker 1: of course, the way the world is changing. And if 584 00:27:51,160 --> 00:27:54,080 Speaker 1: you missed anything that I've said before, don't worry. I 585 00:27:54,119 --> 00:27:55,639 Speaker 1: got your back. You can check me out on the 586 00:27:55,680 --> 00:27:59,080 Speaker 1: podcast just search Mark Moss podcast. You can find me 587 00:27:59,080 --> 00:28:01,359 Speaker 1: on the I Heart player, you can find me on 588 00:28:01,400 --> 00:28:04,119 Speaker 1: iTunes or wherever you listen to your podcasts. And you 589 00:28:04,160 --> 00:28:06,320 Speaker 1: can check me out on YouTube. Just search Mark Moss 590 00:28:06,359 --> 00:28:09,359 Speaker 1: on YouTube. UM. I have my main Mark Moss channel, 591 00:28:09,400 --> 00:28:12,280 Speaker 1: which is more like teaching videos um, and then I 592 00:28:12,320 --> 00:28:16,359 Speaker 1: have the Market Disruptors channel, which has all of these 593 00:28:16,400 --> 00:28:19,000 Speaker 1: podcasts on there. So if you want to listen to 594 00:28:19,040 --> 00:28:21,040 Speaker 1: me and see me at the same time, check it 595 00:28:21,080 --> 00:28:23,879 Speaker 1: out on the Mark Moss or I'm sorry, the Market 596 00:28:23,920 --> 00:28:27,119 Speaker 1: Disruptors YouTube channel. And of course, if you're not already 597 00:28:27,240 --> 00:28:29,240 Speaker 1: checking me out on social media, let me know you're 598 00:28:29,240 --> 00:28:31,840 Speaker 1: listening to me, hit me up at one Mark Moss 599 00:28:31,880 --> 00:28:34,760 Speaker 1: at the number one Mark Moss. Now we're talking about 600 00:28:34,800 --> 00:28:36,840 Speaker 1: some of these signposts that we could have seen. And 601 00:28:37,080 --> 00:28:40,960 Speaker 1: I get it, I was there, I didn't see him. 602 00:28:41,000 --> 00:28:42,400 Speaker 1: But what can we learn? What can I look for 603 00:28:42,440 --> 00:28:44,280 Speaker 1: next time? Or you weren't, you weren't involved at all, 604 00:28:44,280 --> 00:28:45,880 Speaker 1: but still what can you learn from this? Right? Like 605 00:28:45,920 --> 00:28:47,760 Speaker 1: I said, better to learn from somebody else's mistakes. And 606 00:28:47,800 --> 00:28:51,600 Speaker 1: so we can see here um failed crypto lenders Celsius 607 00:28:51,600 --> 00:28:55,160 Speaker 1: fires back, accusing ex employee of fraud. The key Fi 608 00:28:55,200 --> 00:28:59,440 Speaker 1: founder and CEO Jason Stone has previously filed suit against Celsius, 609 00:29:00,000 --> 00:29:05,840 Speaker 1: accusing his former employer of market manipulation, among other charges, 610 00:29:06,480 --> 00:29:09,480 Speaker 1: and so we can see that now Celsius is suing 611 00:29:09,720 --> 00:29:15,160 Speaker 1: countersuing Keifi and a CEO Jason Stone, accusing the defendants 612 00:29:15,160 --> 00:29:18,640 Speaker 1: of stealing valuable property from Celsius and demanding damages and restitution. 613 00:29:19,480 --> 00:29:23,520 Speaker 1: Now what's interesting is that they're coming out and Celsius 614 00:29:23,560 --> 00:29:26,960 Speaker 1: is saying that this action arises from the defendants incompetence, deceit, 615 00:29:27,360 --> 00:29:31,400 Speaker 1: and conversion. According to their bankruptcy court filings, um the 616 00:29:31,520 --> 00:29:36,440 Speaker 1: lender labels Keifi and Stone as quote, not just incompetent, 617 00:29:36,800 --> 00:29:41,640 Speaker 1: they were also thieves. So if they were incompetent in thieves, 618 00:29:42,200 --> 00:29:47,239 Speaker 1: why did they get in bed with them? So if 619 00:29:47,280 --> 00:29:50,000 Speaker 1: I was invested into my friends company and I saw 620 00:29:50,040 --> 00:29:52,959 Speaker 1: they were getting in bed with people who were incompetent 621 00:29:53,000 --> 00:29:55,920 Speaker 1: and thieves, then I would doubt their judgment. I might 622 00:29:55,960 --> 00:29:58,040 Speaker 1: not want to be invested in that company anymore. You see, 623 00:29:58,080 --> 00:30:00,600 Speaker 1: these are some of the things that we can see, 624 00:30:00,840 --> 00:30:05,160 Speaker 1: it says the defendants. Liability to Celsius is staggering, said Celsius, 625 00:30:05,560 --> 00:30:10,320 Speaker 1: saying funds lost through negligence. Negligence alone are worth many 626 00:30:10,520 --> 00:30:15,320 Speaker 1: tens of millions of dollars, with funds stolen possibly worth 627 00:30:15,480 --> 00:30:21,440 Speaker 1: tens of millions more so now their countersuing. So typically 628 00:30:21,440 --> 00:30:23,680 Speaker 1: the countersuits, I don't always put a lot of trust 629 00:30:23,760 --> 00:30:26,560 Speaker 1: in that. But what they're saying is saying, is Celsius 630 00:30:26,600 --> 00:30:31,680 Speaker 1: saying that look, These people are partners that we brought on. 631 00:30:31,920 --> 00:30:37,360 Speaker 1: Former employees through their negligence lost tens of millions of dollars. 632 00:30:37,400 --> 00:30:40,680 Speaker 1: So why wasn't Celsius paying attention to that? You mean 633 00:30:40,720 --> 00:30:43,280 Speaker 1: they had these people whose negligence lost them tens of 634 00:30:43,320 --> 00:30:46,200 Speaker 1: millions of dollars and they weren't paying attention. Is that 635 00:30:46,360 --> 00:30:48,600 Speaker 1: the type of company I would want to be invested into, 636 00:30:48,680 --> 00:30:51,760 Speaker 1: that I want to be trusting. Now the answer for 637 00:30:51,800 --> 00:30:56,479 Speaker 1: me is, of course no, he says. In early July, Kei, 638 00:30:56,560 --> 00:30:59,680 Speaker 1: Fi and Stone filed suit against Celsius, excusing the company 639 00:31:00,080 --> 00:31:03,440 Speaker 1: of crypto market manipulation and the lack of any accounting 640 00:31:03,440 --> 00:31:08,360 Speaker 1: controls to protect consumer deposits. So they're fighting. The course 641 00:31:08,360 --> 00:31:10,400 Speaker 1: will figure out who's right or wrong. I don't need to. 642 00:31:10,720 --> 00:31:13,440 Speaker 1: But what happened is when I see this happening, When 643 00:31:13,440 --> 00:31:16,200 Speaker 1: I see Celsius lost money to a Badger Dow attack, 644 00:31:16,280 --> 00:31:18,440 Speaker 1: for example, we brought that up. What were they doing 645 00:31:18,600 --> 00:31:21,640 Speaker 1: with money in Badger Now? I thought they were only 646 00:31:21,720 --> 00:31:25,680 Speaker 1: loaning to institutional grade companies and they were a hundred overcollateralized. 647 00:31:25,840 --> 00:31:28,560 Speaker 1: But wait a minute, they were putting money into Badger 648 00:31:28,640 --> 00:31:31,640 Speaker 1: Now and losing it. That's not what they told me, oh, 649 00:31:31,720 --> 00:31:34,719 Speaker 1: wait a minute, they're bringing people on who who are 650 00:31:34,760 --> 00:31:36,840 Speaker 1: negligent and losing tens of million dollars. That's not the 651 00:31:36,840 --> 00:31:39,000 Speaker 1: company I thought I was investing too. And so the 652 00:31:39,000 --> 00:31:42,040 Speaker 1: answers changed. Maybe you didn't have that information available to 653 00:31:42,040 --> 00:31:45,040 Speaker 1: you at the time when you made the investment. And 654 00:31:45,080 --> 00:31:49,600 Speaker 1: I get it. It's understandable we make mistakes, but as 655 00:31:49,680 --> 00:31:52,280 Speaker 1: these warnings were coming up, then you have to be 656 00:31:52,320 --> 00:31:54,560 Speaker 1: quick to pivot. Now this also brings back another example, 657 00:31:54,640 --> 00:31:57,040 Speaker 1: another story. I mean, if you're putting money into something, 658 00:31:57,040 --> 00:32:01,080 Speaker 1: if you're investing into something, if you're buying a company, UM, 659 00:32:01,360 --> 00:32:06,240 Speaker 1: pay attention, Warren Buffett says. Um. Warren Buffett has something 660 00:32:06,440 --> 00:32:10,920 Speaker 1: quote I didn't look it up, something about uh, something 661 00:32:10,920 --> 00:32:15,120 Speaker 1: about diversification. And it's like if you if you put 662 00:32:15,320 --> 00:32:17,120 Speaker 1: put all your eggs in one basket and then just 663 00:32:17,280 --> 00:32:20,600 Speaker 1: watch that basket something something out effect. And so it's like, 664 00:32:20,600 --> 00:32:23,320 Speaker 1: if I'm gonna put money somewhere, you better be darn 665 00:32:23,400 --> 00:32:25,600 Speaker 1: sure I'm gonna be watching that thing, right, I'm gonna 666 00:32:25,600 --> 00:32:28,960 Speaker 1: be paying attention to that. And so um, again, like 667 00:32:29,040 --> 00:32:30,760 Speaker 1: I get it, it's super painful. And if you lost 668 00:32:30,760 --> 00:32:33,880 Speaker 1: a bunch of money, Michael Dolences. I apologize. I'm definitely 669 00:32:33,880 --> 00:32:35,440 Speaker 1: not trying to make light of this by any means. 670 00:32:35,960 --> 00:32:37,400 Speaker 1: But whether you whether you had money it or not, 671 00:32:37,560 --> 00:32:40,440 Speaker 1: doesn't matter. Like, learn from this. This is this is 672 00:32:40,600 --> 00:32:45,240 Speaker 1: unfortunately sometimes painful lessons better to learn from somebody else. Um, 673 00:32:45,480 --> 00:32:47,440 Speaker 1: good news, A little bit of good news. They say 674 00:32:47,440 --> 00:32:48,800 Speaker 1: they do have enough money now to get through the 675 00:32:48,880 --> 00:32:50,360 Speaker 1: end of the year, so it looks like they can 676 00:32:50,360 --> 00:32:53,040 Speaker 1: stay at least in business that into the year. Of course, 677 00:32:53,040 --> 00:32:55,440 Speaker 1: we need to get them through the trustees, through the 678 00:32:55,440 --> 00:32:59,960 Speaker 1: bankruptcies and maybe, just maybe there might be some money 679 00:33:00,040 --> 00:33:03,240 Speaker 1: coming back to you. Now, one more thing about this 680 00:33:03,320 --> 00:33:05,800 Speaker 1: quick while we're still talking about this subject here. Um, 681 00:33:05,840 --> 00:33:07,600 Speaker 1: one thing I thought that was interesting that came up. 682 00:33:07,880 --> 00:33:10,240 Speaker 1: I was talking about how, um there's a story I 683 00:33:10,240 --> 00:33:13,240 Speaker 1: saw this week and and Celsius and Three Arrows Capital 684 00:33:13,800 --> 00:33:16,760 Speaker 1: and all these ones. Um, Like I said, it really 685 00:33:16,920 --> 00:33:18,800 Speaker 1: turned into this like kind of domino effect, right, they 686 00:33:18,800 --> 00:33:21,720 Speaker 1: started all taking each other down. And they say, one 687 00:33:21,720 --> 00:33:23,880 Speaker 1: of the things that would have really helped this would 688 00:33:23,880 --> 00:33:25,640 Speaker 1: have is that if they would have done more of 689 00:33:25,680 --> 00:33:29,320 Speaker 1: their transactions on chain, so that there would be more 690 00:33:29,400 --> 00:33:32,480 Speaker 1: visibility on chain, means that there's obviously like a blockchain, 691 00:33:32,880 --> 00:33:36,200 Speaker 1: and so when it's done through blockchain, then you can 692 00:33:36,360 --> 00:33:40,320 Speaker 1: see all of those transactions. When they do it off chain, 693 00:33:40,400 --> 00:33:42,640 Speaker 1: like on a piece of paper in their desk, then 694 00:33:42,640 --> 00:33:45,240 Speaker 1: nobody has a visibility to do that. Now, as these 695 00:33:45,240 --> 00:33:46,920 Speaker 1: things started going down, a lot of people were doing 696 00:33:46,960 --> 00:33:49,880 Speaker 1: research into the on chain information and you could see, oh, 697 00:33:50,000 --> 00:33:52,400 Speaker 1: here's where here's where Celsius has money. They have money, here, 698 00:33:52,440 --> 00:33:54,760 Speaker 1: they have money here, here's where the liquidation level is. 699 00:33:54,800 --> 00:33:56,200 Speaker 1: If if Big Win goes down to this leve, they're 700 00:33:56,200 --> 00:33:58,239 Speaker 1: gonna be liquidated. And so some of that started coming up. 701 00:33:58,600 --> 00:34:00,520 Speaker 1: But if they would have done more of that, maybe 702 00:34:00,600 --> 00:34:03,160 Speaker 1: that would have helped. But I have some problems with 703 00:34:03,200 --> 00:34:05,680 Speaker 1: this article that came out. It says that in the 704 00:34:05,680 --> 00:34:08,360 Speaker 1: wake of the collapse of the Terra ecosystem, the bankruptcy 705 00:34:08,400 --> 00:34:11,480 Speaker 1: of Celsius, and the fall of Throwers Capital, these events 706 00:34:11,520 --> 00:34:15,040 Speaker 1: ultimately show why more of the financial system should operate 707 00:34:15,080 --> 00:34:19,440 Speaker 1: on chain, bringing more transparency and information to market participants. 708 00:34:20,640 --> 00:34:22,440 Speaker 1: He says, in all three cases, the damage was caused 709 00:34:22,440 --> 00:34:26,719 Speaker 1: and exacerbated by opaque off chain entities. These events have 710 00:34:26,800 --> 00:34:29,680 Speaker 1: made it clear that the industry is in need of 711 00:34:29,800 --> 00:34:32,680 Speaker 1: more transparency So that's the part that I have a 712 00:34:32,719 --> 00:34:37,200 Speaker 1: little bit of grape over. Is it clear that this 713 00:34:37,239 --> 00:34:42,240 Speaker 1: industry needs more transparency? If you invest into your money, 714 00:34:42,520 --> 00:34:44,480 Speaker 1: your money in the bank, is it very clear where 715 00:34:44,520 --> 00:34:47,759 Speaker 1: your money in the bank is. We put money into 716 00:34:47,880 --> 00:34:50,960 Speaker 1: all types of things that aren't clear. Now as an investor, 717 00:34:51,120 --> 00:34:54,960 Speaker 1: as a customer, I should demand that, and if the 718 00:34:54,960 --> 00:34:57,000 Speaker 1: market once that, the market should give it to you. 719 00:34:57,320 --> 00:34:59,160 Speaker 1: But we invest into all kinds of things that don't 720 00:34:59,160 --> 00:35:02,400 Speaker 1: have this transparent see. And this goes back to understanding 721 00:35:02,480 --> 00:35:05,760 Speaker 1: your risk. If you give your money to somebody else, 722 00:35:06,040 --> 00:35:10,080 Speaker 1: you may not get it back. There's always that risk. 723 00:35:10,239 --> 00:35:11,719 Speaker 1: Anytime you give your money someone else, you may not 724 00:35:11,760 --> 00:35:16,080 Speaker 1: get it back, and you have to understand that risk. Now, 725 00:35:16,320 --> 00:35:18,960 Speaker 1: another way that would have helped people avoid this was 726 00:35:19,040 --> 00:35:23,200 Speaker 1: not getting involved at all. I recommend that you buy bitcoin, 727 00:35:24,000 --> 00:35:26,680 Speaker 1: you only hold bitcoin, and you take your bitcoin off 728 00:35:26,719 --> 00:35:29,000 Speaker 1: of the exchange and you hold it in your own custody. 729 00:35:29,400 --> 00:35:32,319 Speaker 1: You don't give it to three Years Capital or Terra 730 00:35:32,400 --> 00:35:35,480 Speaker 1: Luna or Celsius for an exchange for a couple of 731 00:35:35,520 --> 00:35:39,320 Speaker 1: points of yield. As an investor, I like to risk 732 00:35:39,680 --> 00:35:44,880 Speaker 1: maybe ten percent to make Maybe I don't want the opposite, 733 00:35:45,160 --> 00:35:47,920 Speaker 1: which is I don't want to risk a hundred percent 734 00:35:48,360 --> 00:35:50,799 Speaker 1: to maybe get back ten percent or in this case 735 00:35:50,840 --> 00:35:53,600 Speaker 1: four or five percent. I would never do that. You 736 00:35:53,680 --> 00:35:55,759 Speaker 1: don't want the risk to be so much more than 737 00:35:55,800 --> 00:35:58,680 Speaker 1: the potential or do you want the reward to be 738 00:35:58,719 --> 00:36:01,920 Speaker 1: more than the potential risk? And oh, I recommend that 739 00:36:02,000 --> 00:36:05,960 Speaker 1: you buy bitcoin. You pull that bitcoin off the exchange, 740 00:36:06,320 --> 00:36:09,799 Speaker 1: you put it into private storage, into private custody, and 741 00:36:09,880 --> 00:36:14,359 Speaker 1: just hold it, guard it, keep it safe, don't lose it. 742 00:36:14,760 --> 00:36:17,279 Speaker 1: Um So I don't think that industry needs app um 743 00:36:17,600 --> 00:36:19,239 Speaker 1: It says by looking in at the transaction data and 744 00:36:19,239 --> 00:36:21,680 Speaker 1: crypto wall it balances, we can gather valuable insights into 745 00:36:21,719 --> 00:36:24,879 Speaker 1: market conditions. This is crucial for participants and investors trying 746 00:36:24,920 --> 00:36:26,839 Speaker 1: to plan their next move. So I do agree with that. 747 00:36:27,200 --> 00:36:29,840 Speaker 1: And that's one of the big things about bitcoin is 748 00:36:29,880 --> 00:36:32,279 Speaker 1: because the transparency and to the point with bitcoin we 749 00:36:32,320 --> 00:36:35,960 Speaker 1: say that we don't trust, we verify, and because bitcoin 750 00:36:36,040 --> 00:36:37,879 Speaker 1: is an open network, we don't have to trust any 751 00:36:37,920 --> 00:36:39,600 Speaker 1: of this, and that's exactly the point this is making. 752 00:36:40,040 --> 00:36:42,799 Speaker 1: And so with this open database, we can see all 753 00:36:42,840 --> 00:36:48,239 Speaker 1: the transactions and we are not stuck trying to trust them. Instead, 754 00:36:49,760 --> 00:36:54,240 Speaker 1: we can verify much much different than your Tesla stock 755 00:36:54,360 --> 00:36:57,120 Speaker 1: or your Apple stock, or how much gold is in 756 00:36:57,160 --> 00:36:59,719 Speaker 1: the world. We don't see into any of that. There's 757 00:36:59,719 --> 00:37:01,799 Speaker 1: no train sparents in the oil markets, energy marks, nothing, 758 00:37:01,840 --> 00:37:04,239 Speaker 1: but with bitcoin there is. You're listening to the Markmas Show. 759 00:37:04,280 --> 00:37:06,520 Speaker 1: We're talking about the decentralized revolution, talking about the way 760 00:37:06,520 --> 00:37:08,800 Speaker 1: the world is changing. That's what I got for you today. 761 00:37:08,920 --> 00:37:10,719 Speaker 1: Thanks so much for listening. Until next time.