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Speaker 1: The coin Bureau Podcast is a production of I Heart Radio.

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Speaker 1: I think you know, Crypta has known as sort of

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Speaker 1: a world west of finance, and I think we're now

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Speaker 1: starting to see the sun set on the wild West.

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Speaker 1: Oh yeah, finance and that and that is crypto, which

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Speaker 1: again we'll create and promoting new opportunities and we'll we'll

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Speaker 1: be there to be a part of that. Um. But

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Speaker 1: it's so interesting right now how crypt has being a

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Speaker 1: part of the financial world this year. Welcome everyone to

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Speaker 1: a coin Burea podcast. My name is Guy and this

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Speaker 1: guy's name is mad Mike Mooch. We're very lucky to

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Speaker 1: be joined by the coin Bureau podcasts first ever guests.

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Speaker 1: We have Tom and Josh from Crypto Busy. Welcome, thank

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Speaker 1: you for having us. Thank you great to have you here. Yeah,

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Speaker 1: really really enjoying it. So can you guys before we

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Speaker 1: kick off, Before we talk about all everything that's going

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Speaker 1: on in crypto and the wider economy and all this

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Speaker 1: blood in the streets that we're currently seeing, can you

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Speaker 1: just tell everyone a bit about what you guys do.

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Speaker 1: Sure so, um, Yeah, Crypto Busy, we've been around since

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Speaker 1: we started the channel in but we've been investing way

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Speaker 1: before that in forex, and then we took the knowledge

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Speaker 1: from the Frogs World into crypto and we combined the

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Speaker 1: two together, and we specialize in fundamentals and technicals UM

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Speaker 1: and just creating contents that we wish we had access

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Speaker 1: to when we started out in in Kryptso yeah, I

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Speaker 1: think that was the biggest thing is when we came

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Speaker 1: into crypto around right before the big run up, you know,

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Speaker 1: we saw there was still a very high barrier to entry,

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Speaker 1: and you know, despite the crypto market going up, we

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Speaker 1: we found a lot of people were not being able

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Speaker 1: to get into it because they you know, didn't know

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Speaker 1: how to exchange or use wallets or anything like that.

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Speaker 1: So we thought, you know, after it taking us months

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Speaker 1: of learning through other people's videos, you know, we thought

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Speaker 1: there wasn't enough good quality content out there to provide

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Speaker 1: that kind of tutorial aspect. So that's how we started.

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Speaker 1: And then that kind of transitioned into you know, covering

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Speaker 1: the news bring coins that we're buying UM, and I

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Speaker 1: think a couple of our you know, videos that kind

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Speaker 1: of propelled us were UM. We were one of the

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Speaker 1: first people to talk about like Zilka v chain UM

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Speaker 1: and those were the videos that really blew up at

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Speaker 1: the beginning when we brought them down at half a

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Speaker 1: cent or whatever. And then uh, you know XRP as well,

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Speaker 1: that's another one since the beginning. UM. It's the first

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Speaker 1: critic currency ever invested in UM. And you know, just

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Speaker 1: seeing the the solutions to the problems that they're out

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Speaker 1: there at the moment with cross boarder payments, I thought, yeah,

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Speaker 1: definitely XRP is one up there for me with that one.

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Speaker 1: But so yeah, definitely with v chain and others as well.

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Speaker 1: And in the end, just crazing content that we just love,

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Speaker 1: you know, we love looking at the old coins and

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Speaker 1: the projects UM and then just seeing what we can

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Speaker 1: provide in that, what's our take UM and just go

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Speaker 1: from there. Really Yeah, and yeah, I mean you guys

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Speaker 1: are you guys are content creators and and traders as well. Yes, yeah, yeah,

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Speaker 1: So I I still love trading FORU. So it's still

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Speaker 1: something I do daily, what five days that the market's open,

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Speaker 1: and that will always kind of the first love when

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Speaker 1: it comes comes to trading. But I just find it,

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Speaker 1: I find it a lot easier to trade than crypto

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Speaker 1: because I feel like, you know, you know, certain events

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Speaker 1: will affect your own trading. You for example, you have

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Speaker 1: like these red flags or where when you've got certain

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Speaker 1: you know, it's see by reports and stuff like coming out,

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Speaker 1: so you know, like not to trade those areas. Whereas

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Speaker 1: with bitcoin, I feel like there's always one of those

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Speaker 1: things going on. Bitcoin could go anywhere, so it's a

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Speaker 1: lot harder the trade. It's more like with bitcoin, I

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Speaker 1: do swing trading, which is you know, buy old position trading,

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Speaker 1: whereas with for X, is very much like I'm in

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Speaker 1: and out within a day or two of my trades. So, um,

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Speaker 1: that's kind of just like a I guess sorry, fighting

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Speaker 1: from myself, you know, outside of crypt so it's it's

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Speaker 1: looking in the stocks, so investing in stock markets, but

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Speaker 1: with everything at the moment, you know, it's sutainly taking

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Speaker 1: a bit of a hit. Yeah, yeah, it's um, I

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Speaker 1: mean conditions out there, not just in crypto. I mean,

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Speaker 1: we're gonna we're going to focus kind of on crypto today. Yeah,

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Speaker 1: obviously it's a crypto podcast, but yeah, I think that's

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Speaker 1: an important thing to to lead off with, isn't it.

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Speaker 1: And Mike, you and I have talked about this before

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Speaker 1: in some of the previous episodes, haven't we it's we're

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Speaker 1: looking at I mean, i'd say this is a kind

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Speaker 1: of unprecedented global macro situation at the moment. Yeah, definitely.

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Speaker 1: I mean, especially what's going on at the moment. You've

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Speaker 1: had yesterday on the day of recording, you know, yesterday

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Speaker 1: Jerome Power from the Federal Reserve raising interest rates by

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Speaker 1: centi five basis points um, and then north of the

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Speaker 1: Bank of England as well recently announcing they're going to

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Speaker 1: go from one percent to one point two five percent um.

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Speaker 1: So there's a certainly an appetite from central banks across

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Speaker 1: the world to restrict people's investing. They want more people

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Speaker 1: to save their money than actually invest it, And coupled

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Speaker 1: that with everything else that's going on in a lot

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Speaker 1: of the moment, is sort of the perfect storm for

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Speaker 1: where we are right now. Yeah, I was gonna say,

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Speaker 1: do you think that's enough? Do you think like plus

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Speaker 1: point five percent is enough to stop people in this?

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Speaker 1: I have I have a funny feeling, No, it's not

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Speaker 1: gonna be the because when you see like the kind

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Speaker 1: of games you're going to get in we obviously right now,

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Speaker 1: but when when the markets do eventually reverse you know,

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Speaker 1: I still feel like point to five percent not not

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Speaker 1: incentivizing enough. I need to see like two or three.

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Speaker 1: Have many people calling for like, you know, we need

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Speaker 1: to raise it to you know, five percent and all

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Speaker 1: that sort of what happened in the seventies and eighties

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Speaker 1: when you had very high interest rates. We you know,

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Speaker 1: we've grown up in the world where we've had very

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Speaker 1: low interest rates and so borrowing has been very easy

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Speaker 1: to invest with UM And so are we about to

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Speaker 1: enter that type of time or a period in time

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Speaker 1: where we have a very high interest rates. Potentially We

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Speaker 1: don't know just yet, but we're just to wait and

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Speaker 1: see what happens with that. But certainly by these interest

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Speaker 1: rate hikes, UM, it's it's a signal from central banks

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Speaker 1: saying that you know, we need we need to look

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Speaker 1: at them. It's coming. It's coming. Yeah, you know, it's

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Speaker 1: kind of it's just teasing it in, really, isn't. It's

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Speaker 1: just it's sort of like a nice two point five

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Speaker 1: and then and and you know, so it's not you

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Speaker 1: can't just go full throttle the time. Well, I mean

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Speaker 1: the Fed and another central banks, I mean they have

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Speaker 1: a really tough tough job on their hands, don't they be.

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Speaker 1: They have to, They have to try and tame inflation.

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Speaker 1: I mean, I don't really think they've got any choice

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Speaker 1: but to raise rates. It's how quickly they do it,

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Speaker 1: and how quickly they can do it without the rest

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Speaker 1: of the economy basically flames. Yeah, that's the famous sort

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Speaker 1: of soft landing. Yeah, I mean, I think it was

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Speaker 1: always inevitable, wasn't. After all, this money printing that happened

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Speaker 1: during covid era um pandemic clearly lead to the well

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Speaker 1: that was unprecedented in itself, so it therefore leads to

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Speaker 1: unprecedented circumstances like this. And I think it's surprising. I

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Speaker 1: think it didn't even happen sooner. I think a lot

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Speaker 1: of people thought we were going to quickly see the

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Speaker 1: repercussions of this, But to three years down the line,

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Speaker 1: here we are and it's finally coming about. I think

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Speaker 1: a lot of people thought that because it hadn't happened

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Speaker 1: before then, that it wasn't wasn't gonna happen. But yeah,

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Speaker 1: I think it was inevitable to be honest, at this point. Definitely, definitely.

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Speaker 1: I think mentally a lot of people have probably been

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Speaker 1: kind of kicking the can down the road, because I mean,

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Speaker 1: it didn't take You don't need to be an economist

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Speaker 1: to to look at times during the pandemic, you know,

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Speaker 1: to look when we saw all that money being printed,

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Speaker 1: all that money be flying around twenty one, you could

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Speaker 1: tell that there was going to the bill was going

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Speaker 1: to come in for this. And I but I still

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Speaker 1: think sort of mentally, a lot of people have just gone,

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Speaker 1: it'll be okay, we'll we'll deal with this, and it's well,

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Speaker 1: it's now, this is, this is what we're dealing with

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Speaker 1: it now, this is and that's what you've been seeing

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Speaker 1: with with this whole year, since the year to date

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Speaker 1: at the moment, with you know, since January until now,

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Speaker 1: I say even a bit last year as well actually

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Speaker 1: with the downturn in the economy and also in crypto.

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Speaker 1: At the moment, they're pricing in the decisions and the

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Speaker 1: events of what are happening right now. Um, and so

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Speaker 1: we yet to find out if we're going to see

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Speaker 1: a negative GDP quarter or two in a row. We've

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Speaker 1: already had one. We're going to get to in a

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Speaker 1: row if we do get to in a row, and

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Speaker 1: then that's as where you're going to be seeing the

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Speaker 1: BBC mainstream media say it's recession of recession, and that's

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Speaker 1: going to put a lot of panic to the masses.

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Speaker 1: I mean, we're seeing this first initially, you know, the

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Speaker 1: wall streets are seen this first and everyone else, but

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Speaker 1: they're pricing in world will happens. So it's yeah, I

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Speaker 1: mean it's interesting. I've been I've been kind of looking

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Speaker 1: a lot into recessions and and and it's kind of

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Speaker 1: there's there seems to be a big fanfare whenever we

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Speaker 1: go into one, but no one really knows or is

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Speaker 1: it's very sort of quiet when we it's kind of

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Speaker 1: like an Irish goodbye when we come out of one.

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Speaker 1: And and it's also it's kind of just they happen,

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Speaker 1: you know what I mean, So like they you know,

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Speaker 1: we've gone through a few in our lifetimes, and it's

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Speaker 1: it's not the end of the world. And I think

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Speaker 1: that's kind of something that people also need to sort

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Speaker 1: of understand. It's not We're not gonna be eating turnips

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Speaker 1: and rats, you know, I mean, it's gonna be It's

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Speaker 1: it is just one of these things. Some businesses do

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Speaker 1: need to go out of business, you know, some businesses

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Speaker 1: you know, and then that gives you know, it's kind

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Speaker 1: of like a forest fire, so sometimes it clears the

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Speaker 1: forest and then the new shoots can arrive. So you

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Speaker 1: can always look at it as an opportunity. And I

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Speaker 1: I just from doing more research and looking at basically

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Speaker 1: watching YouTube videos, it's kind of it gives me a

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Speaker 1: little bit more hope and and and you know, because

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Speaker 1: sometimes you go a whole recession was I mean, we

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Speaker 1: just got no money. But yeah, it's not going to

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Speaker 1: be the end of the world, no, not untill um.

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Speaker 1: In fact, as you said, as you rightly said, you know,

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Speaker 1: it does weed out the week um, and it does

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Speaker 1: offer an opportunity to build on from what we've seen.

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Speaker 1: I mean, it's certainly over the past month and a

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Speaker 1: bit with the ust situation and also Celsius. I'm sure

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Speaker 1: we'll talk about it later on, but you know, just

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Speaker 1: what's been happening recently within crypto um is again weeding

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Speaker 1: out what's what the bad stuff has happened, and then

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Speaker 1: we can build from that going forward. I mean, this

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Speaker 1: is very much the Fiat money cycle, isn't it were

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Speaker 1: boom and bust as um as as has been referred to,

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Speaker 1: so many times in the past. That's that's the phrase

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Speaker 1: my dad likes, you know, it's and I mean for

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Speaker 1: for better or worse. This is this is the cycle

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Speaker 1: that we go through, and it's I wouldn't say it's

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Speaker 1: regular as clockwork, but it happens. We have we have recessions,

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Speaker 1: the economy recovers, everyone kind of forgets what happened, and

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Speaker 1: then we all of a sudden we have another recession again.

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Speaker 1: And I guess just what's been so extraordinary about the

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Speaker 1: past couple of years is that I think before there

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Speaker 1: was I remember there being a sense that we would

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Speaker 1: do another recession. It was it was about time. And

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Speaker 1: then of course COVID the pandemic came along and just

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Speaker 1: changed everything, which is which is I guess one of

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Speaker 1: the most extraordinary You know what what is so extraordinary

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Speaker 1: about the time is that we're living in now we've

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Speaker 1: had this, We've had this massive black swan. Yea, yeah,

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Speaker 1: it's um it really has it really has changed the game.

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Speaker 1: But yeah, as you guys say, recession is very much

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Speaker 1: the kind of buzzword, especially in the mainstream media. Yeah. Yeah,

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Speaker 1: I think when that when that comes, then you can

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Speaker 1: be seeing a lot of I think I think people

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Speaker 1: just always compare it. They always look at two dozen

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Speaker 1: and eight and they think every recession is going to

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Speaker 1: be as like monuments as that, and they think two

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Speaker 1: don eight because I especially a lot of people in

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Speaker 1: like you know, our generation will will you know, they

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Speaker 1: didn't necessarily live through two dozen and eight when you know,

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Speaker 1: I was ted, so you know, it didn't really have

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Speaker 1: any gravity exactly I'm sped um, but yes, I was like,

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Speaker 1: you know, it would never really had any gravity on me.

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Speaker 1: Obviously did my parents. But then now we get to this,

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Speaker 1: this is my first proper like blacks one where you're like,

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Speaker 1: oh damn, there's actually repercussions in the world, and you're like,

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Speaker 1: You're like, obviously I've got really nothing to look back

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Speaker 1: and compare it to. But my parents and people like that,

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Speaker 1: they'll they'll look back on two thousand and eight probably

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Speaker 1: and be like, could this be as bad? Do you

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Speaker 1: remember that scene? And we've watched margin calls um where

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Speaker 1: they's is it's out of two thousand and eight situation

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Speaker 1: where they had to sell everything, they off their books

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Speaker 1: and it were caused put of a meltdown within wall

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Speaker 1: streets at the end of the film the guy, the

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Speaker 1: head guy of this hedge fund um. You know, he

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Speaker 1: listed off all the years like since like the s

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Speaker 1: of like you know, it's always been the case. There's

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Speaker 1: you know in two one, it's always going to be

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Speaker 1: and whatever this turns out to be where we're about

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Speaker 1: to get into. So it's it's very typical in that

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Speaker 1: sense of where it's expected to happen. But the ball

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Speaker 1: markets outweigh the bear markets. The ball market starts like

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Speaker 1: within the bear markets if you look on the actual

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Speaker 1: figures themselves. And so that's the good news. And there's

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Speaker 1: always that famous phrase of time in the markets versus

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Speaker 1: timing the markets and over a longer period of time.

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Speaker 1: This is something we keep on saying here at CREPTI

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Speaker 1: Busy is if you have that long term perspective, it's

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Speaker 1: going to pay you in the long term. The only

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Speaker 1: problem is, of course, that although the bullmarkets are longer,

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Speaker 1: they feel shorter. They I mean, we've been in this

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Speaker 1: bear market, depending on depending on who you believe, we've

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Speaker 1: we've either been in this bear market for a little

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Speaker 1: over a month or since last November. But whichever whichever

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Speaker 1: way it is, I'm already bored of it. I've already

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Speaker 1: had enough. I already wish it was over, but it

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Speaker 1: certainly feels long. Um what what one thing? Is this

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Speaker 1: the first sort of recession that we've had with crypto really?

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Speaker 1: I mean, yeah, that's the so that's the interesting thing here,

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Speaker 1: and that's the kind of okay, cool. How obviously it's

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Speaker 1: tied to fear, but how much is it to fear?

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Speaker 1: And like should it be? Yeah, I think it's gotten

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Speaker 1: progressively more tied to traditional assets, which I think a

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Speaker 1: lot of people are annoyed about because obviously the whole

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Speaker 1: point a bitcoint originally was to be super decentralized not

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Speaker 1: have you know, kind of a pull on other other

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Speaker 1: asset classes. But now you see, you know, it moves

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Speaker 1: quite similar to gold sometimes. And then you've got the

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Speaker 1: fact that the stock market crashing has led a bitcoin crashing, um,

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Speaker 1: and so it's it's a little annoying that it does move.

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Speaker 1: But then there's also you know, ties to that. If

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Speaker 1: the general economy, um, you know, reverses and goes up again,

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Speaker 1: then hopefully you'll see a bit woin rise with that.

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Speaker 1: And you know, I think at some point it was

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Speaker 1: always going to happen that it was gonna it's an

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Speaker 1: asset and with enough institutional money getting put into it,

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Speaker 1: it's gonna behave like the rest of the asset classes

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Speaker 1: that have all this huge money in it. I think

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Speaker 1: it was maybe an oversight to think that it was

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Speaker 1: going to completely move on its own. Always it's a

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Speaker 1: bit woin itself. I mean, it was created. Part of it.

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Speaker 1: The reason why it's created was because of the financial

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Speaker 1: crashing tea that that the first sort of the Wall

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Speaker 1: Street journals it or the New York Times, Oh in

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Speaker 1: the first oh yeah that was yeah, that was the

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Speaker 1: London Times, the Chancellor on the brink of second bailout

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Speaker 1: for me, and and they cited, you know, saying the

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Speaker 1: quantity of easy and pumping money into the markets. It's

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Speaker 1: everything like that. And now we're about to enter bitcoins

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Speaker 1: about to enter its first recession. How is it going

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Speaker 1: to behave? This is going to be the super interesting

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Speaker 1: time when we look back, like, is it going to

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Speaker 1: be the fight or flight the bitcoin? Bitcoin's well, bitcoin

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Speaker 1: and cryptocurrency not only not only their first recession but

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Speaker 1: also their first high rates environment. Yeah, definitely, And I

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Speaker 1: mean yeah, it's it was interesting, wasn't it yesterday's yesterday's

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Speaker 1: rate hike from the FED this zero point seven five percent,

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Speaker 1: which on the face of it doesn't sound like much,

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Speaker 1: but I mean it is. That's the highest rate hike

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Speaker 1: since So I mean, you guys weren't even born. Oh

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Speaker 1: my word. Um, so yeah, it's it's it's an extraordinary

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Speaker 1: time for for the world, for the for the wider economy,

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Speaker 1: and it's a really interesting time for for crypto and

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Speaker 1: bitcoin in particular. So let's let's talk about some of

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Speaker 1: these crypto specific things that are that have been that

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Speaker 1: have been in the news the last few days. Now,

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Speaker 1: we we've kind of it feels like we've only just

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Speaker 1: started kind of moving past the terror crash of a

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Speaker 1: few weeks ago, which was which was pretty traumatic. Um

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Speaker 1: it felt a little bit like, Okay, we're still kind

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Speaker 1: of feeling the effects of that, but we are moving

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Speaker 1: past it. But unfortunately, there are other there are other

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Speaker 1: you know, worrying developments in crypto which have which have

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Speaker 1: popped up in the last few days. And so I

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Speaker 1: think the first one to talk about is it has

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Speaker 1: to be Celsius, doesn't it this um Now, for those

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Speaker 1: unfamiliar with Celsius, but Celsius is basically a cryptocurrency lending

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Speaker 1: and borrowing platform, and I've got some stats here it

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Speaker 1: had twelve billion dollars in assets under management and one

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Speaker 1: point seven million users. And I've seen it referred to,

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Speaker 1: especially in the in the mainstream media as a kind

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Speaker 1: of crypto bank, which is I don't know, I I

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Speaker 1: guess that's perhaps the easiest way to think of it. Basically,

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Speaker 1: what people did, what people are able to do, is

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Speaker 1: to put their bank, you know, deposit their crypto assets

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Speaker 1: and also some theater assets as well with Celsius and

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Speaker 1: earn pretty decent, very competitive rates of interest on them.

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Speaker 1: And the way that Celsius did this, the way that

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Speaker 1: Celsius is able to offer these huge returns to its

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Speaker 1: customers is it is lending out behind the scenes as

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Speaker 1: well at higher rates of interest, and it it lends

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Speaker 1: out to other companies within the crypto space, So maybe

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Speaker 1: crypto exchanges in other platforms things like that charges them

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Speaker 1: a higher rate of interest, and then it takes the

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Speaker 1: difference between that and what it gives to its customers. Now,

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Speaker 1: as I say, one point seven million users, that's that's

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Speaker 1: pretty popular. It's a lot of assets under management, have

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Speaker 1: have have any of you guys use Celsius at all

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Speaker 1: of any But then again, what's happened recently with this?

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Speaker 1: I mean, you know, seeing the situation with Celsius at

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Speaker 1: the moment, I mean they've paused withdrawals for over seventy

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Speaker 1: two hours now, which is crazy. Um, you know, it

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Speaker 1: feels like a passion for bank. Did that? That's that's

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Speaker 1: just you know that would we had Northern Rock. Yeah,

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Speaker 1: he doesn't know. He's kind of like guys. I mean,

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Speaker 1: it's a similar situation, isn't it. It's because as as

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Speaker 1: the crypto market, as crypto prices have declined, people have

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Speaker 1: looked at their Celsius account and gone, oh my word,

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Speaker 1: this looks a bit dicey. I think I'm going to

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Speaker 1: either sell. There's been obviously a lot of selling going on.

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Speaker 1: I think a lot of people as well have been

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Speaker 1: taking assets off platforms like Celsius and off crypto exchanges

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Speaker 1: as well, in order to self custody them, you know,

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Speaker 1: to keep them keep them safe, which you know is

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Speaker 1: a perfectly sensible, reasonable thing to do. And Spook yeah,

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Speaker 1: well it is. Yeah, it is content ages because as

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Speaker 1: soon as you know and you I don't know like

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Speaker 1: you guys must find this as well. Certainly in in

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Speaker 1: my position, in what we do at Coin Bureau, we

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Speaker 1: have to be very careful about in situations like this

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Speaker 1: because you don't want to say, all right, everyone take

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Speaker 1: your money off off of Celsius straight away. It looks dodgy,

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Speaker 1: you know, because you know you can't be you can't

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Speaker 1: be a dent sure of the situation. Especially it has

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Speaker 1: to be you know, cause of well, yeah, you know,

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Speaker 1: you have to be careful about throwing about throwing fuel

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Speaker 1: on the fire, you know, without without giving the platform itself,

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Speaker 1: you know, time to get these sort of things under control.

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Speaker 1: So it is a kind of tricky situation for everyone

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Speaker 1: to be in. Um. But yeah, we've basically had crypto

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Speaker 1: equivalent of a bank round the last few days. And yeah,

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Speaker 1: it's been it's been very interesting in the past. I mean,

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Speaker 1: this is this is the sixteenth of change. We uh,

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Speaker 1: you know, when we're at the Coin Bureau conference in May. Yes, um,

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Speaker 1: you know you asked the question about what's the situation,

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Speaker 1: what's the health of the crypto market at the moment,

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Speaker 1: and I remember we were talking about that right now.

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Speaker 1: It is a forces outside of the crypto space is

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Speaker 1: affecting crypto at the moment. And then a few days

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Speaker 1: afterwards you have the U S Team meltdown with the

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Speaker 1: with the terror in the situation, and then on and

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Speaker 1: then as you said, you know, we've we've just gone

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Speaker 1: past that sort of that that that punched into the market,

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Speaker 1: and now we're seeing celsius um and so this is

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Speaker 1: again another situation of something within crypto that's affecting crypto.

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Speaker 1: I think one thing I saw, you know, Kevin O'Leary

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Speaker 1: from Shark Tank, he said the bottom will come when

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Speaker 1: we have a panic event, and he said, every market

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Speaker 1: bottom requires a panic event to happen before we can

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Speaker 1: like signify it. And I think, I think it's an

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Speaker 1: interesting thing to think about. But then when you think

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Speaker 1: about crypto, for like everything is a panic um, but

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Speaker 1: it's already what what defines that pact because obviously with

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Speaker 1: the with the pandemic time you saw that big spike

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Speaker 1: down up one big red candle, and then it's like,

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Speaker 1: you know, you saw a lot of buying pressure from

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Speaker 1: that three thousand dollar range, but we haven't you've seen

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Speaker 1: and I think comparable to that yet. And you know,

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Speaker 1: the thing I keep saying is everyone is comparing this

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Speaker 1: time around to the last two or three bossoms. But

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Speaker 1: the problem is it's such a small sample size. Who

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Speaker 1: says that it's ever going to happen like that again. Um,

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Speaker 1: So that's why as a trader, and this is why

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Speaker 1: I always prefer trading over and investing. You know, it's

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Speaker 1: harder to do, it takes a longer time to master,

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Speaker 1: but it's one of those things that you can make

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Speaker 1: money on the way. I band on the way down.

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Speaker 1: You know, if if I feel the market is going down,

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Speaker 1: I'm going to short it. If I feel the market

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Speaker 1: is going up, gonna buy it. So I think it's

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Speaker 1: always useful to to at least take a look at

427
00:20:30,800 --> 00:20:33,120
Speaker 1: the market from an objective standpoint. I think that's where

428
00:20:33,160 --> 00:20:35,199
Speaker 1: trading has really benefited me, is I can look at

429
00:20:35,240 --> 00:20:36,520
Speaker 1: it and think, yes, I've got a lot of money

430
00:20:36,520 --> 00:20:38,199
Speaker 1: invested in krypt though, and I wanted to go up.

431
00:20:38,760 --> 00:20:40,520
Speaker 1: But I'm not going to sit here and speed myself

432
00:20:40,600 --> 00:20:43,600
Speaker 1: hoping and from thinking removed from it emotionally exactly. And

433
00:20:43,720 --> 00:20:45,480
Speaker 1: but that's the biggest thing in trades. You've gotta just

434
00:20:45,600 --> 00:20:48,760
Speaker 1: accept you know, you're in terms of forexs, for example, um.

435
00:20:48,920 --> 00:20:50,720
Speaker 1: You know, the best forest traders in the world will

436
00:20:50,760 --> 00:20:53,800
Speaker 1: have a forty or fifty percent winter right on their trades.

437
00:20:53,880 --> 00:20:55,440
Speaker 1: You know, everyone thinks the best traders are gonna be

438
00:20:55,440 --> 00:20:57,280
Speaker 1: winning every trade. Or as long as your risk to

439
00:20:57,320 --> 00:20:59,640
Speaker 1: reward ratio is good and your risk management is good,

440
00:20:59,760 --> 00:21:01,520
Speaker 1: you can make a lot of money by winning thirty

441
00:21:01,560 --> 00:21:04,119
Speaker 1: percent of the time. So it's kind of you have

442
00:21:04,280 --> 00:21:07,000
Speaker 1: too except you're going to lose um And I think

443
00:21:07,040 --> 00:21:09,840
Speaker 1: that's that's where it really pays itself in encrypta. You've

444
00:21:09,840 --> 00:21:11,120
Speaker 1: got to think that there's going to be times where

445
00:21:11,119 --> 00:21:12,600
Speaker 1: I'm down to my money. But if you have that

446
00:21:12,680 --> 00:21:15,240
Speaker 1: overarching fundamental view of I believe in it in the

447
00:21:15,280 --> 00:21:16,760
Speaker 1: same way you believe in the stock and same way

448
00:21:16,760 --> 00:21:18,840
Speaker 1: you believe in anything else, well, then why would you

449
00:21:18,880 --> 00:21:21,359
Speaker 1: sell such a low price? I think, unless unless obviously

450
00:21:21,359 --> 00:21:22,800
Speaker 1: you need the money right now to pay your rent

451
00:21:22,840 --> 00:21:25,320
Speaker 1: or something that's fair enough. But yeah, if if you

452
00:21:25,400 --> 00:21:26,879
Speaker 1: don't need the money right now, then why are you

453
00:21:26,960 --> 00:21:31,239
Speaker 1: selling a low price? In my opinion, yeah, it's I mean,

454
00:21:31,359 --> 00:21:33,600
Speaker 1: I guess it's sort of coming back to coming back

455
00:21:33,640 --> 00:21:36,520
Speaker 1: to Celsius. Part of the part of the problem I

456
00:21:36,640 --> 00:21:40,400
Speaker 1: think has been you know, that people. People really trusted

457
00:21:40,440 --> 00:21:42,960
Speaker 1: the platform, and I think with good reason as well,

458
00:21:43,119 --> 00:21:45,400
Speaker 1: because I mean when I was when I was looking

459
00:21:45,440 --> 00:21:47,800
Speaker 1: into it for a video we've just done, Celsius has

460
00:21:47,840 --> 00:21:51,720
Speaker 1: some serious institutional backing. You know, this wasn't This wasn't

461
00:21:51,760 --> 00:21:55,240
Speaker 1: a case of a sort of you know, upstart upstart

462
00:21:55,320 --> 00:21:59,200
Speaker 1: platform just kind of you know, just figuring out, figuring

463
00:21:59,240 --> 00:22:00,680
Speaker 1: out things as it went long. You know, this is

464
00:22:00,720 --> 00:22:04,840
Speaker 1: a well backed, supposedly well collateralized platform. At least we

465
00:22:04,920 --> 00:22:07,960
Speaker 1: thought so. I mean, at least there was one Canadian

466
00:22:08,040 --> 00:22:12,800
Speaker 1: government pension fund which you had exposure to Celsius. And

467
00:22:12,840 --> 00:22:14,320
Speaker 1: I mean, you know, we're going to talk about I

468
00:22:14,400 --> 00:22:17,320
Speaker 1: think kind of wider market contagion a little later on.

469
00:22:18,119 --> 00:22:19,760
Speaker 1: But I mean, this is one of the things that

470
00:22:19,840 --> 00:22:22,920
Speaker 1: makes this makes this current situation with Celsius sort of

471
00:22:23,400 --> 00:22:26,160
Speaker 1: all the more worrying. You know, this isn't This isn't

472
00:22:26,240 --> 00:22:28,680
Speaker 1: some sort of shady, defied protocol that you know, not

473
00:22:28,800 --> 00:22:31,480
Speaker 1: many people know about. This is a big, well respected

474
00:22:31,560 --> 00:22:34,240
Speaker 1: It was one of the biggest brands, I guess in

475
00:22:34,320 --> 00:22:37,320
Speaker 1: crypto and I mean we we we talk about it

476
00:22:37,359 --> 00:22:39,600
Speaker 1: in the past tense. I mean, Celsius is still you know,

477
00:22:39,840 --> 00:22:42,200
Speaker 1: it's hanging on in there. But as you say, Tom,

478
00:22:42,520 --> 00:22:47,080
Speaker 1: withdrawals have now been paused for for three days. Funnily enough,

479
00:22:47,080 --> 00:22:50,480
Speaker 1: Alex Masinski, who is the founder of Celsius, who's again

480
00:22:50,600 --> 00:22:53,440
Speaker 1: like Crypto is just full of these very charismatic people.

481
00:22:53,520 --> 00:22:57,840
Speaker 1: Isn't very charismatic, very clever people. Alex Masinski is a

482
00:22:58,000 --> 00:23:01,080
Speaker 1: prime example of that heat eat it out earlier today,

483
00:23:01,320 --> 00:23:04,760
Speaker 1: um Celsia's network team is working NonStop. We're focused on

484
00:23:04,920 --> 00:23:08,120
Speaker 1: your concerns and thankful to have heard from so many.

485
00:23:08,440 --> 00:23:10,439
Speaker 1: To see you come together is a clear sign our

486
00:23:10,520 --> 00:23:12,879
Speaker 1: community is the strongest in the world. This is a

487
00:23:12,920 --> 00:23:19,560
Speaker 1: difficult moment. Your patients and support mean the world to us. Well, yeah,

488
00:23:20,000 --> 00:23:23,879
Speaker 1: withdrawals are still poors. Yeah yeah. I think what's going

489
00:23:23,920 --> 00:23:25,720
Speaker 1: to come out of this, I mean exactly what's happened

490
00:23:25,760 --> 00:23:28,359
Speaker 1: with the Terraleon situation and then Awes on top of this,

491
00:23:28,400 --> 00:23:30,879
Speaker 1: what's happening with Celsius right now is this is the

492
00:23:31,480 --> 00:23:34,600
Speaker 1: fuel for the regulation that will come this year and

493
00:23:34,680 --> 00:23:36,920
Speaker 1: next year and the year after that, and it's to

494
00:23:37,040 --> 00:23:39,280
Speaker 1: protect investors. At the end of the day, yes, it

495
00:23:39,320 --> 00:23:41,680
Speaker 1: will kill some of the innovation, but with that, with

496
00:23:41,760 --> 00:23:45,280
Speaker 1: the regulation and I advocate for not regulation for the

497
00:23:45,320 --> 00:23:48,600
Speaker 1: sake of regulation, because that is just wrong and stupid.

498
00:23:48,720 --> 00:23:51,200
Speaker 1: You need to have regulation that again protects people's sort

499
00:23:51,200 --> 00:23:53,399
Speaker 1: of a barrier on the on the motorway, on the

500
00:23:53,480 --> 00:23:55,680
Speaker 1: highway to stop the drunk drivers you know, going off

501
00:23:56,080 --> 00:23:59,040
Speaker 1: everything like that. So I would say with that, with

502
00:23:59,119 --> 00:24:01,840
Speaker 1: the regulation, that would from the situation we're seeing right

503
00:24:01,880 --> 00:24:05,280
Speaker 1: now is the institutions that have missed out on the

504
00:24:05,400 --> 00:24:08,800
Speaker 1: previous cycle, on the previous run, that really want to

505
00:24:08,800 --> 00:24:11,480
Speaker 1: get involved, but they're worried about you know, we've been compliance,

506
00:24:11,520 --> 00:24:13,520
Speaker 1: are we being legal? They will see that green lights

507
00:24:13,720 --> 00:24:15,920
Speaker 1: from regulator to say okay, we're now ready to get in.

508
00:24:16,080 --> 00:24:18,040
Speaker 1: And that's where you're gonna be seeing potentially a spot

509
00:24:18,119 --> 00:24:20,800
Speaker 1: eat f bit point for the bitcoin and others and

510
00:24:21,080 --> 00:24:23,159
Speaker 1: similar to that as well. Um, and that's where you

511
00:24:23,200 --> 00:24:25,280
Speaker 1: can be seeing billions, if not trillions of dots going

512
00:24:25,320 --> 00:24:27,720
Speaker 1: into the market. But um, that's sort of the good

513
00:24:27,760 --> 00:24:29,800
Speaker 1: side of it. The bad side right now is what's

514
00:24:29,800 --> 00:24:32,160
Speaker 1: happened with again the Celsius And and I was gonna said,

515
00:24:32,200 --> 00:24:33,879
Speaker 1: you see the price of it when it when it

516
00:24:33,960 --> 00:24:36,600
Speaker 1: went down and then it just like pumped like right

517
00:24:36,640 --> 00:24:40,639
Speaker 1: back up like Is this the cell token? Yeah, cell token?

518
00:24:40,720 --> 00:24:42,560
Speaker 1: Literally when I can't remember the big that price or

519
00:24:42,600 --> 00:24:44,720
Speaker 1: top my head, and when I was like cent or something,

520
00:24:44,760 --> 00:24:46,600
Speaker 1: and then they pumped right back up to six like

521
00:24:47,119 --> 00:24:48,480
Speaker 1: and then I don't know what it is right now

522
00:24:48,520 --> 00:24:50,920
Speaker 1: if it's pumped up and has gone down, but it was.

523
00:24:51,280 --> 00:24:52,680
Speaker 1: It was weird the fact that I think, I think

524
00:24:52,680 --> 00:24:54,520
Speaker 1: it's very similar to what happened with the whole U

525
00:24:54,600 --> 00:24:56,480
Speaker 1: s T thing, Like it deep egged, it went down

526
00:24:56,520 --> 00:25:00,800
Speaker 1: to like ninety three cent or something, and then pumped

527
00:25:00,800 --> 00:25:02,959
Speaker 1: back up to ninety eight the next day, and then

528
00:25:03,000 --> 00:25:05,440
Speaker 1: we sort the claps. So it's kind of like, is

529
00:25:05,520 --> 00:25:07,480
Speaker 1: this the beginning of the end. I don't know, but

530
00:25:07,640 --> 00:25:10,359
Speaker 1: I think with Obviously with Celsius's there's more to it

531
00:25:10,400 --> 00:25:11,720
Speaker 1: than the U s T. U s T was just

532
00:25:11,800 --> 00:25:14,560
Speaker 1: an algorithmic stable cooin that went wrong, whereas Celsius there's

533
00:25:14,600 --> 00:25:15,840
Speaker 1: there's a lot more to it. Like you said, it's

534
00:25:15,880 --> 00:25:18,720
Speaker 1: called it's backing as well as having um, you know,

535
00:25:18,840 --> 00:25:20,639
Speaker 1: it's more of an exchange type of thing. So I

536
00:25:20,720 --> 00:25:23,879
Speaker 1: think it will probably as long as they can recommence

537
00:25:23,920 --> 00:25:26,640
Speaker 1: everything and not have been liquidated. I mean I saw

538
00:25:26,680 --> 00:25:29,240
Speaker 1: something that said the liquidation prices now fourteen thousand dollar

539
00:25:29,320 --> 00:25:33,160
Speaker 1: bit coin um because they didn't move that down because

540
00:25:33,320 --> 00:25:35,639
Speaker 1: it was a lot higher. So now it's kind of

541
00:25:35,720 --> 00:25:37,720
Speaker 1: like it kind of scares me a bit that they

542
00:25:37,800 --> 00:25:39,959
Speaker 1: have that price you can view, because then what if

543
00:25:40,640 --> 00:25:42,560
Speaker 1: the closer it gets to fourthenk the more people are

544
00:25:42,560 --> 00:25:44,199
Speaker 1: getting are going to just sell the at the same

545
00:25:44,240 --> 00:25:47,639
Speaker 1: time that they keep on moving the goalposts six k.

546
00:25:47,760 --> 00:25:51,440
Speaker 1: Now we're going fourteen k tan K. Now, Like that's

547
00:25:51,840 --> 00:25:53,840
Speaker 1: what I mean. All the stuff happening behind the scenes

548
00:25:53,920 --> 00:25:56,560
Speaker 1: to try and to try and keep the show, I

549
00:25:56,560 --> 00:25:58,720
Speaker 1: wouldn't want to be in that office right now. God yeah,

550
00:25:58,840 --> 00:26:01,880
Speaker 1: it's um I mean basically to to sort of break

551
00:26:01,920 --> 00:26:04,240
Speaker 1: this Celsius thing down, because I mean, we can we

552
00:26:04,320 --> 00:26:07,240
Speaker 1: can talk all episode about Celsius the potential fall out,

553
00:26:07,280 --> 00:26:09,680
Speaker 1: but I think essentially what's happened is it's got this

554
00:26:10,040 --> 00:26:14,600
Speaker 1: liquidity crisis, but the market forces have have caused people

555
00:26:14,640 --> 00:26:17,760
Speaker 1: to try and withdraw their withdraw their holdings from Celsius.

556
00:26:17,960 --> 00:26:21,639
Speaker 1: Celsius is obviously duty band to honor those withdrawals, but

557
00:26:21,800 --> 00:26:24,879
Speaker 1: the problem seems to have been that Celsius, it doesn't

558
00:26:25,119 --> 00:26:29,480
Speaker 1: hasn't really looked after its money very well. That's the problem.

559
00:26:29,600 --> 00:26:31,480
Speaker 1: It's important to say that this is not something that's

560
00:26:31,560 --> 00:26:33,840
Speaker 1: just you know, this is not this happens to banks

561
00:26:34,600 --> 00:26:36,439
Speaker 1: all the time. This is what we found in two

562
00:26:36,480 --> 00:26:39,280
Speaker 1: thousands and eight. Yeah, and unfortunately Celsius seems to have

563
00:26:39,359 --> 00:26:41,760
Speaker 1: been making sort of similar mistakes. I mean there were

564
00:26:41,800 --> 00:26:44,440
Speaker 1: there were Celsius, Like Celsius lost a lot of money

565
00:26:44,560 --> 00:26:48,000
Speaker 1: in terror where I don't think we know quite how much,

566
00:26:48,080 --> 00:26:50,920
Speaker 1: but there was a lot, and I mean it lost,

567
00:26:51,200 --> 00:26:54,119
Speaker 1: it lost tens of millions. There was a hack. There

568
00:26:54,200 --> 00:26:57,560
Speaker 1: was a hack last year, the Badger Dow hack, wasn't it.

569
00:26:57,600 --> 00:27:04,760
Speaker 1: They lost million plus that um as the steak steakhound

570
00:27:05,400 --> 00:27:09,880
Speaker 1: lost the private keys to about thirty five that Celsius

571
00:27:10,520 --> 00:27:13,000
Speaker 1: had with them, So I mean that's that's tens of

572
00:27:13,040 --> 00:27:15,119
Speaker 1: millions as well. Yeah. I think it's one of those

573
00:27:15,119 --> 00:27:18,000
Speaker 1: things where it's like it's with crypto and general, it's

574
00:27:18,040 --> 00:27:19,879
Speaker 1: high risk, high reward, and you know, you want to

575
00:27:19,920 --> 00:27:22,320
Speaker 1: invest in the higher risk stuff to get the higher rewards.

576
00:27:22,359 --> 00:27:24,760
Speaker 1: And that's all well and good until you're managing other

577
00:27:24,760 --> 00:27:27,080
Speaker 1: people's money. And that's when you can't be doing that

578
00:27:27,160 --> 00:27:28,920
Speaker 1: because the people that are trusting you with their money,

579
00:27:29,280 --> 00:27:32,639
Speaker 1: they're not necessarily looking for returns. They're just looking for

580
00:27:32,760 --> 00:27:37,280
Speaker 1: that consistent beat the bank outcome, especially with the VCS investing.

581
00:27:37,280 --> 00:27:39,080
Speaker 1: And I know we'll get onto the three hours capital

582
00:27:39,200 --> 00:27:42,040
Speaker 1: thing later, but you know, you've got these big, big

583
00:27:42,160 --> 00:27:47,000
Speaker 1: people investing multi multi multi millions, if not billions, expecting

584
00:27:47,359 --> 00:27:48,960
Speaker 1: let's just get the same as a stop mark. Let's

585
00:27:48,960 --> 00:27:50,720
Speaker 1: just get us five six percent return of Yeah, I'll

586
00:27:50,760 --> 00:27:52,639
Speaker 1: be more than happy with that. You know, you'll get

587
00:27:52,680 --> 00:27:53,879
Speaker 1: a lot of powerful people that will pay you a

588
00:27:53,960 --> 00:27:56,240
Speaker 1: lot of money if you can generate a ten or

589
00:27:56,720 --> 00:28:01,399
Speaker 1: like ye're the guaranteed um. And so that's where it's

590
00:28:01,440 --> 00:28:04,400
Speaker 1: kind of like, well, why are you trying to risk

591
00:28:04,520 --> 00:28:07,399
Speaker 1: everything to get an entire higher yields? I mean, I

592
00:28:07,440 --> 00:28:08,880
Speaker 1: get it higher for a higher all, but you can't

593
00:28:08,880 --> 00:28:10,520
Speaker 1: be doing that with other people's money. Is just as

594
00:28:10,520 --> 00:28:12,639
Speaker 1: a big company, you have so much responsibility about one

595
00:28:12,680 --> 00:28:15,880
Speaker 1: point seven billion users. It's just unethical in that sense,

596
00:28:15,960 --> 00:28:18,240
Speaker 1: I think. And I mean as we saw with terror

597
00:28:18,320 --> 00:28:20,800
Speaker 1: and us T you know, I mean, Alex, if you

598
00:28:20,800 --> 00:28:24,960
Speaker 1: look at Alex Mazynski's Twitter accounts and obviously read out

599
00:28:25,000 --> 00:28:26,960
Speaker 1: that tweet that he sent earlier, I mean the replies

600
00:28:27,000 --> 00:28:29,640
Speaker 1: to that there are some very angry people out there,

601
00:28:29,680 --> 00:28:32,359
Speaker 1: but I mean, the the over the overwhelming thing that

602
00:28:32,359 --> 00:28:35,520
Speaker 1: you see, the overarching thing is just the desperation of

603
00:28:35,520 --> 00:28:37,959
Speaker 1: a lot of people, a lot of people, a lot

604
00:28:38,000 --> 00:28:42,080
Speaker 1: of ordinary people are losing a truckload of crazy. Some

605
00:28:42,160 --> 00:28:43,760
Speaker 1: of the stories I saw on the year sixty. I

606
00:28:43,840 --> 00:28:45,760
Speaker 1: was personally involved in the us T situation as well,

607
00:28:45,840 --> 00:28:48,200
Speaker 1: but I um, you know, I was reading the tweets

608
00:28:48,280 --> 00:28:52,280
Speaker 1: underneath the dows posts right or Terror's posts, and they

609
00:28:52,320 --> 00:28:55,600
Speaker 1: were saying, like, you know, my I'm pregnated, my husband's

610
00:28:55,640 --> 00:28:59,000
Speaker 1: put our last savings and we sold our house and

611
00:28:59,040 --> 00:29:03,280
Speaker 1: put it all into to lunar Um and our two

612
00:29:03,960 --> 00:29:07,000
Speaker 1: is now worth three dollars and it's just like the

613
00:29:07,520 --> 00:29:10,600
Speaker 1: it's crazy that you know, these people are never mostly

614
00:29:10,640 --> 00:29:12,160
Speaker 1: going to get their money back, and they've got to

615
00:29:12,200 --> 00:29:14,400
Speaker 1: live with the situation that money they've worked their whole

616
00:29:14,440 --> 00:29:16,320
Speaker 1: life or could have just been gone on an instant.

617
00:29:16,320 --> 00:29:18,400
Speaker 1: There's no repercussion. That's the worst part. I mean, obviously,

618
00:29:18,440 --> 00:29:20,800
Speaker 1: I know I'm tied to a bit emotionally as well

619
00:29:20,800 --> 00:29:23,000
Speaker 1: because I lost money in it, but I know that

620
00:29:23,080 --> 00:29:25,680
Speaker 1: it seems like apart from a crappy air drop there's

621
00:29:25,680 --> 00:29:27,520
Speaker 1: got to be something more that these people had to

622
00:29:27,560 --> 00:29:29,800
Speaker 1: be held to, you know. They can't just be able

623
00:29:29,840 --> 00:29:31,440
Speaker 1: to do that and then be like, yeah, we're starting

624
00:29:31,480 --> 00:29:34,120
Speaker 1: Lunar two point. Let's let's go Yeah exactly, that's that

625
00:29:34,200 --> 00:29:36,040
Speaker 1: And that was the when I saw That's like, how

626
00:29:36,360 --> 00:29:38,440
Speaker 1: how can you just go straight from ark? That project fails?

627
00:29:38,440 --> 00:29:40,720
Speaker 1: We've been create a new one exactly with the same name,

628
00:29:41,080 --> 00:29:43,160
Speaker 1: with the same with two point. First, it's always a

629
00:29:43,160 --> 00:29:48,880
Speaker 1: big connect. Two points is the sequel. It's fine, it's

630
00:29:49,000 --> 00:29:50,840
Speaker 1: it's just the better one of the sequels, ever better

631
00:29:50,880 --> 00:29:56,600
Speaker 1: than the original. There's a couple. So yeah, So I mean,

632
00:29:56,640 --> 00:29:59,880
Speaker 1: just around this, around this chat about celsiaself, I mean,

633
00:30:00,800 --> 00:30:03,200
Speaker 1: as we say here we are sixteenth of June, this

634
00:30:03,360 --> 00:30:06,120
Speaker 1: is still very much you know, this situation is very

635
00:30:06,160 --> 00:30:09,720
Speaker 1: much developing. We have to hope that Celsius can address

636
00:30:09,800 --> 00:30:14,240
Speaker 1: these liquidity and I think you know, it is looking

637
00:30:14,320 --> 00:30:16,880
Speaker 1: to offload a lot of its assets. There's talk of

638
00:30:17,440 --> 00:30:20,200
Speaker 1: next So, which is a rival platform basically you know,

639
00:30:20,400 --> 00:30:23,240
Speaker 1: very similar. There's talk of that maybe taking it, taking

640
00:30:23,280 --> 00:30:27,560
Speaker 1: it over. Um. Obviously, the worst, the absolute worst case

641
00:30:27,600 --> 00:30:32,200
Speaker 1: scenario for Celsius is bankruptcy because in that situation, those

642
00:30:32,360 --> 00:30:34,720
Speaker 1: holding that basically the users are going to be left

643
00:30:34,720 --> 00:30:37,120
Speaker 1: out of pocket and if we can, I think we

644
00:30:37,200 --> 00:30:41,400
Speaker 1: need to avoid that at all costs. So I mean

645
00:30:41,440 --> 00:30:44,800
Speaker 1: we just Celsius is now actually with in talks with

646
00:30:45,120 --> 00:30:52,720
Speaker 1: restructuring lawyers. So yeah. Two. So yeah, it's it's going

647
00:30:52,760 --> 00:30:54,880
Speaker 1: to develop a lot in the next in the next

648
00:30:54,960 --> 00:30:58,000
Speaker 1: few days and weeks, it will be interesting. We can yeah,

649
00:30:58,040 --> 00:31:01,080
Speaker 1: we can only really hope that we that it's users

650
00:31:01,160 --> 00:31:04,080
Speaker 1: get a good outcome. And the one thing I did

651
00:31:04,160 --> 00:31:07,840
Speaker 1: notice actually going back to that Alex Mazinsky tweet, there's

652
00:31:08,120 --> 00:31:10,719
Speaker 1: you know, there's now a lot of his other tweets

653
00:31:10,760 --> 00:31:13,520
Speaker 1: have been unearthed, and I mean, I'm not going to

654
00:31:13,640 --> 00:31:16,160
Speaker 1: draw too close a comparison to do Kan here because

655
00:31:16,160 --> 00:31:18,320
Speaker 1: I think there is I think there is a lot

656
00:31:18,360 --> 00:31:22,320
Speaker 1: of difference between the two. He was wild, but you

657
00:31:22,400 --> 00:31:24,600
Speaker 1: know there are there are lit with the poor people

658
00:31:24,720 --> 00:31:28,720
Speaker 1: or yeah, he was crazy. Alex Mazinski hasn't been nearly

659
00:31:28,800 --> 00:31:30,600
Speaker 1: that bad. But you know that that some tweets have

660
00:31:30,720 --> 00:31:32,200
Speaker 1: sort of had when you when you when you have

661
00:31:32,400 --> 00:31:34,960
Speaker 1: an incident like this, you you you you do you

662
00:31:35,040 --> 00:31:37,160
Speaker 1: know you are under more scrutiny. Yeah, well, I mean

663
00:31:37,240 --> 00:31:39,640
Speaker 1: he's pushed back. You know, he's been pushing back fairly

664
00:31:39,720 --> 00:31:42,040
Speaker 1: hard in In in the days leading up to this

665
00:31:42,960 --> 00:31:45,560
Speaker 1: against you know, against people who are who are questioning

666
00:31:45,600 --> 00:31:48,680
Speaker 1: Celsius and like I said, not nearly as bad as

667
00:31:48,760 --> 00:31:52,240
Speaker 1: Do Kuan, but it's nonetheless an interesting parallel, isn't it.

668
00:31:52,280 --> 00:31:56,040
Speaker 1: You have this very charismatic founder, you have doubts about

669
00:31:56,120 --> 00:31:58,360
Speaker 1: this platform that so many people are invested in and

670
00:31:58,480 --> 00:32:01,040
Speaker 1: so many people see as a show are thing, and

671
00:32:01,400 --> 00:32:03,520
Speaker 1: and then this this founder kind of hits back and

672
00:32:03,920 --> 00:32:05,680
Speaker 1: you know, really kind of goes for the jug and

673
00:32:05,960 --> 00:32:09,120
Speaker 1: next thing, you know, it's all, yeah, it's just that

674
00:32:09,240 --> 00:32:11,440
Speaker 1: was like I don't know if you saw, um, if

675
00:32:11,480 --> 00:32:14,800
Speaker 1: you're following the tweets of Do Kuan through the USD situation,

676
00:32:15,000 --> 00:32:17,040
Speaker 1: but there's a there's a lot parallels people during now

677
00:32:17,080 --> 00:32:19,800
Speaker 1: to Justin Son with the u s d D because

678
00:32:19,880 --> 00:32:22,760
Speaker 1: there was one tweet in particular which it just I mean,

679
00:32:22,840 --> 00:32:24,280
Speaker 1: it's one of those things where if you don't if

680
00:32:24,320 --> 00:32:26,920
Speaker 1: you don't laugh, you'll cry. But it's just, um, you

681
00:32:27,000 --> 00:32:29,600
Speaker 1: see that them side by side, and you saw what

682
00:32:29,760 --> 00:32:32,440
Speaker 1: was it when UST went down to like ninety two

683
00:32:32,600 --> 00:32:38,240
Speaker 1: cent um do Kuan out of tweet saying like, steady lads,

684
00:32:38,280 --> 00:32:41,800
Speaker 1: I'm deploying more capital, and everyone's like, okay, cool, cool again.

685
00:32:41,840 --> 00:32:44,360
Speaker 1: That pumped up so like and then and then obviously

686
00:32:44,360 --> 00:32:46,520
Speaker 1: we saw the big clubs and obviously U S D

687
00:32:46,600 --> 00:32:51,480
Speaker 1: D deepaid recently and still around cents. And yesterday justin

688
00:32:52,000 --> 00:32:56,200
Speaker 1: tweet being like, steady lads deploying more and everyone comments

689
00:32:56,360 --> 00:33:00,920
Speaker 1: like do quanto point and usd D is that all algorithmic?

690
00:33:02,160 --> 00:33:04,120
Speaker 1: They should have just given up with them. Yeah, but

691
00:33:04,240 --> 00:33:06,400
Speaker 1: it's it's a weird one that because if you put

692
00:33:06,440 --> 00:33:11,520
Speaker 1: yourself in that person's position, they investment a lot of

693
00:33:11,600 --> 00:33:13,080
Speaker 1: his own confidence and stuff like that, and you know,

694
00:33:13,160 --> 00:33:15,920
Speaker 1: it's you know, if you you can't go oh no,

695
00:33:16,040 --> 00:33:20,040
Speaker 1: it makes fun. Yeah, I don't blame you've got you've

696
00:33:20,080 --> 00:33:22,720
Speaker 1: got an obligation to to try and fight to the

697
00:33:22,840 --> 00:33:25,960
Speaker 1: last minute to try and salvage it. I get it,

698
00:33:26,000 --> 00:33:28,400
Speaker 1: I get it. Yeah, I get it. It's just it's

699
00:33:28,520 --> 00:33:31,240
Speaker 1: just yeah, I think that there was also like a

700
00:33:31,360 --> 00:33:33,880
Speaker 1: huge lack of transparency with the UST situation. Is they

701
00:33:33,960 --> 00:33:35,960
Speaker 1: they Yes, you've got to put on a brave face,

702
00:33:36,040 --> 00:33:37,960
Speaker 1: but I think you do have to be transparent about

703
00:33:38,000 --> 00:33:40,640
Speaker 1: things as well, and that it wasn't until the last

704
00:33:40,720 --> 00:33:42,680
Speaker 1: kind of dying breath where they were like, oh yeah

705
00:33:42,720 --> 00:33:47,239
Speaker 1: and doing a guard Foundation sold like twenty billion three

706
00:33:47,600 --> 00:33:49,920
Speaker 1: billion cashed out like a few months before. I don't

707
00:33:49,920 --> 00:33:51,440
Speaker 1: know if I don't know if that's true or not,

708
00:33:51,560 --> 00:33:53,960
Speaker 1: but I just saw you obviously, you know. Guard Foundation

709
00:33:54,080 --> 00:33:57,680
Speaker 1: just literally tried that. They sold three point one out

710
00:33:57,680 --> 00:34:00,160
Speaker 1: of their three point two billion reserves to try and

711
00:34:00,240 --> 00:34:02,680
Speaker 1: pushed the price back and did absolutely nothing apart from

712
00:34:02,840 --> 00:34:06,800
Speaker 1: lower the price of bookcoin. So now there's there's a

713
00:34:06,840 --> 00:34:09,759
Speaker 1: great book in all of this somewhere. I'm got to

714
00:34:09,800 --> 00:34:14,440
Speaker 1: write it. Okay, guys, before we before we move on

715
00:34:14,600 --> 00:34:16,759
Speaker 1: talk about three hours Capital and US double D and

716
00:34:16,800 --> 00:34:18,520
Speaker 1: all that sort of stuff. Shall we take a quick

717
00:34:18,560 --> 00:34:23,040
Speaker 1: break because it's absolutely all right, see you in just

718
00:34:23,200 --> 00:34:41,600
Speaker 1: a minute. Welcome back everyone to part two. We are.

719
00:34:41,920 --> 00:34:44,319
Speaker 1: We've stepped outside for a little bit. The two point

720
00:34:44,680 --> 00:34:53,280
Speaker 1: two the better better part too high. So we mentioned

721
00:34:53,320 --> 00:34:55,120
Speaker 1: a couple of times when we were talking about Celsius,

722
00:34:55,600 --> 00:34:58,960
Speaker 1: three hours Capital came up as well. Now this is

723
00:34:59,080 --> 00:35:02,000
Speaker 1: kind of this is the latest, the latest issue in

724
00:35:02,080 --> 00:35:04,040
Speaker 1: crypto which is blown up in just the last couple

725
00:35:04,040 --> 00:35:07,440
Speaker 1: of days. Although a bit similar to Celsius rumors have

726
00:35:07,600 --> 00:35:10,839
Speaker 1: been kind of floating around a bit for a little while,

727
00:35:11,000 --> 00:35:12,880
Speaker 1: but again, you know, it's one of these things. You

728
00:35:13,200 --> 00:35:17,520
Speaker 1: have to be so careful with rumors, don't you other way. So, yeah,

729
00:35:17,560 --> 00:35:20,760
Speaker 1: three Hours Capital, for those who don't know, a massive

730
00:35:20,880 --> 00:35:25,720
Speaker 1: crypto VC fund around ten billion dollars in assets under management.

731
00:35:26,320 --> 00:35:30,360
Speaker 1: It is invested in lots of crypto companies and projects.

732
00:35:30,400 --> 00:35:34,479
Speaker 1: In fact, I think we have got a little grab

733
00:35:34,600 --> 00:35:38,360
Speaker 1: from their own website, actually from their select investments, and

734
00:35:38,400 --> 00:35:40,200
Speaker 1: I mean looking at that you know base there, they're

735
00:35:40,239 --> 00:35:47,479
Speaker 1: invested in Avalanchetherium, Kusama, Mina, near Protocol, Polka Dot, Salana, Terror,

736
00:35:50,120 --> 00:35:52,399
Speaker 1: A lot of a lot of these projects are down

737
00:35:52,600 --> 00:35:54,839
Speaker 1: a lot in Terror. That that's the one that really

738
00:35:55,120 --> 00:35:58,160
Speaker 1: we got involved in our DNA like pre sell price.

739
00:35:58,200 --> 00:36:01,400
Speaker 1: I'm pretty sure we're breaking Dona. That is that's the

740
00:36:02,239 --> 00:36:04,960
Speaker 1: decks on Cardaro, isn't it. Yeah, And so you know

741
00:36:05,200 --> 00:36:09,200
Speaker 1: you Polka Dots, Lana, ethereum, all of these ones area. Yeah,

742
00:36:09,200 --> 00:36:12,399
Speaker 1: they're they're down a lot at the moment, and so um, yeah,

743
00:36:12,440 --> 00:36:15,120
Speaker 1: I can understand that at the moment that there probably

744
00:36:16,480 --> 00:36:18,640
Speaker 1: cleaning the pinch at the moment. This keeps on going

745
00:36:18,680 --> 00:36:20,960
Speaker 1: with the amount of people that they're exposed to at

746
00:36:21,200 --> 00:36:24,279
Speaker 1: this point. Yeah, it's it's so three A C. And

747
00:36:24,360 --> 00:36:26,399
Speaker 1: I mean it's one of those it's one of those

748
00:36:26,440 --> 00:36:28,320
Speaker 1: well known names in crypto, isn't it. And whenever you

749
00:36:28,440 --> 00:36:31,600
Speaker 1: hear about a project raising a huge amount of money,

750
00:36:31,640 --> 00:36:34,160
Speaker 1: it's or you know, Three Arrows Capital is more often

751
00:36:34,239 --> 00:36:37,040
Speaker 1: than not one of those one of those vcs that

752
00:36:37,560 --> 00:36:41,800
Speaker 1: was that was gone in. So Three Arrows Capital is

753
00:36:41,960 --> 00:36:46,920
Speaker 1: unfortunately facing fairly hefty I think it's a liquidity prices

754
00:36:47,239 --> 00:36:51,800
Speaker 1: crisis as well, isn't it. And it had heavy exposure

755
00:36:51,840 --> 00:36:55,120
Speaker 1: to terror, so you know that the ripples from this

756
00:36:55,640 --> 00:37:00,399
Speaker 1: terror explosion tin domino. Yeah, there is a real sense

757
00:37:00,440 --> 00:37:02,800
Speaker 1: of a kind of domino effect going on to some degree,

758
00:37:02,800 --> 00:37:06,239
Speaker 1: isn't there um And also, as we said that, it

759
00:37:06,440 --> 00:37:09,040
Speaker 1: was a lot of alt layer ones, So Avalanche, I mean,

760
00:37:09,080 --> 00:37:12,480
Speaker 1: Avalanche has has really suffered in the in the past

761
00:37:12,560 --> 00:37:14,160
Speaker 1: few weeks as well as that, you know, it's it's

762
00:37:14,280 --> 00:37:17,520
Speaker 1: it's had some posted some big losses Avalanches. You might

763
00:37:17,600 --> 00:37:22,560
Speaker 1: remember one of these alternate layer ones Ethereum rival and

764
00:37:22,920 --> 00:37:26,520
Speaker 1: the other the other exposure that three A C had

765
00:37:26,640 --> 00:37:28,120
Speaker 1: And I want to talk about this a little bit

766
00:37:28,440 --> 00:37:31,520
Speaker 1: is is to STE and this kind of ties in

767
00:37:31,640 --> 00:37:34,640
Speaker 1: with Celsius as well. So for those for those listening,

768
00:37:34,640 --> 00:37:37,080
Speaker 1: for those who haven't heard of this, st is basically

769
00:37:37,280 --> 00:37:40,680
Speaker 1: staked ethereum. So I think we're all sort of pretty

770
00:37:40,680 --> 00:37:44,200
Speaker 1: familiar with the concept of staking. The problem is when

771
00:37:44,280 --> 00:37:48,680
Speaker 1: you stake cryptocurrencies, that means they're they're not very liquid,

772
00:37:48,800 --> 00:37:51,400
Speaker 1: They're they're locked up for you know, for it can

773
00:37:51,480 --> 00:37:54,799
Speaker 1: be quite a long period of time, and a lot

774
00:37:54,880 --> 00:37:57,160
Speaker 1: of people want to be able to stake but also

775
00:37:57,320 --> 00:37:59,160
Speaker 1: be able to trade at the same time. And this

776
00:37:59,320 --> 00:38:02,040
Speaker 1: is what stake is, and a lot of it is

777
00:38:02,120 --> 00:38:06,320
Speaker 1: now staked through a platform called Lido Finance, and this

778
00:38:06,480 --> 00:38:08,160
Speaker 1: is a big project. You know, there's a top thirty

779
00:38:08,239 --> 00:38:12,759
Speaker 1: project on on CMC. So when you stake your on

780
00:38:13,120 --> 00:38:17,680
Speaker 1: Lido Finance, you're given essentially a receipt token, and this

781
00:38:17,840 --> 00:38:22,480
Speaker 1: is called STETH. And now I think that that that

782
00:38:23,160 --> 00:38:26,640
Speaker 1: the kind of the perception is that STE is a

783
00:38:26,719 --> 00:38:29,600
Speaker 1: sort of something like an eath stable coin in that

784
00:38:29,760 --> 00:38:33,759
Speaker 1: it's you know, it generally tracks the price of of

785
00:38:33,920 --> 00:38:37,719
Speaker 1: e and this isn't entirely true. I mean, steth is

786
00:38:37,760 --> 00:38:42,480
Speaker 1: basically a receipt for you know, for future when Ethereum

787
00:38:42,520 --> 00:38:45,799
Speaker 1: has fully transitioned to to proof of proof of steak,

788
00:38:45,880 --> 00:38:48,480
Speaker 1: which you know it's going to happen sort of twenty

789
00:38:51,400 --> 00:38:56,160
Speaker 1: the center sometimes this century, we hope so. And one

790
00:38:56,200 --> 00:38:59,120
Speaker 1: of the big problems that's happened recently is that steth

791
00:38:59,239 --> 00:39:02,320
Speaker 1: has not been tracking the actual price of it. I

792
00:39:02,320 --> 00:39:07,160
Speaker 1: mean itself has been tumbling. It's a bit of an

793
00:39:07,239 --> 00:39:11,280
Speaker 1: understatement along with everything else, but ste is its price

794
00:39:11,560 --> 00:39:16,360
Speaker 1: is now actually lower than actual and this has caused some,

795
00:39:16,760 --> 00:39:19,840
Speaker 1: you know, some big liquidity problems for the likes of

796
00:39:20,280 --> 00:39:22,719
Speaker 1: three A C and of course Celsius as well. So

797
00:39:23,320 --> 00:39:27,839
Speaker 1: that exposure has has left has left these companies kind

798
00:39:27,840 --> 00:39:30,960
Speaker 1: of facing facing problems. And it all ties into that

799
00:39:31,040 --> 00:39:34,120
Speaker 1: wonderful Warren Buffett quote, isn't it's when the tide goes out.

800
00:39:34,120 --> 00:39:36,480
Speaker 1: You see who's been swimming nature? Yeah, and there's another one.

801
00:39:37,680 --> 00:39:40,080
Speaker 1: I'm greedy when others are fearful, and I'm fearful when

802
00:39:40,200 --> 00:39:43,560
Speaker 1: others are greedy. Yeah. Um, And you could be seeing

803
00:39:43,640 --> 00:39:45,520
Speaker 1: you some more situations like this, I mean, this is

804
00:39:45,600 --> 00:39:48,600
Speaker 1: I don't think it would be the last uh within

805
00:39:48,719 --> 00:39:52,839
Speaker 1: crypto scenario that is not good for cryptzo for this year,

806
00:39:52,960 --> 00:39:55,120
Speaker 1: you know that. I'm sure there'll be other events, other

807
00:39:55,200 --> 00:39:59,960
Speaker 1: occasions where there'll be other companies, critic currencies, occasional occasional

808
00:40:00,040 --> 00:40:06,320
Speaker 1: US fortifications. That's affect people's perception of CRITO. Yeah, but

809
00:40:06,560 --> 00:40:09,799
Speaker 1: you touched on something earlier, like about how people from

810
00:40:09,840 --> 00:40:13,120
Speaker 1: tradf I like to complain about CRIPTO saying we don't

811
00:40:13,160 --> 00:40:15,200
Speaker 1: know how to handle our money. It's the same thing

812
00:40:16,040 --> 00:40:18,640
Speaker 1: as you mentioned with Northern Rock. You know, it's you're

813
00:40:18,640 --> 00:40:20,839
Speaker 1: going to get this all the time. Leman Brothers, Yeah,

814
00:40:23,239 --> 00:40:27,480
Speaker 1: we had a friend he had his first day at

815
00:40:27,560 --> 00:40:35,840
Speaker 1: Lehman Brothers. I remember the day they basically Cambridge Cambridge

816
00:40:36,320 --> 00:40:41,319
Speaker 1: graduate work rocked up. Yeah, we've done. Everyone's leaving all

817
00:40:41,400 --> 00:40:43,440
Speaker 1: the possessions of boxes out and there what can I do?

818
00:40:43,640 --> 00:40:47,840
Speaker 1: You can pack this bo So Yeah, situations like that

819
00:40:47,920 --> 00:40:50,120
Speaker 1: I think would well be more common in the future.

820
00:40:50,160 --> 00:40:52,520
Speaker 1: But again, but the regulation, hopefully they'll be more people

821
00:40:52,640 --> 00:40:54,200
Speaker 1: protected from that. But is it going to be the

822
00:40:54,239 --> 00:40:57,759
Speaker 1: same regulation that is on the it's it's who like

823
00:40:57,880 --> 00:41:02,680
Speaker 1: you know, the regulation the banks have is hasn't changed much. Yeah,

824
00:41:02,760 --> 00:41:06,320
Speaker 1: well I hope so. You know, again, what happened to

825
00:41:06,360 --> 00:41:07,960
Speaker 1: us there the bailout of the banks, So they knew

826
00:41:08,000 --> 00:41:09,680
Speaker 1: what they were doing. They knew they were over borrowing,

827
00:41:10,080 --> 00:41:11,600
Speaker 1: and they knew that we're going to get bailed out.

828
00:41:11,840 --> 00:41:13,279
Speaker 1: Are we going to be seeing a situation like that

829
00:41:13,360 --> 00:41:15,960
Speaker 1: in the future essentially? Yeah, I think repercussions is the

830
00:41:15,960 --> 00:41:18,440
Speaker 1: biggest thing that needs to happen for these these companies

831
00:41:18,520 --> 00:41:21,919
Speaker 1: because well, with no repercussions, then what is to stop

832
00:41:22,480 --> 00:41:24,719
Speaker 1: them over leveraging on other people's money? You know, if

833
00:41:24,760 --> 00:41:26,880
Speaker 1: they knew, oh, if we do this and you know,

834
00:41:27,160 --> 00:41:30,080
Speaker 1: we we end up going to zero, then we're going

835
00:41:30,120 --> 00:41:32,120
Speaker 1: to be investigator, we might go to jail, this, that,

836
00:41:32,239 --> 00:41:34,239
Speaker 1: the other whatever, then they're not going to do it,

837
00:41:34,360 --> 00:41:36,640
Speaker 1: or at least less people will do it. Um. And

838
00:41:36,760 --> 00:41:39,160
Speaker 1: that's a super interesting point there because I think, you know,

839
00:41:39,360 --> 00:41:42,280
Speaker 1: CRIPTA has known as sort of the wild West of finance,

840
00:41:42,520 --> 00:41:44,399
Speaker 1: and I think we're now starting to see the sun

841
00:41:44,520 --> 00:41:47,800
Speaker 1: set on the wild West finance and that and that

842
00:41:47,920 --> 00:41:51,839
Speaker 1: is CRIPTO, which again we'll create and promoteing new opportunities

843
00:41:52,200 --> 00:41:53,879
Speaker 1: and we'll we'll be there too to be a part

844
00:41:53,960 --> 00:41:56,680
Speaker 1: of that. Um. But it's so interesting right now how

845
00:41:57,320 --> 00:42:00,839
Speaker 1: cript as being a part of the financial world. Yeah,

846
00:42:01,160 --> 00:42:04,719
Speaker 1: it's feeling it's feeling the same forces. It's yeah, and

847
00:42:05,200 --> 00:42:09,000
Speaker 1: I mean again, as with Celsius, it seems like three

848
00:42:09,080 --> 00:42:12,359
Speaker 1: a C has basically been taking on too much risk.

849
00:42:13,000 --> 00:42:15,439
Speaker 1: You know, it hasn't been it hasn't been looking after

850
00:42:15,520 --> 00:42:20,320
Speaker 1: these assets responsibly enough, and it's now getting margin calls.

851
00:42:20,360 --> 00:42:22,719
Speaker 1: And actually, I mean I was looking, I was looking

852
00:42:22,760 --> 00:42:25,680
Speaker 1: through Twitter and the crypto news in general this morning

853
00:42:26,239 --> 00:42:29,960
Speaker 1: and seeing quite a few reports that counterparties of three

854
00:42:30,000 --> 00:42:32,759
Speaker 1: A C. You know, people who have their money, you know,

855
00:42:32,840 --> 00:42:36,399
Speaker 1: who who who have money with three hours capital are

856
00:42:36,480 --> 00:42:38,600
Speaker 1: not able to get in touch with are basically being

857
00:42:38,640 --> 00:42:42,440
Speaker 1: ghosted here. You know, Calls aren't being answered, emails, you know,

858
00:42:42,560 --> 00:42:45,879
Speaker 1: aren't being read, and all this sort of stuff, and yeah,

859
00:42:45,960 --> 00:42:48,880
Speaker 1: you know, people are wondering where their money is. It

860
00:42:48,960 --> 00:42:51,920
Speaker 1: reminds me of you know, with the whole two and

861
00:42:51,920 --> 00:42:54,080
Speaker 1: eight with that, have you seen the big shot? So

862
00:42:54,200 --> 00:42:58,120
Speaker 1: it's like when Michael Urry is it's like not replying

863
00:42:58,120 --> 00:42:59,680
Speaker 1: to any of these emails and he's like not taking

864
00:42:59,719 --> 00:43:02,200
Speaker 1: in of the cause when he's like keeping everyone's money, Yeah,

865
00:43:03,080 --> 00:43:05,200
Speaker 1: I'm keeping you in exactly, and then you getting like

866
00:43:05,280 --> 00:43:08,680
Speaker 1: ding ding ding like that they're getting these calls. They're like, yeah,

867
00:43:08,719 --> 00:43:11,680
Speaker 1: We're just gonna hopefully it pays out like it did

868
00:43:11,760 --> 00:43:13,600
Speaker 1: for him, but I don't I don't know if it were.

869
00:43:14,200 --> 00:43:16,520
Speaker 1: But yeah, they need to have a quick reversal all

870
00:43:16,520 --> 00:43:19,400
Speaker 1: that to happen. I think, you know, there's nothing worse

871
00:43:19,719 --> 00:43:22,680
Speaker 1: when a situation like this is happening, when people's when

872
00:43:22,719 --> 00:43:25,960
Speaker 1: people's money is on the line, and your control. Yeah,

873
00:43:26,000 --> 00:43:28,800
Speaker 1: I mean it's beyond you know, it's beyond virtually everyone's control.

874
00:43:29,360 --> 00:43:32,399
Speaker 1: But a situation like that is only made worse when

875
00:43:32,719 --> 00:43:34,960
Speaker 1: those involved, you know, those those who are having to

876
00:43:35,280 --> 00:43:38,640
Speaker 1: somehow try and write the ship basically go dark. And

877
00:43:38,680 --> 00:43:41,359
Speaker 1: I don't think there's any excuse for that in this age.

878
00:43:41,400 --> 00:43:43,799
Speaker 1: I mean you see people sort of saying, oh, well,

879
00:43:44,120 --> 00:43:46,000
Speaker 1: it's it's heads down, it's all hands to the pump.

880
00:43:46,080 --> 00:43:48,680
Speaker 1: We haven't got time to you know, Yes, you've got

881
00:43:48,800 --> 00:43:52,319
Speaker 1: to make time to try and reassure them. Try. Yeah,

882
00:43:52,760 --> 00:43:55,359
Speaker 1: you know, it's not about giving them false hope. It's

883
00:43:55,360 --> 00:43:58,439
Speaker 1: about keeping them informed. It's about it's about taking five

884
00:43:58,480 --> 00:44:00,560
Speaker 1: minutes to write a tweet saying look, we are working

885
00:44:00,600 --> 00:44:03,520
Speaker 1: on this, We're doing everything we can. Because I think

886
00:44:03,680 --> 00:44:08,160
Speaker 1: silence is the absolute the last thing anyone wants the Killer. Yeah.

887
00:44:09,640 --> 00:44:12,360
Speaker 1: So yeah, I mean again at three hours capital that

888
00:44:12,800 --> 00:44:15,920
Speaker 1: situation is is something we could talk about a lot more.

889
00:44:16,040 --> 00:44:18,320
Speaker 1: But I think as we record this again, it's a

890
00:44:18,360 --> 00:44:21,200
Speaker 1: developing situation. It would have changed a lot by tomorrow,

891
00:44:21,239 --> 00:44:23,320
Speaker 1: by the time perhaps even this episode goes out. So

892
00:44:24,160 --> 00:44:26,840
Speaker 1: for anyone listening, I think, yeah, these are two companies

893
00:44:27,160 --> 00:44:28,480
Speaker 1: if you if you want to, if you want a

894
00:44:28,560 --> 00:44:30,560
Speaker 1: good idea of what's going on in crypto at the

895
00:44:30,600 --> 00:44:33,960
Speaker 1: moment and why there is so much read across the board.

896
00:44:34,560 --> 00:44:37,080
Speaker 1: Um though, those are those are two of the big

897
00:44:37,239 --> 00:44:40,680
Speaker 1: sort of worries weights on the crypto market at the moment.

898
00:44:40,719 --> 00:44:44,640
Speaker 1: I should say, actually, weirdly enough, on the back of

899
00:44:45,000 --> 00:44:47,520
Speaker 1: this rate hype that we saw yesterday, the markets are

900
00:44:47,600 --> 00:44:49,960
Speaker 1: actually looking a little bit better of a relief round

901
00:44:50,480 --> 00:44:52,400
Speaker 1: a bit of a relief I think again with you know,

902
00:44:52,480 --> 00:44:54,719
Speaker 1: sort of pricing in the decisions of being made about

903
00:44:54,719 --> 00:44:57,680
Speaker 1: the interest rates, um, pricing in that is going to

904
00:44:57,719 --> 00:45:00,120
Speaker 1: be raised by centi five basis points and so bit

905
00:45:00,160 --> 00:45:02,200
Speaker 1: of a relief there, could we be seeing a bit

906
00:45:02,239 --> 00:45:05,560
Speaker 1: of a summer rally potentially, I don't know. Yeah, it's

907
00:45:05,920 --> 00:45:07,359
Speaker 1: there's a lot of fear, there's a lot of fear

908
00:45:07,360 --> 00:45:09,440
Speaker 1: in the market. I mean, could we be seeing it.

909
00:45:09,960 --> 00:45:12,000
Speaker 1: It could be a dead cat bounce as well. Yeah,

910
00:45:13,200 --> 00:45:15,440
Speaker 1: that's usually a bull trap, um, but not for me.

911
00:45:15,520 --> 00:45:18,319
Speaker 1: I'm not even considering that as a ball market until

912
00:45:18,360 --> 00:45:22,319
Speaker 1: we go above thirty three thousand, and that's not even

913
00:45:22,320 --> 00:45:25,360
Speaker 1: a ball ma. That's just confirm a potential reversal, just

914
00:45:25,440 --> 00:45:27,400
Speaker 1: based on charts and stuff. But we've definitely got a

915
00:45:27,440 --> 00:45:29,920
Speaker 1: long way to go. Oh yeah, it's um. Yeah, it's

916
00:45:30,719 --> 00:45:33,000
Speaker 1: again really interesting because I think a lot of people

917
00:45:33,080 --> 00:45:35,960
Speaker 1: were expecting. We were all kind of well, I don't

918
00:45:35,960 --> 00:45:38,480
Speaker 1: know about you, Mike, but we were all kind of glued.

919
00:45:38,840 --> 00:45:42,160
Speaker 1: The announcement came yesterday evening here in the UK, about

920
00:45:42,200 --> 00:45:45,360
Speaker 1: seven pm UK time, about the interest rate hike, and

921
00:45:45,440 --> 00:45:47,920
Speaker 1: everyone was sort of on tenter hooks, like, well, is

922
00:45:47,960 --> 00:45:50,359
Speaker 1: it going to be fifty basis points or seventy five

923
00:45:50,400 --> 00:45:56,800
Speaker 1: basis point? Until you know, I wasn't, well, what is

924
00:45:56,880 --> 00:45:59,719
Speaker 1: this episode eighteen? And you're still not You're still not

925
00:45:59,840 --> 00:46:02,080
Speaker 1: on on board. I'm on board, but you know, I

926
00:46:02,200 --> 00:46:03,520
Speaker 1: met up with you once a week and I get

927
00:46:03,560 --> 00:46:07,479
Speaker 1: my I'm not I'm not. I'm not stressing by looking

928
00:46:07,560 --> 00:46:10,600
Speaker 1: at it like it's done. Yeah, Yeah, that's that's a

929
00:46:10,640 --> 00:46:12,440
Speaker 1: good attitude to have, like it's you know, it's it's

930
00:46:12,560 --> 00:46:15,760
Speaker 1: it's fine. The people who hold my my my cryptop

931
00:46:15,800 --> 00:46:19,279
Speaker 1: probact calls anyway, I think that's I think there's a

932
00:46:19,320 --> 00:46:22,240
Speaker 1: lot of sense. Then I think, don't ye, don't do anything.

933
00:46:22,400 --> 00:46:27,600
Speaker 1: Um yes, So Celsius three hours Capital you guys also

934
00:46:27,680 --> 00:46:29,960
Speaker 1: touched on this briefly as well. Is the issue of

935
00:46:30,160 --> 00:46:34,480
Speaker 1: perhaps US double D D pegging. I'll quickly explain what

936
00:46:34,600 --> 00:46:36,759
Speaker 1: US double D is to those to those unaway. So

937
00:46:37,600 --> 00:46:44,320
Speaker 1: US double D is another algorithmic stable cost. Yeah, like

938
00:46:45,400 --> 00:46:48,600
Speaker 1: Terror's U S T and we all know how that went.

939
00:46:49,080 --> 00:46:55,279
Speaker 1: That ended. Um, so this was so this was all. Yeah,

940
00:46:55,800 --> 00:46:58,279
Speaker 1: this US double D sort of came about. This is

941
00:46:58,360 --> 00:47:02,640
Speaker 1: the Tron ecosystem stable kind, isn't it, Tron being another

942
00:47:02,880 --> 00:47:07,359
Speaker 1: another layer one blockchain run by sort of overseen by

943
00:47:07,880 --> 00:47:09,799
Speaker 1: Justin Sun or as I think we have to call

944
00:47:09,880 --> 00:47:13,680
Speaker 1: him his excellency Justin Sun, because you're highness, I think

945
00:47:15,360 --> 00:47:19,880
Speaker 1: excellent exactly. M Yeah, for he has some he has

946
00:47:19,960 --> 00:47:23,839
Speaker 1: some title in the Virgin Islands. So I've got one

947
00:47:23,880 --> 00:47:29,120
Speaker 1: of them. I'm a lord in some ways. Yeah, you know, Yeah,

948
00:47:29,840 --> 00:47:33,719
Speaker 1: it was a group on. Well, Justin Son, I think

949
00:47:33,719 --> 00:47:36,560
Speaker 1: has brought a very expensive group on, which makes him

950
00:47:37,000 --> 00:47:40,520
Speaker 1: his excellency Justin Son. Anyhow, we shouldn't we shouldn't much,

951
00:47:40,960 --> 00:47:47,120
Speaker 1: but exactly we shouldn't say too much. Um So US

952
00:47:47,160 --> 00:47:50,360
Speaker 1: double D, Yeah, there is there are some concerns that

953
00:47:50,520 --> 00:47:53,719
Speaker 1: it could lose its dollar peg, and I mean it

954
00:47:53,880 --> 00:47:55,839
Speaker 1: is a few cents below that peg at the moment,

955
00:47:56,760 --> 00:47:58,800
Speaker 1: and it's got a few people worried because obviously the

956
00:47:58,880 --> 00:48:02,719
Speaker 1: last time we saw an algorithmic sablecoin lose its peg, yeah,

957
00:48:03,000 --> 00:48:05,040
Speaker 1: it went down very quickly. That was currently the think

958
00:48:05,080 --> 00:48:09,439
Speaker 1: under once then the old death spiral, the old spiral exactly. Yeah,

959
00:48:10,280 --> 00:48:13,360
Speaker 1: So I mean there's there's there's not too much, not

960
00:48:13,520 --> 00:48:15,359
Speaker 1: too much to say about this at the moment. Really,

961
00:48:16,000 --> 00:48:18,879
Speaker 1: I think the difference between us T and US double

962
00:48:18,960 --> 00:48:20,920
Speaker 1: D is that US double D has a much smaller

963
00:48:21,000 --> 00:48:27,720
Speaker 1: market cap and it seems seems to have enough collateral backing,

964
00:48:27,920 --> 00:48:32,319
Speaker 1: certainly more collateral relative to its market cap than US

965
00:48:32,400 --> 00:48:35,880
Speaker 1: T had, and the tron Dow, which is which is

966
00:48:35,960 --> 00:48:39,200
Speaker 1: in basically in charge of maintaining this peg has you know,

967
00:48:39,280 --> 00:48:41,480
Speaker 1: they have come out and said that they are committed

968
00:48:41,640 --> 00:48:48,160
Speaker 1: to defending that peg. But that's what they Yeah, they'se Yeah,

969
00:48:49,200 --> 00:48:53,160
Speaker 1: steady lads, deploy more. Yeah, it's I that's a phrase.

970
00:48:53,200 --> 00:48:55,640
Speaker 1: I I don't really want to have nightmares about phrase

971
00:48:55,760 --> 00:48:59,839
Speaker 1: every night. That's going to be chiseled people's headstones. Yeah,

972
00:49:00,040 --> 00:49:03,440
Speaker 1: it's um. So obviously the problem is that if if

973
00:49:03,480 --> 00:49:06,920
Speaker 1: the tron down does have to deploy more capital in

974
00:49:07,080 --> 00:49:09,879
Speaker 1: order to hold this peg, then that is more cell

975
00:49:09,960 --> 00:49:13,360
Speaker 1: pressure on the market of whatever asset it has backing it,

976
00:49:13,480 --> 00:49:17,399
Speaker 1: and the market, you know, cell pressure. It doesn't need anything. Yeah,

977
00:49:17,600 --> 00:49:21,399
Speaker 1: we've got quite enough cell for sure. For sure. Yeah

978
00:49:21,560 --> 00:49:26,640
Speaker 1: it's so so yeah, so three hours capital, celsius us

979
00:49:26,719 --> 00:49:29,160
Speaker 1: double D. Those are those are three of the big,

980
00:49:29,400 --> 00:49:31,880
Speaker 1: big sort of things where I was just gonna say it.

981
00:49:31,920 --> 00:49:34,200
Speaker 1: Does it not make you thing like, where is my

982
00:49:34,320 --> 00:49:37,080
Speaker 1: money safe at this point? Like you think, let me

983
00:49:37,120 --> 00:49:38,719
Speaker 1: just keep it in cash. Well, now you're exposed to

984
00:49:38,719 --> 00:49:40,960
Speaker 1: eight point six percent inflation. Oh well at least the

985
00:49:41,000 --> 00:49:43,960
Speaker 1: banks have one point Well that's that's going to really

986
00:49:44,000 --> 00:49:46,239
Speaker 1: hold me. And then oh can I put my money

987
00:49:46,280 --> 00:49:48,160
Speaker 1: in crypt though, well with crashing like crazy right now,

988
00:49:48,239 --> 00:49:50,560
Speaker 1: and then occup in stocks crashing like crazy right now?

989
00:49:51,000 --> 00:49:56,640
Speaker 1: Put in stable coins while stable coins curely a stable Yeah, yeah, literally,

990
00:49:57,000 --> 00:49:59,320
Speaker 1: I think that this land or yeah, but then but

991
00:49:59,360 --> 00:50:01,640
Speaker 1: then also I feel like, yeah, with real estate, you've

992
00:50:01,640 --> 00:50:03,719
Speaker 1: got that potentially collapsing because they have you seen the

993
00:50:03,760 --> 00:50:06,719
Speaker 1: rent hikes reason, they've been crazy people over boring for

994
00:50:06,800 --> 00:50:08,680
Speaker 1: that as well. So it's just like we were in

995
00:50:08,760 --> 00:50:12,840
Speaker 1: the stage anything at it's in a stage where like,

996
00:50:12,920 --> 00:50:14,880
Speaker 1: where where can I put my money where I know

997
00:50:14,960 --> 00:50:16,640
Speaker 1: it's going to be together. I think we're actually in

998
00:50:16,680 --> 00:50:18,759
Speaker 1: a scary time where it's like nothing seems to be

999
00:50:18,760 --> 00:50:21,640
Speaker 1: a secure and I think, yeah, there's only a matter

1000
00:50:21,680 --> 00:50:24,560
Speaker 1: of time before you know, other stable poins collapse or

1001
00:50:24,920 --> 00:50:27,120
Speaker 1: other crypto collapse, and then it is scary, and it

1002
00:50:27,280 --> 00:50:28,520
Speaker 1: is you want to get to a point where you

1003
00:50:28,719 --> 00:50:31,000
Speaker 1: feel stable your money. There should always be a place

1004
00:50:31,080 --> 00:50:32,640
Speaker 1: you can put your money where you feel like gold,

1005
00:50:34,360 --> 00:50:36,759
Speaker 1: the gold turn on gold, you could put it in

1006
00:50:36,800 --> 00:50:40,400
Speaker 1: there maybe to hold its value, but then the inflation

1007
00:50:40,440 --> 00:50:43,839
Speaker 1: still you know, Rex, It's interesting how your Martin Lewis

1008
00:50:43,920 --> 00:50:46,480
Speaker 1: our money saving experts in the UK. He said at

1009
00:50:46,520 --> 00:50:48,160
Speaker 1: one point earlier this year, said I have no more

1010
00:50:48,200 --> 00:50:50,840
Speaker 1: tools left. I can't give any other advice and what

1011
00:50:51,280 --> 00:50:53,040
Speaker 1: I can do that all of is left is just

1012
00:50:53,160 --> 00:50:55,480
Speaker 1: to see how this plays out. And that when I

1013
00:50:55,520 --> 00:50:57,200
Speaker 1: saw that, I thought, yeah, okay, this is going to

1014
00:50:57,280 --> 00:51:00,960
Speaker 1: be a historical. It's gonna be historical. Um. And we're

1015
00:51:00,960 --> 00:51:03,040
Speaker 1: living through that right now. And the points you mentioned

1016
00:51:03,040 --> 00:51:08,000
Speaker 1: about US double D, other stable coins as well, algorithmic again. Um, again,

1017
00:51:08,239 --> 00:51:10,120
Speaker 1: it's going to be this bear market will weed out

1018
00:51:10,719 --> 00:51:13,319
Speaker 1: these issues what we've seen in the previous ball run

1019
00:51:13,480 --> 00:51:16,080
Speaker 1: and hopefully build stronger for the next one to see

1020
00:51:16,120 --> 00:51:18,320
Speaker 1: bitcoins go back to its all time highs again. And

1021
00:51:19,000 --> 00:51:22,680
Speaker 1: it's getting through those stages. It's tough. It's to the

1022
00:51:22,760 --> 00:51:26,960
Speaker 1: whole the whole sector is kind of undergoing surgery at

1023
00:51:27,000 --> 00:51:32,840
Speaker 1: the moment, world just without an anesthetic. Yeah, I'm nature.

1024
00:51:34,000 --> 00:51:37,239
Speaker 1: That's there. Was One other thing, another kind of big

1025
00:51:37,320 --> 00:51:39,160
Speaker 1: story in the in the crypto industry at the moment

1026
00:51:39,200 --> 00:51:40,839
Speaker 1: that I want to touch on, and I'm afraid it's

1027
00:51:41,080 --> 00:51:44,839
Speaker 1: equally depressing. Is also the fact that because we've now

1028
00:51:44,960 --> 00:51:47,600
Speaker 1: entered a bear market, because you know, we are looking

1029
00:51:47,719 --> 00:51:52,360
Speaker 1: at months, if not years of negative sideways price action,

1030
00:51:53,000 --> 00:51:56,080
Speaker 1: we're seeing a lot of job losses across the crypto

1031
00:51:56,160 --> 00:51:59,200
Speaker 1: sector as well. UM. And I think the bit the

1032
00:51:59,239 --> 00:52:02,400
Speaker 1: headline name there is obviously coin Base, which has shed

1033
00:52:02,760 --> 00:52:06,919
Speaker 1: i mean over a thousand employees and their workforce. Yeah,

1034
00:52:07,280 --> 00:52:10,640
Speaker 1: that's insane. Um. And was it last week? This this

1035
00:52:10,800 --> 00:52:12,920
Speaker 1: kind of all started bubbling up last week, didn't it

1036
00:52:13,000 --> 00:52:17,719
Speaker 1: when when they actually rescinded job offers, job offers that

1037
00:52:17,840 --> 00:52:20,120
Speaker 1: they've made, so a similar to it, similar to our

1038
00:52:20,160 --> 00:52:23,400
Speaker 1: friends who started Lehman Brothers. These these poor people, these

1039
00:52:23,440 --> 00:52:26,279
Speaker 1: poor folks had had been offered jobs with coin Base

1040
00:52:27,040 --> 00:52:29,439
Speaker 1: and then that was just snatched away, so they didn't

1041
00:52:29,440 --> 00:52:32,000
Speaker 1: even get to turn up for their first day. And

1042
00:52:32,080 --> 00:52:34,440
Speaker 1: that's the thing, you know, with its workforce, those there

1043
00:52:34,440 --> 00:52:37,239
Speaker 1: are a thousand employees that have mortgages that have to

1044
00:52:37,280 --> 00:52:39,920
Speaker 1: pay rents and now they're in a situation where potentially

1045
00:52:39,960 --> 00:52:41,640
Speaker 1: they can't. And so that's where you get sort of

1046
00:52:41,640 --> 00:52:45,759
Speaker 1: the contagion situation. Um. And you're going to be seeing

1047
00:52:45,800 --> 00:52:47,160
Speaker 1: more of this. I mean, you've got others that have

1048
00:52:47,280 --> 00:52:50,840
Speaker 1: done fairly well. I mean, but again to harp on

1049
00:52:50,920 --> 00:52:52,480
Speaker 1: about this, this is something else that you know, like

1050
00:52:52,840 --> 00:52:57,800
Speaker 1: look at Piano. I mean, this is happening across It

1051
00:52:57,960 --> 00:53:01,880
Speaker 1: is the the you know, the job sector in different

1052
00:53:02,040 --> 00:53:05,080
Speaker 1: different industries. Everyone is making cuts and stuff like this.

1053
00:53:05,200 --> 00:53:08,080
Speaker 1: It's highlighted to us. And obviously because it's you, that's

1054
00:53:08,120 --> 00:53:10,960
Speaker 1: what you get before a recession. Every time there's a recession,

1055
00:53:11,040 --> 00:53:15,200
Speaker 1: before there is unemployment, is that it's uh the lowest

1056
00:53:15,360 --> 00:53:17,560
Speaker 1: trying to think of counterintuit to do that. So the

1057
00:53:17,640 --> 00:53:19,799
Speaker 1: unemployment rate, yeah, is that the size of most people

1058
00:53:19,840 --> 00:53:22,160
Speaker 1: are in jobs. And therefore when you get into a recession,

1059
00:53:22,440 --> 00:53:24,279
Speaker 1: that is they see the job losses as well and

1060
00:53:24,600 --> 00:53:26,520
Speaker 1: sort of the knock on effects from that. And then

1061
00:53:26,560 --> 00:53:30,080
Speaker 1: you see what Binance hiring. Yeah, finance is hiring. I

1062
00:53:30,120 --> 00:53:33,120
Speaker 1: think that. So, yeah, I saw that little meme. Yeah,

1063
00:53:33,360 --> 00:53:38,600
Speaker 1: it's it's extraordinary. So Binance ceo who's um goes by

1064
00:53:38,640 --> 00:53:41,000
Speaker 1: the name cz. You know you've made it when you're

1065
00:53:41,120 --> 00:53:44,719
Speaker 1: referred to by you. We were close to it was

1066
00:53:44,760 --> 00:53:48,560
Speaker 1: easy in the same clubs. I mean, given the fact

1067
00:53:48,600 --> 00:53:50,560
Speaker 1: that he's by a long way the richest man in crypto,

1068
00:53:50,640 --> 00:53:53,360
Speaker 1: he probably owned that club. Could have asked him for

1069
00:53:55,320 --> 00:53:58,239
Speaker 1: he um. Yes, So a bit of background to to

1070
00:53:58,560 --> 00:54:01,120
Speaker 1: to this. Basically, over the last few months, over the

1071
00:54:01,200 --> 00:54:05,520
Speaker 1: last year or so, really we've seen some big crypto

1072
00:54:05,640 --> 00:54:10,520
Speaker 1: companies splash unbelievable amounts of cash. So we had the likes,

1073
00:54:10,600 --> 00:54:13,960
Speaker 1: I mean, coin base. Coin Base itself went public, which

1074
00:54:14,080 --> 00:54:16,759
Speaker 1: was that was was that September last year? I feel

1075
00:54:16,760 --> 00:54:18,560
Speaker 1: like that was April last hip when they went Okay,

1076
00:54:18,600 --> 00:54:21,759
Speaker 1: that's where you know, that's aught of talk about, oh yeah,

1077
00:54:21,880 --> 00:54:24,400
Speaker 1: coin bases going public at the beginning of one and

1078
00:54:24,520 --> 00:54:26,240
Speaker 1: that's when if you look at the chart of April

1079
00:54:27,120 --> 00:54:30,000
Speaker 1: went up on like the fourteenth, and then afterwards crash

1080
00:54:30,080 --> 00:54:32,759
Speaker 1: because I don't know when they went public, and people like, okay,

1081
00:54:32,760 --> 00:54:35,040
Speaker 1: the hypes over now um and then ever since then,

1082
00:54:35,239 --> 00:54:37,160
Speaker 1: now that they are public, they have to be public

1083
00:54:37,239 --> 00:54:40,279
Speaker 1: about what's going on into which I guess it's also

1084
00:54:40,280 --> 00:54:42,000
Speaker 1: a good thing as well, to be fair. Yeah, but

1085
00:54:42,040 --> 00:54:44,640
Speaker 1: I think it's quite You can kind of use crypto

1086
00:54:44,719 --> 00:54:47,080
Speaker 1: as an analogy for it, because it's kind of like

1087
00:54:47,280 --> 00:54:49,000
Speaker 1: when we when you say, right, when there's there's a

1088
00:54:49,080 --> 00:54:51,080
Speaker 1: blood in the streets, that's the best time to buy. Right,

1089
00:54:51,280 --> 00:54:53,839
Speaker 1: everyone's getting rid of companies and violence are buying buying

1090
00:54:53,880 --> 00:54:58,080
Speaker 1: them cheap and cheap old coins. But no, I kind

1091
00:54:58,120 --> 00:54:59,920
Speaker 1: of think of it like, well, a lot of these

1092
00:55:00,080 --> 00:55:02,279
Speaker 1: top two people that are coming out of coin base,

1093
00:55:02,680 --> 00:55:05,120
Speaker 1: they're going to be able to accept lower, lower jobs

1094
00:55:05,160 --> 00:55:07,279
Speaker 1: because they were desperate for a job right, and so

1095
00:55:07,440 --> 00:55:09,799
Speaker 1: Binance they're just collecting up to good employees on the low.

1096
00:55:09,920 --> 00:55:12,040
Speaker 1: Did we say what binets are they? Did? You want

1097
00:55:12,080 --> 00:55:15,200
Speaker 1: to read out the meme? Oh yeah yeah so yeah

1098
00:55:15,640 --> 00:55:17,440
Speaker 1: again a bit more, a bit of context. So the

1099
00:55:17,520 --> 00:55:21,000
Speaker 1: likes of crypto dot com, um, I mean they was

1100
00:55:21,040 --> 00:55:22,840
Speaker 1: at the Staples Center in Los Angeles is now the

1101
00:55:22,880 --> 00:55:27,480
Speaker 1: Crypto dot Com arena. Yeah, there's like an fdex of arena. Yeah. Yeah,

1102
00:55:27,600 --> 00:55:31,000
Speaker 1: so you know things basically, you know, paying hundreds of

1103
00:55:31,000 --> 00:55:34,560
Speaker 1: millions of dollars to name stadiums, expensive Super Bowl ads

1104
00:55:34,600 --> 00:55:36,920
Speaker 1: and all this sort of thing. Anyhow, crypto dot com

1105
00:55:37,280 --> 00:55:40,000
Speaker 1: has had to lay off people along with coin base

1106
00:55:40,360 --> 00:55:43,560
Speaker 1: and also Gemini, which is another big US based exchange.

1107
00:55:44,200 --> 00:55:48,040
Speaker 1: So um Cz, CEO of Binance, put out the tweet

1108
00:55:48,600 --> 00:55:51,279
Speaker 1: it was not easy saying no to Super Bowl ads,

1109
00:55:51,360 --> 00:55:54,439
Speaker 1: stadium naming rights, large sponsor deals a few months ago,

1110
00:55:54,800 --> 00:55:58,600
Speaker 1: but we did. Today we are hiring for two thousand

1111
00:55:58,800 --> 00:56:03,319
Speaker 1: open positions for hashtag finance. Yeah that's crazy, but yeah,

1112
00:56:03,360 --> 00:56:05,359
Speaker 1: it's just I think it's there's two things about It's

1113
00:56:05,400 --> 00:56:07,960
Speaker 1: like there's the the ethical play right. They want to

1114
00:56:07,960 --> 00:56:10,760
Speaker 1: come across as like wherever else is off playing we're onloading,

1115
00:56:10,800 --> 00:56:12,480
Speaker 1: so they're always going to be seen as link it

1116
00:56:12,560 --> 00:56:15,360
Speaker 1: from an ethical standard where the good exactly. So I

1117
00:56:15,440 --> 00:56:17,640
Speaker 1: think that that sense it's a pr move. But then

1118
00:56:17,680 --> 00:56:22,000
Speaker 1: also I think you've also got the talent talent talent

1119
00:56:22,120 --> 00:56:25,040
Speaker 1: for also potentially cheaper. I think that's kind of the

1120
00:56:25,120 --> 00:56:26,920
Speaker 1: thing that gets pushed on the rug. But that's probably

1121
00:56:26,960 --> 00:56:28,400
Speaker 1: what's going on there as well. They can get two

1122
00:56:28,480 --> 00:56:31,000
Speaker 1: thousand really high quality x coin based x crypto comm

1123
00:56:31,000 --> 00:56:34,279
Speaker 1: employees for pennies on the dollar. And then with that

1124
00:56:34,360 --> 00:56:35,920
Speaker 1: as well, you know with the thousand employees, is that

1125
00:56:36,000 --> 00:56:38,239
Speaker 1: a thousand employees that were working already with coin based.

1126
00:56:38,320 --> 00:56:41,640
Speaker 1: Was that the where they had the job offer itself. Yeah,

1127
00:56:41,760 --> 00:56:44,680
Speaker 1: So the initial thing from coin based was rescinding, was

1128
00:56:44,760 --> 00:56:49,359
Speaker 1: rescinding offers, and now they've actually laid off. So within

1129
00:56:49,480 --> 00:56:52,200
Speaker 1: that a thousand employees, you've got potential people who have

1130
00:56:52,360 --> 00:56:54,759
Speaker 1: seen the inner workings of a criptic exchange. Maybe the

1131
00:56:54,880 --> 00:56:57,280
Speaker 1: want to something, yeah, the top one, the top CRIPTI

1132
00:56:57,320 --> 00:57:00,480
Speaker 1: exchange out there, um, and they've seen the the workings,

1133
00:57:00,480 --> 00:57:02,560
Speaker 1: they've seen how in exchange would work. You're can be

1134
00:57:02,640 --> 00:57:05,880
Speaker 1: seeing other types of cryptic companies come out of this

1135
00:57:05,960 --> 00:57:07,480
Speaker 1: as well. Potentially, you know, with the OU out of

1136
00:57:07,560 --> 00:57:10,959
Speaker 1: those a thousand employees, say, with their BnB, Spotify and others,

1137
00:57:11,520 --> 00:57:14,719
Speaker 1: and the Nates financial crisis, you'll have other types of

1138
00:57:14,760 --> 00:57:17,400
Speaker 1: cryptic companies come out of this bear market as well.

1139
00:57:17,960 --> 00:57:22,440
Speaker 1: So it's definitely green shoots. One person's crisis is another

1140
00:57:22,480 --> 00:57:25,760
Speaker 1: person's opportunity exactly. So yeah, and I mean going back

1141
00:57:25,800 --> 00:57:29,280
Speaker 1: to this business of coin Base, I mean, yeah, coin Base,

1142
00:57:29,320 --> 00:57:31,480
Speaker 1: I think it's it's it's fair to say, is it

1143
00:57:31,560 --> 00:57:34,600
Speaker 1: is probably the most well known, big, big you know,

1144
00:57:34,840 --> 00:57:38,040
Speaker 1: anyone anyone who doesn't really know about crypto, chances are

1145
00:57:38,080 --> 00:57:39,960
Speaker 1: they've heard of like all people I know that have

1146
00:57:40,120 --> 00:57:42,919
Speaker 1: like put like tan quid and bitcoin, they're like, oh, yeah,

1147
00:57:42,960 --> 00:57:46,400
Speaker 1: it's use coin, but h yeah, it's it's and obviously

1148
00:57:46,440 --> 00:57:49,000
Speaker 1: it's the first, you know, first crypto company to go public.

1149
00:57:49,760 --> 00:57:52,520
Speaker 1: And yeah, I mean this, this whole, this whole saga

1150
00:57:52,600 --> 00:57:56,360
Speaker 1: has been terrible. Pr also, I'm I mean apparently these

1151
00:57:56,400 --> 00:57:58,520
Speaker 1: employees who were let go just the other day, you know,

1152
00:57:58,600 --> 00:58:02,439
Speaker 1: these people who were all already working there, they found

1153
00:58:02,480 --> 00:58:05,720
Speaker 1: themselves locked out of their emails and their laptops and

1154
00:58:05,760 --> 00:58:09,640
Speaker 1: everything before actually being told that they were being so bad,

1155
00:58:09,800 --> 00:58:12,440
Speaker 1: which is It's always the process, isn't it. It's always

1156
00:58:12,480 --> 00:58:14,480
Speaker 1: the process of how you do something, not the actual content.

1157
00:58:14,560 --> 00:58:17,160
Speaker 1: It's actually the process of Okay, we're gonna have to

1158
00:58:17,160 --> 00:58:18,680
Speaker 1: do some layoffs, you know, we have to tell people

1159
00:58:18,720 --> 00:58:21,200
Speaker 1: that they won't have a job anymore, but actually tell

1160
00:58:21,240 --> 00:58:23,640
Speaker 1: them privately first, rather than just lock them out of there.

1161
00:58:23,760 --> 00:58:27,240
Speaker 1: At least it wasn't on Aersons zoom call. Oh yeah,

1162
00:58:28,200 --> 00:58:30,800
Speaker 1: who that was be an old guy? Yeah, which is

1163
00:58:31,160 --> 00:58:34,800
Speaker 1: also there's since found out there's piano ferries and there's

1164
00:58:34,840 --> 00:58:38,000
Speaker 1: piano cruises. One of them is the good guys and

1165
00:58:38,080 --> 00:58:43,480
Speaker 1: they're great, and the other the other. So it's like,

1166
00:58:43,600 --> 00:58:45,480
Speaker 1: you know, an ex factor when they bring through like

1167
00:58:45,720 --> 00:58:50,560
Speaker 1: five contested that you're not going forward PROBA acknowledged in

1168
00:58:50,600 --> 00:58:52,640
Speaker 1: that sense, and so yeah, that that that Yeah, that's

1169
00:58:52,640 --> 00:58:53,920
Speaker 1: a shame that it was. If it is on that

1170
00:58:53,960 --> 00:58:56,040
Speaker 1: way and it was done that way, then they stocked

1171
00:58:56,040 --> 00:58:58,560
Speaker 1: out to emails in your laptops before finding out that

1172
00:58:58,960 --> 00:59:02,200
Speaker 1: it's always gonna be the process known. So I suppose

1173
00:59:02,600 --> 00:59:05,520
Speaker 1: they do that just to protect you know, I guess

1174
00:59:05,680 --> 00:59:07,440
Speaker 1: I guess, well, I think it comes back to what

1175
00:59:07,520 --> 00:59:09,560
Speaker 1: you were saying, Tom, doesn't it. I mean, these are people,

1176
00:59:09,840 --> 00:59:12,400
Speaker 1: a lot of them will have a lot of very

1177
00:59:12,520 --> 00:59:15,880
Speaker 1: valuable information about how coin based works. And I guess

1178
00:59:15,920 --> 00:59:18,080
Speaker 1: part of the thinking was, well, if we tell them

1179
00:59:18,120 --> 00:59:21,840
Speaker 1: they're fired, we don't want them logging on downloading all

1180
00:59:21,960 --> 00:59:24,320
Speaker 1: sorts of files onto a USB. And I'm sure there's

1181
00:59:24,320 --> 00:59:25,880
Speaker 1: like an ND as well that they have to sign,

1182
00:59:25,960 --> 00:59:28,320
Speaker 1: and maybe the NDA will last for another six months,

1183
00:59:28,320 --> 00:59:29,920
Speaker 1: So in six months time, you can just see some

1184
00:59:30,480 --> 00:59:32,760
Speaker 1: interesting knowledge come out from these people that have worked

1185
00:59:32,800 --> 00:59:34,680
Speaker 1: with incin base. Not to say what this is what

1186
00:59:34,760 --> 00:59:37,840
Speaker 1: happened within coin base and nextpose in that sense, No,

1187
00:59:37,960 --> 00:59:39,560
Speaker 1: not at all, But I think you're can be seeing

1188
00:59:39,760 --> 00:59:41,800
Speaker 1: these employees you've spoken to other people and think, okay,

1189
00:59:41,840 --> 00:59:44,200
Speaker 1: we can create an opportunity here. As you said, one

1190
00:59:44,280 --> 00:59:48,520
Speaker 1: person's bare market is another person's opportunity. And I think

1191
00:59:48,760 --> 00:59:50,400
Speaker 1: I mean the whole the way. The whole coin based

1192
00:59:50,400 --> 00:59:52,439
Speaker 1: thing has been kind of bubbling along for the last

1193
00:59:52,480 --> 00:59:55,640
Speaker 1: few weeks because last week I remember seeing something on

1194
00:59:55,720 --> 00:59:58,720
Speaker 1: Twitter which we couldn't verify at the time, but I

1195
00:59:59,240 --> 01:00:02,440
Speaker 1: you know, this to some some pretty serious internal dissent

1196
01:00:02,680 --> 01:00:04,240
Speaker 1: at coin base, and I think a lot of it

1197
01:00:04,360 --> 01:00:07,280
Speaker 1: was linked to the fact that they had just rescinded

1198
01:00:07,320 --> 01:00:10,160
Speaker 1: these job offers um and you know, there was a

1199
01:00:10,240 --> 01:00:12,600
Speaker 1: lot of there was a lot of bad feeling over

1200
01:00:12,680 --> 01:00:15,400
Speaker 1: a number of executives there as well, and just over

1201
01:00:15,480 --> 01:00:18,240
Speaker 1: the direction that the company had grown and how it

1202
01:00:18,360 --> 01:00:22,360
Speaker 1: seemed I think the from the from the point of

1203
01:00:22,400 --> 01:00:26,040
Speaker 1: view of a lot of staff internally, the company seemed

1204
01:00:26,040 --> 01:00:29,720
Speaker 1: to have been expanding to too quickly and too aggressively.

1205
01:00:29,840 --> 01:00:33,520
Speaker 1: And funnily enough, when Brian Armstrong, the CEO, released in

1206
01:00:33,560 --> 01:00:35,320
Speaker 1: the wake of these job losses, I think it was

1207
01:00:35,440 --> 01:00:39,800
Speaker 1: yesterday that phrase we grew too quickly. I think that

1208
01:00:40,160 --> 01:00:42,720
Speaker 1: that relates so well to the rest of the crypto markets,

1209
01:00:42,720 --> 01:00:45,520
Speaker 1: isn't that. I think it's when we've seen you know,

1210
01:00:45,720 --> 01:00:47,720
Speaker 1: everyone wants growth, but you want healthy growth. You don't

1211
01:00:47,720 --> 01:00:50,240
Speaker 1: want unhealthy growth. And in the first couple of ball

1212
01:00:50,320 --> 01:00:53,160
Speaker 1: runs we've seen, they've been like so crazy and we've

1213
01:00:53,160 --> 01:00:55,800
Speaker 1: seem like you said, that's blow off tops. And that's

1214
01:00:55,840 --> 01:00:59,440
Speaker 1: when you're kind of see those crazy corrections. If you

1215
01:00:59,560 --> 01:01:02,000
Speaker 1: have that actual uptrend growth like you would see on

1216
01:01:02,080 --> 01:01:05,120
Speaker 1: a chart, that is that's what healthy growth looks like.

1217
01:01:05,240 --> 01:01:07,080
Speaker 1: You see a move up, then you have a corrective

1218
01:01:07,120 --> 01:01:10,400
Speaker 1: move down, then a mover etcetera, etcetera, showing natural growth.

1219
01:01:10,480 --> 01:01:13,200
Speaker 1: But if you see you know, shoot up shoot down

1220
01:01:13,200 --> 01:01:15,200
Speaker 1: and shoot up shoot down, that's not healthy. And that's

1221
01:01:15,200 --> 01:01:18,040
Speaker 1: always until that changes for bitcoin and crypto in general,

1222
01:01:18,520 --> 01:01:21,160
Speaker 1: we are never going to stop seeing these crazy crashes

1223
01:01:21,320 --> 01:01:24,200
Speaker 1: because it comes part and past. If you want the

1224
01:01:24,240 --> 01:01:26,960
Speaker 1: crazy games, you're gonna get crazy. Um you. If you accept, hey,

1225
01:01:27,040 --> 01:01:28,960
Speaker 1: maybe my games won't be as crazy, but I'm still

1226
01:01:28,960 --> 01:01:31,760
Speaker 1: gonna get nice, healthy growth, then you don't have the weather.

1227
01:01:31,800 --> 01:01:34,520
Speaker 1: There's many storms exactly so true and and and that

1228
01:01:34,720 --> 01:01:36,600
Speaker 1: is that's the major thing. I think that's why many

1229
01:01:36,640 --> 01:01:39,080
Speaker 1: people steer away from cryptis because they see how volatile

1230
01:01:39,160 --> 01:01:41,480
Speaker 1: it is. Yeah, I mean to go from what is it,

1231
01:01:41,600 --> 01:01:45,840
Speaker 1: three thousand dollars per bitcoin in all the way up

1232
01:01:45,880 --> 01:01:52,240
Speaker 1: to sixty seventy dollars in November of last year, absolutely

1233
01:01:52,280 --> 01:01:54,640
Speaker 1: crazy November October of last year, and to go and

1234
01:01:54,840 --> 01:01:56,880
Speaker 1: go from there all the way down to round twenty

1235
01:01:56,920 --> 01:01:58,800
Speaker 1: THO haven't checked for the prices right now, but I'm

1236
01:01:58,800 --> 01:02:01,120
Speaker 1: sure it's around sort of the area. Expecting a bit

1237
01:02:01,120 --> 01:02:03,200
Speaker 1: of a dip below there as well. So yeah, it's

1238
01:02:03,240 --> 01:02:05,320
Speaker 1: very volatile at the moment, and I think with this

1239
01:02:05,440 --> 01:02:07,760
Speaker 1: regulation that eventually see that might kill some of the

1240
01:02:07,800 --> 01:02:11,440
Speaker 1: volatives see going forward. But yeah, it's it's just so

1241
01:02:11,600 --> 01:02:13,919
Speaker 1: exciting and interesting, and I do look forward to seeing

1242
01:02:13,960 --> 01:02:17,440
Speaker 1: what how this will, how Crimes You will develop and

1243
01:02:17,560 --> 01:02:20,320
Speaker 1: play out over the next two to three years. It's yeah,

1244
01:02:20,640 --> 01:02:22,640
Speaker 1: it's going to be it's going to be a fascinating journey.

1245
01:02:22,760 --> 01:02:24,800
Speaker 1: It's it's just a shame at the moment that we

1246
01:02:25,040 --> 01:02:27,400
Speaker 1: that we have to go through phases like this, when

1247
01:02:27,440 --> 01:02:30,880
Speaker 1: there's when there's so much genuine pain. I feel so

1248
01:02:31,000 --> 01:02:33,120
Speaker 1: bad for the people that literally got in out highs

1249
01:02:33,480 --> 01:02:35,640
Speaker 1: because like, at least for us, we've been holding since

1250
01:02:37,200 --> 01:02:39,720
Speaker 1: so you know, it's still all good. We've just been

1251
01:02:40,080 --> 01:02:42,240
Speaker 1: a long time. But for the people that were like

1252
01:02:42,480 --> 01:02:46,120
Speaker 1: you know, getting all in with fomowing in it, hopefully

1253
01:02:46,200 --> 01:02:48,240
Speaker 1: it's just what they could afford to lose, because then

1254
01:02:48,280 --> 01:02:50,880
Speaker 1: it's exactly that's what we always say on on the channel, right,

1255
01:02:50,880 --> 01:02:53,000
Speaker 1: We're always saying, you know, because we could have kind

1256
01:02:53,040 --> 01:02:56,560
Speaker 1: of just you know, put savings aside. You're not really

1257
01:02:56,640 --> 01:02:59,520
Speaker 1: touching it, don't even look at it. Forget my Mountox

1258
01:02:59,520 --> 01:03:03,720
Speaker 1: account for ages, but you set and for guests, you

1259
01:03:03,800 --> 01:03:07,000
Speaker 1: don't overborrow, you don't over leverage and don't overexpose yourself

1260
01:03:07,080 --> 01:03:10,720
Speaker 1: to crypto or to any asset, you know, diversify. It's

1261
01:03:10,720 --> 01:03:13,200
Speaker 1: a really That's why I am an advocate for trading,

1262
01:03:13,200 --> 01:03:15,160
Speaker 1: because I feel like it's something you can do if

1263
01:03:15,200 --> 01:03:18,040
Speaker 1: you have that like active personally. Like for me, I've

1264
01:03:18,040 --> 01:03:20,120
Speaker 1: always gonna be doing something right. So I always feel

1265
01:03:20,160 --> 01:03:21,640
Speaker 1: like I need to be involved in the market in

1266
01:03:21,760 --> 01:03:24,240
Speaker 1: some way. And to stop me buying highs and to

1267
01:03:24,320 --> 01:03:26,360
Speaker 1: stop me doing that, I can I can trade, and

1268
01:03:26,560 --> 01:03:28,800
Speaker 1: I can say like I've invested for the long term here,

1269
01:03:28,840 --> 01:03:31,040
Speaker 1: put it aside, and then I'm going to trade the

1270
01:03:31,120 --> 01:03:34,400
Speaker 1: into into moves and then I'm not you know, tied

1271
01:03:34,480 --> 01:03:37,640
Speaker 1: to capital that way. Um, And I think that's really

1272
01:03:37,720 --> 01:03:41,040
Speaker 1: really important to like protect yourself from overtrading, overtrading and

1273
01:03:41,120 --> 01:03:44,680
Speaker 1: over investing. It's the biggest killer of profits ever. So

1274
01:03:44,840 --> 01:03:47,400
Speaker 1: I think that's something definitely important to note for sure,

1275
01:03:47,600 --> 01:03:51,840
Speaker 1: not financial advice. None of what you've just heard is

1276
01:03:51,880 --> 01:03:59,000
Speaker 1: financially it's it's very true. It's and again, you know,

1277
01:03:59,080 --> 01:04:01,240
Speaker 1: when you talk about Celsius, you know this was a

1278
01:04:01,320 --> 01:04:05,440
Speaker 1: trusted platform and stuff, but you shouldn't you know, you

1279
01:04:05,440 --> 01:04:09,120
Speaker 1: shouldn't assume that anything is ever is ever a sure thing,

1280
01:04:09,280 --> 01:04:12,720
Speaker 1: you know, and so it's it's it's fine to you know,

1281
01:04:12,920 --> 01:04:15,360
Speaker 1: to put some money somewhere to try and earn interest

1282
01:04:15,480 --> 01:04:18,840
Speaker 1: on it, but your whole, your whole lot. Absolutely. That's

1283
01:04:18,880 --> 01:04:21,560
Speaker 1: why you have like super super rich people. They'll have

1284
01:04:22,120 --> 01:04:24,280
Speaker 1: nine banks that they have and they don't have one

1285
01:04:24,320 --> 01:04:27,520
Speaker 1: bank account with ten billion and they got there is no,

1286
01:04:28,000 --> 01:04:40,560
Speaker 1: there is no the loads of them had the financial

1287
01:04:40,680 --> 01:04:44,680
Speaker 1: genius um. So yeah, and just I mean coming back

1288
01:04:44,680 --> 01:04:46,840
Speaker 1: to this, this business of coin base and stuff, because

1289
01:04:47,520 --> 01:04:51,000
Speaker 1: you know, we saw, we knew this bear market was coming.

1290
01:04:51,280 --> 01:04:54,960
Speaker 1: We didn't know the we I say we as an industry,

1291
01:04:55,160 --> 01:04:57,640
Speaker 1: we knew this bear market was coming. We didn't know

1292
01:04:58,040 --> 01:05:02,040
Speaker 1: exactly when, and didn't know how, how hard or how

1293
01:05:02,120 --> 01:05:03,720
Speaker 1: long it would be, but we knew it was coming.

1294
01:05:03,760 --> 01:05:06,320
Speaker 1: And I think this begs the question of you know,

1295
01:05:06,520 --> 01:05:09,360
Speaker 1: and I think this was something raised by those disgruntled

1296
01:05:09,400 --> 01:05:12,600
Speaker 1: coin based employees as well. It's like, why did they

1297
01:05:12,760 --> 01:05:16,160
Speaker 1: hire so far? Why did why did they grow so

1298
01:05:16,320 --> 01:05:19,840
Speaker 1: quickly in in Brian Armstrong's words, when they knew that

1299
01:05:19,960 --> 01:05:22,880
Speaker 1: this sort of situation was was on the horizon. Yeah,

1300
01:05:23,080 --> 01:05:25,520
Speaker 1: I think that's coupled with that, you have also the

1301
01:05:26,320 --> 01:05:29,480
Speaker 1: wider perspective what's happening with the world at the moment,

1302
01:05:29,600 --> 01:05:31,520
Speaker 1: and I think you know, within crypto, we we know

1303
01:05:31,760 --> 01:05:33,840
Speaker 1: ye the bare market is going to come, So you know,

1304
01:05:34,040 --> 01:05:36,600
Speaker 1: why didn't Why wasn't that sort of taken into account?

1305
01:05:36,640 --> 01:05:38,200
Speaker 1: Maybe they did take into account, but not to a

1306
01:05:38,280 --> 01:05:41,520
Speaker 1: certain extent. But you have other companies out there, many

1307
01:05:42,480 --> 01:05:45,480
Speaker 1: micro companies that are not let's say within cripto, but

1308
01:05:45,600 --> 01:05:48,600
Speaker 1: in sort of the tech space or other spaces as well,

1309
01:05:48,840 --> 01:05:51,000
Speaker 1: that have seen the growth over the past ten years

1310
01:05:51,040 --> 01:05:53,000
Speaker 1: of the stock market and thought, yeah, we can hire

1311
01:05:53,000 --> 01:05:54,760
Speaker 1: because this is going to continue. It's going to be okay.

1312
01:05:55,080 --> 01:05:57,800
Speaker 1: And I think this is not just a coin base issue.

1313
01:05:57,880 --> 01:06:01,480
Speaker 1: It's a it's a worldwide issue of over hiring, and

1314
01:06:01,560 --> 01:06:04,520
Speaker 1: you're going to be seeing what's happening with coin repercussions, Yeah,

1315
01:06:04,560 --> 01:06:07,360
Speaker 1: major repercussions from that. So I think this is also

1316
01:06:07,360 --> 01:06:10,120
Speaker 1: gonna be another lesson going forward for exchanges out there,

1317
01:06:10,160 --> 01:06:12,320
Speaker 1: cryptic companies out there, that you have to prepare for

1318
01:06:12,360 --> 01:06:13,800
Speaker 1: the bear market, and you have to prepare for the

1319
01:06:13,880 --> 01:06:17,720
Speaker 1: worst you're going forward because that that is how, unfortunately,

1320
01:06:17,760 --> 01:06:20,400
Speaker 1: just how the economy works. It's a boom and bust economy. Yeah,

1321
01:06:20,720 --> 01:06:22,520
Speaker 1: and I mean we are seeing we are seeing job

1322
01:06:22,600 --> 01:06:25,040
Speaker 1: losses in in the kind of wider tech sector as well,

1323
01:06:25,120 --> 01:06:27,200
Speaker 1: isn't it. I think Tesla has just cut a lot

1324
01:06:27,240 --> 01:06:30,280
Speaker 1: of people, and Spotify as well. Tesla. Yeah, but Tesla,

1325
01:06:30,320 --> 01:06:33,520
Speaker 1: they've got competition from me, from VW now another German manufacturers,

1326
01:06:33,520 --> 01:06:35,920
Speaker 1: So there's also that. And I realized this podcast is

1327
01:06:35,920 --> 01:06:37,760
Speaker 1: fairly sort of you know, sort of doom and gloom.

1328
01:06:37,760 --> 01:06:39,760
Speaker 1: But we are going to offer some We offer some

1329
01:06:40,080 --> 01:06:41,840
Speaker 1: hopium at the end, so that's to cover bit of

1330
01:06:41,920 --> 01:06:45,640
Speaker 1: hop Yeah. Well, before we before we inject some hopium,

1331
01:06:45,840 --> 01:06:48,400
Speaker 1: shall we take another quick break and step outside the sun?

1332
01:06:50,480 --> 01:07:07,800
Speaker 1: All right, we'll be back in just a moment. Welcome

1333
01:07:07,800 --> 01:07:12,920
Speaker 1: back everyone to part three. So we have we've talked

1334
01:07:12,960 --> 01:07:16,240
Speaker 1: about some of the crypto specific factors that have been

1335
01:07:16,400 --> 01:07:20,040
Speaker 1: influencing prices over the last few days. And yeah, why

1336
01:07:20,120 --> 01:07:22,680
Speaker 1: we're seeing all this blood in the streets, as Warren

1337
01:07:22,680 --> 01:07:25,920
Speaker 1: Buffett would say, So I just want to finish off

1338
01:07:26,240 --> 01:07:28,960
Speaker 1: this episode by talking a little bit. Firstly, I think

1339
01:07:29,240 --> 01:07:33,439
Speaker 1: the big worry here is contagion, right, Yeah, The fact

1340
01:07:33,480 --> 01:07:36,760
Speaker 1: that you know, this idea of our more domino is

1341
01:07:36,800 --> 01:07:38,520
Speaker 1: going to fall. Yeah. I think I think we talked

1342
01:07:38,520 --> 01:07:40,280
Speaker 1: about a bit earlier in the podcast saying that there's

1343
01:07:40,280 --> 01:07:43,680
Speaker 1: going to be some potentially some other occasions as I mentioned,

1344
01:07:44,080 --> 01:07:48,480
Speaker 1: occasionally interesting way where you're going to see more figures

1345
01:07:48,560 --> 01:07:50,680
Speaker 1: like du Quon and stuff like that to weed out

1346
01:07:50,720 --> 01:07:52,640
Speaker 1: the week and and to get away from the ships

1347
01:07:52,720 --> 01:07:55,000
Speaker 1: that we've seen over the past, um, you know, for

1348
01:07:55,120 --> 01:07:58,400
Speaker 1: the few years. UM. And I think that the famous

1349
01:07:58,400 --> 01:08:00,120
Speaker 1: phrase if I think it's gonna get worse before it's

1350
01:08:00,160 --> 01:08:03,040
Speaker 1: going to get better, UM. And you know, people are

1351
01:08:03,080 --> 01:08:06,080
Speaker 1: gonna show their mistakes that they've made U. But we

1352
01:08:06,120 --> 01:08:08,600
Speaker 1: will build from this UM. So you know, in terms

1353
01:08:08,640 --> 01:08:11,760
Speaker 1: of the contagion within the crypto space, I think we've

1354
01:08:11,800 --> 01:08:15,920
Speaker 1: certainly seen, Um we're getting towards the end of the contagion.

1355
01:08:15,960 --> 01:08:18,400
Speaker 1: There could be a bit more happening potentially, but it's

1356
01:08:18,600 --> 01:08:22,640
Speaker 1: it is also a wider situation with the world at

1357
01:08:22,640 --> 01:08:24,799
Speaker 1: the moment, with the war that's going on in Ukraine,

1358
01:08:25,080 --> 01:08:27,160
Speaker 1: with supply chain as well as supply chain is a

1359
01:08:27,200 --> 01:08:30,560
Speaker 1: massive issue at the moment that's affecting how people do

1360
01:08:30,720 --> 01:08:33,200
Speaker 1: he logistics with with companies as well. So and then

1361
01:08:33,280 --> 01:08:38,000
Speaker 1: also with inflation and interest rates and layoffs and a pandemic,

1362
01:08:38,080 --> 01:08:40,400
Speaker 1: and it's like, you know, you add all these things together, Um,

1363
01:08:40,760 --> 01:08:42,720
Speaker 1: you know, it's that's I think we kind of got

1364
01:08:42,800 --> 01:08:44,360
Speaker 1: to be gone through a bit of a contagion. But

1365
01:08:44,479 --> 01:08:47,920
Speaker 1: we're sort of now seen, just starting to see a

1366
01:08:47,960 --> 01:08:50,320
Speaker 1: bit of the light. But again bit uh, a bit

1367
01:08:50,400 --> 01:08:52,400
Speaker 1: worse before it gets a bit better. Yeah, I think

1368
01:08:52,840 --> 01:08:55,080
Speaker 1: it's gonna be interesting and a bit QUI starts recovering,

1369
01:08:55,120 --> 01:08:58,920
Speaker 1: Crypto starts recovering. I hope, well remember what this was like,

1370
01:08:59,040 --> 01:09:01,320
Speaker 1: because I feel like human in general have the shortest

1371
01:09:01,400 --> 01:09:04,759
Speaker 1: term memory when it comes to big events. Right, everyone

1372
01:09:05,280 --> 01:09:07,479
Speaker 1: has kind of treated as if COVID never happened. Now,

1373
01:09:08,479 --> 01:09:11,120
Speaker 1: people treat like that. They like you said, you know,

1374
01:09:11,160 --> 01:09:13,080
Speaker 1: recessions happen all the time, but people just forget and

1375
01:09:13,120 --> 01:09:16,160
Speaker 1: they they don't think they do. Um, And then you've

1376
01:09:16,160 --> 01:09:18,920
Speaker 1: got so many things that people will just neglect or

1377
01:09:19,040 --> 01:09:21,000
Speaker 1: you won't want to remember so that they won't be

1378
01:09:21,000 --> 01:09:22,880
Speaker 1: But we can't learn from the mistakes. So I feel

1379
01:09:22,920 --> 01:09:26,120
Speaker 1: like it's so important this time around because every I've

1380
01:09:26,120 --> 01:09:27,960
Speaker 1: been We've been through how many BIT conquests, I don't

1381
01:09:27,960 --> 01:09:30,000
Speaker 1: even know, But every time I always hear people say

1382
01:09:30,400 --> 01:09:32,360
Speaker 1: we're gonna we're gonna weed out the shape coins. We're

1383
01:09:32,400 --> 01:09:34,280
Speaker 1: going to weed out the week. But then every time

1384
01:09:34,400 --> 01:09:35,960
Speaker 1: we go back up, you see them all come back.

1385
01:09:36,160 --> 01:09:38,519
Speaker 1: You see people buying into them, seeing people buying bitcoin

1386
01:09:38,560 --> 01:09:42,360
Speaker 1: at high It's like we need to learn and actually remember,

1387
01:09:42,479 --> 01:09:47,360
Speaker 1: I think you're forgetting about stupid people, like they're like that,

1388
01:09:47,520 --> 01:09:49,680
Speaker 1: like yeah, there they are recession proof as well, so

1389
01:09:49,880 --> 01:09:51,599
Speaker 1: like you know, they're always going to get these people

1390
01:09:51,600 --> 01:09:53,559
Speaker 1: who are just you know that they're not really thinking,

1391
01:09:53,640 --> 01:09:57,040
Speaker 1: they're just acting off off off emotional instinct or just yeah,

1392
01:09:57,240 --> 01:09:59,720
Speaker 1: you know, agreed, or you know your fomo of missing out.

1393
01:10:00,479 --> 01:10:02,240
Speaker 1: But I just I just hope we don't see the

1394
01:10:02,320 --> 01:10:05,760
Speaker 1: resurgence of like ten more algorithmic stable coins or there's

1395
01:10:05,800 --> 01:10:07,160
Speaker 1: that and the other you know, I think we need

1396
01:10:07,200 --> 01:10:09,800
Speaker 1: to or when we start seeing these companies actually taking

1397
01:10:09,880 --> 01:10:12,240
Speaker 1: less risk or like taking you know, if they're using

1398
01:10:12,280 --> 01:10:15,240
Speaker 1: other people's money especially, And I just hope that that's

1399
01:10:15,280 --> 01:10:16,840
Speaker 1: the only way, in my eyes, we can go forward

1400
01:10:16,880 --> 01:10:18,840
Speaker 1: from in a healthy way. Definitely, Otherwise we're just going

1401
01:10:18,880 --> 01:10:21,040
Speaker 1: to see a repeat again in another two years of work.

1402
01:10:21,080 --> 01:10:23,000
Speaker 1: And I think we are if we extrapolated out of

1403
01:10:23,120 --> 01:10:26,519
Speaker 1: the history of crypto. Um, you've had the mount Goots

1404
01:10:26,880 --> 01:10:30,679
Speaker 1: events that's now has called at of exchanges to find

1405
01:10:30,720 --> 01:10:34,240
Speaker 1: ways to protect their capital and find ways and so

1406
01:10:34,360 --> 01:10:35,840
Speaker 1: that's that's a really good thing. And also with the

1407
01:10:35,960 --> 01:10:39,160
Speaker 1: bit connect crisis in seventeen and the norse of bit

1408
01:10:39,200 --> 01:10:41,920
Speaker 1: connect to we don't really see potentially, you know that

1409
01:10:42,040 --> 01:10:46,559
Speaker 1: that type of overly I don't know and I don't

1410
01:10:46,560 --> 01:10:48,720
Speaker 1: have the best way to explain a bit connect is, yeah,

1411
01:10:49,280 --> 01:10:54,400
Speaker 1: it's just the way memes, the memes that came from that,

1412
01:10:54,760 --> 01:10:58,920
Speaker 1: you know, the guys like Big Connect, you know, you know,

1413
01:10:59,439 --> 01:11:01,880
Speaker 1: have we seen something like that this time around to

1414
01:11:02,040 --> 01:11:06,639
Speaker 1: that extent, I haven't seen that. We're seeing some CEOs

1415
01:11:06,680 --> 01:11:10,559
Speaker 1: and heads of crypto companies that are similar in that way.

1416
01:11:11,040 --> 01:11:13,880
Speaker 1: But um, every single time we do good through a

1417
01:11:14,120 --> 01:11:15,840
Speaker 1: sort of a bear market, we have we did out

1418
01:11:15,840 --> 01:11:18,599
Speaker 1: the week, but it is unfortunate how we still see

1419
01:11:18,880 --> 01:11:21,679
Speaker 1: the meme coins, the ship coins and and and such

1420
01:11:21,760 --> 01:11:23,800
Speaker 1: that way where it is just it's crazy, and you

1421
01:11:23,840 --> 01:11:26,439
Speaker 1: think have mality that needs to change as well. It's

1422
01:11:26,479 --> 01:11:28,479
Speaker 1: like you've got to come into crypto treating it like

1423
01:11:28,560 --> 01:11:30,519
Speaker 1: another asset clouds. You've gotta think this is not a

1424
01:11:30,760 --> 01:11:32,880
Speaker 1: get rich quick scheme, because if it is, it will

1425
01:11:32,920 --> 01:11:35,639
Speaker 1: also be a get poor quick scheme. And I think

1426
01:11:36,000 --> 01:11:38,120
Speaker 1: it's just very much like you've got to expect that

1427
01:11:38,160 --> 01:11:39,880
Speaker 1: healthy growth. You want that healthy growth. You want to

1428
01:11:39,920 --> 01:11:43,439
Speaker 1: see nice, stable gains you don't like as much as

1429
01:11:43,439 --> 01:11:44,760
Speaker 1: it pains. We just say you don't want to see

1430
01:11:45,000 --> 01:11:48,599
Speaker 1: because you don't want to see that, because then you're

1431
01:11:48,600 --> 01:11:52,519
Speaker 1: going to see minus eggs. Um. So yeah, whilst it's

1432
01:11:52,600 --> 01:11:54,479
Speaker 1: nice in the short term, you're going to then get

1433
01:11:54,520 --> 01:11:56,240
Speaker 1: the people that coming at the top, and then they're

1434
01:11:56,240 --> 01:11:58,479
Speaker 1: always gonna get trapped. So yeah, obviously it's inevitable people

1435
01:11:58,479 --> 01:11:59,800
Speaker 1: buy at the top is always going to happen. But

1436
01:12:00,120 --> 01:12:02,240
Speaker 1: people just need to remember the investing good projects. You know,

1437
01:12:02,439 --> 01:12:04,200
Speaker 1: actually look at what projects doing, like you wouldn't have

1438
01:12:04,240 --> 01:12:06,160
Speaker 1: with a stock. Look what's their earnings, like, you know,

1439
01:12:06,280 --> 01:12:08,880
Speaker 1: the actually making money as a company. Are they doing

1440
01:12:08,960 --> 01:12:11,000
Speaker 1: something that actually solves a real world problem, has a

1441
01:12:11,080 --> 01:12:12,880
Speaker 1: good use case, because if it does, then it's probably

1442
01:12:12,920 --> 01:12:15,560
Speaker 1: gonna do quite well. Um. But unfortunately we're still in

1443
01:12:15,560 --> 01:12:18,160
Speaker 1: the era of like, oh it has those in the names,

1444
01:12:18,160 --> 01:12:20,320
Speaker 1: so I'm going to put ten million into it, Like yeah,

1445
01:12:20,760 --> 01:12:23,439
Speaker 1: it's not Yeah, it's I mean, a bear market is

1446
01:12:24,160 --> 01:12:26,880
Speaker 1: is the ideal time to do that sort of work,

1447
01:12:26,960 --> 01:12:30,680
Speaker 1: isn't it to to to research fundamentals, to research use

1448
01:12:30,760 --> 01:12:33,960
Speaker 1: case to you know, take time to drill down into

1449
01:12:34,000 --> 01:12:36,960
Speaker 1: a project, because as I've said before, I mean, I

1450
01:12:37,040 --> 01:12:39,400
Speaker 1: think fomo is one of the most powerful forces out there,

1451
01:12:39,520 --> 01:12:43,120
Speaker 1: especially with especially with retail traders. And I mean one

1452
01:12:43,160 --> 01:12:44,720
Speaker 1: of the good things about a bear market is that

1453
01:12:44,800 --> 01:12:48,600
Speaker 1: there isn't much fomo flying around. The hype is the

1454
01:12:48,680 --> 01:12:51,479
Speaker 1: hype has died right down and for those who are

1455
01:12:51,680 --> 01:12:53,599
Speaker 1: you know, for those who have the patients, I guess

1456
01:12:53,720 --> 01:12:57,640
Speaker 1: there is still fomo just in selling and stuff. But

1457
01:12:57,760 --> 01:12:59,920
Speaker 1: also it's kind of like it's it's a fear of

1458
01:13:00,080 --> 01:13:02,519
Speaker 1: missing out at the bottom, you know what I mean,

1459
01:13:02,600 --> 01:13:04,600
Speaker 1: it's kind of slightly different, like it's kind of the

1460
01:13:04,840 --> 01:13:09,080
Speaker 1: people sharking around is it dead yet? Like then I'll

1461
01:13:09,439 --> 01:13:12,240
Speaker 1: they'll swoop in. Yeah, Because you know, we were talking

1462
01:13:12,280 --> 01:13:15,600
Speaker 1: about what is this magic bottom price, which if you

1463
01:13:15,640 --> 01:13:21,000
Speaker 1: do want d M well, just as I mean, you know,

1464
01:13:21,360 --> 01:13:23,840
Speaker 1: it's impossible to time the bottom, isn't it. I think

1465
01:13:23,880 --> 01:13:26,479
Speaker 1: that's an important thing for for people listening, especially people

1466
01:13:26,720 --> 01:13:29,760
Speaker 1: new to crypto listening, to remember, you know, if you

1467
01:13:29,840 --> 01:13:31,560
Speaker 1: are looking to if you are looking to buy in

1468
01:13:31,560 --> 01:13:34,960
Speaker 1: at some points, timing the bottom is almost impossible. There's

1469
01:13:35,000 --> 01:13:39,439
Speaker 1: no point I would just I would literally, as as

1470
01:13:39,479 --> 01:13:41,320
Speaker 1: a trader i was, I would always do this. You know,

1471
01:13:41,360 --> 01:13:43,080
Speaker 1: if you if you have a point of interest, right,

1472
01:13:43,200 --> 01:13:45,599
Speaker 1: this is the area of the zone you think price

1473
01:13:45,680 --> 01:13:48,320
Speaker 1: will come into. So let's say in my head, I'm thinking, okay,

1474
01:13:48,400 --> 01:13:50,920
Speaker 1: bitcoin might have a chance of reversing based on my

1475
01:13:51,000 --> 01:13:53,880
Speaker 1: technicals at sixt K. Let's say that I'm gonna I'm

1476
01:13:53,880 --> 01:13:55,840
Speaker 1: gonna mark out that zone, but I'm not going to

1477
01:13:55,960 --> 01:13:57,720
Speaker 1: just buy from that zone blindly. I'm gonna wait for

1478
01:13:57,760 --> 01:14:00,760
Speaker 1: confirmation that confirms my thesis. If I think sixteen K

1479
01:14:00,880 --> 01:14:03,400
Speaker 1: and then I see bullish price action that breaks structure

1480
01:14:03,479 --> 01:14:06,080
Speaker 1: on that time frame or whatever, then I'm like, Okay,

1481
01:14:06,120 --> 01:14:08,040
Speaker 1: now there's actually a motive for me to get into

1482
01:14:08,080 --> 01:14:10,200
Speaker 1: the trade. Just like how currently with the bitcoin chart,

1483
01:14:10,840 --> 01:14:14,280
Speaker 1: nothing will say bullish until we can first break three

1484
01:14:14,360 --> 01:14:16,760
Speaker 1: k and then break thirty two point six. I think

1485
01:14:16,880 --> 01:14:18,880
Speaker 1: is like the level which is the lower high before

1486
01:14:18,960 --> 01:14:21,120
Speaker 1: going down on the down trend, which you know from

1487
01:14:21,160 --> 01:14:23,240
Speaker 1: a technical standpoint, is when we enter an up trend,

1488
01:14:23,400 --> 01:14:25,000
Speaker 1: we have to take out the previous high of the

1489
01:14:25,040 --> 01:14:28,599
Speaker 1: down trends general how it works. So all I heard

1490
01:14:28,680 --> 01:14:33,120
Speaker 1: was buy at six k. I know what a clip

1491
01:14:33,160 --> 01:14:38,680
Speaker 1: of that scribbling. But it's super important, isn't It's not

1492
01:14:38,800 --> 01:14:42,240
Speaker 1: just sort of go a certain level. Yeah, that dollar

1493
01:14:42,280 --> 01:14:44,639
Speaker 1: cost averaging is so powerful. People under estimate. People think

1494
01:14:44,640 --> 01:14:45,800
Speaker 1: that I have to put all my money in at

1495
01:14:45,840 --> 01:14:49,479
Speaker 1: the exact bottom otherwise it's awful. But there's nothing wrong

1496
01:14:49,520 --> 01:14:51,280
Speaker 1: with buying a hundred dollars at the top, if you're

1497
01:14:51,320 --> 01:14:53,599
Speaker 1: buying a hundred dollars below and then below them below

1498
01:14:53,640 --> 01:14:55,439
Speaker 1: because on the flip side of that is that you're

1499
01:14:55,479 --> 01:14:58,439
Speaker 1: accumulating bitcoin over a longer period of time um. And

1500
01:14:58,680 --> 01:15:01,600
Speaker 1: so there's website things for like a d C A

1501
01:15:01,680 --> 01:15:04,240
Speaker 1: BTC or BTC d C A, and you can type

1502
01:15:04,280 --> 01:15:05,720
Speaker 1: in how much you want to put in per week,

1503
01:15:05,840 --> 01:15:07,960
Speaker 1: per month, um, and then you can see how much

1504
01:15:07,960 --> 01:15:09,720
Speaker 1: bitcohen you can get over a longer period of time,

1505
01:15:10,160 --> 01:15:12,639
Speaker 1: and also you can see your profits or loss over

1506
01:15:12,720 --> 01:15:15,520
Speaker 1: that period of time UM. And it is a powerful

1507
01:15:15,720 --> 01:15:18,080
Speaker 1: way of getting it. Again, not financial device, but it's

1508
01:15:18,080 --> 01:15:21,559
Speaker 1: a powerful way of getting into the markets, into crypto

1509
01:15:21,600 --> 01:15:24,160
Speaker 1: markets if you're the first time or if you're even

1510
01:15:24,200 --> 01:15:26,840
Speaker 1: at a seasoned investor just you know, dipping your toe

1511
01:15:26,880 --> 01:15:28,840
Speaker 1: into crypto because you can also to see what it

1512
01:15:28,880 --> 01:15:31,280
Speaker 1: does for you as well. And it's also as as

1513
01:15:31,320 --> 01:15:34,360
Speaker 1: Tim Cook said last year UM he said, I have

1514
01:15:34,439 --> 01:15:36,519
Speaker 1: some bitcoin, now some the theorem. It's just a part

1515
01:15:36,600 --> 01:15:39,920
Speaker 1: it's a part of my UM portfolio. Yeah, personal portfolio,

1516
01:15:39,960 --> 01:15:42,320
Speaker 1: and and part of it portfolio as well. Say don't

1517
01:15:42,320 --> 01:15:43,680
Speaker 1: don't quote me on this, but I'm pretty sure I

1518
01:15:43,840 --> 01:15:46,479
Speaker 1: read a study which said that the dollar cost averaging

1519
01:15:46,720 --> 01:15:50,400
Speaker 1: like will like time be out lumps I'm investing like

1520
01:15:50,560 --> 01:15:53,960
Speaker 1: because obviously the ten one to ten percent you actually

1521
01:15:54,000 --> 01:15:56,360
Speaker 1: get the timing right, obviously that will do better. But

1522
01:15:56,520 --> 01:15:59,040
Speaker 1: for the most part, dollar cost abody will always win

1523
01:15:59,120 --> 01:16:01,439
Speaker 1: out because you get that average price. So I think

1524
01:16:01,479 --> 01:16:03,639
Speaker 1: that's super important. I think there's nothing wrong with lump

1525
01:16:03,720 --> 01:16:05,360
Speaker 1: sum investing. But if you're going to do that, I

1526
01:16:05,360 --> 01:16:08,240
Speaker 1: would do have like multiple lump sums to put in

1527
01:16:08,320 --> 01:16:10,320
Speaker 1: at points of interest on the way down, which I

1528
01:16:10,320 --> 01:16:11,800
Speaker 1: guess is still a lot of costs averaging, but in

1529
01:16:12,040 --> 01:16:15,479
Speaker 1: larger chunks, or just do an equal amount over the

1530
01:16:15,520 --> 01:16:16,920
Speaker 1: time for it in like a month or a week

1531
01:16:17,040 --> 01:16:19,519
Speaker 1: or whatever. I think that's the best for accumulating, especially

1532
01:16:19,520 --> 01:16:21,439
Speaker 1: as like you said, a new new person into the space.

1533
01:16:22,040 --> 01:16:24,280
Speaker 1: Um and if you've let's say you've gone and you've

1534
01:16:24,280 --> 01:16:26,000
Speaker 1: bought at the top and now you're like holding the bag,

1535
01:16:26,040 --> 01:16:27,479
Speaker 1: You're like, what do I do? Well, if you have

1536
01:16:27,600 --> 01:16:30,040
Speaker 1: the extra capital you can afford to lose, then that's

1537
01:16:30,080 --> 01:16:32,320
Speaker 1: where you dollar cost average down to make sure you've

1538
01:16:32,320 --> 01:16:34,000
Speaker 1: got that better price. Then when the price comes back up,

1539
01:16:34,000 --> 01:16:35,120
Speaker 1: you don't have to wait for it to hit the

1540
01:16:35,160 --> 01:16:38,680
Speaker 1: all time high because I imagine because because with that

1541
01:16:38,720 --> 01:16:40,519
Speaker 1: a lot, if you don't d c A, you're gonna

1542
01:16:40,560 --> 01:16:42,439
Speaker 1: wait until you get back into profit and you're gonna

1543
01:16:42,439 --> 01:16:44,599
Speaker 1: sell instantly, probably for a two dollar profit, because you're

1544
01:16:44,600 --> 01:16:45,800
Speaker 1: gonna be like, I just want to get out of

1545
01:16:45,800 --> 01:16:48,479
Speaker 1: this position. Whereas you've d c A. By the time

1546
01:16:48,520 --> 01:16:49,880
Speaker 1: you get to there, you'll be like, Okay, well I've

1547
01:16:49,880 --> 01:16:52,400
Speaker 1: actually made good profit. Yeah, yeah, definitely. And that that's

1548
01:16:52,680 --> 01:16:55,080
Speaker 1: that's something that we um let's talk about on CRIPTI

1549
01:16:55,080 --> 01:16:56,519
Speaker 1: Busy as well as sort of the trading levels to

1550
01:16:56,560 --> 01:16:58,600
Speaker 1: look for and then also the fundamentals that go with

1551
01:16:58,680 --> 01:17:01,160
Speaker 1: that as well, So seeing how the world is affecting

1552
01:17:01,160 --> 01:17:03,679
Speaker 1: crypto and then also looking into the into the charts

1553
01:17:03,720 --> 01:17:05,600
Speaker 1: and diving in and then also what we're doing is

1554
01:17:05,720 --> 01:17:07,280
Speaker 1: you know, looking into the d c A. And I

1555
01:17:07,320 --> 01:17:09,200
Speaker 1: think the biggest thing that I would say is don't

1556
01:17:09,280 --> 01:17:11,800
Speaker 1: trade the news. To Tom, do you want to tell

1557
01:17:11,800 --> 01:17:14,040
Speaker 1: you little story about when we got into for extra Yeah,

1558
01:17:14,080 --> 01:17:15,840
Speaker 1: I think it was to do with it was to

1559
01:17:15,880 --> 01:17:18,920
Speaker 1: do with Brexit back and when back on Brexit days,

1560
01:17:19,600 --> 01:17:23,200
Speaker 1: remember that that was the biggest problem, um And it

1561
01:17:23,320 --> 01:17:25,479
Speaker 1: was to do with like a Brexit bill passing through

1562
01:17:25,520 --> 01:17:27,800
Speaker 1: the Commons or something like that, and I traded that

1563
01:17:27,920 --> 01:17:32,240
Speaker 1: and I like lost at that time. And forest's kind

1564
01:17:32,240 --> 01:17:33,880
Speaker 1: of like a thing where you just don't do it.

1565
01:17:34,040 --> 01:17:36,519
Speaker 1: You don't trade the news. You actively go on like

1566
01:17:36,600 --> 01:17:38,479
Speaker 1: websites to tell you when the news stories are coming,

1567
01:17:38,520 --> 01:17:40,439
Speaker 1: and you don't trade those sessions. But I remember you've

1568
01:17:40,439 --> 01:17:43,679
Speaker 1: been oh yeah, that pretty means the price can markets

1569
01:17:43,680 --> 01:17:45,679
Speaker 1: in general, and maybe go onto this in a minute,

1570
01:17:45,720 --> 01:17:48,439
Speaker 1: but like manipulation is so present in every market, and

1571
01:17:48,520 --> 01:17:50,360
Speaker 1: especially in the forex market of the banks that can

1572
01:17:50,400 --> 01:17:53,120
Speaker 1: push the price up and down. So they will they

1573
01:17:53,160 --> 01:17:55,280
Speaker 1: will push the price down and everyone thinks, oh, well,

1574
01:17:55,520 --> 01:17:57,120
Speaker 1: there's Brexit thing came out to price can go down

1575
01:17:57,160 --> 01:17:58,560
Speaker 1: to you would sell and then they're like, actually, and

1576
01:17:58,560 --> 01:18:00,320
Speaker 1: now I'm going to take everyone stop losses though, and

1577
01:18:00,439 --> 01:18:02,120
Speaker 1: gain liquidity on the way up. And that's what it was.

1578
01:18:02,160 --> 01:18:03,720
Speaker 1: That was one of the only lessons I've learned. It's like,

1579
01:18:03,760 --> 01:18:07,040
Speaker 1: you don't trade the news itself because by the rumor,

1580
01:18:07,080 --> 01:18:11,280
Speaker 1: sell the news. Yeah, that's sometimes. I mean sometimes people

1581
01:18:11,360 --> 01:18:13,559
Speaker 1: can tell you these things time and time again till

1582
01:18:13,560 --> 01:18:15,360
Speaker 1: they're blue in the face, can't They don't trade the news.

1583
01:18:15,439 --> 01:18:17,720
Speaker 1: Don't trade the news. But really it only sinks in

1584
01:18:17,920 --> 01:18:23,680
Speaker 1: once money. So okay, let's let's let's round this all

1585
01:18:23,760 --> 01:18:26,120
Speaker 1: up then, because I want to I want to finish

1586
01:18:26,200 --> 01:18:29,519
Speaker 1: by by seeing how you guys are approaching these these

1587
01:18:29,600 --> 01:18:31,560
Speaker 1: next few months or years or however long it is.

1588
01:18:31,640 --> 01:18:33,880
Speaker 1: But yeah, I think, as I said at the at

1589
01:18:33,880 --> 01:18:36,640
Speaker 1: the beginning of this section, contagion in the in the

1590
01:18:36,720 --> 01:18:39,479
Speaker 1: wider crypto market is worry at the moment. I think

1591
01:18:39,520 --> 01:18:41,200
Speaker 1: we are going to see We're definitely going to see

1592
01:18:41,200 --> 01:18:44,960
Speaker 1: more volatility. I think prices can certainly go lower from here.

1593
01:18:45,400 --> 01:18:47,920
Speaker 1: We are going to see forced liquidations, aren't we. We

1594
01:18:47,960 --> 01:18:50,599
Speaker 1: are going to see companies like Celsius and Three Arrows

1595
01:18:50,640 --> 01:18:55,600
Speaker 1: Capital being forced to unload unload their assets often. You know,

1596
01:18:55,760 --> 01:18:57,920
Speaker 1: in some cases that may have to be a fire sales,

1597
01:18:57,960 --> 01:18:59,920
Speaker 1: so they may have to take lower prices for the

1598
01:19:00,000 --> 01:19:02,479
Speaker 1: as assets then they're actually worth in order just to

1599
01:19:02,760 --> 01:19:06,320
Speaker 1: just to get some liquidity. Um, we're also going to

1600
01:19:06,400 --> 01:19:10,120
Speaker 1: be seeing these leverage positions liquidated, as we always do

1601
01:19:10,280 --> 01:19:12,800
Speaker 1: when when the price crashes, it always crashes a little

1602
01:19:12,840 --> 01:19:16,120
Speaker 1: bit more because some people were over leveraged. As I

1603
01:19:16,200 --> 01:19:17,840
Speaker 1: will say to people, I don't know if you guys

1604
01:19:18,000 --> 01:19:21,280
Speaker 1: are trade with leverage at all, I completely avoid it

1605
01:19:21,479 --> 01:19:24,560
Speaker 1: because it's I find it just you know, it's I

1606
01:19:24,800 --> 01:19:26,760
Speaker 1: find it one the easiest way to lose money. But

1607
01:19:27,640 --> 01:19:31,439
Speaker 1: you know, if leverage trading is for the profession I

1608
01:19:31,479 --> 01:19:32,920
Speaker 1: was gonna say, I would say for us, it's like

1609
01:19:33,000 --> 01:19:35,000
Speaker 1: I personally do. But that's just because if you know

1610
01:19:35,040 --> 01:19:37,160
Speaker 1: what you're doing, you have experienced, then it's not then

1611
01:19:37,200 --> 01:19:39,160
Speaker 1: it's not gambling. But obviously if you just throw money

1612
01:19:39,240 --> 01:19:41,240
Speaker 1: with ten x levelage, that is gambling. So I would

1613
01:19:41,240 --> 01:19:43,599
Speaker 1: always say, like, unless you have experienced trading, then don't

1614
01:19:43,640 --> 01:19:45,560
Speaker 1: even touch leverage until you know what you're doing, and

1615
01:19:45,840 --> 01:19:47,720
Speaker 1: we factor that in with you know the invest how

1616
01:19:47,800 --> 01:19:50,679
Speaker 1: much you're willing to lose um, So it goes past

1617
01:19:50,720 --> 01:19:52,000
Speaker 1: and past a lot of that. But again yeah for

1618
01:19:52,160 --> 01:19:56,280
Speaker 1: professional trainers itself here um. So yeah, these next few

1619
01:19:56,320 --> 01:19:58,200
Speaker 1: months or years is going to be very interesting to

1620
01:19:58,240 --> 01:20:00,519
Speaker 1: see what's going to come out of it, um and

1621
01:20:00,720 --> 01:20:03,160
Speaker 1: also you know the volatility to come through it as well. Um.

1622
01:20:03,240 --> 01:20:04,960
Speaker 1: What we're going to be doing at CREATI Busy is

1623
01:20:05,000 --> 01:20:07,679
Speaker 1: just hunkered down, work as hard as we can through

1624
01:20:07,720 --> 01:20:09,600
Speaker 1: this bare market to see what's going to happen with

1625
01:20:09,640 --> 01:20:12,600
Speaker 1: the better with the ball run, um. And just you

1626
01:20:12,640 --> 01:20:14,160
Speaker 1: know we're going to be here providing the news and

1627
01:20:14,200 --> 01:20:17,519
Speaker 1: analysis and everything else from from a business standpoint, what

1628
01:20:17,600 --> 01:20:19,519
Speaker 1: we're doing. You know, we've actually hired a few people,

1629
01:20:20,000 --> 01:20:22,559
Speaker 1: so we're gonna be working harder and then hopefully then

1630
01:20:22,600 --> 01:20:24,800
Speaker 1: when the ball run does come around, that's when we

1631
01:20:24,880 --> 01:20:27,240
Speaker 1: can properly provide more and more content for everyone. And

1632
01:20:27,920 --> 01:20:32,639
Speaker 1: you're the finance exactly where we hired two thousand people. Um.

1633
01:20:33,520 --> 01:20:35,560
Speaker 1: But no, I think it's really important to put in

1634
01:20:35,640 --> 01:20:37,559
Speaker 1: the work when you have the bare market because that's

1635
01:20:37,560 --> 01:20:39,200
Speaker 1: when the eyes aren't necessarily on you, and then when

1636
01:20:39,439 --> 01:20:41,639
Speaker 1: eyes come on you, you're a well oil machine. So exactly,

1637
01:20:42,040 --> 01:20:43,240
Speaker 1: So I think there's that and then in terms of

1638
01:20:43,280 --> 01:20:44,719
Speaker 1: the financial point of view, I mean, you can speak

1639
01:20:44,720 --> 01:20:47,439
Speaker 1: for yourself obviously, but I'm plus your dollar cost averaging

1640
01:20:47,439 --> 01:20:49,360
Speaker 1: any positions that I got in too high. I mean,

1641
01:20:49,400 --> 01:20:51,400
Speaker 1: for the most part, luckily, I'm still holding a lot

1642
01:20:51,400 --> 01:20:53,840
Speaker 1: of my twenty seventeen positions, so I'm still okay, UM,

1643
01:20:54,600 --> 01:20:57,000
Speaker 1: But yeah, dollar cost averaging, still kind of practicing what

1644
01:20:57,080 --> 01:21:00,719
Speaker 1: I preach there. And then in terms of UH holding,

1645
01:21:00,760 --> 01:21:02,240
Speaker 1: I think like that's the best thing you can do

1646
01:21:02,320 --> 01:21:04,519
Speaker 1: if you've are down, like you just have to kind

1647
01:21:04,520 --> 01:21:06,200
Speaker 1: of stuck it up and take it. If in doubt,

1648
01:21:06,240 --> 01:21:09,200
Speaker 1: do nothing. And that's that's only if you know you're

1649
01:21:09,240 --> 01:21:11,680
Speaker 1: investing how much you are willing to lose. UM. So

1650
01:21:11,880 --> 01:21:13,760
Speaker 1: what I'm doing right now against d c A to

1651
01:21:13,760 --> 01:21:16,240
Speaker 1: still the carst averaging in UM. And then on top

1652
01:21:16,280 --> 01:21:19,040
Speaker 1: of that, I have some positions from seventeen still. I mean,

1653
01:21:19,240 --> 01:21:21,320
Speaker 1: in one of my positions is an x RP and

1654
01:21:21,400 --> 01:21:23,960
Speaker 1: that hasn't reached your all time high UM because of

1655
01:21:23,960 --> 01:21:27,160
Speaker 1: the Ripple SEC lawsuit. So we'll see what happens with that.

1656
01:21:27,880 --> 01:21:30,880
Speaker 1: But yeah, things come and things go, don't they. The

1657
01:21:31,160 --> 01:21:34,479
Speaker 1: Ripple versus the SEC lawsuit is with us forever. Yeah,

1658
01:21:34,800 --> 01:21:36,280
Speaker 1: it looks like it is going to be with us

1659
01:21:36,320 --> 01:21:38,479
Speaker 1: for a very long time. But again there's some good

1660
01:21:38,520 --> 01:21:40,680
Speaker 1: news coming out of that fairly recently. But yeah, over

1661
01:21:40,720 --> 01:21:42,760
Speaker 1: and above everything else, it's just yeah, D C A

1662
01:21:42,920 --> 01:21:46,200
Speaker 1: and just always just the main thing really just always

1663
01:21:46,200 --> 01:21:50,639
Speaker 1: invest how much you willing to lose, and don't over invest. Diversify. Awesome, sure, awesome.

1664
01:21:50,800 --> 01:21:52,560
Speaker 1: So I want to finish up just very quickly. I

1665
01:21:52,640 --> 01:21:54,920
Speaker 1: want to ask all three of you because I think

1666
01:21:54,960 --> 01:21:58,880
Speaker 1: I'm going to get three very different answers here, especially

1667
01:22:01,240 --> 01:22:03,560
Speaker 1: when you at times like this, when you when you

1668
01:22:03,640 --> 01:22:05,360
Speaker 1: have a look at your portfolio, you have a look

1669
01:22:05,400 --> 01:22:09,400
Speaker 1: at the charts and you see just read just blood everywhere.

1670
01:22:10,120 --> 01:22:13,920
Speaker 1: What's your what's your coping strategy? How do you? How

1671
01:22:14,000 --> 01:22:17,160
Speaker 1: do you deal with that? Tom? But I go running.

1672
01:22:17,439 --> 01:22:19,559
Speaker 1: I like running. Um it's good to sort of it's

1673
01:22:19,560 --> 01:22:21,320
Speaker 1: like a sort of meditation thing and I just you know,

1674
01:22:21,560 --> 01:22:23,160
Speaker 1: just go for a run and I just sort of

1675
01:22:23,640 --> 01:22:26,240
Speaker 1: you buy yourself and you get away from the charts,

1676
01:22:26,280 --> 01:22:28,760
Speaker 1: you get away from everything else. And yeah, that that's

1677
01:22:28,800 --> 01:22:31,479
Speaker 1: that's what like a coping mechanism. Apart from that, um,

1678
01:22:31,640 --> 01:22:34,439
Speaker 1: it's just sort of not running, sort of having a

1679
01:22:34,479 --> 01:22:38,439
Speaker 1: long term perspective when it comes to crypto. So, um, yeah,

1680
01:22:38,560 --> 01:22:41,800
Speaker 1: just understanding that's this too shall pass and there'll be

1681
01:22:41,880 --> 01:22:43,600
Speaker 1: good times in the future as well. That's that's the

1682
01:22:43,600 --> 01:22:47,439
Speaker 1: way that I hope. Okay, okay, Josh, what about Yeah?

1683
01:22:47,439 --> 01:22:52,120
Speaker 1: For me is usually crying every night. I just say

1684
01:22:52,160 --> 01:22:53,400
Speaker 1: the same thing you kind of said with the longer

1685
01:22:53,479 --> 01:22:55,679
Speaker 1: term perspective. I tweeted out the other day, I said,

1686
01:22:56,120 --> 01:22:59,280
Speaker 1: you've got to remember crypto, the crypto market isn't like

1687
01:22:59,520 --> 01:23:02,200
Speaker 1: your whole life. There's a life outside of crypto, and

1688
01:23:02,400 --> 01:23:04,400
Speaker 1: even if all your life savings in it, there is

1689
01:23:04,439 --> 01:23:06,960
Speaker 1: still more to life than the market. And I said,

1690
01:23:07,120 --> 01:23:09,720
Speaker 1: you know, it's very important you don't let crypto or

1691
01:23:09,720 --> 01:23:12,439
Speaker 1: the market fluctuations affect your health and your mental health.

1692
01:23:12,479 --> 01:23:14,720
Speaker 1: I think that's so important. So I think, ye, whether

1693
01:23:14,760 --> 01:23:16,080
Speaker 1: it's going for a wrong when it's going to the gym,

1694
01:23:16,160 --> 01:23:18,200
Speaker 1: or whether it's seeing friends like something that's going to

1695
01:23:18,240 --> 01:23:20,640
Speaker 1: take your mind off it. Um. I personally have just

1696
01:23:20,640 --> 01:23:21,920
Speaker 1: said to myself, I'm not going to look at my

1697
01:23:21,960 --> 01:23:24,120
Speaker 1: bit screen until we're over thirty k bitcoin again, because

1698
01:23:24,800 --> 01:23:27,439
Speaker 1: what why would I just cry? There's no there's no point.

1699
01:23:28,320 --> 01:23:30,240
Speaker 1: Might bring that exactly because even if I see a

1700
01:23:30,280 --> 01:23:32,000
Speaker 1: plus two percent, I'm not going to be happy because

1701
01:23:32,000 --> 01:23:34,599
Speaker 1: I'm done so much. So it's like, yeah, there's there's

1702
01:23:34,640 --> 01:23:36,240
Speaker 1: really no point in that to me. So I've just

1703
01:23:36,280 --> 01:23:38,879
Speaker 1: set a price point in my head where once bitcoin

1704
01:23:39,120 --> 01:23:41,360
Speaker 1: HiT's above that, that's when I'll check my portfolio again.

1705
01:23:41,600 --> 01:23:42,920
Speaker 1: I think that's just the best way to do in

1706
01:23:43,000 --> 01:23:46,720
Speaker 1: my eyes. Wise words, Mike, Um, I'm not gonna lie.

1707
01:23:47,080 --> 01:23:49,040
Speaker 1: You do look at it, and it does affect your mood.

1708
01:23:50,280 --> 01:23:53,880
Speaker 1: But like you've never like you have to live your

1709
01:23:53,920 --> 01:23:55,920
Speaker 1: life as a simpleton, you know what I mean, Like

1710
01:23:56,040 --> 01:23:59,120
Speaker 1: if you've never seen people who are so so stupid

1711
01:23:59,200 --> 01:24:02,320
Speaker 1: or generally very very happy, So like, just be stupid.

1712
01:24:02,600 --> 01:24:06,599
Speaker 1: Tom's so happy. But if you don't, if you don't

1713
01:24:06,720 --> 01:24:08,640
Speaker 1: let it, if you just ignorance, is bliss, is what

1714
01:24:08,680 --> 01:24:11,840
Speaker 1: I'm trying. What has boiled down to, Like, you can

1715
01:24:11,920 --> 01:24:13,559
Speaker 1: look at it. It's going to depress you, it will

1716
01:24:13,600 --> 01:24:16,320
Speaker 1: affect so just just try and remove yourself from it,

1717
01:24:16,479 --> 01:24:18,760
Speaker 1: bottle it up and then unload it on a loved

1718
01:24:18,760 --> 01:24:26,000
Speaker 1: one's healthy make it someone else. Okay, okay, well what

1719
01:24:26,080 --> 01:24:28,560
Speaker 1: about you guys, what do you do well? I mean this,

1720
01:24:28,800 --> 01:24:30,920
Speaker 1: this just highlights the difference in age, doesn't it. But

1721
01:24:31,240 --> 01:24:33,160
Speaker 1: I either go for a walk I think running is

1722
01:24:33,160 --> 01:24:36,200
Speaker 1: a little a little bit beyond me now, or I yeah,

1723
01:24:36,200 --> 01:24:38,080
Speaker 1: I go out into the garden and just sort of

1724
01:24:38,400 --> 01:24:41,800
Speaker 1: pointlessly garden for a bit, you know, move move pots around,

1725
01:24:41,880 --> 01:24:46,320
Speaker 1: get away things. Yeah, I think, I think. Yeah, I

1726
01:24:46,400 --> 01:24:50,280
Speaker 1: think there's there's no substitute for you know, for fresh

1727
01:24:50,320 --> 01:24:53,879
Speaker 1: air and and just the real world. I think because

1728
01:24:54,400 --> 01:24:56,240
Speaker 1: we live so much of our lives through a screen,

1729
01:24:56,360 --> 01:24:59,040
Speaker 1: and when especially when you're in crypto, you know, the screen,

1730
01:24:59,160 --> 01:25:02,920
Speaker 1: that digital realm just dominates your life. And I think

1731
01:25:02,960 --> 01:25:05,120
Speaker 1: it's really important just to sometimes get in touch with

1732
01:25:05,200 --> 01:25:09,479
Speaker 1: the real, physical, green, dirty, fresh air world out there

1733
01:25:09,520 --> 01:25:14,040
Speaker 1: and step away. Definitely. Well, guys, this has been great.

1734
01:25:14,080 --> 01:25:16,040
Speaker 1: Thank you so much for joining us, Thank you for

1735
01:25:16,120 --> 01:25:18,439
Speaker 1: sharing with us, Thank you for thank you for being

1736
01:25:18,479 --> 01:25:20,800
Speaker 1: our first guests on the Coin Bureau Podcast. Yeah. I

1737
01:25:20,880 --> 01:25:23,639
Speaker 1: hope you'll I hope we'll be able to join us again, hopefully. Yeah. Yeah,

1738
01:25:23,840 --> 01:25:25,720
Speaker 1: I loved it. It was great. It was nice. I mean,

1739
01:25:25,920 --> 01:25:27,640
Speaker 1: it was nice, just not the two of us, wasn't it.

1740
01:25:28,560 --> 01:25:34,360
Speaker 1: And I think that's saying you're you're you're protecting a lot. Well, guys,

1741
01:25:34,439 --> 01:25:36,559
Speaker 1: this has been great. Thank you for listening everyone. It's

1742
01:25:36,760 --> 01:25:38,880
Speaker 1: tough times out there in the market at the moment,

1743
01:25:39,000 --> 01:25:42,800
Speaker 1: but as Josh and Tom have said, these times will pass.

1744
01:25:43,200 --> 01:25:45,360
Speaker 1: This is an important period that we're living through now

1745
01:25:45,960 --> 01:25:49,000
Speaker 1: and crucially it will come to an end. So thank

1746
01:25:49,040 --> 01:25:51,120
Speaker 1: you very much for listening, and we'll see you all

1747
01:25:51,520 --> 01:25:55,040
Speaker 1: next week. Bye bye bye. Thank you so much for

1748
01:25:55,120 --> 01:25:57,640
Speaker 1: listening to the coin Bureau podcast. If you'd like to

1749
01:25:57,760 --> 01:26:00,759
Speaker 1: learn more about cryptocurrency, you can visit at our YouTube

1750
01:26:00,840 --> 01:26:04,320
Speaker 1: channel at YouTube dot com forward slash coin Bureau. You

1751
01:26:04,400 --> 01:26:06,679
Speaker 1: can also go to coin bureau dot com for loads

1752
01:26:06,720 --> 01:26:09,680
Speaker 1: more information about all things crypto. You can follow me

1753
01:26:09,760 --> 01:26:12,080
Speaker 1: on Twitter and at coin burea or one word, and

1754
01:26:12,240 --> 01:26:15,760
Speaker 1: I'm also active on TikTok and Instagram as well. First

1755
01:26:15,800 --> 01:26:18,799
Speaker 1: of all, it's not thank you for listening, you're welcome

1756
01:26:19,160 --> 01:26:23,479
Speaker 1: for great content. Yeah, like this is free and they're

1757
01:26:23,560 --> 01:26:27,439
Speaker 1: learning about a fairly great topic in a non boring way.

1758
01:26:27,800 --> 01:26:30,040
Speaker 1: If you'd like to visit me and hear more about me,

1759
01:26:30,880 --> 01:26:33,439
Speaker 1: go to mooch about m O O C H A,

1760
01:26:33,640 --> 01:26:46,720
Speaker 1: B O U T or else. For more podcasts from

1761
01:26:46,760 --> 01:26:49,880
Speaker 1: I Heart Radio, visit the i Heart Radio app Apple

1762
01:26:49,960 --> 01:27:01,080
Speaker 1: Podcasts or wherever we get your podcasts. The coin Dura

1763
01:27:01,160 --> 01:27:03,720
Speaker 1: podcast is a production of iHeartRadio.