Is crypto coming back?

[00:00:00] Crypto, right? Yeah. How about that crypto?

[00:00:06] No, but also like this is the crypto episode not not X-Menorine. This is the crypto episode. Yes.

[00:00:14] The X-Men episode I feel like we need to be in the same room because it will be quite

[00:00:19] quite the spirited debate plus I can't let the thumbnail go to waste. No, it's fantastic. All right.

[00:00:27] I know you're doing audio check. We're good, which by the way this podcast is brought to you

[00:00:34] by another podcast, the part of your Broadway world podcast. We'll talk about them a little bit later.

[00:00:41] But right now talking about crypto and the seeming the seeming resurrection that unless you're in

[00:00:48] the know, nobody's really talking about like people that follow crypto know what's going on,

[00:00:54] but like I didn't even click. I saw a headline about a month ago. Now I think it was a little over,

[00:01:01] but it said Bitcoin source of more 60 Bitcoin source above 66,000 and I'm like,

[00:01:06] wasn't that the peak? And sure enough, it was.

[00:01:12] A Bitcoin? What was it? I believe so. I think prior to now,

[00:01:18] prior to now obviously because it's it's it's it's it's it's it's shot up from a very significant amount

[00:01:24] like it was it was sitting around 20,000 before the

[00:01:29] it it's steadily bumped up a bit. But I believe it almost doubled and it wasn't overnight,

[00:01:34] but it was very quick. Oh yeah. Which there's a there's a having that's supposed to take place

[00:01:40] this year anyway, but it has I don't think it's happened yet. Well, that's for the

[00:01:45] for the algorithm for mining. Yeah, but still it still will make the value of Bitcoin go up.

[00:01:52] Yeah, that's the whole premise behind the concept. Ironically, something that the federal government

[00:01:58] doesn't seem to understand because guess what's the opposite of inflation?

[00:02:04] Deflation. And how does one achieve deflation? Less supply.

[00:02:11] Just an FYI for anyone watching now I'm not fidgeting because like anything else I don't know,

[00:02:17] I pinched a nerve or something or something. Yeah, he sat on he sat on his Bitcoin.

[00:02:28] Yeah, and I couldn't hold out and take a gummy so

[00:02:32] Well, but I mean I was just looking I've been kind of I haven't bought any new crypto yet,

[00:02:37] but I was happy because thanks. Oh, I went up a few bucks went from one 32 to 140 in my total

[00:02:44] portfolio. My pit bull it went from like 30 40 bucks in the last month to 178

[00:02:57] like dollars. Now I have my pit bull token I literally have I think $195 million or a billion

[00:03:07] billion dollars. Yeah, let's see my sheba I have

[00:03:14] 2,310,028.2 tokens for a grand total of $73.33 at its current value.

[00:03:24] But well and what a lot of so this is something that I learned

[00:03:29] is that the meme coins are not tied directly a Bitcoin but they're kind of tied very much indirectly

[00:03:35] to Bitcoin as there's a lot of cryptocurrencies out there generally speaking. There's somehow

[00:03:41] in terms of their value and correct me if I'm wrong because you're you know more about crypto than

[00:03:45] I do. I'm still very I'm still very skeptical. They're market drivers Bitcoin and Ethereum are the

[00:03:51] two main market drivers in Ethereum even to a point is not it's not directly tied to Bitcoin at all,

[00:03:56] but it's still Bitcoin basically controls the market now there's a couple of examples of anti

[00:04:02] Bitcoins kind of like how sheba was supposed to be the dogecoin killer but now they pretty much run

[00:04:09] neck and neck unless Elon Musk says something. Yeah, can you you can hear me okay right? I can

[00:04:17] Okay, I'm saying because I don't have the mic too close to my face.

[00:04:26] But that being said so yeah I'm looking in for the most part of course the basic attention token is

[00:04:30] down but that that's a whole thing in and of itself. It's barely a crypto it's almost more like

[00:04:35] a gift certificate but I get technically it is a crypto currency. It's nice though because you know

[00:04:39] you can you know tip creators with it yeah they still do that and then the thing that I learned

[00:04:45] when all this crypto stuff although dogecoins up almost 15% and Bitcoin is currently sitting at

[00:04:50] $70,816. Yeah, Bitcoin. Dogecoin what was it at it's at like 22 cents?

[00:05:00] Yeah, my uh my doge while I still have some doge uh I literally had a wallet I forgot I had

[00:05:06] trust wallet and I forgot all about it and I literally was uh my old phone was on my desk

[00:05:12] and I plugged it up and turned it on and I was looking at all the wallets I had and I had 250 bucks

[00:05:18] in one I was like really yeah yeah the thing of it is though is this is now inspired I'm going to

[00:05:26] I'm gonna start paying attention to like I play crypto extremely safe you were always much more

[00:05:31] daring than I was um but I'm still gonna I'm gonna be paying attention to Coinbase because I'd

[00:05:35] like to remind everybody Coinbase gives you free money uh yeah uh I literally made my turn

[00:05:42] bucks off them last week well we get what did I do I turned roughly $20 into $70 and had I

[00:05:51] that was during the uh the bull run yeah but well it actually was and now that was cool

[00:05:58] well but okay so here and again I've laid out my crypto strategy before like I'm not

[00:06:02] gonna get rich but boy I wish I'd thrown into Bitcoin though but anyway it's too well it's not too

[00:06:11] late now but I need to wait for it to dip again before I would get but I don't well you know

[00:06:16] what it might not be too late and when is the having um well one second yeah I'm not sure

[00:06:25] I know I'm actually set up that I wanted to do this so I can uh do this real time

[00:06:31] yeah because I'm not sure when April 19th 2024 yeah so basically the next uh block rewards

[00:06:45] so people who mine um when you mine obviously you know there's certain block rewards

[00:06:52] I'm not gonna be able to explain this properly but uh well give it give it the

[00:06:56] community college. Basically uh it's gonna go from 6.25 Bitcoin to 3.125 so basically when people are

[00:07:07] using their asic miners and I'm pretty sure people aren't mining with GPUs anymore all for Bitcoin

[00:07:12] that would just be stupid but uh yeah their asic miners only mine so much coin and for every 6.25

[00:07:20] coins they mine they'll get half. Yep it's kind of lame. So you're you're doubling the computing power

[00:07:26] for half the reward now but that's that's by design. You've literally taken away the incentive

[00:07:30] from Bitcoin if you really ask me. Well but well it's taking away the incentive to mine but that's

[00:07:35] sort of the point and they this has been the case from the beginning um and what that does though

[00:07:41] ironically is it's the next step in actually. Oh yeah, it's uh it's the step necessary to

[00:07:51] actually earn Bitcoin into a lead not I shouldn't say legitimate into a what's the word I'm looking for

[00:07:59] into a more stable currency because right now Bitcoin is actually extremely unstable. Well

[00:08:07] yeah yeah yeah stablecoin um not quite to the same degree because Bitcoin will never be tied

[00:08:13] directly to the dollar uh but hopefully at least knock on well I don't really see how you could

[00:08:18] do it unless the government commandeered it. Right sorry Ailey.

[00:08:23] This is we're looking up important stuff um but yeah so basically is it every four years or eight

[00:08:30] years so I think it's every four years that there's a having in Bitcoin. Bitcoin? Yeah. Uh yeah

[00:08:35] I believe so. Is it every four or eight years I can't remember. I think it's every four years.

[00:08:41] I think that's the last two years. I look. I look.

[00:08:51] Is looking up information every four years. Every four years okay I was right. Well it says

[00:08:56] the Bitcoin having is intended to counter any inflationary effects on Bitcoin by lowering the reward

[00:09:03] amount and maintaining scarcity however this inflation protection mechanism does not protect

[00:09:08] Bitcoin users from the inflationary effects of the fiat currency to which it must be converted to

[00:09:13] and they use the economy in a economy. Right. It's always the economy right?

[00:09:18] Correct yeah but the point being is that eventually the having will get down to

[00:09:24] not absolute zero but damn near zero so no one will want to mine it anymore it won't be worth it

[00:09:29] and then the current supply of Bitcoin unless they change it which they may have to

[00:09:34] but you can't get inflation if there's no more coin you know what I mean so they may have to

[00:09:39] increase supply um because it will get too low and it will become or who've been

[00:09:45] ively expensive to use it as a currency although that would take a long time.

[00:09:50] So the I think the long-term goal if I understand it correctly is to eventually get the mining

[00:09:54] incentive down to zero so that like let's say I'm pulling on it let's say there's 10,000 Bitcoin

[00:09:58] on planet earth there's more than that but I'm just using this there you will have no more than

[00:10:03] that number of Bitcoin therefore the supply is a supply and it will always be in demand

[00:10:13] therefore you won't have inflation basically. Now like you just said you'll have inflation on

[00:10:20] fiat currencies but Bitcoin can actually be a really good way to curb inflation with fiat currencies.

[00:10:27] I don't think a lot of them will do it because frankly as we saw from the TikTok hearings none of

[00:10:31] these fucks understand what's happening. I mean I don't fully understand it. I understand a lot

[00:10:38] more than I did when I first started learning about it but what I learned is basically 90% of crypto

[00:10:42] is not garbage but it's shitquence. Yeah well I'm not gonna say shitquence because there's this kind

[00:10:50] of thing that a lot of people are saying now that ironically they weren't saying in like 2019, 2020

[00:10:55] where meme coins they're saying meme coins are worthless they're not well they're inherently

[00:10:59] worthless but everything is worth something if somebody wants to buy it so that he they're going

[00:11:06] off terms of utility alone like in the crypto space like literally that's why they call them worthless

[00:11:12] coins. It's not that they can't have value to someone because one man's trash is another man's

[00:11:16] treasure right well it's not even that so like it's kind of like she was another man's doge yeah

[00:11:23] but it's kind of like the first ever bubble that burst was actually tulip bulbs in the Netherlands

[00:11:28] they don't have any utility other than people like them but the oh man it's a whole thing read

[00:11:34] I it's fascinating. What are those what are those one bulbs Edison bulbs you know like you've

[00:11:44] ever seen hipsters that that's what they're all about is having Edison bulbs yeah that's kind of

[00:11:50] that's kind of gone away because ironically Edison bulbs at least well they've come out

[00:11:54] they've come out with LED versions of Edison bulbs so you can still get the aesthetic but actual

[00:11:59] Edison bulbs like they were they were super hot and they were also super hot and hugely energy

[00:12:05] inefficient. So they didn't really last that long because people really yeah exactly

[00:12:12] it's probably an electric key like it's electric key I got light bulb.

[00:12:16] Edison bulbs. Yeah, Edison bulbs. I thought that was so just so funny when that happened though

[00:12:22] because this was right as well not right as because they've been getting rid of incandescent bulbs

[00:12:28] for some time now but this was right when LED bulbs kind of had become like the new standard it's

[00:12:33] like yeah you don't really have to replace your old bulbs but if you need a new one anyway you might

[00:12:37] as well get an LED and then Edison bulbs came out and everybody was like oh my god Edison bulbs

[00:12:42] and then somebody I think was kind of like wait a minute this is dumb so you think 60 watts going

[00:12:47] to kill the planet but this thing that's like almost a fucking nuclear reactor it somehow like

[00:12:53] it's not dude like if you're changing that bulb you need to let it cool for a bit so yeah

[00:13:00] but yeah tulip bulbs so they started doing futures on tulip bulbs and it became the sole thing

[00:13:06] so where you weren't even actually it was actually the first instance of like a share of stock

[00:13:10] well not really share stock it was more like future like farm futures where like if you invest in

[00:13:15] corn now you're not investing in the corn that's already been farmed you're investing in the corn

[00:13:18] from the next season and it's value is tied to the yield right so you would actually buy stake in

[00:13:25] tulip bulbs that had not even been created yet and I'm shocked why has no one created a tulip coin

[00:13:32] just as a joke is it out there one of time ago now you look for is that does that is that a thing

[00:13:40] does that exist because it should hold on all right especially if you can get different varieties

[00:13:47] of tulip coin it's it would purely be a joke but then again dogecoin started out as a joke so

[00:13:56] yeah but it really took off I had a buddy that actually got in with point

[00:14:02] 0.00 like I think point 0.003 he got in and he bought like thousands of them and he ended up making

[00:14:11] a hundred thousand dollars and bought a house with it see I really do think I'll be honest I think

[00:14:16] that's gonna be my I think that's gonna be my main strategy when it comes to crypto because like

[00:14:22] let's be real if you're playing but here's the problem though so I'll go into the problem and

[00:14:26] why that strategy I think will work which is why I rely on somebody like you with more expertise

[00:14:30] because the problem I ran into is sheba is that in order to buy it it wasn't on a main exchange

[00:14:35] yet so in order to buy it I had to go on a real shady exchange which is legit it's legit but here

[00:14:42] was the problem at the time I did not have enough sheba to be able to trade it out so in order to

[00:14:50] get it out I would have had to spend like another I think it was gonna be like another 150 bucks

[00:14:55] to buy more sheba and then they take a commission on it so I get it like I hadn't even tried so it

[00:15:00] was weird I it's now in coinbase I didn't even think to try it but you would say something I'm

[00:15:05] like fuck it I'll try it maybe it'll get in and let me this time so um but yeah I think something

[00:15:10] like that where you have to get in super super early and just kind of hope that it takes off but the

[00:15:16] good news is if you have spare income I mean yeah like if you come if you put in a few hundred dollars

[00:15:24] into like a brand new coin that and if it takes off like even if it like if you get it at the right

[00:15:30] price even if it's still if it goes from like whatever hundreds of a cent to a penny you could still

[00:15:36] stand to make quite a bit of money oh yeah and it's kind of remember an XRP I didn't make shit on

[00:15:44] XRP dude I know dude like I what was it it was like at least a week or two and then I finally got

[00:15:52] you to get on the train and then all of a sudden you were having troubles trying to buy it remember

[00:15:57] because uh whatever no I was hedging I was hedging on buying it oh well because the thing is I was

[00:16:04] like I was like dude get in now get in now and then literally I ended up I think I ended up

[00:16:09] making like five or six hundred bucks off of it yeah I got in at that I got in way too late but

[00:16:15] that's what I'm saying that was the flaw in my strategy because I was waiting until it was safe

[00:16:20] but I think the key is you know gonna invest in strategy though well it's not a bad long-term

[00:16:27] strategy but you're not gonna get you're not gonna get rich quick on it is what I'm saying so

[00:16:32] I think if you're into crypto like what I would like to start doing here shortly I think I will put

[00:16:37] some money in do what I need a haircut I'm sorry good I'd like in a perfect world I would like

[00:16:44] to put some money into Bitcoin just not necessarily it almost treat it more like a money market

[00:16:50] account than anything although it's more volatile which I guess at that point why not just do a

[00:16:54] money market account that's the thing every time I every time I think about crypto I always tie it

[00:16:59] back to something you can do in fiat currency that's just safer but the gains aren't as high so like

[00:17:05] if you do like an index fund you're on average 78% return oh you know the dollar is never valued

[00:17:12] at a dollar it goes up and down to just like that just not as volatile you know that's what I'm

[00:17:18] saying in long-term share like I said Bitcoin is not as volatile that Bitcoin's really not volatile if

[00:17:24] you look at the long term in fact it's downright it's downright good well when you got it this last

[00:17:29] pump was like huge and it was like right now but if you look but if you look up but right but

[00:17:35] what I'm saying is if you look at if you look at Bitcoin on a five-year track

[00:17:41] you're sitting better and you didn't leave your position you're sitting better now than you were

[00:17:45] five years ago is what I'm getting out yeah well yeah but the nature of crypto now is very much

[00:17:51] short-term trading strategy Bitcoin's probably the exception but yeah with those other coins it's

[00:17:58] kind of like yeah I got some I got some spare last year I'll throw it in here and if it

[00:18:04] pumps great and if not you know they think pump and dump in crypto it's legal still well I

[00:18:15] shouldn't say it's legal it's it's not regulated but yeah you were talking back went back when we

[00:18:21] were looking at eights hustle university stuff we were like oh we know what they're trying to do

[00:18:26] they're trying to get a bunch of people do we able to do pump and dumps and honestly

[00:18:32] and crypto it's it's not illegal well that's what I'm saying now I'm yeah in uh

[00:18:39] in stocks what are they called that I mean it's a pump and dump yeah yeah okay yeah you get a bunch

[00:18:45] you get a bunch of people you get a bunch of people that no that's the tent in the term you get a

[00:18:49] bunch of people that you know to buy up a certain stock and then when it gets high you all dump out

[00:18:53] and sell so it's that's quite literally what it is it's pump account I did that with AMC

[00:19:01] that was it but you didn't do a pump and dump because the a pump and dump scheme is what

[00:19:06] you did was ride the wave which there were indicators and I don't so a pump and dump to be

[00:19:14] illegal technically you have to have it's basically insider trading you have information or your

[00:19:19] your and again I could be wrong on this but the way I heard everybody was I heard everybody was

[00:19:24] buying it so the thing is when everybody starts buying it all up well happens the price

[00:19:29] for a kid's sky rocket but that's but that's that's following a trend though they're in its

[00:19:33] weird it's very hard to enforce though because in order to be found guilty of insider trading you

[00:19:38] basically have to prove that this person had insight information because otherwise they can just say

[00:19:43] oh no I just I rode away that's what I'm saying I'm like why hasn't anyone thought about this before

[00:19:47] just literally back in the 80s and 90s all getting oh yeah what was Jordan Belfort that was what

[00:19:52] Jordan Belfort did that was like there no no no he didn't get a bunch of people just literally

[00:19:58] just buy stuff like not like oh no that's absolutely what he did that's exactly what he did

[00:20:04] he got his rat his rat holes as he called him early stand the move I think he still called him that

[00:20:08] but yeah was any of this legal no absolutely fucking not which actually well Mr. Belfort took

[00:20:15] issue with that because he claims that the vast majority of this which I agree I kind of believe

[00:20:20] him when he says this a lot of the stuff he did was okay virtually all of it now he had his he

[00:20:25] had his schemes yeah and some dubious sales practices but not technically illegal which again a lot

[00:20:33] of times these financial laws come about because somebody does something they're like oh shit there's

[00:20:37] a flaw in that market so now we need to you know that's why IPOs are so heavily regulated because prior

[00:20:44] to people actually figuring out it's like oh well we set the initial price so let's just have

[00:20:47] a bunch of our friends buy it and Steve Madden Steve fucking madden I'm gonna skew off Steve oh yeah all right

[00:20:59] so what did you what did you say your pit bull did uh it was a huge increase um I

[00:21:08] I don't have my other phone I don't have my other phone I left it in my other car no now pitball

[00:21:13] because I was going into an idea and I think pit bull yeah but pit bull token also they donate

[00:21:18] some money for pit bull rescues oh yeah so they do a lot with the uh pit bull community well

[00:21:26] but see here's the thing though so that token has a utility it's a charitable one but it is utility

[00:21:31] so I can see people like doge basically yeah but here's the so the thing about pit bull is like

[00:21:38] I'd almost invest in it because a I could potentially make some money and b it helps pit bulls

[00:21:44] well I'm gonna tell you what right now pit bull token was actually just listed as a safe token

[00:21:50] now on uh on a few exchanges like you know they said it's a safer coin to invest in so the thing is

[00:21:56] like I would definitely recommend anyone like if you got a little spare cash I didn't invest in

[00:22:02] pit bull because honestly it could it could five x maybe 10 extra money so I'm looking at I'm

[00:22:09] looking at um interesting we're in a very high period it's a deflationary token so basically uh

[00:22:16] anytime anyone buys um sorry not buys but anytime anyone sells they're the the gas fees are literally

[00:22:24] burned away every single time anyone makes a transaction so it's like that's really awesome so

[00:22:31] eventually you know this stuff's gonna be worth quite a bit you know I'm I'm looking at this thing oh

[00:22:37] so hang on there boy coin buy a bunch forget about it pay attention every now and then check

[00:22:43] eight every six months well because check this out over from year to day it's up almost a hundred percent

[00:22:50] and that's so funny it started out when it started out it was at its highest ever

[00:22:55] that's how a lot of these tokens work they come out they come out and then and then they just

[00:23:01] they get this fake pump because of all the people who are actually a part of the program so but

[00:23:07] here's the funny thing I'm looking at the trend here guess what its second highest was

[00:23:12] what November of 2021 then the next highest was

[00:23:18] there you fucker was March of 2022 yeah that's when I remember it it is shot up then because

[00:23:28] of my twenty dollars go from 20 to like five hundred I literally think I'm my let's see do I want

[00:23:35] a trade or do I want to I'll look at that later but yeah so this is funny because I would now I

[00:23:42] wish I'd gotten in and on to it sooner but hindsight's 2020 right but it's still very low

[00:23:48] and if this if this token could get a reputation for really helping pit bulls the dogs

[00:23:54] I think this thing could skyrocket but again that's based on the utility well let me let me so

[00:24:00] I have a hundred and ninety five or hundred ninety eight billion of these tokens just let me give

[00:24:05] you an idea if it gets to point zero zero zero zero zero six I'm a multi-millionaire

[00:24:15] yeah I think how much did you put in initially if you don't mind my asking uh I think

[00:24:21] are initially I only had twenty dollars and then when you pumped it when it pumped when it pumped

[00:24:27] I put in more and I ended up putting in I think another two hundred dollars that sounds right I

[00:24:34] seemed to remember yeah I was I was I was upset with that like yeah but I mean it is what it is

[00:24:41] I had like seven hundred dollars and then and then pop shot back down to at one point it got

[00:24:47] to like forty bucks that's what happens to me in my dogecoin I put like I had bought like two

[00:24:54] hundred dollars or the dogecoin and it went down to fucking eighty I was like a but like

[00:24:59] I didn't buy it the high too didn't you I didn't buy it the high but I bought two late it went up

[00:25:04] a bit high I should have fucking sold it but I did the same thing with AMC I did make money on AMC

[00:25:10] well that's what I'm saying inside the highest yeah so well but you can never know if it's

[00:25:14] the highest right but I'm looking at this way like let's say like let's say they offer five hundred

[00:25:19] bucks I should have fucking sold but like let's and I did I wrote the coin base wave I told you

[00:25:23] about that unfortunately I got greedy so I had I think I had like twenty five dollars

[00:25:29] worth of crypto on my coin base account at that time and I watched Badger coin right up like well

[00:25:36] over a hundred percent I think it was writing like a four hundred percent right I I I my twenty

[00:25:44] I think I put twenty and at twenty went to about eighty five and then it went down but then it

[00:25:50] went back up and then it went down and then it went back I should have just sold there but I got greedy

[00:25:54] you know I wanted to write that way but I could have made like watch ruple my money again that's

[00:26:02] what you don't want to hear about greed I took a thousand dollars a thousand dollars and literally

[00:26:09] put it into that staking online website I ended up only getting back three hundred bucks of that so

[00:26:17] yeah I found one so the moral of the story here though is be very careful with crypto because I found

[00:26:25] I I think I showed you that site a long time ago that cloud mining site and dude I knew it was

[00:26:30] bullshit man I knew it was bullshit I ended up putting twenty bucks in it just to see because

[00:26:34] twenty dollars was the minimum that you could put in I was just like I mean it says my balance is

[00:26:39] going on that's real that's what I said I had twenty bucks that I did not need and I looked at

[00:26:44] it this way I'm like if I set this twenty dollar bill on fire I wouldn't change my life what

[00:26:50] on the one a million shot this is legit I know it works right so sure enough it's it's bullshit but

[00:26:56] fun fact they actually I don't know if it's still open but they opened the site back up at one point

[00:27:01] you can rent hash power and basically make money but the funny thing is for how much they charge

[00:27:07] you don't make that's that's just it so this site had like an incredible return and you didn't

[00:27:13] actually have to you did they said you didn't have to invest money but you would get how much more

[00:27:19] if you did so I actually had an online buddy turn me on to it and I told him I said man I don't

[00:27:25] know I don't this seems this seems shady it seems too good to be true and with crypto if it's too

[00:27:31] good to be true it is but then you have the really scary ones like FTX like FTX was they actually

[00:27:40] got on there and day traded for a little bit that's because they know when it was a FTX

[00:27:49] well FTX was a legitimate FTX was a legitimate change hold on I'm trying to you go ahead

[00:27:56] but I need to remember or at least because FTX was the one that back when hustlers university

[00:28:01] that was they they told you to use FTX I think they're staking I think they let you get away with a

[00:28:07] little bit more staking because again it's not regulated so I mean it wasn't illegal but and I don't

[00:28:13] even know exactly what happened with that I just know that they defrauded a bunch of people okay so

[00:28:21] in crypto news apparently Sam Bankman freed was sentenced to 25 years ago just two hours ago

[00:28:29] now was that the FTX guy yeah mr. Bankman hold on hold on hold on my name was

[00:28:36] Bankman stupid New York Times you want to subscribe no fuck oh you know what I didn't click who

[00:28:42] that was I saw the headline coming up on all sides here we go Bankman freed since the 25

[00:28:48] years in prison for massive FTX fraud former crypto currency mogul Sam Bankman freed was sentenced

[00:28:55] to 25 years okay how many times you guys say that for what prosecutors said was one of the biggest

[00:29:00] financial crimes in the US history he's apparently stole eight billion from FTX customers holy

[00:29:09] shit it's crypto with William Brangham discussed more with David Yaff Bellany of the New York Times

[00:29:16] read full transcript I'm like Biden or he knocked the card the cute card my ass hurts

[00:29:27] the former FTX that's what Bankman's gonna say well it's it's the same thing okay yeah so basically

[00:29:32] he stole eight billion from customers over the years but here's my question though and I mean

[00:29:40] I I this is a legitimate question this is mertorical how did he steal it is it that he took

[00:29:46] money that was in the exchange and used it to leverage his own positions

[00:29:51] may find out or open because I do I mean that so technically speaking I could see how that's illegal

[00:29:58] but it's something that banks do every day because like I'm sorry guys when you deposit money

[00:30:03] and your savings and or checking account but bank takes that money to make other investments now

[00:30:08] granted baking is much more regulated than this guy would have been but he played guilty so boy

[00:30:14] yeah I'm sure that was so he wasn't apologized for committing crimes but it made his position

[00:30:20] he's saying that he hasn't committed any crimes that's what I'm saying I would like I want to know

[00:30:24] the details of what they're alleging because and the reason I say this I'm not defending the guy

[00:30:29] I'm just saying that the government has demonstrated over and over and over again that they do not

[00:30:34] understand this technology so they may have just been pissed that he was making a bunch of money

[00:30:39] this FTX I was on FTX dude I didn't put any money into it I never got that far but I mean I saw

[00:30:44] the exchange I mean from what I could tell it was legitimate and it was using data from all the

[00:30:50] like it was using data from the blockchain like trying to make him shit up

[00:30:57] I'm assuming like what what what did he freaking collect gas fees or something

[00:31:06] well but again he would have had to I mean when you use an exchange for the most part when you do

[00:31:12] a crypto swap or exchange on that exchange they have an exchange fee as well as gas fee as well

[00:31:20] as there's all kinds of fees when it comes crypto like you might as well just be an exchange if

[00:31:25] you can get popular enough and be an exchange you know what that's what he did right

[00:31:31] yeah FTX right yeah

[00:31:35] I'm not so I'm looking up to yeah I'm trying to find out what he what like what's the problem

[00:31:41] like what did he do one of these days thanks for having me no no clue

[00:31:56] all right let's see what did what's his name

[00:32:00] uh

[00:32:04] that's the same bankman

[00:32:07] Sam bankman yeah there we go that's the first google question what did Sam

[00:32:12] thank me for you dude oh he was accused of misappropriating FTX customer funds to spin

[00:32:20] lavishly on luxury real estate investments and political donations prosecutors ask for a sentence

[00:32:26] of at least 40 years in prison misappropriating funds so what does that mean

[00:32:34] so that it seems like I was right it seems like he was taking money that was deposited into the

[00:32:40] exchange and then spending it himself but he was banking on he was banking on crypto performing

[00:32:48] well and then when people withdrew there would be enough money within FTX to pay them out here's

[00:32:53] the problem with that though banks do that every day

[00:33:00] and under federal rules it says he's essentially propped most likely going to at least

[00:33:06] serve 21 years yeah I know and once again I'm not defending him I'm here's all I'm saying is

[00:33:12] that the banks are not required to have all their cash for their depositors on hand

[00:33:17] they're required I think it's 10% that they're required to have on hand

[00:33:21] which is wow yeah so it's one of those things where all things being equal he did something

[00:33:32] that was dubious but something that banks do every day now the difference is and I think this

[00:33:37] is where the difference lies now that I think about it the owner of the bank can't take your money

[00:33:42] and buy real estate with it there's a lot more regulation that goes into the investments the banks make

[00:33:47] whereas he didn't have any oversight for as an individual so that I think is the difference

[00:33:54] there's nobody said that nobody's I don't think anybody would have frowned on FTX as a company

[00:34:00] taking profits and making real estate investments but all right hold on us news.com

[00:34:07] US News and World Report apparently they said he used the money to prop up his hedge fund

[00:34:14] by real estate which we are new to that and attempt to influence cryptocurrency regulation

[00:34:19] by making campaign contributions to US politicians and pay $150 million in bribes to Chinese government

[00:34:25] officials he was put on trial in the fall of 2023 I didn't even know that but um so

[00:34:32] I mean he was using other people's money to buy property so yeah that's that's pretty legal to me

[00:34:40] because the thing is that they didn't say yes to that you know they did that's the difference I'm saying

[00:34:49] just like that's the difference is the bank takes depositors money as a fund and uses it

[00:34:54] to make investments but there's a lot of regulation and this is crypto right okay I think I can't

[00:34:59] understand where you're coming from because the thing is we don't have any technical laws against any

[00:35:04] of that well here's the thing I don't think he didn't take people's crypto he took people's money

[00:35:09] he took people's fiat currency that they deposited into the exchange

[00:35:16] to buy crypto correct right but like let's say the thing is if they held onto that crypto the exchange

[00:35:22] has to have oh my gosh the exchange has to have that amount of crypto my hair is driving me nuts

[00:35:29] dude anyway in my ass is hurting so the crypto has to have all right you got to talk for a second

[00:35:36] so I think what you're trying to say is like every crypto exchange has an option to hold US dollars

[00:35:43] or whatever your fiat currency is where you live so I don't think there's a regulation for this but

[00:35:52] you would just kind of have to trust the crypto exchange is that you're trusting that if you withdraw

[00:35:59] as in dollars to your bank account you're hoping that the exchange has enough cash on hand money

[00:36:07] on hand if you do the transaction which most legitimate exchanges would because they wouldn't over

[00:36:14] leverage himself but I think the problem is he was taking people's dollars they were in their

[00:36:18] accounts and spending it and then just hoping that if somebody like if somebody's got two ran

[00:36:24] in their FTX account and they want to withdraw a thousand dollars of it he's just hedging on the fact

[00:36:30] that FTX would have a thousand dollars for that transaction and then all of the transactions

[00:36:35] and then he wouldn't have been found out I think where he got in trouble is the overspent

[00:36:38] and then with crypto dipped and everybody started trying to pull out I can imagine there was some

[00:36:44] BS about like we can't process your transaction right now but if you recall do you remember the

[00:36:49] Robinhood debacle with AMC we talked about this years ago when it happened and I'm like okay

[00:36:57] the game stopped too right you're right I think it was game stop not AMC yeah they didn't have any

[00:37:02] problems with AMC it was game stop they shut it down they literally froze by and selling it is

[00:37:07] like oh okay that's really cool yeah funnily enough when too many regulators didn't get involved

[00:37:15] regulators well and people understandably had a problem with that I'm like and of all platforms

[00:37:21] Robinhood come on man dude wouldn't it be interesting if there were investments that had an

[00:37:30] investment cat this wouldn't work in capitalism but it would be interesting if you had investments

[00:37:34] that had an investment cap where like you can only and this sound nevermind that's dumb as shit

[00:37:40] why would you have an investment where you can only invest at a certain amount of money that's

[00:37:44] fucking stupid wow you're only allowed to spend twenty seven dollars you're only gonna make twenty eight

[00:37:55] you can only own eight thousand rubles any more of you are a dirty capitalist

[00:38:04] you know and as we know eight thousand rubles doesn't go as far as you think it does

[00:38:09] well in my in my expertise you'd be surprised they go pretty who are I don't know how good that sound

[00:38:20] on my personal it sounded pretty damn good I've been working I'm not getting out of topic

[00:38:26] I lost a little faith in RFK man what do you say he didn't say anything it's who we picked

[00:38:33] to be his VP who I can't even remember her name she's just a big donor and I'm like oh

[00:38:42] we all know vp's don't matter so if he even if he gets it it'll still be okay

[00:38:48] what I mean I'd be okay with an RFK presidency because honestly he talks a lot of common sense

[00:38:53] I don't care for him but he's an independent now so I'm not and made okay so it's it's purely

[00:39:00] an optics thing maybe he knows something about her that I don't I'm sure he does but to me it

[00:39:07] just looks like he gave the slot to the person who donated the most money to his campaign and that

[00:39:11] looks really like I'm not saying he did that but it looks like he did that and that to me just looks

[00:39:18] especially coming from him yeah it's kind of like I wouldn't like I wouldn't be shocked at all if Biden

[00:39:24] or Trump did it or maybe he's just picking someone who is a nobody because the thing is

[00:39:30] I mean why doesn't the average person deserve it well so here here's here's my other more

[00:39:38] more optimistic theory so she has a background in film production and media

[00:39:45] so maybe this is somebody who this is somebody who is a very effective communicator

[00:39:52] and here's the thing if RFK does win the presidency which snowballs chance and hell but I mean

[00:39:58] if he did he's gonna because he has a lot of stuff that is not it sounds controversial when

[00:40:05] he first says it so he's going to need somebody who's a very very effective communicator in

[00:40:09] marketer to help him push his agenda so maybe that's what we're looking at well he's been talking

[00:40:16] about crypto deregulation yeah what I agree with that's what I'm saying he would hit you would

[00:40:21] have so so many people's votes from just that alone because the thing is we already know the

[00:40:26] dollar shit because of well out being frickin to spent and burned and well it needs to it needs some

[00:40:33] of it needs to be burned but that would help all right um I think yeah don't pay Congress

[00:40:40] this salary for a whole year and let every bit of that money go straight to the deficit that won't

[00:40:45] happen well no it won't that would require yet I mean they're all they're fucking net worth

[00:40:50] sir the way up there you know when they make all $175,000 a year you know so well that's that's

[00:40:57] incentive structures that's what crypto was about in the first place man was sticking into the man

[00:41:02] sticking it to the man but even even though there's there's rumors that Bitcoin was created by

[00:41:13] not our government but a government in general I don't know which one but and it's actually like

[00:41:21] not evil but um I don't know it's like a tracking thing because the thing is you know if like

[00:41:28] we all go to point know if we go to Bitcoin and you know that's how everybody pays you have

[00:41:33] tracking transaction IDs you know so thing it and you can ping that anywhere and you'll know exactly

[00:41:39] which where they came from so it's very easy to ping from from those transactions you know where

[00:41:46] they are I suppose unless you use the VPN well I mean then you can't trade shit or 100% so well yeah

[00:41:54] yeah that's that's true I mean if you're an effective one those been those ones that like market like

[00:41:59] 66% off and all this that don't trust those like I don't care what anyone says like just

[00:42:05] well just think get on fucking shady websites like what's wrong with you people well okay so here's

[00:42:09] here's the thing about let's just try to watch you know certain Netflix is and you know I think

[00:42:13] they're wisely so like I always laugh a little bit when I hear Ben Shapiro talk about um whichever VPN

[00:42:20] he uses and I'm like you don't want the government you don't want anyone tracking your website some

[00:42:25] like I know you're not talking about that but it sounds like you're talking about that and I hate

[00:42:32] to break it to everybody if this is a big company I guarantee you like let's let's say let's just

[00:42:37] assume that somebody buys express VPN that's it let's say somebody buys a subscription to express VPN

[00:42:44] VPN with the sole purpose of let's say they want to buy illicit things on the dark web and they want

[00:42:49] to use their VPN for that um pretty sure the company still even though they say they don't hold

[00:42:58] on to your data pretty sure that if law enforcement came knocking they could tell these exactly where

[00:43:04] you were and you know another thing is with crypto not being regulated and whatnot like

[00:43:11] if the government won into like they could just come in and I mean essentially unless you have

[00:43:18] your crypto completely locked down like you know a lot of people have hard wallets and whatnot

[00:43:23] and they don't want to keep it on their residents like that it's it's somewhere else you know in a

[00:43:27] lock box somewhere but like the government if you really think about it since it's not regulated I

[00:43:33] mean what's to stop them from forcing you to give them the key taking your money and then killing you

[00:43:39] so wait that probably does happen well what will be really interesting though as if you start seeing

[00:43:44] and it may have happened already I'm just not aware of it if okay I'll use Trump as an example

[00:43:47] let's let's say that Trump which by the way I think the older millennial and TikTok said it

[00:43:54] perfectly he's like you know the worst part about being a trump a trump supporter is all the winning

[00:44:00] I'm just getting sick of it this is judgment got knocked way down and this is like honestly

[00:44:07] surprised this happened because when the judgment and the bond that he had to pay went substantially

[00:44:13] down is also right after he did they did the merger which I don't know if the mergers happened yet

[00:44:19] but I know they announced it it might still be in the works but Trump is walking away with what four

[00:44:24] billion dollars in stock the truth the truth social merger who they merge with I can't remember

[00:44:32] it's some media company but Trump I think Trump made four billion dollars I'm still on truth social

[00:44:38] pair I need I need I need to I need to get on there and I don't see if it's active or not I didn't

[00:44:45] it's it's active it's just a smaller social media site but I mean so this is the sun the eve of

[00:44:51] Trump literally becoming four four plus billion dollars richer and I do find that funny though

[00:44:59] because people are like oh we doesn't have the money I'm like well no he probably doesn't have

[00:45:02] it liquid but I mean he can get the money he's got money he's he's got the he's got wealth he's

[00:45:08] got like I'm not gonna say all his stuff's tied up in assets but the do well I'm sure I'm sure a

[00:45:14] lot of it is and they rightfully made the case that like yes we could liquidate real estate but

[00:45:18] that's dependent on timelines and as many people are pointing out this is going to appeal and

[00:45:25] unfortunately like if you sell a bunch of real estate and then win the appeal you can't get the

[00:45:29] real estate back all right so rightfully so I and I agree with that I think at least the bond which

[00:45:36] we all know the judgment was way too high to begin with but even if the judgment sticks the bond

[00:45:40] at least should be substantially lower good I wish we had AI so that like we we could make a video

[00:45:49] that like says that it no actually you can do it you can do Trump's voice you could make a Trump

[00:45:56] thing and say okay I support pit bull token buy in the pit bull you you're actually YouTube YouTube

[00:46:04] is now making you indicate whether or not you're using AI imaging or not which I agree with

[00:46:10] that's smart I like that well I before long see it's funny a lot of people were worried about

[00:46:15] that I'm like once it gets sophisticated enough it's going to be required by law to designate it

[00:46:20] AI generated it's it's going to is it though yes well as far as YouTube is concerned which it's not

[00:46:28] it's not by law yet but I think that's wise I don't know if if if Biden wins at the end of this year

[00:46:37] I think all our Bitcoin is going to be going to the CCP now I do well because here's the thing

[00:46:43] like okay let's say the government wanted to take control of Bitcoin good luck that's the whole

[00:46:48] purpose that's completely decentralized you can't the worst you could do is ban it but

[00:46:54] how how could you effectively ban Bitcoin in the United States like it won't happen

[00:47:01] you can I mean you can ban banks being allowed to like like they'll lose their FDIC insurance

[00:47:09] yeah but again so that's it's kind of a ban it's kind of like how they're kind of banning TikTok

[00:47:14] because there's saying nobody is saying that you won't be able to have TikTok on your phone

[00:47:18] they're just saying that if TikTok doesn't divest from its into an American company

[00:47:25] that they are going to penalize Google Apple from having it in their app stores and like I was

[00:47:31] talking to Haley so we can segue into the sponsorship I was talking to Haley but I'm like let's

[00:47:35] say they do it let's say they go through with it all TikTok has to do is have a direct download

[00:47:42] for the app on tiktok.com that's all they got to do that's it you can't and then you can do

[00:47:52] yeah there's nothing you can do and there's tons of apps that do that because they don't want to

[00:47:56] mess around with Google and Apple in their app stores because Apple and Google will take a

[00:48:01] commission on sales I'm sure yeah and exchange for hosting now TikTok obviously afford that so

[00:48:07] everybody is freaking out about TikTok first of all I don't think this is going to go through because

[00:48:10] even let's let's say that Biden signs the bill let's say it even gets to his left fucking rumble buy it

[00:48:18] yeah that would be amazing well but here's the problem with that though so maybe technically speaking at

[00:48:24] least as far as I understand it TikTok actually can't divest any of its Chinese interests which

[00:48:30] first of all it doesn't have very much to begin with but it technically can't because of the way

[00:48:35] Chinese law works like they wouldn't be able to do it so there's tons of concerns about this so

[00:48:42] first of all I question the constitutionality of that bill and secondly like I said worst-case scenario

[00:48:52] you just have to do a workaround like it's really not that big of a deal now I agree

[00:49:00] rumble buying TikTok but why I would question why doesn't rumble just start their own short

[00:49:05] form content that doesn't suck because it sucks how on the world can they afford you know what I just

[00:49:13] thought about that how on the world can they afford to buy rumble if they can't just revamp their

[00:49:21] own yeah that's what I'm saying they should just revamp their own short form

[00:49:27] yeah because honestly all they need is a good short form like pass that the you know what I

[00:49:33] do when I've gotten better you know what I think the reason is though honestly it's because rumble

[00:49:38] is very much at least right now rumble is very much a right-leaning platform in terms of its

[00:49:44] content and right-leaning content tends to not be in short form it tends to be long form content now

[00:49:51] not just rumble does have short form content but I looked I can't remember the actual numbers but

[00:49:59] more right-leaning people politically tend to watch longer form content statistically

[00:50:04] than or left-leaning people tend to prefer short term content

[00:50:10] I just thought of this it just kind of blew blew my mind for a second but you know without

[00:50:18] it's like no matter how much like bullshit goes on in their country between left and right or not

[00:50:25] you have to have both because fortunately like the liberals and whatnot like they're creative

[00:50:32] they make movies music and stuff like this like not all the more liberals they're playing

[00:50:36] conservatives that play music or whatnot but the majority of them yeah we're talking on

[00:50:40] on left we're talking in general statements here you know so the thing is you have to have

[00:50:46] all cohesive society but at the same time you still have to be cohesive even though you're at

[00:50:52] the odd ends of the spectrum you have to find common ground yeah and Jordan Peterson points out

[00:50:59] and I it's funny I agree with this before I heard him said it but he's he worded it better than I did

[00:51:04] the the left is necessary because they're the first ones to point out actual disenfranchisement

[00:51:09] that some of us just may not see but just like if the right gets too powerful either side gets too

[00:51:14] powerful they start running amok because they don't consider the other side by the way another

[00:51:18] crypto channel or decentralization rather dow vision on DAO vision on youtube buddy trying to get a

[00:51:26] whole of you I want you on my podcast but you're not you're not responding back to me my friend

[00:51:31] I need you to get back to me because I want to have you on oh I want to have a conversation about him

[00:51:36] he because he brought up decentralized and healthcare and I'm like I want to add this conversation

[00:51:40] I want to learn from you but speaking of other podcasts he like disney still for some reason

[00:51:52] better yet do you like Broadway Broadway I know I do I still like both of them

[00:51:59] Disney I tolerate more than anything right now um but guess what there's a podcast talks about

[00:52:06] both those things and it's on the RIT podcast network article Broadway world celebrates the

[00:52:12] world of disney and Broadway all in one convenient and entertaining podcast and actually

[00:52:18] Haley has been killing it with the guests she most recently had on I think the episode went live

[00:52:22] yesterday she had on I cannot remember his last name of samolife sincere something from the Hulu

[00:52:29] program death and other details and then she also had the composer for the LA run which

[00:52:35] fingers crossed will make it to Broadway the LA theater run of Alice in Wonderland and then prior

[00:52:41] to that I believe she had on two former disney parks uh what do you call them cast members that are

[00:52:47] in the costumes and whatnot so she's killing it with the guests and it's a great podcast you

[00:52:52] should definitely check it out and all the other podcasts on the RIT podcast night

[00:53:02] mostly mostly we'll get a good shot of them I tell you what he sold four houses in the last

[00:53:12] month in this economy in this economy I heard one person I heard one person paid in Bitcoin too

[00:53:23] you know I remember when they were uh what was it Elon Musk was uh at one point allowing people to buy

[00:53:30] cars with Bitcoin and I didn't he changes mine on that or no what was the dogecoin

[00:53:35] I think it was dogecoin yeah okay yeah that was funny which I got a lot for that doge millionaire

[00:53:42] or if he's still a millionaire well actually oh yeah yeah doge was uh what what was doge at

[00:53:49] the highest like 60 some odd no 72 I believe it wasn't it yeah yeah that sounds right because I

[00:53:58] don't think it's never hit everybody was like if it just hits a dollar

[00:54:03] shit I I was like dude I didn't spend that much on this and also like it's sitting at this

[00:54:08] I was like I'm cool so I have I know you can't do it now but I have an idea of this crypto ride keeps

[00:54:14] going maybe you could do a quick show every week uh average intelligence crypto don't over everything

[00:54:20] absolutely I mean it wouldn't have to be very long it's basically just crypto news and speculation

[00:54:25] yeah people got people got rich doing it why can't we do it dammit because I hate to break it

[00:54:31] to everybody nobody knows what the fuck is going on with crypto yeah and then start to discord of

[00:54:36] old buying and selling tactics I mean because the thing you know but the thing is a lot of people

[00:54:42] charge for them tape and it's like listen if you truly care for your fellow man tape

[00:54:49] make it free well but it's a set at that point it would be reciprocal though because if somebody

[00:54:55] you know notices a trend they can alert everyone and then every literally everyone wins

[00:55:01] because if you know like if I noticed and had a discord server to put it hey Badger's gone up

[00:55:06] 400 Badgers going up it's up 200% and it's going more no no see the thing is it's all it's all

[00:55:13] dependent upon like if it's your discord discord server versus tates like you know

[00:55:18] like what I'm basically meaning is uh if you're popular I'm talking about you yes

[00:55:23] well yeah mine it's not gonna be as popular as tates like we would be able to get away with it

[00:55:29] be a full-safety you're right you're right I'll give you that sorry because we do I'm trying

[00:55:34] to do average intelligence news weekly I didn't this week because I knew we were gonna do this on

[00:55:38] Wednesday or Thursday and then sometimes I'm just busy but I think because we need dammit we need

[00:55:44] more content we need more long-form content views so I figure little shows like that

[00:55:51] can definitely help so maybe instead because I I had played with the idea of us doing average

[00:55:56] intelligence news twice a week you me me once you once maybe we do news and crypto once a week

[00:56:04] ish well we can figure something out because honestly it doesn't even news doesn't even have to be

[00:56:10] news it could be like you remember our extra credit and uh information technology

[00:56:16] essentially just talk about just talk about whatever you know like basically just just have some

[00:56:21] talk about have both points and then just shoot the shit yeah but with the end goal and again

[00:56:26] we're not we're not sugar-coating this because that's the difference between us and a lot of other

[00:56:29] people is we don't we don't lie to you like the goal is simple we're trying to get more views

[00:56:34] because we're trying to get monetized but ironically when we get monetized we can produce better

[00:56:40] content for you the viewers and maybe we can start getting paid nothing finally but yeah I like

[00:56:48] your idea I like your idea I like that idea doing that and then kind of sort of trying to build up a

[00:56:53] discord server well yeah because I was actually thinking about a few different segments that

[00:56:59] I'm wanting to do of course I'm stuck in waiting mode right now with everything but I want to do like

[00:57:06] a technology like exactly almost exactly what we didn't and in our high school course um basically

[00:57:14] just uh bringing up new technology stuff and talking about that because a lot of people are not up

[00:57:19] to date on that stuff like they don't even know like I've had conversations with people and they're

[00:57:22] like what's certain I'm just like how do you not know well the best thing is we have the best name

[00:57:29] ever because all we have to do is do AI and then whatever the first so AI average tellers news

[00:57:37] is AI and average intelligence technology is AIT average intelligence crypto corner AIC or AICC

[00:57:44] like it's and I'm telling you we did not think about that beforehand we just I think we've

[00:57:50] been doing it for two months before we noticed the AIP was APE. I think I know yeah I think you

[00:57:59] noticed it first right I think I did but yeah neither one of us clicked and I was like I mean

[00:58:04] it's not spelled the same but it makes the same sound that's a hominit. Well actually I think it had

[00:58:11] something to do with AMC because we recall uh I remember because AMC we were calling each other

[00:58:20] APE's and basically saying APE's together strong that was a huge thing with AMC holders. But

[00:58:26] that was that was APE though like that was the whole uh like when say APE no but that's what

[00:58:33] that's what I'm saying it wasn't like AIP it was APE and then I was like APE's yeah APE

[00:58:40] I mean I yeah yeah yeah yeah you think you did but I was saying I think it was I think it was a crypto

[00:58:45] episode though now that you mentioned it but you know honestly I bet we could probably find it

[00:58:50] oh no I know exactly where it would be yeah you can find it because everything well almost

[00:58:57] everything is on YouTube say for one episode which you can't find on Spotify and Rumble so I never

[00:59:03] thought about it. I was so proud of that. I was talking about the bulk of crypto the bulk of the

[00:59:10] uh cap went away well yeah some of them are growing but not all the same. Yeah but I mean it's like

[00:59:17] I was saying at the beginning though is like if you look at if you look at even the Bitcoin dip

[00:59:21] huge if you look at Bitcoin on a five year trend you're better off now than you were five years

[00:59:25] ago and that's just statistically true for virtually any halfway decent investment including the

[00:59:31] stock market that's true a whole country does use it. I actually had I believe I had Bitcoin in 2014

[00:59:41] back when it was worth shit and yeah it's all it. How did you get that? Yeah a pissed off is the guy

[00:59:51] who sold like 200 Bitcoin for two large pizzas. I mean due to speed as family. I don't think you

[00:59:59] was feeding his family as much as I'm like why would you buy pizzas dog? Why wouldn't you sell

[01:00:04] some of my for like 60 bucks and hit the grocery store because back then it was you could actually buy

[01:00:09] some food. Back then back then it was worth less than a cent. Hey bro I wouldn't buy Bitcoin right now

[01:00:17] it's at a high. Well but it's I'd buy I'd buy some I'd buy some before the having. That's true

[01:00:25] That's what I was just about to say probably not a good time do I Bitcoin and I'm like yeah the

[01:00:29] having's coming up. Yeah because producing less so therefore the supplies should be worth a little

[01:00:36] more. Can't believe you do. I think you see it. 60K for one. Bro I'm not gonna lie I'm gonna make

[01:00:43] a prediction I'm gonna make a bold prediction. 120. I was gonna say 90 I was gonna say I think

[01:00:49] Bitcoin's gonna break 9. It's true you know what by the end of 2024 I think Bitcoin will get

[01:00:54] 200K. I don't think so. Really? I have the exact opposite I think I think Bitcoin will shoot back

[01:01:01] down to about 25 maybe 30. It's at by the end of the year. Well oh in the year. Okay no I don't

[01:01:08] think it's gonna do it overnight and I'll be honest if Trump wins I think it will especially go

[01:01:12] over 100K. Shall we make a wager? No. The wager gentleman's wager. Yeah one dollar.

[01:01:23] One dollar there we go. Okay so I'm not gonna say specifics like I know for sure but I'm definitely

[01:01:31] going to say Bitcoin at least under 30K Ethereum under 1000. Doge is probably gonna drop back down.

[01:01:41] I mean it's not like up high right now but I imagine like 12 cents. Yeah by the end of the year

[01:01:49] I say that's where we're heading because um I don't know maybe it's an election year and

[01:01:55] there's a happy thing getting better well because the thing is the power is it being they're they're not

[01:02:00] that's going to make it worse for us. But that's but that's why crypto that's why crypto will go up

[01:02:04] because the dollar is gonna go down and it's an election year which historically speaking

[01:02:10] it doesn't even matter which way the elections trending. The crypto has to be tied to a fiat currency

[01:02:14] because that's what you spend in your country. Yeah okay mortgage with crypto. I know but okay so how

[01:02:25] I don't have the words for this so it's kind of no it's kind of like when goal it's kind

[01:02:30] of like how gold goes up when the dollar goes down even though you can't spend gold to pay your

[01:02:35] mortgage well because there's you know I mean you know the thing is there is a finite amount

[01:02:42] of gold on the planet there's a fun amount of Bitcoin on the planet you have to find it

[01:02:47] you have to mind it. It's almost like they knew what they were doing. It's the digital age

[01:02:56] dude is strong. Well no but I mean that's literally Bitcoin is essentially just a digital version

[01:03:02] of gold that's what it is. It's a it's a hedge against inflation among many other things

[01:03:08] is Bitcoin also has technological utility. I mean fuck it invented the blockchain

[01:03:15] which you know denied if you must but the blockchain technology changed computing

[01:03:21] it's being used in many many places now. God I wish I wasn't I wish I wasn't stupid back then

[01:03:28] like I wish I would have been more up to date on this stuff. Like that stuff is life changing and

[01:03:33] it changed a lot of people's lives. Like there there are people around our country that are

[01:03:37] literally crypto rich because they did something out of the ordinary and they got rewarded. And

[01:03:43] there were some tulip farmer in the 1600s that just happened to have a bunch of tulips and made

[01:03:51] hundreds of dollars. Which back then might have been mill might as well have been millions.

[01:04:00] Like dude dude I mean to put this into perspective people were insurance companies saw huge gains

[01:04:09] because people would want to ensure their votes because they were transporting these damn tulip bulbs.

[01:04:15] Like it was crazy. It was insane read about it. It's very fascinating the tulip bubble I think

[01:04:22] I think there I think there's a book called the tulip bubble that could be wrong. This is a

[01:04:27] tulip bubble. I know there's books about it I just can't remember the name of the book but yeah what

[01:04:34] to bring it back to center like the thing about the- The tulip bulb market? Yeah.

[01:04:39] Was a period in Dutch golden age during which contract prices for some of the tulip bulbs reached

[01:04:45] extraordinarily high levels and then dramatically collapsed in February 1637. 1637 we had bulbs that

[01:04:53] were worth it. Holy shit man I tell you. Well once people realized they were just fucking flowers

[01:05:00] like imagine society without electricity that's 1637. But we're gonna spend a shit done

[01:05:06] on money on but it's funny people weren't actually buying tulip bulbs they were buying futures

[01:05:12] it's like all these things are the same but just a little bit different. It's 1637? Yeah it was the

[01:05:18] first big bubble. Futures in 1637 I thought that was a recent thing. Oh no no no no futures actually

[01:05:27] actually I believe that was the first time futures had been outside of interest because banking is

[01:05:33] older than that even but I believe that was the first time that futures were sold I could be wrong

[01:05:39] but I think that was the earliest time. But what I was gonna say is like you remember the

[01:05:42] .com bubble we were alive then like even to a point of domain just a domain can still be worth

[01:05:49] a lot of money. Like there are people that actually buy up and trade domains like for example

[01:05:54] I think there was a shit what was it? It's not transform- I don't know why I'm thinking transformers

[01:06:03] but basically if you find out that if you find out that a property is being licensed for a movie

[01:06:10] somehow and you can get to it before which good luck now but in the early days this was more common

[01:06:16] so like I'm just using this as an example let's say that the Transformers movie you get word that

[01:06:20] they're gonna they're talking about doing a Transformers movie so you go out and buy Transformers

[01:06:26] movie.com and you're able to do it because it's not owned yet well when the studio goes to make

[01:06:34] their website now all of a sudden oh somebody owns that domain now we could be lame and be like

[01:06:41] sh** Transformers film.com right so let's say they do that let's say they do Transformers film.com

[01:06:51] most people are still gonna go to Transformers movie and then like you can be a real son of a bit

[01:06:57] and let's say that you don't get an offer to buy your domain but you still have Transformers movie.com

[01:07:02] you start putting all kinds of just sh** talk on that website.

[01:07:08] Oh dude because people are gonna go to it. Exactly because people are gonna go to Transformers

[01:07:13] let's say that you won't Transformers.com. That's a quick way to make like 5060k. A lot of people did

[01:07:21] it good luck now but there are still you can still check. I forget the name of it there's a site

[01:07:26] you can go on and search for domains or even domain keywords and see which ones are gonna expire soon

[01:07:31] so that you can see. I remember I used to see domains for sale all the time I was like no I'm

[01:07:35] good yeah and then there's yeah I forget the name too but like you can look up the value of your

[01:07:39] domain. RTA media.org is already worth like 400 bucks based upon so they based that upon like

[01:07:47] the SEO and the content and the engagement which 400 bucks for a website that's been online for

[01:07:52] a few years is not really all that great but like bogeyrabonetree.com for example last time I looked

[01:07:58] at it it was worth about eight thousand dollars and that's probably gone up now because now there's

[01:08:04] an e-commerce element. So we actually bought Indianapolis Kitchen cabinets.com and just rerouted

[01:08:12] to bogeyrabonetree but the domain was available and it cost us like 24 dollars

[01:08:18] and one of our main competitors is indie cabinetry. So oh I'm sorry no we we bought Indianapolis

[01:08:26] Kitchen cabinets for somebody else but then we looked up indie cabinets.com. So wait that's the

[01:08:31] fucking reason why when I go to a website and it gets routed somewhere else that's fucking why.

[01:08:37] Yep bitches. That's close. Well before I had the website proper rta media.org because I

[01:08:44] own the domain rta media.org just went to my youtube channel for a long time.

[01:08:50] It just rerouted it now it actually goes to the to the website.

[01:08:54] Well how much more are you wanting to do? I'm certain that. I was gonna say we're pretty much coming

[01:08:59] to the end of the conversation but I mean I guess so you're saying that crypto is gonna dip by

[01:09:04] the end of the year. I'm saying that's gonna rise big time by the end of the year. I think

[01:09:08] the only reason I say it's gonna dip is because like and I say they with a heavy heavy they

[01:09:17] I feel like they're gonna make it worse for every avenue. They're not gonna like allow anyone

[01:09:22] and out. Like does that make sense? Like if it buys up any any any of the crypto that's like left

[01:09:29] it's going to be people in power. Oh yeah maybe but even so when they buy it it makes the price go up.

[01:09:38] Well yeah but the thing is they could literally just sell it and then screw everybody because that's

[01:09:44] what a lot of people did they would literally freaking buy up all the coin and then just dump it.

[01:09:54] You know they would get a bunch of be I'm not sounding retarded right now I'm sorry.

[01:09:57] Have a bunch of people buy up all the coins and then sell their coin. Yeah.

[01:10:06] Yo but yeah but I mean I guess I guess yeah if your if your main motivation is to screw other

[01:10:12] people but that's a lot of money just to screw other people I would think most people are gonna buy it

[01:10:17] hoping that you know they'll make a return on their investment but yeah but the thing is you got

[01:10:22] we'll see we'll see we'll see we have a gentleman's agreement after all so we'll see that'll be

[01:10:28] fun to watch play out. What will be really funny is if we both end up being right.

[01:10:32] The 10% 10% home interest or yeah home rate or home rates. That's that's gonna come down at least

[01:10:40] here. Well we'll see. That's not all well now the reason I say it's an election year and they

[01:10:47] already talked about it. Yeah but here's the thing it's an election year so Biden is gonna I think

[01:10:52] you're you'll start seeing that roll out not quite yet but closer to the election and you'll see

[01:10:57] the Fed it may be marginal but the Fed is gonna lower rates for at least a short period there.

[01:11:03] I think you'll see 5% at some point this year and then it depends on who wins the election.

[01:11:08] Oh gee Golly isn't that just so nice of them to give us 5%. Well hey man I'm

[01:11:13] when they shouldn't have fucking touched in the first place. I agree but I'll take you do now you

[01:11:18] didn't you didn't previously remember because you were for it to bring down inflation and it hasn't

[01:11:23] done fuck all for inflation it's that dude I literally go all these every week and I see

[01:11:28] why in play in real time. I'll tell you why it hasn't done anything to curve inflation though

[01:11:33] because they didn't raise them and it would have worked if they'd raised them high enough

[01:11:37] but if they had done that it would have been a I'm not gonna say a collapse but it would have been

[01:11:42] a corporation feeding frenzy and then rents or sky high but okay so that's who's buying them right now

[01:11:51] so there would have been a sort of collapse but it would have been shorter.

[01:11:56] It's the same like it's going to happen what they're afraid of though is that if they collapse it

[01:12:01] during and like and they wouldn't have done this anyway because if they'd done this even though

[01:12:04] it may have been the right long-term strategy although now I'm calling into question all this canesian

[01:12:09] shit but regardless they wouldn't have done that even if it was going to work they wouldn't do that

[01:12:15] when they were a collapse. Wait did you say a collapse is bound to happen and it's going to happen

[01:12:20] like are you still where you're saying it needs to happen? To balance it out in a way that won't take

[01:12:26] a decade's yes. So the thing is you're not the you're not the you're not the first to say that Mr.

[01:12:33] Old Daddy Trump actually said that do you remember? Right right and and he would he would say

[01:12:40] to do it at a certain time and honestly if we would have done it at a better time like two or three

[01:12:44] years ago. Well Trump counterbalanced all that by increasing the GDP as much as he did so a collapse

[01:12:54] is not the only way to do it but oftentimes they end up being inevitable because they kicked

[01:12:59] the can down the road too far. Now Trump circumvented that by creating the best economy or helping to

[01:13:05] create the best economy that we've seen in a very very long time and as a part of that though

[01:13:15] the GDP went way up because mostly due to the natural gas exporting but

[01:13:22] you know but as well but as we saw though that created a real estate but we'll now again this one

[01:13:27] was somewhat different because you have normally in a real estate bubble you have or any kind of

[01:13:32] bubble you have one or two things you either have a lack you have a lack of inventory or you have

[01:13:38] an increase in demand. Now this one had both so it was weird but it was also and then it was

[01:13:47] exacerbated by the pandemic because of building materials going up so nobody was actually losing

[01:13:53] money it was just harder to get the thing. It was way harder to get the thing and thus the

[01:13:58] thing became more expensive now had things turned more naturally you would have eventually seen

[01:14:03] the demand for houses go down because the prices were too high and then everything would have

[01:14:07] even down so I'm not even saying a collapse necessarily in a bad way more like a return to

[01:14:12] equilibrium but that didn't happen because of the pandemic and now you've got increased mortgage

[01:14:17] rates which there's always demand for houses because people always need a place to live the

[01:14:22] differences now that rates are back up in like the sevens people are looking and saying I mean

[01:14:28] yeah somebody's offering me a lot of money for my house but then I'll have to buy a new house

[01:14:33] at that new rate and a lot of people got locked into those 3% rates so they're just

[01:14:37] chilling. So I know I've been trying to get someone to just take over my loan I'm playing just

[01:14:44] just hand me 25k and you can just assume the loan I was like my loan is assumable you could have

[01:14:49] 3% interest and actually that might be the way to do it. I don't want to get into it.

[01:14:57] Oh, is your realtor saying no? No, it's not on my hand. Yeah well I'll talk to you after

[01:15:05] first I can't. Yeah and I want to I want to also clarify one thing this is not financial advice we're

[01:15:11] both morons. I said it before I'll say it again we're called average intelligence and we have

[01:15:16] our logo is a chimpanzee suit for a reason but we've done some things. We've each bought multiple houses

[01:15:23] we've each sold multiple houses we've each invested in certain small scale things you used a

[01:15:28] mine crypto so you know a lot more about it than I do but I'm happy we didn't let go of our helium

[01:15:34] minors. Oh yeah this actually it's actually making a little bit of money. I was gonna say it's not

[01:15:40] and I never. At least like six every month or two if not more than that on good months but

[01:15:48] the helium minors never I never intended that to be like a get rich thing I always intended that

[01:15:53] to be just like. Yeah which is what it is and it's great it's fantastic. It's

[01:16:00] considering it's lost like less than $5 a year to run. Well not only that is now with crypto

[01:16:05] starting to come back up you can now use that crypto to buy into other crypto. No honestly dude

[01:16:11] with crypto coming back up hold on to your helium. Hell yeah well and actually you don't actually

[01:16:16] mind today. I went down today. Now remember if you think yeah I'm healing you don't get

[01:16:20] healing now for your reward you get IOT but you can transfer it to helium and then you can

[01:16:26] transfer it out of there it's like oh. Well you know what that might just be a gimmick to

[01:16:32] get more gas fees within the salon on network but that's how that's how these people make

[01:16:37] that's how they make money. Exactly and then they do this and then they just never.

[01:16:41] But it's okay because one they can't hide it because they show the gas fees and the gas fees are

[01:16:48] thousands of a cent like it's not some of them. I was trying to make a transaction on trust wallet

[01:16:58] and it was trying to charge me $169 to send $5. Well that's stupid. I changed the slippage

[01:17:10] I did everything that I know to do and it still did not change and I was even on the block chain

[01:17:16] that it was meant to be in this and that and everything was correct. I was like yeah no

[01:17:21] no. I was like I guess my doge is going to stay in there now it's forever in trust

[01:17:30] in trust we doge. All right everyone yep everyone what is your crypto choice?

[01:17:40] Let us know in the comments. Oh also predictions. What do you think? I mean I don't know

[01:17:49] yeah yeah predictions to tell us your predictions of any coins for the next one. You know what I'm

[01:17:54] you know what I'm going to do because I'm playing now with more of the YouTube community tab

[01:17:58] I'm going to put a poll up which one of us do you think is right?

[01:18:04] And we'll see like I said gentlemen's agreement I have a feeling I'll probably be paying

[01:18:08] your dollar but what will be funny is if we both in honestly I think everybody's going to go

[01:18:12] more towards you because the thing is if Trump's running and he's most likely like if he doesn't

[01:18:18] win there truly is probably something up but if you get it I think you're going to be correct

[01:18:27] but I don't think you're going to let. What's really funny about that I don't know if they'll

[01:18:31] be able to stop him truthfully but what will be funny though is if we're both right where if I see

[01:18:35] it rise to 100k and then Biden wins and it just crashes back down that would be fucking horrible yeah

[01:18:42] but yeah that would be terrible at that point we'll just rip the dollar and half.

[01:18:49] I mean what we have to it's work more now right not really actually it's worked the same

[01:18:56] because all you would have to do is mail that to the US Treasury and then they send you a check for a

[01:19:01] dollar that's true actually you know the thing is though banks are supposed like if you're a member

[01:19:10] there like now there are some banks that will take your dollar but like if you have ripped currency

[01:19:16] like you can just take it to a bank for the most part because what they do is they just send it

[01:19:21] to the Treasury but you can do that yourself yeah but screw that. I pay a bank for a reason.

[01:19:28] I don't pay a bank. I don't pay them either because I have direct deposits and whatnot so it took

[01:19:34] away all the associated fees. Yeah but actually you made me think I wonder what my savings account

[01:19:40] interest rate is that right now .15 no I it mines at least four four percent

[01:19:49] hang on something yearly 4.25 percent what's not too bad? No that's pretty damn good now which it

[01:19:58] doesn't sound like a lot but when you consider most most savings accounts are at about .15 but I

[01:20:04] have a discover bank a high yield savings account which let's see I wonder what was my last interest pay

[01:20:10] out. My last interest payment was $15.20. Damn yeah I saw a post just recently someone said

[01:20:19] what would you do with the $100,000 if you're giving to me now I said I put that shit in the

[01:20:23] highest savings yield account and just live off the money and then literally whatever ventures

[01:20:27] I do on my own boom. I would take well because there's yearly caps so what I would do $100,000

[01:20:39] I don't remember exactly what the number is but I think it's so I'd take five grand right out

[01:20:42] of the gate put it in an IRA because I think that's the year. I think is it for what you have

[01:20:52] 4 percent? Oh no no I'm talking about a Roth IRA which I think the annual max you can deposit is

[01:20:59] it's five or six grand a carant more let's call five grand so then you got 95,000 I'd probably take

[01:21:08] I'd take 40 grand of that and live off of it for a year because that's actually I could probably do

[01:21:15] 30 but I'd live very comfortably with 40 grand so say 40 grand then I got 55,000 left

[01:21:24] ex-allent trips take five grand out for fun shit like that take 10 grand out for fun shit

[01:21:34] so 45,000 then I'd probably take that 45,000 throw it in an index fund and get 7% returns every year

[01:21:41] on average to start yeah and then literally that money that if you don't take the profits and

[01:21:49] they they go into the same account so they accrue that's compound interest maybe I actually know

[01:21:55] I take I'd take another 10 grand out of that so I put 35,000 in index fund I take 10 grand and throw

[01:22:00] it in a bitcoin before the having if I got at the $100,000 today. That's what I like to call six

[01:22:05] compound interest. The where of diminishing returns. All right people it was fun and real but not

[01:22:18] real fun. You're in charge. Bye