The Bitcoin Group, the American original. For over the last 10 seconds, the sharpest Satoshi's, the best Bitcoin's, the hardest cryptocurrency talk. We'd like to welcome our panelists, Dan Eve, the crypto raptor. Welcome to the season's greetings, folks. Juan Galt from JuanGalt.com. Hello there. And I'm Thomas Hunt from the World Crypto Network, moving on to issue one. Issue one, Sam Bankman-Free'd won't shut up. First he went on the New York Times dealbook and answered easy questions from Andrew Ross Sorkin and really looked like a superstar. Then he got smashed and destroyed by good morning America and George Stephanopoulos who had the decency to travel to the Bahamas, see him in the same room, videotap him for two hours straight and cut it down into a 5-10 minute interview that absolutely crushed Sam Bankman-Free'd and changed the media's entire narrative. Now that they know he's a fraud, they know what to do. Dan Eve, Sam Bankman-Free'd still allegedly took all the money, but at least the media knows the questions to ask. Yeah, it's definitely looking like Sam Bankman's not going to be freed for a long while when he does finally go down. He seems to be really dropping his foot in it and as they're saying, anything you say maybe use the evidence against you and doing all these talks seems like a bit of a bit in his fur and his mouth sort of situation. It does seem like the, what's the name, Caroline? What's the name from Alameda? She's kind of dropped him in it a bit by saying that he was aware of all the dodgy stuff that was going on. And so that's like that savage and even he didn't know how to answer that question on a good morning America. Well, that was the big moment in that interview for me is that Stephen Ophelosum said he said, put yourself in the position. You're under oath. She's under oath. You're all in the courtroom. And then that's when he snapped back into that robot response that he should have been saying the whole time. He should have been chased like Murdoff down the street. Get that Bernie made off. Get him. Get him. Instead, the media is all nice to him. And then all of a sudden, Stephen Ophelos just tore him apart. Go ahead Dan. Yeah, it's, I mean, it's savage. The fact is that he's, you know, I've completely you turned when it first came out. I was, you know, kind of almost hoping for the fact that he was kind of a nice guy. You know, he was giving his money to charity and was just made a bit of a full guy, but he's literally become the full. And it's very, very obvious that he knew what was going on. He seems like he very much is aware of these backdoors that he obviously created. The Bahamian government managed to, they made him turn over all the assets as well, but before the US sort of entities could even get to him, which is causing a stir in itself. So the whole thing has become, as it's unraveling, it's becoming a really, really interesting story. There's definitely going to be another kind of, you know, the smartest guy in the room and Ron type documentary about it. And ironically, you know, the guy is now heading it up was the one that did like, you know, took over on, on Enron. So it seems like a complete cluster, you know, there's the hundreds of different divisions that, that whole company charts just insane. And, and it doesn't look like it's going to really help them with their, with their general or his, with his, with his, with his defense. It'd be interesting to see if, if they go after Alameda for, for all of this as well, because obviously, whilst everyone's saying about Sandbank and Freed, another company that kind of had, had extremely bad practices, it seemed, with, with Alameda and even that, that video where, where she's like sort of going, oh, we don't even use, we don't even need to use stop losses, you know, the sort of, you know, joking about it. And, and the fate that all of these companies have suffered is a, as a downfall. But ultimately, everyone keeps on, you know, and, and they say this in, in various articles, but, you know, all the kind of Bitcoin is just saying, distancing themselves from, from, Sandbank and Freed, well, yeah, definitely because Bitcoin isn't FTX and FTX isn't Bitcoin and FTX was just a company that, that, that held people's Bitcoin and what do all Bitcoin is actually say, don't give your Bitcoin to a company. So, you know, the, the whole point about linking them is, is pretty ludicrous. It's, it's, you know, you've got to look back to what everyone's been saying from the start, which is not your keys, not your coins. And the fact is that, you know, Bitcoin was built so that you didn't need your money in the third party's hands. You didn't need it. And these are kind of fake banks, you know, everything like from, from, from block fight to Voyager to FTX. These are all fake banks and they're fake banks because as much as people hate banks, at least banks are actually regulated and, and then less prone to, even though they have obviously been disasters in the past, they're still less prone to these issues than say, block fight. Celcius FTX, Voyager, Alameda, all of these, these crazy companies that are operating in insane ways and just losing people's money. And, and unfortunately, Bitcoin's just tumbling with that because it's getting lumped into the, into the crypto bucket. Well, for me, the big takeaway from the interview was the attitude. Sam didn't care about risk. He wasn't managing the company's money. I would be so worried if I was running a cryptocurrency exchange about the money getting hacked or stolen, let alone, loaned out to my girlfriend's money bank so that she could bet on random margin loans and so forth. That's an absolutely stunning interview. It'll be played at his trial. One goal. What do you think about Sam Bankman-Freed? And do you think that he will finally shut up? He did another Twitter spaces today. I don't think he's shutting up. I think he's going to talk until he ends up in prison and hopefully ends up in prison. I think I'm just, I'm just floored. I'm amazed. It just blows my mind. I think the guy, he was running this exchange like a bank CEO probably runs, runs their banks except like, you know, with worse risk management. But even then, every bank in the world today has like 2% reserve and is overlaveraged and has most of their money invested in other people's businesses. And if they suffered a bank run, you know, remotely close to the bank run that, that S F B A F T X and all these exchanges have been suffering, they would all collapse. They would all go bankrupt, you know, but the difference is Bitcoin is a free market and these exchanges are unregulated. And that means they're uninsured and that means they're unprotected and that means that when the market goes against you, your leverage will liquidate you and there is no lender of last resort, no buyer of last resort for your shitcoins. And so we see him collapse. And I know that I heard it's an unilateral, I lost their money and we try to tell you, you know, not your keys, not your corn, but unfortunately people like learning the hard way and I think, you know, it's really sad. I mean, it's sad, but it's also kind of amazing. Like, to me, this is like, at this point, you know, deep in the bear market, I think the attitude we need to have is just burn it all down. Like, let's just see everything go to zero and then bounce back up and wipe out all the leverage, wipe out all the scammers, wipe out all the fractional reserve exchanges that stole our blow off top FTX, sand, bankman, free stole our blow off top. We should have at least tested 100,000, but no, we got the 70K because this clown was selling paper Bitcoin probably at the top to try to cover and reinvest in, you know, Ponzi schemes on Ethereum. And I just, I just want to see it all burn. I want to see me prison and I want to see all these Ponzi casinos go down, including Ethereum. I would love to see Ethereum explode, but I think might be for the next bear market. And throughout the interview with Stepan Ophelis, he'd step trying to confuse him with the margin lending. He's like, yes, some of our users put their money into margin lending, but then as Stepan Ophelis kept coming back to, it's like, no, it turns out all your users put into margin lending. Is that right? Juan, he kept trying to confuse people. He's like, once you give me your money, I can loan it out and do whatever I want with it, but it's, it's degrees, right? If you put it in the savings account, they put it in there. If you put it in a different kind of account, they invest it like a money market account. Some allegedly just took all of the customer funds, dumped right into it and said, hey, this is gambling money. Yes, Stepan Ophelis was saying, hold on, but there's deposits and you got to separate the deposits from the lending. And he's like, well, there was a lending brokerage layer and there was lending in brokerage. He's like, no, but the deposits. They users didn't approve to the lending. It was the deposits and the contract very clearly says that the deposits are not lending. It's like, yes, but there was a lending layer with brokerage, right? So, I mean, it's very clear the guy was, they were just spending people's money and what about all the houses and the Bahamas that they bought, all the mansions, what about all the 30,000 shrimp key alleges being expiated vegetarian? What about, like, where's they just blew the money and then basically it kind of looks like they bought a bunch of politicians on the left and on the right and then a bunch of media organizations and they're trying to get away with it. And I love the TV stations. The TV stations need to be accountable. They played those ads. I know people are trying to say, oh, it's Tom Brady's fault or it's Shaq's fault. But think about the TV stations. They're the ones that made the money. They played the FTX Super Bowl ad and I guess it was regulated in the Bahamas. So it was okay. Right? They had a whole country that they may or may not have bought off and that makes everything okay now. Yeah, it's amazing. And did you just talk about the, did you see that part about how the Bahamas politicians were allowed to withdraw first, you know, and then nobody else. So they, but the local politicians cashed out, you know, before other Bahamas sort of users could cash out. And you know, SBS was like, oh, yeah, well, I mean, you know, you don't really want to have a bunch of people that hate you where you live. Yeah. You really don't? Yeah. So a lot of people could sign up when you're a little step. And they are. I think BitBoy Crypto's down there. A couple other people are showing videos where they're looking for Sam. And there's even this idea now that he could testify before Congress in a week. And there's a lot of people saying if he testifies in person, Congress should pick them up. Right? This is a big chance to get this guy. Well, I think I think he might take care of himself. I think he looked when you look at the interviews, especially with Stepanofflis, it looks like he was starting to realize for the first time he's like, wait a minute. Mark Cuban says that I should be worried about jail. Mark Cuban's super smart. He's super rich. Maybe I should listen to him. He started to weigh it in his head there a little bit. And that's when he started stuttering and breaking down and shaking. And I just think this guy hasn't realized the enormity of how many people's money he lost, how he's not going to get it back. This alleged PR tour is their saying that Sam has professional PR people. And he's told them he wants to help people get their money back, help them be made whole. As if people want him back in their lives back in this industry, it's like you've wrecked an exchange by apparently not having a dashboard with like ins and outs, right? All you need is some programmers say, hey, you know, how much money's in our system today? Well, that went up a lot. That went down a lot. But Goliath, did we approve anything by emoji in the last 24 hours? They're approving things by emoji in secret chats that disappear. Why would you do that? Because you're guilty. It's the horrible thing where they think they're so smart and they're covering it up with the secret, disappearing messages. Everyone knows the reason that you're using secret, disappearing messages. It's like we wrote our company charter and invisible ink. We're so freaking clever. It's going to come down. It's going to go down. I hope Sam can get some professional help. He needs to stop doing these interviews. He needs to prepare for jail. He needs to turn himself in. Well, you know, the question I think is what are the consequences of this? Not for SBIF because he should definitely be in jail. If he gets away with it, this is a F's thing level ridiculous. That's maybe not why they're pretty close. But the question is what's going to happen now? Because the regulators are saying like there's rumors that they're looking at the market and they're looking to palace. This is kind of a lot of the streets level event. And if they wanted to regulate crypto, this is a great opportunity to do it. The questions do they want to? The one that's not clear that they want to. How dirty are their hands in all these Ponzi schemes? You got to wonder. There are also a lot of evs. Many of the Silicon Values these are all over it. So how many politicians are there? Let's also let's look at their options. I mean, the United States exchanges are already pretty well regulated. New York has even tighter regulated exchanges. So really we're talking about global crypto legislation. Could they get a bill passed where it says, hey, if you have more than 100,000 worth of crypto in your thing, you need to have a regulator in the office. You need to have cold storage. You need to have such and such a thing. If you're actually selling Bitcoin, you need to have X percent of the underlying asset. You know, it's not going to be 100 like getting mad already. But yeah, so could they pass that in a reasonable way and to get the kind of countries like the Bahamas who thought they were going to be crypto stars and still think they're coming back. They're like, this hasn't ruined the good name of the Bahamas. Many more cryptocurrency companies are coming here. I don't think they can pass global legislation. I don't think they can tighten up the market, but they can scare the pants off of everybody, which is what they're doing right now. So let's move on to the exit question before we go to more doom and gloom because all the issues are pretty much the same. Will the price of Bitcoin be higher or lower this time next week? Dan Eve, say something positive. I'm going to love. I'm going to love it. It's doom and gloom chicken, look in the skies falling and to say you should start picking some Bitcoin up if you bet. But obviously this isn't financial advice. What on gold is at the bottom and getting lower? I think it's much more likely that we're close to the bottom than that we are close to the top. Obviously. So I am I've been bullish for like since like 30,000 and I'm going to continue to be bullish. I think that we're on the south side of this. We're on the buy side of this trade, not on the sell side. There's only 21 million Bitcoin and I don't know how many Ethereum, but they burn them now. So that makes them better, right? And I mean, I'm starting to give up. Maybe that means it's the bottom, right? It's that whole despair attitude, like massive despair. So here we go. We're shaking the Bitcoin predictor ball. This is how we really predict the price now. And it says, will the price be higher this time next week? Ask again later. Ask again later. Even the Bitcoin predictor ball doesn't want to be involved in this mess. Moving on to issue two Bitcoin on the road to a relevance. This is the European Central Bank and they just happen to have a competing product in a merciless commentary to authors from the bank's market infrastructure and payments business area, also promoting the other product, unload on Bitcoin. They say that the price of Bitcoin is hovering around 20 grand and that it will eventually fall to nothing. Nothing. One goal Bitcoin will go to nothing. The European Central Bank is dominating the headlines. Every single article I looked at on Google News is some version of I read a report in the European Central Bank that has a competing central bank digital currency that they just happen to be promoting and they just took a huge dump on Bitcoin. Is Bitcoin truly dead? Bitcoin is that long live Bitcoin? If Antonopoulos doesn't buy all of them on one dollar, I think Thomas, you and I can probably get a good 50% of them at 20 cents. I don't know, maybe not. I think I'm definitely buying all of them on one cent. I'll still be a kid and start buying from one cent then up. Then yeah, so it's never going to go to zero. Bitcoin is still highly collectible. There's only 21 million. Not even every millionaire can have one. Might be a good time to get yourself a point one or a point two as everyone else is losing their brains all around you as the poem if says. Here we go Dan, where at the absolute bottom FTX has showed us that crypto enables scams and now the European Central Bank who has a competing product has convinced the entire wider media sphere that Bitcoin is headed to zero. It's just it's time to start this. It's just it's a lot of news. Yeah, I think we're on I think we're about to start I think there may be a few a few lowers whilst these kind of ripples of FTX and Cone, Celsius, Voyager and all those they block by until they they're kind of all the bad news kind of stops around them. And then and then we'll be kind of will be on a bit more stable straight. But with with regards to the European Central Bank, you know, they're saying that it's Bitcoin is on the road to irrelevance, but they kind of haven't touched upon the fact that if you compare Bitcoin to the euro, the euro is lost like 99.99% of its value since Bitcoin came out in 2009. So so it would actually seem that that the euro is on the road to road to irrelevance. And also the fact that it's like dropped massively against the dollar, right? So it's interesting that they pick on Bitcoin specifically because of a few failures of companies that that are holding people's Bitcoin rather than the actual technology itself, which they don't really have much to say about it other than way to stick about, you know, boiling whales and blah, blah, blah and mentally environmentalism and used for nefarious transactions and whatever. There's not much substance to what they're saying other than the same repeated like crap about anyone else has has said about, you know, when when reading big coins of obituary and very all of them have been too early, you know, at the moment, it's it's like that prediction of saying that 100% of doomsday prophecies have failed so far because the world is still here. And that's the same with Bitcoin. 100% of the Bitcoin's going to fail prophecies have failed so far because Bitcoin's still still here. And even though it's been hit by all sorts of fad from every single possible angle and attacks from from from the government and also existing institutions that that stands to lose a lot of money from Bitcoin, it's still here. And it's not just still here, but the technology is growing and evolving and becoming more stable and the infrastructure is growing. People more people are using it more services are using it. Even the bank is sticking in and and and and actually stacking some of themselves are providing services. So to say that it's to say that it's it's dying is ridiculous. And also it's the classic, you know, it's the classic horse and cart guy going the cars never going to make it or like the tell the cup and piece of string guy going the telegraph will never make it. You know, these are all people that are being replaced and Bitcoin was was was literally built to replace the the existing financial system. So there's going to be obviously, you know, people slinging muddit who stand to to miss out where as they become their jobs and their roles and their own made up currency out, which is made up of thin air and printed out of thin air is on its own road to irrelevance. So yeah, it's just another sucky article from some some guy who or some people who think that because Bitcoin the Bitcoin price has gone down that is dead for good and they don't really know what they're talking about as as proven by all the other world leading economists that have had the same doomsday prediction about Bitcoin for the last like near 14 years. It's also been a terrible year for the stock market and a terrible year for Amazon dot com such risky and crazy investments. They're pretty strong as well saying that Bitcoin's entirely based on speculation and has no use and has not caught on to a wider use case. I don't think they really address the lightning network or the potential that is there as well as more and more people coming online wanting a better system than credit cards, maybe turning to Bitcoin. But yes, it is another major obituary for Bitcoin and will continue covering more Bitcoin obituries on today, the Bitcoin funeral special. Wania, more on this issue? Certainly. I mean, it's very it's very interesting to hear the ECB say this after they've had so many so much trouble this past like your type so much trouble in their markets recently, right? I think they've had a pound hit all time low. The energy prices are going parabolic. I'm I'm concerned that the European Union is not going to survive this winter. I think that there's enough pain in the energy markets in Europe that if they don't if something dramatic doesn't change, they're might that you might have a kind of resistance political movement. Rise against the European Union. So I think the ECB might be at a bottom and they're just pretending that they're not they're trying to deflect reflection and attention here. The other thing is being a Salvador here for a month. I've seen I've got to meet a lot of the trip and horse developers. I've got to test out a lot of the wallets that are that are being used down here. I think about 30% of people are you know, have an active Bitcoin wallet or at least have a Bitcoin wallet and use it occasionally. The adoption is not completed in a Salvador, but people are open. People are people are interested and I think it's a matter of time before an app down here, fully feature banking app using Bitcoin Royals using the like network comes out and takes over the market and brings brings six million five million people in a Salvador to the financial system, you know brings them to to better money. And it's really interesting. I think stablecoins are also you know, undeniable right? Like especially in a bear market, people want dollars and the dollars not going to go away for a couple decades and the dollar the USDT is spreading like wildfire in Africa and in Brazil. And I think that we're going to start seeing stablecoins on top of the lightning network moving at the speed of light and waiting, you know, people will have Bitcoin wallets on their phones and Bitcoin will be waiting for the moment where the bull market starts and and ask the dollar collapses. I can see I can see Bitcoin catching that value. But Bitcoin is going to spread in the edges. It's going to spread into developing markets. It's going to spread outside of the influence of the empire. And as the empire collapses, hopefully Bitcoin will help these communities rise. I think what's happening on Salvador is very important. I just wrote a newsletter called named El Salvador is the first domino Bitcoin hyper become the station. You can find it on my blog at one.com and it talks about what they go system down here and why I think it's actually very important that we help it help Bitcoin succeed here. But what I see is really developing technology. I see a lot of decentralized markets like decentralized technology really taking shape now because people don't trust custodial exchanges right now. That's a good thing. And I don't know, I'm excited. I met incredible people at the conference here. I've never seen so much talent and so much so many builders in one Bitcoin conference before I think it was an excellent conference adopting Bitcoin in El Salvador. And it's just funny to see the ECB completely clueless while Rome burns. Now it reminds me a lot of that comic strip where it's like Bitcoin 65,000. Everyone's in line and they're all excited. Bitcoin 16,000. No one's in line at all. So it is really hard to keep your enthusiasm during these down points and it's exciting want to hear that there are good things coming out of El Salvador and people are getting involved in Bitcoin, the lightning network and even sending stable coins over the lightning network. I think that's a good idea too. We'll have to see how it goes. Moving on. We're all crypto network.com. We've got 3,021 videos. You could watch it for three months, 14 days and an hour straight. It's been eight years since our first video, eight years, 11 months and 15 days. Issue three from the financial times, but given to us by another website, crypto finance, Bitcoin meets mainstream rejection. The ultimate Bitcoin obituary saying that they are here to kill Bitcoin, quoting the ECB saying Bitcoin's value is purely speculation. They asked Brian Armstrong, chief executive of Coinbase about SBF and they say he's the successor for Congress. He responded simply with a laughing emoji. They say that Bitcoin is completely doomed. The ECB blog went for the jugular on Bitcoin and rounded off its blog post with a series of crypto critic greatest hits saying that Bitcoin's value is purely based on speculation. It is an unprecedented polluter and a reputational risk for banks. The general rejection of the mainstream media led by the European Central Bank leads us to a problem. Where is the new money going to come from for cryptocurrency? Where is the new interest that could drive the price up if the mainstream is rejecting it? Dan Eave, what will happen to Bitcoin and cryptocurrency? Are they right? Will the price completely collapse as there will be no more interest? No one cares anymore about Bitcoin. Well, I think that's what's most wrong about this article is saying that other than quoting the ECB is like a source of like, as if they know how monetary policy should work with the failing euro. The fact is that mainstream hasn't rejected Bitcoin. They're not rejecting it. We've seen this like time and time again with people, even like Jamie Dimon sort of turning around and Jason Morgan accepting you, you know, propropocary Bitcoin for their clients. It's definitely not the case. These articles just again, they're just pretty much clickbait articles for the existing financial world. The clickbait articles for the Bitcoin pump is like, so and so, I don't know, just think the good news type stuff. These people, he read the FT, they like doom and gloom articles about Bitcoin because their financial system is the best because it's got the best people in it. Blah, blah, blah. So, you know, Bitcoin is a threat to where most of the people actually work who read the financial times. Like, that's the long and the short of it. You're never going to get, you're never going to get someone who's got a horse car who's going to lose out on business going, oh yeah, taxi cars are the future and they're just going to they're going to try and defend it. So, you know, attack it as much as possible. Whilst they their own business withers into oblivion or goes into a dies in irrelevance as the ECB have said. So, it's just the standard attacks as the articles says, like the cryptocratic's greatest hits. There's, you know, there's just it's just a repeat of the same of the same news. And we know that the Bitcoin price, you know, a dead a derit, a pumps and dumps, but it goes up. It peaks and troughs based on based on what seem, you know, historically on the halfening cycle. So, there is a lot of hype around it once that once the halfening kicks off, then all the all the, you know, all these new services and people start getting into Bitcoin, the price does go up. People start to panic sell and then it sort of, you know, it bottoms out and then eventually goes up again for the next halfening. So just part of the, part of the cycle. And all of this news is just box standard, fun that you get with any, any, any cycle. Even with like, you know, the fact is that the tech, as you pointed out, the text docs have completely dumped as well. It's not just like it's not just Bitcoin that the stumps, you know, look at the biggest text docs, everything's being hit right now. And including the euro. So picking on one asset specifically, it just means that I don't know, they're just, I think it's a slow news day. These articles are starting to be slow news day articles for me, I think, you know, if what could we print? Just print nothing. Talk about something else. But funding Bitcoin doesn't really work. It's never worked in the past. Not many people listen. And in the end, what the ones that do are like, oh, I wish I never listened to the financial times and their BS article about, you know, Bitcoin only being used for nefarious transaction and no one actually using Bitcoin because now all the banks seem to be into it as well. Isn't that really weird? Anyway, crazy. Well, it does seem like a cycle where the next article is a wild cat, Kathy Wood or such and such a bank takes a bet on Bitcoin. They're taking a risky bet. And they're like, they start describing how scary this bet is and how Bitcoin's gone up before and it goes down before. And then there's a serious articles after that where they're like, wild cat, pay off in huge, risky bet that no one thought to make. No one could have ever thought at the time that investing into Bitcoin when we said it was dead was such a good investment. So that would be interesting. We've been through these cycles every few years. It seems every few years we lose like our entire life savings and get called a bunch of names. And then every few years like the life savings goes back up. So it's crazy stressful as like an individual human constantly losing one's life savings. One, what do you think about this crypto thing? Is it over like the financial times like Dan's mocking it, but you know this is the financial times. Well, you know, they know everything, right? They are the oracles. No, I mean, I don't know. I think, yeah, this is slow news days. And I think they're panicking that they're obviously like trying to manipulate like the media, all of the media does is try to manipulate the public. There's no journalism left in the world. It's very rare to find journalism. I think this is time to buy. I can't remember what I was going to say, but I think I think it's this is time to DCA. Oh, yeah. So Dylan, Dylan McLaren thinks his name on Twitter has been really doing great coverage on the markets. He's pointed out that on chain, we can see people are stacking people are there's a large consolidation of small UK XOs. So like I think it's like under 10 grand UK XOs. There's a lot of people stacking. We can see it on chain. We can see it on the blockchain. People are buying this, but this Bitcoin was never meant to to become, let's say global settlement layer from the top down. It was never going to happen from the top down. Yeah, we're never going to give up their power will be this has to happen from the bottom up. Has to happen from the bottom up. And that means the normal people that the the the plebs of the world buying Bitcoin slowly and using it as a savings account. And I think that's that's where we have to go. That's what I see being developed in on Salvador. That's that's the user experience in the framing and the and the mindset that's developing on Salvador that from the technology startups perspective. And that's the only real way that's the only real way for Bitcoin to win is from the bottom up. These top down solutions are very vulnerable to scammers and to the volatility and to the media and to regulatory capture. And but you know a lot of people have learned their lesson a lot of people have learned that you can't custody. You can't trust these central exchanges. That's a good thing. That's a very good thing. I'm hoping that the crypto and the define the Ponzi schemes died this time around. I don't know if it's going to happen. I thought that we're going to die last time and boy was they wrong. But this surely seems bad. And you know what all these Ponzi schemes all these defile ending tokens this this crypto economic devices that produce nothing, solve nothing, fund nothing. There's no product, no service, no company, no infrastructure behind that it's all Ponzi schemes. They need to die. They need to burn this is a play on this industry and every time every four years they pump and they dump and they record much of people and and and you know the people behind them. The just rebrand you know it's just a new name for the same thing. And I would like to see I would like to see the at least the US market, you know if the regulators do come I think the sound thing to do and this is kind of where the conversation is going from from the regulatory kind of like savvy perspective is. You're going to have crypto commodities which is Bitcoin and maybe a couple of others if they can pass the test who knows but definitely Bitcoin as a cryptocurrency. And then everything has a cryptocurrency and the crypto securities have to come through some sort of SEC regulatory approval and then all you have is a crypto bear asset that is associated with a company. Who holds your counterparty risk and they're developing stuff and it's a new kind of stock market a crypto stock market that's going to be regulated. And that's the best case scenario here the worst case scenario is they do nothing and we have endless rounds of Ponzi schemes or they just try to nuke the whole market and that would just that's just going to get the talent to leave the United States but I don't see that happening I think Bitcoin is going to survive this I think the miners. The miners are having a hard time but the hashi power is still very large X on this sponsoring the next Bitcoin Miami conference and talking to. Big sort of Bitcoin mining insider at the conference here. The pilot that these gas giants are we're doing are we're having very successful and they're going to just integrate these mining rigs into their business model into their infrastructure and start using them on a regular basis to. Profit from the from the gas flares that they got to burn off right to do load balancing under under energy and you know when it whenever there's not enough demand for your for your energy you got to either store it. Or burn it and so now you can also make it mine Bitcoin and so now we have like deep demand for. For work so the blockchain is not going to stop clocking like the blocks are going to keep taking the the proof of work is going to keep working and people like us are going to keep buying. And developers are going to keep building and there's a really great opportunity right now I think about this if you take in profits anywhere near the top from 40,000 to 60,000 70,000 you take in profits and stack dollars. Right now you'd be able to buy Bitcoin really cheap you'd be able to invest in startups that might become a unicorn in the future and that's what we're seeing you know swan just purchase specter specter is a multi sick wallet swan is a Bitcoin only exchange that is on custodial you buy Bitcoin on a DCA model and it sends your Bitcoin to your wallet every day and now they have acquired a multi sick company so there's a company there's companies that are growing right now during the bear market investing. Investing in their future and so on looks like they want to go public eventually so I think that you know they're all the bad players are dying right now i think we're going to see we could see more global object genesis genesis looks like they're in trouble. You know that whole that whole side of the market looks like some trouble and but there's there's some good people still buying growing and. But I don't think we have some more consolidation to go I think it's going to be a it looks like a rough bear market but i see I think it's still I still see a lot of building and Bitcoin still works and i'm quite content with it. It's just it's just a lesson here like holders need to need to learn to take profits you know when the market is ridiculous when i'm acting like i'm retired you know when i'm tweeting that i'm retired when there's when there's crazy money being thrown around when everybody feels like you read their rich. Start taking profits pay your credit cards by your laptop you know maybe get a house right and get ready to survive the bear market that's that's the lesson here and i'll keep saying that into. It's interesting whenever anyone sees Bitcoin they think hey i could make a centralized institution that could hold those and i could make it easier for people right there like it's it's too hard to hold your own coins like wouldn't you rather have them in coin base or have them in defy or have them in ERC 20 tokens or i do think there'll be a quad defy like a fourth one i know one is rooting against it but they'll be one the market is going to demand some kind of. A crazy investment vehicle for the future but like one was saying i think back almost 10 years now on the cypress event where cypress locked down their banks and said okay we got some drug money in the system therefore everybody who has over a hundred grand is taking a 10% cut now you could have been selling your house or saving your money or somehow caught up in that or you could be you know drug money that they're looking for you know with righteousness probably it's against their rules but i said at the time is it if they're. Those people had Bitcoin now they don't just need the Bitcoin they need people telling them about it they need ATM's they need you know banks probably because they're not capable of holding their own keys at first they need all this infrastructure maybe they could avoid this 10% cut and now we're seeing with El Salvador but want don't you think we kind of like the market broke them the poor El Salvador people like the absolute worst welcome to the market. And you're talking about stable coins and some other things like can they hold the keys for their stable coins can we truly trust the counter parties that are holding. Dollars and other assets are the people broken by the horrible price of Bitcoin. I wouldn't say that they're broken but there's definitely like I would say like okay so here's how it actually played it played out Chivo launched. El Salvador cash flow 30 dollars for every new account. Four million people allegedly out of six million Salvadorians downloaded the wallet and pulled out the 30 dollars most of them sold it some of them kept it some of it. And then those that kept their watch to go down now the media has been flaring like local media has been talking shit about Bitcoin all the way down understandably so and. So that so people yeah the local Salvadorians are they're concerned about the value the capacity of it into hold value. But they're happy to receive it and then all the two biggest wallets in the country Chivo and Bitcoin Beach wallet both support dollar denominated value so you can receive Bitcoin and hold it in dollars you can send Bitcoin and receive it in dollars or basically hedge it right. The way that Chivo does it is they have dollar backed them through the bank account. Bitcoin Beach does it through a hedge contract. It's kind of basically like when you hold it when you hold Bitcoin in dollars you're just going short Bitcoin and it's the equivalent of having dollars right they're both custodial but you can have dollar value and move at the speed of Bitcoin right you can move at the speed of lightning that's cool. Now all that it needs all that the country needs is a wallet that people have confidence in that a wallet that they don't associate with Buchanan that they don't associate with the government and that lets them move dollar denominated value you know stablecoin or not. Amongst each other and cash out and I think I think we're going to see that we might be able to see it with with Bitcoin Beach they have all the right infrastructure for it they just need banking. And they can get banking you know isn't a bit of the separation there is like with one of those products you can just sign up for like a user name like an email and a password boom you're in with the other product don't you think they're going to have to KYC don't you think it's gets all complicated people that might not have an identification you know if you're not in a driving culture you don't have to get a driver's license this pervades throughout other countries some people are born without licenses born without identification. So one of these systems it's easy for them to get in user name and password the other ones much harder do you think it's going to separate along those lines because I can see how everyone needs the stablecoin offering but some people might be cut off from it. Yeah I mean during a bear market everybody loves stablecoins. The way that Bitcoin Beach compares to achieving this regard is Bitcoin Beach demands your social security number essentially like your government like South Korean ID whereas Bitcoin Beach has a phone number and I think that's enough. The money even has for a email and that's enough for you to kind of get access to your account. Obviously I like to see 12 word backup sort of phrase and my first bit when we premier Bitcoin is teaching people at scale by hundreds how to do backup recovery and backup security and all that stuff. So I think I think we can move towards that you know we have wallets like Phoenix where it's you can determine is the clear recovery you're lighting balance from a 12-word seed. All they need is a dollar hedge mechanism. I like to see tether being used as the as the mechanism but there's multiple ways of doing this dollar denominated value and these wallets don't require an ID like you can use Phoenix without an ID you can use Bitcoin Beach without an ID you just need a phone number. And so from that perspective the technology starting support is they're going to get a phone you can't really do Bitcoin without a phone it's a digital technology but phone penetration on Salvador is fairly good and it can get a lot better. So I mean you know we're definitely limited by the by mobile phone penetration but you know we are in an era where it's actually quite high so. So yeah now I think you know again nothing's perfect but the technology like like in Colombia and in Brazil there's a nap you know in Colombia it's called Nike in Brazil it's called Pixie Pixie Pay I think and you can just you know you do phone and I think ID and maybe even facial recognition application it's fairly quick you can do it in like five minutes and then now you can move Fiat across bank accounts to people's phone numbers for free instantly. And they've gone viral like mega viral apps like 50% plus of the country supporting them right using them actively now this is like precursors to CBDC but it proves that you can have a banking app go viral in the country if we can do it with Bitcoin and sovereignty as the infrastructure in on Salvador against the dollar and we can actually prove that the battle can work you know maybe teaching people DCA as an add on on the app teaching people about Bitcoin as an add on on the app. The moment that the bull market comes maybe maybe it'll go it'll go well but at the very least we can become an infrastructure for dollar denominated value for a few years until until the dollar you know finishes shooting their their own destroying their own advantages you know because they seem to be very intent on doing it. So it's the it's the strangest and hardest thing to say to somebody that got their free $30 that right now maybe is a good time to put in the other 30 right obviously it's going to go down 50% like if I if I say that now but in general it's those crazy moves that turn out to be either great or horrible later on because it does seem like how much further can Bitcoin go down if it does eventually go up you risk the chance of missing the up I know that the real winner move right now is now that we're near the bottom is to sell everything that way if it does go back up you'll be excluded from the up rise. So it's very hard to predict these things it's hard to time them it's much easier to say after the fact and then there's always that little voice that's like yes if you're if you're showing other people the value on your block fully or whatever maybe it's time to get the heck out maybe you should just dump it. But yeah it's been a crazy ride and we've got more negative news with issue four we got more one you can just mention it yeah just like the strategy the best most effective strategy in this kind of market is dollar cost average grab 5 to 10% of your wealth of your income. Throw it into Bitcoin and just having four year mindset and just stack sets by 5 to 10% for a couple years and on average historically speaking. You know you have a pretty good odds of being in the green within a couple years where at the bottom you know you don't even have to do four years where at the bottom right we're very close to the bottom even if Bitcoin went to $7,000 you were still we're still 90% from the top so we're pretty much at the bottom so um Yeah, it's just dollar cost average look it up. We couldn't go any lower until we went lower and then of course the classic how did you lose all your money Mr. Rockefeller at first slowly and then all at once. We'll see we're beyond issue four more negativity more than 50% of Bitcoin addresses are now in loss although as Juan saying previous bear markets ended with the majority That's more than 50% of addresses being out of the money on chain data shows so more people are hodling Bitcoin and more people are getting punished for Hodling Bitcoin Dan Eve are these more signs of a bottom all the negativity the media destroying us people actually working on things and now Salvador being ignored what do you think Dan? Yeah, it's just another doing glue article that they all kind of come out of the woodwork um right because we've had this run of bad news um and so and so Bitcoin's been in the limelight again but you know instead of this time last year being because of price being high uh it's now because of price being low so you know everyone's going to come out of the woodwork give their two pennif because they're not going to yeah you get a lot less of these articles when Bitcoin's pumping because they look like idiots um if they're saying oh Bitcoin's you know Bitcoin's going to die it's going to die you know so they'll save it until until it starts the price starts dipping and then they can they can you know write their little hit pieces on on how Bitcoin's uh you know is failing to irrelevance and whatever silly things that they that they say that that everyone else has been wrong so far um but yeah it seems like uh I think what's interesting is that it's just over 51% of the addresses that are below purchase price and their investments so it's a 51% price attack uh that everyone's uh most you know just over the mid uh the the majority by um you know just over 50% they're uh they're actually down but again you know a lot of a lot of these people have uh uh uh aware that if you hold for like you know four years there's uh there's a chance that it's actually going to go back up again Bitcoin although it's it it has extreme price swings um both positive and negative um people still hold it they see it as a long term asset so although there's a lot of people see it as a get rich quick screen or at least it's it's classed as that when when people talking about it negatively like all these these idiot crypto bros with their get rich quick quick quick screen quick scheme is actually the opposite of that it's um it's not a get rich quick scheme it's uh you know I'm going to buy my Bitcoin hold it forever and watch the financial system gradually collapse because that's that that's endless inflation and infinite amounts of money aren't positive as we're seeing um you know around the world with all the currencies that self-printed um so yeah it does seem to be just another doom and gloom article but I really would I still haven't seen anything that does a comparison of uh there's the good thing about Bitcoin is that because it's a public ledger it's quite easy to do a comparison of how many addresses haven't moved for x period of time in terms of the holders but what's interesting is that you you don't ever see this as a comparison to stocks and shares like how many people held Tesla shares for more than x number of years or whatever stock or you know amazon um you know i'm sure that the markets for those are pretty uh pretty churnable and the long term is uh um uh less less than the short term buyers um and buyers and sellers so but you never see that comparison right you just see people are saying bitcoins are get rich quick pump and dump scheme even though people the whole point of Bitcoin is like hold it it's my precious it's all the memes around never selling your Bitcoin and stacking it and never letting go um you know from my cold dead hands you'll take my Bitcoin um you know that's that those are all the memes and yet when people write articles they're like they're like oh yeah you know the the these people aren't in it for the log run they just want to get rich quick because they're idiots you know chasing a Ponzi scheme so yeah it's just much of a much it's the same chicken lick and sky falling stuff that we're uh we we're used to by now and we're resilient to i think well uh maybe this is a good idea for DJ booth maybe he could make a website where you show how many of the hotler accounts are losing money and then you could also show how many of the hotler accounts have held for x number of days and you could somehow bring the two together onto a chart and then you could see this kind of like hotler pain math or during the opposite times happy hotlers how many hotlers are above and how long have they been holding again this is as CNN said little known crypto website coin desk ha ha ha and this is from Omkara Godbull who famously does not own any cryptocurrency according to his footer and is probably laughing at all of us right now one got what do you think more than 50% of Bitcoin addresses are now in loss yeah interesting i mean they should they should buy more Bitcoin so that their average purchase price goes lower that's that's the way to do it that's that's the magic of dollar cost averaging um i mean my my philosophy on this is very clear take profits when it when when everybody's crazy take profits when everybody's trying buy this blood on the street buy when everybody's uh going on on spending trips to Miami and uh when when Bitcoin magazine pays 10 million dollars for a dead mouse concert sell you know take profits pay your credit cards buy a computer etc etc um but i think you know i think beyond hotling it's not only is very useful but beyond that i think people just need to learn and study uh financial literacy like investing your own human capital investing you know find a way to not have to pay rent you know whether it be like get some cheap real estate or find a way to avoid the biggest expenses which is rent you know invest in investing local energy for yourself you to like the ideal to me is solar energy um you know water collection with filtration you know uh you have a solid stack of Bitcoin you're uh maybe heating your house with Bitcoin miners right like there's there's a dream here that we can build but we got a we got a we got a we got a fade out that will market so we can survive the bear market although whereas you're selling your build Bitcoin at the bottom you know you don't want to be selling your Bitcoin at the bottom you want to have a job at least and then stack sets at this point uh but the good news is there's companies there's companies that are hiring there's still companies that are hiring so um anyway yeah bear market suck man but uh that's when you buy okay the other fun part of this story is that little known crypto website coin desk may have broken the story of the year with the sbf ftx bankruptcy but breaking the story of the year law made their parent company dcg lose so much money that they're now putting coin desk up for sale so coin desk was too good at what they did and are now being sold because of it and being sold during the bear market so hopefully coin telegraph doesn't buy coin desk uh it'll be bad for everyone uh maybe Walmart or someone worse will buy them like the den for broncos i don't know things could always get worse we're running out of time Dan eve do you have a prediction or a story of the week we've only got four minutes left oh geez yeah i literally haven't thought of anything okay so um my prediction is that uh i think i reckon how how's this uh okay uh i reckon that sbs will be it will will potentially be in a cell by the time this time next week maybe uh but that's as a potential as i'm gonna go for that but even though i think he's not gonna do time i reckon he'll just wiggle his way out of it somehow he's given too many hundreds of millions to to political donations to go down like they're not do gel time through you know not having uh set cameras working on his prison cell or that he'll just get out of it somehow um but uh either way i think he you know there may be a chance he'll end up in a cell by the end of uh next next week or by the end of the year at the least someone set Dan to crazy optimistic i'm still sitting here saying well everyone's gonna sell their bitcoin to buy christmas presents and then they're gonna sell to pay taxes and then they're gonna sell because it goes down because of those reasons i've seen all these negative reasons and all i have for my optimism is that happening like somewhere out there half the bitcoin miners are gonna shut off on one day which rises bitcoin sadly or whatever rises ethereum all the other ones follow and then suddenly we're back baby and we're smart like kathy wood and not dumb like marquiban but who knows one goal do you have a prediction or a story of the week go ahead well there's um there's a very reasonable possibility that we have we have like a very aggressive pump at some point mostly because there's a lot of people that are short there's a lot of a lot of money that is short right now allegedly according to uh Dylan i was like i was listening to podcast today and i'm seeing it i've seen it in the markets recently i haven't been paying too close attention but most people are gonna be short right now like people are very afraid of buy right now and when everybody's short they can get short squeezed and when you get short squeezed the price fucking pumps and um so there's there's some reasonable possibility that that the price won't deal with the other thing is like everybody's panic exiting the exchanges they're caching out the bitcoin they want to see if the exchanges actually have the bitcoin that they claim they do and uh so bitcoin is rapidly leaving the exchanges that means there's no actual bitcoin on these exchanges whatever exchanges survive are going to have very very small treasures of bitcoin and all it takes is short squeeze and some phomo and that can really pump the price so you know i think i think that again like we're on the we're on the we're on the we're done we're not done crashing maybe maybe we can go to 10k or something but most of the pain has been felt i think there might be a little bit more perhaps but we're on the buy side of this trade um as far as uh story of the week uh definitely my article at uh one.gov.com talking about the deep dive of the inner working the foods on the ground view of El Salvador during the bear market um that's definitely the thing you should read this week one got the account and uh just to confirm as uh one was asking i don't know if coin desk is selling their bitcoin but coin desk is selling their entire website uh dcg the parent company of coin desk allegedly lost so much money in ftx that they're going to sell the jewel of their crown coin desk the news website is uh for sale allegedly because of market troubles at dcg so if you got some extra bitcoin you could buy yourself a bitcoin news website and as everybody knows that's a great way to make money uh we could have a little Elon too if only sam hadn't have lost all his money he could have bought coin desk and he could have gotten away with it too if it wasn't for that article that they put out uh which caused their own uh downfall of their parent company so this is a lot of capitulation this is this is blood on the streets this is this is great news i love this is not one good enough for you it's at the the worst thing that could happen the the website prints all the allegedly normal and regular news probably takes money too but obviously better than you know co-entellographer what are no offense but you know i mean there are huge aetherium there are huge aetherium uh you know pump media like they've been you know like that and not just theetherium like they're like you know they've been promoting a lot of our coins i bet you if you google that right like they're partially responsible for pumping a bunch of ponstsky's uh coin desk.com coin desk is the wall street branch of cryptomedia you know they're based out of New York they have this gigantic sort of conferences for suits like coin desk has never particularly been aggressive like coin desk is the is the opposite of bitcoin magazine even though my bitcoin magazine is you know they play all the angles but they're bitcoin first right coin desk is the other side of that they're kind of like the respectable shit coiners right and then coin telegraph obviously plays a little bit more a little bit more loose right at one point that that conference was so valuable and i still think if people are evaluating whether or not they want to buy coin desk if they get that conference and that list of people that went to the conference that's a thing worth buying right and this is such great news i can't even this is exactly what i'd like to hear uh yeah although uh a lot of ones really excited neither bitcoin magnine magazine or coin desk have ever written an article about mad bitcoins or the world crypto network although they do use as sources every once in a while they never seem to understand that we could use a little press as well but maybe it's a bear market enough to get us some press but i doubt it uh no i just think it's all doom and gloom this week i've got nothing positive to say about bitcoin like google the articles for you and it was a horrible experience that ecb article echoed through every single major publication ft newsweek bloomberg new york nbc cbs everything whatever you want to look for they all are bearing bitcoin this week so it feels terrible which may be the bottom signal i don't know i just it feels awful we held this stupid thing like mad bitcoins said hot old plus take profits but maybe it was the other way we should have dumped it all i've gone 90 ten the other way instead of 10 90 that kind of thing so maybe that's the bottom signal i don't know thanks to everybody for giving us comments down below giving us that thumbs up uh sharing this post on reddit or twitter or facebook or wherever you hang out uh one of those new things uh they're buying all the things uh but so much for joining us until next time bye bye