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Episode Transcript
[00:00:01] Speaker A: Welcome to Crypto Talk radio, the podcast for everyday investors like you.
[00:00:06] Speaker B: Visit us on the [email protected].
[00:00:09] Speaker A: And now here's your host, Leister. Thank you for that, Bailey. And welcome everybody out there in crypto Talk radio [email protected] do I sound okay? I hope I sound okay. I did a sound check earlier. It seemed to sound alright to me, but it different. So because with change you never really know how it comes across. And I'm always looking for feedback. And if you've listened to the show for a [email protected] you know that I've tussled with audio. And if you're new, welcome. By the way, I've struggled with audio, not because it's hard, but simply because it's a money investment. Not only this, but it's a time investment too. Just study and understand the nuances of audio quality and to get your audio to sound good in certain avenues, right? So if you have a noisy room or something else, or a neighbor that doesn't shut up or a neighbor is getting theirs, but if you got something going on, you got to deal with that stuff. And then things like your air conditioner, which is a problem, or when I was traveling, when I had to drive up to where I am now, I had to make do because I didn't have my full audio equipment. It was a pain to get set up and I did the best I could. And those episodes don't sound great at all. I'm hoping this one sounds good. Here's what happened the other day. Now, just to preface, most podcasters of a certain level or greater are going to use a device from a company called Zoom, or they'll use some other. But Zoom is one of the big ones, right? For some of these, right? So when you get the zoom, there's a bunch of different models. There's the portable model, which is what Jake again really should have been using at the failed November 13 Vegas event for Saitama to properly capture the audio data he's doing without disruption of the noise background. I digress. I had a desktop model and the only reason I had it was because it's the best way to support XLR microphones. XLR microphones are the production level microphones. They're the performance microphones. They're the quality microphones. That's all I do. I don't do the USB microphones because I think they're crap almost to a t. And I have a lot of microphones I think I have about five microphones. Some of them I've had for decades for singing or something else. The one I have right now, I had recently purchased, and I was really impressed with the audio quality. It's an audio technica that people had trashed online. But when I tried it, I'm like, man, this thing is amazing.
When you're dealing as a podcaster with troublesome or challenging environments, an air conditioner running off or your neighbor next door is getting his deep, deep right, or whatever, there's this noise. Or, like, in my case, I was.
[00:02:46] Speaker B: Disrupted when I had to move.
[00:02:47] Speaker A: There's all sorts of things you got to think about. And I was trying to perfect the audio quality.
[00:02:52] Speaker B: That took a lot of time, a lot of money. Invest. I invest a lot of money in the hardware that I'm currently surrounded by as I look around. It was thousands of dollars, but it was nowhere close to somebody else that recently put out a video about how much their setup cost them. And I speculate that person's getting ripped off. I digress.
[00:03:11] Speaker A: Point is, my little device here that served me well. It died two years to the day from when I bought that damn thing. I bought it. So it died yesterday. I had bought it January 31 of 2022, and I was really pissed. It died two years to the freaking day. Literally. It was on, and then it just. And then it was off, and it wouldn't turn back on. Nothing I did mattered. It just didn't care. So I had to expedite and get a replacement device. And this is a pile pyle unit. This is used by upper level podcasters, and it's a decent device, but the audio is way different from what I'm used to with my other guy, where I had gotten kind of used to the way it made my voice sound. This one, it makes me sound a little bit different. It's not bad, but I got to.
[00:03:56] Speaker B: Get used to it.
[00:03:57] Speaker A: Then I had to get used to all the little bells and whiz bangs on this business. Having no time because I needed to make sure I recorded the show today. So I had to expedite it. I ordered it from Amazon. Well, these jokers, I had two orders. One was for some cabling because I upgraded my network, and that's a different story. The other was for this guy, the idiots for the cabling. He said, yeah, I tried to deliver and couldn't get in the door. And I'm like, there's no way you couldn't get in the door. The door is wide open 24 hours a day. Well, I tried to go over to the. Whatever, he went to the wrong freaking building because they take it to a central dump. It's a dump basically, and tossed it into a room where I don't want it there because it just gets lost. And I'm not going to be trying to find my freaking thing when I'm already here. It's like, bring it here, dial the number on the box, I'll come down and get it. So he marked it as I can't deliver it. Boy, I read Amazon, the riot act over that business. They did redeliver it. She came, she did a great job and she waited for me and whole nine, that's what they needed to do. So I got the wiring and I got to get that swapped out on the other side, but I got the pile unit, I got him set up and that's what I'm recording on now. So let's hope cross fingers that it doesn't wig out on me like the other one did. I'll already give it kudos for identifying what appears to be a power search issue with one of my other devices, where for whatever reason, when it's plugged, it's just a little USB thing for my keyboard and mouse, and then I use it for SD cards. And apparently that was drawing too much power from my USB deal because when this was plugged in, the little led was flickering. I'm like, okay, that's not right. I unplugged that one device and all it does is take USB, small USB.
[00:05:38] Speaker B: Devices and an sd card. And it was just completely drawing too.
[00:05:41] Speaker A: Much power and I didn't know it.
[00:05:43] Speaker B: That explains issues I was having with something else.
[00:05:45] Speaker A: So this pile has already paid for.
[00:05:47] Speaker B: Itself in just getting magically set up.
[00:05:50] Speaker A: The other nice thing about it that I didn't think through, it has two microphone outs, whereas the other ones had one. And when I start getting the video back up, the microphone I'm going to use for that one is going to be across the room versus the one I'm recording on now. So that gives me the flexibility of not having to move this microphone every time I want to go live. Well, that's amazing. I have to buy another one of the microphone. I'm on this audio technica, but the fact that I got this guy means I'm ready. I'm closer. I shouldn't say ready. I'm closer to getting on the video again. And I think you're going to be pleasantly surprised at what you see. It's just there's fine points. And I'm very picky about what this looks like. And then I got to set up my software again that I haven't touched in like a year. So I'm almost ready to get on video. Meanwhile, I'm going to talk cryptocurrency as I do. But I'm also going to talk about some fiasco that I saw earlier today because I thought it's worth talking about. And if you have insight or thoughts, I'd love to hear it. Cryptotalkradio net, hit the contact form. Otherwise, I don't know what to think about this business.
[00:06:53] Speaker B: I suspect it's just a matter of.
[00:06:56] Speaker A: Either the guy's getting ripped off or.
[00:06:58] Speaker B: He'S lying, because I can't think of.
[00:07:00] Speaker A: Anything else because I know what this is, and I see his set up, and I know my setup, and I.
[00:07:06] Speaker B: Know for damn well my setup is.
[00:07:08] Speaker A: In terms of technology, is more advanced than his. But I look at his and I'm like, there's no way. So I'm going to talk about that because there's got to be something there that I'm missing, and anybody who has.
[00:07:19] Speaker B: Any insight, I'd love to hear that.
[00:07:21] Speaker A: Also, I'm going to be talking about.
[00:07:23] Speaker B: The red, the sea of red in cryptocurrency that you're seeing.
[00:07:26] Speaker A: That probably doesn't make any damn sense. There's a couple of catalysts that I.
[00:07:29] Speaker B: Can explain what happened. Some of them I can't explain, but some of them I think, I have some theories as to what might be going on.
[00:07:41] Speaker A: Okalie Dokeley cross fingers that I sound good. Let's hope so. I will work as hard as I can to restore, if it doesn't, the quality that you expect. Let's dig into some numbers. Cryptocurrency. We're going to start with Coindesk.com and we're going to zoom out to the month chart. And as expected, there's a recovery in the dip that we saw very recently, looking at bitcoin to start with, dipped all the way down beneath the 40,000 mark, has now recovered back to the 43,000 mark with a very strong upward signal, a low of 41 eight, a high of 43 four ish, hovering currently of 43,000, again trending significantly back up from the losses that happened very recently. However, I would still point you again to the total market cap across cryptocurrency, because the total market cap in all cryptocurrency is very volatile at the moment, and so you cannot necessarily expect that this run is going to be a strong run until that stabilizes. The total market cap was fluctuating, if you recall, and if you're new, you wouldn't know this. That's why I'm repeating it. Total market cap was all the way as high as $1.72 trillion.
Just recently it was as low as $1.54 trillion. That's a significant amount of money flowing back out of cryptocurrency. As I record this, it's back up to $1.64 trillion. So there's some recovery which is contributing to the runup of bitcoin and other tokens. I'm warning you, though, it is possible that we dip back down again. So I would stress, be careful with whatever it is that you're doing because there's no guarantees with this business. There's also some news that is causing some sentiment issues, I speculate, and this may contribute with what we're seeing on some of the price movement. Very most recently there was a breach. There was actually a couple of breaches. One of the breaches happened a while ago. The other breach happened very recently. We're going to talk about the one that happened very recently, which was XRP.
XRP's breach wrecked, quote unquote, a lot of people. R-E-K-T-A lot of people. So with the XRP business, a lot of people have been generally bullish about XRP and expecting it to go up because of chatter that XRP was going to be used with international financial transfer operations. What happened is that there was a large scale breach of over $4.2 million worth of XRP tokens. Finance, as in Binance.com, stepped in and eventually froze those tokens to prevent those transfers. Apparently I didn't see this, but apparently this came through a very elaborate scheme to get this breach. There was access to personal XRP accounts that got breached. It was a very large scale deal. When you think about the nature of other breaches, you don't expect something like this. You don't expect that multiple of the personal wallets would be breached. You don't expect that this amount of money would be breached. And of course, if you're new, you've never heard me say that. [email protected] accepts the mantle of being tinfoil when these things happen roughly around the same time as we're anticipating a run up, where it seems all kind of sketchy to see all of these behaviors that cause a negative price sentiment right around the time that we expect a run up and we predict a run up. And right when we're about to break.
[00:10:59] Speaker B: Out, something else happens that crashes the business.
[00:11:03] Speaker A: At some point, folks, I just want to give my credit because you've got.
[00:11:06] Speaker B: To notice the pattern here. You've got to notice that there's a.
[00:11:09] Speaker A: Lot of damn sketchy business happening right at the same time that these run ups are about to happen.
[00:11:15] Speaker B: How can it be that there's all.
[00:11:17] Speaker A: These major critical events that happen all at the same time or near the same time? And if you haven't noticed, they always.
[00:11:25] Speaker B: Involve binance, XRP, sec, those three, it's.
[00:11:30] Speaker A: Guaranteed every single time. Or Elon Musk, it's guaranteed. So at some point, you've got to.
[00:11:37] Speaker B: Acknowledge the pattern here and join the tinfoil bandwagon, because it cannot be coincidence. It happens. Too clean, too consistent, too much of a pattern, too frequent to be nothing more than just random. Whatever. Coincidence. I don't believe it. I don't buy it. You're never going to sell me on that business. It is what it is.
[00:11:58] Speaker A: The other thing that was contributing to some of this dump was a lot of sell off, a lot of the crap tokens that are out there. So a lot of the garbage that's out there. So for example, Pepe, which is one of those meme tokens that came out of nowhere, spiked up to billions of dollars in its market cap, is now having a hard time as whales. These were whales. This time, cash out of it. It's not that it was a scam, it was simply that a bunch of whales cashed out of it. The vast majority of wealth that we see in cryptocurrency is simply shifted from project to project, as we know. So the strong probability with these is that they're cashing out their ethereum on this garbage token over here, and they're buying into some Solana based garbage token. Because the solana based garbage tokens are the current popular spinning around. Meanwhile, the price for Pepe took a significant hit due to this, because of course, the whales were the ones getting it up to that point. Pepe jumped. It jumped a lot. So millions are flowing out of this. Now, if you are in Pepe, and you are one holding it, I can't tell you what to do with your money. I'm going to repeat what I said before, and if you're new, this is the first time you're hearing it. Advice from me that likely contradicts what you've heard elsewhere. I've always said, please make sure you are taking your profits on the way up as a recommendation as opposed to the trap that I believe holding happens to be the idea. You're going to get it all the way up to a million. The volatility is too high. There's too much fickleness in cryptocurrency, especially when these garbage tokens and now that they saw. We could just spin up a garbage token on Solana. We could just spin up a garbage token on Tron. I just saw that the other day. We'll just spin up a garbage token on avalanche. We'll just spin up a garbage token on this and a garbage token on this. That's all they're going to do is spin up garbage tokens on different chains, and then fomo kicks in, where they're going to just jump over to that one. They're not investing new money in these other garbages. They're taking money. Robbing Peter to pay Paul to get over into this one that then does what? It wrecks you if you're on a hold strategy. That's why I'm recommending that you don't just hold long term. It's more of a casino than it's ever been from my lens. And I wouldn't want anybody listening to my show getting ripped off because people can't hold and don't want to. I feel like they just simply don't want to hold anymore, like they might have done before. And I would remind you, Pepe never had and never wanted to have any sort of utility. So as long as it doesn't have anything that convinces somebody to keep it.
[00:14:30] Speaker B: And trade it, what's the incentive?
[00:14:33] Speaker A: What's the incentive for somebody to do.
[00:14:34] Speaker B: Something like this where they can just jump over to some garbage like bonk, make a quick buck, and go on to the next one.
[00:14:40] Speaker A: See, the trap is that those people.
[00:14:42] Speaker B: Doing that, they know what it is that I'm now trying to impart to you, which is that you're not really supposed to hold, and that holding is a trap.
[00:14:49] Speaker A: You're actually supposed to take profits on the way up, move on to the next one.
[00:14:54] Speaker B: Don't have any loyalty to any project.
[00:14:56] Speaker A: They're not loyal to you.
[00:14:57] Speaker B: They may tell you that they are.
[00:14:59] Speaker A: They're not really loyal to you.
[00:15:00] Speaker B: We should have learned. Remember, Tatano doesn't exist anymore.
[00:15:03] Speaker A: Tatano was one of the big ones. It's toast drip. Might as well be toast.
[00:15:07] Speaker B: Libero's toast. Libera is now toast.
[00:15:10] Speaker A: Thorium might as well be toast.
[00:15:12] Speaker B: They're not green chart. They're not loyal to you, so you should not be loyal to them. Use it as a profit opportunity. Take what you can, get, move on to the next one, because that's the reality, unfortunate though it may be, of cryptocurrency.
[00:15:26] Speaker A: Now, that said, if you're a gambler and you want to hold because you think it'll go to a million, no problem. If you treat it like a lottery ticket, no problem. It's your money. I can't tell you what to do. I'm saying, just so you have it from my mouth, so you can come back and give my credit, I'm saying it. It's on record in audio. My stance is always take profit on the way up. Take whatever segments of profit that you can on the way up and move on. Don't have any loyalty to it. Make sure that you're constantly taking that money and recouping. Most importantly, recoup whatever you put in, and then try to make a profit off of it, and that's it. I would not recommend trying to get a long play, unless if you're that true gambler on a lottery ticket that you hope will be a lottery ticket, if that's you, great. But you'll hear me never ever advocate.
[00:16:17] Speaker B: That type of a stance.
[00:16:19] Speaker A: Speaking of which, of that danger that I'm referring to, commercial real estate is having a hard time. On an older episode, I talked about how it felt like we were en route to another bubble in the real estate market. In the larger economy. It felt like we were going to be en route to some troubling times. The commercial real estate numbers don't look good. A number of banks are struggling right now, believe it or not. You might be wondering how is it that the banks can be struggling after taxpayers basically bailed them out multiple times because the bailouts were never going to solve the problem? Sometimes the bank has to fail because they simply don't have it. And if you bail them out, all they're doing is pumping that money to their shareholders. When you saw Wells Fargo and that John stump idiot, where they were basically cramming services that nobody asked for on customers'accounts, that was your money used to fund that and to pay those sales reps to do that, that's all that did. And then he lied in front of Congress about what he was doing. He's out of there now, I believe. But the point is, the damage is already done. When we saw something like a wachovia right, or a Washington mutual literally shut down, close. The downstream negative of this is that you have less banks available for people like you and myself. As it stands, like the place I'm at, I was shocked. You can't even really find a Bank of America out here, much less a chase. That was surprising. Everything is either a community type bank, a credit union, or one major bank that's regional and that's don't. Like, if I were on the west coast, you'd struggle not to see a chase. I remember when I was in Washington.
[00:17:53] Speaker B: State, there was a chase right up the street, and then there was a chase right down the, you know, a mile apart. Like, why? Because that's just the nature of that growth. When Chase took over, and I believe Chase took over Wachovia, if I recall, I might have that wrong. Chase, no, Chase took over WAMU. When Chase took this over, when Chase.
[00:18:16] Speaker A: Took it over, they kept some of those buildings. They started shutting them down. But at the time, they kept some of those buildings. Bank of America, and I'm pretty sure they took over Wachovia, kept some of those buildings. So they never consolidated any of this, because they figured, okay, well, we got the customers, let's just hang on to this business. Well, what's happening now? And I'll give you the excuses that they gave. New York community Bank Corp. Was one of the largest crack. It basically rug pulled. It wasn't a rug pull by definition, because it wasn't like it was a malicious or anything. But my definition of a rug pull is, in this case, not developers, but the owners or the managers of the bank. If they did something where money was made available and then not made available, that's a rug pull by definition. It's a very generic term that says value was lost due to something that the managers did or didn't do. Simple. So this lost about 40% of its value. This New York community bancorp, a net loss of $252,000,000 for the fourth quarter. They are specifically on the commercial real estate sector.
[00:19:20] Speaker B: Now, the important thing about this is they were one of the ones that actually saved signature bank. When signature bank was struggling last year. That was a mistake, in my opinion. Some of these banks, they weren't in.
[00:19:32] Speaker A: A position to be able to absorb these other banks.
[00:19:35] Speaker B: And when this one started to pull in all those assets and try to grow and expand, I think they just went the wrong route.
[00:19:42] Speaker A: This doesn't directly tie to cryptocurrency, but.
[00:19:44] Speaker B: It impacts cryptocurrency in one key way. That is rates reit that you may invest in. And these are part of portfolios, are they?
[00:19:53] Speaker A: When they're part of portfolios.
[00:19:54] Speaker B: They may be commingled potentially with what etfs. Etfs. As we saw, there's bitcoin etfs that may be not always, but might be part of portfolios, larger portfolios that are shares that are extended to people. And so the value, the net value is going to be lower, which impacts you as it comes down to your portfolio. It all connects down together. So I'm calling it out because there may be an impact on your portfolio, and it may be one of the many reasons you're seeing some red across the board. It's not just cryptocurrency. And I want to be clear that that's what I see also in Japan.
[00:20:31] Speaker A: There was the Azora bank. This is over $50 billion in assets that they had. They just recently had a crash. And I think that was just today, it was down 20%. So I had speculated, and I theorized that we were en route to another crisis on the banking side because it felt like another bubble. I said that the prices of things were getting out of control. It was getting harder to get access to certain assets. Some of these are making it too hard to get access to things. Salary is not where it is. I actually just saw another article that said job cuts are creeping back up again. And then Joe Biden went on the air. I didn't see this, but people were attacking him on x. Apparently, he went on the air and was making some kind of allusion to bombing Iran or something. Now then people dug up old messages when he was campaigning, this is 2020, he said that he was never going to just use military strength unless he absolutely had to. And when he was senator, way back in the days, we're talking ages ago, when he was senator, he threatened the then president, and I forget which one it was, but he threatened the president, basically saying, if you bomb Iran like that, I'm going to impeach you. Now his words are coming back to bite him. That caused a negative sentiment, because now you got a warmonger, essentially, because, geez, you've got Ukraine off over there in Russia. You got this business over here.
[00:21:49] Speaker B: You got the Hamas situation over there.
[00:21:51] Speaker A: You got the plane right with the.
[00:21:53] Speaker B: Ones got killed over there.
[00:21:55] Speaker A: Like, there's so many getting killed under.
[00:21:56] Speaker B: Biden's control and his command. And then back home, our kids can't half read. We can't take care of homeless. The west coast is a mess and a nightmare. The states are divided.
[00:22:09] Speaker A: You're talking the Texas business with the barbed wire and seceding from the union and everything is jacked up under this regime to where he doesn't have any allies. Look, Kamala has gone into hiding. It's that bad. So that is creating. So you've got all these different factors that are kind of falling apart all at once, just on domestic shores. I haven't even talked about all the stuff that's happening in the UK because there's too much and I don't have enough in the episode to dig in. My point is there's a lot that's going south and it's all kind of contributing together. All I said was I'm tenfold about the timing of all these different events happening all at the same time because it just doesn't make any damn sense that it can happen all at the same time. That's all I was saying. In my personal opinion, another cryptocurrency exchange is shutting the doors, killing the business OPNX, which I had never heard of, but apparently this was a spawn off from three Arrows capital, which is part of other fiascos. But this exchange is going to be shutting down. They sent out a message, quote, opnx.com will officially cease operations and closed in February. That's now 2024. Please close all of your positions before 11:00 a.m. On February 7. That gives you a week if you're in OpNX.com and withdraw all funds from your account before February 14. So I'm sharing that in case I don't know that anybody listening to the show is in OpNX. But if you are, then you should definitely be getting your assets out as quickly as you can, because I can't tell you what's going to happen to your money should you not do so. Coinbase very recently decided to reduce fees to attract some high volume traders. 60 days of no free trading to customers who trade over $500,000 a month on another platform.
Now, I want to talk about this, so it's not what you think. What they're trying to do is they're trying to poach traders who they transact a lot elsewhere. They want to try to get those people over. Coinbase's fees are outrageously high.
I didn't trade on that side of it where I was affected. I can tell you that their regular fee on the simple side is a joke, and that's part of the reason I killed it. But I know on the pro side it has certain fees, they're a little bit less, and it's not as reliable. And their pro side, I think, sucks, frankly, compared to other ones, like a Kucoin. So what they're trying to do is they're trying to poach those to get back over there.
[00:24:32] Speaker B: Do I think it's going to be successful?
[00:24:34] Speaker A: Absolutely not. Because I don't think the vast majority.
[00:24:37] Speaker B: Of them is around the trading fees. I think their interface just sucks and.
[00:24:40] Speaker A: They refuse to fix it.
[00:24:41] Speaker B: Their support sucks.
[00:24:42] Speaker A: It literally sucks. So that's what I think it is.
[00:24:45] Speaker B: Aims to boost the exchange's underperforming institutional.
[00:24:48] Speaker A: Business in response to recent us approval of bitcoin etfs.
[00:24:52] Speaker B: In other words, they see basically all these wealthy mother fathers are going elsewhere. They're not trading on Coinbase.
[00:25:00] Speaker A: That's how I was.
[00:25:01] Speaker B: I was on Coinbase just to basically, quote, launder, as in convert funds. I didn't use it for any other trades. I would go somewhere else. I would trade on Kucoin all you care to. I would trade on Bitmart all you care to. I was trading on gate IO when it was good. I would trade everywhere else, not Coinbase, because Coinbase is crap, in my opinion, and I've said it multiple times, I actually had people who told me, no, I'm fine with Coinbase. I think it's fine. Hey, if it works for you, great, but I think it's crap. And then I had those same people come back and say, what's going on with Coinbase? And for me, it was always that way. It depends on what kind of trader that you are. Once you start trading higher dollar amounts, you see how bad it really is. When you're a low level, it's not that big of a deal. But then they start ripping you off. Like when they blocked my account for no reason, they let me withdraw all I care to to a bank, all I care to. But I couldn't deposit, which made no.
[00:25:54] Speaker A: Sense, faces competition and pressure from Wall street firms, and has seen a 30% decline in its institutional business revenue year over year. A 30% decline. That's got to be a wake up call to a lot of people. It's got to be telling you, it's not us, it's your service. Your service sucks. And that's what I've been saying. And I was trying to tell them. I actually sent them feedback to try to help them out. Your service sucks, your customer service sucks, your platform sucks. The way you do. Things suck, your tools suck. You're not advancing these things. So, yes, you're going to lose some business. And I'm going to say, I wish and I hope that they lose even more business that's not hating on them.
[00:26:35] Speaker B: It is.
[00:26:35] Speaker A: They refuse to change. They're not changing the underlying issues and saying, okay, we should not be just arbitrarily blocking accounts for no damn reason. We shouldn't have it where the balance shows wrong and it says, you got money that you really don't. We shouldn't be charging basically a 15% fee every time you try to buy cryptocurrency. We shouldn't do these disincentives to using our platform. We need to fix it to where it's actually welcoming to use our services. And we refuse to do that because we are in the bubble. Those people are in the bubble.
[00:27:05] Speaker B: That egghead, the bald guy, Jamie, whatever his name is, he's an idiot and he's leading it down a bad path.
[00:27:12] Speaker A: They don't understand, so they're going to keep on doing and throwing stuff against the wall, hoping it sticks and it's not going to work. And I truly hope, I don't want.
[00:27:20] Speaker B: Them to shut down. I want them to fix it.
[00:27:22] Speaker A: So I'd like somebody to buy them.
[00:27:24] Speaker B: Out that has a bit of common sense about it. And that's not Kraken, by the way.
[00:27:28] Speaker A: I don't know who that would be. I just wish that somebody would acquire them.
[00:27:32] Speaker B: Get that Jamie dude out of there, because he doesn't know what the heck he's doing. Get somebody in there who understands how to welcome people into cryptocurrency, how to make it accessible, make it easy, and most importantly, take advantage of the current run ups that we're seeing. A lot of money is ready to run.
[00:27:50] Speaker A: So when you add all these hoops.
[00:27:52] Speaker B: They'Re not going to bite. They're not going to do it. That's what they don't understand.
Joe Biden and his administration launches an emergency survey of bitcoin miners electricity usage. This goes to energy usage that I talked about a while ago, comes as.
[00:28:08] Speaker A: They think applying their stress on energy grids. I had said there's always stress in the electric grid, not from mining alone. Mining alone is one contributor. The rush to evs is what's really adding stress to our electric grid, and they know that. Notice they're not doing a survey to monitor the consumption of EV charging. They're not doing a survey to monitor how people may not be actually charging their evs properly. They're not doing a survey to make sure the evs are being maintained properly. They're not doing a survey to make sure that charging stations are being taken care of. They're not doing a survey to make sure that the price of electricity is fair to encourage adoption. They're not doing a survey on the real cause of these spikes, which is EV and rushing to EV and all these manufacturers that are rushing away from gas, which is what's causing unnecessary strain as people told it was going to happen. They're attacking bitcoin mining because it's low hanging fruit. That's what it is. It's low hanging fruit. They think, well, this is our way to attack cryptocurrency yet again. And see, he doesn't get it. He doesn't understand. This is the very reason he gets people that are going to turn against him when it comes time for the election, because he's attacking the wrong damn thing and supporting the wrong damn thing. The rush to EV contributed to the spikes they saw. Bottom line, period, point blank.
The last thing I'll talk about is this garbage of the Jupiter token. If you don't know about it, kudos to you for not following social media. But the Jupiter token is the Solana based token. There was an airdrop of this business. They sent a bunch of tokens out, it pumped all the way up and people took a bunch of money. There was one guy, he became a.
[00:29:49] Speaker B: Millionaire off of his drop, but it's just basically giving away a bunch of tokens. It's never going to have any really. It doesn't have any really use. There's an exchange behind it, certainly, but it's never going to go beyond what it did. The money's been made. You're already toast and done. It's the same thing they did with the other Solana token, where they just dropped a bunch of tokens simply because you had the Solana phone. I think it was bonk even. Same thing where it's a gimmick, right?
[00:30:14] Speaker A: Okay. You're part of Solana, so we're going.
[00:30:16] Speaker B: To drop it to you. So I'm calling it to attention because you might have received a drop. I don't know. You'd have to look. And the only way I know of to look would be getting onto a wallet that is a Solana based wallet, to see if you happen to get an airdrop and then add this Jupiter business to your wallet. But the price of Jupiter, as it stands right now, I don't even know if it's worth it. People think it's going to get back.
[00:30:39] Speaker A: Up to a certain level. I don't think that it will, but it's up to you if you want to jump in on that.
The last piece that I'm going to talk about, and it's a wrap up piece, just more is around Ben Armstrong. And I'm not going to criticize him. I'm calling to attention something that he said because I don't know, again, maybe it'll help. I know he doesn't listen. It's fine.
On a recent live, he did, he did a live and then he did a short video. And on the live, I'm going to say this, and it may offend him or others, but I'm saying it because.
[00:31:15] Speaker B: I like to look at body language. As I said about that idiot on Zen crypto, body language, it matters. You can use body language and you can make an assessment of what it.
[00:31:25] Speaker A: Is that you're seeing. So on his, I wouldn't say he wasn't himself, but he certainly was rattled. There's a lot going know. Cassie's father, I believe, passed away and other different things. But he was talking about the hidden money, this and people coming out. And then he released a regular video, non live video that he basically said, people think I'm hiding money. People that I allied with, they're all against me. They're coming after me. Somebody's watching me. There's that. And then he basically said, I'm done streaming. My streaming is done. I'm done with it. And his performance, and I'm going to describe it only as a performance, not knowing for sure that it is acting. But the way he was performing is what I refer to his performance.
It convinced people. It convinced people that he was quitting the business and he was done, and he had cracked. There were some people that speculated he might even be suicidal. I don't think he's suicidal. I think it was a performance, and I think it was performance art. I think he was doing it. It's a fallacy, appeal to emotion. Fallacy. What you're doing is you're doing something that appeals to the emotions of those watching and it should engender sympathy. That's the theory behind what I saw anyway. I didn't see.
Certainly a lot of what he was saying is actually what happened. I'm referring to his reaction to it and the very visceral nature of it. I don't buy. Could be legit, but I don't buy it.
[00:32:53] Speaker B: I think there's something there.
[00:32:54] Speaker A: I think it's performance.
[00:32:55] Speaker B: Like Snoop Dogg saying, I'm quitting the.
[00:32:58] Speaker A: Smoke, please give me my privacy at this time. And I said, I don't buy this know it's performance. It turned out.
[00:33:04] Speaker B: It's just a smokeless grill or whatever the hell it is.
[00:33:08] Speaker A: That's what I think this is.
[00:33:09] Speaker B: I think it's something that's in the roots. I do think that there's things going on for sure. I'm saying his performance only exaggerated.
[00:33:18] Speaker A: Maybe that's the best word, exaggerated for what it is.
[00:33:20] Speaker B: But he said something.
[00:33:22] Speaker A: He said to do his stuff, his studio. And I'm going only off of what I saw. And just based on what I saw, he said his setup cost him $25,000 a week.
$25,000 a week for that.
Even if you look at the old bitboy crypto setup, there's an alternate angle you could see it's literally just a board put up behind a thing. Now, obviously there's rent, right? If you'renting a studio, that's a thing. That's a monthly charge. It's not a weekly, usually, right, there's staff, no problem, but usually they're not going to be on the super high end. Unless it's like the videographer. I didn't see advanced video on this business, but his current one, I didn't see that he has any of that stuff. He might have a studio. Let's say it's, I don't know, $3000 to $5,000 a month. That's not 25,000 a week. I don't see where there would be staff. I mean, jeez, his freaking sign that has his name is just one of those signs. You could buy from Amazon for like $30.
I didn't see $25,000 worth of technology in a weekly basis. I didn't see it. If I calculate all of the hardware that I have together.
[00:34:38] Speaker B: So that's the tower that I built. Because I built a specific tower for this, this business. I just bought the camera, which is.
[00:34:46] Speaker A: Currently not being used.
[00:34:47] Speaker B: And then I bought a second camera for alts, and then I bought four monitors because I had to do that for a different reason. Scanner, which doesn't apply to the show, but I had to do it for other reasons, to get what I needed. Setting up the business, the Internet, which I just upgraded to five gig Internet, by the way. And then I had to buy new hardware for the networking because none of the consumer stuff goes past a gigabit ethernet. So I had to get all new hardware stuff. Everything together. Everything together.
Maybe six grand. And I'm talking maybe. And that's a one time expense because you buy it.
And then if I take my services, right, I've got hosting services. I've got web hosting services I'm about to buy, Cyberlink service, software service. I've got the podcast stuff.
[00:35:35] Speaker A: I've got membership things, all of the different services that are monthly or annual services. Even if I add the radio cool tombs radio, no matter what I do, I can't get close to $25,000 even a month, folks. Not even close. Now, I speculate the vast majority of this may be people, but when I look at his presentation, I can't even find that. So if somebody knows, where's that money going? Because again, I speculated either he's getting ripped off, as in somebody's overcharging him for something. Salaries are just too damn high, whatever, because none of that translates in what I see. If he's getting ripped off. I mean, jeez, we got to fix that, bro. Because, come on.
On a weekly basis. Come on. Because you're not going to make anywhere.
[00:36:28] Speaker B: Close to that on a YouTube show.
[00:36:31] Speaker A: Now, maybe in the old days, but now, hell no. So part of his video, he was talking about the decline of views and the decline of likes and everything else, and somebody chimed in and said, well, you're streaming right at the middle of the day. People are at work, dude. All we can do is listen on the way home from work. So I guess it's like early afternoon, like when people are getting off work. So the thought behind the schedule, that affects that. But even if, let's say even if, because blaze does his at like 08:00 a.m. That would drive me nuts because that's when I start my work day. Right. I like the evening because usually you're off from work, you're at home, you're for family, or you should be, and it's quiet time. You got your dinner right around the dinner table, you turn on my show and there you go. But there's different time zones.
[00:37:17] Speaker B: I have people from international shores that.
[00:37:20] Speaker A: To be mindful of as well. And Ben might be considering that he might be considering international schedule. It's a challenge. I still maintain you're not going to get anywhere close to recouping a $25,000.
[00:37:32] Speaker B: A week expense with YouTube and all.
[00:37:35] Speaker A: The stuff he's doing, which caused people.
[00:37:38] Speaker B: To speculate that that might be the reason that the Ben coin, which isn't really a coin, but was on the tank because the theory was he was dumping and others are dumping to fund what they were doing. My message, and again, I know he doesn't listen to me.
[00:37:51] Speaker A: My message is this, I'm sorry, I can think of no. As a business owner myself, and I got multiple because I got cool tunes, I got cryptotalkradio. Net, I got combat talk, I got casual talk, and then my endeavor stuff. And then all the hardware that I do.
I see no logical reason that bill, on a weekly basis, weekly basis should be higher than maybe $5,000. And that's extreme.
That's like pie in the sky stuff. Even if I look at his video, right, the camera that he uses, I know for a fact he can't possibly be using the same kind of camera that Fudney Rodney cryptojourneys uses, which I'm pretty sure he's using a can. I can see from the quality of it, or like crypto Queen Tammy, I can see what kind of hardware you're using on the physical side. And then microphone. His microphone isn't necessarily the greatest. So where's all that money going? Is my point. It can only be he's getting ripped off somehow.
[00:39:03] Speaker B: Whether that's just overpaying people, because it.
[00:39:05] Speaker A: Doesn'T translate into what I see, I don't know. Beyond that, I'm putting it out.
[00:39:12] Speaker B: I'm not sold on the 25,000 a.
[00:39:14] Speaker A: Week, and something's going on that should probably be addressed, because part of this.
[00:39:18] Speaker B: Game is to conserve money, save money.
[00:39:22] Speaker A: Figure out how to pay the lowest.
[00:39:23] Speaker B: Amount of money to get stuff done.
[00:39:25] Speaker A: Hell, I was hesitant up to the m to even buy for Convivo, which.
[00:39:32] Speaker B: Is a different service that I'm building, that I pay a service fee for. That's our video streaming service that I'm building out.
[00:39:40] Speaker A: Even convivo. I was hesitant to pay the subscription fee because I wanted what I wanted. But I know what price I was willing to pay, and I was not willing to pay what it was asking. I eventually bit the bullet because I realized it didn't really matter, because with my endeavor, even if I were to buy it, I still make crap tons of money. And I had to stop worrying about it to some degree. But no matter what I do, like, all the different things that I'm doing, I'm nowhere close to that per week, man. I'm nowhere close to that per month. I'm not like, I'm really low on service things. And I would argue audio quality. My audio quality is bar none above what his is doing. When I was doing video, I would argue it was bar none higher than what he's doing now.
Where is that money going, is my question. I don't want to see, even with him, because some may not like him, I don't like to see people get ripped off.
Obviously it's only money, but you got to think it's not going to last forever. Especially because he's currently in the lawsuit business and he's got all sorts of legal stuff going on. The money goes, it goes. You learn to appreciate when the money is no longer flowing like it was before. And I speak from direct experience. 2021 and late 2020 and early 2022 were the worst of my entire life, period, point blank. And again, sometime on casual talk, I will tell the story of how bad it got. Because it got bad.
[00:41:08] Speaker B: I don't think I've ever in my.
[00:41:10] Speaker A: Life been at that level before.
[00:41:13] Speaker B: And it taught me, okay, I got to step it up in the money savings, money distribution, lower trust, certainly lower trust and just the hustle, getting on the hustle, getting on the grind and other streams. Which is why with my shows, I don't pitch like triad. If somebody wants to do it to help out the show, that's cool. If somebody wants to tip to help out the show, that's cool. It's not something I pitch because it's up to the listener. I have to give the quality first.
[00:41:45] Speaker A: I got to prove I'm worth paying for. The quality's got to be there and the quality's got to be, if not consistent on a regular basis, improving beyond what it was. If I'm not doing that, I'm not worth paying, right? So that's my thought. That's why I don't pitch triad. It's there in case somebody's interested. But I don't pitch it. I don't feel that I should need to do it. When I was on YouTube, I didn't feel the need to, I'll say, even beg for likes or subscribe this or whatever, because I felt, okay, if I'm good enough, they're going to do it on their own. If I'm not good enough, they're not going to do it.
[00:42:22] Speaker B: Okay?
[00:42:22] Speaker A: That means I got to step it up and I would consistently work to improve the video quality, improve the audio quality, improve the quality of the content, add some structure, add some layers. Ultimately, I'm a podcaster. The YouTube is just an extension was an extension. It wasn't ever going to be something I was going to consistently do for that reason. It was really just an extension show for updates and things. And it worked well in that regard. Podcast is what I do. Podcast is what I enjoy doing and will continue to do until I can no longer do it. Who knows when that will be so. All I'm saying is I had to learn when I hit my rock bottom, and it truly was rock bottom, I.
[00:43:01] Speaker B: Had to learn what the hustle meant.
[00:43:03] Speaker A: And I had to learn how to.
[00:43:04] Speaker B: Step it a little bit different than.
[00:43:06] Speaker A: What I was doing. And when I learned that what I was doing wrong.
[00:43:10] Speaker B: I'm not suggesting it's easy to go a different route. I am suggesting that if you're forking.
[00:43:15] Speaker A: $25,000 on a weekly basis to do.
[00:43:18] Speaker B: A live video on YouTube, I think you're getting ripped off. I think even if you were to freaking ask, let's Conrad Thompson, adfreeshows.com, I don't think even he would have that level of expense. And he's probably got one of the more high end setups. I'd be shocked. So that's my message. I stand by that. For everybody else out there, I believe.
[00:43:46] Speaker A: Cryptocurrency is going to go on a pretty strong run as soon as we get past all these tinfoil events that keep happening. I believe that some of the people in cryptocurrency that do coverage right now, they're going to be forced to change. They're going to be forced to switch what they're doing. They're not going to be able to keep doing the same thing they were doing. They're not going to be able to keep on skipping fundamental type things. And some of them are going to just go after the crap that's out there. And that's perfectly okay, no problem. I don't think it's sustainable. I think at some point they're going to have to deal with reality checks in crypto because it's easier to rip people off than it ever has been before. And I would not want anybody listening to me to get ripped off. That's why I'm always adamant when I see people getting ripped off about how ways to avoid getting ripped off. So all I had ask, all I would ask spread the word. If you think other people would benefit from what I'm sharing versus what they're likely hearing, spread the word. Because the more people that hear the right stuff, the better cryptocurrency will be. Overall, we're still going to have the kids where to say the word jeet and say the word keck. Can't get rid of them, but hopefully we can get smarter people that we can lead the pack right, lead the way forward to a better cryptocurrency for everybody. That's my dream.
[00:44:58] Speaker B: That's my goal.
