[00:00:01] Welcome to Crypto Talk Radio, the podcast for everyday investors like you. Visit us on the
[email protected] and now here's your host, Leister. Thank you for that, Bailey. And welcome everybody out there on Crypto Talk radio,
[email protected] we're getting close to tax season, folks. We're getting to that time. Money's going to be due, need to pay the tax man. Some people are in areas still designated as disaster, like Florida, and so you're getting a reprieve from the irs. If you're in one of those disaster zones, be sure to check your local IRS for information. But the point is that the regular low people, you know, you're still going to be required to submit that form of information that they already have. And of course, you need to include cryptocurrency profits because that has not been fixed or changed. I would recommend that you start gathering up all your paperwork because that's going to start hitting here soon. I will have to do that. Mine's going to be painful. Mine is going to be brutal. Simply because I own my own business.
[00:01:08] And as I own my own business, the amount of money that I made, arguably, I want to say, yet it, I believe it tripled at a point. And then now it's kind of settled back down into a groove and I'm trying to think, but I, yeah, it's about, it's about doubled. Yeah. So I'm gonna have a little bit of pain because, you know, I pay taxes on a regular basis. It just goes out of the account. You know, I pay a thousand a month in taxes now. And once I get this filing, I'm gonna bump it up to double to 2,000amonth in just taxes alone. Because I make a lot of money and I'm not gonna have a lot of deductions. I mean, I'll have some because I've got the relocation expenses, home buying expenses, business regular expenses.
[00:01:56] There's also some other deductions I may be able to claim. I'm not sure, but I'm gonna try. I don't want to run afoul of the irs. And some of them because some of them are kind of weird one off things that normally I would have claimed, but in the past it's, it's been like, yeah, I'm not really sure. So it's going to be a big deal. I usually kind of sequester and it's all on a tower that's sitting, it's plugged in, but it's sitting off the side because I just changed desks and that desk is not big enough for what I need to do. And I need to. I'm not gonna be able to use my MacBook, which is what I'm using to record for you guys. I'm gonna need that tower because it's got all my tax software as well as my historical to import. And everything changed since the last time I did taxes. Everything's changed. The address has changed, the business address changed. It's all different. So I've got to. And then I've got to go on the site and pull an id. So it's going to be a pain. Brutal. And I usually am done for a day. Like, I don't do anything because my brain is frazzled because I do my own taxes. For those that didn't know, we're going to chat some cryptocurrency things. I got some news bits. I am going to do a basic 101 because I want to make sure I keep up with that steam.
[00:03:09] So I think we're good. I'm going to chat it up, see what we find. I'm not too worried myself.
[00:03:21] CoinDesk.com and we're going to go ahead and zoom out to the month chart and we are going to start with Bitcoin because I saw something and with what I saw, I didn't think was a bad thing and I thought that I would share my sentiment shift, which may differ from all the other YouTubers telling you completely opposite information, but it's based on what I saw of Ethereum because as I said, for me, Ethereum is the marker for where things are generally going to go in the big picture. But with, with Bitcoin specifically, over the past 24 hours, a low of 86,000, a high of 80. Just sigh. 89,000, currently hovering just shy of the 88,000 limit and in a slight upward trend direction. And then we jump back over to Ethereum, where over the past 24 and you know, high and low is roughly within this, you know, 2000, 2100 range. And that's where we are now. And it was middling, it was stable, it was not up, not down. I looked at that as a positive idea. I looked at that as that means we might be heading back up and we're finally done with some of the dump pressure. I also saw an article about the idiot Vitalik, the rug puller, and rumors that he might step down. I think that would be a bullish thing. But also there were a Lot of people buying into Ethereum. There was the Ethereum ETF where there was going to be some inflows headed, you know, your way if you bought in as well as allegedly. So there's this world, Liberty Financial, they're going to be launching a stable coin. This is this. They put it on X, they're going to be launching a stable coin, it's going to be on Ethereum. That's going to cause a little bit of a run, not too much. But we have to look at what they pair with. Obviously their own token is probably a given, but are they going to pair with all these other things as a potential source? Well, it's going to be on Ethereum and Binance and I was happy to see they did not do Solana for that. Some people were pissed off that they didn't choose Solana because, you know, they want to roll the dice on some Solana garbage. And Ethereum seems like it's the standout idiot. Vitalik himself made a point. You know, the Ethereum chain, it's not been, you know, there's not been a DDoS attack. We've not been down, you know, like Solana's been down. You know, we haven't had these major issues that you see with the other chains, and that's why we're so expensive, is because we have a massive team that keeps the engine running. And the counter argument is that means there's a heavy, a bit of centralization inherent with Ethereum, especially when it went proof of stake. Speaking of this transition to proof of stake, the SEC recently confirmed that proof of work mining is actually exempt from securities law. Clarify that they're free from securities laws. You're really focused on network security and validation, which has always been the argument about proof of work. Proof of work is the more secure form of network transaction handling. It also has always been the more reliable and secure method of transaction validation, certainly compared to proof of stake. Now, part of the issue and part of the conversation way back with the same idiot Vitalik, when he moved away from proof of work, was his belief that proof of work would potentially run afoul of securities laws. And there's an update that I did a little while ago about an image that talked about unregistered securities, that Ethereum was essentially being given a free pass even though it was an unregistered security. When it went to proof of stake here we now have the SEC coming out saying, you know, it's fine if you want to do proof of work.
[00:06:59] Now, this is long after the fact, we've already rushed away from proof of work, which killed the business, the mining business.
[00:07:06] You know, you still have Litecoin. You obviously saw Bitcoin. Bitcoin's difficulty sky high. Litecoin's difficulty sky high. You don't have significant amounts of chains where you could do regular mining like you could do with Ethereum back in the day where it was significantly profitable. Again, I told the story during my lowest point. I had a very low point where I wasn't making any money whatsoever. None. I was not employed, I was not getting any clients. Pandemic, everything was down. I was reliant in terms of sustaining myself. I was relying on $3 a day in mining profits. That's all I was making that then I would put to Coinbase and I would use the Coinbase card to just feed myself or get a cup of coffee. That's how bad it was for a while. The point is, we're long past this era where you could make $3, you know, on mining per day. We're, we're way past. I'm talking with my computer. We're not talking to asic, you know, we're talking just a regular PC that was proof of work. When Ethereum's proof of work, it was profitable. $3 a day is no chump change because I didn't even have the highest end PC at the time. That was my gaming PC that I still have. I think I was doing a little bit of it on the PC I was talking about for the taxes. The point is, after he goes to proof of stake, it kills the business. Mining has never been anywhere close to profitable, even with an asic. Unless you're on the high end of five figures and you have multiple of them. Well, at that point it's hard to justify doing that. And so for me, I said, look, I, you know, I don't agree that you did this decision to go into proof of stake. And I think you should have stuck with proof of work, didn't do it. And it is what it is. So now the SEC is basically saying, look, there's nothing really wrong with proof of work. It does not violate, you know, the securities laws as previously thought. And a lot of that was around the Howey test.
[00:09:05] And some people were saying, this is an administrative task, it's not an investment contract. So how can it run afoul of the Howie? People have been saying that. But of course, you know, Gary Gens was like, it's the law and would never explain it. Now we have Clarification. But it's already too late. We've already killed the business. And it doesn't seem like any of these other chains, like even if you had another chain that came that's going to be proof of work. Many of them, it's going to take years for them to get back to any sort of level. So it's just unfortunate that it took so long to get some clarity about that business. Everybody right now then is jumping over to like Bitcoin because bitcoin is what was running at least for the short term until things run over to the side.
[00:09:48] I don't know where if there's going to be any revitalization of proof of work chains. I always felt if there was any way Ethereum could get back to proof of work it would immediately cause it to thrive again. I honestly believe that and I still believe that now. Whether it does, I don't know that for sure because once again it doesn't seem like there's any appetite for it even if it was technically possible. And they're kind of moving forward with stake and everybody's as so you know, it is what it is. It's only for the rich mother fathers that mining can be a thing and most of them are jumped over to bitcoin. Speaking of Bitcoin, GameStop's gonna be adding bitcoin to his treasury. The board has all approved it and says yes, we can go ahead and add bitcoin as part of its deal. And of course this has helped the bitcoin price a little bit and it helped the Gamestop stock a little bit. Obviously GameStop stock has that halting because of the stock market. Things get halted when they start running up a little bit too fast. Fortunately we didn't have significant runs on bitcoin as a result. You're like, why is that fortunate? Because I think that GameStop's decision is ill thought out. You're like, why?
[00:10:59] Part of the problem with GameStop is they've not solved the fundamental issues in their business model. When the GME stock. So this is the, the Wall street bets on Reddit. The GME stock starts getting artificially pumped like that movie amc, the movie theaters. When they start getting artificially pumped, it didn't sustain because these have not fixed the underlying issues with their business model. So my concern with them getting bitcoin on the books is well, what if they start dumping it when they start crapping again? And then you're going to hurt the business. Now I don't know how much they're going to get. But I'm always concerned because they don't seem to understand how this really should work, which is you should not be doing what you've been doing. I, I think I conceptually understand their thought process, but I'm just not a fan of it. And I wish that they would not, that they would not go because they're, they, they're not fixing the business model, they're not fixing what caused them to crap in the first place.
[00:12:01] Once they fix the business model, I got no problem with it, but I just, I felt like it's an excuse to dump on Bitcoin some more and cause more cell pressure. That's why I was kind of hesitant seeing it. But it did seem to cause a little bit of run. So who knows, maybe I'm just one guy in the corner.
[00:12:18] I also was concerned potentially about the risk, since it's GameStop of some insider trading that might happen and since it's cryptocurrency, that they would be absolved of any sort of liability in that matter. Especially because we're kind of in this weird middle space with cryptocurrency. Speaking of insider trading, Binance suspends a bunch of people and bands market making to tackle insider trading and manipulation, saying they're trying to help. Finally. Now this is binance.com by the way, trying to finally crack down on something that's been a problem for a very long time. But this is specifically around the move token. This is not market move.
[00:12:57] This is movement which had some unreasonable pumps. They identified there was an employee that was engaging in some front run bots and this allegedly was using, you know, privileged finance issued account information to be able to do this. So they were basically benefiting off of being a Binance employee with some of their trades which they considered unethical. This person allegedly was in the business development side on the BNB chain that gave him access to upcoming launches of tokens before they came out. Can you imagine? Right. You're in some sort of exchange and you this exchange is aligned with one of these blockchains and that blockchain has inside information about upcoming launches right there. You're talking about a pot of gold. You're talking, I can just get in on all these sketchy, you know, pump gamble projects early on, like Del Rug, pull a K del crypto right from the jump benefit and then dump it immediately. Who knows, maybe this person was involved in Hotchka, that was Ethereum, but maybe this person was involved in that. Like we just don't know, we don't know how far this goes. We know that this person was doing this on a large amount of tokens. They were spreading across multiple wallet addresses and they were using their powered accounts from Binance in order to make these trades and manipulate the market specifically for the move token as well as some others that they expected were going to happen. It doesn't surprise me. I, I expected that was going to happen. I said I expect it was going to happen. I didn't think there was going to be any sort of a thing. And since it's binance.com if you were in the United States, you might have been wrecked because it might have been some token project. But because it's United States, you can't get access to binance.com unless you do a sketchy VPN. So that made it even worse in, in my opinion on what they were seeing. Speaking of what's going on in the United States, Tornado Cash goes on a major pump after the United States removes them from their sanctions list. Of course, the Tornado Cash was at one point considered this is a, a dangerous tool to use it for money laundering, use it for criminal behaviors, etc.
[00:15:10] Well, on March 21st, the OFAC. So they're, they're the ones that deal with the anything that has to do with foreign assets and foreign assets control and foreign assets transfers and illicit use of money by foreign entities removed a bunch of wallets from this. So they basically said, look, we're no longer going to sanction the use of Tornado Cash because at the time Tornado Cash was being used in order, it was legitimately being used for criminal activities. So we're not talking something where it was false. It was truly being used for this illicit activities. Their counter argument was similar to Kim.com and Mega. You can't control, we can't control any of that stuff. It's just a tool. We're not doing anything. And by you doing that, you're basically calling everybody criminals. And they did that because of course the United States government wanted to do heavy tracking and stuff since everything shifted now. And so now the focus is really on North Korea. It's not on United States citizens who are otherwise legal. Remember, Idiot Vitic, the rug puller has used Tornado Cash himself. And so a lot of people jumped for joy when this happened. The token around Tornado Cash, which is the torn token, jumped a whole crap ton because they saw this as a big win. Many people need to thank Donald Trump because some YouTubers were criticizing Donald Trump and praising Joe Biden, saying that Joe Biden started the run to crypto. And of course, I had to clarify for some of those idiots that, no, Joe Biden didn't do shit. It was really Donald Trump and his arrival that's caused a lot of these governmental agencies to bow down to the master. Speaking of bowing down to the master, Donald Trump, allegedly, this is alleged. I don't know this for sure. Allegedly the Trump administration is working on using blockchain technology to overhaul usaid. Of course, USADE is where Trump and Doge with Elon Musk went in there and saw a bunch of fraud and wanted to cut stuff down and has actively been working to try to renovate all these different agencies. They're currently with the Social Security Administration. That's going to be a whole nightmare or whatever. But allegedly the thought, and this is nothing disproved, but allegedly the thought is to use blockchain and the concept of public ledger and transparency to be able to combat fraud, overhaul the whole system. So not get rid of it now, but to say, let's start over. Let's use this so that it's transparent about where aid's going and how it's going so we make sure that money's not being improperly used or improperly exposed. Which I thought was really cool when I saw it. Now, whether or not it's going to be a thing, who knows? But I thought it was cool to see it. Now, the downside of this, if you're going to do that as a blockchain technology, which blockchain do you use?
[00:17:56] I would assume they're going to use, like, Ethereum, which I think would be a big mistake. Like, if you're going to use something like that, in my opinion, you know, I would want to see like, Phil Coin or something else that is not necessarily Ethereum that has a little bit more independence to it, but still has the traceability, it still has the viability as a blockchain that supports what they're trying to do. I just, I'm not a fan of going YOLO into Ethereum on all these different things. But that's, you know, that's me. I stand alone in that regard.
[00:18:27] I just feel that there's more that I would like to see other than Ethereum, I guess that's not been tapped. Like Avalanche would be a good one, but I don't know that it's built for that use.
[00:18:40] Personal opinion.
[00:18:42] Now, let's close out our episode with our basic cryptonomics and with this one, this one's going to be pretty simple because one I don't want to say complaint, but one concern raised by certain listeners was the idea that some people find CryptoTalk FM either through a friend or family member or they just stumbled across this because we're everywhere. Area codes or however that works. We have a really good following on Bitchute. Thank you for everybody listening on there. We. But I often get the question, you know, I'm trying to just get started, right? They're at the basic level. When I say basic cryptonomics. That's why I'm trying to slowly inject that concept back into the uploads. So they're just trying to get started. They don't really know where to get started.
[00:19:28] That's what today's episode will be. It is. If I wanted to get started, how would I get you started? Well, first, it starts with understanding. And you might.
[00:19:40] It starts with understanding. When I say understanding, I mean you got to understand what you risk, what you stand to lose, and what you stand to gain. And you have to make a decision. People should not be trying to decide for you. And you have to understand how risk really works. Risk works that you accept when you make a decision that puts you in the red. That's risk. Okay?
[00:20:06] You might put yourself in the green, but I can guarantee you, fresh out the gate, you're not going to. Okay. Because we're already past that era. We're already past that era of sudden wealth, the lottery ticket era. As I describe it, we're past the time. So you must understand you're going to lose money up front, which is why you'll hear me at least say, don't put more than you can afford to lose. It's got to be throw away money. Don't depend on that money. Don't put money that you're going to need in the next month or two or three or four. And it should be a small amount because you're. You have to learn this, right? It's learning. It's mastery. It is embracing technology, but it's also patience. It's tolerance, it's frustration. There's a lot of different emotions that will go through you in trying to get into cryptocurrency. So the first step is you need to understand, learn, listen, absorb.
[00:21:07] Don't act first, learn first.
[00:21:11] Now, once you understand what I'm embracing, you say, I'm ready to take the leap. Okay, I'm ready to get started.
[00:21:20] You are at the right time to get started. The clean way. What is the clean way? The clean way are the ETFs Bitcoin ETF, Ethereum ETF. You can find ETFs anywhere you trade your stocks anywhere. If you have a 401k anywhere. If you have an IRA, I guarantee you it's somehow available to you. All you got to do is search Bitcoin, search Ethereum. They may have some variation on the name, but you'll find them.
[00:21:50] The ETFs allow you to invest money that you probably already have available in something that you can use to tiptoe into it. Now you're not holding the asset when you do that. What you're doing is you're benefiting from the price movements as you would any other stock, any other bond, anything else.
[00:22:12] But it also allows you to watch price. It allows you to confidently put money away. Let's say you do have a 401k, right? Your employer puts their paltry 3% and then they match your 3%. So 6% of your money and your checks going into it. So it's compounded, right? If you add those assets to your portfolio through that, assuming they allow you to do. Some do, not all do, but most do now, like Fidelity for example, Schwab. If you do that right, you're doing a compound. You are essentially DCA without even having to take any action. It just automatically happens. You establish where your investment money is gonna go just like you do on your normal portfolio. It's just that this is one asset class that you're adding to your portfolio and it becomes part of the piece, right? There's, you have your small caps, your large caps, and you know, those, those different types of asset classes. This is just one asset class you're either adding or replacing. I wouldn't recommend replacing one that you're confident in, but maybe you have a low performing one that you want to try something a little bit different. I want to stress though, even with the ETFs and slicing it this way, please make sure you're not just yoloing into it. Don't dump, you know, more than X percent into the thing. Make sure it's not a significant portion of what you're investing in your portfolio. It should be a reasonable amount that you're okay losing. And it's going to go in waves, it's going to go up, it's going to go down. And you'll find these are quite volatile. You'll see drops and that's why you should not put a lot in there so that you're not affected when you see, you know, if you tossed 5,000 bucks at thing it's perfectly realistic that you would see would drop by half. You can't freak out, but if you put that much in there, you're going to freak out. Especially if that's the vast majority of your portfolio. That's why you shouldn't do that. Start small and just have a small percentage, maybe 10% or 50%. It's up to you what you can tolerate. I'm saying that make sure it's small so that any impacts you don't feel. The reason that's important to start with is you now have to train yourself not to overreact to price movement because it's not permanent. That's why it's called impermanent loss. It's not permanent, it'll regain, but it takes time. That's where the patience comes in. Using it the ETF's right as your start point allows you to train yourself to be numb to these price movements without that risk of going straight to the asset. That's why I'm suggesting strongly that you consider the ETFs first you get the exposure to cryptocurrency without the inherent risk. Okay, Once you've kind of mastered I understand what they are, I understand how they work, I understand the volatility, I see the price shifts and the price movements. Now you're ready to actually take the leap if you're confident. But this is that breaking point. You have to accept now it's a wah wall west and all bets are off. I'm not protected by the government, I'm not got any insurance. If I lose it all, it is what it is and nobody's going to help me. It's not like in your bank where you got some protection. In the raw crypto you won't have that and you have to be cool with it. If you're not cool with it, stay away from the raw crypto. Let's assume you say you're cool with it. Okay, if you're cool with it, then the first thing you must do in order to get cryptocurrency is you need to get a wallet. The wallet traditionally wants you to be a mobile device, phone, tablet, whatever, but there are ones that are on computers. There's tons of wallets out there. I'm not going to recommend any one of them. I'll just give you a list of ones that are the most common ones out there. Metamask is the most common one. I think it's crap, but it's one to consider. Coinbase wallets. One out there I think it's crap, but it's one to consider. There used to be Bitget wallet, it got banned for the United States, but if you're not in the United States, apparently it's still or one of these allying countries, it's still a viable option.
[00:26:32] I prefer Alpha wallet, but it hasn't been developed in a very long time.
[00:26:37] These are what are referred to as multi chain type wallets. They allow you to do an entrust wallet. They allow you to do multiple different wallets for different blockchains within one user interface. So rather than having a separate, you could do it the other way if you want it. But rather than having a Solana wallet and a bitcoin wallet and a Ethereum wallet and you know you would have one way to one place to go and trade on all these chains. Some people prefer that, some people prefer the different wallets. If you knew what you wanted to get into, let's say it's bitcoin, you could do Mun Wallet, which is Muun. That's a decently good bitcoin wallet that I've used on occasion. I don't use it anymore, but I've used it on occasion. There's one called Coin Wallet on the Apple store that's a pretty bare bones basic. It's actually a multi chain wallet, but it's a really good bitcoin wallet. Supports lightning, etc. I'm not going to bore with those, but that's the other piece. The wallet you choose should correlate to what you want to trade. Sometimes if you just want bitcoin, that's it, you can get away with a simple bitcoin wallet like a mun and be cool and sometimes you eventually want to trade other things and you might get a multi chain wallet now with Bitcoin and this is specifically Bitcoin Bitcoin on the majority of bitcoin centric wallets, not Trust Wallet, but other ones that are bitcoin centric wallets, what they'll do is they'll issue you a different address for receiving cryptocurrency each and every time. I'm not going to bore you with the technical mechanics of what that's doing. Suffice to say, it's to help ensure your privacy and there's a whole methodology behind why they do it and how it correlates back to you then. But this wallet address that I'm referring to is a public wallet address. The public wallet address is simply what you would give to a central exchange. If you buy it from there to somebody who's going to send it to you or something else for them to send cryptocurrency to you. Sending cryptocurrency to you from whichever outlet is the only way you can get it. It's not like something you can walk into the bank and transact under the hood. There are private keys. You don't have to worry about the private keys, except you should create a backup of your private keys. If you have Apple devices, you can put them on icloud. If you have Android devices, you can put them on Google. I don't recommend you do, but you can. The highest recommendation I can offer you is to take what's called your mnemonic. Starts with an mnemonic phrase, your secret phrase, your seed phrase, there's all variations of a theme and write it down. I know some of you are against pen and paper, but I would strongly recommend embracing the idea of pen and paper. Writing it down, tossing it in a vault and putting in a safe deposit or something that is physically secured. Because if you lose that key, you will not be able to restore that if your device dies. And as we all know, mobile devices are pretty much programmed to die at some point. So if that happens to you, you're going to lose all your assets to your assets. I say that because it's important to understand when you're fresh new, it's no different than a physical wallet. If you were to leave your physical wallet laying around somewhere, somebody's going to pick it up and they're not necessarily going to be kind enough to give it back to you without taking some money out of it or your cards. So you should look after it the same way you would do a physical wallet. The private key is and mnemonic phrases, seed phrases, etc. That should be secured and never distributed, never given to anyone. I would recommend writing it down. You also could do a cold wallet. What's referred to a cold wallet is a physical device, usually plugs in or might be Bluetooth or might be NFC to your mobile device and it allows you to store the cryptocurrency in a form where it cannot be directly accessed without some extra hoops. I'm not going to bore you with the technical details of that because in my opinion going to cold wallet is an advanced next step. I would start with a regular wallet again, like a trust metamask, coinbase wallet, you know, whatever in the short until you get used to basic transactions.
[00:30:57] Once you've got a wallet established and it's not that hard to set it up. The vast majority of them do not require any personal information of you. You just create it and write down your phrase. Once you're ready to go, you're ready to transact cryptocurrency as you see fit. There is no age restriction to cryptocurrency. I would recommend if you want your kids to get involved, you somehow insulate them from being able to do it directly. I'm not going to spend time on that. I'm just saying if you choose to let your kids get involved, try to protect them best you can. Please.
[00:31:30] I don't recommend it, but some want to do. That's fine.
[00:31:34] But once you have the cryptocurrency wallet, your next step is to identify where you're going to get the cryptocurrency from. Now, most of these wallets, like Trust, will offer an interface where you can buy cryptocurrency on your credit card.
[00:31:47] To do so, you have to go through what's referred to as kyc. KYC means know your customer. Know your customer is no different, unfortunately, than what you would have to do if you were creating a bank account. At a bank, you'll have to usually upload a copy of your photo id. Sometimes you'll have to use your. If it's a cell phone, you have to use your cell phone camera, take a selfie, provide identifying information.
[00:32:11] Some of them are verifying it, some of them just document it, and then at some point they'll open it up and then you can do the transactions. The same would apply if you were going through what's referred to as a centralized exchange. I would recommend in the short, until you get your feet wet. Start out with whatever the wallet offers for purchasing cryptocurrency within the wallet, because those have already been cultivated to be reasonably safe. They're third parties and they've been vetted and they're used across multiple wallets, so you can generally trust them.
[00:32:43] Once you get all that set up, you can choose how much you want to purchase on the card. After you purchase, it takes a few minutes. Some of them take up to an hour. Then you'll see the cryptocurrency appear in your wallet. All the wallets present you a equivalent dollar amount for what the cryptocurrency is expected to be worth using current pricing. Now, the pricing is where you have to be careful in how you react. You're going to see it go up and down. Given volatility in the market, you can't allow yourself to be tripped over or upset or angry or sad because of price movement. It's happening all the time. Because cryptocurrency is a 24,7 operation and because cryptocurrency does not have any international borders. When you're talking the stock side, it's bankers hours. What is 6am to 3pm for trading on the Pacific time zone and some stocks are isolated to certain regions and you have halting in place and you have price controls. There's all these checks and balances on the stock market side that don't apply on cryptocurrency where on the stock market side you only see very gradual price shifting. On the crypto side such is not the case and you will have to train yourself to understand price will move all the time. You should not stare at your cryptocurrency all the time. It'll just stress you out once you kind of mastered okay, I know how to set up a wallet. I know how to purchase with my credit card and I see it's in the wallet and I see how it goes and I'm watching the price movement. The last step, and this is just for the getting started. There's more to it, but just to get started, the last step is to acclimate yourself to the various tools out there designed to help you watch price movement and track price movement and do more research. The wallets themselves offer some basic graphing mechanics. Almost all of them let you link to some of these other tools that I refer to such as coinmarketcap, which is coinmarketcap.com or coingecko which is coingecko.com there's also dexdex screener.com there's dex d, e, x check, AI etc and so on. The point is there's various of these tools where you get a wide array of different cryptocurrencies and their data so that you can make your own decisions about your not only your current portfolio, but other cryptos as well that you might consider buying into and the state of the market and where things are going.
[00:35:21] It's going to be overwhelming the amount of information that's out there simply because you're new to it. Your job only is to familiarize yourself with what data is available.
[00:35:30] Later you'll want to make your own decision about what you do with that information and that's entirely up to you. Nobody can make choices or decisions for you. You'll have to make up your own mind at some point what you're going to do with the information given. Hopefully that's helpful and Beneficial to people. If you have any questions, feel free to reach out. CryptoTalk FM, hit the contact form. I do have to verify that's actually working correctly and just let us know and we're happy to do that or hit a comment and that's fine as well. But you know the big picture of all of this that I'm referring to in the getting started. It's. It's easy once you're in, but there's a lot to learn. That's why you can never master. There's no person who can do it all in one. They'll do the cut editing garbage to try to cram it all in there, but you're not going to retain it. The only way you're going to really get it is to go in and do it and don't be afraid of it. As long as you don't toss significant amounts of money in it, you're fine. And understand it's trial and error and understand you're going to lose up front. Long as you can grasp all that, you'll be fine. I promise you. Can it be a rewarding thing? Absolutely. Can it be a damaging thing? Absolutely.
[00:36:40] No matter what. Even with Bitcoin. But the, the by and large is we have a President United States that's pushing to embrace cryptocurrency on a wider scale. And that's good for everybody. It's way different than what we had under Joe Biden. That means, like I said, it's the right time if you were going to get into it. I just said I would recommend starting with the ETFs, because you can't really go wrong there. I think everybody should have the ets, in my opinion, as part of a portfolio, diverse portfolio of asset classes, not all of it, you know, a small chunk that's part of a larger set of portfolio, you know, entries.
[00:37:16] Because to me it's the sky's the limit now that our president's really supportive of it. All that said, though, it's within your financial tolerance. Please do not toss every last dollar you have at anything. You'll be tempted to do it. Please don't do it. I would also recommend not listening to various YouTubers that are trying to tell you what to buy, because if you do that, you're going to fall into a trap, especially if you have that gambling bug. I would recommend you try to force yourself to decide what makes sense for you and not let anybody else tell you which cryptocurrencies make sense for you, including me.
[00:37:52] Make your own mind up. Whatever makes sense. How do you know it's all about your tolerance? Look at the price movement, look at the volatility. You hear me? On my show, if you listen for a while, I always start with the month chart, and I always look and see what's the pattern that I can kind of sense. Is it going up, is it going down? And then signing off? Buy when it's red, sell when it's green. Buy when it's red, sell when it's green. Not the opposite. The opposite is a trap. It's a scam. You'll learn that, too, because you're going to be tempted to do the opposite. And then just make sure you come back, get back.
