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#Crypto #Cryptocurrency #podcast #BasicCryptonomics
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Episode Transcript
[00:00:01] Welcome to Crypto Talk radio, the podcast for everyday investors like you. Visit us on the [email protected]. dot and now here's your host, Leister. Thank you for that, Bailey, and welcome, everybody out there on crypto Talk radio [email protected] dot r Kelly once recorded a song, happy people, this I will refer to everybody listening as happy people, although it's probable you're not happy because you're looking at the charts pissed off or frustrated or confused. And I'm, there's nothing I can do about it. I'm not going to taunt. I'm not going to be negative. I'll share what I can. I'll tell you that I don't know a lot. Everything is just kind of off the cuff thoughts, because I, to be honest, don't follow crypto as close as I, you might think I do, I just don't. So I'll share my thoughts best I can. Here's the personal update, just so keep you in the loop. And if you're new, welcome, by the way, this is what I usually do. So I, you know, the house is done, closed. I got keys. I'm in this business, and I'm doing the renovations. I've got the acoustic panels up. That's why I sound like a pimp right now. I'm using actually one of my backup computers. This is not my primary computer I normally would record on. So I have a MacBook, and it's like my secondary device, you know, if I'm sitting on the couch or something, it's my secondary device, but I'm starting to use it more and more for these one off things. And my regular computer is still back at the old place. The plan is to go this weekend, coming up, finish the clean out, get a junk hauler, get all the other stuff that I was frankly too lazy to get, you know, I've got, but there's not a lot it's going to fit in the car, so I'm going to take my primary car if they'll feel like giving the damn thing back. I have it in the shop getting some repair work that was needed since I bought the car. And apparently they're going to be able to fix these things. I just need to know, you know? Okay. First, let's get a diagnostics of what the real problem is here. Once I get a diagnostic and they can tell me what that is, we'll get it fixed. Now, they did lie to me, and I was kind of pissed off. About that one. I let them slide on it, though, because I got other stuff distracting me. I got the electrician out here. They took care of all the outlets. There were no grounded outlets in the vast majority of the home. So that's fixed. Switches are fixed, the external lighting is fixed. I've been hanging up replacement ceiling fan lighting and the whole nine. So my house is going to look sharp by the time it's done, and I'm starting to like it as a house. It needed some work. It's rough, and I'm going to fork over some more money for a new h vac. The h vac works, but it's old, yellow. It's about to die. So I'm going to have to be spending quite a bit of cash here soon. And as I said, you know, my endeavor pays me a lot, so I'm not worried about it. And with cryptocurrency off the side and seeing these dips, crazy dips, like the one we see recently, it tells me I made the best bet, you know, of not relying on it to make money. Some of you might, and I understand, and I'll do the best I can to share what I think might be going on. Don't hold me to nothing, because I have no inside information about what's going on.
[00:03:17] Coindesk.com and we're going to zoom out to the muth chart, where everything took a turn for the crapper, starting with bitcoin specifically. Not too long ago, we had passed the $70,000 mark. Some of the analysts online, or those that fancy themselves to be analysts, predicted we were on our way to 80,000. Do, do the industry disagree? The industry felt like we need to go a little bit more down, and we started heading down multiple times. And some of this is, I believe, in my opinion, temporary because of what's happening with the fed and the rates and uncertainty about things. Some of this, I think, is strategic, as in there's a concerted push to keep things in a kind of a lower state. Again, I am just simply shooting off the cuff. I have no direct evidence of anything I'm sharing. I'm going off the cuff of what I think is likely contributing, not the sole cause. I use multiple things in play, but I do think there's a concerted effort to keep prices somewhat down or push them down. I do think there's the sentiment, you know, in the air, not, not knowing really what's going on. I do know that there was some liquidation, significant liquidation activity, to the tune of roughly $500 million of liquidations that happened very recently. So I again, I think it's multiple different things all playing in at the same time. Do we go back down to the 12,000, you know, dollar mark for bitcoin? Absolutely not. I think those days are gone, but who knows? I don't think so, but who knows? Meanwhile, I did notice some of the garbage out there, the so called vol coins. I noticed that some of the garbage out there got even worse of a hit. And I also noticed that there was a lot of binance activity, binance.com activity in the term of selling. So a lot of these garbage tokens were being sold off for this first digital USD token. And I did see, apparently, that ZK sync was going to be listed on Binance. I thought it was already there, but I don't have access.
[00:05:24] This then caused what I theorize might be some dump outs of some of these other garbages to stack first digital USD in preparation for this launch on Binance. I can't say that's the case or not, but it would seem to correlate to the price movement that I saw. Meanwhile, on the Ethereum side, which again, normally, not always, but normally correlates to what bitcoin is doing in terms of price direction. Ethereum, a low of roughly 3400, a high of 3500. As I record this trending somewhat around the 3500 ethereum got, it went down, but it certainly did not crap to the degree that bitcoin did, and it seemed like it was able to hold the vast majority of its level very well. So it would seem that the most impact was specific to bitcoin and any other tokens where there happened to be bitcoin pairings, largely, as well as some of the garbage tokens that were traded on exchanges. So what I see, I could be way off frickin wrong, so don't hold me to any of this stuff separately, allegedly, I didn't see this and didn't see the deep innards, because again, I didn't follow it close. But obviously Donald Trump, now he's all over cryptocurrency, accepting cryptocurrency for his campaigns, saying, if you want crypto to succeed, you better vote for me. Calling stuff the crypto president, he's all in. This guy has yoloed into crypto support because somebody's got his ear, probably Ramaswami. I can't say for sure, but probably it's Ramaswamy on the other side. And I said, geez, it's almost like these guys do not want Biden back in the office, because some of the stuff that Biden's doing just seems like he's off his rocker. I'm not talking about the normal Alzheimer's here. I'm just saying somebody that's in his ear doesn't know what they're talking about. Because Donald Trump recently on true social said that he wants bitcoin mining to be an american situation. He wants support for bitcoin mining. We know that. He's. He's coddling, right? He's pandering.
[00:07:35] He probably doesn't even know what he's talking about here because it is factually true that bitcoin mining is an energy intensive situation. It's possible he wants to use that as an argument to restart things like Keystone, to get back to energy independence and make a case for these things. It's possible he's simply riding on the back of bitcoin overall to strengthen his case for why we need to be energy independent. Because he knows that if the United States is able to pull that off and go all in and ignore the Greta tunbergs of the world, it gives the United States more value than we currently have. It could be that simple. I don't know. I do know, allegedly. I allegedly know that Joe Biden said they want a 30% tax. I talked about this on an older episode. 30% tax on miners and the mining profits, which is unsustainable. We know what it is, which is why I theorize perhaps they just don't want Biden still to be in the office. Because why is this guy talking about taxing the minor community when clearly the popular vote is going to lean towards crypto support for the younger populations, which is what Donald Trump is currently favoring. Whyever that is, if you don't know a lot about the way that the United States government does budgeting. The United States government uses budgeting in order to forward their own agendas. They'll slip in garbage, aka pork, into otherwise benign bills so they can get it slipped under the radar. One of these that was slipped in was this tax as part of trying to fund and pay for this new budget proposal. This took place way back in March, where it was first talked about and presented, and it's been bandied about. And there was a risk it was going to pass. And then the Republicans got in front of it, right.
[00:09:37] They were theorizing that this was, this tax was going to be used to generate more revenue to offset the spend that was happening. Happening when this got broadcast out. A lot of Republicans, actually, when they saw what Donald Trump said recently, said, we're going to start pushing bills in now designed to help protect bitcoin, help protect bitcoin miners, help protect this as an energy opportunity. And they're just pandering to Donald Trump, clearly. But Joe Biden putting this out there is tone deaf because it's the wrong time in election season. But I think he's banking on, again, Greta Thomburg and her allies being strong enough to support him staying in office.
[00:10:22] I have no evidence of anything I'm talking about, but I am saying we've already seen the demise of CBDCs, which I think is a good thing. We've already seen that the Gary Gensler situation, he's losing every battle. That's a good thing.
[00:10:38] Yet the Biden administration still continues on this path of being anti crypto, even though Democrats in Congress have flipped the script on him.
[00:10:48] It's no longer a clean game. It's no longer a clean Republican versus Democrat game. And I'm not presenting that it is. I'm presenting that neither side really knows what they're doing. They're kind of tiptoeing into this because they're trying to coddle votes on the younger voter population who supports crypto, even though they don't know why they support it. The vast majority of them, if you were to ask them, would ask how much the darn things worth because it all ties back to fiat. I think Trump understands that more than Biden.
[00:11:18] Does that mean that he is a strong advocate for everything? Absolutely not. It's all about priorities. He's always a bit about the gather. He's always been about fiat. He's always been about money and anything that increases, not just the money for the country, but for himself.
[00:11:36] Energy independence is one of those goals. It's a post that increases wealth for the country and by virtue increases wealth for himself, which creates a motivation for him to push for it and advocate for it. I think that's really what's driving it with Joe Biden. They got enough money. They don't need it. And they think that Americans don't need it. They think that American is well off, right? And we could just ship money off overseas. They're tone deaf. Not all Democrats. I'm talking the Biden administration, specifically those that support Joe Biden. When I say that statement.
[00:12:15] Brazil has recently started looking into so called, quote, foreign crypto exchanges so they can collect information regarding ducking taxes. I bring this up even if you're not in Brazil, because it actually ties back to an older episode I did a while back around all of these governments, and I said, at some point these governments are going to start stepping up and saying, we need to get some taxes out of these people who are ducking taxes and ducking smoke worldwide, and people are going to follow suit. Quote, it's an area of concern for us to understand first how those exchanges operate here, whether they're legally operating here or not. Specifically targeting binance, Coinbase, OKX and Kucoin. Cryptocurrency has been taking off leaps and bounds in Brazil to the tune of hundreds of billions of dollars floating through these exchanges. There's a theory, there's no evidence. There's a theory about potential offshoring happening where there's money being traded from origin companies that are not Brazil through these exchanges, who have a presence in Brazil or conducting business in Brazil because there's no law preventing them doing so, which might be ducking taxes on the way through. Brazil wants a slice of that tax revenue that they think is lost. I can't say for sure that it is lost. I'm saying that they think that it's lost and they're trying to get back at it.
[00:13:43] X, formerly known as Twitter, recently came out and repeated past messaging about being the so called everything application. The everything application mantra, started by Elon Musk, is the idea of transforming Twitter from a simple social media platform into something that can do a little bit of everything. Some disclosure up front. I, as in Leister at Cryptotalk FM, completely abandoned the so called Twitter slash x account because what happens is every random blue moon, I'll try to log in, it'll throw a message with an argosy challenge, and you're blocked out of the account. And then you got to solve the challenge. The problem is it keeps happening. There's no reason or logic as to why it was happening. So at the point, I just stopped trying because I'm not going to waste time solving where the guy sits in the movie theater seats. I'm not going to solve how many freaking bikes there are. I'm not going to do that because I got better things to do in my time. They're not paying me to enrich their AI with knowledge about how to solve these problems, nor am I going to continue doing it. So we, as in cryptotalk FM, do not have a presence on X, and I'm disclaiming that up front, we do not have a presence on X, primarily because their technology is broken. I speak as somebody who works technology, specifically development for a living. And I can tell you that their code is screwed up because it assumes that there's a bot simply because my Internet's blazing fast and my logic is impeccable. I digress from X quote, we're redefining what users will come to rely on. The scope of our vision and the pace of the innovation of the company is like nothing I can describe. This concept included payments. At one point, it was theorized that Dogecoin was going to be the payment of choice due to Elon favoring Dogecoin as a medium of payment in the future. That didn't pan out. Doge's price tanked ever slightly. Floki ran because, hey, I got a dog and I'm a name, Floki. That's why it became a thing and that's why it ran. It's been suffering ever so because there's not been specific message around using these tokens as the payment form for the X platform.
[00:16:00] Moving forward, they expect more diversity in what they would do for payments similar to things like Eventmo. Quote, there's so many new things to experience. Think about that. Once we launch payments starting in the United States. The financial system that will emerge on that platform. When they say financial system, they're referring to like the Venmos of the world, where it's simply a form of payment transfer that may or may not include cryptocurrency, but the form of payment transactions, a one stop shop for payments. If you didn't know the history of the x.com domain.
[00:16:35] X.com started as a bank. It was actually one of the very first fintech banks, as it's called, completely online. You got a debit card. They actually issued checks on the first and then they stopped. But it was a bank account. You could deposit funds in it. And it worked really well with PayPal later. PayPal and X.com essentially merge. They didn't really merge, but essentially merged into this one conglomerate situation and then partnered up with eBay, and it was never the same.
[00:17:07] Elon Musk owned the domain and continued to hold on to it all that time that we're talking late nineties here. He held onto the domain all that time. And then he decided to use X.com to rebrand what used to be Twitter after he took it over from the idiot known as Jack Dorsey. This then caused him to jump all in Yolo into fixing what he saw were the flaws in Twitter, aka now X, and build it into a one stop shop platform. That's what's being described here, which was expected to have a strong run on various cryptocurrencies. That did not happen. Now the messaging is around being a total payment platform, which may or may not include cryptocurrency. We don't know that yet.
[00:17:52] Between this and what's happening with Gary Gensler and what's happened with Joe Biden and what's happening with the war and what's happening with taxes, there's a lot of uncertainty in the sphere. You might be wondering to yourself when it's going to pass. And I don't have an answer for you. I can only tell you if you're in certain projects, the worst thing you could do is sell, because it doesn't make sense to sell on dips unless you've lost faith in the project. You know, if it's garbage like side of chain, right? That's different. But if you believe in the project, or let's say it's one of these main ones, Ethereum, there's no logic in selling when it's down because they're going to go back up. This is where patience plays a strong factor in your trade strategy. It's up to you whether you have that patience or not. Nobody can have the patience for you. You either have it or you don't. And this is where the rubber meets the road for cryptocurrency separately. I'll share this as I wrap up. People have asked me, well, what are you doing then in cryptocurrency, since you have a podcast at Cryptotalk dot FM, but you don't focus on it. The thing is, I have quite a few different tokens and I'll share some of them, but not all of them. For example, I did sell all my bone because I was waiting for a dip. It went as low as $0.48. I'm looking for thirty cents. And then I would buy back in because I know bone is going to go on a run at some point. I believe in bone. I don't believe in the ecosystem. I believe in bone. I think it'll go somewhere. I'm sure I have some bitcoin tossed somewhere in a wallet, and you're like, how can you not know? I have tons of wallets and I don't stare at them every day. This is the myth of people. They stare at their stuff every day because they're waiting to be made rich, because their gamblers want to roll the dice. And I'm not. It's just I trade it and I watch it and I don't stare at it. I got better things to do. It's whatever, you know, I may miss a run and that's fine. That's happened. I don't really care. So I do have some etherium. I do have a little bit of bitcoin somewhere buried. I'm sure that I do. And you know, I'm pretty sure I have a little bit of tron buried somewhere. I know I have some Luna classic and at least two or three wallets. I don't think I have any Ustc anymore. Maybe I do. And you know, I probably have a whole bunch of other garbage out there. Like ever rise, right? I've still got some ever eyes, some of it stakes, some of it's not. I've just got little smatterings of tokens. There's not a defined set of tokens that I'm invested in mentally to where I can rattle them off. Off the top of my head. I'm not going to bother looking because again, the whole point is patience in a red. You're just depressing yourself if you stare at your wallet, watching your value go down. If you want, you could DCA up, as in buy some more off the dip. That's a viable strategy, but it may not make sense for you. Maybe the money's tight. Maybe you've got birthdays, your kids just recently graduated. Maybe you have to buy presents. Maybe you have to pay bills. I don't know. Your situation is unique to you, and I would never presume to tell you that something is or isn't a good idea. I'm simply saying I would strongly recommend you don't sell while it's down. Because if it's a main coin or token, I simply don't think it makes sense. It's a patience game, though. If you don't have the patience, get out. Right? Don't feel compelled to stay in. That's fomo lying to you. Just do what makes sense for you and your family and make sure they stay fed, because it's all that really matters. It's primarily what I focused on. I mean, I just bought a whole bunch of dinners and things. I'm about to fire one up after this episode because for me, it's like, let me just focus on my house that I now own. Get him to where I need him to be, finish up my office, you know, watch on the screen and decide if I'm going to buy an 85 inch tv because my freaking living room is so large that my, you know, my 47 inch looks tiny. These are priority things to me. You know, the window, you know, all these, all these things that I'm, I'm staring at other than crypto might seem foreign in concept to everybody that's staring at it, but I did an episode on casual Talk, and it connects. Renting. Renting and deposits. What happens when you want to rent something? A car, an apartment, whatever, they take money and they hold it and they don't pay interest. Then when you return the property, whatever that is, car, apartment, otherwise, then you have to justify why you should get the full amount back. So they're holding it hostage, dangling the carrot that in my case, now we're talking a couple hundred bucks, like my apartment, they took $1800 from me, right, as a deposit, because this area lets them discriminate against people. I just need to get here because my client expected me to be here. Fine. But now all I just returned a van and I'm telling him, just keep the freaking deposit. Who cares? It'll pay for the rental, to pay for the gas, whatever. Well, that's $200. I don't care. It's $200. I make $200 in 2 hours at my job. I'm not worried about a piddly $200 that I'm not going to stress myself over such small amounts. This, ladies and gentlemen, is how I perceive cryptocurrency. Now, I could make a tiny bit of money. I'm not going to get. I'm not going to cheer and hip and holler. It's whatever. If it makes it, it does. If it doesn't, it doesn't. Somebody else who's struggling, that could be life changing money. Which is why I say it doesn't make sense to sell. Because I recognize that those listening might see that as a life changing situation.
[00:23:41] And I'm trying to keep you from potentially losing out on a potential profit opportunity to come once we're past this. Simply that. If you are similar to my situation where ideally it's throwaway money, you don't really care about it. If it goes, it goes. But you're looking for something higher than a short pump of $20 profit. Yes, you should take your profits, but if you get to the situation where you're not so fixated on and emotionally, I guarantee you, you're going to feel better about yourself, feel better about life, especially when you see red across the charts. That's my opinion on that. People may emphatically disagree with me, and that's great. We can all agree to disagree about how to handle this almost cuss stuff, but nobody can disagree with the bottom line. The bottom line is there's more important things in cryptocurrency, especially now. And we have to see what's going to happen with the presidential election and the debates, and then we have to see if people are willing to vote smart this time instead of voting with their hearts.
