Show Notes
Website: https://www.CryptoTalkRadio.net
X/Twitter: @CTRCryptoRadio
Facebook: @ThisIsCTR
Discord: @CryptoTalkRadio
YouTube: @CryptoTalkRadio
CoinMarketCap Community: @CryptoTalkRadio
View Full Transcript
Episode Transcript
[00:00:01] Speaker A: 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.
[00:00:13] Speaker B: Thank you for that, Bailey. And welcome everybody out there in crypto Talk radio [email protected] a very good afternoon to all the listeners here at cryptalkradio [email protected] I am Leister. I am your host. Welcome if you are new and got a couple of things to talk about. First, I'm pretty pleased with the quality of this freaking microphone and this vocal processor that I was forced to swap the hardware on. I'm pretty pleased with the audio quality. I'm surprised. I'm surprised because the other one I had was not cheap. And yet for whatever reason, it would never have been able to pull off what this one has done. Now, I will say I haven't tested it on the singing side yet, so I have no idea if it's anywhere close in class to what my other one was doing for singing voices. Thus, I cannot make a recommendation if you're a singer, whether or not it's going to tickle your fancy. I will say that for radio and podcasting, this is pretty damn good. Now I am cheating a little bit. There's another device that I'm not going to disclose that's behind the scenes, and it does a great job for things like background noise, s's, all sorts of wonderful, magical things. Once I said it, it just works and it's beautiful. So that's in place and I'm satisfied is my point. I want to thank you for listening to the show. If you've listened for a while, and we actually have a couple of people that reached out, if you've listened for a while, I want to thank you for listening to the show. A lot is in flight and I want to add a couple of notes if you didn't know, in case you're interested, and I don't know if you are, but just in case, if you like old school music. When I say old school music, I'm talking sixty s, seventy s. Beatles, right? Motown, that kind of era of music when music was good and not the crap or the auto tune or the mumble, if you like that kind of music. Cooltunes Radio found at Cooltunes FM is part of the CTR brand, and we play the various podcast episodes for crypto talk radio, as well as casual and combat if you're interested. But Crypto Talk radio's podcast play in syndication on Cooltoons. So what that means is that every afternoon and evening, I forget the time slots off top, but every afternoon and evening, all the episodes that we record on the podcast are played in conjunction with great music. So if you like the great music, feel free to check out Cooltunes FM. If you're one of those that happens to be rich enough to own a Tesla, I'm told that you may have tune in on air tune in radio in your car. If that's true, you can also find cool tunes on tune in. You're going to search CTR one. CTR and the number one, and I believe it should come up there and you can listen directly through your car radio. So you can listen through tune in directly. Alexa somehow there's some sort of a I don't know how this works, but I do see that there's people who listen to the show through Alexa. I don't know how I wish I could give you instructions. It doesn't tell me how they're getting there, but the radio is pretty awesome. I like it streams all the time with really, really good music. I actually have to add even more songs and tracks, but there's some DMCA nonsense that I have to navigate, and once I do that, there's going to be a whole lot more music loaded in there. But we have a pretty extensive playlist. There's hundreds of songs in there that play throughout. And then of course, our podcast episodes. Feel free to check that out if you're interested in some music. I will also give another side update on the personal note, really just for awareness. More than anything else, I'm considering shifting the schedules around for the various shows. What I was considering doing is backloading everything. So the way this would work is right now, crypto talk radio records on Tuesdays and Thursdays, casual talk records on Mondays. I'm considering shifting that to Wednesdays on a permanent basis. What that would do for me is it means that my recordings would be pretty much sequential. Tuesday crypto, Wednesday casual Thursday crypto should be Friday combat, but sometimes I flex on Saturday. But then if I do that. So let's say I can commit to doing combat on Friday. That's four days of podcast record. Then I get essentially a three day weekend. So that's what I'm currently considering doing. The other thing I'm building on the side, the business financials are all set up, the streams are all set up. There's one piece I have to solve with payroll. Once that's done, then I'm going to start investing more into the business because there's tax benefits of doing it anyway. I'm going to be investing more into the brand. I also have to move my domains away from the old carrier because Google sucks. So I have to move my domains to a new carrier. I already have the carrier. I just have to go through the hoops and do it and then set up my forwardings and redirects and everything else. This will cause a change to our site and my jingle, the old one, will still work, but everything's going to change. That's a much cooler domain in my personal opinion. But Cryptotalkradio net is kind of part of my brand for the show, so I'll keep it. But the new domain is going to be the dominant one. So when you hit cryptotalkradio net going forward, it's going to redirect you to the new domain, which I'm not going to give yet. It's purchased, it's ready. I want to build it, test it, make sure it's working. I'll let you know on the podcast once that's all solid and set. With that said, let's get into the cryptocurrency and talk about some of the nonsense that was happening ever so recently.
Let's start out with coindesk, shall we? Coindesk.com and I'm going to zoom out to the month chart, and I'm going to pick on Ethereum first. I am going to go to bitcoin, but I'm going to pick on Ethereum first. There was a major dump, quite a major dump, quite an amazing dump over the past few weeks that is now on the process of recovery. There's a couple of points I want to call out, and the reason I picked on Ethereum first is that a lot of this dump was contributed to, from the Solana rush of garbage, of all the tokens that were spinning up on the Solana chain. And I've said multiple times, and if you knew, you haven't heard it. That's why I'm repeating it, that people generally just, they rob Peter to pay Paul. They just shift money from project to project. What you may not have known is that a lot of these projects, which are, they're really not scams, they're just garbage. A lot of these projects, there's very rich mother fathers who are putting money in there to trigger a FOMO run, and then they dump out and they go to another one and do it again. It's dangling and I like to refer to this as clout chasing, as the kids like to say. But I had a different term for this, that I created this term. I created this term. So if somebody else claims ownership, you can call them a fudder, because I had created. It's on audio now. You're hearing it for the first time. Crypto phishing. Crypto phishing is this idea where they're tossing out bait in the form of money into a garbage project, a project they know is not going to go anywhere.
They wait for the fishes to take the bait, jump on Fomo, they dump out, and they go to another project.
Meanwhile, they may actually be hiring some of these influencers, and they may be telling you, just hold, hold.
It'll get back. Whack me. We're going to whatever tinfoil me. All you say, right? I believe that's what's happening, is crypto phishing. I think that rich mother fathers are out there fishing.
There's certainly a bull market in the sense that there's shopping. And I'll talk about this in a second. My point is that when you look at these garbage tokens, the pattern is too clear. You saw just a major jump over to Solana that didn't make any damn sense. And now you're starting to see some recovery back on the Ethereum side, and Solana took a crap. Now, there's a little bit more to the Solana story that I'll get into here shortly. My point, though, is it's a little bit too convenient. It's a little bit too convenient to see the return of Ethereum now and the demise of Salana now. Even granting the other update that I was going to share, which is there was an outage for the past, I want to say it was like earlier in the morning on the chain, and I want to give some history.
I want to say it had to be sometime early 2022. Salana was. It was either there or late 2021. But Salana was. It was running up like crazy. I want to say it was like $400 or something. It was running crazy. And then it crashed. It actually had an outage period. Token crapped. They got it back up again, and it happened again, I want to say, like a month, maybe two months later. And so people started to question, is Solana even freaking stable?
Is this a production deal or what the hell's going on?
After basically the crash, crypto crashes. Solana went way down, way down. People saw that the Solana chain was pretty darn reasonable, pretty darn stable. I transacted on occasion, I didn't see any performance issues. I didn't see any major problems.
But I got told, yes, there was a lot of issue on the Solana chain very most recently, and it caused another crap down. The transaction started to slow down. This happened way early in the morning, and then it stopped. It blocked, and the blocks were not being processed for a period of time. They started looking into it, they pushed out a fix for it, and they were going to have the validators update and validate all this, do some snapshots, get some updated states, and start to do a restart and get it back up and running. So it's allegedly back up and running and allegedly fine. But in the meantime, Solana took a hit, took a financial hit, took a transactional hit. You might have heard me say on one of the other episodes, I was concerned with all the garbage that was spinning up, whether or not Solana was going to be able to handle it, because Solana had never been built to expect that kind of transactional traffic. And when it cracked before, it wasn't doing anywhere close to what it's doing now. And nobody really knew whether Solana was going to be able to hold. So this was a good test, and I'm glad it happened. I'm not glad that people were affected. I'm glad it happened now to surface and ideally resolve any issues that may happen. The problem, obviously, is that it could happen again. And nobody knows, really, is it just a matter that the chain is unstable? People speculated maybe it's not production. Solana's been production. It's just that for whatever reason, it is susceptible to these issues, and nobody truly knows why. So when Solana started having issues, money flowed back over to the ethereum side, which contributes to some of the pump back up that I saw. It certainly isn't back in the green, but it's trending in that direction with a positive sentiment generally behind it. Meanwhile, on the bitcoin side, it got into the green ever so slightly. And I wanted to point out, if you look at, there's two metrics I want you to pay attention to if you're following along. One, as I mentioned before, is the total market cap across all cryptocurrency. Because the total market cap can give us a sense of how much money is flowing into cryptocurrency all the way. As I record this, it's at $1.67 trillion, which is higher than the $1.55 trillion from the last time I did an episode, which means more money was flowing to cryptocurrency. Now here's where it started to have a bearish sentiment to what I just told you. If you take a look at where money's flowing, which is important, you'll see that the vast majority of wealth is flowing in very troubling directions. I say troubling, and I'll clarify and quantify what I mean here in a second. USD tether is number one on the list. It had $60 billion, close to $70 billion over the last 24 hours. Bitcoin was a hot second. Bitcoin being second is a great thing. But USD tether being number one isn't necessarily, because that means one of a couple of things could be that people are just buying in straight into tether and then doing something else. But I don't believe so. I think they're buying into tether and they're holding, as in they're waiting for a buy opportunity. Well, we don't necessarily want them waiting for a buy opportunity. Even though it's smart, it's not what we want. We want the activity, we want the transactions. That doesn't seem to be happening. Bitcoin being number two is slightly concerning only as far as there's an opportunity for more people to be buying into bitcoin that are currently not. And they might be waiting on the sidelines for closer to the having. I don't know this for sure. I'm spitballing. Third on the list was Ethereum. The third on the list does not surprise me, nor does it concern me for Ethereum. But the fourth, 1st digital USD, does concern me. The fourth on the list, above Solana, even above USDC, even being a stable coin to me, is two stablecoins in the top five concerns me because it means that those people are not necessarily transacting, at least not as much as we expect. As I record, this USD tether exceeded the $70 billion mark. That means potentially sell offs as I go down the list. Then Monero XMR had a major dump ever so recently, which appeared to be sell off behavior. XRP had some sell off behavior. We know what's going on there. There's some being sold by ripple themselves. There's some being. There's sentiment issues. There's all sorts of problems there. Binance went down ever so slightly. Polygon matic went down greatly amazing down. Tron went up surprisingly so. I want to talk about Tron for two sentences. One, it seems to indicate what I said before, which is money flowing out of one project to buy into another one. Two, it's not going to last. I can guarantee you that one. And that one I'm confident on because of the amount of money that's running right now, it's not going to hold. It's just one of those crypto phishing opportunities that seems to be out there. Because if you look at almost the whole list of the rest of these, it's a sea of red. Doesn't mean it's a crypto crash, doesn't mean it's a problem. The concern is simply how much is going into stable versus going into bitcoin or Ethereum. I would hope that at least bitcoin would flip the script a little bit, but I don't know for sure right now. That's not the direction that it is going. So time's going to have to tell on this one and see where we end up.
Let's talk about the etfs. I said before that I have my eye on Fidelity's. I also looked at ishares, but I didn't get the price that I wanted and it was going up and I was not going to pay more than what I thought it was worth. So I have my own fidelity. I do own fidelity. The bitcoin ETF and its performance has been excellent. The grayscale sell offs are starting to dwindle down. Blackrock starting to go up a little bit higher. Fidelity is one of the top ten. Finally, Blackrock's getting up there ishares. So everything is looking positive in the whole bitcoin ETF market.
Remember that they have to keep that pool and they have to balance it and manage it and make decisions, buy and sell according to price shift. So as there's more of them buying cryptocurrency, buying more of this bitcoin, we expect that the price of the etfs is going to go up accordingly. I said that I felt like the lowest price for these in the current market. I should say the lowest price of these is about $35. And that's what my buy in point was. And I just watch it and see where it goes. And maybe I get it wrong. And then if it turns out that cryptocurrency crashes back down to like, what was it, $12,000 or whatever crazy number that was, okay, that's a stock up opportunity. Because whoever then, if that does happen again, and I suspect it's going to, at some point in the future, whoever then leverages the ETF to get more shares of that pool, we're going to be minting millionaires, which is one reason people now have their eyes on what's going to happen given the presidential election and shifts with who's going to go into office. Because remember, whenever the opposing party goes into office, we usually have a new SEC chairman. It's happened multiple years. People have know when Biden got into office, Gary Gensler was his pick and Donald Trump's pick preceding him quit. Clayton he quit. Now, people expect that Donald Trump has a strong opportunity, assuming he doesn't die first, he has a strong opportunity to get into office, or at least another Republican, given the failures of the Democrat administration. And so people are wondering, let's assume that happens. Are we going to see Gary Gensler quit, basically resign and hold pattern to what has happened before? That created a general bullish idea where it might actually bring voters out. Because remember, some of the people that are looking at this are cryptocurrency supporters. So if they want adoption of cryptocurrency, they're going to want republicans in the office. That's just what it is because they're greedy mother fathers. So if you get greedy mother fathers in there, you're going to need to have a commissioner of the SEC who would come in and say all these frivolous lawsuits, we're getting rid of this crap. We're going to figure out how to adopt XRP for international transfers. We're going to figure out how to integrate stuff. We're going to get rid of all this AI garbage. We're going to get rid of excessive KYC. Can you imagine what that's going to do for the price of cryptocurrency all the way around? If they were able to do that? Can you imagine what happens if whoever goes in office gets the IRS to back off people? Can you imagine the level of money that's going to flow in? It's a tsunami waiting to happen. And again, it's the right time to have a shift in office because we've seen the damage that has been incurred upon us by the current administration in multiple assets. I'm not even talking just money. I'm talking border, I'm talking Covid, I'm talking jobs, I'm talking everything from him threatening Americans up on the air. You get somebody else in there that says you guys were suffering and we need to get him out of here. It doesn't matter who it is people are even talking about. We don't even care who it is. Let's just get the frick rid of Kamala Harris and Joe Biden and we'll take anybody else that's bad. Okay, so my point is, this may generate some bullish sentiment around, if you can get rid of Gary Gensler and somebody comes in that realizes we need to adopt this thing and not try to just go enforcement on everybody, might create a general bullish sentiment across the board. Keep your ears peaked for that one. Meanwhile, speaking of taxes, Spain is talking about settling tax debts by taking their cryptocurrency.
Quote, the spanish treasury will be granted the power to seize crypto assets. This includes nfts when executing taxpayer debts, when reforms to the current tax laws come into force. These proposals have been out there for years. Mind you, there are years in the making. For them to do this, they're going to have to declare assets held, foreign assets. So assets that are held overseas, they're going to basically create.
They're going to push, I shouldn't say create. They're going to push for having issuers and managers, et cetera, of digital assets as tax collection agents. So what we're talking about is once you have, let's take a Us example, let's take Coinbase. If you were to turn Coinbase into a, quote, tax collection agent, what that means is that, like with your bank, if you were to do stock or bonds or whatever etfs, you do those transactions and let's say you do a sell, they tell you, hey, do you want us to withhold the 10% as part of that capital gains in today in the United States? It's optional. You can say, no, don't withhold it. It would be stupid to do that because they still have to report it. But you can't, you can say, no, don't withhold it. What they're saying here is that this would turn every single entity that issues or manages cryptocurrency, quote, digital assets into this form of tax collection agent. What that then does is they have to be that gatekeeper. And in this case, it would not be optional for collecting taxes against the sell. I actually think it's a great idea. I don't know how I feel about imposing it or requiring it on all entities because the word entity is a little bit ambiguous. But I like the idea of whoever it is being responsible for identifying when you sell. If that's the measure, when you sell, this is when we're going to withhold that 10% or whatever, because that's the clean delineation. As I've said, the only way you can really know a tax burden is when you sell. What they do today in the United States is they'll tax you based on the presumptive value of a cryptocurrency, which isn't fair to you and isn't fair to businesses from an unrealized loss perspective. So I actually am okay with that part. What I'm not really okay is they also say that these entities are going to be required to, quote, collaborate with authorities when compelled by the government. Today, banks are required to do that.
If the government picks up the phone, calls your bank and says, freeze all assets, they have to do it. If the government picks up the phone and says, we want to understand XYZ, they have to disclose it. That's what that's saying. No anonymity, no nothing else. So they would be required to increase the level of KYC involved in order to manage accounts. I'm not really a fan of that part of it. I'm calling it out for what it is, quote, last week, the spanish government issued a royal decree that makes crypto firms new responsibilities official. However, the speed with which the new measures are being implemented is causing problems to regulators as they try to remain in step with sweeping crypto regulation coming force across the EU. So this is coming if you're in other countries. And I suspect the United States is going to take some inspiration, which, again, lends credibility to the idea that you need to have some greedy mother fathers in office if you want to help slow the progress of some of this business.
I like to dalla. Former President Donald Trump came out again and repeated his disdain for things like CBdcs, things like artificial intelligence, citing their potential to jeopardize individual privacy and global security.
Now, the reason this stands out, of course, Vivek Ramaswamy was one of the first to call that out and call out concerns, as well as Ron DeSantis. But Vivek was the loudest and most vociferous about it. But the reason this is important, this is going to create a split in the voting lines. You have the young people who don't understand the concept of privacy because to them, well, everything knows who you are. They don't understand the concept of privacy. They don't understand the concept of security. They don't understand the concept of safety because it doesn't affect them yet. They're not old enough to get it. They'll understand when they're older, and all their privacy is the shit. So you got that side of the aisle, and then you got the older know where the money actually is, who don't want their privacy violated by anybody. People that live in Utah, people that live in Montana, and et cetera, that don't want the government in their business. They want to be left alone, pay their taxes, leave me alone so I can live with my family. And by white picket fence, that's what they want. Donald Trump's messaging is going to appeal to that side. They're going to appeal to the older side. They're not going to appeal to the younger side. I said this on a different forum. I forget what forum it is. Donald Trump, he's always going to appeal to the older generation that aren't rich. There are some that are somewhat rich that like him. But generally speaking, if you're rich, you don't like Donald Trump because you consider him a threat. If you're on the middle class of a certain nature, you're going to like Donald Trump. I saw a different poster that said that MAGA is a white supremacist term. I'm here to tell you. I'm here to tell you.
I'm trying not to cuss crap.
MAGA is not a white supremacist term. MaGA is just a word. Make America great again is just a word. If you said make America white again, okay, you can make a case. Make America great again is not a white supremacist term. It's not even associated with white supremacy, because frankly, the vast majority of white supremacists don't associate anybody other than white to greatness. So you can't say that there are people out there right now, hispanic, asian, black, native American, that support Donald Trump not because of his skin, they don't care. These are people that have been harmed financially by the Biden administration, period. That's what it is. The fallacy is that people don't understand the impact on financial distress on the regular american population. When you talk about killing regular jobs that were working perfectly fine, when you see a rush towards evs where the amount of recalls are just skyrocketing, the cost of buying a car is going up. The Chicago incident of car is basically dead, useless. But they rush. It's like, nope, this is what we need. Despite people telling them, we're not ready for this, the censorship of big tech and everything else that's happening, when you see everything that occurred under the Biden administration, we're talking just a four year span and significant damage was done. This subset of people are just basically sick of it. That's why I said most of them just say, as long as it's not Biden and Harris, we're cool, we'll do whatever you shouldn't want that, though. But that's the reality of some mentality, because it got so bad, it got so bad of Biden not wanting to do anything about the border. The planes, the freaking plane with the, it's essentially a plug, right? That was supposed to be a door because the airlines are too stupid to open up two doors to make it easy to embark and disembark from the plane. So they plug one door to treat you like cattle. That plug wasn't sealed properly, and so it just came off during flight. Somebody could get killed. And so the FAA has rules around the inspections. They're not enforced. The airlines get away with it, the price goes down. And then the airlines say, well, you ask for cheap flights, you get what you pay for.
No, nobody's holding. So you got planes having all sorts of crap, you got borders going nuts, you still have mass shootings, mind you, you got an crisis, you got wars overseas. Everything is just jacked to the point. People are sick and tired of being sick and tired. That's what it is. Donald Trump has caused essentially four people to quit without even, he hasn't even shown to a debate yet, and he's caused them to quit not because it's him, because the reality is people are sick and tired of being sick and tired.
And he happens to be the only one that's saying the right things to the right people. So the reason I ranted a little bit on this, when he talks about cbdcs and AI, he knows the right trigger language to get voters to jump on his side, because he's the only one that's actually brave enough, other than Vivek Ramaswami, to outright say, this is wrong, this is bad, it's a violation of your privacy, violation of your rights. I will never allow it. I'm going to block that. And the potential we get rid of Gary Gensler, you're pulling the right strings, not just for the retail, but also to the institutional of this is what we want. We want this thing to go nuts, crazy. So let's get it. Let's get it.
I'm intrigued by it because this is a guy I like to dad, who doesn't really support cryptocurrency, but he's saying the right things to get the right people to listen and hopefully vote for him. It's a very intriguing deal.
Now, let me give you a cautionary bit. This is really just for cautionary reasons. I'm not trying to freak you out. I'm not trying to tell you to do something. I'm not trying to encourage you to do anything. All I'm doing is giving the message as a messenger that I am.
Allegedly, I didn't see this, but allegedly, there's a service floating around that's offering aigenerated fake ids. You're wondering what the hell I'm talking about. In the olden days, I'm pretty sure this isn't still a thing. But in the olden days, before a real id for your driver's license, as a kid, you would buy a fake driver's license or a fake id to buy liquor.
I've seen people do it, so I know that's a thing. And on the dark web, in a CD underbelly, you can still do this to some degree, but they don't really pass muster. But this is referring to, it's an aigenerated fake id so that you can pass KYC on the crypto exchanges. And they're charging about $15 for this. Now, the reason I'm bringing it to attention, there's two levels of KYC. There's the simple KYC, like Kucoin does this, where all they need to see, and Kraken, all they need to see is a copy of your driver's license. That's it. And then they clear you on a certain level. Then there's another level of KYC that I will never support, which is you have to get on a camera and take a selfie and all this crap, which, whatever. And then there's a higher level that's doing something else. I've never even touched this one only deals with the exchanges where it's the first level, it's just the driver's license, and it just snaps it and says it's okay. I call it to attention because if you're getting tempted to do something like this to pass KYC, I'm going to advocate that you do not.
I know that some exchanges are lax about this, but as enforcement starts to increase, you run the risk of having your cryptocurrency snatched from you. I just talked about it. Your cryptocurrency can be held back from you. Snatched, blocked. Even if the government wants, they can call pretty much the original, let's say tether or something else or the exchange or whoever, and have your cryptocurrency blocked. At the wallet level, I'm going to advocate that you don't do this. If you haven't heard of it, good. I'm bringing it to attention because you may know somebody that's talked about doing it or thought about doing it. I can't tell you what to do with your money, but I'm going to recommend that you don't jump in those garbage because it may end very badly for your crypto Wallet. It's up to you, though. Whatever you want to do.
The last update that I'll talk about is GameStop. No, not the company GameStop. The meme coin called GameStop. It's up 100%. They theorized that this one's going to go on a major run. It's currently on a flag that indicates a bullish breakout here soon over $14 million in volume. A whale just bought a whole bunch of it, and there's a lot of speculation coming, mostly from Reddit, because Reddit is where the Wall street bets started. Wall Street Bets is where the whole GME stock run started, where GameStop was about to go bankrupt today, basically saved them, bailed them out. They're thinking that this is going to be the same thing. I'm going to say I disagree.
I see that it's up, but I feel like it's a pump and dump just like any other token. This is my personal opinion. I don't know for 100%, but it's my personal opinion that it's one of those pump and dump type tokens. It doesn't mean that you can't make some money. It certainly has a profit opportunity. I'm saying I don't see the same sustained level of run that you might have seen with the GameStop stock. And I stress as well, this has nothing to do with the GameStop business. The company at all has nothing to do with it. So if you're going to get in it once again, there's certainly an opportunity to make some money off of it if you choose to. I'm simply saying it is not, I don't believe, going to go on any significant run beyond what it has done so far.
In closing, cryptocurrency is having a little bit of a rough time getting to the run that we all expect is going to happen. And some people may be getting frustrated. And I certainly understand if you are frustrated to the point that you're like, screw this crypto business.
There's nothing wrong with that. There's absolutely nothing wrong with it if you are just absolutely done and dusted with it. I would ask you, though, there's opportunities all over the place. As long as you don't get too invested in this business. Like I'm talking emotionally invested, as long as you don't get too emotionally invested in it. It's just trading. And as long as you're careful with it and you don't invest more than you care to lose, and you recognize that there's always a chance that you're going to lose it. And you're okay with the idea that no matter what, some of it's outside of your control. As long as all that's true, I would ask you to just really think about your strategy in the bigger picture.
If your strategy is one where you just want to be raid rich overnight, I would theorize that you're probably not going to make it because the vast majority of these, you're not going to get rich overnight. The vast majority of these are long plays. They always have been, they always will be.
If you're getting emotionally set off by what's happening, you probably have too much money in it. And I would encourage you to get money out until you're at a level that you don't care about it, you don't care if you lose it. It's up to you. I'm saying that if what you're seeing and all the disruption, all the sketchiness and all the chaos and garbage that's happening is bothering you, consider stepping away from it. There's nothing wrong with that. Yes, you're going to miss some stuff, but that might be okay. I wouldn't want somebody getting upset by what I know is going to happen. It's going to be volatile, it's going to be sketchy. It's going to be skittish for the long haul. This is going to take a while. And there's a lot of garbage that has to be fleshed out before we get to the run. Everybody expects that we're going to get to along the way. You're going to see some crazy stuff. That's just the truth of it. I don't think it's a bad thing, but I understand other people that may not feel as confident as I do. And again, I don't want anybody feeling like you have to do it or I'm going to miss something. It's not worth it.
But again, it's up to you and what you do with your money. I just care too much. That's what it is. I care too much. I really do. And since all these garbages are coming up, I expect we're going to have car salesmen show up here sooner or later. And I don't want people to fall into the same traps as some of these car salesmen got people back in 2021 with the crap that we saw. I don't want to see that happen again. So I'm looking out for you guys. If you don't want it, you don't have to have it. I understand.
