[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.
[00:00:13] Thank you for that, Bailey. And welcome everybody out there in Crypto Talk radio.
[email protected] the weather cannot seem to make up its mind. Lovely people, welcome or welcome back depending on your situation. My name is Leister, I'm your host and I am going to be having a very short episode today.
[00:00:32] I have some things I need to deal with. However, I'm going to focus on bitcoin. The predominant amount of today's episode will be bitcoin oriented cryptocurrency at a high level. But bitcoin specifically, because some things are happening, I wanted to share my thoughts. Others have shared their thoughts. I figured I would lend my voice to it because as you probably seen, if you listen to me@CryptoTalk FM, chances are I'm closer to the Pulse than some other people that are making their own statements. Doesn't mean always get it right, simply that I seem to be closer to the Pulse. So I will be talking about bitcoin. I also had somebody listening on the YouTube side who made a request about some coverage. I'll be talking about around proof of work specifically and some more things that happened recently. I'll be talking about those.
[00:01:23] Hopefully again I can get through the vast majority of my coverage in rather short order. I don't want to spend a lot of time today.
[00:01:30] I want to make sure my message is focused and on point because we got more stuff on the horizon yet to come.
[00:01:43] Coinmarketcap.com we are going to zoom out to the month chart starting with bitcoin because I'm here's where I'm going to take slight victory lap.
[00:01:54] I've been saying for quite a few weeks now that it felt like bitcoin was downward, slightly downward trend. And then recently it looked like it was coming up, but not strongly.
[00:02:06] And I said that it didn't feel as though bitcoin had the strength to sustain.
[00:02:13] We are now looking on the month chart where we see a slight downward trend and it's a middling behavior. If you look at the market cap for Bitcoin specifically $1.35 trillion as I record, this is a significantly low number. It actually got to a risk of breaching down beneath the one trillion dollar mark.
[00:02:36] I would argue if we can get bitcoin down into where people are estimating, which is into the fifty thousand dollar range, might be a buying opportunity. There were some bits that came up. Obviously Iran's a piece, but there were some other bits that came up that I believe are contributing to some of the downward sentiment that we experience with Bitcoin.
[00:02:57] But I still think that Bitcoin has an opportunity for more runs, if only because of supply.
[00:03:05] The supply being constrained though it is, we know it's being paper traded.
[00:03:12] At some point that's going to fail and when it does, it's going to have an explosive upward. As we saw with precious metals. Precious metals has been down and these are buying opportunities. If you're in precious metals, they are certainly buying opportunities. I still think gold is.
[00:03:27] It's not over inflated. It just feels like not the right buying price to me. You have to make up your own decision. But from my lens, I don't see that it's the perfect buying opportunity as of yet. So I've been avoiding those for now.
[00:03:43] Same with silver. Silver is a great price, but I'm holding for the right price point we have not yet reached. If Bitcoin continues to go down, money's going to flow in other directions. We'll talk about that here shortly.
[00:03:56] Bitcoin currently hovering around the $68,000 mark on the month chart.
[00:04:01] A little bit of volatility, but not heavy volatility. Meanwhile, on ethereum side, hovering around the $2100 mark, Ethereum looks like it's poised for a slight run. We also expect that some of the altcoins should benefit as some of that wealth retreats from Bitcoin and other assets into some of this. So not quite an altcoin season, per se.
[00:04:25] Rather, I think people are playing the field. They're kind of toying with different things and seeing what's going to stick. That's my pulse on what's happening. Ethereum has a market cap of $253 billion, which I would argue is slightly low. Not greatly low, but slightly low.
[00:04:43] Time will tell what happens with crypto in the next couple of weeks, especially if we don't get clarity with the Clarity act and we don't get other legislation designed to improve the state of everything with cryptocurrency.
[00:04:57] Speaking of cryptocurrency in general, you might be confused or oblivious if you're in the United States regarding the tax situation.
[00:05:08] If you've not been. If you've been ducking taxes, you've not been paying taxes, you're not paying attention.
[00:05:13] This part of the episode is for you. Because you may have not noticed the IRS has flipped the script on the rules for taxation of crypto. A while ago I gave a message that said if we don't fix the tax situation, if we don't clean this up and get some clarity around taxation with respect to cryptocurrency, it's going to be a problem for adoption. Here we are. Let me try to simplify what the IRS has essentially said.
[00:05:42] What the IRS has essentially said is regardless of whether it's a self custody wallet or a custodial exchange, anytime you do a transaction of some kind, they're treating that as a taxable event.
[00:05:58] And they are requiring the various exchanges and brokers, not just exchanges but also brokers, to collect and document all of these different transactional activities, provide a statement of gross proceeds and it's referred to as Form 1099DA.
[00:06:18] This is including certain transactions for the purposes of financial basis, but not all of them. That's the key point people are missing. It's not comprehensive. It does not capture every single transaction that they expect you to, not just because of the self custody, but simply because there's ambiguity when we say every single transaction needs to be accounted for. So let me give you the example that they quoted.
[00:06:43] You get some bitcoin. Let's say you go to the Bitcoin atm. I just had a lady was next to, she got some bitcoin at the atm. Bitcoin atm you get the bitcoin goes to your self custody wallet. That's a taxable event because you purchased it.
[00:06:57] Then you go into the exchange. So let's say you're going to transfer, transfer it over to exchange to let sit there. The transfer is a taxable event, believe it or not, which is stupid, but they treat it as a taxable event because there is a bit of conversion that happens when it's exchange. There's a conversion inbound. That's why they refer to as a spread.
[00:07:20] When you send it to them, it goes into your wallet. That's there, at that point it's made available for trading. Then there are pairs that are associated with it. And so what the IRS is trying to do is document. All right, where are all of the various trading events that could happen? So Bitcoin to ethereum, Bitcoin to USDT, Bitcoin to USDC, etc. Right. All these different pairs are avenues for transaction.
[00:07:50] The exchange notes where all these could go. And when you make a trade, even if you didn't profit, they're still documenting the transaction.
[00:08:00] So you take your bitcoin, you decide to sell it or why ever you did, because you just bought it, right? But let's say you did, you sold it because it jumped up 20% or something. That's a taxable event. They're documenting gross proceeds. But then they said, well, I go, I start the exchange. Now from the exchange, I'm going to withdraw it to a self custody wallet and sit on it for a while. Let's say three months, starts pumping up again, I'm going to send it back into the exchange. Same exchange, they treat that as a taxable event because you profited, quote, even though you didn't sell it. So the big delineation of what I just described, look it up, is there no longer directly focusing, and they kind of weren't before, but they're really no longer focusing on a cell, they're focusing on whether or not there was a change in value as the asset moved and just the transaction of it moving. They're treating it as a taxable event.
[00:08:55] Now the flaw of this, as I said in my older one, is just because the price is moving, if you have not sold an unrealized loss, they're not benefiting you, right? They're not allowing you to deduct because you had an unrealized loss, it had to be a realized loss. Yet if there's an unrealized gain, they're dinging you for it. They're saying it's a taxable event. That's the shady part that people are missing because they're trying to get as much money as they can off this crypto business, which is why they want so much reporting in place. What can you do about it?
[00:09:29] Not much. Because if they're tracking it at the point that Bitcoin enters your wallet in the first place, so every intake point that you can get, cryptocurrency has to start with fiat at some level.
[00:09:41] All of those are expected to do this reporting, which means you cannot escape, you cannot escape it. What this is doing is it's causing more people to look at offshore exchanges, VPNs, etc, that don't have KYC, so that those, they're avoiding that reporting requirement in the first place. Now you still have the financial aspect, right? So if you had to send a wire, your bank's noting where that money went. If you had a credit card, debit card, your banks are noting where that went because we tethered it, no pun intended, to fiat. You're really not going to be able to escape what the IRS is doing. All you can hope is that President Donald Trump does something to lock down the IRS and let them get back to reality, which is, no, we're not going to tax unless you sold it. They have to sell it. It has to be sold. It has to be a big lease sell or something that you have to say to enforce. It's got to be a sale. It's got to go to fiat, period. Then you can track it.
[00:10:40] Other than that, no, because if you don't do that, you're not going to get the adoption that you hope.
[00:10:45] Think about it. If they don't get the adoption that they hope, or it all goes offshore and under the, under the radar, you're banking on revenue you're not going to get. So it actually behooves them to be smarter about this and simply say, if it cashes out to fiat, we're going to nail you to the wall. That discourages people from cashing out to fiat. If we discourage people from cashing out to fiat, it actually helps preserve the value of it and increase the value of it over time. But we know what the game is. The game is that the IRS wants to take every last dollar they can get from you.
[00:11:18] And in a world where they're increasing the adoption for cryptocurrency, they expect that people are going to toss their money over there, deduct taxes. That's why this came up, and that's why it's going to be a problem if something's not done. Speaking about something done. Washington. So that same President Donald Trump, Senator Loomis, Cynthia Loomis, presented a bill called the Mine in America Act. And what they're trying to do is bring mining back to the United States. At one point it was here to a limited degree, and then most of it's offshore. Now, even if you buy the hardware and have it here, the hardware is manufactured in China. And so they're trying to bring that here, set up manufacturing here, starting from the actual equipment that goes into the mining machines to better dominate the mining scape, what does that do?
[00:12:05] Well, if you can do that for Bitcoin, it adds control over the mining of the remaining supply that's there.
[00:12:13] It's going to be high price. These miners are going to be high price because of the cost of staff and regulations, etc. But if they can adopt it and people jump on board with it, it helps people get that cryptocurrency on their aims. Now, obviously, the IRS is going to be having their eyes on that. They're going to want to figure out how they're able to get their fair slice or what they think is their fair slice of all the cryptocurrency, the bitcoin being mined out there. Whether or not again, this becomes a thing, I struggle to see that it will. I say that because I think the Democrat side is not interested in increasing any sort of cryptocurrency exposure because there are. They already passed the thing that said you can't, nobody in office can go on the gambling markets, you know, the Polymark and all that stuff. And then Gavin Newsom, he passed the bill, say, yeah, you can't go on the gambling of the predictions. I am, I'm not against it. I'm saying that I don't think that adoption of cryptocurrency is on people's minds like you think it might be. And I think that contributes partially to what we see. You were sold a bill of goods about the support for cryptocurrency across the board. Midterms this year are going to tell a story because if we start to regress, look it up back to the world where we're attacking cryptocurrency again, it's just going to be worse than it is right now.
[00:13:32] I do think if we don't get smarter about all this, and I'm talking tax, irs, et cetera, but if we don't get smarter about this, it's going to get worse before it gets better. That's my pulse on what I see. Meanwhile, bitcoin, long term, again, it's going to have run ups again simply because it's already out there.
[00:13:50] Some were spooked by Google recently coming out, talking about, yep, nine minutes, the quantum computing. Nine minutes to crack bitcoin and people think bitcoin's at risk.
[00:14:01] News flash. Bitcoin's always been at some level of risk. It's been insulated so far by simply a lack of knowledge. But remember that the code is out there. It's not like it's not. And so the, the real thing was around the keys. Some of the older ones, their keys are less secure. The ones that are just still sitting on it, their keys are less secure. Even Satoshi himself, it's themselves the key is still insecure because it was never swapped over to the better security layer. And so the risk is if Satoshi's wallet gets breached, Satoshi holds a significant amount of supply. How do you know that Satoshi is not still alive, contributing to the quantum thing, you know, killing his own product? We don't know. I'm saying that this quantum computing thing has spooked some people, which has contributed to some of what we see, certainly. So my thoughts on it. Quantum computing, I think, is a buzzword, just like AI. I think AI is a buzzword. There are some things we see in AI that are. It's pretty good, but at the end of the day, it's too easy to identify the difference between AI and reality down to the nth. It's just that when you're not a strong critical thinker, as I covered on the other podcast, you're easily fooled by AI. Certainly. I just saw a video I was watching for because I don't watch the main WWE product because it's garbage, but I do watch the snippets every time there's women involved because I'm a guy, right? And so somebody put up a video. It's clearly AI because Randy Orton and Cody RHs, right? And I've been saying at this point, if we were in the right era, Randy Rhodes would have taken an RKO while Cody's cuffed to the ring. And then Randy would have given her a kiss while Cody's struggling. Because that's what happened with Steph and Triple H. Because that's the character. That's what it was. And Cody did the promo and he's talking about to Stephanie Spoiler. And he's talking about, look, there's stuff that happened to you we can't even show anymore. That's. That's disgusting. It's disgusting because that's real, bro. That's real. It's like, you look at it, it gets you invested. You want to now cheer to see this guy get his comeuppance. And instead, every time he gets beat down, people are like, yeah, it's going to happen again.
[00:16:14] The. This person on YouTube put an AI video of what would happen literally right in my head. Yep, Cody's cuffed, Randy's laid out. It's from the Steph Triple H. But they did AI overlay and Randy is perfect.
[00:16:29] But you can clearly tell it's AI. There's no confusing it for AI. AI is a fad. I'll say that. I say Quantum is a fad. The reason I say these are fads is because at the end of the day, what are we trying to solve and what are we trying to go away from with AI? You might not understand, but it's really catered towards businesses. Businesses don't want to hire staff to do tasks, especially when they think the tasks are easy, routine, rote type things, and they're not satisfied with the quality.
[00:17:01] I talked about creativity on a different podcast. Creativity is the one thing AI sucks at and will continue to suck at, because creativity is born from experiences. It's not born from somebody. You can program this computer to be creative. It can create.
[00:17:15] There's a difference between creating and being creative.
[00:17:19] And some don't understand the fine line between the two at the end of it. Right.
[00:17:25] It's a fad. That's what it is. Quantum computer, I think, is also a fad. That said, there will come a time when, regardless of quantum, we are going to expose gaps in cryptocurrency in general, not just Bitcoin. We're going to expose that there are certain shortcomings in the security layer.
[00:17:47] For some of these, they're going to be subject to something. Why am I so confident about that?
[00:17:53] Notice how many company breaches there are out there. We're now taking it for granted. And notice that the governments don't do something to protect citizens. They kind of expect it's going to happen.
[00:18:04] Invariably you're going to get some sort of weird, hey, you got a year's worth of credit monitoring garbage. That doesn't really solve the problem because the companies are still allowed to do it. Why are those allowed to happen and why does it keep happening? It keeps happening because they've. They've adopted cloud number one. Number two, you have disgruntled employees.
[00:18:24] So between those two, those are the two main things.
[00:18:27] Cloud, and I'll talk about that in a second. And disgruntled employees. Disgruntled employees has always been a problem.
[00:18:35] However, without cloud, it was difficult. It was not impossible. It was difficult to have a breach like this. When you have a disgruntled employee now and they're rush the company's rush into like OneDrive and Google Drive and all these things for their business, you're just setting yourself up for failure. They go that way because in their mind, and the government's not going to punish us anyway. So whatever, we'll just fire the employee when we find out what happened. That's the reality that we live in.
[00:19:04] Now, the other flip of this, the disgruntled employee.
[00:19:09] Those disgruntled employees think about why they're disgruntled. They're disgruntled because they see at one point it was offshoring, now it's AI. There's all these things that get in the way of embracing your employee. We no longer have pensions. We no longer have your company taking care of you. And why is that? Because the Company doesn't really have to anymore. Now they find a new shiny and they want it programmed to do the job of the worker that helps them presumably save money. Well, it doesn't really, because you have to have somebody that maintains that software. It doesn't just keep running on its own infinitely. What they're trying to do is make AI smart enough to adapt to those changes and take better instructions. The problem with that is that at the end of the day, things change so fast. You're not no AI is going to be able to keep up with those changes and those nuances. Especially when you talk about statutory statutes. Right. Statutory requirements.
[00:20:06] A statutory requirement has to be interpreted.
[00:20:10] The AI can do the best it can to interpret it, but different companies interpret the statute differently. Could be the same statute, but different companies will interpret it differently. I just deal with this in my J O B. This company over here, all it says to do is if the dollar amount is greater than zero, do this.
[00:20:29] That's what it says. Company B will say, well, we still need to come from zero. Why? The statute doesn't say you should. Why? Well, we want to count for everybody. And so now, because it's zero, you can't do division because you can't divide by zero. It's a false denominator. You can't do it. The AI is going to stumble on that because you. It's going to say you can't divide by zero like this. Then you're asking the darn thing to work around it because Excel can and it can because Excel cheats. And so now you're telling the AI to do bad writing. Well, what's the difference of that versus a human? Then when that AI screws up, who's going to be on the hook? It's going to be that company.
[00:21:05] This is why I say AI is a fad.
[00:21:07] It's a fad because they don't understand that at the end of the day, AI cannot be as creative as a human. And that is its shortcoming. That will never change. I'm holding my audio online so people can point at me later if I happen to get proven wrong and say, you said that. See, I'm confident in what I say because I work technology. I understand a lot of these things. It sounds good on the surface. It's going to fail.
[00:21:34] Even if you manage to get some measure of success, these AI developers and these AI programmers are going to be more expensive than just having a regular staff worker. Man, that one little program that you did or writing a bunch of code where the AI, because it was trained on faulty code, puts faulty code out there and you get breached.
[00:21:56] This is why the government has to get involved, because if you take the human out of it, you no longer have a scapegoat. Now that company has to be held accountable for knowingly putting that AI in there that wrote code that allowed people to get breached, but noticed your government's not doing anything to protect you. I refer to the United States when I say that. That's the nuance of all this and why I say it's a fad. And we'll continue to say it's a fad. Nobody will change my mind in that regard.
[00:22:21] For the last part of our episode, I want to respond to the person on YouTube. Thank you for the request.
[00:22:27] Essentially what they were trying to wrap their head around. And I took it on face that it was kind of given and it was known. I did briefly cover an episode way back about our fictitious company that alluded to it, but this person wanted to have a little bit more in play.
[00:22:44] I'm not going to name names because I think everybody gets the gist of what we're going with.
[00:22:50] But the, the question was around one part messaging around this project was this is how this is going to work. We have technology, it can run stuff parallel, it's got 20,000 TPS, it's got all these layers to it. You're going to be able to mine, it's going to work like Bitcoin, etc. And so on.
[00:23:12] When the project finally gets something out, it's nowhere close to what was promised at all.
[00:23:19] And this became somewhat of a scandal in certain circles of, well, how. How can you possibly claim this? And they still do claim that it's that and it's not. How can that be? And talk about what happened there in my other episode, go in their archives. UTXO versus evm, that's what I was referring to. I put no names to it because I don't want to give them any sort of celeb status. But UTXO vs EVM, here's the story around what happened. At one point in time, there was a vision to launch something that was a dag, right? And the dag, what they wanted to do was have it behave very similar to bitcoin, just with the increased speed and an EVM layer which will allow smart contracts. So if you think about bitcoin, the way it works, bitcoin, it's. It has one functional capability. Essentially what they were trying to do with this project is Three things at once. We want the ability to, let's say, increase the security and reliability of payments and things using Bitcoin's initial framework, which is UTXO based. Check the other episode to break that down. But we want what Bitcoin offers there. But it needs to be faster. It can't be as slow as Bitcoin. Remember that Bitcoin's core network is nowhere near as fast as any of the other chains that are out there. That's why the Lightning network became a thing. The Lightning network was never widespread adopted. Even now I believe the Trust Wallet still doesn't because it was, it was like experimental and they never really officially said it was going to be a thing.
[00:25:04] So Bitcoin's speed has always been the thing holding it back. There was a video, and I believe it even was Donald Trump where he went to some store and he was going to buy a burger and he was going to buy some with bitcoin and it took forever for the darn thing to try. You know, it's embarrassing. So there was always this messaging around. Well, Bitcoin is good as a payment mechanism, but it's just too darn slow now.
[00:25:28] Okay, well there's that. There's also the desire to do NFTs. Obviously there is some of that on Bitcoin, which I disagreed with. But desire to NFTs, desire to start smart contracts. They wanted to do all of these different things in one. Then later they wanted to do staking. At first they said it couldn't be done. They wanted to do it when everything shifted away from the UTXO model. And this by the way, is under their faq. They did say we're dropping utxo. They just didn't elaborate to simplify it down for the layman user so you could understand what does that mean? How does it affect you? How does it change? And they never changed the marketing. To this day, they're still making claims about the speed of the darn thing and the layers and the parallel. Their parallel is not there.
[00:26:16] Performance isn't really there. It gets brought to its knees. Anybody tries, multiple people try to go and do claims. So it's clearly not what they claimed. It's just a regular layer, one chain.
[00:26:27] No different than Polygon. Right, Polygon with that Sunflower game where the game brought it to its knees for a couple hours. That's what you have here.
[00:26:36] So their marketing is false. Now here's why it matters.
[00:26:42] When they moved away from the original model at that point, mining is not really A thing.
[00:26:49] Because if you're not proof of work, there is no mining. If you're proof of stake, which if you have a staking app, you're effectively proof of stake.
[00:27:00] It's been quoted multiple times. There's going to be pools. You stake into the pools and you get rewards. That's proof of stake. If it's proof of stake, there is no mining. When you need coins in circulation, they are minted. Okay, so once the chain is established, you mint the coins or. Yeah, you meant the coins. You do not mine them, you meant them. Once they're made available and in circulation, they're made up for sale. Right. So you might have pre sale, you open sale, whatever that is, or you distribute them, which is what we have.
[00:27:33] At no point is mining part of it. Then people are asking, well then what's Dag Tech doing? What are they claiming to do? They're claiming that there's some mining operations.
[00:27:44] People did analysis around some of the data shown from dagtech and they speculate that the hardware that was presented is less powerful than most mobile devices. Well how can that then do any sort of mining if it's that low powered and you're talking about hardware that was specked to do roughly, I think it says 600 of the coins per day.
[00:28:06] There's open questions.
[00:28:08] Bottom line, what you have now does not match what they market on their site at all. It's essentially a layer one evm. No different than Polygon at this point.
[00:28:21] Is that a negative? It could be part of the issue is. Part of the issue is them not just owning up to the change, the shift because they've talked about this is not the end game. This is the first step app and we eventually want to get here. Which is the layer 0 blockchain. I'm not going to bore you with layer zeros here. I think that's a waste of time. That's what their goal is. But a layer zero and this is not the end game. And then they talked about another token. Well, there's a lot they plan to do. Whether or not any of that plan is going to bear any fruit, nobody really understands what's going to happen.
[00:29:01] But everything has impacted the sentiment around it. The price is a jacked up mess. The central exchanges are a jacked up mess. The messaging is still not consistent. They're clearly building something.
[00:29:13] But it feels half assed, it feels rushed, it feels ill thought out. Like they didn't really take the time to understand and have a plan or the plan that they had Failed, and they won't own that failure. That's my strike on it. So. So bottom line, what you have certainly is not representative of what you were told it was going to be up front.
[00:29:35] A lot of that, I think, is because it was too lofty to begin with. We have to consider, if I'm right, where they just. It was too lofty and then they decided away from it. That might help explain the absence of some of the funds. Because there was a lot of people during that whole process, there were a lot of team members all over the world, hackathons, and all sorts of garbage happening that costs money. It's not free. So it's possible they just burned a lot of money trying to do a lot of this stuff on something that was too lofty to begin with.
[00:30:11] If that's true, and I can't say it is, but if that's true, then it debunks the narrative about money stolen.
[00:30:21] It validates. These were just people that have no. Because they even said there's no cfo, we don't have any audits. Okay, well, if you have poor money management and you just burn money, we have to look at who was really in charge at that time. And the person who was really in charge is not the person that everybody thinks it is. It's the person that people thought was the best fit. And he actually was not, because chances are, by his own admission, he just kept took his eye off the ball and money was burned, excessive money was burned and he had nothing to show for it. And then he gets fired.
[00:31:02] And so what you might be seeing now. And again I say might because I don't know for sure, but what you might be seeing now is an earnest attempt to course correct. But it's so far after damage, it comes across as if it's just an extended something. The marketing is still crap, Everybody agrees, it's still garbage. It's misleading, it's not accurate, it's not true. And the central exchange situation is a nightmare. Some have said other layer ones went through the same.
[00:31:31] Whether they did or not, they didn't present themselves as something they were not, with the exception of shibarium. Because it lied, right? Because they claimed that no, we're not going to be a fork of polygon and then turn down to the fork of polygon. So shibarium is the one notable close parallel to this, a layer one that claims it's something that it's not Lies, Shibarium. Consider Shibarium never got to the level of integration, not even close on a multitude of exchanges with its primary coin as this one over here. This one over here has made significantly more progress in terms of listing and integrations than Shibarium could ever touch. We have to put that in perspective. Shibarium, the one that people thought was the most credible and legit. I remind people this is an idiot that went up on stage and tried to sell you a cologne scented book for one eth that happened. It was $2,000 I think at the time.
[00:32:29] So we have to look which one really is a scam. This one over here where the guy tried to sell you a cologne scented book, lied about what the chain was going to be and said it wasn't a fork of polygon. Turned out it was a fork of polygon on their leash. Token 100,000 in supply. Somebody mysterious, a developer mysteriously turns on the rebase and now it's printing out of control bone. They renounced it, but it's price crapped because they had paired it to their shiboshi garbage nfts and to leash which is printing out of control.
[00:33:05] All of these bad decisions and the value is not there. And they never did get it fully integrated on exchanges. I'm talking with the network.
[00:33:12] Shibarium could not do what this other one has done. We have to. We have to put that in perspective. That means something. There's something there. I had somebody on YouTube a while ago who said, do you honestly think. And I paraphrase. Do you honestly think this is going to launch? I said, something will launch. I don't know what it is and I don't know how far it's going to go. But at this point it's too far out. It's like something's going to have to. I got it right and then come back. Give my credit. But the bottom line is I knew something was going to launch. I didn't know what it was going to be. I didn't know if it would succeed. Here we are. They have something that got further than Shibarium.
[00:33:51] That's what we have. Shibarium's statements, Shibarium's messages.
[00:33:56] None of them had any legitimacy whatsoever.
[00:33:59] So my angle and the reason that I and I'm closing but the reason that I looked at it and said this one looked at it and said there's got to be something here. I don't. It just feels like they just don't want the heck they're doing. That's what it feels like.
[00:34:14] I looked. I always point it back at Shibarium. I look shabarium was one and Pulsechain was the other one. These two, when you measure success or you measure progress or you measure scam or you measure whether something really is a ripoff, you, you identify what are the closest parallels we can think of. PI Network certainly. Sure. Casper, sure.
[00:34:38] World Coin, sure.
[00:34:40] But most critically, Shibarium, Pulsechain. Why? Because Pulsechain had the same level of hype. Pulsechain had the same false promises. Pulsechain had the same amount of lies to it.
[00:34:52] But it eventually launched.
[00:34:55] It did what they said it was going to do eventually. And you can buy and sell and swap and trade. Now of course it's been banned on most exchanges. So okay, then you got Shibarium never got to the level of success on exchanges. So these two, Pulsechain and Shibarium, which are the biggest hype ones you can think of, never got trade on exchanges. PI Network, which is essentially given to people.
[00:35:18] There was a lockup, they had lockups. The coins, they had the same kind of issues. But yet. And the Bybit CEO called PI a scam. To this day he calls it a scam. Okay, well then if I look at that PI people made money off it.
[00:35:34] If I look at Shibarium, nobody really made money off that except the devs way back yonder when the damn thing launched. If I look at Pulsechain, who really made money on that one? Richard Hart. Okay, these three, I compare them against this one. This one got farther it so far it's gotten farther but it's done some of the same stuff, lockups, etc that I don't think are good ideas but they've done them. But it got farther with the exchanges than the rest of them did. Did. So I said there's got to be something there. I just don't know what it was. As long as somebody was okay losing what they put in, it's not a problem. But there are so many people, there's countless people on Coin Market Cap's community right now who said because they keep yoloing into stuff based on what? A guy standing on the moon? I never understand that. Why can't you just put a little bit of money you're okay losing? I don't care. It's throw away money because they're gamblers. That's the gambler spirit. That is not the project's fault because we know the market is garbage. A guy on the moon tells you to put all my money into it. Think it through. No, you're a gambler. Accept that you're a gambler. And you got it wrong. There was somebody else who's part of the consensus trying to sue these guys, whether or not they're successful, whether or not it's merit. That's not my point.
[00:36:55] Point is trying to sue them. And yet on the other hand, actively trading it.
[00:37:01] We people are coming around. People are starting to see what I saw months ago.
[00:37:07] Damn, there's something here. I don't know what it is. And as long as you're okay losing the money you put in, who cares? Because there could be a win. There could be something. And once it gets beyond the central exchange point, it's kind of like all bets are off. There are garbage tokens that are essentially scams that are still on central exchanges and they have their occasional pumps.
[00:37:30] Gigachad. Gigachad's one. I think it's. I think at the time it was Ethereum launched, but somebody put a variant on bnb.
[00:37:40] I had bought some of the BNB and then I sat on it, it cracked down. I sat on it for a couple months. All of a sudden it ran up out of nowhere and I got all my money back. These things happen. Once it's on a central exchange, all bets are off. And that's how I felt on this one. And hopefully you feel the same way. But my messaging for you is, look at how Shibarium went. Shibarium got nowhere close in the level of success as what this has done so far. With respect to exchanges, Shibarium has more utilities. Nobody uses any of that crap. So what good are utility? What good are utilities if nobody uses them? That's my thought. Pulsechain, it has a network. It has the stuff. Who's really using that stuff? It didn't. It didn't do what he said it was going to do, might do later, but right now it does not. Did not. And Pulsechain, from an exchange perspective, never got like what this is doing. What Pulsechain did better than these guys though, is they have a decentralized exchange. Not only do they have a decentralized exchange, you can host your own decentralized exchange local to your computer. Like it never needs to be on a server. You can literally just spin it up on your computer and have your own decks.
[00:38:47] That's the one cool thing Pulsechain does that none of the rest of them I've seen do is that your own hosted decks, which is awesome, but that's all it really can offer. From my lens.
[00:38:59] PI PI still has its issues, still has funds lockup. It still has the same stuff. So I'm not going to say something is absolute scam. I'm going to say you're dealing with incompetent people in the crypto bubble. Until I see otherwise, that's my stance on it. Hopefully all of that has informed you about why my perspective is what it is. And by the way, to some of Those people on CoinMarketCap, I try to help and I try to give kudos where it seems to be deserved. I will not, I refuse, I will not discuss, have any conversation, argue whatever with marks. And you know when you're being a mark because you're defensive, you're like we don't care or whatever crap I'm op ed, I share what I see because some people are outside the crypto bubble and they don't follow this garbage and I'm trying to help people out. Your job, if you don't like it, don't care, don't want to know, is to simply ignore my posts. That's easy. Just go somewhere else into your whatever, go back to the consensus and do whatever.
[00:40:04] That's where you go. Okay, don't respond on mine unless you understand that you appreciate this guy's trying to inform us, he's trying to help us out and I appreciate the information that he's sharing and I appreciate you if you're one of those folks, Sam.
