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Lawsuit Against #Binance.US and #CoinMarketCap Over #HEX Revived
#Crypto #Cryptocurrency #podcast #BasicCryptonomics
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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]. dot. And now here's your host, Leister.
[00:00:13] Speaker B: Thank you for that, Bailey, and welcome, everybody out there on crypto talk radio [email protected] dot. A hazy day, some falling cryptocurrency prices, weird, strange situations, an awesome electrician. Welcome or welcome back. It depends on your situation. That rhymes. Here's, here's an interesting little tidbit story up the front. Personal story. If you're new. Welcome again. This is something I like to do every now and then. Personal story. So I got, there was a handy guy for electrical thing I needed sorted out of my home. It's a. An outlet. When I moved in, you could tell somebody didn't know what the f they were doing. Just hacked together some they cobbled together. It's like three switches, two outlets all cobbled together. It wasn't grounded. It was like a fire hazard nightmare nonsense. The. The plates for these, they cut one of the plates in half to try to make it fit instead of buying the right. The correct type of deal. So I had an electrician come out. He took a look at it. He put a new plate on there. Really nice new plate.
We were trying to work the lighting that's in the hallway, that's right outside of it. The way this was spliced in was kind of weird. So some of the wiring was retooled, got the light working and everything. Still seemed like to work outside and everything.
But when you would plug something in, like, say, if something charging, the light would flicker to the tune of whatever the charging indicator was on the device that you're charging, which we know that's not normal from electric. I know today's school doesn't teach the electric shop, and so I understand that some of these kids don't understand what I'm talking about. That's why I'm breaking it down. Cause I think it's a funny story. So I had another handy guy come out and just take a look at it, really, to solve the issue with the outlet affecting the switches. Cause that should. And the lights. Cause that should not happen in proper current. So he found this issue above the light where some of the wiring was not, some of the neutrals were not spliced together. And then he had to rewire the stuff behind the panel. He starts to put it back in there, and there's a spark, like, like a loud spark trips the breaker downstairs.
So. And this is after, I don't know if anybody, there's a show and I forget the name of the show off hand. It's a really funny show where he's doing work to hang like a towel rack. You might know what I'm talking about. Somebody might know what I'm talking about. Uh, gosh, what's the name of that? Trailer park boys. Trailer park boys. Ricky the handyman. So there's a scene and I don't know the setup, but there's a scene. He's like, yeah, you know, I'm gonna. These, these old homes, you know, the, the studs are 16 apart and they're all standard being out here five minutes, right? And he's, he nails in this deal to hang up the towel rack, the little towel ring nails it in there. And he's like, all right, good to go. And he pulls the towel ring comes straight off because he nailed it through drywall because he didn't, he had trusted, he assumed where the studs were. And then it's a funny segment. If you do get a chance, I do recommend you check it out. It's a hilarious segments on season twelve, episode two, I think it is, of trailer park boys. It's all over YouTube. Just search Ricky the Handyman and you'll see hits. It's a hilarious, that's the, that's the kind of story of what's been the story of my life with this house in certain of these things, not everything, but certain of them. Some things are easy. Like I fixed the security lighting out in the rear. It's all good. Beautiful. Turns on when the sun sets. Turns off from the sun, you know, that's good. I fixed the porch lighting. That's good. I'm starting to install track lighting along the driveway that's going smashingly. I'm just doing it piecemeal over time because it's easier to do it at night. I can't tell where to aim. So I'm doing that at night. That's working fine. I got the garage opener, that's working fine. The side doors has its locks now. So that's a security thing. That's working fine. My lawn looks amazing. So. And I'm changing switches as I go around. I'm just swapping the switches out. So everything's going good. It's just when I was starting this business, it's like, geez, I understood, right? It's a home from the fifties. I understood what I was up against, but I didn't realize some of the creative wiring that we were going to run into with a lot of this stuff.
So there's that. The second part is this handy guy that fixed. So he fixed this situation. He came out, and after he got it all situated, he got all done. Everything's working. The Chargers working. Everything's clean. Clean as whistle. I enjoy it. Now, apparently, he has a business card, and on the back, he basically said, let me do it, or you could screw it up. So, like, all right, this guy's getting the business. His rates are great. I'm gonna. I'm trying to reach out to him to see if he does the pipes, because I need to get the piping replaced from galvanized. And if he does, I'll absolutely give him the business, because I thought he's an awesome dude. Cool to work with him and his partner. His partner didn't do much except for basic assistant, but he didn't need to. His partner seemed like he was cool. Too rare in this place. I'm just excited. If it sounds like I'm kind of marking out, it's because it's rare to find contractors that are willing to do the business. You know, they're willing to do the work, and they're willing to do a quality job. They're willing to go above and beyond. They charge decent rates, and they're cool people to work with. They're not about the text message automobile. What's it. They're just cool people, you know, that's what I was hoping for. And he. I checked his yo profile. Seems like he does a lot of stuff. So I'm happy to give him the business and just say, look, I'll let you do all this stuff that I'm trying to get done because there's a lot of stuff I want to get done, like my office that I'm trying to get set up. I'm pretty sure he can probably do flooring. That's a pretty basic thing. Mine is getting the old flooring out of here. So if he's able to do flooring, I'm happy to give him the business on this. And then hanging up the finishing hanging of my acoustics. I can handle the tv, but my acoustic stuff, my server room, which I'm still trying to get set up, and I'm debating whether to do that upstairs or under the stairs. Downstairs. The stairs renovation, I want to get done. Then I'm trying to do some stuff on the front. So I'm, like, really excited to find this guy because he seems like a cool dude. And if he comes back and he's able to do the pipes. It's, it's game, set, match because the pipes are the, the biggest at this point. Risk left in the home is getting those swapped to either copper or pex. I'd prefer copper, but I don't care at this point. I just want them out of there so I could stop seeing Rust come out of the faucet for the first 3 seconds. That's, that's my life. Meanwhile, on the cryptocurrency side, as I said, I haven't been staring at it. I watch it a little bit. You know, I make my calls every now and then. I do some out of cycles. I did a special out of cycle on YouTube, only I didn't do it on the podcast because I didn't want. It seemed like it's a better fit. On the video side, that one started to run up. That one started to go a little bit crazy. And I was just talking about blockdag. If that's something of interest to you, feel free to check it out. Cryptotalkradio.net, youTube and it'll take you straight to our channel. It's the latest video, I believe, up there for that. And that was not covering the token, it was covering Cryptoj's coverage of said token. But it seemed like it got a lot of interest from whoever because nobody was really doing it other than Crypto J. And I wanted to cover his because there were some things I wanted to give him some feedback on. So in the meantime, let's go ahead and take a look at what we got going on here on deck. I don't think it's going to be too long of an episode here today.
Alrighty now, coindesk.com and we're going to zoom out to the month chart and we're going to start with Ethereum. We're starting with Ethereum because I said on a past episode I was really excited about the potential for Ethereum to have a run up because Ethereum was nowhere near its all time high and I didn't fully understand what might be going on with it. But it's nowhere near its all time high. Well, over the past day or so, it dipped back down. It went down to a point it's currently going up, which I like that, but not as strong as we might expect. Certainly not as strong as bitcoin currently hovering around the 2700 mark, a lower 2600. And. And we're at the high of what it could be in the past day. Not going to strong upward trend, but it is climbing from where it was. We were going back down to like a 2600 mark. So it is somewhat climbing, although slow and steady. And then some of the business with the Ethereum ETF's as well as some of the general cell pressure out there played a factor. And some of the alt garbage was affected by this. I wanted to make a point. I didn't do coverage of paypay because I think it's crap, bottom line. So I didn't do coverage of it. But Da Vinci apparently had talked about this paypay. He's the ambassador for the paypay. There were people accusing Da Vinci of dumping off the project. I want to be clear. Davinci hasn't sold. His wallet's public. It's a public wallet called DaVinci codes. And he broadcasts all over the freaking place. And I took a look because people were claiming he was dumping on the token. He has not sold a single one of them. No matter how low it went, he's not sold a single one of them. Now, why he hadn't sold is a different conversation. I can't say if there is some motivating reason why he didn't sell, like say some agreement he had with the token or his own motivations or why ever can't say that. I'm simply clarifying. For anybody who's interested in Paypay as the ambassador, he has not sold a single token. Why he has not, we don't know, but he has not sold the dumps we see. And I'm going to make the statement. Whether I'm fully right or wrong, I don't know, but I'm going to make the statement. Feels to me like a lot of what is affecting Paypay and other tokens is the decline of Ethereum, which of course these are parrot.
Ethereum is 50% down, folks. When it's 50% down, it's going to bring everything else down that's paired. Has any pairing anywhere else, because they're all monitored, all the different pools, all the different exchanges. So anywhere there's a pairing on the Ethereum token, it's going to be down simply because that's the way it works. If the, if one of the pair, one of the tokens in a pair goes down, the other one's going to go down with it. Certain tokens, like a side of chain, you know, when they Yank said liquidity, of course it's not going to go any positive because people can't get access to it. That's a different problem.
PayPay and other tokens may simply be affected by what's going on with Ethereum, where in what I'm saying, it may not be people dumping at all of the token itself, it may simply be Ethereum that's bringing it down.
If you think about the elastic nature of some of these drops versus the climbs, that tells you that some of these tokens, if you look and you don't see significant actual sell traffic, and I'm talking to significant cell traffic. So if you're seeing sales for like $100 or $200 or something, that's not significant sales. We're talking greater than $1,000 in a token, like a PayPal. If you don't see a lot of these large scale cells, it tells you that it's possible that when a theorem does rebound, the rebound on this is going to be strong, which means anybody who decides to hold on to it, or is capable of holding on to it for the long term, is going to be thankful in the long haul. I can't say which of the tokens that will easily be, I will say many of them. The most you could expect is about a two x, three x at this point, Shib included. Whereas something like PayPal that had recently launched, like, remember, hadn't been out that long. And so it hasn't had time to really marinate to the degree that Pepe did or bonk did. Those got up to a billion dollar in the market cap, but it took a while for those to marinate to get up to that point. And some people were so skeptical until the very last.
It's possible that certain others of these tokens, not just Paypay, but certain other ones that launched very recently. When a theory goes down, or when Solana goes down, because Solana has its own pairs, when they go down, it's possible when they ramp back up, that these other tokens are gonna have major runs, and we're gonna see a lot of wealth transfer happening when that occurs. So I watch it, and I wanted to simply clarify, with respect to da Vinci, he has not sold any pay. To his credit, he has not sold any. So I'm watching it, not knowing. Obviously, it doesn't do anything. So I'm not knowing.
He put his hat in there for a reason. He put his, he put his all in there for a reason. What that reason is, I can't say. But you look at it, and you're like, well, he hasn't sold, and he went in as an ambassador. Now, he hasn't talked about it very recently as far as I can tell, I don't follow his channel, but I haven't heard anybody chatting about things he said or any of that kind of stuff. Meanwhile, my update I did on blockdag, they're doing the frequent updates and things, but most everybody believes it's a scam. I said it's almost guaranteed it's going to pump and dump. I can't say it's a scam. I can't say redic is a scam. I have no idea. Pump and dump is guaranteed because of the presale. Anything that does a pre sale does a pump and dump. Every the vat, every last one of them. You can go down the list. You will not find a single project where it did a pre sale that did not do a pump and dump. And if you can think of one, please let me know, crypto talk fm and hit the contact form and let me know what the deal is. But you're not going to find one that did a pre sale that did not pump and dump because that's just the way that that is.
So I switched over to bitcoin and I wanted to understand, well, is bitcoin having just as much of a problem? And it's not. Bitcoin sitting at about 60,000 mark, a high 61 five, a low of 58. So trending in the upward direction generally speaking. But it's closer to its all time high. Its all time high, I believe is $72,000.
So it's, you know, it's nowhere near as crap down as Ethereum was. Ethereum had a hard time of it. I did notice then when I was looking at certain other projects paired on Ethereum that the gas prices seemed to skyrocket at a point. So it's possible some of the activities happening on chain may have contributed to a decline in overall volume. Most of your lower level traders are not going to or shouldn't be doing these trades when the gas price is like $50, $60, $70 because it doesn't make any damn sense. Most of them are looking for the cheaper gas prices, but when there's certain activities, those seem to spike gas prices. We saw that in 2021. There were times when there were quotes for gas prices over a I'm like, screw you, bro, I'm not doing that. And I know other people will be the same way. Now, the rich mother fathers don't care, right? If you're trading tens of thousands of dollars of this stuff, a couple hundred bucks is not going to be anything off your, off your back. But the regular low level, they're not trading those levels, so they're not going to be accepting of a super high gas fee.
Why it spiked I didn't see any specific catalysts that would cause it, but it was obvious because I did run into it on a couple of occasions where the gas price I thought was a little bit out of whack and I backed out of the trade. So I'm saying during that span of time when gas prices are starting to go haywire, it's possible that may have contributed to a loss of volume if people stopped trading during that time waiting for cheaper gas.
Idiot Vittlet came out an article recently and he was talking about the layer twos as a potential solution to the problem. Now, I would question the motivation of him saying that because if you remember, we talked about this whole sharding. We talked about all these den Koon upgrades and all these up things that were supposed to help alleviate gas fees on the Ethereum chain after it went proof of stake from proof of work. Because remember when it was proof of work, that was when we started seeing significantly high gas fees. Here we are on proof of stake and we're starting to see these spikes in the gas fees. So all the different upgrades and enhancements that they've been doing don't seem to solve the problem. So now they're talking about layer twos. I'm sure that layer twos will have a beneficial impact, but why do we have to delegate to layer twos? Why can't you guys figure this business out? That's the open question. I think people should challenge idiot Vitalik to say you said all these different things were going to help the gas prices, and yet here we are, really no better off than where we were before. And I think you got some explaining to do because I think you made a lot of promises that may have caused some pumps. And then, by the way, idiot videlic tends to dump on you whatever he cares and feels like it.
Three arrows capital is back in the news. Not for a good. Well, it's good for you, but it's not really good in the big picture of a thing. So if you're in the Luna classic ecosystem, you are interested in Luna Classics revival. You know the name terraform labs, you know what they're about, you know what the deal is on this situation.
Unfortunately, terraform labs has been in the middle of a lot of stuff and it was expected that they were going to be attacked for the next few years as everything wound down after Doe rug pull, aka do Kwan got caught out. He got caught out. Everybody that was associated with him and around him was going to get caught out.
Luna Classic was always going to be struggling because you have all these different things holding it back. Even if you take away the money aspect, you got the sentiment aspect with all the players that were involved at the time.
Three Arrows capital very recently sued terraformed labs for $1.3 billion over what happened to the Luna ecosystem prior to the onset of Luna Classic. So this is basically based on the actions of do rug pull, aka do Kwan. Three arrows capital is suing terraform labs because of that damage. Because, because, remember, that was a significant decline of the overall cryptocurrency industry. And three arrows capital is right there at front and center of what was going on there. FTX also has a piece to play in this business.
But the point is, these three arrow capital, these guys claim that terraform labs actually manipulated the price of the tokens which led to the three Arrows capital losses, $3.3 billion worth of losses. So in other words, they're saying that it's the manipulation of the price of the tokens that you issued that made it worse on us, that we were. We were fine until you started playing with the number. Because remember, UST is a algorithmic which essentially is playing with the numbers, if you think about it, because it's just code that tries to figure it all out.
The whole pegging from Luna to UST Usta, it's funny money at the end of the day. So that's the case that they're making. It's all funny money. And as a result of your. And then do rug pull, aka do Kwan and the shady deal that he did that caused the ultimate thing. People could say he didn't cause it. He did because he made the decision with the jumps and all that crap.
That manipulated the market, effectively manipulated the market. So I like that there's a lawsuit happening. But if you're in the Luna classic ecosystem, this is not good news for you because it means that it's an, it's another distraction for terraform labs. It derails progress. It derails any sort of opportunity to get it back on track. It means setbacks for that project. It means that even if it does recover, it's going to be longer before it makes significant motion forward. And all the different proposals may or may not have the effect that people think that it should because of what's still going on. There's still fallout from what Doe rug pull, a k do Kwan did which is why I, I pointed at him. The buck stops with him and what he did and his decision ultimately brought a lot of big players down and contributed to a lot of the crash outs that we saw since. So three Arrows capital is not absolved of their part to play people getting wrecked. But I'm, I'm happy to see that they're stepping up and saying, we got some data that we want to use to sue these mother fathers because of their part to play in why we went down as well. We go down ship, they're coming down with us.
Speaking of going down, bitcoin is expected to possibly go back down.
I don't know if this is really going to happen. I'm sharing it because this is a speculation spinning around that bitcoin, in theory, might not be able to hold the 60,000 or 61,000 level, might crash back down yet one more time before doing a final run up. This time, the crash down would go down to about the 50,000 mark that I initially estimated or slightly lower. This is based on short term holders and the estimation of how much losses that they have, as well as sell offs that are occurring and liquidations to occur here soon. So a variety of sell activity. What they expect is that there's going to be a number of different triggers that simply cause a flash crash on bitcoin. Do I think that happens? I don't know for sure. I doubt it. But that's the theory spinning around.
Right now. We're at 61 ish. 60 61 ish, that there could be a flash crash impending, based on cell activity down to about the 50,000 mark before rebounding and going up the last cut, unless there's some other, you know, mitigating circumstances. The other piece is there's an expectation. This is not confirmed. There's an expectation that the feds are going to cut rates.
If the feds decide to cut rates, this may or may not be a good thing.
Some people speculated that a rate cut would actually lend itself to be a good thing because it entices people to borrow more. Right. They'll borrow more and they'll spend more and ignites the economy. Some people believe that if you do a rate cut, it actually tends to be a bad thing because the government itself is not collecting the revenue that it needs, and that may have a downstream impact on you. And I.
I'm of the opinion that keeping rates the same is a bad idea, in my opinion. And I don't know that raising rates like I have a. I have a personal belief that raising rates might be a smarter move in the short term. But that's based on faulty data that I make that statement.
I don't know that lowering rates, unless you do it to a significant degree, is going to move the needle for anyone. I don't think it's going to have a significant positive or negative. I think it's one of those things where it's like Chewbacca, it sounds good, but it doesn't really do anything to the markets. My opinion, I'm not sure, but that's what I, that's my stance on, that's what I believe and that's what I feel.
So, big picture, we have a lot of different elements, governmental as well as cryptocurrency elements, playing in at the same time contributing to some of the price shifts that we're seeing. One such is around hex. Hex, of course, from the pulse chain, but specifically the ethereum. Hex is the one in question for this next update, which is binance. Us and Coinmarketcap facing a class action, an actual updated class action from Hex holders and others alleging that these entities, I would say primarily coinmarketcap, were manipulating the price of hex in order to suppress it so that they could financially gain from the manipulation.
How this would work conceptually, how this works, right?
If you put out that the hex price is just crap, crap, crap, crap. Which it is right now, right? It's crap, crap, crap, crap, crap. Crack.
Hex has a mechanic where it can print and print and print and print and print. It's got the certificate of deposit mechanics and other things. And I said that I've not done coverage on Hex because it felt like people were tired of it more than anything. Richard Hart goes on Twitter and he does this tweet that basically says hex ethereum is a waste of time and you should be on the pulse chain hex. The pulse chain hex is not covered on corn market cap. All you have are the, the variants of Hex that are on the other chains. There's Hex on ethereum, I believe there's Hex on BNB. So the pulse chains price is not tracked on core market cap and I'm pretty sure it's not integrated on binance. Us hex also was kicked off of various exchanges.
All of this is collectively being accusing for this. These. They call it a group, but let's say this group of people of manipulating the price of hecs for their own gain, as in stacking their own bags at the lower price points of what versus what it really should be.
The panel concluded the district court had personal jurisdiction over United States dependents over the act, which I'll talk about in a second, because they had sufficient contacts with the United States to satisfy due process.
So back up a little second, way back two, three years, whatever.
A class action lawsuit was filed against Binance us.
They claimed that at that time, binance us was manipulating Hex's ranking on Coinmarketcap, a form of collusion where they were working together to keep Hex's price low. That was the accusation that was made.
The people doing the accusation were saying Hex is the best performing cryptocurrency. The ranking doesn't make any sense. Sense.
At the time, Hex was a top performer primarily because of how much money was flowing through it. There was a lot of trade happening on it because of its mechanics, and a lot of the. And at the time, post chain wasn't a thing. It was talked about, it wasn't a thing. I would argue, though, that some of that was, I don't want to say wash trading, but it was artificial traffic, as in it didn't really truly exist as was presented. What they're stating in this is if you looked at it at a point in 2021, say you saw that it was one of the top tokens, and then all of a sudden it craps down to nothing out of thin air.
I don't think this lawsuit is going to go anywhere because the bottom line is that Richard Heart, on multiple occasions, did stuff to kill his own token. When Pulsechain was first released, the bridge didn't effectively work. It did nothing easily make it, you know, simple to move between chains. That's number one.
Number two, the first variant of it was buggy is all. Hell, I argued. Still is. Number three. He does these tweets that basically say hexadem is a. He didn't say it's a scam, but he said so effectively a waste of time. Well, people were holding it and then it crapped. It cracked multiple times. He did that like twice on this. Then there was the pls. Token became a focus, the PLSX became a focus, and hex became less of a focus. I'm saying that I don't know if the lawsuit is the right answer because they need to look inside. That was really about Richard heart killing his own freaking token. To me, that's what killed the business. Is Richard heart killing his own freaking token? Not anything that the token that, you know. Correct. I don't think they did anything to manipulate they might have can't prove that they didn't. I don't think they did. I think it's Richard heart. I think he's the one that kills his own business. And unfortunately, that's why people call him a scammer, because he does these things. He'll do something to promote it and shill it and hype it to the moon, and it'll do something to kill the business and leave people, quote, wrecked. And so that's why people don't think highly of him. Look inside, don't look at these other ones. They can't, they can't do anything beyond what the active price, if it's being traded at X, is being traded at XDev, you know, so that's my opinion on the business. I don't know what to really think of it, and I've really followed it close. I share it, because some people may be in that ecosystem that are listening to the show.
In closing, one of the things you want to keep in mind right now, I said it before, it's hard, but you got to train yourself to consider every single red as a discount, just like you would do at the store. You look at it, it's a discount opportunity. You see it and there's an opportunity to get it at a lower price point. And by getting it at a lower price point, you can get more of it, such that when it goes up, you can benefit from it. And ideally, you're taking profits out of it so that you recoup not only what you put in, but also a little bit of profit over top. There's a tendency, and it seems to be broad, spread across cryptocurrency to wait for the million dollars to drop. And I understand if you're a gamma, wanna roll the dice, that's your prerogative.
I'm still going to be an advocate of getting profit opportunities when they come up. Right now, bitcoin is not a strong profit opportunity unless you're at the five figures investment, in my opinion, Ethereum, though, Ethereum can, at minimum it's going to two x. We know that because of what its price is, it's down 50%. So at minimum it's going to double.
So the worst you could do is toss, say, $10,000 at something and turned into 20 at some point, if you're patient enough. And it's throwaway money, to me, it's an easy win. Ethereum is an easy win. We don't know when it's going to go up. It's going to go up. Ethereum is an easy win. Solana is an easy win. Avalanche, I would argue, is an easy win. BNB would be an easy win, but it's kind of on the higher side of value. At the point you have to decide, are you okay just making incremental profits or are you going for the million dollar bag? If you're going for the million dollar bag, I would argue you're going to be frustrated this entire journey.
That's the hard part, to decouple yourself from looking for the million dollar bag and instead focus on the incremental profits that you might be able to get from some of these other projects that are out there. I'll even throw paypay in that, not knowing for sure. Because again, if it's throwaway money, there is a strong probability that Paypay does have a run. After Ethereum recovers its price and FOMO kicks in. There is a strong probability that Paype goes on a run. Right now it is at a very low market cap and its price is reasonably low such that it could very well turn into something. I cant say that it will. I dont know. I truly dont. Same with Redx, same with Blockdag, same with some of these other ones that are out to Ork is one. I heard some of these. It's possible that when Ethereum recovers, they go on a run, and that may be why you're hearing from different outlets that these are covered.
Just be careful and make sure it's money you can afford to throw away. And it's fine. The problem is when people start putting more money than they can afford to lose, and that's, that's where I see the risk, and that's what I don't want to see. I don't want to see people, you know, tossing all my money at a thing and then get wrecked, trashed on the end of it. Finally, Donald Trump had the session with Elon Musk. I did not watch the entirety of it. I watched it. I heard a snippet of it. It was on Twitter spaces. So I wasn't going to do it. I heard a snippet of it and it was basically Donald Trump just yapping, yapping, yapping, wouldn't shut up. And I was told, because I didn't listen to the whole thing, that cryptocurrency was not mentioned. That's off the heels of Elon Musk yanking emojis about bitcoin off the platform.
If you were wondering what that means, I suspect, and it's just theoretical, but I suspect that Elon is working on his own form of cryptocurrency blockchain.
Where am I getting that from?
If he was, we know he was all about doge, right? He said in an interview, well, he just likes dogs and memes. That's why I. That's, that's a lie. Because he was one of the ones that he put on an interview where he said, I think those dogecoins chain could be more efficient. I think it could do some more stuff. He was actively engaged. He was one of the consultants at a time. Now that might have changed, but at that time he was putting over doge coins chain saying it could be a form of payment. He was the one after he took Twitter that changed the logo briefly to the doge logo and said, we might consider taking this as payment. So my theory, his about face here where he yanked the emojis, could be a precursor to considering launching his own blockchain.
Because remember what X.com started as X.com started as one of the original fintech banking technologies companies.
It's where you could do, you know, regular payments. You had a debit card, you could write checks. It was like a bank account. It was one of the original ones, right?
He kept that, he owned that and then he sold it like an idiot. But he kept the domain.
He said he wants X to be the single place that you go to do all these different things. He said he needs to control certain aspects of how this works in terms of payment processes, ads, etcetera. He said he wanted to give ad share back to the contributors of the platform. He said he wanted to tice more people to contribute to the platform. He said he wanted to be free speech, which means he cannot be controlled by the big players that are run by ESG and dei put it together. The only way that he could really control that game is by way of blockchain technology. He can't just trust a straight AWS because AWS will happily censor you. He can't just trust a straight azure for the same reason he'd have to build his own infrastructure in order to integrate payments in a reliable way. He's going to need blockchain infrastructure, bottom line, unless he goes to the stripe or square and they're going to censor him. So I'm tenfold, or I may be. I think the reason he's taking these actions and the reason he's so more aggressive about it and the change over to X.com now and getting away from Twitter as a branding think he's positioning to build his own blockchain.
So today's episode is August 13, 2024. You can hold Lyster Crypto talk FM, hold the audio because it's up there and it's public. If I call it and I get it right, you need to come back in my credit. If I get it right, you come back in my credit. I'm just saying I don't know. I don't have any inside information. I'm putting two to two together about how he's acting. Let's see what happens. Because if he makes his own chain, it's going to kill prices across. Dogecoin is going to drop. It's going to crap out. But it'll be an interesting thing because then he'll have, he'll be a strong competitor to base, for sure. And I'd be intrigued to see what he does with it, because if he could turn that around, he'd be one of the few people. Think about it. One of the few people in the world that could make a blockchain where developers actively, they're scrambling to get on that bad boy because everything, Elon Musk skyrockets.
Right? Did I just set you off in something potentially exciting? I certainly hope I did. Knowing nothing. I know nothing. I'm simply tin falling in the way he's acting.
