Episode Transcript
[00:00:00] Out of cycle update.
[00:00:03] God only knows what crypto will r.
[00:00:12] God only knows what crypto will run.
[00:00:27] Obviously, it's a different era, and rugs. Rug pulls can no longer be the focus, I don't think, because technology has come a long way and these people are getting smarter by the minute.
[00:00:40] Obviously we're. It's not like 2021 if you weren't in. In 2021. Let me regale you. Look it up with a story about 2021. It started before 2021, but it hit a fever pitch in 2021 because 2021 was arguably the wall wall west of cryptocurrency continuing into 2022. But 2021's where it started. 2021, you saw the rise of reflections. You saw the rise of excessive burns, you saw the rise of taxes. In crypto, you saw the rise of various pump and dump tokens, primarily on the Binance Smart chain. Later, Solana started to come out with the various garbage tokens, and pump fundamentals came out of nowhere with garbage tokens. And they could not replicate the illogical run that the Binance Smart chain enjoyed in 2021 at all. Ethereum, when it was proof of work, had a lion's share of these tokens as well, simply because Ethereum was the dominant chain out there. There's significant liquidity on Ethereum, but then Binance started taking front seat. Mind you, this is all when FTX poof hair out there, you know, banging the girl out in the. In the house out there and the whatever. So it was a different time is the point. We don't have a lot of those rich players anymore. It's a different time. Many of those rich players are either locked up, on the run, on the lamb, took a plea, or broke.
[00:02:09] I noticed Bleeds did an update about Ben Armstrong recently and talked about bipolar. He had mentioned that before that he was bipolar.
[00:02:17] We understood that at some point by Ben's own admission that drugs were a part of what was going on. And apparently Cassie's still in the mix and everything else. But we also understand his part during that time, along with many others. The influencer era was strong. Many of the influencers were wealthy people that would encourage you to buy into various projects so that you can be treated as exit liquidity. This doesn't present that Ben himself specifically did that. I'm saying that he was one of the tier of influencers that was actually wealthy, encouraging you to get into projects simply so that you could be exit liquidity on the back end. Many of them did it?
[00:03:01] So it was a different time. It's the point.
[00:03:03] So then I gave an update about a couple months ago talking about these rich mother fathers and there are people listening to me right now, CryptoTalk FM, who might know who it is that I'm alluding to with my next quick message, that being that certain rich mother fathers actually might have the best of intentions. Meaning that they're just gambling, right? Rolling the dice on something and they're investing their money out of pocket to see if something works. And they try a bunch of different things. It's not that they're trying to rip you off specifically, but it turns out that things fail. We're not talking the car salesman on Seifu who is a blatant scammer. We're talking like I would argue that the devs of Libero are in this category. Spinning up new shinies is my term for those people where they just created another project thinking that it's going to be something they don't understand about collateral damage. This is though different because this person who I will not name, because there are some people who might be listening who might be associated to a coward.
[00:04:04] There are, there are people out there, specifically one, who have invested money in something, presented as something.
[00:04:11] And months ago I said we kind of have to let it play out and see what happens. You make your own decision about what it means and then if you choose to get in it, first step is to admit you have a problem, own your own accountability, that you made the decision that got into whatever. But all you can really do is sit back and watch and see what happens. Well, one of these projects that I again will not name because it's possible that I'm being listened to by somebody who talks to a coward, where apparently this rich mother father put money up on something openly said, look, I had stuff that crapped and now I'm trying to do it again and I'm, you know, I'm trying to make this work and I put my own money up on it and people thought it was not, it was vaporware, right? It's not going to happen. Well, something did happen. We still don't know what it is. I had somebody on the comments, this is like December or something that was saying, you honestly don't think this is real, do you? And I said, I think something's real. I think something will launch. There's too much evidence. There's a test, there's all this. And so I figured something's got to come of it. I just don't know what it, you know, what the freak it is. I'm trying not to swear I don't know what it is, but I'm. I'm just sitting back on it because at this point, what can you do, right?
[00:05:22] So it turns out being something. Well, then we have to ask the question right now. Since there's a tangible something, does it qualify as a scam? Well, people would say, well, the rug's gonna happen. The rug pull, it's gonna happen. We just gotta give it time. We just have to wait for launch. And that's when the rug pull happens. Well, it got me thinking that the rug pull definition. I gave an update. This was November. I said, we got to rethink the definition of scam. We really need to rethink the definition of rug pull. But my definition of rug pull is the same.
[00:05:52] A rug pull is when a developer makes money available and then makes it not available. That's a rug pull. There's been countless of them. But that's. To me, a rug pull is money is made available by the developer and then made not available. In the example I'm referring to, money is not yet made available because it's not traded or tradable as of yet. Until it's traded or tradable, we cannot say say that the developer made money available, number one. Number two, we can't say that money was then taken away because it's not yet made available. There was an allegation made by the person I refer to as the coward, that apparently significant of the money was already taken and was funneled over to the marketing. Well, that's no different than the car salesman on Seifu. That's literally what he did. I did a coverage about that where he said a significant amount of money went to Blockchain.
[00:06:38] Somebody on the comments came back and said, yeah, that's because they're taking a kickback. Okay, if the developer put their money in, which we assume must have happened at some point to some level, and then they took their money back, is that a kickback? I don't know. I'm saying that we have to rethink the definition of rug to understand whether or not what we're experiencing or what we're observing truly is a rug. God only knows what crypto is going to rug you. That's why I picked the song and did the song and performed the song. So you understand the whole genesis of why I Decided now was timely separate from this.
[00:07:14] In order to do enough analysis as to what does that mean, I'm going to steer you to two sources. First of all, as I said, Scam Alert HQ by Fetcher on YouTube. He does a very good job explaining a lot of these concepts that I'm talking about. I'll make sure to link his channel in the comments below, but make sure to check out Scama Alert HQ by Fetra. He is one of the select few remaining that I can actively recommend checking out his channel because from everybody else he strikes me as the one that is kind of in that neutral zone, not to quote Star Trek, but that neutral zone that I much favor where you're not leaning one way or the other. However, his analysis explains stuff in detail.
[00:08:00] We don't even know that what he said is true in terms of the scam aspect of it, because not enough has happened. A process has taken place. With that process there were changes. The reason we can't clearly say it's a scam is because they told you what they were going to do before they did it. This is different than the car salesman on Seifu who told you one thing and then did something different. Here. What they told you was going to happen went. The people don't like how how it went because it was positioned as the community said they want to do that. Well, technically they did, but there's a lack of understanding about what they meant by community. What they meant by community was a very specific, finite set of folks. Those folks spoke for the larger group of people, irrespective of whether you wanted it or not. But the community did say this is what we're voting for, whether or not it's what you agreed with. And then that governed what ended up happening. The numbers were ran and so then again we have to rethink the definition of scam or rug pull and really quantify it. I'm saying that right now it's harder to detect what really is a scam up front. It doesn't mean it is, it doesn't mean it isn't. And saying it's harder to detect whether it is or not. Certain behaviors can be scammy. Certain behaviors can be questionable. But we have to really wait now. Which sucks because it means you got to make smarter decisions about upfront about when you give them the money before you understand their behavior. If you wait until they actually full launch products that they promise, you miss out on the maximum amount of money. That's why it's called fomo. Fear of missing out if you buy in because of a marketing strategy. And by the way, said Rich Mother, father, straight tells you to your face. By the way, people, you're here because of my marketing, despite you not liking it. How can that person be wrong? It's true. You buy in based on a potential. It gets locked up.
[00:09:59] Now you have to wait. You have no choice. You are essentially feckless.
[00:10:04] But is it fair to say that you got ripped off? Not yet. Because there's things being delivered.
[00:10:12] Are they the things? You want it delivered? Not yet. Is it doing anything that's enriching you? Not yet. You have to wait. All you can do is wait. All you can do is sit back and watch.
[00:10:24] And it's possible. It's entirely possible.
[00:10:27] All of that's the money's gone and then it's a true rug. But that's determined after the fact.
[00:10:33] It's possible the money's gone. Now people speculate that your money might be out. Okay, that's probably possible.
[00:10:40] All I'm saying is it's harder to detect what truly is a rug.
[00:10:44] You have to theorize first and speculate it might be a rug. From what I can tell, it appears to be one. But why do you make that determination after you've given them the money?
[00:10:56] This is the definition of fomo. This is why it's dangerous to do fomo. This is why it's dangerous to go off of words. Words don't mean anything. You have to act. I have the same beef. I had the same beef with Terrarium. They made a bunch of promises and words. None of it came to fruition. Saitama A bunch of promises and words. None of it came to fruition. Frankly, I feel the same about Devi and many other projects who are making promises of doing something. PI Network still out making promises that they've not delivered on. Countless projects make promises they've not yet delivered on.
[00:11:29] The reason I don't call some of those rugs is because a lot of these take years to come to some fruition. Solana took years to go to any tangible level. Tron the. The frickin founder of Tron doesn't even really believe in his own chain.
[00:11:45] So I'm just a little bit more flexible in my terminology for something than many other people. I don't just leap to the term rug right up front. I say there are red flags. The downside is that people have been conditioned to believe that they should listen to BS marketing, BS influencers lying to them. Hopium.
[00:12:09] They go off that. And then after they've locked their money up, then all of a sudden they place blame. I'm simply saying you got to look at yourself first because you made the decision to do that and you own that decision. Which is why you should not put more than you can afford to lose. Because God only knows what crypto is going to rug you.
[00:12:27] And until everybody gets that clue and settles it in their mind, you're going to keep getting ripped off. The answer is not to lock down with regs. The answer is for everybody to own their own decisions. If you choose to get into something because of flashy marketing, you own that decision and you own the risk that it might be a rug. It's not the influencer's fault for lying to you. The influencer should be held to task for lying to you. I'm saying it's not their fault. If you lose that money, that's your fault. Because you made the decision based on the influencer. You. You shouldn't make it based on the influencer. You shouldn't make it based on the marketing. You shouldn't make it based on words. You shouldn't make it based on. This person's worked at Citibank and this one's going to be on nasdaq and this one's used to work under the White House. Stop.
[00:13:15] You have to let them deliver a tangible product, period. If they do not deliver a product, you don't give them the money. That means you might miss out on the initial surgeon. What you're really then doing is investing in the potential that it rises back up again after products show up and after utility is tangible and provable. You are free. And I encourage you to completely disregard me. That rhymes. I'm telling you, God only knows what crypto is going to rug you. But the point is, you are the one who have power and control over when you get rugged. Make smart decisions about when you invest in something not just based on words, not just based on fluff, not just based on bs, but actual delivery. Ignore the initial surge. If you're just going to go initial surge, be a gambler. Nobody begrudges your right to be a gambler because that's what you're doing. If that's all you care about is the initial surge, pump and dump. Great. Nobody begrudges it. But then you can't play victim when the thing actually does rug you.
