[00:00:01] Welcome to Crypto Talk Radio, the podcast for everyday investors like you. Visit us on the
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[email protected]. dot. An absolute insane weekend we had here very recently in the United States as the former president Donald Trump, now presidential candidate, was the victim of an attempt on his life, an assassination attempt, as a regular type of nutcase climbed a nearby building roughly 150 yards away, as I'm told, took a shot at the president, that it was only thanks to his mannerisms and tilting of his head that he managed to survive such a shooting attempt. And people were asking questions, rightfully so, about who failed. I have my own opinions. I am saying it doesn't matter if Secret Service was in charge of security detail, although they were. It doesn't matter that you had a bunch of inept women as part of the security detail. It doesn't matter about local law enforcement having certain parts of the perimeter security. Everybody's to blame because no matter what, the goal should be to protect the guy. And I feel everybody failed, including, by the way, Joe Biden, who, by the way, recently, on the wake of this authorized secret Service protection for Robert F. Kennedy junior, after denying him protection multiple times, it forced his hand. Joe Biden had no choice. He had to do something. Otherwise he'd look like a mutton case. So it, I guess there's some silver lining to what happened. Donald Trump then was nominated as the presidential candidate. Everybody expected it was going to be going, going to go that way and then claimed JD Vance as his running mate. JD Vance, of course, at some point is going to need to debate against Kamala Harris, as Kamala Harris is the vice president for Joe Biden. I'm going to call this right now.
[00:02:02] Kamala Harris has no chance in hell, no chance in hell against JD Vance on the debate stage. Remember, this is a woman who got absolutely smashed by Joe Biden, okay? When she was campaigning to be president, she called out Biden's racism and didn't do any good. She had no support, no backing whatsoever, to the point she meekly bowed down on her knees and became veep for Joe Biden.
[00:02:30] JD Vance, as a person, I think the, the irony of him is he was a never Trumper. He was a guy that was completely against Donald Trump. But his reasoning was jacked up. Almost swore there. His reasoning was jacked up, which is why he switched. He switched because he realized he just, he didn't have any logical reason to dislike the man. He was going off of the popular narrative that Donald Trump was going to be bad for the country. And then he saw Donald Trump be president and saw how he behaved as president and saw that we were better off under Donald Trump's regime and converted from a never Trumper to an ardent Trump supporter. That said, I don't fully support everything JD Vance supports himself, and I don't even think Trump does. For example, I think JD Vance, him being a millennial himself, fell a little bit into the paranoia of the mask craze during COVID where Trump, although he said, I recommend you do this, I recommend you do this, he never was this strong advocate for violating human rights, whereas JD Vance seems like given certain circumstances, he's absolutely willing to violate people's rights. Like, I. We don't even know how. I don't. I didn't see any evidence of how he feels about guns or any of this. I'm optimistic, but I'm saying that Kamala Harris has no chance against this guy because if you can say anything about him, he's pretty firm in what he believes. He's a pretty ardent Trump supporter at this point. Very well spoken young man. He's younger than I am. Very well spoken young man. But I don't think that he is going to entice millennial voters simply by his presence. I think if I were advising Donald, I would have told him, Vivek Ramaswamy, if you want to get the millennial and younger votes, Vivek Ramaswamy is your guy because he's the one that says the right things. He didn't go that route. It is what it is. Marco Rubio wasn't going to move the needle. The other guy wasn't going to move the needle.
[00:04:28] So that left it to me. I would have picked either Tim Scott, if you want. See, Tim Scott would have gotten a little bit of the millennial in the youth vote, but he would have gotten a lot of certain sectors that never would vote for Trump simply by way of the fact that he could sell. He's a salesman. But I thought Vivek Ramaswamy would have been a very good candidate. Vice President Kamala would. Had no chance against Vivek. Vivek was too well spoken. Vivek's too well prepared, and Vivek has all his facts lined up in a row, and Kamala would have got absolutely handled.
[00:05:02] We'll have to wait and see how that debate goes, but I think Kamala's not going to stand a chance. I think JD Vance is going to take her to class and just dominate her, just like Trump dominated Joe Biden. I think Kamala is going to be left stuttering, answerless, especially if the debate forum asks the right questions about Biden's state of mind, about Biden's failures on the debate stage, about the assassination attempt on Donald Trump, about the economy as a whole, about the border, about what Kamala has been doing, because it doesn't seem like she's been doing a damn thing. I suspect if it's a fair and equitable debate stage, just like we have a Joe Biden, because arguably the Joe Biden and Donald Trump debate forum was reasonably fair. They didn't attack either candidate. They allowed him to speak. Biden was allowed to fall on his sword because he couldn't prep, he couldn't have the IFB, he couldn't have anybody give him notes, he couldn't have a teleprompter. And he showed he is not capable of, and I knew this, and many who were paying attention knew that Joe Biden had no chance against Donald Trump on that platform. So now JD Vance has the opportunity to go up there and do the same thing against Kamala Harris. And I'm saying Kamala's so unpopular, he doesn't even have to work that hard to just school her. But it would send a message. It would send a message that these two are serious about getting in office come November. Now, with the RNC that just took place in Milwaukee, Donald Trump arrived and he got the nomination. He's going to be the guy for the Republicans. Everybody expected this to happen. The stage is set. Biden refuses to step down. There are people conspiring to get him out of there. Separately, the spectrum, the financial spectrum, not just cryptocurrency, but even on the fiat side, but overall, the money movements, everything started to quiet down. If you watch, everything started to quiet down. We had less of the turmoil that we were seeing, very recent. And I suspect people are waiting in the wings to see what's going to happen next. The next step, as I understand it, is we've got to get the two veeps in a debate room, get them talking. We need to hear more from JD Vance about his plan and what he intends to do as vice president, how he plans to make a difference as well. We should understand how he differs from Donald Trump, because one strategy that might play out, especially with the assassination attempt, is using JD Vance as somewhat of a talk piece for some of these points, as opposed to having Donald Trump do it and have people attack him in the mainstream media, time's gonna tell. I'm not sold, by the way, on the whole conspiracy theory. I will say what I saw because it was obvious. If you looked at the Secret Service person, the sniper, he was looking dead at the guy who eventually would shoot at Trump. He waited to shoot until the guy shot. My understanding is that's protocol. The only question then is why the guy was allowed to get up on the roof. Some of the theory is that, well, he may have been taking photos. I don't buy that. I suspect this is one where somebody just dropped the ball. They said, we're not going to shoot first. We're going to wait for him to take a shot. Somebody else was expected to go and check the guy out, likely local law enforcement. That side chose not to do it because they expected Secret Service to tell them to do it. Secret Service didn't tell them to directly do it. So these idiots, because of where it is, it's Milwaukee. So I, you know, I, or, excuse me, Philadelphia, rather than I suspect that this was just a matter of bungles on two sides. This guy was waiting on this guy. This guy said, no, I'm not going to tell you what to do. You need to do your job. And they're finger pointing. That's what I suspect happened. And cryptocurrency then reacted in a very odd way. We had a little bit of a run after Donald Trump did his fist business, and then after the fact, it just settled down and got quiet. A couple of disruptive things happened that I'm going to be talking about here today. I want to jump into those. I'm going to be focusing on Ethereum a lot. You're going to hear me talk about Ethereum more than usual.
[00:09:14] Coindesk.com and we're going to zoom out to the month chart. And again, I am going to focus on Ethereum because I noticed something and I figured I'd throw out a theory. And it's only a theory. I have no evidence or definitive around what it is I observe. I'm simply sharing it because it may be something that affects you directly. There's other news bits as well that you might be involved in that may speak to something that you are monitoring or that you have in your bag. But Ethereum, a low of 33 five, a high of just shy of 3500, currently hovering around the 3400 mark with a strong downward trend. We had a significant dip that happened earlier in the month. So in about the second week of July, it was on the recovery path, but then started trending back downward. There's a general bearish sentiment specifically around Ethereum. The odd part, and the reason I started with Ethereum, is that mostly everything else is actually up on the day, specifically XRP significantly up. BNB is slightly down, but it was up a little bit earlier. And then Solana was going on a bit of a run, recovering from the 120 ish dollar mark, closing very close to the $160 mark. Then when I looked at bitcoin to get a kind of contrast, I saw that bitcoin had basically the exact same situation. It had the dip that happened roughly the second week here, and then it was recovering, and then it started trending right back down again. We still see some outflow activity on the bitcoin side primarily, as well as the bitcoin cash side. But in the situation where that started, we didn't see Ethereum crap out the way that we're now seeing it. The fact that the two of them are lockstep seems to tell me at least that now this is not being contributed to by the dumps of bitcoin, but rather sentiment, sentiment overall heading in a downward direction, at least in the short term. My messaging to you, though, has consistently said, I believe that if you are strong on these different projects, you should treat these as discount opportunities. No different than if you're going to a store for something that you actually wanted, where it's actually a discount on something that you plan to purchase anyway. Treat these as discount opportunities and a chance to get more of it prior to a price run, because it is going to recover and go on a price run, especially because of the expectation that the Ethereum ETF is, it's impending, that it's going to be passed here soon. That's not going to cause, in my opinion, the level of run up that you might think. I think what may happen with the Ethereum ETF's is that it'll cause a bit of a run up on the bitcoin ETF side, and you'll see a little bit of a run up on the Ethereum side. I don't think it's going to have the significant impact, certainly not to the degree that we saw run up for bitcoin when the bitcoin ETF passed, solely because I think it's going to take some time for a general embrace of cryptocurrency, especially given that it's possible we get two people in office in the United States who are themselves self admitted crypto supporters. And there may be kind of a waiting pattern on the institutionals to see what the regulatory climate is going to look like after these people get in office, if they start making changes or pushing for changes. Remember, though, you still got Congress and people in Congress, including Nancy Frickin Pelosi and Chuck Schumer, who are going to block any sort of success around cryptocurrency, which means we need to get them out of office, too. If you end up getting at least two of the three branches of our government leaning heavily towards the republican side, you'll start seeing some crypto friendly regulation. Just getting Donald Trump and JD Vance in office is already a step in the right direction for getting rid of Gary Gensler. That in of itself, I guarantee you if he's kicked out of office you fought, I guarantee you you'll see a run up on these different cryptos just because he's out of there. Not because anything changed, but just because he's out of there. And we no longer have to have his messaging causing these crap outs that we currently are subject to. Two I'm waiting very patiently to see what's going to happen with this business, not knowing for sure which way the wind is going to blow on it. But I suspect that this dip that we have is a discount opportunity for those that want to buy into these, and we're just waiting for the right price point. This is a price point I would strongly recommend considering because I don't think it's going to go significantly lower than the prices that you're getting right now. I could get wrong, but I don't think that they will. There may be one or two people that regard themselves as YouTube influencers, quote unquote, that listen to the show cryptotalk FM. And if you do, I don't know if you're aware because a lot of people don't read terms and conditions. Lyster does, but a lot of people don't. The one thing about YouTube, and I adamantly do not do YouTube. Our shows link up to YouTube by way of the feed for the podcast, but it's a synchronized feed, which means that the original content is ultimately still in my place that I own, and then YouTube is aware of it and it makes it exposed. And there's all sorts of other things that happen around this. Right? Well, you may not know that any content that you provide to YouTube, albeit directly or indirectly inside the terms, they bury it down to, say, the content, the actual content itself, although you retain ownership of it. They retain the right to use technologies to scrape and do things like auto subtitles and closed captions. Right. And that's to benefit those who are what? Hard of hearing? So that they can at least understand what's being said. And it's simply in readable form. And you could have reader technologies that could key into this. So it's a benefit for those that are, that are not able to hear, they're hard of hearing or they're straight deaf. To support accessibility for those listeners, we actually have a whole page on our site buried somewhere on one of our sites that describes how we use closed captioning technologies. And we use all of these to make sure every single of our episodes, every single upload that we do to YouTube, everything is in some way accessible outside of needing it to be audio. Because as a podcast, the whole point is that your audio. I wanted to explain that before I talk about what just came out of an investigation for a Google as a byproduct of why we can't stand them. So again, we do a lot to make sure that you can enjoy our coverage, irrespective of whether or not you can hear us. We hear you right? That's our, that's our saying. So we do leverage closed captioning technologies. When we moved our provider, our backing provider, to a new platform, it gave us more of this technology. We now have transcripts for our episodes. So our episode transcripts are always available. They're not directly linked to the episode itself, but they're available for those that want that. So in written form, it's automatically created, that's made available and then we're notified when it's accessible and available. When we submit the links, then the link that we give you is the link to our site. The link to the transcript is stored at a different place simply because nobody's requested it. If we get a request, we make it available to you. But outside of that, we also make all of our, you know, like our player and everything else. If you have technology that can convert the audio into readable form, all of our technology is open standards so that you can use it for this purpose. We looked at every bit of our stack, every part of it, end to end, to make sure that all the accessibility was in place. Now it doesn't cost us anything extra to do that. It's simply making sure that we picked the right provider and we had to increase the amount of money we invest in the platform. It a lot of these. And if you didn't know, setting up a podcast is essentially free. And I put free in quotes and I'll tell you why in a second. Its essentially free. Anybody can do it. You need to have the hardware today. You can record podcasts on your phone, you can record podcasts on anything. You can upload it through those devices. So think about your overall cost.
[00:17:38] If you do it from your phone, you need to have a mobile plan. You're paying monthly for your mobile plan. You're likely paying monthly for your device, unless it's an older device. But the hosting on the back end for the podcast, you can get one for free, right? So, and you make it available to all the different podcasting platforms for free. You do have to invest the time to do this. They're not going to submit it for you to a lot of them. Things like iTunes is automatic, but if you want it on more of the platforms, which is how you increase your reach to identify more listeners, you have to put in sweat equity in order to find those people and make sure that your audio is heard on multiple platforms. That's not how most podcasters grow. Most of them started as celebrities and they use the podcast as an additional outlet to interact with their listeners. Many of them don't do the level of accessibility that we do. We chose to do it because we understood that there are people that simply can't listen to the audio. We did research and saw people complaining about it and we took steps to do something about this. So the bottom line is cryptotalk FM actually all of our podcasts in our network, but specifically cryptotalk FM. Extensive time and research was done to make sure that the data is available in a text form. One of the downsides of doing that, though, and the reason some of these podcasters don't do it, is when your content is put out there, it can be used for nefarious means. And when I say nefarious means, I don't necessarily mean crimes. Turns out, and Google was caught doing this with OpenAI, but there's other services out there, it turns out all this fancy automobile, what's it, AI technology that's out there.
[00:19:21] I want to educate you on how this works because clearly people didn't understand. And the reason that I'm so against it in the first place, AI doesn't just magically happen. Some tool that's answering your questions and helping you cheat on that essay you submitted for your college paper doesn't just automatically know how to do it. That technology that makes predictions about cryptocurrency doesn't just magically know how to do it. What happens is it has to be quote trained. The training involves taking content that's already there, whether that's people that are live contributing the content or pre existing content that's out there. You feed it to an engine. The engine is using all of this content to get a sense of what the predictive answer would be in given situations. That's Aihdenkhdev in the simplest form. I can describe it to you. Turns out that the videos that are going to YouTube, it's not all of them, but it's the largest people out there, including Bitboy, crypto and certain others. The content that's put out there because YouTube encourages you to turn on closed captioning for auto subtitles to assist those for accessibility reasons. It means that all of that text, all that data, all those numbers, all those predictions, everything is scraped and it's made available in a server. And then that server is released over to AI technologies who were then programmed to be able to emulate the types of predictions that are out there. Here's why that should freak you out. It's not the fact that they're being scraped. Consider that some of these people that put predictions out there don't know what the f they're talking about and their predictions are crap. So if you're training AIh based on crap predictors, you're going to get crap predictions off your AI. And the layman person who doesn't know any better, who's going to follow these predictions blindly because they assume since it's AI, it's got to be more intelligent than humans not understanding that the AI training mechanism is still based on human thought processes, you don't understand that some of these people who are out there on YouTube who are being scrubbed, who happen to have hundreds of thousands to millions and millions of subscribers simply because they're cool or they're funny or they're silly or they're stupid, you don't understand that following their predictions is a recipe for failure on the AI side because you're using their predictive modeling, which is likely faulty because some of those people didn't make a damn dime. Trading cryptocurrency so if you're trading an AI engine based on people who don't know what the f they're doing with trading cryptocurrency, and chances are it's the people with the largest population of followers because they're trying to steer you to certain projects so that they can use you as exit liquidity. You're setting now the world up for failure because those people who are following the AI's don't know any better. And unfortunately, the word influence has been skewed over time because it's been treated as credibility. When really the ones who have the highest level influence, the level of credibility starts to decline, the more influence you have because you're skewed, you're compromised, you're focused on what you want people to do. That's the word, influence. You want them to do x, you want them to buy into Safemoon, which many of those same influencers who the AI is being trained off of were telling you to go into Safemoon. And here we are and we see what happened with safemoon. So my public service announcement to you listening to my show, and I encourage and request that you spread the word to people. Cryptotalk dot fm dot spread the word to people so they understand. If you listen to what I just said, and you're like this guy, he just broke it down. He gave me an aha. I understand what he's saying. I see the problem here. Spread the word and get them to listen to the show on a irregular or regular basis so they can hear the truth from somebody who's telling you the truth about how that game works. Because it's a game. It's a game to get you to simply follow something that you should trust. And you really, if you trust it, you're going to lose a lot of money because those AI models, they don't know what they're doing. All of these people, every last one of them that are being scraped. When I watched a lot of these channels and I'm seeing the kind of predictions that they're making, it's not even that they're bad people. The bottom line is their predictions are based on them wanting to steer you one direction. See, a prediction should be unbiased. A prediction should be straight line down the middle. It's not supposed to steer you one direction. It's supposed to give you a sense of what it appears is going to happen regardless of the in, you know, the individual profit motivations of the person giving you the message. That's not what's happening in a lot of these cases. In a lot of these cases, what they're saying is designed to maximize their profit at your expense. For example, somebody saying, we're going to the moon, deep, deep, deep. What does that do to you? It encourages you to fomo into this. Buy a whole bunch of in there and then maybe that influencer takes a little bit of money causes a little bit of that run up to tease out the idea that maybe this thing's going up there and then uses you as extra liquidity, dumping out, taking your money, and running, because that's what happened to Kuma Inu. So please be careful. I'm warning because of what I see. Based on this information shared, if they're truly scrubbing off these people's channels, they're doing everything they can to steer you in the wrong direction. And I don't want to see get your tokens took because of AI that you were presented is supposed to be this trustworthy something, and it's not really a trustworthy something.
[00:25:03] I'm concerned. I'm really actually even concerned for what's going to happen to bitcoin as a part of this. Speaking of bitcoin, bitcoin had over $200 million liquidated earlier this. Today, bitcoin went up and then did it down. That's why there's a negative, because, again, it looked like it was trying to recover and then went back down again. I can't say for sure that this is not a symptom of the increasing use of some of these channels. Making predictions that seem to heavily lean towards bitcoin, where they're telling people to do one thing, but they're dumping out on them. I can't say that is happening. So I'm only connecting the dots in the timing. That being somewhat ironic, tenfold though it may be, I connect the dots that it's kind of weird that bitcoin was on the route to recovery, and then all of a sudden just starts to go back down, and then people are getting wrecked on the way up and the way down. I suspect there's some people who are making their decisions based on predictive models, because, remember, some of these predictive models, including, like, coin codex, some of these predictive models will straight up tell you, yep, going long. That bad boy, it's going up, right? And then some weird something happens that kills the business, and it'll get wrecked. If you didn't, you didn't watch it, or you weren't paying attention, you didn't set your stops or whatnot. I am really concerned for people listening. I don't want you to get trashed because of this behavior. And again, I don't say it's malicious. I'm saying that this is the flaw of AI. It still depends on human behavior and human intent and human sentiment, because it's based on these fallible things. It means you cannot trust it any more than you could trust a human. So don't just blindly trust these AI tools telling you it's definitely going to be a thing they can look at modeling just like you do, and simplify it down in a form. But you still have to make your own decision about the level of risk. In some cases, if you're just tossing $100 or something small that you can afford to lose at something just to see what happens, that's probably okay. I just don't want to see somebody toss like that other dude talking about my whole life savings, all my money. I don't want to see that. And I don't want to see anybody do this because outside of the risk of just regular ups and downs, you also have a risk of exploits possibly happening. Speaking of exploits, Li Fi protocol. Li Fi protocol recently gets exploited for $10 million. I do not and have not traded on the Li Fi platform. It does show up in trust wallet as one of the recommended tools.
[00:27:34] Inside the wallet, it's a swap, it's a bridge, it's Solana related. And that's why it came up on the radar as something relevant to talk about or at least look into. It didn't seem like it got a lot of traffic, but when I saw $10 million, I thought that was a lot. And I look deeper and the vast majority of it is stable coins. And the stable coin, when I saw that, I'm like, okay, if this may be something around the lending or the staking aspect, and I confirm that to be the case, because that's the only reason why you would have so much on the stable coin side and seeing how it was breached and seeing what was going on, where they were traded or taken, I shouldn't say traded, taken away and what was really happening. So I. I want to simplify what happened because it ties a little bit to what I'm going to talk to next, allegedly.
[00:28:27] Let me simplify it even further than what I was going to initially do.
[00:28:30] If, you know, if you've been in crypto, some people are new and haven't, they don't know what I'm talking about. That's why I wanted to. I decided to oversimplify this. When you need to do something with cryptocurrency, the first thing you need to do is have a wallet. The wallet is a way for you to store as well as transact cryptocurrency. When you need to transact cryptocurrency, in the vast majority of cases, you need to what's called connect your wallet. When you connect your wallet, you are providing a certain level authorization for that contract. The contract is then executing certain things on your behalf, one of which is the display of value. Here's how much something is worth. The other is the ability to do the trade. I need to be able to do a sell of certain of your crypto. I need to be able to do a buy a certain crypto that you want, etcetera and so on. All of these authorizations are predicated on the connection. Within the authorization, there's also a limit. The limit is usually unlimited. You might ask yourself, why would I want unlimited authorization? You shouldn't. But almost every provider codes their stuff to do an unlimited authorization. They do not scope the authorization to limit it. Everrise, which is one of the ecosystems out there, created a revoking tool where you can go in and you can revoke these authorizations one by one so that you don't have a risk of breach. Now, the authorization of the amount in of itself does not create the risk. What creates the risk is whether or not the contract has the ability to do more than simply showing you an amount and doing an authorized transaction on your behalf. What appears to happen here, if the contract that you're connecting to itself has been exploited such that it might be a otherwise valid contract with valid methods and functions, but it's been compromised where they've injected bad code in there that does more than what it's supposed to do, that then opens up the risk to you, because if you've already given them authorization at full, and you've been doing regular visits and regular transactions with it, and you go there and execute that same contract, but now you run into this bad code. The bad code then redirects your request to say, well, yes, I understand you're trying to buy $500 ust worth of something, let me just go in and add a couple zeros on the or change the destination or something, right, to affect the transaction itself. That's what appears to have happened with Li Fi, is that the contract itself got compromised in some way, and as a result, being connected allowed them to drain all of this money out of this situation. So the reason this was easy to do, has to do. And this one, I don't want to overcomplicate, but there's a way that you could add what's referred to as a proxy contract. The proxy contract is where the actual contract that you're interacting with is not the contract where all the executing and running functions happen to exist. It exists in a different one that's related to this other one. In almost every situation I've seen a proxy contract, the proxy contracts, what gets breached, that's what happened here, which is why I discourage them doing proxy contracts. And yet they seem to keep popping up for reasons I cannot explain. So if you're in the lie fi ecosystem, I would encourage you to avoid being there. Consider going to Everize.com and going to their ecosystem doing the ever revoke, to revoke any sort of authorizations that you see are no longer warranted or just completely scary like the unlimited ones.
[00:32:02] Now, I want to close with a request in response to said request around one of these projects that I received. And I'm going to talk about the project very briefly. I don't want to spend a lot of time on it. I'll talk about what I saw and share my basic thoughts about it. And I'm stressing, I'm not trying to piss on somebody's project, but I saw some pros and cons.
[00:32:26] I didn't know anything about it before now, but apparently it's been out for more than a year. That's veracity with an S. Veracity IO, again with an S. And I was asked just to kind of, what do I think? High level, just generic question of what do I think about it? Here's my high level thoughts.
[00:32:43] The, what they're doing, what they're describing doing looks intriguing, but at the same time, their approach and their implementation looks risky to me. So the bottom line of what they're trying to do, there's a lot of different tools. Like there's a wallet that they're talking about that exists.
[00:33:03] Vera views is a video type of platform for publishers. There's an ad based deal for what they call proof of view. So to alleviate fraud in ad views. So fraud and ad views is you have some sort of a publish, you know, publisher, say, I'm a publisher, right? And I have videos I put out there, and I'm cheating the ad system to increase the revenue. So you pay some service to do a bunch of bots, and then they go and they cheat the system and increases your ad revenue, you know, and then it pays you a check. And in the olden days of ads, prior to video ads, when we just had flat ads, it used, there used to be multiple models. There was the impressions. So how many times did I show the banner versus click through? Right? How many times did somebody click the banner and then the conversion? How many times did somebody purchase the product as a result of clicking through? The price that you, the money that you got increased based on those. So somebody, you could see the showing of a banner. And when we were kids, or say kids, you know, when we were young, we would program the different ads. So double click is one, the different ad type things on our, on our toying websites, our hobby websites, because hey, all of our friends are hitting it. We're going to make a little bit of money, maybe a couple bucks or something. Right?
[00:34:29] The thought behind this proof of view is in a world of videos and video ads and making sure that the ads are truly unique impressions, because now you don't have clicks and so the impressions are very important. The duration of watch time is important. You need to make sure those are clean figures because the actual service, whatever you're advertising, wants to make sure that it's truly legitimate traffic, it's legitimate people watching, legitimate people that are interacting with you and not just random whatever's, or cheating the system. So this proof of view is this views tool that they've got set up is designed to support integrity in the ad fraud, you know, mitigation. And they call it veraviews, is veraviews.com. you can check that site out, it's mostly for the backend. So they integrated with Brightcove. Brightcove is one of those video streaming hosts out there, content systems. So that's a huge one. So when I saw that they're integrated with Brightcove, that's a, that's a huge one. That is mainstream. You can't get more mainstream if you're watching streaming media on the web. I would argue it's about a 60% chance that Brightcove is where it's hosted. They're losing market share. There are other tools that are out there that are gaining market share, taking away from Brightcove. That started when we moved to HTML five video. Prior to this, we used to have in the olden days, QuickTime move as a video and it was, it supported streaming. We had flash and it supported streaming when HTML five streaming became a thing and it became easier to deploy videos to the web. All of these different tools like a Brightcove that were already there and had a larger market share than the rest of them started to lose it because more competition showed up, because it was cheaper to deploy the technology to support this. I told you all that so that you understand that Brightcove is not new. Brightcove is mainstream. Brightcove is as big as it gets, but their market share is dwindling. Something like this creates a game changer for Brightcove, potentially because the services behind it. So your Geico of the world or whoever's advertising the business, trying to sell you something, they see that the integrity of the ad run is increased. When you use Brightcove as the backing streaming source, which in theory might increase their market share again and make them a stronger competitor, it's inevitable that something else is going to show up and try to take some of that business. But for right now, that's a huge win. I thought, for veracity. Here's the down part.
[00:37:04] The proof of view that I describe is done by way of a different token than the main veracity token. The main veracity tokens on Ethereum, I believe the current proof of view is on Ethereum. They're moving it to the Tron network, and the way I understand it, they're trying to create some sort of a synergy, not quite synergy, between the two, such that the proof of view side of it is really just for that, that I described the ads and the ad fraud and the network and the blockchain and everything underneath the hood here, as well as the veracity token kind of being off the side, and it's really going to be a deflationary asset that is used mostly for the wealth side of things. I don't, I'm not down on that approach. My concern goes back to what I just talked about before with the breach on lie fi, is that the more complex you start making these things where you have two or more different things in play, I believe it increases your risk of a breach. And I think that's really what happened with Terra Luna classic. I believe that's what happened with elephant money and trunk and all that other stuff where you start adding too much sprawl in the mix and it creates more attack vectors that create a risk on the project. So from a technology stack perspective, I'm impressed with what I see. From a communication perspective, I'm impressed with what I see. Do I think it has long term potential? Absolutely. Do I think it's a solid project? Absolutely. I think they communicate very well and I think there's a strong opportunity, and it's been around for a while, and it has not had significant price movement until recently when they announced the burns that they're doing because they want it to be a deflationary, the veracity token. And so that's gotten a little bit more chatter, and its market cap is starting to increase ever slightly. So I do encourage you to check it out. Veracity IO with an s instead of a circumental. I do encourage you to check it out, but I am going to give you the warning and caveat that I believe the whole proof of view. While it's an intriguing concept, and I like the technological concept of it, as a technologist myself, I'm concerned with the sprawl. I'm concerned with adding all these multiple layers of elements to an already convoluted something. I would also caution Odyssey, which is the video platform for, you know, non censorship and privacy and et cetera.
[00:39:18] It was backed by a token, right, that the Libri token or library, whatever it was, that token ultimately got blacklisted everywhere. And so it essentially nullified the platform, because in order to post a video to it, you had to have those tokens. Well, if you can't buy the tokens, you can't post the videos. So it basically killed its own business by making that decision to hard tie it to a token asset, where ultimately it got attacked by the different exchanges. I think here they're trying to mitigate that risk by ensuring that the proof of view token is not subject to the exchanges specifically, and it's always accessible through some means. So perhaps they've solved that quandary. From their white papers and their descriptions of things. It seems like a lot of thought was put into it. So I'm not criticizing that, I just, I'm concerned about the sprawl and I'm concerned about the risk, potential risk of breach veracity. IO. I do recommend that you check it out if you're interested in anything I just described. And then the last note real quick.
[00:40:20] Again, I don't, I'm not following cryptocurrency closely. I follow it just enough to be aware of certain things because it feels like there's a lull, feels like we're at a quiet point, which is good. Anytime there's a quiet point, it's usually preceding something exciting, the next excitement, I suspect, and this is theoretical, I suspect, is going to really target Ethereum, more so off the Ethereum ETF's, but also just the tertiary tokens around it. We know that there's a lot of tokens floating around on the Ethereum chain, meme tokens, volt floating around where money is going to go to them at some point. And we have to see what that means for Ethereum, the main Ethereum token, and whether or not it goes on a run. Ethereum is the only one so far that seems to not be able to get anywhere close back to its all time high it's long overdue. I still have my eye on it. I still have my own all cryptocurrencies. I just don't follow it as close as I usually do because right now it's in a low. I'll tell you this much, though. I am planning. I am definitely planning. If bitcoin goes down, I actually have an order out in something. Where is that? I have an order in something. Oh, it's cracking. I have an order out in Kraken. You know, if bitcoin goes down to $50,000 suddenly, for some weird reason, I'm buying some bitcoin at that point because I don't think it would go much lower than that. I was right about the 55. It rebounded off. That very nicely. Has not gone anywhere close. I just set the order out there because it didn't hurt anything. We could still have some sort of weird disruptive event that just kills the business on bitcoin that we haven't even foreseen yet. So that's my advice is maybe you're like me, waiting for the real discounts, right. Nothing stops you from putting out an order that that's the target price. What is your target price? You got to be realistic, though. You know, you're not going to see $15,000 again, I don't think. But be realistic. But 50,000, sure. 45 maybe. I doubt it, but maybe take and, and you do need to do this on central exchange, right? Kraken would be the only one I would recommend if you're in the United States at this point. But you can put an order out and just let it sit there. And then if it turns out, because it's possible that somebody might go in and sell, and if they sell enough that it drops that price, your order gets fulfilled because you're buying, you're basically doing, you're basically buying off that short. Right. So it's possible that it gets filled. You, you never know. Well, that's huge. You, you have the chance to do that. You don't have to wait necessarily for it to go to that price. You can put an order in, wait for it to go there and then benefit from that. It's up to you if you choose to do that. So hopefully we get some good news coming out of the RNC, hopefully get some good news in cryptocurrency. Hopefully we get some good news from bitcoin and ethereum and certainly not bad news fresh off of the Ethereum ETF and everything does go on the run. And I was deathly wrong. I'm hoping with crossed fingers that I was deathly wrong.
