[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, Lyster.
[00:00:13] Speaker B: Thank you for that, Bailey. And welcome everybody out there in Crypto Talk radio.
[email protected] dot ladies and gentlemen, I am recording from my new place, my new house I just bought here, trying to.
[00:00:25] Speaker C: Get everything set up.
[00:00:26] Speaker B: Sweat equity, they refer to it as. So I'll apologize in advance for audio quality because unfortunately, I'm only dealing with the I did the microphone piece as well as just enough to get the microphone to work and the my MacBook, that's portable and easy to move.
But I realized with this whole business, I'm gonna need to go further with this. I've got to do more to get this all working and, and unfortunately, it's gonna sound a bit wonky and I apologize. I have to move my big PC that I built myself.
[00:01:00] Speaker C: I gotta move him up here.
[00:01:01] Speaker B: I didn't plan to, but I'm gonna have to. I'm a choice because he has all the bells and whistles necessary for the best audio quality possible. So bear with me for today's episode. It's gonna sound a bit wonky, and I apologize, but I am in my new house. It's done, done deal.
And there's a lot to do. The plumbing is next up. I've talked to contractors and contractors and contractors and the plumbing is next up. I've got two out to bid on what we got. I'm probably going to give it to asian dude because he gives me a.
[00:01:31] Speaker C: Good vibe, but it's all about price.
[00:01:33] Speaker B: There is a lot to be done on the plumbing and I can't consider it habitable until the plumbing sorted out. And then I've got to get a mover. The one I selected flaked on me at the last minute, so I got to get a different one. And they're acting kind of stupid on Yelp, so that's what my world looks like. I purposely have ignored cryptocurrency and all fair disclosure because there wasn't much going on until the last couple days and I saw a bit of a run.
[00:02:00] Speaker C: I was tempted to do an out.
[00:02:01] Speaker B: Of cycle, but I figured I would just hold off for today's episode. There's a lot to talk about and I have a follow on update about Reddit finance, so we're going to go and get into this right now.
[00:02:20] Speaker C: Let's look at numbers first. Coindesk.com dot. We're going to zoom out to the month chart. And bitcoin started going on a run. It had a bit of an upward went, stabilized, and then started going on an upward run. Based on the month chart, a strong positive had hit the 71,000 mark. Ever briefly, a high of 71,000, low of 68. Five hovering around the 70,000 mark and going back up. So I expect we're going to hit 71,000 again. Whether we hit 72 is a little bit of an open question. Perhaps we don't hit 72. Perhaps we get a little bit over 71, hover for a bit, come back down to reality. Possibly 70,000 ish. Hard to say. There was a lot of positive momentum on the bitcoin side. Unfortunately, that did not translate to the Ethereum side, which surprised me. Ethereum went as high as 3800, which is where it is right now. A low of 3700 and it's sideways traded. That surprised me. That tells me that bitcoin and possibly the spot bitcoin ETF's were contributing to some of the run ups that we're seeing in the price movement specific to bitcoin, where the Ethereum ETF's did not benefit to the same degree. That's only a theory. I can't say for sure, but that's certainly what it looks like separately on the bitcoin side, the miner production. So the miners, miners, the miners production has gone down because of the having. And so that may be contributing to constraint which might be contributing to the run. You'll hear me say might quite a bit because I don't have any evidence of it, but it would seem to correlate to some of the numbers that I saw. Additionally, as I did an update, and this was an out of cycle update that I sent out about the state of Wisconsin Investment Board investing $160 million in spot bitcoin ETF's. Other states are taking notice of this and potentially will see more states investing in the spot bitcoins ETF. Because since one state's leading the way, it may open the door for other ones to say that this is okay. There is no reason that they cannot do it because the ETF is treated like any other investment. They're not really investing in cryptocurrency itself. Thus they're not exposed to the risk that would be the same attributable to the crypto. Now, it's certainly plausible that if we have another crypto crash to the degree that we saw about a year and a half ago, that these investments will lose value, which is why the state of Wisconsin at least was smart enough to kind of isolate the money that was used for this, so that it insulates, it's only for pension funds, and it's only one of many investments that supports the pension fund, with the intent being to benefit from the growth of cryptocurrency without the risk exposure. Since one state again was able to pull it off, it's likely to open the door to other states. And we're going to see that, I believe, over the next couple days, this also could have contributed to what was going on. Another factor that may have contributed, which I can't say. Sure, the criminal element. When I say the criminal element, I'm talking mobs. I'm talking, you know, seedy shady trading of cryptocurrency, as some of this cryptocurrency is seized. So when the crypto is traded or whatnot, and then eventually gets seized by whichever government, if the government choose to sell at market prices, there could be people waiting in the wings to scoop it up because they're getting a discount, because the price goes down. And there could be people that were waiting on those price drops. We saw a couple of instances of those, specifically, most recently the CFO of Epoch Times. Epoch Times is a far right leaning newspaper. They were, and they literally are a newspaper. They will deliver the physical newspaper to your house. They are a physical newspaper, but they're very far right leaning. So if you're not in the far right lean, you probably want to ignore that paper. Now, the Epoch Times has been very controversial over the past couple of years in support of Donald Trump, critical of Joe Biden. So when the CFO, who is actually from China, if I recall, he gets arrested, allegedly, he was running $61 million worth of cryptocurrency on a money laundering. So he was doing it through transactions that were hidden from the naked eye to generate wealth behind the scenes. And in some cases, it was alleged that he might have been working with the criminal element. But the bottom line is, apparently this person's intent was to increase the revenue for the epoch times on this, on the sneak, as in, it's not on the books, it's kind of. It's, it's. I don't want to say funny money. That's not what it is. It's not like payola. That's not what it is. It's just, it's another form of generating wealth that so happens to not be official on the books for about the four year span starting from 2020. Hint hint where there was an election, 2020. And then the ramp up that we saw where they did a major media blitz allegedly funded by all this trade stuff that was happening, allegedly this person was actually using then some of this wealth to purchase, quote, accounts and transfer funds from a to b.
When some of the money starts to grow, it's like the bank starts asking questions, okay, where's all this fricking money? Because they have to account for it under various laws, you have to account for where the source of money, especially when it exceeds $10,000 in the United States, you have to account for the source of it and it's traced end to end. My point is, the amount of money he was transacting ultimately was to his detriment and was to his fall, because the banks, that's what they're for. They're looking for these large amounts of wealth, and he had to convert it to fiat in order to cash out and benefit from it and spend to benefit the business.
So when you heard me say we're not going to get away from fiat, this is what I'm talking about. He knew that just trading the cryptocurrency wasn't going to benefit him. He had to transfer it to fiat in order to get any benefit. And that's what we all are going to be subject to the reality that cryptocurrency cannot and will not be, in our lifespans, the core currency of choice for anybody. We always have to convert to fiat, and that means that the fiat equivalency always plays in when we're doing the transactions, which means if and when the SEC gets a clue, that's going to be where we see greater adoption. Until then, the more that we can introduce things like the spot ETF's, the greater we get adoption because those are insulated from the risk aspect while still allowing them to transact fiat. And we should, in my opinion, let go of the fantasy that is cryptocurrency as the only currency. My opinion only.
I'm going to follow up on two projects I talked about Ridic. I'm going to follow up on that one. I said on the auto cycle update, I cant tell you that redic is or isnt a scam, but what I did say was theres a strong probability it does a pump and dump and never recovers. As I record, this redic finance price is hovering around just shy of the it launched at $0.15. Now the charts, if you were to look at, say, Coinmarketcap will swear that it hit a new all time low. It did not hit a new all time low. The initial price was wrong. The initial price was $0.15 that they launched at. It's now at $0.19. So it's almost at rock bottom. As we record this, the presale price for most people was under $0.10. So most of the people in the presale are up, but nowhere near the $3 that this thing, this was billions and billions of dollars of market cap at one point. None of the people in the presale are anywhere close to this. As a result, various people are referring to Reddick as a scam. I can't tell you for sure that it is or isn't a scam. I will tell you that the transaction and the behavior and the velocity that I see doesn't speak scam. It speaks what I predicted would happen.
Large players basically pumped and dumped it fresh on day one. The pre sell lockup was intended to stop it, but it wasn't going to stop it because there wasn't. They didn't lock all the tokens with pre sale. They only locked, like, I want to say, what, 5% or 10%. It was a small amount of the total supply of a billion tokens. So since, and now that I think about, it's probably about 30%, maybe. Point is, the presale population was never large. They were never going to make a dent. It was always going to be people that bought in from day one. Literally the moment it launched, those were going to be the people where it ran up that were going to pump and dump it. They were going to be able to spike the price because they bought, clearly millions and millions of dollars worth of this business sold off, take the profit and run all that's left over again. It went from billions and billions on the market cap. It's now currently at 28 million on the market cap. A significant drop from where it was.
And I'm stating an opinion. I still don't see scam. I see that it did what I expected it had only the right to do, which was there was going to be initial pump, a major crash because of people dumping out. And those in the presale, they could sell some because they're doing the unlocks every week. And the next unlock is next week. Well, the first unlock would have did a little bit more cell pressure. The next unlock, which is tomorrow, as I record this, is going to do more cell pressure and so on and so on and so on. No matter what you did, it was always going to do the pump and dump pattern, because that's just what it was. So I suspected this would happen. Now the question that remains, people did some research and they compared the white papers and they connected it back to Renk Renq Finance with a person, I believe the name is Mahfouz, who allegedly from India, allegedly is behind both projects and allegedly launched Reddit finance off the failure of rank finance. Rank finance had similar hype. I forget what it peaked at, but right now it's at 156,000 in market cap. It essentially failed pump and dump. And the visual of Reddit finance is the same as rank. However, I don't know that rank was listed on as many exchanges as Redic. That's why I'm saying I can't say. I can't confidently say it's a scam. I will tell you it's almost at its all time bottom. And anybody who's buying in at this point is it's like it launched, which I called out. I called that out in the Otto cycle, that it's gonna hit a point where if you were to buy in, it's gonna be at the launch price.
If it gets on any more exchanges, it's gonna run up again. How far it goes, I have no idea. With the amount of tokens certain people bought, if you have two releases from the vesting, you should be able to recoup almost 100% of what you put in. If it runs up to a dollar, let's say, I don't know that it will. I'm saying if it does, if it runs back up to a dollar, you should be able to get back 100% of what you put in. My recommendation for anybody listening that did get in Reddit finance, if it runs up, make sure you're cashing out those release and don't sit on it. Cash out. At least the release gets your initial investment back, if nothing else, because that puts you back to zero. Everybody might want it to run up to something, but it's a gamble. You're rolling the dice and something will happen or it won't. And we don't know what's going to happen with this business. So I'm simply sharing that update that I still don't see scam. I see that it did the pump and dump, as was expected.
The other one I'll update, which I really wish I didn't have to, but I'll do it anyway.
Cytochain. So cytochain did two rug pulls, effectively rug pulls, and some people didn't like that. But it's the truth. Rug pull is where you make money available, aka liquidity, and then you remove it. That's exactly what they did twice. Okay. Nobody was going to go to cytochain and they didn't. They didn't inform people clearly and correctly. As a result, citochain dumped. It's slightly recovering, but nowhere near what people might have wanted. It almost gained back another zero. And then some people held the line. It's currently hovering at about a 61 million market cap. The volume has not increased past the 400,000 threshold to a significant degree. Allegedly from people.
They believe that it's a scam. I keep saying it's not. They're just fucking idiots. And this is evidence of what it is. They're not scammers. Because if they were scammers, they'd have just completely yanked everything and yanked trading and just quit and ran.
[00:14:44] Speaker B: They didn't.
[00:14:45] Speaker C: You know, MK's out there, so he's putting his face out there. If he wanted to scam you, he'd hide. Right? It's not. It's just they're idiots. They don't know what they're doing and they're the bubble. So if you're inside a chain coin, you still have value, but you have to go into their blockchain to do it their cheap in order to do it. It's just that they're idiots. And so this is a long play if you are going to get in it. And I can't tell you what this is going to look like for side of chain coin, other sort, you know, so called vol coins. I'm not going to talk deep in, I'll say that altcoins as a market, generally speaking, having ups and downs, it's not just these two. Overall, it's having ups and downs. None of them are sustained long term. We're not going to talk about dog with hat or Pepe or bon create these. They're all up and down.
You have a decision to make with your money. I can't tell you what to do with it. I will tell you that everything I see is pretty much within the realm of expectation. I don't see anything that's abnormal. I don't think see anything that's surprising. We simply had a down point. After a major climb, the total market caps $2.6 trillion as I record this. So it's recovering from where it was going down. So I think we'll be in a good spot. It's going to take some time. Meanwhile, I am brief on cryptocurrency for the foreseeable. I'm waiting to see what's going to happen with these ETF's. I'm also waiting to see what's going to happen with Ethereum because I'm waiting to see Ethereum run up and I'm not seeing what I'd like to see.
I also am curious about this statewide acceptance of ETF's and investment in ETF's and what that might mean for the pensions and how that benefits people or harms people. I'm curious about that. It'd be nice to see the housing market somehow get into cryptocurrency. I know it'll never happen, but it'd be nice to see that play in.
I'm going to be doing more moving and putting myself through more pain, referred to as sweat equity. Over the next week or two I have to buy some time for the plumber to show up and hopefully the plumber doesn't give me a number that's too outrageous because I've got to get that damn thing fixed in order to make this habitable and try to get a mover to get the bed out here. Once I get the bed out here, the other stuff I can just move over time crate by crate by crate and eventually I'll be done and wrapped up and the lease, FYI, is done. Basically I only have this month, so it's got to get done this month. Hook or crook. I've got to figure something out. I've got to get all my stuff out. Then I got stuff in storage. I got to figure that out as well. So I share that update because it may seem like I'm more silent than usual or the audio is changing form. It's temporary until I get settled. By the time I'm done, I'll have a brand new office up here, brand new studio up here, and I'll be able to trick everything out the way I want without the disruption of my current idiots in the property management suite. So I'm excited for what the next phase of this is going to be, including getting back on video updates. At some point I will get on video updates. I actually am going to be getting on a couple of other shows just to put the awareness out there and put a different voice, a different spin, but I have to find a host that's not annoying.
So that's on deck.
I purposely have not done any updates that involve bit boy crypto because as I said, he gets a lot of hype on social media. That's why I avoid it. But I am getting the request to at least share thoughts.
Let me bottom line it like this.
I said, when this whole thing started, you know, whoever he's dating or whatever is nobody's business. It's his stuff.
You know who he is because he's been. It's not like he hides who he is. It's not like he's secret about who he is. He is who he is. You knew that going in. If you were going to back him or support him or whatever, you know what? He was right. You're doing it because you know who he is. You know what he's all about.
So anybody who said, well, I supported him there, but now I don't support him here. You got to reflect. What does it cause? Why are you shifting? Because none of his behavior that I have been made aware of is any different than what he's always done. It seems like that once the Ben token came into play, all of a sudden, people's sensibilities shifted to where they no longer were loyal. Well, if that's the truth, let's say that means, you know, you were not part of that community because you were just out to get some money off the guy. Because of the assurance from multiple outlets that I did see that I was gonna have an amazing run. Well, it might still. I don't know. But I'm. My call to action, to you, is to reflect what was it that enticed you to support him in the first place? And then what's encouraging you to yank that support because you knew what he was all about. And if you were all about the profits, you got to ask yourself, the question was, were you really part of the community all along? And then I did notice for Cassie. Now she seems to be on board with what's going on, too. So I no longer can say in my mind that there's a concern or there's a whatever. She seems to be on board with it. You got to respect that, okay? You got to roll with it. So that's all I got to say about it. I don't have a stake in the game. I don't have been tokens. I don't have any of that. I have none of it. I did a brief on the bro token and some of the feedback there. I'm not doing that again. It is what it is. I saw the consensus business. I saw that. All I'm saying is, you knew what he was about. Just like Richard Hart. You knew what these people are about. It's what it's what enticed you in the first place. Okay? He's got this boisterous attitude. He's out there. He's vocal. He's this. Okay, then continue to support that. If that's what enticed you, continue to support it. Don't back down now because you're not making money. That's all my opinion. Stick with whatever makes sense for you and your trading strategy.
Sa.
