Revisiting #Coinbase: The Worst Of The Terrible

December 22, 2023 00:42:16
Revisiting #Coinbase: The Worst Of The Terrible
Crypto Talk Radio: Basic Cryptonomics
Revisiting #Coinbase: The Worst Of The Terrible

Dec 22 2023 | 00:42:16

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Leicester

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Episode Transcript

[00:00:01] Welcome to Crypto Talk radio, the podcast for everyday investors like you. Visit us on the [email protected]. And now here's your host, Leister. Thank you for that, Bailey. And welcome everybody out there in crypto Talk radio [email protected]. [00:00:23] Hello. [00:00:25] It'll be Christmas before we speak again, so I wanted to wish everyone, for those that celebrate such a holiday, a merry Christmas coming up next week, hopefully you're doing something special, something fun, something not boring. Leister [email protected]. Is going to be figuring out whether I'm going to open my business bank account with one of my normal banks or try to use my remote bank. I haven't committed the local banks. They're good people. The only thing I hesitate on that one is that for certain services, you have to go into the branch. They're not far. It's like walking distance. It's the principal. I like to do stuff online. Apparently they have that service, and so I have to figure that out. That's what I'm going to be doing for the next couple of days. Then I'm working with my endeavor, which again, pays me very well. Turns out I won't get another check until next week, and since there's a holiday, it probably won't be till Thursday. Tax bills due, the remainder of tax bills due on the 20 eigth. So I'll probably have to go ahead and cut that payment off to the IRS real quick to get that out of the way. [00:01:30] Then the next check will come in. It'll replenish everything. We're set there. And then I won't see another check until next year, which isn't too bad. I've got money stashed in like four different places at this point, so I'm good. I'm not in a bad spot. But it turns out, big picture. I was looking at cryptocurrency and I noticed some odd trends. I wanted to speak about the trends. I also wanted to speak about some thoughts I had on a couple of topics that came to surface that I thought might be of interest to those out there. The other update I'll share personal. Well, it's really around the show, but personal wise, the domain, we're going to be getting a new domain. I'm finalizing that one. The challenge is that it's technically up and running now, but I'm seeing some weird performance behaviors that piss me off. And so until I get those sorted, I'm not going to officially launch it or announce it, but once I do, that's an exciting transition. Cool. The old domain will still work, so cryptotalkradio net will still be part of the, it's part of the brand at this point, but the new domain is a cooler domain. It's a great domain. I love what I see there, and it bodes well for what we're going to do in 2024. We're going to hit the ground running at some point. Video is going to be coming back. I just got my other cameras, so my original camera, got it out of storage, got the new wiring that I needed, got a new camera because I'm doing this one's going to be more advanced than my previous setup by far. And you'll get to see my amazing studio set up here. Although small, I like the way it looks. I used it actually for my endeavor, and all of them thought it was fake. That's how cool the damn thing looks. So I'm excited to show that I'm going to play around with the schedule. I'm not going to be on video frequently because I'm a podcaster, I'm not a youtuber, and I will not be putting my stuff on YouTube. It'll be on our own platform, Convivo, which I'm also working on. So those videos will be made available, including live streams. So we're going to have a live section for those and for my Triad members that are out there, thank you for sticking with me. Triad videos will be coming back. I just had to get all my freaking hardware. And then because I have less room, I had to sort that all out. So things are moving, I guarantee you. Let's talk some cryptocurrency. Let's get these topics out of the way and see what we can come up. And by the way, I may get interrupted because apparently there's a shipment coming from Japan and I don't know where this guy is. So there it is. [00:04:04] Good enough. Let's talk some cryptocurrency numbers. Coindesk.com, zoom out to the month chart and take a look at where we're at. And Ethereum got a little bit of a hit earlier on a couple of days back. We dipped pretty steeply, and I said that volatility was bound to happen. It was kind of unsurprising, at least not to me. I wasn't surprised. I warned [email protected]. If you're listening to my show, you know, I do my best to call these. If I can see it. And I just ask people come back, give my credit, but it is what it is. So things went back up, but Ethereum lost momentum. Bottom line is it lost momentum. It doesn't have the strength that it once did. Now bitcoin looks a lot better than Ethereum did. Bitcoin's hovering now. But my point is, it didn't have the same severity of a drop that we saw with the Ethereum side. Analysts swear that Ethereum is going to go on a stronger run during this bull cycle than bitcoin ever will. I wouldn't be surprised at that either. I've said that Ethereum. I usually zoom out and focus on Ethereum because Ethereum feels like it has momentum that it lacked during prior bull runs. This is in conjunction with the layer twos, and I say that the idiot Vitalik mentioned that the layer twos have problems. They do. We saw that with that garbage sunflower game. I believe that was polygon bringing it to its knees. We see it with lots of chains. Shabarium seems like it's pretty rock solid against rigor, but it hasn't been tested like we might think. Remember that Shiv has over 2 million shib holders on it. So if all of them were transacting roughly around the same time on something that was heavy velocity, not just NfT minting. NFT minting does have some overhead, but not like a game, right? We don't have any real utility on shabarium that can test it to the degree that we would have comfort that it's going to be solid and stable. Yet that doesn't happen. And until it happens, we're not going to know if it's able to hold up. And that's a test that should happen. Now remember, shibarium was based off polygon. So in theory, if polygon never fixed the underlying issues where the sunflower crap brought it to its knees, it is possible that shibarium could be brought to its knees by growth in volume. [00:06:22] I'm going to come back to shibarium, shib and bone at the later part of the show. I want to get through a couple of big points that happened, a couple of them that were, I thought, very important and worth your time. And then of course, I'm going to be talking about an exchange that I really don't want to talk about, but I'd rather get it out of the way. Prometheum. It's a regulatory nod to be one of the first fully compliant cryptocurrencies. Fully compliant as in a full crypto broker dealer licensed under SEC rules approved to clear and settle digital asset securities trades. [00:06:59] I want to add a bit of caveat to this. [00:07:03] The FINRA, F-I-N-R-A is the acronym. [00:07:08] FINRA is a sub of the SEC Financial Industry Regulatory Authority, and they are standards and licensing. They report into the SEC. [00:07:21] The reason I think you should keep an eye on this, and I bring it to your attention, is that if Gary Gensler comes out talking about these guys are trading unregistered securities, it'll validate what I once said to be the truth, which is they're not consistent within themselves. [00:07:37] Because if a sub of the SEC has said that these guys are going to be licensed and approved and have followed the rules 100%, if the SEC comes out and says that's not true, it exposes them. It blatantly exposes them. They will be embarrassed beyond words. And it's possible Congress will have to get involved at that point, because it'll simply expose them. Now, here's the bad news. [00:08:04] If it's true, and these guys haven't started this trading under this new approval yet, but if it's true that they will be the very first, if not one, of to be fully licensed to distribute and manage assets as securities, if that's true, it may actually harm the case brought by Coinbase. It may actually harm other cases that are in flight or pending where they've said repeatedly, multiple have know. We try to walk in there and they don't know how to register us. We try to just come in like Gary Gensler said, and they don't know what to do. We can't get registered. There's no way to be compliant under these rules. You can't apply these rules to cryptocurrency. It doesn't fit. If this organization is able to make it work, it validates what Gary Gensler said to be the truth, which is, yes, it's in the rules. It's pretty clear. It's pretty easy. Come on in, we'll take care of you. So then this will create battleground lines, and I'm intrigued at what it's going to mean for the broad spectrum of cryptocurrency in the future. It can only end one of two ways. One, it ends in a very good way, as in others are able to get on board, which will create a bullish sentiment because a lot of the larger players are withholding actions until they see regulatory clarity. As long as there's regulatory uncertainty and Gary Ginser going after the orgs, they are hesitant to give their money because of risk. Rich people actually care about risk. They're gamblers that some heart, but they care about risk. It's important to them. So as long as we don't have regulatory clarity, a lot of them are sitting on the sidelines. Something like this, if it does contribute regulatory clarity, may actually create a bullish sentiment. [00:09:55] On the flip side, if something like this causes uncertainty, as in it clouds the cases of some of these other ones and makes it harder, we might end up in a situation where such regulatory clarity is to our detriment. Overall, do I think that there is going to be a ban? No, I do think that there'll be a loss, and I'll talk about this on another update, a loss of facility to trade cryptocurrency. That said, I was down at, I live in the middle of country nowhere, and I went down to the local store, and they're cool people, great food, great people, great service. [00:10:32] It's a combination supermarket, food shop, whatever. Cool. I noticed they installed an ATM. [00:10:42] It actually says crypto ATM. It doesn't even say bitcoin ATM. It says crypto ATM. And I was going to give it a shot. The reason I normally don't is because they'll force you to do a phone or they'll force you to do a cell phone number or some crap. And I wasn't going to do that. So I was at least going to look at it, see what it was about, see if there was any value, and if I could transact, because that is a form of adoption, if we're seeing more of those show up than what we saw before, especially if it's in the middle of nowhere. So I do plan to check that out, and it may bode well, may bow positive over time with what we're going to see in cryptocurrency adoption. But this that I saw with this organization told me, well, this can go one of two ways. That's going to go to great and fantastic, or it's going to go absolutely terrible and almost swore shot to pieces. [00:11:33] As a side note, and I don't want to spend too much time on this one because I don't think it's worth it. But I was sitting on the sidelines about this CaSPa business, and I saw that a lot of people are really positive about Caspa. They think highly of Casper. They think it's going to go somewhere. I did a basic analysis, nothing really deep, but a basic analysis, and I'm not impressed with what I see. I understand where some people's sentiment may lie with it. I wasn't overly impressed with what I see, and I did look at some graphs and charts and try to get a sense of long term, and I don't see that. I mean, obviously it's going to be around. It's not going to go anywhere and maybe I'll do some basic swag on it. But from what I see, I don't see any profit, short term profit opportunities now. So if you're one of those that was considering CaSPA, do so as a long term, maybe. I can't say, can't tell you what. Do it. Your money. I'm saying that I don't see any short term profit opportunity. Any profit opportunity that there might have been is long since gone because this one debuted, I want to say, just shy of a penny. And as I record this, it's about $0.11. Close to mean that's not terrible, but it's certainly not amazing run. Like, if I think of injective, right? Injective was started at what, like a dollar went up to $42. That's the kind of run that I would expect of something like this that I don't see now. It's possible that it goes on such a run outside of the lifespans of people like myself and people of our age range. That's certainly possible. But I'm expecting that during this minor run that we're seeing now, I would see more than a ten x. I guess I'm not trying to poo poo it. I'm just calling out that because somebody had asked. I'm not impressed with what I see so far or its long term sentiment. On the flip side, Cardano went on a major run up, and I've said on a couple of occasions on cryptotalkradio net that I remain bullish on Cardano and couldn't explain to you why. [00:13:30] Because the only thing I have against it is that people tell me that the CEO is an idiot. Other than that, it's one of those where I've always been generally bullish about Cardano. So seeing its run up doesn't surprise me. It really doesn't. It peaked up, I think, $3.40 or some OD. And right now, as I record this, it's sitting around $0.60 from a low. I think it went as low as like $0.20. During the roughest part of it, I think it was like $0.20. So that's not bad. That's a three x from where it was and strong potential in the next bull run. This could absolutely go another ten x. I don't see a reason why it couldn't. It's Cardano. So I was proud, as somebody that's been bullish on Cardano, to see that it was able to recover at least some of what it lost. It's certainly nowhere near where it really should be. But I saw some other analyses that were telling me, you know, what, what you're estimating, which is roughly around $6, $7. No, this can go as high as $30. [00:14:26] Do I think it's possible? Possible, certainly. Do I think it's likely? No, but others seem to think it's absolutely likely. $30. That's huge, because you got to think that's 100 x from its lowest point. Certainly not impossible, but just extreme. That's like extreme outlier. Mostly because Cardano has not been adopted to a degree that I would expect such a significant run up. But it really goes to the strength of where people think bitcoin is going to be, because Cardano's price largely runs correlation with bitcoin's price. So the theory is that bitcoin's run would be strong enough to contribute to a run up for Cardano roughly around the $30 range. I remain skeptical of that high, but I can certainly see a $6, maybe $7. Absolutely, because it was, again, just $3 in the last one. But I'm a conservative at heart, so that's just how I thought about it from my personal lens. [00:15:28] Anybody that's been around cryptocurrency for a while knows the name Silk Road. Silk Road, of course, is the secret. Know where bitcoin largely started in terms of trading it. Silk Road got shut. Okay. And that was a whole big fiasco. There's a whole lot of smoke around what happened at the time and legalities. The United States government seized a significant amount of bitcoin at that time, almost 70,000 bitcoin. You can do the math yourself. That 70,000 bitcoin, they now have hold of it. And there's a theory that it's possible that they may end up dumping on this cryptocurrency. It involves a lot of different. Not just the main bitcoin, but also bitcoin cash, bitcoin gold, bitcoin Sv. And so there's a possibility, because so far, the United States government, with any cryptocurrency it's held, has largely sold it off either to remunerate people or to put it in the coffers or do something else with it, like ship it overseas to the Ukraine. But the point is, it's possible that there's a major dump that happens when this gets sold off. That's possible. [00:16:36] It's also entirely possible that they don't sell it and they wait for a major run up before selling because they know that it'll get them more money. We don't know what will happen with this stash that they've got hands fully on. Just so that you know, though, that's on deck potentially that something may happen thanks to the United States government around this business. And I'm stressing to you, make sure that you don't just FOMO or Yolo off of stuff unless you're a gambler. Be careful, because we know that the run up is coming. We don't know what impact may come up. We don't know what I'll say. Negative sentiment situation. I'm trying to be nice. Might occur that affects the velocity of that run. [00:17:20] Shabarium recently got a little bit of bad news because apparently there's a new rival called shipchain. It's a layer two, also built using the polygon. [00:17:31] I don't know the specifics around this. I just saw it myself. But allegedly, what it's going to be doing is this is a different, different side. And what they did is they built this chain to use Shib for the gas. This is in response, if you remember, I gave my readoff of Shib burn and their frustration from the Shib army, myself being one of them, the Shib army member, as in full disclosure, a whale, quote unquote in bone. And I mentioned about the frustration from the Shib army and how the whole shibarium came about the cologne scented book, Shitoshi saying stuff that pisses people off and kills the business. And Shib is the gas instead of bone and people just being frustrated. This is in response to that. This is what was the outcome, the inevitable outcome of that. I was intrigued when I saw it. I wasn't surprised when I saw it. And I'm going to watch it because I think that this particular chain has a potential to do something. Follow me. Allegedly, this will be using Shib for its gas fees. Shibaria, of course, uses bone, which is what pissed everybody off because people wanted Shib to be the gas token because there's so much of it. Allegedly, Shib's transactional fees are small, extremely small. But allegedly, it's going to be faster than shibarium. I question how that's possible. [00:19:02] They've been doing some testing and apparently they've been able to make the numbers work. Allegedly, I don't know this in proof, but allegedly they're going to be reaching out and trying to get exchanges to integrate with the ship chain and it's kind of a competition to see which one is going to actually strongly contribute to getting Shiv's supply back down or down, I should say. So. I would recommend if you are interested in this you can follow them on ship chain l two on X or Twitter. If you use X or Twitter I will be observing them on the long term because I'm just curious about it. I'm not telling you it's legit. I don't know that it is. I'm telling you that this was born from frustration from the Shiv army and I think it's worth watching it. If nothing else. [00:19:51] I have a public service announcement out there because I know there are people that listen to the show that are on YouTube and I don't want you to get ripped off. Apparently there's a fake AI ad campaign that's going around YouTube and it's perceived to be the CEO of Ripple and allegedly it's promoting a giveaway of 100 million XRP and it's telling them to invest basically to do this. Send money and you'll get this drop. So I saw something similar. I was watching Blizzard's life and there was somebody on the chat and they said something like we're giving away 35 bitcoin and you have to donate to this and do this other stuff. This is actually very similar. So it's saying send your money here and we'll give you some XRP. And it looks, because it's AI, it looks like the CEO of Ripple. Now here's the YouTube slash Google approved the ad. They said no, it's clear there's nothing wrong with it even though it's clearly a scam. Do you understand now why I don't do YouTube? Do you understand why I said I don't support them and they're crap. As a technologist myself and I warned [email protected] that these are just scam artists and they're almost swore crap is YouTube now you understand because they cleared it. They said no, it's good. It's good to go. It's not good. [00:21:15] It's promoting a scam. Promoting a scam is against their rules. The thing is they can't prove that it's promoting a scam so they're not going to remove it. [00:21:25] I'm going to ask you and just tell you as a message. Anytime there's somebody telling you if it's too good to be true, it probably is. Anytime there's somebody telling you they're just going to freely give away money, but they want you to pay them, it's probably a scam. Whether it's a dating scam or a crypto scam, it's all the same thing. Do not send your money to somebody in exchange for something unless it's a vetted, viable, legal, credible transaction. So be careful. And I would say anything on XRP, XRP is not going to send you any money. Come on, you know better. You listen to me so you know better. Don't do that. Be careful. Please. Stay safe. I don't want to hear people got ripped off by this garbage. [00:22:06] One more, then I'll get to my lunaclassic. Repegging bears near. And you may have seen a little bit of run up earlier on. Here's what happened. There was a proposal that was put in that's talking about burning off 800 million USTC that wasn't passed. The validators didn't want to vote on this one. There was a new proposal that was submitted as an alternative to burning a significant amount of USDC. [00:22:37] Burning was preferred, just not in the way that they were proposing it before. So the voting is going on right now. If you're in the terra, you'll need to go to the deal and vote on it if you choose to. It's in the middle ground. But it has a bullish sentiment behind the proposal, because if you can solve the excess of USTC, it helps solve Lula classic. And by virtue of if you can somehow time this around, the run up, the bull run, you might see a revival of terra Luna classic as an ecosystem. I'm not trying to give you a promise. I can't. I'm saying that the timing of this correlation to a bull run may help. [00:23:20] It's a spark, right? You spark it and the fire may take or it may not. I'm sharing it because USTC did earlier go a little bit on a run up when this was first announced and we saw there was a little bit of price positive and profit to be made. And we know USTC so low that even just a few cents of climb is significant profit, depending on how much was put in there. So some people may actually make out very well, even if it doesn't repeg. But let's say USTC gets to $0.10, that's still significant. Amounts of profit depending on what you put in, and then Luna Classic has a strong opportunity to go up if they can burn off some of that supply. Luna Classic still has just shy of 6 trillion in supply, I believe. Well, we have other tokens out there in the 420,000,000,000,000 tokens, 69 trillion tokens. Cult has 66 whatever trillion tokens. So it's not unheard of to be able to get to a higher price point with higher supply. Which means that Luna classic has a potential. I share it simply because people may be interested or intrigued at what it may mean. [00:24:26] Now, let me talk about the exchange. The exchange, I think is crap, but I think it's worth talking about because I was asked, and I like to do what my triad community asks of me. First, a little news bit about this exchange. The exchange is Coinbase. Coinbase.com. Coinbase has for the longest time been one of three, largely three, american exchanges to support cryptocurrency. Now, they limit what you can trade, but for Americans, they are pretty much the ghost to it's Coinbase, Robinhood and Kraken. For the most part, other people have been critical of those statements because they feel like other exchanges are viable, I find. So Gate IO straight said, we're kicking us traders off the business. I checked gate IO, I'm not covering them today, but I'll follow up with them because they sent out an email and they said, we're kicking you off the exchange. We're not supporting us traders. I had other people who say they're on gate IO in the US. I questioned how it's possible without a VPN. I will never support people listening to me using a VPN to bypass it. Because at some level, you're going to need a KYC. And if they know who you are, your assets can be frozen. It's a huge risk. If you choose to do the risk, it's up to you. I don't support this. Coinbase does have a KYC. I believe it's a single level KYC. [00:25:46] Bottom line, you have to do it in order to transact with the business. And to be clear, I'm not referring to Coinbase wallet, I'm referring to the exchange Coinbase. And they are different. They are perfectly different entities. What Coinbase did is they built a way to simply transfer funds between the two, but they are independent. On the exchange, there's Coinbase itself, and then there's Coinbase, what they used to call Coinbase pro, which is now advanced trading. The advanced trading is the full scope, you can do limit orders, you can do stop loss, you can do shorts, you can do all sorts of magical stuff with that one. And there's one notable difference between the main Coinbase and the advanced trading, and that is if you're going on the regular Coinbase, they charge or withhold and technically pocket extra money over top of whatever you're trading. So let's say you do a $200 trade on something. You want to trade your USDC over to bitcoin. They're going to charge you depending on how much it is. But for $200, it's probably going to be like $30 or something. And they say it's because of the spread. We don't know what the price is going to be doing. It's too volatile. We don't know the volatility might be $2. They're going to pocket the rest of that business. And that was one of the main things I had it against them, is this spread fee that they charge, which isn't really a spread. They don't charge that on the advanced trading. So you'd have to go to the advanced trade, put in a trade. The problem there is that some of the tokens will not allow you to do a spot. They won't allow you to do a straight up market order. So because they won't let you do a market order, you're forced to do a limit order. And by doing a limit order, there's a risk that you may lose money depending on what that limit order is, or you may not get as much as you wanted. Part of the benefit of spot trading and straight market orders is if you know how much you want and you're okay with the price, the market price, it says boom, I want to just get it. But if you're doing it on the limit order, there may or may not be enough available at the price you're willing to pay. So you end up paying more, potentially, or you end up getting less, which is the downside. In exchange, you're not charged that spread fee. So it is what it is. I'm just calling it out for what it is. Whereas, like, say, Kucoin. Kucoin has a spot trade widget that's a straight up. This is what I want. I want to swap this to this. And it just does it. There's a little bit of a fee, but it's nominal. It's like for a $200 trade, it might be a dollar or something. Reasonable, fair, nothing. And Kucoin, at least before their KYC was way less than what Coinbase was requiring you to. The other issue I have with Coinbase that largely caused me to pull the trigger and quit the business is when I needed to change the credit. So I was going to do a debit card on it. I don't use credit cards, by the way. I was going to do a debit card because I wanted to do a purchase right now. And the bank was wires. It was after hours for wires. So I figured I'll go ahead and just do the debit and eat the fee. I needed to change the billing address, at least when I looked at it, and I don't know if they fixed it. Probably not. You couldn't change the billing address on a card. You had to delete the card and reenter the card. Fine, I do that. They froze the account. [00:28:58] It's the same card. It's literally the same card, literally the same number. I just had to change the billing address, and they froze my freaking account to the point that I could not do hardly anything other than withdraw. I couldn't buy. So I can't spend money at your store. It doesn't make any damn sense. So when I saw that, and then there was a numeric issue where if you were to look at it, it swears that you got money that's available. But when you go to the assets list, there's nothing there. And they said, it's a bug. It's never been fixed. There's so many issues on Coinbase that apropos of nothing, I just said, I'm done with you effers. I'm not doing this. You mother. Fathers can kiss a sun non shining place, and I'm leaving and I'm done. And I've not looked back. They've pain and say, oh, we fixed the day to thing and it's whatever. So I just got a news article about Coinbase. They're going to delist bitcoin Sv around or on January 9, 2024. Bitcoin Sv. For those that may not know, here's the problem that I've got with this one. Bitcoin Sv was presented to be the closest to the original vision of what bitcoin should have been prior to it going mainstream. And it's always been this message of kind of. It's more underground now than Monero. Monero is tradable on a lot of these platforms as the privacy cryptocurrency, and yet it's all over the freaking place. Bitcoin SB has been getting attacked. I can only describe it as attacked, yanked off multiple exchanges left and right, and now Coinbase, which truly surprised me. I completely did not expect to see Coinbase, of all places do this. So if you're in Coinbase and you're trading bitcoin sv, just FYI, they are going to be retiring support for it. [00:30:58] Apparently, once this happens, if you don't get your bitcoin Sv out of there and into a private wallet, if you're leaving it in there, hopefully you're not. But if you don't, they're going to liquidate those, which means probably at a loss. You're going to get market value, whatever it is they liquidate to. And it may not be in your control, but they liquidate to. So please, if you're trading bitcoin SV and you're stuck with Coinbase, I strongly recommend you get your bitcoin Sv out of there. They probably sent you an email, but I wouldn't want people to lose money because you will lose money on this business. And this is just further validation of why I don't like Coinbase. Some like it. It's what it is. I think they're garbage. I will always think they're garbage and I will never think highly of them. That's my review of Coinbase.com is they're doing everything the polar opposite of what they should be doing. And other exchanges have stepped up to take the place of them, which is disheartening, but it is what it is. [00:31:55] The last thing I'll cover before I close out, because I think this matters for me. I don't know if it matters for you, but it certainly matters for me. [00:32:05] I'm going to talk back now on Shib. Shibarium. Boom. Like I said earlier, shitoshi Kasama sent out a message. So I talked about the ship chain. I talked about the Shib army is pissed off. They're not happy on what's happening here. [00:32:20] So here's the thing. I think that the Shib team is getting frustrated. I think that they see success around them that they are not realizing. And I think they understand that a lot of the money that should be going to benefit the Shib ecosystem is going to other projects. Crap like bonk, for example, and shit. They put out a poll and coingecko, rather put out a poll and they were asking about the blockchains. And the vast majority of blockchain use is Solana, mostly around funk, let's be honest. Next is ethereum. As always, next is basically binance. Binance. Smart chain avalanche is on the lower avalanche is one of those up and coming ones. [00:33:08] Satoshi wasn't too happy with these results. I know he can't be that stupid to not be surprised by the results. Because as I said, shibarium doesn't do anything. [00:33:20] And when you look at the army, they don't think of shibarium as something that should be or can be used or can have value. [00:33:30] I, as a bone holder, somebody on coin market cap said it great. I don't really care about Shabarium. I just recognize that it's a key part in this. But shabarium doesn't do anything. And my trading is really around the math. It's around the numbers. Bone has 95,000 holders. As I record this, there are over 2 million Shib holders. [00:33:53] The number of holders of bone increases constantly. [00:33:58] At some point there will be so many holders that it will be impossible for new holders to hold just one bone. [00:34:06] Now there's a pro and a con to that. There are people, younger people, who believe if I can't hold one, it's too expensive. They don't understand that you don't need to hold one. And that's a detriment to them purchasing. So a lot of them are going to be looking for discounts late. Fomo, right? They're waiting for a good price, but the price keeps going up. We just saw the floor is going up. It's like seventy five cents now. And it went down. But it went down to like $0.75. It's not going down to the 60 some od it could, but it hasn't yet. [00:34:39] There's going to come a point where that bottom is going to be harder to breach simply by the numbers. The number of people that are actively holding it. At this point, you feasibly could hold two bone and it'd be fine. From a price point perspective, obviously people are buying more, they're buying a couple of hundred, they're buying 1000. That's not bad, right? Because if the dang thing goes to $10, that's a lot of freaking money. [00:35:05] But there's going to come a point in terms of just number of holders versus the active supply where it's not going to be price effective to hold one of them. [00:35:16] It's just raw math. So when I looked at that and I said, okay, I've got a choice. I can simply help hold the line as it is. So I'm helping. I, in my position, am helping hold that bottom, that floor. There's a lot of freaking wealthy people above me. So don't think that I'm way up there in a million dollars. I'm not. But the point is, I'm helping hold the floor, and I do so confidently, I don't even look at it. It sits in a hardware wallet that's off to the side that I never connect. I don't need to. Once I see the price, go to my target, whatever that may be, I'll be there. If it happens that it goes down into the. I'm going to buy some more because I see what the top 500, that number is looking like, and it's not far away from where I'm at. So if I get there, okay, I'm going to go. Because it has no choice to me, it has no freaking choice but to go rocket ship the rocket man. So I'm watching it, but I'm also watching what the team is. They're frustrated. They can't understand why their stuff isn't as more successful than what it is. And if you're listening and you're avoiding the Shib ecosystem, I don't blame you, because I understand the delivery has not been what it should be. The messaging is crap. They don't understand because they're in the bubble. That's what it is. They're all in the bubble. So you're asking, if I know they're in the bubble, why are you such a supporter of bone? Because bone is nothing more than raw math. [00:36:57] Bleed said something very signature. He said that no matter what, people are going to be the rich people, when they come in, they're going to flood in and they're going to pump low market cap stuff that's out there. Bone is reasonably low market cap. 100 million ish, 150,000,000 ish. It's reasonably low market cap ish. So if I suspect that it's pretty easy to get to a billion dollars, man, that's a ten x where it's at. So $7. $7. [00:37:27] I'm looking at it as math, just straight math. And the tendency of the wealthy when they come back in, in force, and it's expected to have trillions and trillions of dollars flowing into cryptocurrency in the next bull run. I can't say that it will. It's projected that it will. And so I'm looking at it as math. I wanted to find the ones that have a low price of entry where you can hold enough of it to where the target high price doesn't have to be crazy high to make a significant amount of money. Then of course I can choose what to do. I can choose to spread it to other things. I can choose to cash out and be done with it. Still do the podcast, but maybe not do active trades, I don't know, but it's the only one I see of the whole crop outside of Solana, because I already had my eye on Solana, I had my eye on Cardano, I had my eye on Avax. Outside of the cores, outside of that bone was the only one where it seemed to have that golden spot opportunity of not having a significant market cap, of not having significant awareness yet. But the holder count is increasing at just the right pace to where you can kind of get in, where you fit in, but you don't need to hold a significant amount of it to potentially make some good money. Some people out there listening to me right now, if you held 1000 bone can be potentially get you out of a hole that came up because of COVID I mean, that's where I'm at, right? So I looked at it as, let me just hedge it a little bit. Let me just target something that it's almost impossible for it to rip me off. It could, but it's almost impossible. It doesn't require a significant investment of what I do invest. I'm comfortable with it sitting there and I can own a fair amount of it to where the amount that I would need to be happy is just a couple of bucks per and I'd be reasonably satisfied. I could then buy the house that I want, that's out here by the lake or whatever. That's where I'm at. So I want you now to be thinking about in what's coming. Because it's coming in what's coming. Diversification is key. I'm spread across a bunch of different cryptocurrencies, period. Diversification is key. Thinking about the mistakes, if you were in it before, where did you go wrong? Where did you sell when you weren't supposed to? I'll tell you my story. I had a thousand Salana and I had sold it before simply because I put it in another project and I never went back and I missed the timing. And I'm okay with that because at the time, the other project I put in, I'm more confident in in the long term and I'm more long term right now versus short pump. So where are you at mentally, where are you at? Did you have something where you made that mistake either in the 2021 or in recent pump, do you have something where you made mistakes? Diversification is how you help hedge that off, spreading the wealth around multiple different projects that may go on a run, and they may go whether two x three x five x ten x at different rates and paces. But think about where you may have gone wrong before and what you can do better this time, given what your goal is, and then stick with it. And don't feel bad just because you missed a bonk type thing or a pepe type thing, because you also might have averted potential financial disaster. If you're a gambler, that's a different deal. But if you're not a gambler, be thinking about what you want to do, whatever that is, and be confident in your decision. Don't wait for somebody to try to decide for you, because it's not up to them. It's up to you. It's what makes sense for you. It's what keeps food on your table, it's what keeps the roof over your head. And as long as you're okay with that, once you it's hard. Not suggesting it's easy. But once you're okay with that idea that this is on me, it's on me. It's me. I'm making the decision. You'll realize it gets easier. Gets easier because confidence is the key. And acceptance. Acceptance of you're not going to win them all. And if you do win, it may not meet major wins. But once you start identifying the patterns of win, you'll get more of them. And then once you can practice patience for the win, you'll savor it more. At least that's the way I think about it. [00:41:40] And welcome.

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