[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] hola and como esta? Welcome. Welcome back, whichever applies. My name is Leister, I'm your host. Thank you for listening to the show cryptotalkradio. Net.
[00:00:30] We got a new domain, by the way. I'm not going to share it. I was about to share it. I'm not going to share it yet because I got some nuts and bolts to deal with and I'm going to have to switch providers and I have to wait 60 days before I can switch it. Once I switch providers to my primary host, then I will share the new domain and it will show up on all of our various things. It actually is active right now, but I figured I would hold off on distribution until I'm 100% solid certain it's possible it works. It's a very exciting shift. I'm also working on our video platform, Convivo that's taking a little bit longer than I hoped just because I have to sit down and go through WordPress and do a bunch of work. But once it's up and running, then I have to backport all of my video coverage that was put out, put it on quant vivo, still be out on bitchute and possibly rumble. I haven't committed on rumble yet, but bitchute probably I'll leave it out there just so I have a secondary and I need to so that's out there. That's pretty exciting stuff. The only other thing I've got to cover as far as the show is I'm debating doing some sort of a giveaway. The giveaway would basically say it's kind of like a scavenger hunt. You would have to answer a couple of questions and you would have to interact live on Cooltunes radio, which is our other platform. Just like radio shows, you dial in, give the right answers, and these are answers that you cannot cheat. And they're answers where Chat GPT is not going to help your ass. So I'm debating doing that. I have to figure out the amount. I got to look at the legality of it and then the distribution medium. I was considering doing like an Amazon gift card or something. I had to figure all that out. But once I figure all that out, that's going to be exciting thing. I'm looking forward to let's talk some cryptocurrency. Some weird stuff happened. I'm pretty excited to chat about some of these. I haven't exchanged coverage, but I'm not sure for Geechee, who's in our triad community, not sure he's going to like what I got to say about this one, but it keeps him safe. So there's that. At least.
[00:02:28] Let's crack open some numbers real quick and go to coindesk.com and zoom out to the month chart. I'm going to start with Ethereum, as I normally do. We lost some upward momentum. It's still slightly upward trend, but we lost some upward momentum. Nowhere near as greedy are people. Quite a bit of money flowed out of cryptocurrency. It went from $1.65 trillion down to about 1.52, I believe it was, and then it came back up, ever slightly, but we're nowhere up. Some of the surge was lost. A lot of that money flowed out of bonk, that garbage, that is. And I'll be briefly mentioning that at some point in the future, now that the dust has died down a little bit, I feel the duty to kind of at least speak about it, as crap as it is. But we're still headed upward, and 2024 still looks great. And I'm happy you know why? Because this type of a, I don't want to say dip, but this slight drop downward just validates what is said to be the truth, which is 2024. And we're now two weeks away. Just two weeks away from your guy Leister
[email protected]. Being proven right. Validated. When I said I didn't think was going to happen, 2023, the true bull run, I said, we're at the beginnings of it. I said 2024 is when it's going to happen. We're two weeks away from being proven right. And all I ask, folks, is spread the word. Tell people, let people know. Let the blind understand, let the deaf hear, let them understand and appreciate and resonate as you spread the message and say, listen, I know you listen to those garbage youtubers that are telling you bull run, deep, deep, deep, all during September and October, and they lied to you or they told you about some garbage crap and you got rug pulled or whatever it is, you got to listen to this guy Leister. You got to go to cryptotalkradio. Net. You got to get into his podcast. If you don't know jack about podcasts, here's how it works. Help him how it works. Help him get set up. I'm sure yours is set up nice and clean. By the way, I'm still working on the mailing deal that will be back active starting in January. That I can guarantee you.
[00:04:31] But the point is, spread the message. Let them know about cryptotalkradio. Net. That's why it's such an easy to remember web address, because I want to be easily found. Cryptotalkradio. Net. Share the word to everybody. Everybody else deserves to benefit like you do of not only being kept safe, but also correct and accurate predictions where I can find them. They deserve the same benefits you do. Don't hoard the wealth, don't hoard the value. Don't keep it to yourself. Spread the message. Because the more people that hear what we're doing, that makes cryptocurrency stronger. Because our community is all around strength of investments. It's not around the shill garbage. All of the shill garbage people, I think, are gone. Most of the people that listen to the show appreciate what we're trying to do, which is try to give you solid information. So when I say we lost some upward momentum as far as ethereum, it's not to discourage you. It's to keep you safe. It's to help you as you learn how to do these and predict these yourself, to learn to identify the right timing for when you invest in whatever you invest in. That it's not always straight up, nor should it be, that it's cyclical, always that you're going to have ups and downs and peaks and valleys, always that you're going to have these consolidation points, always. And most importantly, as you heard Leister say, core coins can never steer you wrong. I'm sure that at least one youtuber out there has started to say what I was saying to be the truth, which is these core coins can never steer you wrong. Whereas before they might have been shilling garbage dogs and cats and frogs and bears and whatever the hell else is out there, and you're probably seeing a shift. You're seeing a lot of these previous shill people no longer doing heavy shilling. They may shill every now and then, but they're certainly not doing it like they were doing it before. It's a whole different market. It's a whole different ballgame. It's not that they did anything wrong. The truth is, it took them a while to come around. It took them getting ripped off quite a few times. It took them getting fans pissed off at them. It took them having damaged reputations for them to understand? So what you see on the graph is simply evidence of what I was saying to be the truth, which is it's a different era and it's a different era. It's incumbent and our responsibility, all of us, it's our responsibility to attract the right people into the space to make it stronger, because making it stronger helps you. It helps me, it helps them. Nobody loses if we have strong. Not the kids that say the word jeep, that say the word tech and can't have read. We're talking people that take this serious, people that take it serious, strengthen it. They raise the bar. They keep the Gary genslers of the world out of our hair. It is true that people are going to lose money because ultimately, some of these are gambles, no matter what you do. But the core coins can't really steer you wrong. We've not had, with one exception I can think of, we've not had core coins that have completely crapped out. ICP is the only notable example I can think of. ICP started to go on a recovery. The core coins cannot steer you wrong. I can't tell you which one to go in. I can only tell you they can't steer you wrong. And I continue to be proven and validated when I make that statement. So, in summary, what you're seeing, and I hope you appreciate what you're seeing in the ups and downs of the graph, the lack of sustained up, as I said, the presence of volatility, as I warned, hopefully you're seeing that not only are these normal, they're expected, and you're starting to see a pattern form of when it's going to happen. It's largely going to happen when you have a certain period of time when things run up, they've got to come down. They're not going to stay going up all the time. And you're seeing that 2021 was largely an aberration.
[00:08:18] The SP, very recently, the global ratings for the S and P, they are the ratings agency for assessing stability, for credit stability, for banking stability, for financial institutions. They now have started talking about stablecoins. Stablecoins. And I'm assuming you know what stablecoins are. If you don't, don't feel bad. A stablecoin is nothing more than a token, arguably not really a coin, but a token that has been built in a way that it is pegged to some form of stability. And in most cases, not all, but in most cases, that is the United States dollar. And they do this so that you can trade in confidence of price stability. When paired for exchanges, exchange transactions, the exchange transaction might be a centralized exchange, or decentralized exchange, it doesn't really matter. But the idea is that you can have a stable form of liquidity that is not subject to the whims of the core coins, the gas tokens that seem to go up and down.
[00:09:23] So it sounds good, but the truth is, we've seen stablecoins get so called depegged, which means that they are no longer pegged to a stable price.
[00:09:33] When this happens, it creates volatility, heavy volatility, and instability with whatever tokens that that stablecoin is paired with, because if it's sitting in liquidity pools everywhere, it's going to disrupt price market makers across the span. We saw this with Luna, so them talking about stablecoins at a general level bodes well for the future of cryptocurrency. However, there are multiple types of stablecoins. One of them I'm not a fan of, which is the algorithmic stablecoin. An algorithmic stablecoin, if you didn't know, simply says that it will fluctuate according to whether it needs more supply or less supply to maintain its peg to whatever fiat, and it's inflation deflation related. So, for example, if I knew that my price is going too high.
[00:10:29] So in this case, you want the, let's say stablecoin to be pegged to a dollar. And we see it's going to a dollar and a penny, a dollar, a penny, two dollar, penny, three, starting to go a little bit too high. We need to get supply to do what? Go up. We need a little bit more supply, because we're starting to get too much constraint on supply. So they may mint more of it in order to affect the price back down. Or the inverse may be true, we may need to mint more tokens because I see that it's about to go above a threshold. Or I may need to destroy supply because I see that the price is starting to lose its pay. When you think about UST and USTC and the terra classic ecosystem, part of the problem with UST is that it printed, printed, printed, printed. Luna classic. Printed, printed, printed, printed. And so you have this excessive inflation situation.
[00:11:24] This was a byproduct of other factors. But the point is that stablecoins themselves are designed not to do that. Normally, algorithmic has too many ifs.
[00:11:36] They're traded for actual money. Number one, they're leveraged, they're put in leverage positions. Number two, sometimes there are loans, straight loans. I'm not talking margin. I'm talking just a straight loan, okay? Somebody just gave up there as collateral and took out money, and then it gets liquidated or something. There's all these different things where real assets start coming into play. It's not just a straight cryptocurrency trade because of this, it means that real money is lost. If anything happens to the stablecoin, the risk is always there, because almost every, almost, not all, almost every cryptocurrency at some level is paired to at least one stablecoin, be it USDT, USDC, dai true USD, or whichever.
[00:12:24] However, I say all that, and I'm not doing that to make you nervous. I'm doing all that to inform.
[00:12:30] Because as S P starts talking more and more about stablecoins in general, it's important to start paying attention to a reputable firm like the S p talking about the different types of stablecoins and what their value, or at least the perception of their value, is so called USDT. So for example, the so called USDT tether, which is the largest stable coin. This is the most ubiquitous stablecoin. USDT got one of the lowest scores possible out of five range. Dai true USD low scores. These are some of the most well known of stablecoins, and yet they're getting the lowest possible score.
[00:13:19] I want to quantify what this means when you think about stability of a stablecoin.
[00:13:27] Stability of a stablecoin is going to arguably be compromised. The more ubiquitous that it is, the more widespread that it is, the more compromised it's going to be, simply by virtue of it being stretched too thin, too big for your bridges.
[00:13:43] The reason I'm so confident that that's arguably one of the strongest cases is that fiat has the same problem.
[00:13:51] Fiat today. The reason I say that you're never going to get rid of it is because it's needed everywhere. You can't get rid of it.
[00:13:59] It's almost a ponzi by definition, because think about it, there was a time when fiat, at least in the United States, was paired to gold.
[00:14:08] It was a promissory note, it literally is a promissory note that guaranteed that this was backed by some form of gold sitting off at Fort Knox, et cetera.
[00:14:18] Well, today, in order for fiat to do anything, it has to be essentially issued by a bank. The bank has to have some on hand. It has to issue it, it has to make loans with it, it has to have savings on hand of it, it has to give interest around it. All this transactional activity, you have somebody who has to pay bills. The bank is now losing money, quote unquote, with the assumption that you're going to have a direct deposit to replenish the money that's going out. So what they do is they'll tell you, you got to have direct deposit on this account or we'll charge you a monthly fee. The monthly fee assumes that you have a job. If you don't have a job and you can't pay it, your bank account is going to be closed because the bank can't afford to not have money on hand.
[00:15:16] There was a time when checking itself was largely free across the board. It's easy to find free checking nowadays, but most of those checking accounts are garbage in the case that they do the free checking. If you get a debit card, the fees which are coming from the providers, your visa and mastercards of the world are helping sustain other things. Those are collected at the point of sale, and they're usually charged back to you because the merchants pass it back to you when they're not supposed to.
[00:15:50] Okay, you have bills that you have to pay, your utility bills, your housing, your car, all these bills you have to pay. Some money has to go to them, too. The money collected by all these different orgs and facilities and whatnot have to pay people's salaries. They have to pay for people's way of life, their employees, because their employees have to be able to do a thing.
[00:16:15] Their employees have to be able to pay their bills, have to be able to do that, right. And then so on and so on. Your employee B, at the company collects a salary, gets a check for doing the work. They have to turn around and pay company C, company C's employees, and so on and so on and so on and so on and so on. At some level, you're going to end up where there's a government connection. So it's a government worker that receives pay for being a government worker.
[00:16:47] That money is largely allocated from other government sources, and those are partitioned under appropriations bills to those different organizations. So if one of any one of these, it's like a house of cards. If one of these fails, you start seeing downstream impacts. We saw this during COVID the federal government says, you know what? We can't do this. We got to shut down. These things shut down. These businesses start laying people off because they can't pay. Those people getting laid off start getting kicked out because they can't pay their rent. The property managers are having to shut down because they can't pay the property taxes without the property taxes. The city services can't do what they need to do, so on and so on.
[00:17:32] Fiat has been forced into an integrated way of doing things, and it was made worse by electronic payments over time.
[00:17:42] This is the primary reason I will consistently say we in our lifespan of anybody listening to me will never get rid of fiat dependencies. It's not possible because of how much we have integrated it into our daily deals.
[00:18:01] I don't like it any more than you do. I recognize it for the truth, which is how it is today. And it's not going to go away anytime soon, in my opinion.
[00:18:12] Shib, shiba inu.
[00:18:15] I hesitate talking about it, but I want to talk about it because it exposes the hypocrisy that was. And then we'll get to our exchange fiasco.
[00:18:24] So there was a member of the Shib team. I say team in quotes, ship team.
[00:18:32] In the past, the ship team has said, burn is not the answer. We need to do more utility. We need to do this, that and the other. It's not about burns. It's not about burns. It's not about Burns. Lucy, who's largely the voice of the brand, has said, it's not about burns. It's not about burns. It's not about burns.
[00:18:49] The Shib army is not happy with that answer. Has not been happy with that answer, and they've multiple times spoken out and said, we are not happy with this answer. Your damn supply is too high. It's too high. And you need to do something about this because it's crap. Talking about Shib, the token sounds like that they finally given up. Did the ship team, because a member name is Da Vinci. If, you know, the team came out and said, look, fine, burn, if you want to do, if you want to get more, you've got to play a part. Does this sound familiar? It should, because Leister
[email protected] said the exact same thing damn near a year ago where I said, it's really on the ship community. The devs can't do anything. Even if they want it to. They can't. It's all about the community. Community has to contribute if they want to get more burns. They're finally acknowledging what I said to be the truth, and they don't want to give my credit, but the point is they're acknowledging what I said to be the truth.
[00:19:54] They're validating what exactly I said, which is everything that we're doing, where we're doing any sort of burns is coming from you guys.
[00:20:04] If you don't do stuff we can't do. More burns. It's got to come from the community. It's got to come from you guys.
[00:20:15] They also validated what I said, which is, look, I know it sucks you're burning your own money. It does. It sucks. And I have said it's not ideal, but there's not any other answer. Here's where me and the shib team don't agree.
[00:20:37] In their mind, it's not burn your own shib.
[00:20:42] It is simply interact with Shibarium and we'll take it from there. Trust us.
[00:20:48] The reason that that doesn't fly is going by the numbers I shared. And I'm happy to share it again if you missed the video, because it's out there. I shared the numbers. You're never going to get anywhere without more of. And I said, bird, a trillion a day. That's essentially what you'd have to do. I don't frankly care how you do it, but I don't think that the team will be able to do it through the shabarium situation.
[00:21:15] And the large reason is because, remember, the vast majority of the Shib holders, which is over 2 million, refuse to conduct bone. And if you don't conduct bone, that means they're not doing shabarium because bone is needed as gas for shabarium.
[00:21:31] This is common sense, though.
[00:21:33] I think it sucks. I'm just explaining the common sense of it. Their frustration is heard loud and clear.
[00:21:41] But what they're saying is not going to do anything.
[00:21:46] It's not going to do anything.
[00:21:48] The other thing that I don't think they're consistent with, they keep saying that burns when the price is low, do nothing. That's not true. Burns when the price is low. Help raise the floor price. Assuming this is assuming that there's actually positive transactions happening. Positive transactions can happen if the team's doing something. It doesn't have to be jumping up, spiking, going on a run, but it certainly should not be where it's going. Deadpan down as it currently is. Everybody believes that there's something around Shib. I've been skeptical. I've said I don't see it. I don't agree. Maybe there is, but I don't agree with it. All I've said multiple times is if you want this thing to go, it's going to have to come from the community, not the team. The team can't do anything. And this validates what I said to be the truth. So believe me or don't, it's up to you. I can't tell what to do with your money here.
[00:22:47] I'm sharing this and this is about the OKX. I talked about this on the last show, but I have a follow on on this and I want to make sure I tell people, because it is possible that you might be affected even if you don't directly do this.
[00:23:04] I want to make sure that you're aware, because if you are involved, there could be some sort of a breach. This would affect you if you use an Apple device specifically.
[00:23:15] Apparently I didn't see this. I have an Apple device, but I don't use OKX. But apparently OKX, the Apple version of their mobile app, has a vulnerability built into it. What it does is it allows them to steal your assets if the app is out of date, because it allows them to actually control the app remotely. This is a problem, folks. This is a very big problem. Now, you might be asking, why would your app be out of date? I'll tell you, as a technologist myself, when you force updates too frequently and you have to disrupt your flow, you're in the middle of something, you have to close it down.
[00:24:00] People are less likely to do them.
[00:24:03] And one thing that we've never solved in the software world is the ability to do updates without having to close the application and relaunch it. No application has been able to do it. This was a part of the reason why there was such a jump to web. And I was cool with web, just not where you're trying to replace an application with web, but rather that web is the only technology that you need. So this, their application being a separate set of code, that's the risk that you place when you're forcing mobile first. It's the reason I've never supported crypto.com or any of these other ones that have gone mobile only or mobile first. I don't support it. Web is a cleaner technology.
[00:24:47] Web is next to impossible. It's not impossible, but next to impossible to remotely control your web session, especially with the evolution of browsers these days. So for me, I do everything in my power not to use mobile applications because I already know as a technologist myself, that they are subject to breach. So if you have used or are using the Apple version of the OKX swap or platform or app or whatever it is, I'm going to recommend that you update it immediately.
[00:25:19] I would normally recommend you don't use it, but if you choose to keep using it, I would strongly recommend you update it immediately because your assets are at risk and I wouldn't want anything to happen to those.
[00:25:32] Now let's close this out and I'm going to talk about another exchange as our follow on coverage for exchanges. And I'm going to talk about Kucoin. Kucoin frustrates me. It frustrates me because it was one of the few exchanges that didn't nag you about excessive KYC. There was a KYC requirement, but it wasn't excessive. It was a reasonable ask for KYC. It wasn't crazy.
[00:25:59] It was a pretty low key, and it kind of still is. But then when you log in now, and I didn't see this till recently, it now starts nagging you about, well, it may not be allowed in your country, which it wasn't doing before. And that pisses me off seeing those banners, because they wasn't doing that before. They also changed the login to where it prefers mobile QR code and all that crap to log in. Instead of just simple username password. Keep it simple. So they're changing the front end. And then I saw the whole business of New York and I get the sense Kucoin is on path to possibly start blocking us users or making it harder for us users. I can't say for sure, but I was very disappointed to see that because at one point I was big fan of Kucoin. It was my go to for exchanging basic cryptocurrency. I didn't do a lot of trading on. It was really just to quote, launder crypto into another form. That's really all I used it for. And so I went back in and it has all the bells and whistles and everything seems like it works. It has the bot traders, so you can do bots and it'll make recommendations on what to do, trades on long shorts and everything. And I made a really good amount of money on these things and it's a pretty clean interface and benign. It's just that it seems like Kucoin has shifted away from whatever it was doing before. Whether that's because of the SEC or whether that's just because of suck developers, I can't say for sure. So if you're considering Kucoin, it's not that I saw anything wrong, just generally speaking. But beware that they may shut down at some point because of all the pressure that's coming down their way for wherever that's coming from. And it may just depend on what states you're in, and maybe they only lock certain states, but I know that's an administrative nightmare to have to manage which states somebody can transact. Usually they'll just block everybody like Gate IO did. And I'm going to talk about Gate IO not in depth, but to kind of give a public service announcement about them. And I know that some people support gate IO with vpns or whatever. I don't because they completely kicked out us people and pissed me off. I will talk about it, but not in depth. Kucoin. Again, I didn't see anything wrong with it, but they're starting down that path. So I warn only that if you choose to get into that one, you're kind of doing at your own risk. Kraken doesn't have that issue. For now, at least. I didn't see that they were having any sort of issues. I would say that Kucoin's interface is a little less intuitive than Kraken's. Kraken's is a lot more intuitive to get into right away. So if you're looking for a simple one, Kraken would be my bet on that one. And then in closing, just real fast, quick.
[00:28:37] I think everything in cryptocurrency is starting to hit a sell point. Sell point. Meaning that we're starting to see people that are getting smarter about when to sell and when to buy.
[00:28:52] You will have to train yourself to not react to things that you see. What do I mean? I mean that you're going to start seeing a lot of price changes. The truth is, we're well beyond the low point of all prices. I would argue every price possible. We're well past the point of their lowest price. If you think of something like Cardano. Ada Cardano. Jeez, what was that a while ago, like thirty cents or some OD? Thirty cents. Twenty cents. Twenty five cents. It was low. And now we're up to around the 60 cent mark. We're past the point of the lowest price, I would argue. What does that mean? It does not mean there's not buy opportunities, but you're past the point of the lowest price, in my opinion. And the takeaway is that if you do buy in, just understand it's not going to be the maximum profit unless you bought in at the lowest price. If you were one, and this is a training thing, if you were one that was reacting to the down when it went way down, bitcoin went to like $12,000, and you reacted instinctively to sell because you thought something was wrong.
[00:30:07] The training and the learning. And there will be another opportunity. Certainly it's cyclical, but the learning is to not react as if something's wrong, but to treat it like it's a sale, just like you would do at a store. If something's normally priced at $100 and it's on sale for $30 and you really wanted it, you would buy it. You would go nuts. You would probably stack it too. If it's something that has resale value, it's the same thing. I'm actually buying figures because I'm a figure collector now. I'm buying figures because I know these bad boys sometimes go as high as there's one of them goes high as $800. You buy it for 80 and it goes $800 for a figure because they're popular and they're rare. In some cases, they're limited print. In some cases, not all, but sometimes they are. Or it's for a special game or something else, it's the same thing. You have to train yourself to treat it as if it's a sale, as if it's a discount, as if it's an opportunity as opposed to a problem. And that's hard because you're psychologically predisposed to treat it as a problem. And the graphing web apps out there, they know that. They do that on purpose because they know you'll sell. And when you sell, especially when you sell a loss, you're just allowing somebody else who has trained themselves not to sell the loss, to treat it as a discount and buy in and stack more. So when it goes up, they're the ones making the profit, and it's all just about shifting wealth. At the end of the day, I'm not giving you a specific call to action. I'm giving you something to really chew on and think about. If you weren't able to get in at the lowest points, don't feel bad about it. It's cyclical. But you have to train yourself that cryptocurrency is no different than sales at a store. And when you do that, and you can force yourself to think that way, you realize, number one, it's a patience game. You be patient with it and it'll come back around with another sell opportunity, sale opportunity.
[00:32:11] And you can buy it at the lowest price point in confidence that it's going to eventually get to a point where it's possibly life changing money. But it's a psychological trick.
[00:32:22] So it's not easy to do what I'm describing. I'm not presenting it that it is easy. I'm simply recommending that you think about as you watch the prices. You can look, zoom out of the chart to your six month, your one year, and you're going to see what I'm saying. We went down to rock bottom and then we climbed up, and it has not gone back to rock bottom again in this short period. But if you go back a couple of years, you'll see that there's been points of rock bottom before. And the rock bottom, what we define as rock bottom, keeps going up. It's always higher. It's never that. It goes back to base zero unless it's one of the garbage ones. I'm talking the core ones, talking the mainstays.
[00:33:04] Not a problem. There's always going to be an opportunity. Patience is the key. Bear with it. And with the exchanges, that's going to get a lot more interesting over time, which is why I'm having to cover them again.
[00:33:19] And I will cover gate IO at some point. The next one's probably going to be something different, but I will cover gate IO at some point. But the exchanges, that's gonna take a different approach. It's gonna be unique in what the future of an exchange, what we call an exchange is going to be that will play into the strategy that I'm describing of being able to treat it as a discount because the right exchange that comes along, that doesn't try to influence you psychologically to sell, they're going to be the ones where you're going to make the most money. That just doesn't exist yet one day.