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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] signed, sealed, delivered, I am yours.
[00:00:23] Welcome back to Crypto Talk Radio. [email protected] my name is Leister, I'm your host. We have a lot to talk about. There was a lot that happened, some of which is a repeat of stuff that happened before, unfortunately. But we got a lot to talk about and I'm going to have some fun on today's episode, I want to give a quick personal we are currently in the middle of this winter storm that we're having across the east and midwest and everything. We're right in the middle of it. I'm watching it and I was gauging whether this is as bad as the other one that I remember clearly. There's a couple of them that I remember clearly. There was a drive, I did a drive through Wyoming and I'm pretty sure that drive, I was headed towards Colorado. I'm pretty sure that's right. So I was coming out of Washington state and I was driving towards Colorado and I'm pretty sure that was the drive. It was either that or I was driving from Colorado up and then over towards Oregon. But that doesn't feel right. Feels like I would have driven in this case because I know for that trip, that was the trip where I went through Utah and Utah is a city called Snowville. So that's one that was pretty extreme. And then Washington state had, because where I lived basically was right in the middle of a convergence zone. Convergent zone is if there's going to be a blizzard, that's a convergence. Right. So we got hit. We got hit pretty bad. And it was tall enough. So there's no plowing in the backyard. It was tall enough, I got to say, there was probably about 4ft of snow in the backyard on the ground. And I was on top of effectively a mini mountain, essentially townhomes. And when I got, I went out because I was going to try to get some food.
[00:02:13] I wasn't comfortable driving down that hill. I wasn't. But I noticed a bunch of cars that had tried to make the drive up. They tried to get up the hill and they failed miserably. It was pretty comedy seeing them all stalled like they were. But I then tried to set out walking because I figured, okay, I'll just walk down. I got to get some food because I didn't have any food. And no, that wasn't going to cut it. It was biting cold. So at the time I had Amazon fresh, and I remember it was the same delivery guy, and he said, you know what? Nobody else wants to do this, but I'm going to get paid these tips. Which brilliance, right? So Washington was pretty bad. It's not as bad here as it was in Washington that time. I would argue it's about the same as what I saw in Snowville, Utah. Snowville, Utah was pretty intense. Wyoming had its moments of pretty much intense. There was a point where I stayed at a hotel. It was pretty bad there. I'm trying to think if there's any other, to this degree snow events that I can recall. And I can't recall anything this intense compared to the other places that I've been. Certainly not like northern California has a couple, but they weren't as bad as this at all. So we're in the middle of it. It's nice to see know, but the plow sucks. They don't put down brine, they don't maintain. So I'm covered. But what frustrates me is I was at the supermarket before, and everybody crowded up there because they knew it was coming. So they were like the world's ending. They were all just cramming in there to try to get their food. And I was looking for a certain type of burrito, right? And I couldn't find the damn thing. In the burritos, they have a burrito section, and it wasn't there. And I'm like, I know I'm not going crazy because I bought them before. Turns out they have them in a completely different section, not marked burrito. But I didn't find this out till the snow event, so I can't get any more and I'm out of burrito. So I'm really pissed off because I wanted a burrito, and there's no taco shops out here, so that's how my day is going. I'm really not happy.
[00:04:09] You might not be happy because of what happened with cryptocurrency today. You might also be curious because you're like me, hopefully, that you're not watching social media, you're not watching the graph every day. But you did see, you dialed in and you noticed that bitcoin did some weird stuff, and you're wondering what the heck's going on. You might even be seeing YouTube influencers talking about the bitcoin price. And we're here and it's about coming. So you're hearing all this contradictory information. You're looking for [email protected]. To set the record straight. And I will do so. I promise to do that. Let's go ahead and get started. This episode will be a little bit lengthy. That's why I want to keep my personal updates short, to keep as much time on target as I can.
[00:04:55] How about we look at some numbers up first? We're going to [email protected] and we're going to zoom out to the month chart. And I am going to target bitcoin this time because you might have noticed if you were looking at any point during today or earlier in the very morning, that bitcoin spiked up almost as high as like $48,000 at a point and then crapped way back down to just shy of 45,000. So this is all in the span of about a day. This happened very much recently. So here's the story behind what happened.
[00:05:28] And some of this is not proven. This is what was stated in social media, the cesspool that is the SEC official government account. We're talking the official account, you can tell by the gray checkmark, sent out a tweet sometime earlier that stated that they had approved all of the bitcoin etfs and was a very official formal looking message in the whole nine. It had a screenshot from Gary Gensler with a quote, talking about regulatory oversight, this and the other. And a lot of people were duped by this because according to Gary Gensler, after this pump that happened, this was a hack that the SEC gov account got hacked. There's differing stories around whether it's a hack because there were weird tweets like bitcoin with smiley face and retweeting weird stuff that the government account would not do. So people speculated that it might be legit. The thing that had people kind of questioning it is how quickly they were able to regain access to their account. Because anybody that is on X, that is not government, but you're a normal person, realizes it takes a long time if your account gets breached for Twitter to get back to you. What they don't understand is that government entities have a direct access conduit to X and Facebook and whatnot for assistance because they're government entities. It's part of that's. How do you think they were able to censor people during that whole run where they were censoring people, talking about the right so that's. They have a direct access conduit that you do. That's so. I didn't question the restoration so quick. I did question the timing. You heard me on multiple episodes, especially the one where we had a blackrock ETF situation and there was fake pumps and it turned out to be fake news. And it's the same thing. And I said, I'm tinfoil on some of this. The disruption timing is too convenient. We're too close. All this chatter. Buy the rumor, sell the news chatter that happens, unrealistic pumps and everything else. This is another one. It went up almost as high as $48,000 and then crapped down to, as I speak, 45 seven. That's a significant shift in price in a very short span of time. What you're missing, though, in the background behind this is that was all predicated off of SEC's tweet. Now, let's say, for sake of argument, that it was a hack. Let's say it was not a legitimate tweet. The pump still happened. It still occurred. And it tells you the level of sentiment that is brewing around the bitcoin ETF announcement, as in, there's a lot of confidence that it's going to happen. And when it does happen, there's an expectation of a run. The run is significant because this is a very sharp pump because allegedly they caught it in just a couple of hours. Well, what happens if and when it turns out legitimate and it's over the long term and there are actually people able to buy the ETF? This was just a sentiment pump. This was just a tweet pump. Here's the downside of what happened. I've said multiple times, if you've listened to me, and you're a long listener, longtime listener, a couple of episodes back, you've heard me. If you're new, welcome. By the way, what I tend to say is, don't yolo, don't fomo into things, don't chase green candles, don't just react and train yourself not to do that. See, I hadn't seen the freaking tweet, and it didn't matter even if I did see the tweet, because I would have been skeptical. The reason I would have been skeptical is that if there was an approval, I would expect it to come know, grayscale, blackrock, or one of the other orgs vanguard. I'd expect it to come from someone else, not the SEC account. You're wondering, well, why? Because they would be more excited to put it out there than the SEC would the SEC account, the official account, it doesn't really roll that way. It's more critical of cryptocurrency than something. What we saw in this tweet. They're not cheering. Yeah, we're happy. It's at the regulatory. That's not the way they roll. So I would have already been skeptical of it, but that's just because I've learned that these people, the Gary genslers and Janet Yellen's and all that, they like to play with people's emotions. And so there's a lot of accusations of a manipulated market. Arguably, you can make a case. You can't prove anything. Bottom line, though, if you look at the price movement simply based on a tweet that just so happened to be fake, but just based on a tweet, it was significant, which tells us when there actually is a real bitcoin ETF. And assuming that it's approved as a real bitcoin ETF, we're going to have not only just a sentiment based pump, but also the transactions that naturally will create more price movement. And these are things that we cannot dismiss. These are things we cannot ignore. They are going to be a very exciting time, assuming things get approved. We still don't know for sure that they're going to get approved. We expect that they will. So I'm saying, and if you're hearing me, you'll hear me say it, and others may or may not. I'm saying, patience. Patience is the greatest skill that you can have during this time because we don't know what exactly is going to happen. This is an aberration for sure, but it's happened before, and we knew that it was going to happen again because that's the way these people roll. And you have to learn patience. You have to learn how to control your emotional state so that you're not triggered off of these random ass tweets that don't make any sense. It's up to you. I can't tell you what to do with your money. I am saying patience is a virtue that will pay off in the end.
[00:10:53] I also want to talk about a couple of points that happened around certain of cryptocurrencies, starting with the shib ecosystem. Shibarium bone leash sentiment is going down again, and part of it. So Shitoshi apparently announced something about a hub. I didn't see any of this. I looked at that. First of all, the newsletter is so damn long. I didn't read it. I refused because it's too long. And I know he doesn't listen to my show. If you have a conduit, let's say you go to discord or something. If you have a conduit to this idiot, I would implore you to share this episode with him. Or let's say them. I don't know if it's male, but share this episode and let's hope that they actually listen. Because here's the thing.
[00:11:40] The point of a newsletter, and you can tell these are in the bubble. The point of a newsletter is to have brief, succinct bullets that are topical, summary of your source material, and then link to the details.
[00:11:56] What I got in the most recent email newsletter let me clarify. I am a book reader. I have been a book reader since before I was four years old. I was reading encyclopedias. I was reading anything I could get my hands on and even I would not reason this newsletter because 95% of it does not apply to me, nor ever would. Nobody is going to read that damn newsletter because we actually have lives and jobs and families and better things to do than sit there reading a newsletter in the crypto bubble. If you want to put out a newsletter, do it correctly, which is give me topical bullets. Here's the summary. Use that to hook it's a topic that should be of interest. Here's our update about what we're doing with treat here's our update about what we plan to do with bone. Here's our update about what we plan to do with shy here's our update on where we are with shabarium topical bullets. Maybe one or two sentences as a preview, but that newsletter should be small slim, not this massive book that this idiot emailed out to people. So that's number one. Again, I didn't see anything about this hub. If it's buried in there, I'm not going to see it, which is my point, that people are not going to read it and therefore they're not going to resonate what it is. But I noticed some people on Coinmarketcap's community, coinmarketcap.com apparently do know about this hub and weren't very impressed. So whatever it is, they're not happy with what it is. And most it seems like want Shiba swap too. Most it seems like want more exchanges. That's where I am. Most it seems like don't know what's happening with treat. Most it seems like are curious about what's happening with shy. Most don't have any confidence in this guy or gal or whatever.
[00:13:45] I don't know what's going on on that side.
[00:13:48] I will say some keep talking about Ryoshi's vision. We need to let that one go because that was in the bubble. That was not sustainable and we need to decouple from that mantra. But I do think that there are opportunities, and I have an announcement around this, to leverage what Shibarium can do to support some of the transactional slash HTX. Allegedly, I didn't see this because that exchange is crap, but allegedly they were able to integrate shibarium into the transfers so you can transact in or out with shibarium on bone. So that's progress. And it currently holds the top volume. That's huge, because there was a point where Shiba swap was the top volume and that's not good because nobody uses that crap. So we want central exchanges to have the top volume numbers.
[00:14:40] Bone lacks the tier one exchanges. It lacks coinbase, it lacks binance and certain other ones for whatever. I don't know that. But it's hurting sentiment across the board. Allegedly, there's this attempt to burn Shib and all these other things. I don't know for sure. Let's say that it is.
[00:14:59] What's the end game?
[00:15:01] How long do things go? I can't say. I am saying people are not happy with what's going on in the Shib ecosystem and until things get better, I don't think it's going to go anywhere. It may be they're just waiting to see a pump on Ethereum, which, by the way, is estimated to go to somewhere around $10,000 this run, which, as paired with shib and bone and leash, is going to cause some price movement. And perhaps they're waiting to see what that looks like. I would be curious to know where bone goes if it hits 10,000. On the Ethereum side, I'd be curious to know where bone goes. I'd be curious to know where Shib goes. I don't think shib is going to go too high because the supply is too damn high. But I am curious to see where bone goes, which is mostly linked to leash. So we have to see where that one goes. Leash's all time high is four grand. So let's see what happens on that one. But people don't really, they're not impressed with what that team has been doing, which does not bode well.
[00:15:57] A public service announcement believes. Who's an influencer?
[00:16:02] Allegedly. I didn't see this, but he was the one that announced it. But I'll say allegedly because I don't know the deets, as the kids like to say, his wallet, which, know he puts it out blaze eth. His wallet allegedly got breached. He referred to a Microsoft account. I don't know the connection, but he told the story I shared as a public service announcement, because based on the data that was given, I don't think that the Microsoft account itself was the culprit. It might have been, but I don't think it was. I think he may have been subject to a SIM swap attack. I haven't proved this, but this is a financial hit for him and he's had that wallet for a while.
[00:16:46] Let's assume it's a SIm swap attack. I've briefly talked about it before, but a SIm swap attack is actually one of the easiest attacks to pull off. And I want to describe what happens because I don't want it to happen to anybody listening to my show. Just for the record, Leister does not carry a smartphone. Leister doesn't. Refuses to carry a smartphone. I have a tablet, but there's no text messages. No, it's not going to happen, because Leister is a technologist. I do technology for a living, and I've always said if somebody who works technology tells you they refuse to use certain technologies, it should make you a little bit nervous because there's something they know. I'll tell you what it is that I know.
[00:17:25] There is a rush to getting everybody to use a smartphone. There's a rush to getting everybody to use a cell phone. There's a rush away from landlines. Do you know why that's happening with a regular landline? So if you're roughly my age or thereabouts, you know, in the landline era, the landline did not track the individual people beyond having to actually tap the physical line. Even then, you didn't know which family member was what. In the cell phone, every single line is tracked to the account holder. If you're a shared account, they can't track the individual person, but by way of the data, they can identify every member of your household. Your privacy is breached every single time you spin up a cell phone account. And they know that. That's what they're counting on. That's why they're rushing towards it. Streaming services, cable. Cable didn't know who in the household was watching that stream. Cable didn't know if you were sharing it in a bar. Cable didn't know anything. With streaming services now, piracy gets a little bit easier, but it also gets easier for them to track and gets easier for them to track. It back to you because there's an IP address. Your cell phone also has an ip address of its own, which is traceable back to you. Cell phones themselves, when they do text messages, communicate the phone number, which is trackable back to you. The idea of burner phones is still a thing, but it's harder to do all of which to say when you have a smartphone and you install all these applications on your smartphone, such as a crypto wallet, or maybe it's not a crypto wallet, maybe it's the access you need to get into your crypto wallet, like a two factor code or something else, or your email, right? When you have all these apps together, every app you install makes it easier for your identity to be breached or your security to be breached, simply by the technology.
[00:19:28] Most people don't actually pay attention when Google Play Store or the IAP store tell you, and it's mostly App Store that does a really good job of this, they'll tell you, this application will collect all your crap, like metamask. It'll collect all your stuff and it ties it to you. It ties it to your person. The reason that's a problem, and I don't know why the younger folks don't understand this, but the reason that's a problem, if this application can be connected to you and they're collecting information of other applications on the phone, and then they tie it all back to you, that makes it easy. All you're doing is adding breadcrumbs that they can follow to steal your identity and make it easy for you to get breached. So where does the SIM swap come into play? The more that somebody can learn about you, as in your name, your address, your phone number, email, everything that somebody can profile about you can be eventually used. Depending on your security, can be used to then contact your mobile company and have your SIM card basically replaced with a SIM card that they purchase with your phone number. That's a SIM swap attack. You're like, well, how can they do that? Because anybody can request a replacement sim card. They only need to identify you.
[00:20:49] Most of the cell carriers have tried to introduce things like a pin code or a passcode or something else when you call, but not everybody does because how often do you call your cell carrier? See [email protected] I do have a cell phone. I don't use it. It sits off on the side. I have a tablet. I don't use the mobile access part of it unless I'm on the road, which I never am. That's because I don't need to. There's home wireless, but there's no text messages home wireless. There are apps, but I don't install apps that can be traced back to me personally outside of the ones that I know are not going to breach it like a Microsoft something. But the point is, I don't install. That's why I don't trust Metamask or any of these ones that are sketchy. Crypto itself is know these sketchy little applications where they literally tell you, we're going to steal all your stuff. I don't do that. So when I say my theory is he may have been subject to a sim swap attack. Microsoft, whenever there's an access attempt on the account, should be sending you a text message telling you somebody tried to change the phone number on your account, comes by a text, and then you have to tell them, no, that's not a valid attempt, or yes, it's fine, or whatever.
[00:22:02] I didn't see that he got that text message. If he didn't get a text message, it's possible the text message was redirected to somebody who sim swapped him. I can't say for sure. I'm saying I question why you wouldn't have got a text message. It's possible he never turned that feature on. Well, if you never turned that feature on, you would never know that somebody was able to get into your account. And then the Microsoft stuff makes sense, right? If somebody was able to get into the Microsoft account. The problem with Microsoft is when you set up a new computer and there's ways around it, but by default, it tries to force you to log into your computer with an online connect to a Microsoft account. When you set up a new one, they do that by default. There's a way to disable it, but it's clunky. You'd have to be somewhat tech savvy to know how to do that.
[00:22:48] And I don't do that. I log in with a local account for that very reason. Then when I'm in, I create a container. There's more to that. And then I log to whatever app I need, but it's contained. So you can't get to the operating system, you can't get to the files. No, I don't use Onedrive. No, I don't use Google Drive. I don't use any of that. I have a private device that nobody can get into unless you're physically in my place. People might call me tinfoil, but seeing believes get breached the way he was, hopefully quantifies. It's not about tinfoil, it's about protecting yourself the more that you expose yourself. This is not a ding on him. I'm saying in general to what they want you to expose yourself to. They want you to embrace cell phones, they want you to embrace cloud accounts, they want you to install apps instead of web. That's why I said web, Twitter, web and whatever. Web, not apps. That's why I'm so anti app. Trust me, it ties to my coverage. That I'll do here later. That's why I'm anti app, because I know they track everything that you do with web. You can put plugins that protect you where they don't get access to what they don't need. And you can do other plugins that keep Facebook from tracking you around, because that happens. And many of those sites gladly put a Facebook plugin in there, even if you don't use Facebook. The point is, it tracks you all over the place. Which is doing what? It's building a profile about you. That profile can do what? Be used to breach your security. Which can then what? Cause something like this to happen. So be careful. But I wanted to use that to explain why I actually had my endeavor. The person I work under said, why don't you have that smartphone? That's why. Because you're willingly putting yourself out there. And I've heard tons of kids say, what's wrong? Your privacy out there anyway.
[00:24:36] If you're willing to do that, you're willing to do that, then you lose the right to complain when you get breached. And trust me, as somebody who was once a victim of identity theft, it is not easy to get that back. And the government's not got you back. They are not going to take care of you if that happens. So be careful. Whatever you choose to do is what you choose to do. I'm sharing the story of why, as a technologist myself, there are certain technologies I will not support. I will not support text messages unless I have no choice whatsoever. If I need a verification code, they can email it to me. Email is on every device. It's ubiquitous. It's on every device. I have, literally every device. Email does not track my location. Email doesn't have anything to do. It's tracked to me as a person, sure, but they can't track where I physically am if I don't want them to. Because, again, with the email, I can access it from anything. I can then tell the web, you can't access my location. Thus the email cannot access my location. You have protection with web, they don't like that. I don't do cell phones, smartphones specifically, and I don't even use my regular cell phone. It's only there if I'm on the road, which I never am, or emergencies, which I don't have right now. So I do that to insulate myself. And I've told people I know, just call me a regular voice call. Just call me. And they're in the matrix. They're plugged in. They don't understand that they're being influenced. So all of them try to do text messages, which I don't have. That means we're not going to talk because you've got to do a voice call or we can meet somewhere. That's how I roll and that's why, and I wanted to explain that. So speaking of now, this whole antithesis that I described, and it's called bit, literally bit, I had never heard of this exchange prior to doing the review. And I only stumbled across it. I stumbled across it randomly. It was on accident, I think I was on coin market cap, and it came up as an option down in the bottom for some cryptocurrency I was looking at. It's literally bit bit. If you want to check it out yourself, I do recommend you do. So here's the problem I've got. While it's a decently designed exchange, and while it's one of the few that trades some of these other cryptocurrencies that you can't get access to otherwise, and it doesn't nag you about what you do or don't have access to, and it doesn't nag you about your location.
[00:27:05] It's pretty low key.
[00:27:07] Spot trades, market perpetuals. It's got a whole nine options trading, alt copy trading. You name it, it probably has it. Here's my main number one problem that may not bother you, which is why I'm talking about it. You do have to do KYc, period. You cannot trade at all if you do not do KYC. They don't have it, like with Kucoin, where you can do some trades, just not all. You can't trade at all. They won't even let you look at hardly anything. If you do not have KYc passed, I don't mind doing an entry level KYC. That's fine. The problem is that they will not let you do KYC without a phone, or I should say mobile device, because you could probably use a tablet. But the point is, you have to install an app in order to do KYC. That pisses me off. That really pisses me off because tell me why you specifically need to have this. And I want to clarify, allegedly, this is because of the camera.
[00:28:14] So, number one, I don't know where these. I almost swore jerk offs come off, but computers have cameras. Laptops have cameras. You can get a webcam for your desktop. If it's about the camera, you don't need that. If you're worried about it being a separate camera, laptops have cameras. So what's different? What's going on? Why are we different? What's changed? I don't know. But I will never support any exchange that forces a mobile, just like crypto.com forcing a mobile to do, because the bit will let you create an account. They just won't let you do KyC. Without KyC, you can't trade. So what the almost cussed? What's the point of the account at that time? Nothing. So I personally will not support them. I want you to hear my message, though.
[00:29:09] I can't tell you whether it's good or bad or indifferent. I can tell you from what I can see, it has a decent number of options and it doesn't nag you about location bands. So you might have no problem with the mobile experience at all. And thus it may be something you consider. That's why I'm talking about it. I'm saying I will never support any exchange that forces the mobile app. You can have it as an option and I support that. Do not force it, because if you do that, you're going to piss me off. And that's what they've done. Bit central Exchange. If you want to check it out, it's one of the very select few places where you can buy bone as a central exchange. I don't see anything wrong with it as an exchange other than forcing of the mobile app in closing and in wrap up, I'll stress this because a lot of people are pissed off at what happened with the SEC and Gary Gensler, and I'm going to stress it again.
[00:30:01] I know it's frustrating. I feel your pain, but if you just train yourself not to FOMO or Yolo into stuff, you don't have these problems, you don't have that stress. I literally see people quitting the business, quitting crypto, just quit. I quit. I quit because they get liquidated. Quote wrecked. R-E-K-T because they went extreme on the long 50 X leverage. Why are you doing that? Essentially what you're doing is you're gambling at that point, you're gambling. So when you get liquidated, what do you expect? What's going to happen? You're gambling. Now, that gamble may win, so why is it you get set off when you lose? You knew it was a gamble, and why are you not mentally settled that you could lose at all? I don't know that answer. I'm saying I would recommend that you don't do that kind of stuff. And it does mean you may miss out on some major profits. So if you're a gambler, I celebrate you. But I just think it's a waste of your time because all of this is going to settle at some point. And why not? Patience. Whatever you choose to do is you. I'm not telling you what to do. I don't support it, but whatever. It's what it is.
[00:31:14] Well.
