[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.
[00:00:13] Thank you for that, Bailey, and welcome everybody out there in Crypto Talk radio,
[email protected]. we're coming off the tail end of a brutal heat dome effect, which locked in humidity, temperature spiked. And of course, I don't use the garbage known as Fahrenheit, so I cannot describe that for you.
[00:00:35] I use Celsius because anybody with common sense uses Celsius. It's more logical, you know. You know that the close you are to zero, it's freaking cold. It's easy. Not the 68 business.
[00:00:47] So in Celsius, I can tell you that my outdoor thermostat got as high as like 35.
[00:00:54] That's hot.
[00:00:57] Inside the house, it held its own. With all the changes that I did, it held its own. We kept up to, I think it was like 24. So it held its own, but it was put to the test and it passed pretty good. So at least I know that in the heat it serves its purpose. And that was great.
[00:01:15] But now it's kind of tapering off. We had some rain. I think there's a rain and thunderstorm forecast the remainder of the week, I believe is the case.
[00:01:24] But it feels better. It's. It's a little muggy, but it feels better than what it was. And separate.
[00:01:30] I got a couple of things I got to take care of. I have not done need to, you know, tax things and other gotta take care of. But I got my retaining wall in. It's in. And it's been working for drainage. I'm doing a sealant that looks. Makes it look nicer in the whole nine and it looks great. Next up is the rear door or the garage. I haven't picked. So I'm still doing a bunch of work on the house, but everything settled down finally. I still haven't paid attention to crypto, but hopefully people listening to me for a while. Thank you, by the way, have noticed what I said is true about Ethereum. I'll be talking about that. And they're ignoring youtubers who were lying to you all this time, and then all of a sudden flip the script, start saying what I said to be the truth this whole time.
[00:02:19] Hopefully you're calling them out for what it is.
[00:02:21] Anyway, let's go and jump right in this business coindesk.com and let's go ahead and zoom out to the month chart starting with Ethereum, simply because Leister's been telling you the truth for a very long time and various YouTubers online were lying to you the whole time. And hopefully you understand what I've been saying this, you know, and I just said, come back, give my credit. That's all I said. I'm not, you know, it's.
[00:02:52] This is. There's no science to it, you know, just certain things don't make sense. And I look at it and say, okay, this doesn't make any sense, but we'll start with Ethereum just because I think it's the better story to tell.
[00:03:04] Over the past 24 hours, got almost up to 2500. It got really close to 2500.
[00:03:10] A low, a 2400, currently at 24.5and trending back upward again. There's a strong volume, very strong push on Ethereum.
[00:03:21] That pleases me. It makes my. It pleases me. And you know, Bitcoin, a low of just shy of 105 grand. A high of about 106 grand. Currently just underneath 106 grand. So Bitcoin certainly is up. But again I said Ethereum is the model. If we didn't see Ethereum go anywhere, it. All the rest of it felt fake. And so we see they're certainly going places and then it's bringing up all the other stuff with it. XRP's up, BNB's up, salon is up, Tron's up, all of these are going up. Because Ethereum runs the game.
[00:03:58] Has been the case for as long back as I can remember. You know, 2020, 2019. Ethereum runs the game.
[00:04:05] Some might question why does it have such a hard connect? I think theory.
[00:04:11] I think the strongest message I can give you is Ethereum just so happens to be paired with a lot of stuff.
[00:04:20] It's one of the more mature chains, it's one of the more heavily used chains.
[00:04:26] It. It's one of more stable chains.
[00:04:29] And so from a longevity perspective, it's paired with a lot of stuff. I think that plays a lot into it.
[00:04:37] I don't know necessarily that there's a. I mean there could be. But I don't think there's a aggressive buy sell thing going on. I think it's really more just Ethereum has been around and it's used because it's been around and people trusted it's confidence in. I think that's really what's. What's doing.
[00:04:52] I could have that wrong, but that's my, that's been my sentiment for the longest time. I've never, I've never questioned its ability to recover.
[00:05:02] But the timing is weird because it didn't get.
[00:05:05] It took a while to even get to this point. Remember, we're still not near the all time high. The all time high is $4,800. We're still not close to that. So we still got a long way to go.
[00:05:13] I just felt again, if you notice all of the other stuff other than bitcoin ran up when Ethereum started even just the slightest bit of move. Imagine the prices of stuff if Ethereum did get back to its all time high and imagine what the prices would be if Ethereum exceeded its all time high.
[00:05:35] That's why I kept saying, you know, I don't watch crypto because I'm waiting on Ethereum. I, I've always been waiting on anybody. Listen for a while, you heard me, I'm waiting for Ethereum because it was the easy like you point at it, it's like, okay, that's when stuff's run. Now we could say altcoin season.
[00:05:50] Is it that simple? Maybe I don't think it's that simple. I think it's really just Ethereum itself being paired to so much and being so mature creates positive movement and everything else. Not bitcoin. So then you get kind of a competitive state. And some talked about, you know, bitcoin sv, bitcoin cash, bitcoin gold, et cetera. I don't know necessarily that they all run lockstep. It felt like, like bitcoin SV in particular does not run lockstep. With bitcoin it runs but not lockstep because it got kicked off exchanges.
[00:06:26] Bitcoin cash has always kind of been there, but it doesn't really. I, I'm shocked at bitcoin cash not thriving because it feels like a more logical use for bitcoin. Like you would take.
[00:06:38] Bitcoin is kind of the store of value and bitcoin cash is transactional and that didn't happen.
[00:06:43] Bitcoin gold's just kind of out there. Pax G, which is the gold pegged run, ran before and then it kind of tapered off.
[00:06:53] I guess what I'm saying is that no matter what, nothing changes for me. I'm watching Ethereum and it points me in the right direction. And I would encourage you to consider the same that Ethereum is the key. It always kind of has been.
[00:07:08] And once Ethereum gets past this 2500 that we've been at for ages and there's a, there's an image somebody had that I thought was hilarious that I'll be talking about here in a second. But once we get past this 2500 we've been stuck at for ages, then I think we'll be in a good spot to go up.
[00:07:27] For now, enjoy the ride and hopefully you are taking profits off whatever, you know, projects you're in because nobody knows how long it will last.
[00:07:37] So I wouldn't want people to get stuck and that's the nature of that image was the idea that in June of 2021 the price of a theory was 22:5, 22:50 and then in June 2025 the price of a series 22:50, which means that if you bought Ethereum back in 2021, so this is right before the major run up that it did, if you bought it then and you sat on it and you didn't sell and you kept holding it, you're right back where you were now obviously it'll go back up again and maybe some people just wanted to wait for higher highs. It just, it's a funny story that we're right back same price we were before the prior run, which means you lost out on profit opportunity but it might indicate that you have greater profit chances if it ends up going higher than it recently did. Nobody knows if it will, but that's kind of the thought going on. This business Chain Link is in the news and the link token did run a little bit more than the run caused by Ethereum due to an announcement that they're going to be working with MasterCard, MasterCard and chain link partnering up to offer off chain payments connectivity to the onchain world with various swaps.
[00:08:55] And these swaps will then leverage liquidity from unis swap to make it easier to purchase cryptocurrency as well as to off ramp is referred to. So you got the purchase of cryptocurrency from Fiat, you've got the off ramp from Fiat, you know, to crypto you got two way connection is what they're talking about.
[00:09:15] They gave. Now here's the downside of this message and the reason I would tell you to avoid it, at least right now, because it's not mature.
[00:09:22] One of the sites that they offered as an example of this amazing service was Swapper Dot Finance. That's the name of the website, Swapper Finance.
[00:09:31] I checked Swapper Dot Finance, it's a basic swap tool. It says, yeah, you just pick the token, you pay your card and fast processing tokens to your wallet and allegedly they're showing Transactions in the United States predominantly, though some of the transactions they said were coming from Russia, some were coming from Australia, some are coming from Africa, Philippines, etc.
[00:09:55] There's a track that shows all this business and you know, I looked down like, okay, so basically what you're saying is we can just do a straight over. It's like Banksa or Mercury O or some of those other ones.
[00:10:07] But allegedly using MasterCard, it's sped up, it's, it's more efficient. That's what the claim was. Well, I decided to try it because I wanted to report to you what my findings were because I'm, you know, it's what I do as a podcaster CryptoTalk FM.
[00:10:23] So in the little swap it says, okay, we're buying with cash. And cash is the only option that you have.
[00:10:30] And what it allegedly is doing is it takes the cash that you give, it puts it in as usdc. So it's doing a USDC purchase and after it does that, it trades it for whatever your token was, Ethereum or something else, and then gives that back to your wallet. They do not have Bitcoin because Bitcoin itself, the main Bitcoin is not on Uniswap, that's why. So the only tokens that you would have available are things that Uniswap would have liquidity for.
[00:10:57] Primarily it's going to be Ethereum based tokens. If you look in the list, there's a lot of ones that you'll recognize from various chats, you know the, the PayPal, garbage, MOG, PAX G. I talked about the link token curve, Dai, BNB, I think that's the Ethereum, BNB, Zen, which is the garbage one. I talked about Ethereum itself, Floki, which is one of the more popular ones. Turbo, Shib, Pepe. So you pick your token and then it does a calculation for the trade. So you put in how much amount that you want to do. So let's say 250 bucks. It goes and calculates what it's going to do and then it comes back with an estimate for how much it's going to be able to give you. Now here's where I would steer you away from such a service.
[00:11:48] They charge three different fees.
[00:11:51] One is an on ramp fee, one is a network fee and one is a platform fee.
[00:11:56] The on ramp fee, the statement says quote fee charged by the on ramp provider for converting your funds into crypto. So what they're saying is that there's a back end service that they're communicating with and it's converting the conversion of your money into USDC that there's a fee charged by the on ramp provider for this benefit.
[00:12:19] Then it's network fee which is quote. The fee fluctuates with market activity and you'll receive a cash back if it decreases during the transaction. So this is referred to as a spread.
[00:12:30] What happens is when you do a transaction there's still things happening on the blockchain and the quote that it gives you is good only as far as the at that point in time. But because things are live happening, you can't bank on that number always being true. You it's saying that well if it goes down you'll get a cash back but it's basically charging you a higher spread just because it's anticipating that it's going to shift significantly. So this is something that like Kraken does, right? If you buy crypto with a debit card, there's a charge for the spread. Coinbase does the same thing. They all do the same thing. Banksa does the same thing. They do the same thing because what they're trying to do is anticipate the spread, the change, the shift in price while the transaction is resolving. That's the one downside of buying with a debit card is you can't bank on because they have to do the transaction for the card to get the money and they want the money resolved. And during that time the price has changed and they're trying to account for the fact the price is shifting up and down and up and down and up and down.
[00:13:38] And you're like, well that feels like a scam. I, I don't disagree with you. That's part of the problem that I've got with services like this because I'm not a fan of paying these kind of spread fees that feel like they're just an absolute blatant ripoff. And so I don't subscribe to the narrative that they're touting.
[00:13:56] Now it says it's using Uniswap's liquidity. Well, I wanted to compare and see how much is the fee. If I were just to do a straight over transactions, let's assume I went to Uniswap and just did a straight, you know, token transaction on Uniswap the same way. Except the only difference is I'm not using cash. So let's say I'm using my own token that I already had and I want to just kind of see how much would Uniswap nail me. So this would be the network fee that I'm describing, I have some older, you know, garbage tokens that are still there and unfortunately people are still buying into it. So I'm making money when I need to, but I did it so I could calculate the fee. Uniswap's network fee came back at just shy of three bucks. So right now it's just shy of two bucks.
[00:14:42] So what I'm saying is that the network fee that they're charging is a blatant ripoff because they're trying to say 6 bucks for the on ramp fee. It just changed 6 bucks for the on ramp fee, 17 bucks just shy of 18 bucks for the network fee. But if they're using Uniswap's liquidity, why is it unit Swap is only 2 something dollars? It just actually changed and now it says just shy 19 bucks for the network fee. My guess is the network fee is they're taking a cut of this and pocketing it as a fee for their own services.
[00:15:11] The reason I suspect this is that they have a separate line that says platform fee, platform fee, quote fee. That is a percentage of the value of your transaction. That's a big scam. It's quoting seven bucks just shy of eight bucks for a $250 transaction. I'm sorry, when we talk about predatory fees, this is predatory.
[00:15:33] So what we're suggesting is that for, for a grand total of $30 in fees, it's a little bit over 30 bucks in fees. You get the privilege of doing a $250 transaction. I'm sorry, just, you know, almost 13% of fee to do this TRA. It's not worth it, folks. It's not worth it.
[00:15:54] You're like, well, how would I buy into crypto? Because if you sign up with Kraken, who I would argue is the easiest to get set up with, if you sign up with Kraken, they allow you to transfer money to them either via ACH or via wire. I recommend doing the wire because it's faster A, but it also gives you instant access to the funds B, and then C, there's no fee for that part of transaction.
[00:16:22] Then you can transfer it into Kraken Pro.
[00:16:26] And what happens with Kraken, the basic one? If you do a transaction at the basic Kraken, it's doing a market order. So it's going off of whatever. That basically going to be the highest price possible. Think of it that way. But if you do Kraken Pro, you can do a limit order and say I want it at this lower price that I see it, just know that there's a chance that it won't fill and you won't get it.
[00:16:49] So if you're trying to buy at the cheapest price possible, you're going to want to do a limit order, not a market order. Market orders where you don't care necessarily about the price shifts. You just want the crypto. Right? Right. So I'm saying that you're charged a fee at Kraken anytime you do a market order, but you're talking like five bucks. We're not talking something like this jazz where it's 30 something freaking dollars. All it's asking is that you push. So how this works is you push money from your account to theirs, not have them pull money from your account. That's where they get you is when they're pulling money, they want you to push it to them.
[00:17:26] Pushing it to them cannot happen from a credit card because they eat fees they get charged for the credit card provider. So you want to push money again, either ACH or wire.
[00:17:37] If you do ach, you can trade instantly once you're all set up, but you can't withdraw and you can't cash out. You can't sell because they haven't got the money yet. So it takes them like three days. They actually quoted me like seven days.
[00:17:51] So I don't like the ach because even though you're pushing, you're pushing money, it's slow. I would recommend just doing the wire. The wire is going to take like maybe an hour for it to get to them. It depends on your bank. And it's assuming you're using a real bank, not like some garbage fintech online only. Something that's not a real bank.
[00:18:12] Most ones that do wire are ones that allow you to write checks.
[00:18:17] Not all, but most. That's what it is. But you need to ability to write do wires because wires the fastest, most efficient, that is not. Now there might be a fee for the wire. See, my bank does not charge me for wires out. So I can send wires out. All I care to Orion. I can send wires out or in and I'll get charged. So I do wire.
[00:18:38] You might look at your fee and be like, okay, it's not worth it because they're, you know, some charge like 25 bucks or something and at that point it's a watch, right? At that point I would do ACH and just wait.
[00:18:48] Unfortunately, some people are triggered on FOMO and they don't want to wait that long. All I'm Suggesting is I say it's better to wait and possibly save yourself from getting ripped off than it is to go off FOMO and get nailed for 30 bucks. Regardless of which way you go. That's how I see it.
[00:19:07] I. No matter what. Because we're not yet at the world that I called for, which is that you can walk into a bank and just buy this stuff, which is the way it should be, is I can walk into a bank and just buy this stuff. We should have been there a long time ago. Speaking of which, Jerome Powell, who recently fell out with Donald Trump because he refuses to cut rates, and I'll talk about that in a second, recently gave a statement. He basically said, we don't care. You know, I know in the past there were some kind of issues, but we don't care if banks want to get into cryptocurrency. We don't really care. And we're lightening up some of the oversight criticism of banks that want to do it. We don't object to you doing it. You gotta make sure that you're managing risk properly, make sure you're protecting the consumers. So they're talking KYC garbage, which I said, KYC is stupid because the bank already knows who you are.
[00:19:54] So my bank, well, one of them, My bank, well both of them technically. But the primary bank has a crypto thing. And so you set up the crypto thing and then you, it's, it's instant. You don't have to wait because they already know who you are. They already have all your data then from any of your accounts, eligible accounts, you could just transfer money into the crypto account and then do the work. It's similar to Robinhood, just not scammy like Robinhood is because, you know, I've had this bank since, geez, 2004, 2005. I haven't for a long time. And so it just, it just works. I just recently put some money because I was waiting for Ethereum to go down to like 2100 and then these jerk offs started buying up again like you. So I put some money over in the crypto, ready to buy.
[00:20:40] The only problem with it is it doesn't support long term. So you can't say, you know, do it, it's good until canceled. You have to do it in the day, which I don't like. So I'm waiting for another drop, which we're expecting to have, so I can buy into some more cryptocurrency. At that point I would buy some Ethereum because I do believe that Ethereum is long overdue for a strong run. But hearing that Jerome Powell is finally opening this up and saying, look, we don't have a problem with you doing. You just gotta make sure you protect the customers. I think it's a good thing. We need to get to that point where the banks are allowing you to transact with them so we don't have to go through all these sketchy businesses over here charging 30 bucks.
[00:21:20] I should be able to go to the bank and just do a straight transaction. It is what it is. None of this BS that the other stuff's doing.
[00:21:27] Considering it's custodial, which means they would hold you, they would own your crypto for as long as it is. So if they do that, they would need to give the ability to withdraw to a wallet. And that's where you got to be careful because when you do the withdrawal to the wallet, obviously they can trace where it went and then report duly note to the irs. And so then tornado cash and other stuff that people might use would help hide some of those tracks. We still have to solve that problem.
[00:21:52] I think Bitcoin does a better job of that. Because Bitcoin has rotating receive addresses. You're not reusing the same receive address. And so it gives you kind of a little bit of a safety net. But any other cryptocurrency, you're kind of screwed. There's a couple of like Monero, but those aren't available in the banks, you know, because the exchanges completely yank that business.
[00:22:13] Where this comes in the strong play then if it can get into the banking system is around mortgages.
[00:22:19] Speaking of mortgage, the housing authority FHFA considers using or allowing cryptocurrencies like Bitcoin for collateral on mortgages, mortgage applications. And for those that have never gone through the process, first of all, it's a nightmare. You know, it's, it's a scam. But the process is this, you're going to buy something. Let's say it's a condo, it's a town home, it's a mobile home, it's a house, whatever. You're going to buy something. Okay? So you decide you're going to do it. Now, leading in, the first thing I say you should do is you should have 20% down set aside. You're like, it's a lot of money. Yes, it is. But I'm going to strongly Recommend you have 20% down.
[00:22:58] The industry expects that you will not be able to do 20% down. So they create this narrative of mortgage Insurance. Mortgage insurance is nothing more than a. Essentially an extortion fee that's added to your mortgage for the privilege of extending you a loan when you technically can't afford it. Because if you can't give 20% on that house, you technically cannot afford it. I'm talking just the technicals of math. If you cannot do 20% down, you cannot afford that house.
[00:23:28] Second, equity plays a strong factor in your financial stability.
[00:23:35] 20% down gives you an advantage, and it also acts as a buffer when the government plays. Plays with your money, right? Inflation and the value of your home starts to fluctuate more than it's supposed to. That automatically gives you a buffer in terms of equity. Not that you would withdraw it, but in terms of your net worth, your value. If you needed some money, you have a place to go.
[00:23:59] That's the problem with people that don't put 20 down because you're now running check to check, potentially. Because if you couldn't say that much, you're probably check to check, check. And if you check the check, you're at a strong risk of losing your home.
[00:24:11] There are programs, Fannie Mae, Freddie Mac, you probably heard these terms. There are programs where they're working to try to get more people into homes that technically can't afford it. There's. They have all sorts of money, the feds, that they set aside for states to benefit people who are trying to get into homes that can't otherwise afford it.
[00:24:30] There's down payment assistance programs and mortgage payment assistance programs and, you know, forbearances and all sorts of other benefits that came from taxpayer money designed to help people get into homes that probably can't afford them. And for people to be able to keep homes during crisis situations. You know, we just had situations with COVID where they dumped a bunch of money, taxpayer money, and then that spiked inflation. But they were trying to minimize, you know, mitigate how many people are getting kicked out of homes. Because that's the stream of money. The way it works is. And the reason that they do it is because when you own a home and you're making payments, you're also paying property taxes. It's the property taxes they really care about, because that's revenue.
[00:25:14] People not paying property taxes kills their revenue. That's why they want people to be homeowners. They don't really want you to be renters. The renters have to pay property taxes. But it's multiplicative when you have homeowners versus renters. That's just the reality of it.
[00:25:29] The Point is fhfa, when you apply for any sort of home loan, any of them, it doesn't really matter. There's a defined process. The first step, again, suggests you have 20% down to do that. They want to make sure that this is what's called seasoned money. Seasoned money. All it means is that it's money that has not moved or been touched for a period of time.
[00:25:54] It saved, right? It saved up. And you didn't touch it. You didn't need to touch it. And you're still, you know, able to pay your bills and make stuff happen. Well, you're like, well, that's hard. Yeah, it is.
[00:26:05] Here's mine, right?
[00:26:07] My story is this. I was in Nevada and I was. We go through the pandemic and all that. I had like 15,000 bucks, I think, at the time. And I hired two kids out of college. I think I told the story. Hired two kids out of college. So I'm paying them. Like, I could have kept that money and kept stacking, but I was trying to help these young kids during a tough time. Plus I was trying to use their skills and their fresh eyes to, you know, get some business. It was rough. It was real rough. It didn't work out. But I was essentially broke. I went broke at a point. I was eating and I was refreshing my memory. I was eating parmesan cheese, mustard, like, literally out of the packets. Ketchup out of the packets. I was. I was broke. Soy sauce.
[00:26:51] I was broke. And then I was. I was mining crypto. This is when Ethereum was proof of work.
[00:26:57] I was mining crypto and crypto profits for a regular gaming PC, which I still have. It's the same PC.
[00:27:04] I was getting, like three bucks a day. You're like, well, it's not a lot. It's not. But I was able to use that money to get, you know, like a cup of coffee and maybe some little bit of food or something else. And then I got some other things sorted out where I was able to get some groceries and stuff. But for a period of time, it was rough.
[00:27:23] Then I get my client. Same one I still have. I get my client.
[00:27:27] Everything's starting to recover now because now. And it took them a while. It took him like three. I think it was like four weeks before I got my first money in. But then I was able to get back on track and I started stacking because, okay, I see what the deal is. I'm not going to put myself in that situation again. So I started stacking. Then I had the Whole car fiasco. That bit into my money a little bit because I had to pay 25,000 bucks. Actually more because I had, well, 28,000 because I had to do the cat converter.
[00:27:58] I get all past that, and then now I'm just stacking, stacking, stacking, stacking, stacking, right? And then clients like, well, we like you to be up here where I am. I didn't want to do it, but I said, okay, fine. Okay. So I pack up the truck, and I moved Beverly. I'm not in Beverly, but I'm. You know what I'm saying? I did all that. So I spent more money in the. The moving stuff. I had to ship my cars up here. I had to get a van, load up the van. I had to get storage, shipping containers. Then I had to do the unload. When I got it was a lot of money, Way less than I've done in the past, but it was still a lot of money for the move.
[00:28:33] But I had stacked so much that by the time I got here, it only took, like, a year for me to replenish what had been spent. And then I had enough money to buy to put 20% down on the house.
[00:28:47] I told that story because I make a lot of money. So I understand it's not easy to do what I'm suggesting. The reason I recommend doing it is that everything in the process was dirt simple because I did it the last time I didn't do it, which I certainly could not have afforded that house. I knew it. But they were willing to give me the loan, and I was naive.
[00:29:08] They said, yeah, 5% down and you're good. And then there's a state program.
[00:29:13] And the state program basically said, well, if you're approved based on a certain income limit or, you know, limit or lower, you get.
[00:29:23] It was like a $2,000 tax credit. It was a credit which meant that if my tax bill is $2,000, you owe nothing for the duration. I own the house.
[00:29:32] That was the incentive that they sold me. It was a scam, but they sold me. If you do that, you get 2,000 bucks off your taxes, which offsets your expenses because it means you have no tax bill. Right?
[00:29:45] So I'm like, okay, let's go ahead and run with that.
[00:29:48] And again, it was chaotic nightmare because I had escrow. Escrow is a scam. I don't want to bore you. Escrow, suffice it say escrow is good for people that don't want to deal with the property tax bill and the homeowner's insurance bill. They don't want to manage it. I think it's a scam. But it is what it is. I have no escrow. Now. If you don't do 20%, they force you to do escrow.
[00:30:08] And in some cases, in some programs, and they force you to do mortgage insurance. And mortgage insurance, like I said, is an extortion fee. So your mortgage insurance, the homeowner's insurance, which is a different insurance, the mortgage insurance doesn't really do much. It's. It's to compensate whoever lost money if you default on the mortgage. That's what it's for. It doesn't benefit you. It benefits the bank.
[00:30:31] So you're paying a bunch of extortion fees to the bank. Benefit homeowners insurance, which is probably not competitive in what it is.
[00:30:38] Property taxes, which fluctuate. We know that all of that's then wrapped into the mortgage itself. So then what? You're sold. When you go through the process, it's like, oh, yeah, 1200 bucks a month.
[00:30:50] You get to the closing table and they're like, yep, twenty three hundred dollars. Like, what are you talking about? That's what. Well, you got to escrow and you got the D to D. That's the. That's the scam.
[00:31:01] If you do 20% down, all that goes away. You run the game. You dictate it to them. You tell that they'll offer you the lowest rate they can. There is no. They'll ask you if you want escrow. You can do it if you want, but you don't have to. And I say don't unless you're one that, you know, you have trouble managing the bills. But to me, I think it's a scam. But you can. You choose. You're in control, right? So you say, okay, I don't want escrow. So you don't want escrow. You get the lowest rate possible, even if you don't have the greatest of credit. It's the principle. It's like, okay, if you got 20 down, you got cash, we ain't got to worry about you. And you can prove steady income. I think they want like three months, whatever it is, steady income, sufficient amounts, way higher than the amount of the mortgage.
[00:31:44] They'll. They will not mess with you. And the 20% is the main reason they will not mess with you. No escrow, no mortgage insurance. You still need homeowners insurance, but you can pay it out of pocket. And if you shop around, you're probably going to get it dirt cheap. To where you can just pay off it and pay it off in a year.
[00:31:59] And you get discounts for paying a year. You get bundled discounts for your car. Like there's all sorts of things you can negotiate to get that price down to where now you can get that cheap mortgage rate. That's what I did. Like, my mortgage is essentially the same. I was paying for the rent for the place I came from, but now the money benefits me because it's equity. I told all that because in the current process flow, that's the way it works. They want you to put 20% down to get the best experience. If you don't put 20% down, they essentially treat you like a criminal. That's the bottom line. I don't care who says otherwise. That's the way it is. I just went through that back in 2013, 2014.
[00:32:37] That's how it is. Or 2013.
[00:32:40] That's how it works. They treat you like criminals, bottom line. If you don't put 20% down, if you don't have 20% down, they treat you like criminals. And then they have to scrounge to figure it out. So the fhfa, the reason I told the story today, when you're trying to go through that process that I just described, they have to validate all of your assets. And the mortgage company will do everything that they, or broker or banker will do everything they can to find every bit of asset that you have. Because they're going off stuff that you could sell. Now. It doesn't really mean that you would sell it. It doesn't mean it's liquid money. It doesn't mean any of that. It just says, this is a scam. It just says, you are valued, you are valued. Your net worth is X.
[00:33:24] Right? So I got these cars, I got an existing house, maybe I. I got this old mobile home somewhere. I've got a trailer, like a, you know, one of those campers or whatever. I've got a boat. I've got all I've got, you know, investments, stocks and bonds and all that. All of these things that if you were to liquidate them, would result in X resulting in a calculation for net worth. And they use that to justify giving you a loan. That's. That's what they do today.
[00:33:55] What's never been acceptable is cryptocurrency. They want to force you to sell your cryptocurrency, convert to fiat, but then they still won't take it because of the seasoning I talked about. So they want you to have sold it to get to the 20% down that I talked about long before you even go out shopping for a home.
[00:34:16] That means that you could, you could make a windfall in crypto. You could have been in 2020 where you made a crazy amount of money, but if you didn't have the wherewithal to sell it, and because you were trying to hold it, because you knew it was going to go higher, that's why I talked about the Ethereum example. If you sat on it, right, and didn't sell it, when it jumped to $4,800, it was worthless for you. If you were trying to buy a house, it didn't do any good. Because mortgages don't accept crypto. They want Fiat.
[00:34:45] Recently, they decided to revisit it and say, we're open to it, we just need to make sure it makes sense in the risk aspect of a thing. Michael Saylor actually put together some calculator, and I thought it was garbage, but some calculator that assesses risk of, say, bitcoin. So it's only bitcoin aligned, but with respect to its value, with respect to its appreciation, with respect to volatility, amount that you have, you know, loan duration, and all these factors to come back with a quote score, a credit score, that could be used to assess it as a, you know, at least a source of value, if nothing else. Because again, the whole argument around not doing crypto was around volatility, that it's not a stable amount of money. And remember I said crypto doesn't really have a value. So there was logic in why they weren't doing it. But Saylor saying is, well, how is it any different from any other asset right here you're saying, if we liquidate it now, what would you get? And that's what it is. That's what it. That's what it's been.
[00:35:45] So their hesitancy has been, yeah, but, you know, it's moving target. Of course, all of them are cars, right? If you, you know something, if you sold a car before and it was 6,000 bucks, it's 2,000 now. Depreciation, it's no different.
[00:35:58] So point is, they're open to assessing cryptocurrency. This is not to use it to buy. This is to use it as a source of value to calculate it. Well, that's huge from a network perspective, net worth, that's huge because it means that people that have a significant amount of cryptocurrency, they can use it to evaluate net worth. They just have to Watch out that they don't run afoul of the IRS who's waiting in the wings, waiting on that tax money when you declare something, because when you declare it on the mortgage docs, the IRS knows about it because of the taxes. So you have to be careful. But, but at least for those people that don't want to sell the assets, that's huge because you might have the assets locked up in like loans or something.
[00:36:44] Leverage. Right. And so you don't want to sell it, but you want it to be considered as value because it's value. If you were to sell it, I could pay you this whole house off right now. I just don't want to sell it because there's no value that's no different than any other assets. So that's a huge win for some people that hold a lot of crypto that they don't have a lot of cash on purpose or don't plan to in the big picture.
[00:37:10] Two items and then we'll wrap up here today. One item. They're related to each other in the sense that I'm drawing a contrast in two different cryptos.
[00:37:20] The first contrast I want to draw. I got a question. We did an update, an out of cycle update about Block Dag. I'm not doing swag on Block Dag. That rhymes.
[00:37:29] I'm not, but I'm shouting. I'll give a shout out to binance stuff on YouTube. He's I again, I think great coverage. Of course, Chris Eubank will be disappointed in the amount of cussing that he did on a recent one. But I like Binance stuff's coverage. He's done a lot of coverage on this Block Dag. He is part of what I'm going to be doing in this duality because he kind of is one of those vigilantes, you know, he's looking for these scammy ones mostly around pre sales. But he's done great coverage.
[00:37:56] Block Dag I in mine, I said I don't know. I have no idea. I noticed Today somebody on CoinMarketCap brought to attention that a lot of what Block Dag is doing now and talking about doing now is the same stuff that PI Network did. PI Network launched, I think it was February somewhere in February, late January, PI Network launched after a bunch of rumors. It was, it was rumored, I think it's, it was pre sale and it was a long time and a lockup. It had a kyc it at all these things that you're hearing from Black Dag Bybit's CEO the exchange. When PI launched, BYBIT CEO basically said this is a scam. And they referenced an article from the Chinese police basically saying that they thought or had some reason to believe that PI Network was ripping off elderly people out of their pensions.
[00:38:51] And the PI Network team responded, they said just because there's a police report doesn't mean it's a scam. It just means it's a police report. Now I have my own opinion about that, but that's what they said. So they're in defense mode and they've been launched and they've been live for a while.
[00:39:06] It had the initial pump and dump, it went up as high as 2 bucks per, crapped down to 50 cents ish and it's just now starting to recover a little bit. Point is that it launched and some people responded and they said that apparently some tokens are locked up. Not not all but some are locked up. And they were talking about KYC that the referrals people that they referred had to go through KYC which I don't know that sounds similar to what block that was talking about. The point is that there's similarities in the launch strategy for PI and the launch strategy for Block Deck all the way down to supply because apparently PI's total supply is 100 billion.
[00:39:46] And I think they said that the circulating supply was like 6 billion or something but the total is 100 billion.
[00:39:52] And they were doing calculations saying that this is going to have some price problems because of what it is, but it's a very close supply number and my point is to block that.
[00:40:02] So I called that out and I called that out here to say I still don't know what blocked out. I have no idea. But the fact that PI Network was doing it. PI Network is doing the same thing with Engagement Mining. It was doing the same thing with referrals. It was doing the same thing with bonus codes.
[00:40:20] Same like almost textbook.
[00:40:22] Tells me one or two things. One same devs. I don't know. I'm saying one same desk or two copy just a straight copycat.
[00:40:33] If it's a copycat that would seem to strengthen the idea that it does launch as something we don't know if there's something is and if it does launch there's a possibility people are going to make some money. Oh on it because ones that launch there seems to be something there.
[00:40:49] We don't know what that looks like.
[00:40:51] So I'm going to keep an eye on at this point and again I said I'm going to look at the X30 because I'm, you know, I'm committed to saying, okay, what the heck's going on with this business?
[00:40:59] But I'm saying Black Dag and PI have similarities.
[00:41:04] Why they have similarities, I don't know yet. But I'm going to watch it because I'm curious. I'm curious because people are calling this to attention and it's, it's.
[00:41:12] I still say it, you know, it's. It might be like Dogechain, you know, where it was a thing and it launched and then it had unreasonable pumps and Dogechain is a blockchain. It still is. It's still out there. It's still, it's still doing. But pump and dump, Maybe that's what it is. Maybe that's all it is, that it will be a chain and it will launch and it will as traffic and it will do something. But it's going to pump and dump. That's the, See, that's the most likely outcome for this thing. Like, I can't think of any other outcome if it's not legit. And some people said, well, you have a Solana. And I'm like, no. But Salon didn't do astronauts and all that, you know. So to me, I, I think pumping dump is the strongest outcome we can expect on this. And that's assuming it launches. We don't know for sure it does, but that's assuming it does.
[00:41:59] Speaking about assuming it does, there's a project out there. This is my wrap up. There's a project out there called Solaxi and. And it's getting shilled all over YouTube and social media and Solaxi is a level two for Solana and Binance stuff. Did a couple of coverages on the Solaxi side and he was highly critical of it. James Pelton, I think it is.
[00:42:22] He was highly critical of it. He's highly critical of the Schillers. He says it's a scam. It's not going to be a real thing. I can say that the site looks like garbage. It reminds me, actually a Dogechain just looks like garbage. And it may be that it does the same thing as Dogechain in the sense that just launches and goes to unreasonable highs. Pump and dump craps might be, I don't know.
[00:42:44] But what was weird is just the straight up dichotomy of something like this. We had, you know, Binance stuff. He's adamantly saying it's a scam, it's not going to do a thing believes who's a YouTuber right, right. He just did like last week a video about Slxi and he was basically saying, this is going to be something I didn't see he was any kind of critical about it. And then yesterday, I think it was yesterday, allegedly so actually did launch and then did a immediate dump, as in rug pull type dump. And so Binance stuff did a video about the dump.
[00:43:21] I don't know what to think. You know, I'm starting to wonder. It's like I. I'm so much a fan of Binance Stuff's coverage and the. Again, he's not. He's not Shiller. He's absolutely the polar opposite of Schiller. And I'm so. I respect what he's doing. I completely do.
[00:43:41] It doesn't even matter if I agree. Some stuff, I don't agree because some stuff is like circumstantial. But some stuff, he's spot on. But I look at what he's doing and then I go to like coin market cap and there's people that for like, you know, Czgoat or Hotchko or some of these other ones. And Rexis. Rexis is another one where they're. They're blaming the YouTubers. Right.
[00:44:09] Crypto Wendy O. Who there's allegations that she sluts around. I don't know if she does, but that's the allegations. There was a guy on there who said, why can't Wendy O just tell the truth about the project? Why does she have to say this neck like an intelligence something. I'm saying you're not paying attention, bro. Because if you just did a basic search about Rex's, you would have seen by that stops because his is number four on the list. You ignored him because he only has 12,000 followers, not the hundreds of thousands that Wendy O. Enticed with her looks. She doesn't look all that much. But the point is that she enticed her looks. That's what happened. So that she has higher follower counts. So you trusted her. You trusted the follower accounts, so you listened to her and you took action. What you should do, and I'll tell this to you guys, is you should always look for a view that contradicts your bias. That's confirmation bias. You should always look for views.
[00:45:05] I'm talking views as in perspectives that contradict your theory. You don't go for validation. That's what everyone's doing. It's like, well, it looks good. I want to find somebody else who says it looks good has 500,000 followers. No, because you're going to get trapped every single time. You should go. And chances are the ones who will tell you the truth are the ones who have low follower counts. Because the ones who have high follower counts either A, paid for them or B, most of the group think has set in. They're going after people who have high follower accounts and that's the pattern. So you feel like they must be trustworthy. Having high follower accounts doesn't make you trustworthy. The information makes you trustworthy. You have to listen to them. And it's again more probable that a lower follower count is indicative of somebody who's telling you the truth about what it is, because we're not. I have no need to go out and poach for followers or anything. You haven't heard me on any of the shows, you know, like subscribe, that you hear from everybody else. Why? Because I know it matters for YouTube. But my distribution to YouTube is incidental. It's not purposeful. It's my podcast is what matters. The podcast replicates to YouTube. I don't care about YouTube. I do care about Bitchute. Because I have a stronger following on Bitchute than I do YouTube doesn't mean that I ignore YouTube. I have to pay attention to all these platforms. But if somebody's doing a search about a project, your default tendency is to find somebody who agrees with you. That's what you're not supposed to do. You're supposed to search for people that have a dissenting, look it up, dissenting opinion about what you think, somebody that contradicts it. Somebody is telling you the opposite so that you can critically think. You're going to keep getting smashed financially if you keep going after people who just tell you what you want to hear.
[00:46:54] You should never want a bunch of people telling you what you want to hear. You should want conflicting views. It's the only way you're going to get better at this. Otherwise you're going to keep getting smashed. And that's the truth. And you have to listen when people tell you something that is factually accurate. Meaning as as an example, liberal. I had people come at me saying that. I said liberals legit. I said, never and you'll never. You can go at all my. All my stuff's out there. The podcast is archived. You can search it.
[00:47:22] The transcripts are now even out there. I've never once called liberal legit. I said it was doing what they told me at the time. And I said that chances are it's not going to sustain. And I said that I'm going To ride to the wheels fall off, which is what I did. I wrote it to the wheels fall off. But I never once said it was legit. I said it was doing what they told me, which it did safely. Didn't do what they told you, right, Tatano? Didn't do what they told you. Drip damn sure didn't do what they told you. None of them did what they told you. Liberals, the only one that did for as long as it lasted and then it didn't last because it wasn't sustainable. But for that moment it did what they told you. Then you make a decision, right? That's the same thing here. It's the same thing with these. You have to look at it and say that's not sustainable, that's risky, that's whatever. Doesn't mean you don't do it. It means you understand you got to take action when it's appropriate. Like any other crypto, it's do I sell? Do I buy more? Do I dca? What am I going to do? And you need to understand all these things to make your own decision and not wait for some girl to tell you that that's what it is. That's what gets you wrecked all the time. You're following people that you think are attractive and have a high follower count instead of or the overly excitable people out there. You're following them. Well, why are you doing that?
[00:48:36] Speaking of, I saw Onshade. He's. He was back on that Fair Play. I covered the Fair Play garbage. That rug pulled and he pretended like he didn't know what the heck was going on. Why is my token feel like this and people. There's a lady chalk something or other and she's like, come on, we know you rugged it. Obviously you rugged it. That's why he disappeared. I said he disappeared on my covers. Now I understand why.
[00:48:59] My point is you should. You should listen to people who give a dissenting opinion. You should seek out people that are going to contradict what you think. Not just go after people and listen to people that are telling you what you want to hear. If you want to do that, your money can't tell what you do with cash, but you're going to keep getting smashed every time you do that. That's just the truth of it. I'm disappointed though with how much shill the slack see garbage is getting because it's obvious you're looking at. It's like this is another dose chain. It's just garbage. There's no I'm sure There's a value in to some people but come on. So it's not like Solana is slow and Salana's issue has never really been capacity per se. I mean they had some capacity related crashes but I wouldn't argue that capacity was the main issue.
[00:49:44] Felt like Solana was just not mature at the time and there were things they overlooked. So I'm saying I don't see the real use of having a layer 2 at this point. It's too early in my opinion versus just fix Salana. So I see Dogechain. I see a very close proximity to Dogechain and what Sloxi might do if you get in it, that's you.
[00:50:06] I'm saying I wouldn't do it and I'm more. I heed Binance stuff's feedback in these things and he's done some digging on it and I'm, I'm pretty mindful yet probably the case that this is not worth, you know, the papers written on. So I'm not going to get in it and I'm not going to cover it. You probably won't even hear a swag from me because I just don't see that it's worth it in the big picture. But I'm again, I'm disappointed in the various YouTubers out there that are just shilling it left to right Sunday. But I understand it is what it is. It is what be what it's going to be.
[00:50:36] In summary, on the big picture, I have no idea on block dag, I have no idea. I have no idea Selexy. But I suspect it's a scam like Dogechain so meaning it'll launch a thing and it'll pump a thing and it'll be a thing. But I think it's garbage in the long run and I'm disappointed to see the shills on that. And folks, it's all about Ethereum. At the end of the day, Ethereum points us in the right direction for where we're going. If we don't see Ethereum move, it's not. Nothing else really will. And that's, that's evident in the recent runs. Now we have to get past this speed bump of 2500. We have to get, we have to see how high Ethereum can go to see if we can replicate 20, 21. Once we get there, everything becomes possible. So that, so now you're asking, having listened this long, well, what do I do about it? It's easy. It's the same thing I said before the core Coins can't steer you wrong. The worst thing you could do is buy all the core coins and just stack a bag, right? Solana, Tron, Ethereum, bnb, Polka dot et cetera all these main ones. The worst thing you know, Cardano, all even Cardano you could do. No, the worst you could do is buy just a bag of each one of them right? Because none of them can steer you wrong. They're not going to fail. They can't.
[00:51:55] If and when we get to the point that Ethereum goes over its all time high you're going to see high prices on those things. They're going to go up like Cardano. Cardano is going to 5x minimum simply because it's all time highest. 3 bucks if I recall. 314 if I recall and what is it right now like $0.20, $0.30 like come on it's going to go, it's going to go minimum 5x these are going to climb.
[00:52:21] Now that said don't toss more than you can afford to lose.
[00:52:25] Just make sure it's throw away money. I'm not suggesting don't buy, I'm saying make sure it's throw away money and ideally stick with the cores.
[00:52:34] I would recommend buying bags in the cores. Now would be the right time to do it and then be patient, just sit and wait and use Ethereum as your marker. It is going to tell you when everything else is going to go up.
[00:52:47] Take profits on the way up.
[00:52:50] Understand none of them are going to make you millionaires. They're not.
[00:52:54] None of the cores, they're not going to make you millionaires. But when Ethereum does run you are going to see garbage ones like shib right bonk all these other garbage ones. They're going to have some major pushes money's because again Ethereum is paired with so much stuff it's this linked chain that's where the value is coming in. Ethereum's paired to stuff. So if you have a lot of these things where Ethereum is part of the chain they're they're going to make you some money Just because Ethereum's in the mix when Ethereum goes up that's why I'm always said Ethereum should be five figures by now. If they got five figures these are going to have major runups and I suspected and have done for months it's a matter of time and I say the worst you could do is buy a bag of most of the course and it's what I plan to do here shortly is with that my bank. I talked about the money I took away. I was waiting for a theory to go to 2100 so I could buy some of it. But it didn't happen because of these jokers. Fine. I'm just going to buy some of these others like litecoin and other things. Just sit on it and wait and see where that goes.
[00:53:57] Meanwhile, I still have all my other stuff, you know, I still have the Bitcoin ETFs. I still have Bitwise ETF, which I've had for ages. I still have all my stocks and bonds and my gold. I. I'm diverse, right? I don't focus on anyone because there's no reason I'm not waiting to be a millionaire. I make enough money that I don't have to care as much. But I do watch it because I want to talk to you guys about it.
[00:54:20] And I'm. I'm sharing to you. The worst thing you could do is just buy into the course because they are going to run and when they do, it's going to be a beautiful thing. I guarantee you, Sam.
