[00:00:01] Speaker A: 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]. you'll have to forgive me if there are unusual or unexpected pauses at points. I'm dealing with an significant amount of.
I don't even want to say pain. Rather, discomfort is a better word. I'm going to be planting trees to replace the garbage trees in the front of my house. I ordered the new trees. They're massive trees, larger than I expected them to be. That rhymes. I needed to dig out their place that they were going to live.
And as I was doing that digging, I've been working on it for days.
The roots were brutal. Absolutely brutal. I have a mini chainsaw. It wasn't able to deal with some of them. It got most of them, but not some of these massive ones. So I contacted one of my contractor guys to come over and see if he can assist. He said he would. I don't know if he'll show, but I don't mind seeing if he can help me out now. I'll definitely need his help. For the trees to lift them into place, I can dolly them to the location. It's getting them safely into the hole and then making sure the hole is the right size. So the. I'm in a little bit of discomfort as a result of this extensive amount of digging and sawing and cutting. Oh, my. That I've had to do. Because of that, it's maintained my focus. I've not been looking at crypto hardly at all. Other than the brief pump that didn't last across the board actually was specifically Ethereum, which I'll be talking about. I actually also have some audio I want to share.
I think you'll find it very fascinating. I don't agree with the ending of it, but the. The message is good. And then we'll talk about leash from the shiv ecosystem because some chaos happened there. And I wanted to elaborate a little bit further because it seems like more information has come out since. Let's jump right into this, folks.
CoinDesk.com and we're going to zoom out to the month chart, starting with Ethereum, my personal favorite over the past 24 hours. A low of just shy of 4400 bucks. A high of 4600 bucks. Currently around the 4600 mark as I record that. And then on the month chart it was in a middling stage. Ethereum breached its all time high, gaining as high as 4905 if I recall.
I think it was just, I think it just hit 495 and then dumped like immediately.
Previous all time high was about 4800 bucks. So it is a new all time high, but it didn't sustain. This was warned. You listen to the show for a
[email protected] or CryptoTalk FM depending on what you type. If you listen for a while, you heard Leister tell you that there was a strong risk of significant sell pressure once it hit the all time high from people that bought the top from the last run, 2021. So we knew that there was likely going to be a crap down. We didn't expect it to go down as far as it did. I don't think it's a terrible thing and I do think it'll have to recover because at some point they're going to wash out. You're going to get rid of those and a lot to go on an upward just because of pressure, buy pressure.
So I think, I think it's a good that we, I've always said, you know, I don't see this strong up. I think we have to go down before we go up. Speaking of down, we go to bitcoin which didn't fare as well over the past 24 hours.
A low of just beneath 109ish, a high of about 112,000 bucks currently about 112,000ish as I record it.
And bitcoin, that's the one that suffered. It suffered big time. We're still in that range, right? The 110, 120,000 range still sitting in that middle. But bitcoin had the worst of what happened with the crap down. Many of the other ones are fine, you know, XRP is fine, Cardano's fine, Solana's, it's been bouncing up and down. I noticed that Solana, it got over 200 bucks and I think it's all time highs like 4 or $500. But salon was doing decent well and it went down slightly. It's recovering nicely. Tron looks really good. Doge looks really good. Everything else looks really good. So what does this tell me?
It tells me that when there were profit opportunities on Bitcoin and Ethereum, people took those profit opportunities and they started buying into all these different alts that are out there. That's what I suspect is happening. Especially like hyper liquidity. Hyper liquid is getting a real good run right now. So I again, I don't think it's a problem with Ethereum or Bitcoin, simply that the money's flowing in another direction for people to buy into those other garbages. That's what I, that's what I see. Anyway, now let's talk a little bit news bits and then we'll get into the audio that I promised you. First up, most importantly, made a mask which was that garbage wallet. I told you that violated privacy has continued to violate your privacy by playing by putting in this new social login feature allowing you to log in using Google and Apple accounts. Now you gotta ask yourself a question why a self custody wallet needs to have a login event at all. And the problem is that there, there's two concerns I'll get to in a second. But what they're trying to do is get away from the need for 12 word seed phrases. What they're trying to do is get it to make it easy and accessible for people to get in. They're trying to get it to where it's easier for people to. Onboard cryptocurrency quote. Crypto doesn't have to be complicated. That's why we made it easier than ever to manage a MetaMask wallet with our new social login feature.
What this tries to do again is to negate you having to manage all these keys and pass keys and passphrases and everything else.
Of course, it's all about how secure your Google or Apple account is in the first place. And if they get breached, then there's nothing that MetaMask can do about it. I would tell you, in my personal opinion, this is not something I would recommend. I would not recommend associating your wallet address to a social account. It's up to you what you do. But I would recommend you don't do this.
If MetaMask forces it, and I haven't looked myself, but if they force it, I would recommend away from metamask. I would recommend another mask where you have the freedom to just simply have your key, store it on a piece of paper, toss it in a safe, right? Keep it off, you know, keep it disassociated from your personal information. You should not have to log into a wallet. I'm sorry, I've never been a fan of that. I know they're trying to do that to make it easier, but what they're really doing is breaching your privacy and allowing the government to simply track you down if you don't Care it is what it is and maybe hopefully your stuff stays safe long enough for you to make some money in this business. Right.
But I think it just all it does is open up the risk of getting your stuff breached and getting stuff took. Speaking about breach and took Hayden Davis allegedly sniped Yeezys Token yi Kanye west token. I didn't even know he had a token to make $12 million in profits. Now I didn't follow any of this stuff. I had no idea about the Yeezy token at all. Y z Y but allegedly this, this hacker got access to 57 million in frozen funds and there's all sorts of crazy stuff and it was associated with the Libra token.
I don't know the deeps. I'm sharing it because you might be in this token in some way that if you did see some sort of a crap out it might be associated to this.
But I know that Kanye way back out I did an update where he had said you know, he's not into this online stuff and leave him alone. He's on to real problems and real world issues and everything else. This all things seems like it happened and span a couple days.
So what I was told is that the Yeezy launched, skyrocketed and then crapped just like the Hawk TUA girl.
So I assume, I don't know but I assume perhaps the same people were behind this dude it was on the salon of Chain so it doesn't surprise me but that's what happened with the Yeezy and again apparently the user got breached. So on top of the initial pump and dump allegedly got breached as well. So if you're in it you might see some negative price movement. That's what had happened with that business.
Now I want to play a little bit of audio and then we'll talk about leash as we wrap up.
I've talked about in my updates that I've. I bought into gold. I have physical old not just gold ETFs. I have physical gold. I bought into it. I'm collecting a lot of these and I think it's really cool.
And I've recommended people have rare precious metals as part of a diverse portfolio because I do think that they add stability to your asset pool and they give you a level of safety.
With inflation and everything going on with the fiat system today, cryptocurrency right now everybody keeps telling calling bitcoin the next gold.
The fallacy of making that statement is that bitcoin is too volatile arguably to be gold.
You might be Surprised to hear that there was a time when gold was volatile. Long, long ago, gold partially was treated as not just a commodity, but as a form of currency.
When people started hoarding it, Franklin Delano Roosevelt went up to the world and basically told them he was getting rid of the gold standard.
Now this killed arguably our economy.
There are two different aisles of thought. Some people say we needed to do that because it was holding us back because there's not enough gold, right? Too much, too much demand for it and not enough supply. The truth is that they're still finding new gold.
It is constrained, but it's not limited, it's not finite.
And I think it was binance stuff even made the point that there could be gold on other planets that we've not discovered yet because it's all based on the minerals that we already know in our periodic table, the elements. So the point is that we don't know that gold's finite. We suspect it's not. If it's not, it means we could have kept with the gold standard and then priced it accordingly. But since we moved away from the gold standard, it allowed the government to print money. Well, somebody on X put out a very hilarious apt video about this and I wanted to share it for you or at least share the audio of what it's saying just so you can kind of hear it. I'm not going to play all of it. I'm just going to hit some of the salient points on this business.
What was about gold, it kept.
What was so bad about gold, it kept them honest.
[00:10:48] Speaker B: But they wanted power. You know, kid, folks today think this is just how life's supposed to be.
[00:10:54] Speaker A: What do you mean?
[00:10:55] Speaker B: Back in my day, one job could feed a family. My mother stayed home, father worked and we ate together every night. Didn't realize how good we had it. After the World War, they promised gold backed dollars, but they broke that promise. They printed paper backed by nothing, funded wars we couldn't afford and shouldn't have been involved in. But France caught on and sent a warship to get back their gold. Truth is, if more countries followed, our vaults would be empty and game over.
[00:11:29] Speaker A: I have directed the Secretary of the.
[00:11:31] Speaker B: Treasury to take the action necessary to suspend temporarily the convertibility of the dollar into gold. Turns out when you fake the money, everything else follows and you screw the next generation over. And it snowballs, kid. Prices shot up, paychecks didn't. Life got tougher and nobody knew why. We tried raising our kids the old way, but we didn't have the time. Or the money.
[00:11:56] Speaker A: So you outsourced parenting.
[00:12:00] Speaker B: Yeah, I guess you could say we did. Government schools raised them and the TV taught them bad morals. They learned debt, not savings, bought houses they couldn't afford, played video games, gambling antidepressants and crimes. Families fractured, divorce rates doubled, birth rates plummeted. Things got so bad, people started financing Chipotle.
[00:12:23] Speaker A: I'm going to stop right there because I think that's. I think you get the point, right? I think it's a salient point of what it's trying to say.
So financing Chipotle, and it literally does mean the restaurant, by the way. That's why it's hilarious.
But the point here is when you have the gold standard at one point, what we mean is exchangeability, the concept of a promissory note. Our dollars used to be a promissory note. They were a promissory note that each piece of paper was guaranteed by the government to be backed by gold. That was what it was at a time when it was severed.
Then it was allowed them to print and print and print. And then a point was made elsewhere that banks, now, since they can print out of control, it didn't really matter. They can give that money to people and charge interest against that same. So there's nothing really backing. It's just a bunch of paper.
But charge interest against it to get more money out from people as they pay it back, and that's what helps trigger the inflation. Well, this also made the point about the linked domino effect. And I didn't go all the way through, but it makes a good point about, you know, because we got away from that standard and because the value of money is worthless, the value of work has gone down. When the value of work goes down, it forces both people in the household to go to work. That then fractures the household because now there's a stress. You know, money becomes a stress point and the school system is in decline. We know that like everything that's been described there is all true. And they're making the attachment back to the loss of the gold standard. Now, I can't make a direct correlation, but I can say that there is strong evidence that this is the case, that because they've made that decision back then, it caused a lot of the fragmentation of society we see today. And we tried to course correct and continue to do so, but the. The underlying problem still persists. Now, where it ends is it makes the statement that Bitcoin is the answer.
I'm saying that Bitcoin is too volatile to be a gold standard.
It's simply too volatile. What I would rather see instead is that people more readily embrace precious metals than they have done and things like gold backs and gold notes, which I think are good alternatives as more states get on board with this concept of a spendable rare metal. And I do recommend you look into that idea of gold backs and gold notes. I'm not telling you to get it. I'm telling you look into it because it is what people are trying to push as an alternative in something that is more stable that being gold in this case to where you have the persistence of value. But it can be used as a form of currency. Considering that that only applies on certain states. But the number of states is increasing because each state understands the decline of the value of the money because of the printing. So everybody knows it's a problem and the states are trying to do something about it is kind of the point.
Now I'm going to close up today's episode talking about Leash from the SHIB ecosystem.
If you didn't know, here's the bottom line of what happened. Okay, so Leash, the backstory behind Leash, when it was created, it was envisioned to be a rebase token. I talked about this on last week's episode. Go back for that, for a little bit of the deets. Plus I have a couple of other episodes. You can search@CryptoTalk FM if you're curious. But if you it was a vision as a rebase token. The developers at the time told people trust me bro. As in telling them that the keys were burned. Which doesn't mean anything. That's a lie.
But they also said that the rebase was deactivated. They didn't remove the code.
Fast forward and all of a sudden the token supply starts going up.
Allegedly. Call Darya, who's the current developer of this business.
Apparently he is aware of the developer of the project. He knew who the developer of the project was going was of this and had negotiated with him to stop this because that developer allegedly had turned back on the rebasing which is causing Leash to print out of control. That's the story going around. I don't know if it's true, but that's the story going around.
So now the value of Leash is tanking because it's printing out of control people. The the Dow, the Doggy Dao. Allegedly they did a vote and the vote was to launch a V2.
Now I'm going to tell you, as I have done, no token that has done a V2 has survived other than Floki and maybe one or two others.
And even Floki is a fraction of what it was because the supply is still outrageous. But Floki at least got on Coinbase so it hit the peak. It's just that Floki, it had multiple rug pulls and challenges and just had a vociferous community. The Shib community doesn't have anywhere near the level of energy of a Floki. So I'm going to say if you're in Leash, you bought leash, they're going to do a swap. If you held leash from before this, which was August 11th, you'll get the V2. They're going to try to cap the. Not try, but cap the supply and avoid the rebase and avoid proxies and make a clean contract. Well, my statement to that is it's going to take away the one thing that would differentiate Leash. You might think I'm crazy, but the, the truth is the rebase was actually a better idea.
Now I think it's only a positive rebase, which is bad. If it was a two sided rebase, I think it would have been a good idea to it to aid in the benefit of Leash. Compared to the other tokens in the eco, I can't say 100% but to me I think having just a generic token is to their detriment. That's what ship is.
Then I saw on what was it? Treat, they planned to launch a different type of something, Shib Alpha, with Treat as the gas for this. Oh, so now you got bone as a gas for something over here. Treats a gas or. So as I say this sprawl, you got sprawl, you got a jacked up leash, you got shit that's not going anywhere.
I think it's a matter of time for the ship ecosystem, that's my opinion, which is unfortunate because they had the strongest community at a point, but certainly not now.
I'm not telling you to do anything with your tokens. I'm simply sharing the information that the ship ecosystem is in dire, dire straits and I don't know it's gonna get any better. I really don't, honestly.
I guess I should throw in a mention. I did see Block Dag, unfortunately, pitching to get people to do a social media thing for them. I did see that. Basically they were trying to get people to use this hashtag block dag x10 because they're. And then they sent a post on social media. It's almost a post of desperation telling people you got the miners tweet about it. Come on, do something.
So they're. So they're adamant that somebody's got some minors in the wild and they're just not talking about it.
This is pathetic now.
It's pathetic. It's pathetic that you gotta beg people to tweet about it. Because if you're saying that people did plug in their minors, that they're actually doing something, but they're choosing not to message anything about it, well, why would that be?
Wouldn't you, as an investor, somebody that bought this thing, wouldn't you be excited to share it with people?
I saw nothing. I saw nobody that was pitching anything about the block dag x10. It's nowhere. I didn't see it. If somebody else did, let us know. CryptoTalk FM hit the contact forum. But I saw no evidence that anybody has a miner. But the Block Dag team swears that people have a miner plugged in and actively being used.
People are sharing an X1, but not an X10.
So I don't know what to think about that. I can tell you that as of right now, I don't see any evidence that anybody has sent any message about Black Dag x10.
So it either doesn't exist and these guys are just acting pitiful for the sake of acting pitiful or whatever that's doing. But this is sad, it's unfortunate. You feel bad for these guys, but they kind of painted themselves into a hole and now time will tell. But now if you can't even get people to hype that, you can't even. If you really did get people to plug in, you can't even get people to hype it.
You can't even get people to talk about it.
At what point do you just concede? You know, And I'm not saying quit, I'm saying concede and say, here's the deal, folks, okay, there's no minors. We, we. We lied or whatever. Whatever it is, just be honest and straight up and say whatever, whatever is happening. Because it's a bizarre thing with this.
I don't know if you're in it. You know what to tell you because again, that's not going to be my answer. Predominant answer is, I don't know. I have no idea. With the block deck business, it's a shame the way they're messing around with your heart. That's a song, but it is what it is. There's nothing I can do about it to help you out. Sorry, Sam.
