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#Crypto #Cryptocurrency #podcast #BasicCryptonomics
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Episode Transcript
[00:00:01] Speaker A: Welcome to Crypto Talk radio, the podcast for everyday investors like you. Visit us on the [email protected]. dot and now here's your host, Lyster.
[00:00:13] Speaker B: Thank you for that, Bailey. And welcome, everybody out there on Crypto Talk radio. [email protected] dot it's June.
[00:00:20] Speaker C: It's a new month. It's a new era. It's a new time. It's a new situation.
[00:00:25] Speaker B: I'm in all sorts of pain.
It's a long story, but I'm in all sorts of pain. Lyster decided I need to keep this episode short, not just because of the pain, but because there's so much crap going on.
[00:00:44] Speaker C: I didn't want to spend too much time on the vast majority of it.
[00:00:48] Speaker B: I felt like, you know, let's just get it out of the way. It's not worth fighting it, you know, I don't, I don't want to, I don't want to spend too much time fighting it. So the episode would be short because there wasn't a lot. And I don't want to spend a lot of time talking about stuff, not just the pain, although it is a contributing factor.
I'll just quickly tell you, I'm a homeowner, so that's that. I did not get the payment coupon book yet. I'm told that the, so the mortgage is sold to a different servicer company. I'm told that they're incompetent.
I don't know that. But I'm just saying, haven't got the payment coupon book yet.
Got an address to send a payment. I have to contact the bank and.
[00:01:33] Speaker C: Just make sure everything was sent like I'm supposed to because I should have.
[00:01:36] Speaker B: Gotten a payment book by now because the first payment is actually due July 1, believe it or not.
[00:01:41] Speaker C: So that's quick.
[00:01:42] Speaker B: So, but I've been slowly but surely moving stuff over and then painting my.
[00:01:47] Speaker C: Office and getting everything ready, and then.
[00:01:50] Speaker B: I've got a plumber coming. There's a lot, lot behind that.
[00:01:54] Speaker C: And probably I'll talk about some of.
[00:01:55] Speaker B: This chaos on casual talk. But for now, let's breeze through some cryptocurrency. Again, I'm not going to spend a lot of time today because there wasn't.
[00:02:04] Speaker C: Too much going on.
[00:02:05] Speaker B: But a couple of points I want to talk about around celebrities, celebrity influencers, and some of the garbage that I saw out there.
[00:02:20] Speaker C: Alrighty then, coindesk.com. we're going to zoom out to the.
[00:02:25] Speaker B: Month chart and we're going to start specifically on Ethereum when we do that, and you'll notice that we took a sharp drop down. This was not specifically Ethereum. Ethereum actually had some upward pressure behind it, but it was more about bitcoin. Bitcoin had some significant outflows, very most recently largely due to liquidations that were occurring. There's some information that's allegedly coming out tomorrow, as I record this from the feds with respect to interest rates and what's going to happen next. And there's an expectation, a strong expectation of bad news. Usually this bad news always triggers some sort of a drop.
[00:03:09] Speaker C: Then it's followed by a climb. So the theory floating around is that.
[00:03:14] Speaker B: The dip that we see is going to be temporary. Right now, as I record this bitcoin.
[00:03:20] Speaker C: A low of 66,000, high of just.
[00:03:23] Speaker B: Shy of 69,000, hovering about the 67,000 mark. So scream extremely volatile. And again, the vast majority of downward came from that liquidation activity.
Strong belief is that everything will rebound back up to at least 69. And on my past episode last week, I did say I expected some down. I didn't expect it to stay down. And that's what I think is gonna happen next, is that it's gonna climb back up. But if you were to look at the month charts on both Ethereum and bitcoin, it doesn't look so good, although it went up it then this whole business with the feds and everything. And of course, that's just sentiment driven. But the liquidation comes from, and you're gonna have a lot of those en.
[00:04:10] Speaker C: Route to a climb pattern up to.
[00:04:13] Speaker B: 80,000, etcetera, because there's set points where people are gonna get so called wrecked, you know, longs and shorts. So I don't think it's necessarily too bad, but something to be aware. Now, of course, as bitcoin has the dips, it drags generally everything else around it down. So all of the main ones went down.
[00:04:35] Speaker C: Solana went down.
[00:04:37] Speaker B: It came back up a little bit, but it went down again. BNB lost a lot of its gains where it was over $600. It's not now.
[00:04:44] Speaker C: And Doge and Doge, remember, climbed as.
[00:04:47] Speaker B: High as, like, $0.18 recently. It's down to about 13, $0.14. So everything goes down. When bitcoin goes down, it'll go back up. But this is the. When we say casino or lyster, that crypto talk FM tells you casino. That's what he means. We are in a casino timeframe, and hopefully that's clear.
[00:05:07] Speaker C: It doesn't mean that you should or.
[00:05:08] Speaker B: Can'T get in and make some money. It's up to you whether it's worth the risk, because it's risk and it's gambling.
[00:05:15] Speaker C: That's what you roll in the dice.
[00:05:17] Speaker B: To see what happens, up or down.
[00:05:19] Speaker C: And the laws and shorts.
[00:05:20] Speaker B: That's why the liquidations happen, because many.
[00:05:22] Speaker C: Of them rolled the dice and it happened to go not in their favor. And house always wins.
[00:05:30] Speaker B: I I'm gonna. Again, short episode.
I'm starting to see an increase in a number of these celebrities who are either launching their own cryptocurrency or shilling a cryptocurrency.
But some stood out. You know, I don't even know.
And I'm gonna be saying some things that are gonna piss people off, and I don't care. I'm a straight shooter in the world. Sensitivity.
[00:05:58] Speaker C: I am going to refer to this.
[00:05:59] Speaker B: Person as Bruce Jenner.
I understand that they refer to themselves now as Caitlyn Jenner. I'm going to refer this person as Bruce Jenner because it's essentially Bruce Jenner.
Bruce Jenner recently allegedly launched a cryptocurrency called Jenner, apparently, and I don't know anything about this business, but apparently there was some third party that Bruce Jenner worked with to launch the token, apparently. And I was trying to follow the chain of events here because Bruce Jenner came out making claims that Bruce Jenner got ripped off by this person that helped create the token.
[00:06:48] Speaker C: Allegedly there was somebody in the middle.
[00:06:50] Speaker B: That was the go between between these two.
Allegedly, the person who helped create and launch the token convinced Bruce Jenner to shill it.
But allegedly, this person held onto tokens in the deployer wallet and allegedly had.
[00:07:13] Speaker C: Created other wallets that had other tokens.
[00:07:15] Speaker B: And just did a complete dumped, so.
[00:07:18] Speaker C: Triggered Bruce Jenner to do the pump.
[00:07:20] Speaker B: And then dumped all the tokens off, which caused Bruce Jenner to come out and say that Bruce Jenner got scammed.
Now, I understand.
I do.
But here's where I struggle.
I struggle with why there are so many.
It's not that I don't know. It's disappointing. Let me be clear.
I struggle with why, in this case, with Bruce Jenner. You're not consulting with attorneys.
I'm sure you have attorneys. You're not consulting with anybody.
[00:08:00] Speaker C: Smarter with you.
[00:08:01] Speaker B: Smarter than you.
[00:08:02] Speaker C: With respect to why this is a.
[00:08:04] Speaker B: Bad idea, and you're just going all in on this when you have to know, like, I don't think these people are that stupid.
[00:08:13] Speaker C: Turns out.
[00:08:14] Speaker B: This same person worked with Soulja Boy as a rapper to launch a token.
So we now have a mainstream rapper, because soldier was mainstream. He's pretty famous.
A mainstream rapper. Bruce Jenner, who's an Olympic athlete in the past, Floyd Mayweather was doing his business over there. Kim Kardashian was essentially shilling ass on it. Then there's this Hulk Hogan business, and the Hulk Hogan is a whole different fiasco, where, on his own account, shilling this Hulk token. Pump and dump liquidity, drain out of it.
And then the cherry on top that.
[00:09:05] Speaker C: Even I didn't expect.
Ric frickin flair.
[00:09:09] Speaker D: Buy the official Wu coin with five o's when the ball drops New Year's Eve.
[00:09:17] Speaker C: Whoa.
[00:09:19] Speaker B: Like, I.
I'm.
I'm trying to understand again.
Are you. Are none of you smart enough?
[00:09:30] Speaker C: I know you are.
[00:09:31] Speaker B: So why are you not talking to attorneys before you do these things?
It's like you're like, did you not understand that Kardashian and I think even Mayweather, they went after them.
And, like, the flare one that was December, it was a pump and dump. Effectively, the Hulk one was just not a couple weeks ago. I think the Jenner was a couple weeks ago.
And I'm starting to see more and more of them, and I'm struggling with why they're not contacting their attorney before they do this business, because they got to know that somebody's going to come after them at some point, especially because every last one of them, effectively is a pump and dump. And some of them with people I don't know anything about are just. They're just selling ass. They're just girls that are half naked on the business, and then they have a token. Okay, but is the only reason you have a token is to sell ass? You just, you know, whatever. I don't know. I don't.
Anyhow, if you're in any of these projects, the Hulk project, the Ric flair project, the Soldier Roy project, whatever, you.
[00:10:47] Speaker C: Roll the dice to see what happens.
[00:10:49] Speaker B: Look, I celebrate that as long as you acknowledge your gambling.
If you're in some of these other ones that are just selling ass, I mean, they're not. There's no value to society. There's no benefit to anybody. They're just selling ass. And then there's a token.
If that's what you want to do, fine.
I can't tell you to do it cash, dude or lady. I really can't. I would say, you know, as I've said, more, so frustrating. More people look at cryptocurrency as a joke these days, because all they see are these scams.
[00:11:29] Speaker C: All they see is nothing but scams.
[00:11:31] Speaker B: And limited opportunity to get money unless you're a gambler.
If that's what we want, that's fine. It's not what I want.
I would like to see better of people. I don't expect better people. I would like to see better people.
Bitcoin has an opportunity to make people super wealthy, but it's going to require pretty substantial investment because, you know, let's say that it gets back up to $80,000.
[00:11:57] Speaker C: Well, if you buy it at 60.
[00:11:58] Speaker B: Something thousand dollars, that's not much of a gain. It's a game, but it's not much of a game.
Ethereum, I think Ethereum has an opportunity to make some money, but at most it's going to double.
So perhaps what we're seeing is people see that the most that you can get on these main ones is double two x, and they're going to these random garbages because they think that that's an opportunity to make more than just double. I understand. You know, I don't disagree. Maybe it is a thing, maybe that does work. But I would like to. I would like to hope that people.
[00:12:35] Speaker C: Are smarter than this.
[00:12:37] Speaker B: And again, perhaps I'm just wishing for something that's not going to happen. I don't know.
The other piece I'll update and I.
Apparently I didn't see this, but apparently there's a satama on Solana and apparently it's being coordinated by some of the original people that were shilling Satama before it became sight of chain and get ruined by Manny the hitman. Apparently the plan is to get significant traction and run up to the same degree as what Satama did before Manny the hitman screwed it up.
I am not in it. I don't plan to be in it. I don't plan to cover it. I'll tell you that. I did breeze the contract just out of curiosity, and it seemed to come out clean.
I'll tell you that. Apparently the liquidity was burned. That's all I know. I don't know anything else, nor do I want to. I think I have the same feedback for anybody on that side and none of them care about me, but same feedback. Sataba is a bad word. It just is.
And I would venture a guess, just a guess, that this may have some limited success, but probably not long term success.
[00:13:59] Speaker C: Certainly not to equivalent degree of the.
[00:14:01] Speaker B: Main satama prior to the fail November 13 Vegas event, 2021.
But if it has any success whatsoever, that's a win. You know, there's people that can make some money, and if you're a gambler, it's there for that. It's certainly better than side of chain, I'll tell you that much. My opinion, the other piece, speaking of, is Reddit finance.
There are people on YouTube who responded to my video, and it took off a little bit around Reddit finance where I said, I'm not sure it's a scam. And the vast majority of respondents say that it is a scam.
I suppose if you include pump and dump as a type of scam, because officially it is, we can argue that it's a scam by that definition, but that's about it. We can't say that any was stolen because your tokens are being released every week, and unfortunately, they have declining value. But that was kind of a given. When you do this kind of a pre sale with Vesting, you're waiting for that value to do what it's doing, and then it's made worse, arguably, by what's happening to the larger industry. I'm not defending what's happening. And if you're in Reddit finance, you know, I feel bad, right, because your value is way down.
If you bought pre Sell and it's like $0.08, you're actually up. But I understand the perception, you know, it went as high as $3. And how come you couldn't cash out when there's three? Well, they knew the team, they knew what was gonna happen. That's why it's investing.
[00:15:39] Speaker C: Separately.
[00:15:40] Speaker B: Then BlocKDAG comes out of Nowhere, and they're doing a whole bunch of paid articles all over the place, essentially trashing Reddit finance and taking a victory Lap.
Now, I didn't go deep in, and I won't to BlockDAg, but I will tell you that I looked on the surface of what that's trying to do, and I understand Messaging is clear.
I think it's a little bit too lofty. I think it's, it's, like, almost too good, if that makes any sense. It's almost, you know, if it's too good to be true, it probably is. That's what it feels like with that block dag and the amount of articles they bought. Trashing Reddick makes it come across scummy.
So I can't tell you what to do with either project, nor do I plan to criticize or praise either blockdag or Reddick. I'll say, though, the amount of paid articles trashing Reddick gives me cause for concern myself. You are free to do whatever you're going to do with your money.
I would only ask that you be.
[00:16:48] Speaker C: Careful with whatever that decision is because.
[00:16:51] Speaker B: I can't tell you even now.
Again, if you treat pump and dub as a scam type of scam, which is fair, then that's what it is.
But if we look at it, step back and really analyze it deeply, it.
[00:17:07] Speaker C: Doesn'T look like the devs did anything specifically.
[00:17:10] Speaker B: It looks like it's just people took the profits, it pumped and then it dumped, which I called out.
Blockdag hasn't launched yet and it's got a long way to go before it does. I suspect it does the same thing.
I suspect it has a pump and dump pattern.
If I had to put my finger on it, I would treat blockdag as having a higher risk of being an outright scam after it launches. I can't say that 100%, but it.
[00:17:43] Speaker C: Certainly looks like it.
[00:17:44] Speaker B: Again, everything looks a little too pretty, too clean.
It could just be that they're that damn good, or they're just good scammers. I don't know.
Other than the ones I just talked about there, everything's down, right? Everything is just going in the crapper because of bitcoin and it's dropped. Recovery is imminent, I suspect. I don't know what eminent means, whether it's right after the FOMC or a little bit later, but I think recovery is imminent.
I would recommend, because I know there's some out there that just like the direct instruction of a thing, all I can do is recommend to you. The core coins can never steer you wrong if you're trying to. Just make sure you make some money. Patience is going to be your best friend. And in that regard, anything other than bitcoin that's a core coin of a blockchain, I think is a good bet.
I think Solana has significant room to move.
I know Ethereum has significant room to move. Doge has significant room to move. You know, bone Shib.
[00:18:49] Speaker C: They should, but they're not.
[00:18:51] Speaker B: But they should. But some of these are the main ones. You know, phantom XRP, it turns out I still have some Monero. I had forgotten about it, and its price is doing good. So everything that's a main token or coin rather, on some blockchain is a really good bet. Until we're past this lull that we're in.
Once it comes back out and we go on another run, then you can look at the secondary, all these tokens in the garbage if you want.
[00:19:22] Speaker C: You'll see that those will start to run. I noticed that even ever rise was.
[00:19:26] Speaker B: Running, and I thought that was dead, dead, dead. And apparently it's not. And it was able to do what it needed to do to retain some of its value beyond that recommendation. I can't tell you what to do with your money. I will say I believe recovery is forthcoming, imminent, as I say.
And it's going to be patience that's going to be your best friend for the foreseeable next period. Couple weeks here, coming up soon, and.
[00:19:53] Speaker C: Then the latter half of the year, we'll play it by ear.
[00:19:55] Speaker B: That rhymes. But I do think we've got stronger uptrend coming our way in the near future, and that's going to be an awesome thing for everybody, especially those waiting on the sidelines. For sure.
