[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] I had to stop myself. I got tempted. I was going to pull the trigger and get more silver, and I might still do.
[00:00:26] But I gotta think it through. I gotta debate it. I bought another curios, which is one of these figures.
[00:00:34] It's the Supergirl figure, and she fits very nicely next to my one piece.
[00:00:40] And that was a rare one. And my.
[00:00:44] What is her name?
[00:00:46] Junk. Junko. Junko, yes, from Danganronpa.
[00:00:52] That's my collection of curios. Have a lot of curios. I've not collected as many as I used to because most of them now suck. But I've got the main ones and I'm very happy with them.
[00:01:02] Now, Cryptocurrency has a number of YouTubers that are jumping on bandwagons. They're shifting on something very specific. And this guy's about to harass my door despite me not wanting it. And he's walking across my grass despite me not allowing it. And that pisses me off.
[00:01:20] I just noticed that out the window. Cryptocurrency is pissing me off. These people are pissing me off. A lot of things are pissing me off these days. Some people on YouTube are getting pissed off about what's happening in crypto. We're going to chat about that right after the jump.
[00:01:40] Bastard. Coinmarketcap.com sorry, we're gonna zoom out to the mud chart. That guy pissed me off. He didn't ring the bell. Like, he's not supposed to ring the bell.
[00:01:49] I'm pissed because he walked across my grass, but I'm back on coinmarketcap.com whichever you choose, that's where I go. Zoom out to the month chart for Bitcoin so we can discuss this amazing dip that happened over the past 24 hours, dropping from just shy of about 73 grand down to 66 grand as I record this heading in a strong downward trajectory. Ethereum, of course, breached beneath the $2,000 mark, currently at 18:5, heading strongly down.
[00:02:23] What caused this? What's causing all this folderol?
[00:02:27] Well, people speculate, and it's speculation, because I don't think that's all people speculate. That strategy, which is Michael Saylor selling a small bit of bitcoin, caused enough negative pressure sentiment to Trigger a cascade of FOMO selling. That's the speculation. I can't prove that is or isn't what happened. I'm skeptical that's all it is.
[00:02:55] Could be, but I'm skeptical that's all it is. The other part was Mount Gox, which is one of those failed exchanges and they were shifting a bunch of Bitcoin. But it's still a tiny fraction of the total that they have.
[00:03:08] I think people, I think people are looking for an opportunity to trigger downward pressure so they can buy in cheap.
[00:03:17] That's my speculation. Like I see it as someone or multiple someones are trying to entice the price to go down so they can stack more on the cheap instead of buying at the higher price. I can't prove it.
[00:03:32] Going off what I see just based on every pattern and everything I see going on it. It's too easy to suggest that Sailor alone, which I told he was going to sell, like obviously he said he would. The CEO said they would. People didn't believe him. It's like cuz Sailor kept saying, oh, forever, come on, they're going to have to sell eventually. We knew that. I think it's stupid for them to sell when it's down, just like idiot Vidlik. But we knew they were going to sell. So it didn't surprise me. That's why I can't. I'm not going to subscribe. That's the reason.
[00:04:06] At least that's the sole reason. Like you could have a cascade effect of different impacts and things that were causing it. But I don't think it was just sailors. My point, the Mt. Gox thing, maybe because it, you know, it could be the first of many such because there's still people need to get paid back. Maybe I don't buy it myself.
[00:04:28] More to the point, it felt more that there's. There are people who are purposely trying to suppress the price. That's what I see. I don't know for sure. That's what I see. I'm going to hold to my stance. Whether I write or wrong time will tell. But I told people and I have done for months, I saw 66,000 and those. Listen to me for a while. Crypto talk that I found did hear me say 66,000, right? Where are we now? We're just, we're about 67. Just shy of 67. Hitting the 66.
[00:05:04] That was a spitball. Like I didn't. I wasn't fully sure. I just said that I see 66 and I would, I'd be Shocked if it went any lower. But the trend I see is pretty dang sharp. So I don't see that we tapered off hardly at all. So it could go lower. I just, I established a target and said, I think that's where we're headed. We're gonna hopefully get there soon. And then if it did go lower, you know, I would consider possibly getting some. But I'm, I'm kind of avoiding bitcoin, believe it or not, because it just, it's so damn centralized. There's too many people holding large bags and people speculate, well, this person is buying hundreds, hundred, you know, whatever, bitcoins and this one's buying hundred, millions and whatever. I, I don't know. That doesn't, that doesn't sell me. On people who say it's going to be a million dollar bitcoin, I'm not sold. I just am not. I think, I think it's having a counter effect. I think these institutionals, these large ones getting in it, banks getting in it dilutes its true value in my mind. Could they influence its price? Certainly.
[00:06:12] I just, it feels like it dilutes its true value. If you have people like it defeats the whole purpose if you, if, if, if it's being held by these entities who don't have individuals best interests at heart.
[00:06:26] Because if they sat on it, let's say they sit on it, they take it out of circulation. You would assume that scarcity aspect would drive price. It should.
[00:06:35] But we know price suppression is a real thing because of what happened with silver. What is happening with silver? So I'm putting a statement and I, I challenge you to hold me because I put my words out and I want you to hold me and test what I say against YouTubers who tell you I'm nuts. Right.
[00:06:52] Consider a world where these institutionals hold the majority of the bitcoin.
[00:06:58] What's to stop them from then influencing bitcoin's price? Just like they've been doing with silver for the same reasons because they would hold it. Right. And so then if that were to happen, what, how are we any better off? That's bitcoin's downside is being truly decentralized and available to those people. And they can stack on the cheap and stack on the cheap and stack on the cheap allows them and empowers them to influence its price in whichever way they want to go.
[00:07:28] I don't see it any better than commodity metals, frankly, at that point. Because you're just taking what is physical and applying it to what Is digital.
[00:07:38] Presuming that were to happen, this world I'm describing, that may be absolutely tinfoil. Presuming that were to happen where they influence price by holding the majority of supply, I would hope people are smart enough to then go straight to metals and commodities.
[00:07:59] You're like, well, if, if, if I'm right, and I don't know that I am, but if I'm right, that means that metals and commodities would go through a cycle, they would go down because money would flow out of that into Bitcoin to continue the stacking.
[00:08:18] That means buying opportunity.
[00:08:20] And the nice thing about the metals and commodities is they actually have a use, they actually have a purpose, they actually have a utility which can continually drive demand. And with the exception of silver, obviously there's less of the influence that can be imposed upon it. Like, if I saw right now I was looking at JM Bullion, because again, that's the site I normally shop at. Like, if I look at palladium, palladium right now is just shy of 1400 bucks to me. 1400 bucks is nuts when you think about what it, what it used to be and what it could be.
[00:09:03] Just to put into perspective here, a year ago, Palladium was at 2000 bucks, roughly six months to a year, 6000 or 2000 bucks over full time. Its peak was just shy of 3,000 bucks.
[00:09:18] So we're significantly down from its peak. But palladium has never had significant strong sustained run. Still has not. If I then go off of a reasonable low for palladium, I come to a number that's roughly about 5, $600, half of where we're at.
[00:09:40] Well, if you're able to get enough palladium, and I have a little bit, but not a lot. But if you're able to get enough palladium, and this is in grams, or excuse me, ounces, rather ounce.
[00:09:52] If you're able to get enough palladium on the cheap, and we expect that it's going to have a run at the same time that silver eventually does, because that's kind of the pattern.
[00:10:04] It's one of those metals where you certainly going to see a rush of liquidity run that direction just because of what it is.
[00:10:13] Silver has that same. And silver is reasonably cheap, considering what it is.
[00:10:19] Silver's being influenced, it's being suppressed.
[00:10:22] All of that I'm describing, these are byproducts of the fact that cryptocurrency had that spotlight on it. And when you had the shift out of Jerome Powell, it didn't do anything to move the market significantly up.
[00:10:36] Donald Trump being president didn't do anything to move the markets inevitably up.
[00:10:41] Metals have always held recently. Good.
[00:10:46] I am just saying if bitcoin gets to the point where significant of these institutionals hold its supply, there's a possibility they influence its price just like they're doing with silver. It's possible. And if that happens, the cycles that we see on charts goes away because the last cycle where it spiked up over a hundred thousand bucks.
[00:11:09] Who's to say that that wasn't just an artificial pump? And I'm saying this not to defray the other possibility. I'm saying Ethereum didn't run massive.
[00:11:20] BNB did. But it was almost in spite of things, all of them didn't run massive like we saw in 2021.
[00:11:28] Bitcoin was the only one that was running massive.
[00:11:30] It the rest of them weren't running hot.
[00:11:33] So speculate.
[00:11:35] What if ethereum going away from proof of work was always the key to the cycle of price for all of them, including bitcoin? What if that was the key? Consider what did proof of work get us?
[00:11:52] The ability to mine this stuff.
[00:11:55] Mining profits. So when they mine they're given rewards.
[00:12:00] We expect they're going to sell them on the open market.
[00:12:03] When they sell them on the open market, they're not going to sell at a loss. More often than not they're going to sell at profit drives up price.
[00:12:11] When exchanges run slim they need more supply so it needs to be mined. So there's demand.
[00:12:19] Right. I'm, I'm throwing out a scenario that the price movements we see are just artificial temporary drives and not sustained pushes like we saw in a theory's proof of work.
[00:12:37] Which goes back to something I said months ago, which is, I said Ethereum is kind of the driver really, not bitcoin. Bitcoin is really following.
[00:12:46] Most of the money coming from these other projects is flowing to bitcoin.
[00:12:52] But I, I feel we're past the era of bitcoin being the driver.
[00:12:59] You will hear Diver da Vinci, Jeremy and many others tell you about a $300,000 bitcoin, a million dollar bitcoin. I'm not here to tell you it won't happen. I have no idea. I'm saying that in my lens a lot of what we predict was really strongly predicated, look it up on Ethereum being proof of work.
[00:13:19] Well, the reason I stated the mining rewards and buy and sell activities were a strong driver to what's going on. Mining Bitcoin doesn't have that same ease. And if somebody mines bitcoin, they're less likely to sell it. It's not that they won't because they got to pay the bills. I'm saying they're less likely to to especially if it's not at profit.
[00:13:43] So in summary, I am not giving you any course of action here.
[00:13:48] I'm not telling you to do anything. I'm, I'm sharing my thoughts because I saw YouTubers that were saying.
[00:13:54] Some said, yep, we're, you know, this is just a temporary blip. Some said, no, this is the end of the day. Yeah, it's kind of all over the spectrum.
[00:14:04] And I saw the little classic stuff and that to me, I understand, I chose not to speak about it. I think it's yet another symptom of what's happening with Ethereum.
[00:14:18] In an indirect way, I think all keys originate to all doors from Ethereum being proof of work.
[00:14:26] If we don't have proof of work, I don't see the same profitability we might have once enjoyed.
[00:14:35] Profitability, sure, but not like we did in 2021. Not, not like that. I don't see it my personal self in closing, because today will be a slim episode. I'm pissed about that dude. Walk across my property. But in closing, part of, part of what this means, I've said it countless times in crypto, you should be looking for discounts. No different than if you're going to the store, if you're shopping at store, if you're shopping online, you are coded mentally to look for discounts. That's what you should be doing in cryptocurrency. If it's something you believe in, if it's something you think has some weight behind it, you should be looking for discounts.
[00:15:23] Don't FOMO off a green, don't wait for it to go green and buy. That's crazy.
[00:15:28] And consider why you're doing that.
[00:15:31] You're doing that because you're afraid of missing the ride. But by the time it's turned green, you might get a little bit of something.
[00:15:39] But you'd have got way more if you bought in the red. Especially if you DC on the way down or learn to track the bottom and buy at the very bottom so that you can buy off off run ups. Because I, I suspect regardless of what I said just now, we'll see some run ups or something.
[00:15:58] When, who knows, but we'll see some run ups or something.
[00:16:02] Apparently that, you know, the Clarity act is going to Senate and okay, sure. I don't see that this, obviously that's mainstream acceptance certainly. But I do think again, it's another layer of control over what should be a decentralized avenue. And I don't think it feels like it contradicts the whole spirit of why we started this stuff. And, and people are too jaded because they've been trained to just wait for Binance to list it so they can get their pumps off of garbage instead of using it for what it could be used for. Like, I, I actually thought the banks missed out on an opportunity.
[00:16:45] Tokenized assets on chain I thought is a strong something.
[00:16:49] But I also felt that there was an opportunity not to use these other stable coins like Tether, but to simply track, you know, bank activity and do transfers and these activities using blockchain technology.
[00:17:07] So use it to facilitate and expedite and strengthen the existing framework, not, you know, create a coin or create a token or do what Western Union's doing. I just thought there was a better opportunity and it's a missed opportunity because too many people are focused on yields.
[00:17:25] So who knows what happens there.
[00:17:29] Time will tell. I can't, I'm not. No call to action. Again, I'm spitballing. I'm spitballing. That clarity act is going to have the inverse effect. It will stymie the very innovation that the whole thing is supposed to do.
[00:17:44] Now if there's an. I haven't looked at the thing but if there's some stuff like, okay, you got to do halting, you can only do bankers hours, you get, you know, it's dead in the water, you.
[00:17:57] So hopefully it's not that, but it could be. Right.
[00:18:01] I would advise, I guess this is not a call to action but I would advise you to be mindful of, of how those activities impact your ability to use your existing money.
[00:18:13] Which is the very reason I like cash. I actually just had a contractor working on my electrical.
[00:18:19] Cash was still an option for these dudes, which I thought was pretty interesting, you know, because usually they don't let the regular contractor carry a bunch of cash. You know, talking over a thousand dollars. I didn't mind doing it, but I didn't have full thousand on me because it's hard to find an ATM that can do it. I had to go down to Wells Fargo and even then I don't some. It's crapshoot sometimes they won't do it but I would. I know some of you are anti cash and I, I feel for you because to me cash is the safest unfortunately asset there is it's not your deposits because those can be frozen. What's taken, whatever, you know.
[00:18:59] And so this world of whatever blockchain is just going to make that worse because we already see tether freezing assets and everything else. It just makes it faster to do those things.
[00:19:07] You know, they already can do banks and communication ofac, et cetera.
[00:19:13] Blockchain integration I think makes it easier to do it tinfoil.
[00:19:20] So I'm going to watch a little bit more about what's going on, but I don't think sailor selling is the main driver. I think it's really a culmination of multiple things that are making people nervous. Rightfully so because I haven't bought any either and time will tell. Let's just wait and see again, if you're gonna get into something, treat the red as an opportunity, not a freak out.
[00:19:50] That's probably the best advice I can give, at least right now.
[00:20:01] Sam.
