0:00

After the pre-having run-up to a new

0:02

all-time high, it appears Bitcoin is taking

0:05

a break. It needs its rest. But

0:08

crypto never sleeps. Roger Ver has

0:10

been arrested in Spain for tax

0:12

fraud. CZ has been sentenced to

0:15

prison. People are searching

0:17

for the phrase, buy the dip. We've

0:20

got a bunch of spicy news to cover

0:22

to go with that dip and you got

0:24

us the two biggest dips in blockchain podcasting.

0:26

We're here for this bad news episode number

0:28

724 of the Bad Crypto Podcast. Bitcoin

0:58

is crashing

1:02

today. It's

1:10

not good. It hurts to watch it. I

1:13

love when I go and say, oh, look at my,

1:15

oh, this is so, oh, this is not nice. Oh,

1:17

why is, oh gosh. So Bitcoin

1:19

having wasn't supposed to have our

1:21

portfolio folks, but in some

1:23

cases it's, I think though

1:27

it's good news because it looks like we're trending

1:29

pretty much how it always goes, right? Pretty

1:31

much pretty much is. And let's go ahead

1:34

and take a look at coin gecko refresh

1:36

it right now for the timestamp of 3

1:38

42 PM on May the first of 2024,

1:40

the crypto market cap 2.25 trillion dollars Bitcoin

1:42

57,232 down

1:51

10% the past week. Ethereum

1:54

29 16 B and B 5 48 Solana just under one 30

1:56

XR. P

2:00

51 cents dogecoin

2:02

at twelve point seven and

2:04

ton at 477

2:08

it's it's a you know ouchy. I got an

2:10

ouchy. There's some ones that are up

2:12

and some that are down Let's take a look at the

2:14

big losers first trail. Yeah, take a

2:16

look at those right there. Oh look at core It

2:18

hurts it hurts my core Stacks

2:20

down pretty big down to two dollars

2:22

and nine cents down 23 percent. So

2:24

we're seeing some big dips fetch

2:27

AI down singularity dog with hat which

2:29

should probably not be worth anywhere near

2:31

to Point whatever

2:34

billion two and a half billion dollars. So algebra

2:36

and down So a lot of cryptos a lot

2:38

of projects are dipping and going down But

2:41

as you know as crypto as Bitcoin goes

2:43

so does the other altcoins? So

2:46

some of those are dipping as well, but

2:48

some of those are big. What is that wormhole? What is

2:50

that? Wormhole is I believe

2:52

it's a bridge technology They did they

2:54

did an airdrop not too long ago

2:56

and for whatever reason it's up 20%

2:59

this week and a few others that are

3:01

In the green, but it is mostly red

3:04

and the question you might have is why?

3:08

Why and this article here in

3:10

coin telegraph gives us their

3:12

reasons and of course common sense

3:14

says hey We had a big

3:16

run-up to an all-time high that

3:19

happened pre-having Which

3:21

had the ETF excitement built

3:23

into it. And so of

3:25

course We're going to

3:28

come down after that And in fact,

3:30

it wouldn't surprise me if we saw

3:32

50k in this dip because it's

3:34

not unusual During even bull

3:37

markets to have a 20% pullback

3:39

and we're not there yet right now, you

3:41

know, what's our pullback now? It's about 15

3:45

oh 11% since the having You

3:48

know, what is it currently? Yeah,

3:52

it's around Yeah,

3:56

that's right, they didn't update their goal, let's say 15% 20.

4:00

That's right at 57k. So it's

4:02

57.2. So it's gone down. That's not a

4:05

dynamic number right there. So

4:07

yeah, but historically, you

4:09

know, Bitcoin halvings have been followed by

4:12

a huge, huge rally, right? Well, after

4:14

the 2016 halving, it skyrocketed

4:16

by 3000% in seven months. Now, this,

4:19

this cycle is a little different

4:22

from those past trends, because of

4:24

that strong bull run before

4:26

the halving led by those Bitcoin ETFs,

4:28

right? So we did see some all

4:31

time highs before the halving. So maybe

4:33

our timeframe is actually scootched up a

4:35

bit. And if that's the case, we

4:37

passed the all time high at, you

4:40

know, it's got up to what now almost $75,000 as the new all

4:43

time high. And so we've hit that previous,

4:45

we've hit that previous all time high. And

4:48

now, according to a lot of chart, chartists

4:50

that I've been paying attention to, you know,

4:52

we got nine to 11 months

4:54

remaining of this particular bull

4:56

run. But then again, this

4:59

Bitcoin halving is a little different. So how

5:02

much is the past going to equal the

5:04

future and what we're looking at historically, once

5:06

you've hit that previous all time high, you

5:08

have between nine and 11 months of a

5:10

bull run, right? So no, and

5:12

but typically, that's always happened, where they

5:15

hit that previous all time high about

5:17

six months after that halving,

5:19

with us hitting it before the halving,

5:21

it creates a little bit of a

5:24

conundrum. Well, the world is different now

5:26

to the macro economics, you know, the

5:28

tension around the world wars, the fall

5:30

of fiat currencies, there's just so many

5:33

changes that you can't say, well, this

5:35

is just how Bitcoin operates in its

5:37

own little vacuum, because it's not a

5:39

vacuum. But we do know this, but

5:42

it sucks sometimes. Yeah, every time Bitcoin

5:44

has a 70% or

5:47

greater decline after its all

5:49

time high, we can see the

5:51

percentage rally, you know, 2013, it

5:54

went up 24, 2484%. In the bottom from 2015, it was It

6:00

went up 12,800% after the 2020 bottom, 1,692% from the bottom. And

6:07

right now, we're at 347% rally. There's

6:12

a lot of room to go, but

6:15

if you look at this every time

6:17

it bumps up, there's a pretty significant

6:19

pullback each time. And so we have

6:21

not yet seen, in my

6:23

humble opinion, the real run yet,

6:26

nor have we seen the true

6:28

impact of the halving, right? That's

6:30

going to take some time for that

6:32

to happen. And there

6:35

is a new plan B video that just

6:37

came out, Travis, and this is the guy

6:39

that I was telling you that I want

6:41

to get onto the podcast.

6:43

He uses the stock to

6:45

flow model, and

6:47

religiously, he says, the

6:49

red dots are where

6:51

the true bull run

6:54

happens. And then

6:56

when the last red dot hits, that is

6:58

your cell. And if we just look

7:00

through his video, and Ford

7:02

right now, he's tracking to right here.

7:05

He's saying, so here's the blue dots,

7:07

and the darker the blue goes, the

7:09

closer you're already going to dark red.

7:11

And so we are still at where

7:14

it almost the darkest blue dots, and

7:16

then it says it's going to turn

7:18

red. This is what happens every time, and

7:20

look at it. Ba-ba-boom. Here you go to red. Ba-ba-boom.

7:24

Here you go to red. That's what?

7:26

Red's coming. And- Ba-ba-boom.

7:28

Ba-ba-boom. So I really, plan

7:30

B, if you're listening, we want you to come on the

7:32

show. I know you like to stay anonymous, but I want

7:34

to talk about this. We've

7:37

got a link to this video

7:39

in the show notes. It's only

7:41

12 minutes long. I recommend that

7:43

you watch this each month when

7:45

he comes out with them. Show

7:47

notes are at badco.in/724 is

7:50

where you will find them. Mm-hmm. Yep.

7:53

And this is, if you like statistics, you know

7:55

how- I do. I like

7:57

statistics. You like statistics? I do. that

8:00

since 2013, the major declines of 70% or

8:02

more. If you

8:04

like to do this, you want to actually go to

8:06

that link there on trade that swing, do that thing,

8:08

trade that swing. And so they've

8:11

experienced, you know, Bitcoin's had huge

8:13

rallies with

8:15

an average increase of 3,500%. The

8:18

minimum rally was 100%. Maximum

8:20

rally was 12,800%. Now

8:23

we're not in the low, low prices anymore. So if you're

8:25

doing 100%, 200%, 300%, every

8:28

time that's happening on Bitcoin, like from where we

8:31

are right now at $57,000, we

8:33

do another, we double that up. We're sitting at what,

8:36

$114,000? So

8:38

it's like 100% increase isn't as much now,

8:40

right? So we're not going to see those

8:42

big, big numbers, but because we're dealing with

8:44

big, big valuations of these.

8:46

And so this right here talks

8:48

about the frequency and duration

8:50

of the market phases. Bitcoin tends to, you

8:52

know, do that decline of 70% or more

8:55

for about a little over a year

8:58

and a half. And the bull runs on average

9:00

are about 12 months. Bear markets

9:02

last about nine months. And so

9:04

this one seemed to last a long time,

9:06

this last one, but yeah, so here it

9:09

is, it goes on, it goes up, it

9:11

goes down. So it looks like we're right

9:13

in that bull marketplace. It says we have

9:15

12 months. I think historically we have between

9:17

nine and 11 months. So I think by

9:19

the end of the year, not financial advice,

9:22

by the end of December, early January, I

9:24

think we're a year ahead. Like

9:27

normally it would last all through 2025, but

9:30

I don't know. It just seems to me that since

9:32

we had that ETF pop the price,

9:35

maybe a little prematurely, historically speaking, that

9:37

it might've moved the whole bull run

9:40

up. But then again, who

9:42

knows? So those ETFs are

9:45

seeing outflows right now. There's not

9:47

a big demand for people buying

9:49

them. I know that

9:51

some of them, I think it's BlackRock

9:53

that is not selling, Grayscale has been

9:56

selling. BlackRock is not, they're saying we

9:58

are not selling our bull run. Bitcoin,

10:00

at least that's what I heard through

10:03

some video that I watched today. Most

10:07

of the sales people are not clamoring

10:10

to buy at this moment. They are

10:12

fearful. In fact, as we are right

10:14

now, Jay Powell

10:16

is supposed to be speaking from

10:19

the Fed here in any minute to tell

10:21

us what they're going to do with interest

10:23

rates. By the time this show comes out,

10:25

I'll tell you if

10:28

they are not cutting interest rates

10:30

or if they raise them, then

10:32

you can expect the markets to

10:34

go down, both traditional markets and

10:36

crypto market is going to react

10:38

negatively. If they say that they

10:40

are keeping the rates the same

10:43

and that they are dovish, that they're

10:45

looking towards the future with that

10:48

they will be lowering rates here this year,

10:50

then I would expect we'd see a little

10:52

bounce back. If for some crazy reason they

10:55

say they're going to cut rates, then I

10:57

would expect us to bounce back hard. That's

11:00

what she said. Let's see

11:02

what happens because I'm prognosticating

11:05

here before he

11:07

speaks. That's going to happen probably

11:09

even while we're still recording, Trev.

11:12

Right. Take a look

11:14

at this. Joel, I'll just set you a

11:16

link over in Signal about the fear and

11:18

greed index. Go ahead and pull that up

11:21

because it's interesting. We should probably cover this

11:23

each week because the fear and greed index

11:25

really showcases what's going on with the volatility

11:27

and social media and market momentum. Right

11:30

now, we're sitting at about 50% greed, 54% greed yesterday, 67 last

11:32

week, 72. You

11:37

can see here historically on this chart what the

11:39

fear and greed index has been. We've

11:42

been in a very greedy

11:44

area and it looks like we're probably going

11:47

to start dipping into some fear as we're

11:49

moving along here before it starts popping off

11:51

again. Look at that compared to

11:53

where it was before. We

11:56

hit greed way before

11:58

we would normally hit. it. It

12:00

started back in November of

12:02

October of 2023, a fear index of 53.

12:04

Then it got up to like, it

12:08

was an extreme fear, extreme greed. I was looking

12:10

at this like 99%, 100% greed. And you're like,

12:15

dude, typically when you're at that

12:17

high level, that's a good indicator that the market's

12:19

about to go down. And I should have followed

12:22

my instinct and sold some, but I didn't because

12:24

I'm greedy, Joel. You

12:26

greedy little monkeys out there.

12:29

A bunch of greedy little monkeys. Something that

12:31

didn't move the market, at least

12:33

in a broader sense, is

12:35

that Hong Kong debuted its

12:38

first Bitcoin ETF. That is available now

12:40

in Australia, mate. They're going to put

12:42

an ETF on the bobby. That's going

12:44

to happen here pretty soon. They're poised

12:47

for approval. And so that little kangaroo,

12:49

if you're watching the video version, is

12:51

standing on the beach waiting

12:54

for his Bitcoin ETF to be approved.

12:57

Yeah, he's waiting and waiting. And so there

12:59

you go. So Hong Kong, they launched theirs

13:01

in just a couple of days ago, right

13:03

yesterday. Yeah, on the 30th of April. So

13:05

they've launched theirs, Australia, they're

13:08

prepping for a Bitcoin

13:10

ETF. So more and

13:12

more countries are going to launch

13:14

a Bitcoin ETF. And

13:17

then, you know, they're already talking

13:19

about Ethereum ETFs, like BlackRock is

13:21

thinking about that. They're going to

13:23

launch their Biddle fund.

13:27

So there's a lot of stuff that's going on with these

13:29

big companies and how long have

13:32

we always been? Hey, we need to keep

13:34

money away from big banks and this is

13:36

to protect ourselves. And now we're all going

13:38

in and just like stroking BlackRock

13:40

and be like, yeah, give me that

13:43

big BlackRock. Let's get our cryptos up,

13:45

baby. Retired of the crypto bottoms. Speak

13:47

for yourself. I am not stroking anybody's.

13:50

Quit stroking the big BlackRock. Meanwhile,

13:54

guess who is buying the dip? Microstrategy.

13:58

They Now have. Percent

14:00

of the total circulating

14:02

supply of bitcoin as

14:04

two hundred and Fourteen

14:07

thousand Four hundred bitcoin.

14:09

Which. Is which is crazy that so

14:11

much for a private of for warming

14:13

their public company but for a company

14:16

to what own I imagine airlock agree

14:18

or yells number black Rock's I would

14:20

imagine there like are get more Not

14:22

like Rock actually has surpassed micro strategy.

14:24

Last time I saw they had i

14:26

think two hundred and forty. Or

14:29

thousand bitcoin Blackrock get. In

14:32

so you think about it to promote to

14:34

plus percent. Of Bitcoin.

14:36

Is. Owned by a couple of big

14:38

projects and that's how you know gang.

14:41

That's how you know when you see

14:43

that the big boys are holding the

14:45

big bitcoins. I don't think that they're

14:47

not going out there. You know, work

14:49

to run this thing up. Now for

14:51

a second. Added absolutely. they're

14:53

going to do that. And and people

14:55

are curious their dip curious Travis by

14:57

the depths Searches jump to a two

14:59

year high as bitcoin falls to monthly

15:02

low. So people are going on and

15:04

look and say what is that? What

15:06

is this by the dep? You know

15:08

that is that Like yet, do get

15:10

with a bag of chips. Do get

15:12

the the Dep. Has. At work out

15:14

there. Talk about the back of deputies gifted

15:16

Char the day up. Yeah, yeah. Or

15:19

at least creep, those are good man I

15:21

love him. Allows Mason creeped as yes so

15:23

that. That does Tell you though I people

15:25

are people have learned by the debt what

15:27

does that mean Our guy So bitcoin fauna

15:29

fifty seven that that's a great price for

15:31

Some people are oh my god's way better

15:33

than buying it. And seventy five thousand. Rights.

15:36

Group drivers up Crypto goes down. People are

15:38

talking about bitcoin gonna hit Hundred and Fifty

15:40

Two hundred thousand and as moron, fifty seven

15:42

thousand. Really good deal. that's what you believe.

15:45

Absolutely not. Financial advice to

15:47

your own. due diligence. Stripe

15:49

is resuming crypto payments starting

15:52

with Us D, C, U

15:54

S Dc, stable coins on

15:56

and numerous block chain say

15:58

are once again. When customers

16:00

to accept crypto payments. It's been

16:02

six years since they said no

16:05

to that and are here we

16:07

go again. The you know that

16:09

the prices go up, the prices

16:11

go down, but adoption should tell

16:13

you the whole story. It's not

16:15

like tomorrow. All of a sudden,

16:18

all of these companies that are

16:20

vested in bitcoin and blockchain technology

16:22

to go up. We changed our

16:24

mind. we're all going orchestrate and

16:26

all shut down right now. And

16:28

that Bitcoins over. That's that and I

16:31

can to happen gang. Not. Gonna

16:33

happen. Yeah, so true. So the

16:35

Stripe cofounder John Carlson yeah, I

16:37

was at the Connect Developer conference

16:39

in San Francisco's talking about that.

16:42

the integration of stable coins So

16:44

you know Bitcoin Salon, a theory

16:46

and polygon. those ah you know

16:48

if they're going to begin you

16:50

re accepting payments across as But

16:53

starting with us, Dc Stable Coins

16:55

is not the the Native token

16:57

because those are so volatile right?

16:59

And so now that we're in

17:01

have like. That the stable coins

17:04

are you know, not as vile

17:06

father's the other white more stable

17:08

so that would make sense. They

17:10

should have. You know, most all

17:12

payment solutions providers should be accepting

17:14

at least those or. That

17:16

the. Ability to. I'm going to transfer

17:18

you Bitcoin but it gets converted to A

17:20

you as D C are you as the

17:23

T as they've appointed some sort that would

17:25

be a viable solution as well. so we

17:27

to be taken. Bitcoin directly.

17:29

There's a way that some retailers and

17:31

again except it not feel that risk

17:33

because what What happened to always his

17:36

pager? Ten grand in Bitcoin oh my.

17:38

Bitcoin was sixty, some thousand outfitted the

17:40

i only have that nine thousand dollars

17:42

as my good seal and in twenty

17:44

eighteen they decided to. that says that

17:46

you know lack of a due to

17:49

it's volatility. let's have sued buildings means

17:51

of exchange. Stripe halted support. But I'll

17:53

tell you what. I just got back

17:55

from a for measuring Columbia and I

17:57

found a crypto. Cafe there on the street.

18:00

Walked in and there was a little

18:02

a T M and I put in

18:04

one hundred thousand pesos which is about

18:06

twenty five us dollars and scan the

18:08

Qr code on my lightning wallet in.

18:10

instantly there was my bitcoins. Ah,

18:12

Superfast worked great, are fast the that's

18:15

good. That's what we needed is that

18:17

to be quick Because. While. You

18:19

want to stand there for an hour

18:21

and wait for your with validation to

18:23

come through my eyes. Finally ready right

18:26

now of good eye on white lightning

18:28

makes it more suitable Army well former

18:30

guest on the show Bitcoin, Jesus and

18:32

Big Big. Trouble. He

18:35

has been arrested in Spain

18:37

and now faces extradition to

18:39

the U. They are claiming

18:41

that he evaded nearly fifty

18:43

million dollars in taxes As

18:45

in his criminal charges include

18:48

mail fraud, tax evasion, and

18:50

filing. False. Returns hour

18:52

and a while he took while he

18:54

sold a bunch of bitcoin. Allegedly I'm

18:56

a lot of the bitcoin that he

18:58

never reported was in one of his

19:01

companies. And. They're saying that he

19:03

did not report that either, that he

19:05

cared about. I want to say seventy

19:07

thousand of his hundred and thirty thousand

19:10

or so bitcoins and dubbed he a

19:12

He And he's in Doogie. So.

19:16

Yeah, I think what's interesting about

19:18

this because didn't he. Renounces.

19:20

Us citizens. He did he. He got

19:23

a Saint Kitts passport. Yeah. And

19:25

so he's got a different passport. He

19:27

renounced his Us. Affiliation

19:29

right? But but he repay

19:32

the exit tax. Ah, Well

19:34

that that I wonder. It's because he had

19:36

the bitcoin before he renounced and so that

19:38

I always under Obama for your enough but

19:40

he didn't sell it before his old an

19:43

average he renounced. ah million

19:45

on not exactly sure of exactly

19:47

know he he says they're took

19:50

control of roughly seventy thousand and

19:52

bitcoin in june twenty seven teens

19:55

and sold many them for two

19:57

hundred forty million so i'm not

19:59

sure when He renounced exactly, but

20:03

he's in trouble. The dude's in trouble. And

20:07

we'll see what happens. So he was

20:09

involved in another controversy too, at the

20:11

crypto investment platform CoinFlex. That claimed

20:14

he owed them 47 million. And

20:16

so he's not commented on any of those.

20:19

And Dan

20:21

Held, which I love Dan. We

20:24

had him on the show once upon a

20:26

time. Yeah, Dan's been on the show. So

20:28

he said he accused him of actions that

20:30

negatively impacted him personally and claimed Ver almost

20:32

caused significant harm to Bitcoin. So when you

20:35

got somebody like Dan Held out there talking

20:37

shit on Roger Ver, then, you know, wow,

20:39

that's interesting. So I don't know how this

20:41

is gonna play out. I know they're probably

20:44

gonna say, hey, I renounced my citizenship. And

20:46

they're gonna be like, well, too bad. You

20:48

didn't pay an exit tax. I don't know

20:50

what that all is, but it

20:52

seems like, you know, ah, there

20:55

goes SBF. Oh, there goes,

20:57

you know, CZ, which

21:00

our next news article will talk about that. They're

21:02

starting to pick off the top people in crypto.

21:05

Seems like, Joel. Yeah, so I just did

21:07

a quick search on this here. And you

21:09

can find on, I

21:11

came up with greenbacktaxservices.com. There you

21:14

go, not a sponsor of the

21:16

show. US exit taxes, the price

21:18

of renouncing your citizenship. And it

21:21

talks about any outstanding taxes

21:23

you might have here. What's

21:27

covered, if your net worth exceeds

21:29

$2 million when you

21:31

renounce, you'll be considered a

21:34

covered expatriate and then they

21:36

will total up your belongings and

21:39

treat them as if you sold them all

21:42

on the day of your expatriate, of

21:46

the day you leave. Yeah,

21:49

sell out of here. And then you gotta

21:51

pay. There's a way to calculate

21:53

it. And it's probably not cheap because

21:55

the government is going to

21:58

get their piece. matter

22:00

what. So yeah, you mentioned also the money

22:02

out of thin air, it doesn't exist, they

22:04

print it out of thin air, they tax

22:06

it with money that didn't exist out of

22:08

thin air. Every time

22:10

you buy something they get a little extra

22:12

money. Oh and if you borrow some money

22:14

that didn't exist out of thin air, then

22:16

you got to pay interest on that money

22:18

that didn't exist out of thin air. And

22:20

what I'm curious is the US government owes

22:22

about 34 trillion dollars, like when's somebody going

22:25

to come after them? Yeah, that's not going

22:27

to happen. And why if they can print

22:29

money on demand, why do we pay taxes?

22:31

So it's a question that needs to be asked.

22:33

Like there were 34 trillion dollars in debt, it's

22:36

not because people aren't paying their taxes. You can

22:38

ask it, they're never going to answer it. Overpaying

22:41

for people who can't even be fired. Like

22:44

the government is so big, it's such a

22:46

big octopus with all these tentacles now and

22:48

with people who are unfireable, like do

22:51

we know how the story ends? I think the

22:53

burning of Rome has commenced folks. Burning

22:56

of Rome has come to speak up. So

22:58

negative. Yeah, sorry about that.

23:01

Former Binance CEO CZ has been,

23:03

he has been sentenced to a sort

23:05

of original comp for four months in

23:07

prison, which is way less than what Sam

23:10

Bankman fraud did, right? So that's

23:12

going, the sentencing is going to take place

23:14

in the US District Court, it did, in

23:17

Washington and he's

23:19

gonna have to, he basically

23:21

committed, he said he was guilty in

23:23

November and then I don't know, they,

23:26

I don't know when he's actually gonna go into, into

23:28

prison or when he's gonna turn himself in but seems

23:31

like... Another former guest on the show,

23:33

Trav, we didn't do it. We

23:35

were not advisors for them. No. Right?

23:38

So none of these projects... He would have

23:40

advised him to work within the

23:42

letter of the law so that he wouldn't go to prison.

23:45

Dude, anything is, he tried to do it, it

23:48

seemed to me. Like, alright, we're not gonna do

23:50

business in America, we're just gonna do Binance.us and

23:52

Binance US is kind of like Robinhood at this

23:54

point. America is making it all hard, hopefully, you

23:57

know, I don't know. This is kind of

23:59

funny. A year ago on May

24:02

the 4th, he tweeted this, May the 4th be

24:04

with you. He's

24:06

got four months in prison now. Yeah. Yeah.

24:10

Man, that script doesn't look pretty. Isn't

24:12

it ironic? That's what I'm thinking.

24:14

He's tweeted out there, I'd like to thank everyone

24:16

for your care and support, be it writing letters

24:18

showing support on X or any other forum. They

24:20

all mean a lot to me and keep me

24:23

strong. I'll do my time, conclude this phase and

24:25

focus on the next chapter of my life which

24:27

is education. I'll remain a passive investor and holder

24:29

in crypto. Our industry has entered a new phase. Compliance

24:32

is super important. A silver lining

24:34

of this whole process is that Binance

24:36

has been under the microscope and funds

24:38

are Saffu, protect users. So

24:41

it'll be a quick four months for him. I

24:43

mean, nobody enjoys that but

24:45

he'll be back and

24:48

I guess he got off a lot easier than

24:50

what they were recommending because they were recommending three

24:52

years for him. Mm-hmm. Yeah,

24:54

they recommended three years and he got four

24:57

months. So that's a kind

24:59

of a quiet victory for him. So

25:04

speaking of government, turns

25:06

out the SEC has been investigating

25:08

Ethereum for over a year based

25:11

on a complaint that

25:13

was filed and that consensus

25:15

has discovered. So they've been

25:17

building a case against

25:20

Ethereum saying that

25:22

it's a security, not a commodity.

25:25

And I'm not sure if this

25:27

helps their case or not. The

25:29

fact that they've secretly been building

25:31

this case, it's like why? This

25:33

shouldn't be that difficult to

25:35

figure out. Right. Well,

25:39

it's such a weird thing because Ethereum is

25:41

such a highway, right? It's like everybody has

25:43

built so many tokens on top of Ethereum.

25:46

And so that was one of the things

25:48

that I was thinking about was like, well,

25:50

if Bitcoin has been ruled a commodity and

25:52

it has and now L2s are popping up

25:54

on top of Bitcoin and people are able

25:56

to create BRC20 tokens on top of Bitcoin

25:58

protocol, like. So what

26:00

happens if it's a commodity and you're building

26:03

the coin on top of a commodity, does

26:05

that make it more safe? I think it depends

26:07

on what's actually happening with the token. Is

26:09

it a security or is it a utility? And

26:12

then what's going to happen to all these

26:14

ERC-20 tokens? If

26:16

this is declared a security, then every

26:19

token is built on top of ERC,

26:21

an ERC-20 token? Is

26:23

that a security? By default? Like what ends up

26:25

happening on this? It's going to be wild to

26:27

think about. So consensus is suing the SEC, as

26:30

we mentioned last week. They're saying either

26:32

it's not a security and that the

26:34

investigation is unlawful and they're saying that

26:36

the SEC has plans to target the

26:38

company because of MetaMask. Securities

26:40

regulators are saying MetaMask is a

26:43

broker-dealer. I don't understand all

26:45

of the, you know, how the transactions,

26:47

how they look at that legally because

26:50

I don't think anybody's actually ever

26:52

taking possession of our funds with

26:55

MetaMask to be a broker

26:57

or a dealer. It's all

26:59

code custody. And

27:01

then as we enter this AI world,

27:03

which we're in deeply, crypto

27:06

is going to be what AI is using to

27:08

pay one another. So what are we going to

27:10

say that if you're using AI, then it's a

27:12

broker-dealer too because but it's

27:14

code, code managing code. And

27:18

I mean, whenever I'm going on MetaMask and

27:20

I swear to swap something on there, or

27:23

if I log in through my account

27:25

and then go to, you know, Uniswap

27:27

and I'm swapping, I'm dealing

27:29

with code to code. I'm not, I'm

27:31

not nobody's, there's no intermediary. So what's

27:33

happened is, is the SEC

27:36

is stuck in 1980s

27:38

mindset and they're

27:41

trying to regulate 2020's business

27:43

and it's not working. It's not, it's

27:45

not, and it's so crazy. We see

27:47

all these companies leaving America. They are

27:49

literally killing future innovation in

27:52

this space. It makes no sense.

27:54

I know,

27:56

we're murdering. You know,

27:59

it's, it's so interesting. Imma after being and

28:01

medicina went to the the Pablo Escobar

28:03

a museum there and Sin Gal tour

28:06

and saw one of his airplanes and

28:08

just learned a lot about his life

28:10

and now I'm watching a tv series

28:13

on watching and spaniels because the guy

28:15

their said you watch in our coasts

28:17

and I said i haven't but some

28:20

of our group had he said it's

28:22

shit it's horrible. I. Guess it's

28:24

entertaining, but it's not. It's not

28:26

factual enough. He said watch this one

28:28

and that's a seventy two part series

28:31

On that one all kinds of awards

28:33

and South America and I'm about twelve

28:35

episodes or a yes on Netflix said

28:37

says look up Pablo Escobar you'll find

28:39

the series L L a pat on

28:41

the mas his eyes when it's cause

28:44

and it has English subtitles English subtitles.

28:46

Yeah so and I'm it's helping out

28:48

he was a reading this from original

28:50

comrie. Okay with that helping me brush

28:52

up on my spans. you know I

28:54

watch almost everything was subtitles. Now you

28:56

know it's it's is may it's. It

28:59

helps with the clarity what's being said or

29:01

of my hearing's network it used to be

29:03

in so I know you're if if if

29:05

if multi modal you're getting your guess what

29:07

you're hearing it and you're reading it. Yeah.

29:10

Yeah so I like to say they are all

29:12

my on the other podcast with the other show

29:14

that I'm doing was Purple Technologies. I put. Captions:

29:17

On every another video it's an hour

29:19

plus. Mom and I want to be

29:21

the captain's look cool and are you

29:23

know rely on you tube to do

29:25

their little shitty small ones. I want

29:27

to make them look cool Friday more

29:29

more content that has that nice nice

29:31

will sometimes over it makes more sense.

29:33

So my point and I do have

29:35

one is that watching it and the

29:37

and seeing what's his life was like

29:39

armed and in. It. makes you

29:41

wonder like for so he was a

29:43

criminal no question about it a brazen

29:45

criminal he was at one point armor

29:47

brought in eighty percent of the cocaine

29:49

that came into the united states eighty

29:51

percent he was bringing finish that amount

29:53

of so there's gotta be is there

29:56

there's a talk about the sort of

29:58

deep web on op's of it Was

30:00

he working with somebody in the CIA? I know

30:02

that we're not that far yet. I'm

30:05

not that far yet. But the

30:07

tour guide, and I'm not sure if this number was accurate, the tour

30:09

guide said he was bringing in $125 million a day at one point.

30:15

But my point is

30:18

that at the same time, he

30:20

took his money and he made

30:22

a huge difference for the people

30:24

of Medellin. He rebuilt entire kamunas

30:26

that were slums that the government

30:28

neglected. He built these up for the

30:30

people and he gave a lot of money back. He

30:33

didn't like being called Robin Hood though because

30:36

he didn't see what he was doing as

30:38

stealing. But I look at our government now

30:40

and they're totally, they totally steal

30:42

from us and they use it to line

30:44

their own pockets and whatever they want and

30:46

there's different levels of criminality. Give it to

30:48

other countries like the US. Yeah, we don't

30:50

protect our border but we want to give

30:52

lots of billions to other countries so they

30:54

can work on their border. Yeah and we're

30:56

paying billions of dollars for wars that don't

30:58

involve us and it just makes you go,

31:00

hey look, there's a lot of criminality

31:03

out there and it takes different forms. 70%

31:05

of our Congress and senators have dual passports

31:08

to other countries. Where is their

31:10

allegiance really lying? It's not to us,

31:12

not to the US. But

31:16

one thing I do love about that museum, that

31:18

Pablo Escobar Museum, is the complimentary cocaine you get

31:20

at the end of it. It's really nice. A

31:23

couple of sniffs. You're

31:25

a great cocaine right here. Cocania.

31:28

They didn't, him nor his

31:30

buddies, his cohorts, nobody did

31:32

coke. They're like the Americans

31:34

are so stupid for sniffing

31:37

this crap. Don't get high on your own supply.

31:39

We learned that from Indesk. Dope

31:41

man, dope man. So

31:43

the government might not be loyal

31:45

to us but we're loyal to

31:47

you coming up on seven years

31:49

of badness this July and we

31:52

still love you guys. Thanks

31:54

for, especially if you've been with us from

31:57

the beginning, we really appreciate

31:59

that. the show, we

32:01

welcome to the Republic of

32:03

Bad Cryptopia. We hereby deputize

32:05

you to listen to

32:08

the show, to tell us about it, to review.

32:11

Check out Travis's show, Spiritual

32:13

Technologies, at

32:17

www.spiritualtech.io. I

32:19

think if you type in Spiritual Technologies in YouTube,

32:21

it should pop up. I think it's spiritual underscore

32:24

tech there. But what was funny was

32:26

the very first episode I did, it was

32:29

with Dr. Edward Group and it got censored

32:31

by YouTube in less than 45 minutes. And

32:34

so I put it on Rumble too. So I

32:36

got the controversial ones that all of them

32:39

are going on both platforms, except the ones

32:41

that are controversial, then they only go on

32:43

Rumble. As they should also just put them

32:45

up on GoToOdyssey TV and connect your YouTube

32:47

account. And that's decentralized, so they'll never get

32:50

taken down from there. And it'll do the

32:52

same thing as on Rumble where it automatically

32:54

imports your stuff. Good

32:58

deal. Thank you so much. And as always,

33:00

I appreciate you guys and make sure that

33:03

you are very truthful when you say

33:10

bad. The

33:23

Bad Crypto Podcast is a production

33:25

of Bad Crypto LLC. The content

33:27

of the show, the videos, and

33:29

the website is provided for educational,

33:32

informational, and entertainment purposes only. It's

33:34

not intended to be and does

33:36

not constitute financial, investment, or trading

33:38

advice of any kind. You shouldn't

33:40

make any decisions as to finances,

33:42

investing, trading, or anything else based

33:45

on this information without undertaking independent

33:47

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33:49

professional financial advisor. Please understand that

33:51

the trading of Bitcoins And alternative

33:53

cryptocurrencies have potential risks involved.. Anyone Wishing

33:55

to invest in any of the currencies

33:58

or tokens mentioned in the video, please

34:00

do not hesitate. on his podcast, should

34:02

first seek their own independent, professional financial

34:04

adviser. You. May be.

34:07

All of them any my. and if you

34:09

haven't listened to the previous episode makes very

34:11

start at one and just. Yeah

34:13

to start. Now come on would you

34:15

don't slack of seven years of was

34:18

having some parts, how much time as

34:20

active on average each episode about forty

34:22

five minutes and seven hundred some last

34:24

the two hundred, some other we did

34:27

I ceo interviews and starves as I

34:29

were were close knit are thousand and

34:31

stance forty five minutes. so you know

34:33

you gotta see a lots as forty

34:35

five thousand minutes worth of listening enjoyment

34:38

or that that's that is a pleasure

34:40

for anybody. Good Belkin was never the

34:42

less you. Know what else but it's more

34:44

we speak next. In the next episode comes out

34:46

I will have had a milestone. Yes,

34:49

Are you will have Yeah Well next

34:51

time we do the show I will

34:53

be sixteen years of. Sliders

34:57

you can. What? My.

35:00

Gonna do. We started to show your only

35:02

fifty three I know. And you got

35:04

your birthday coming up this months to. The

35:06

Up: The answer for the one with

35:08

his grace is it is ten or

35:10

whatever you bastards you need to go

35:12

shoppers. You dangers know Happy Birthday old

35:14

Bastards! You

35:17

feel like the guys on the Muppets

35:19

what were their names the to do

35:21

not have else guys as of up

35:23

excuses. As to

35:25

whether name's Harvard book as up in the

35:28

balcony or I favor guys. They.

35:30

Always have smart as if to say that

35:32

reminds us is us Muppet, Old Statler and

35:35

Waldorf. Okay, very nice as

35:37

Statler and Waldorf are to disagreeable

35:39

old man rounding out the core

35:41

group. Of the i'm afraid we said

35:43

we should do so though at one enough see

35:45

the weakside weapon that last one from the bitcoin

35:47

having I never made a smaller so we gonna

35:50

make it smaller than will rob that one. Out

35:52

of a good but we subsequent birds

35:55

your and I as Muppets as Statler

35:57

and Waldorf Muslims versions of us that

35:59

we. I'm good. All right. Stay

36:02

bad. I guess you're still listening. Stay

36:04

bad. I used to fucking shit. I've already been staying bad by

36:06

now. Jesus. Why are you still listening? Turn

36:09

it off. Go to the next show.

36:11

Why are we still recording? Are we done?