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What's up guys hello, hello. Hello
This is Tina founder of boomerang and co-host of this weekly space joined as always by the great altcoin daily
Tonight we're going deep down the rabbit hole of crypto
Conspiracy theories. This isn't just any space
We will talk about the unspoken say the quiet part out loud the vibes might get cold
But the theories will be hot grab your detective hats one conspiracy at a time
Erin are you ready to break the matrix? Oh
My gosh, what an intro we're doing here. I'm ready to make I'm ready to break the matrix
you know, people are realizing more and more that the matrix entraps us and people don't know a lot that
You know sometimes what you think is a conspiracy. It just takes about six months to a year until you find out it's true
So yeah, I'm ready Tina. I'm ready to get into this, right? I love that. I'm excited fun topic
You know, I think we do live in a world where we're constantly being lied to by governments media big pharma big tech social media
And almost any source of information we have is kind of biased in a way
So it's fun to entertain your mind explore different possibilities, you know, just be aware make up your own mind. So
Everything we discussed today is going to be pure theories and speculation
So join us request that if you have juicy theories not just you know
Oh, I think Satoshi is a woman, but you know good juicy stuff. That's backed maybe by a little bit of evidence
I've also invited some of my paranoid friends to share their thoughts as well. I see Seth
Getting up here action. Michael Jay crypto should be coming through. So welcome guys. Great to have you as always
Erin should we do want to give us a little rundown of what's happening in crypto right now before we get into it. Whoo
You know retweet this space engage with this space and if you want to come up later
Definitely retweet engage because we'll be looking at that to bring people up or if you have a question
You know ask it under the space and we'll be answering your questions. But as far as what's going on with
Cryptocurrency with Bitcoin. I mean, I'm just about to drop a video on the YouTube channel, but I don't know Tina
Are you feeling bullish or bearish at the moment?
Well, let's be real the market feels a bit bearish right now, but I'm bullish and bullish long term
I don't care about these little pullbacks. I think these are just great opportunities for me to you know, secure my bags
So I'm not scared of these little pullbacks
But I know the market's been red and I think it has a lot to do with the FOMC meeting that we had yesterday
You know, I think people kind of really took what Powell said
And not a good way. And yeah, so I'm I mean, we'll see where it goes from here, but I'm always bullish Aaron. Oh
My gosh, I love it, uh, perhaps I mean this was a little unnerving to me
I don't know if people know who Chris Berninski is. He's you know, known guy in the crypto and traditional finance space
I believe he's axe arc invest
You know some other stuff definitely uh, you know reputable person in the space who has something to lose by
You know saying, you know certain controversial things. No, I don't know if this is a controversial
I don't know if this is some great conspiracy
But he just put out a long post saying hey, I think people are too drunk on
Post ETF hype. I think we have lower to go in the next and I want to be clear here
I'm long-term bullish too
But he's talking about like going into the halving like sometimes there's a dip before the halving and he's going and you know
Right now bitcoins still over 40k. He says that
35k is likely and perhaps even in the mid-20s to high 20s and
That kind of coincides with you know, just other things like, you know, Fibonacci is a popular
Technically Bitcoin did touch a Fibonacci point and you know
If you are to presume that it then retraces to what is supposed to retrace in every cycle
It has got back to this level. We would see Bitcoin back at 35k
So, I mean, I guess the the update on the market right now is that
In the next one two three months. We could be seeing a 35k Bitcoin and according to Chris Berninski
We could be seeing a 25k Bitcoin. I don't know if people want to give their thoughts on this
Yeah, sure first off thanks so much for holding the space you guys
I love being here. Thanks so much for having me on stage as well
But as far as as far as Berninski's yeah his take on it. I am largely aligned with that
I've thought that we have that we have to see a little bit more of
We have to see a little more of a sell-off
There's these are weird weird markets, right?
I mean where you see volume going through various assets, but you don't see you don't see retails quality of life improving and
Yeah, I seem to have a lot of false positives for for the bullish sentiment that everybody else has and
We had two two very obvious demonstrations of a sell the news event with the ETF first the fake
tweet right the the false start of the tweet from the SEC that Gensler claimed was you know hacked or whatever and
we saw the immediate market response of a sell-off and then when it was actually announced right the proper announcement that the
The valid right genuine announcement from the SEC. There was a sell-off now. Did we recover? Of course?
Yeah, we recovered but but it hasn't been off to the races
It hasn't been that parabolic run-up that some people were preaching and pre-prophesying right? Oh the ETF will solve everything for sure
Institutional money will come pouring in at the you know at the passage alone let alone you know
It's finally implemented the passage alone will open the floodgates and then we're all going to the moon
didn't play out and I think that I think it's because of some of the other weird market signals that the rest of equities and
showing which is to say that
There's a there are bull traps everywhere
I think there are bull traps everywhere and the economy hasn't fully paid its due to the debasement of the US dollar
So there are some problems with with Bitcoin running up right now
Until we until we settle some of those problems with the debasement of the dollar
Right and the uncertainty of dollar versus euro versus now bricks
I think that there there are other
Problems that need to be solved and then like Berninsky is saying whatever that bottom support is if it's you know
If it's high 20s or low 20s, whatever or if it's just a little bit dipping below into the 30s somewhere
Yeah, we have to see that that correction in the just the unit of account and in the debasement of the currencies
And at that point, yes, we can properly evaluate what bitcoins real price is
Denominated in fiat currencies that are there maybe a little bit less shaken up and then I think we can build from that point
But I think that we have some much larger problems than just right now even the passage of the ETF
You're putting a cool on the line for this one, huh?
Honestly want Bitcoin to go to 13,000
I know everyone's gonna angle
Well, there has been times during like if you remember in 2018
This is it wasn't on coinbase, but it was on I think it was bit max
Had a brief moment to where a theory on touch $9 and I was one of the ones that purchased
I basically had a limit order at $10 and I had it at 10 50 100 200 and everything dude. It hit I
Put $20 in that position and I was like, there's no way either. I'm just gonna hit
$10 at all no way and possibility that this is gonna happen exchange API messed up and I
Literally, right it went right back up to a theory was at 600
I mean it was a hundred X right off right off of that portion by just an API integration
So I think that in terms of like the macro with like all the ETFs and everything coming in
Yes, it's gonna be a little bit harder to kind of push it down to 13 K
but I also look at it in terms of the kind of like the macro environment of
You're looking at cryptos commodities. You're looking at international ever grande
You're looking at bankruptcies across multiple banks that are happening as well. I mean
If the if the countries don't post a bailout portion
Which I think that they're gonna have to do because the economy is struggling way way way too much
If they're posting out a bailout portion, it's just gonna have a crazy amount of volatility and it's just gonna skyrocket us, right?
If they don't there could be a flash crash portion and then they're like, hey look everything crashed
We need to make sure we prop it back up
So like you look at like black swan events like every single time that has happened in crypto
It has already had like major effects of like some policy is happening something's going on in the background
That is gonna prop up the markets gonna push you back up
You look at like the financial crisis in terms of how Bitcoin was started
It was started because like we were getting tired of the system that was not rewarding us and being it being to where it's gonna
Be taking away value from us slowly
Through inflation now inflation is a good and a bad portion, right?
Inflation shows that it's going to be a good side of growth of an economy and it shows that you know
More demand is coming in but in terms of like an infinite demand you're looking at infinite inflation either way
So there's only a limited amount of space and properties that you could actually have in terms of land
So like land prices aren't going up, which means that the inflation is actually really really high compared to the building cost
You're then looking at you're then looking at investment banks. I think one of them recently
Dropped like 40% of the jumping a shit coin
That's listed on the NASDAQ
You're starting to see that second or third kind of like bubble collapse of a bank starting to hit again
Like I think it was was the first one silver gate or so
Yeah, there was a few things that sort of like losing heavy heavy amounts of money because they were over leveraged and then afterwards
You're starting to have a credit issue right now
A lot of the banks are actually underwater not because of their investment side because of their credit side
They gave out too much credit and not a lot of consumers are paying that credit right now
So there has to be a moment to where it's like hey
This thing could go either two ways one. It's gonna go really really south and then
Everyone's gonna come in is like, you know what?
Let's let's just print a little bit just to make sure that you know
We're not having people panic way way too much because then in terms of mass populist panic
You're looking at mass hysteria mass all these things. It's just chaos
So the other side of it is like hey look
We're gonna kick this can down the road and we're just gonna freakin just pop in as much as we can right
That usually happens during election election years
Usually like the biggest elections in the world
Is like is the US so everyone looks at the US for like what's happening with that cycle and it usually takes
dictates the next two years usually it's like if it's a
Separate if it's a different candidate or someone else whatever it is
It's like two years of a bull and then the other two is kind of like the deciding factor
I look at Bitcoin in a four-year wave. So the first year basically, let's say that happening happens and in June's time frame
It's gonna be boring for the next six months after that
People are like it's supposed to 2x, you know having you know the inflation
Yes, 50% less, but they don't look at the terms of value of like everyone tries to price it in beforehand
And if you've been through some havings, I've had having parties where it's just like cool
Nothing's happening. Okay, Bitcoin don't one percent. All right, let's get back to our pizza and beer and
Six months. It's like wait for it. Wait for it
Nothing's happening and then finally like Bitcoin just goes out of a parabolic cycle and starts to start doing the rally up
The rally up momentum usually lasts for about a year after the having so like a year to year and a half
That the look what do you think is most likely to happen?
I guess are you talking the next three months for a deep crash or the next this could happen this year?
And what do you think is most likely to happen? Like it is a shakeout
It needs a shakeout. Honestly, like there's too much. There's still a lot of leverage that's being placed in you're looking at ETF
So let's buy the rumor sell the news portion
Institutions are I mean, they're sort of flow out, right?
You're having the Celsius FTX Mt. Gox distribution for all of these assets that I mean that
Oh, Mt. Gox has been forever. Everyone's been waiting on that for the longest amount of time
They're starting to pay out creditors
You're looking at Celsius FTX says that they're gonna be coming back and repaying everybody
You think of it is like similar to when we receive the stimulus check what happened?
We started spending at ASAP. So if you're receiving crypto, you're like, hey, I haven't had this crypto in two three years
I definitely don't want to have it. You know, I really want to be able to spend it on something
It's gonna go into the economy is gonna go into the the ecosystem of local stores and everything, but it's gonna be sell pressure
Especially with a lot a large amount of unlock the US government was also selling silk roll Bitcoin as well
I mean, whoever the holder is hope they hold on to it
But because they got it basically out of discounted auction
But the the other side of it's like if they said they decide not to like hey
I wanted to arbitrage a momentary portion and there's ETFs available so that I could do it over-the-counter
And now I've accumulated a big OTC position that I have leverage in that could also talk to exchanges and all these things
If there is a flash crash, it should happen before the having
So it shouldn't be you know, it shouldn't be after or during
Now if there isn't a flash crash, that's perfect, you know, we're just gonna go into a trajectory where it's gonna be a little bit
For six months and then after that guaranteed bull run
Wow, I don't know if squid grow could survive at 13 K Bitcoin, I don't know or Kula I
Mean, no one could no one can survive 13 K Bitcoin, right? Like it shakes out the market
It shakes out the sentiment for everybody
But honestly like you got to look at it in terms of if it's that 13 K
I got my limit orders already set. So I'm just waiting
And I don't know what I mean
I think so let me push back a little bit too because we saw you we saw between 2018 2013 or 2019 when we saw
They come making all those jokes about Oh Bitcoin is it's the new stable coin. It's 6400 look at it
You know, look at support the whole it could never go down from this and what did it do fell off a goddamn cliff?
But the point is during that time the altcoins did run up
So there was the correlation the last time Bitcoin found an extreme support level like that
So, I don't know maybe Kula could thrive in those conditions
Actually, I want to read my stance because the previous low was what 17 K
If it goes to 13 K that shows a lower low, which means we're fucked
That's like market structure is like deeply like just throwing out the window. That'd be crazy. I'm replacing it with 18 K. There we go
But but that doesn't mean you're not having those orders still set down there, right? Oh
Yeah, I mean dude if you place in an order and it's like yeah
you look at it in terms of this way if I place a deep deep order and
Knowing it's probably not gonna hit like there's no way Bitcoin's gonna hit $1, right?
But I'll still place $1 down there because the terms of it the risk to reward opportunity of it
Is if if something happens in API, I receive one full Bitcoin if nothing happens
It's like basically insurance right of the platform having a having a API error if it doesn't all right cool
One dollar that's gonna be placed there the yield for a dollar. Let's say it's gonna be inflated at 8%
I'm losing 8 cents for a year of me waiting and potentially getting one full Bitcoin
I see that as a risk reward ratio. I'll take pretty good odds pretty good odds
Do a little reset cuz I do want to get into some
Conspiracies unless anybody has any conspiracies on the immediate price. I know I was interested to hear from Tina boomerang
Do you have any conspiracies? I
Mean nothing for immediate price, but I was looking into this Bitcoin power law that sounds a little ridiculous
But I guess it's panned out for the past 15 years. So it is basically
I'm okay. We're getting into conspiracies now guys
This is first conspiracy and then we're gonna ask the panel kind of what they think of it
But yeah, please Tina set this up for us. Well wait before you go the whole model. Okay. Oh, yeah
Go ahead Michael and everyone get your popcorn everyone get ready get comfy. All right, sit back relax
put on your put on your tin full hat a little bit, you know, I know you kept it in the corner just take it out for
Share and like the space like if you so far like what you've heard from us
Really really share and and also comment to like what's your conspiracy because I'm definitely looking at some of the comments right now
MVP Michael and definitely I've been reading the comments ever since everybody's talking
So if you do have good thoughts put it in and we will give you a shout out and bring it up
But yeah, basically the Bitcoin power law is this to you know
linear regression or lines that you know, there's a sport line resistance line and
Basically space on the last 15 years and it says that Bitcoin, you know price has been in the past 15 years
90% usually between these two lines
so if it follows it and if it keeps going like that it basically indicates that
sometime between 2028 and
2037 Bitcoin will go to a million dollars and it will never drop below that line
So, I mean, it's a pretty bold case
But I mean if the Bitcoin ETF follows what the gold ETF did we could go up for about, you know
Eight straight years and I thought you're good. Bitcoin is harder than gold Aaron. So I'm just saying it sounds like it sounds like
You know this probably is a true belief in any Bitcoin maximalist
You know group sounds like it sounds like Plan B is telling me this theory
But I thought you were gonna tell me this AI control conspiracy Tina. That's what I wanted to hear about
Well, yeah, I have a few conspiracies. Actually, I would love to start with another one
This one it's I feel like it's less of a conspiracy because like it was kind of panning out to me
But it basically was by Whitney Webb, which is a popular investigative journalist and a writer and she talks about
During the FTX scandal and everything that was happening this bank came up that was Farmington Bank
Which is the super small bank in Washington had less than 10 million in deposits
Before it was bought by this entity called FBH Corp. And who is FBH Corp, Aaron?
it's basically the current chief compliance officer of Binance Noah Perlman and
Jean Chalupin the chairman of deltac and deltac is basically known as being one of the big banks for
FTX and it's also one of the biggest banks for a tether USDT
So these guys basically and a couple of other guys
bought Farmington the small bank in Washington and right after they bought it it started to undergo this huge
Transformation so like from a small community bank now into this
You know bank of the future and trying to be becoming part of the Federal Reserve system and basically
changing their name into moonstone
So and while this is happening this huge transformations happening like a couple of days after Alameda research
11.5 million into this bank, which is nuts because at the time that's twice what the whole bank was worth and
in less than a year they went from like 10 million in deposits to 84 million in deposits and
74 million of it was basically just this four accounts and like 50 million of it was just from this one account which was tied
That was titled like FTX digital markets
so you have all these guys that are basically trying to use this tiny bank for something and
hiding behind these entities and
Based on what is documented
She says that there's no way why this bank should have ever been made part of like the Federal Reserve system
And it should have been you should never been approved by the feds and they basically still to this they refused to explain
How they approved it and why?
And they just keep giving her, you know, no common attitude
And since then obviously after FTX blew up
They have took action against Farmington and closed it down because obviously they gotta throw somebody under the bus
But they had big plans for this bank
So it's interesting to see like kind of like an alternate reality of like where we could have been
Where we still didn't know the reality and you know, this stuff was kind of happening behind the curtain
But one thing that kind of like took my attention was this partnership they made right before
FTX exploded that was around this company called fluent finance that basically had partnered with this bank moonstone
The specific they were specifically looking to partner with moonstone because they were working towards mass adoption of a US dollar
PEG stable coin called US plus that was basically marketing itself as being like the tether without like naming tether
but like a safe tether trustworthy tether
it just goes to show you basically a deltac FTX and you know tether and like they
They have a very well-known relationship. We all know this but
Why they're all hiding behind this entity and essentially getting involved with this like dollar PEG stable coin is the question
Whitney Webb kind of concludes it by saying, you know
She thinks that this US plus CBDC will someday become the de facto digital currency of the United States
And it'd be controlled by like big commercial banks like JP Morgan actually not the feds
So yeah, I found that interesting and I feel like that is definitely gonna open the can of worms on SPF
I'm sure Michael will have some theories. But yeah, you guys I have a lot
I have a lot just before we go to Michael just in like a few sentences. Can you just distill this?
Conspiracy theory because there's a lot there
So it's like one bank because can somebody just explain this in one or two sentences. Maybe Tina like what is the conspiracy here?
The conspiracy is basically all these heads like this guy and buying it and send this guy
FTX and all these hats are kind of
hiding behind this entity together taking over a bank then putting all these deposits into a bank that should have never be it was just
Like a shack on a corner and now there's like all these deposits from one or five accounts into it and they're also
Partnering up, you know how people say like SPF is the plant and their ultimate goal is to create a CBDC and control everybody
Exactly. Thank you. Who's involved tether and who else?
tether and the guy from Binance and deltac and
Yeah, SPF. Okay. I did share a picture of the lovely bank for you, Aaron
It's a it's a gorgeous building that they have in the middle of a field
Probably I'd say it fit two or three people in there
Luscious backyard really good real estate. I mean, what were we in like 2008 again?
In terms of this shack is a million-dollar shack, right?
like this is coming this is very common in the
In the kind of like the corporate world and creating shell companies
to basically have it to where you can acquire companies that are either a in distress or
Be basically like you can have it to where some companies are even set up that way in terms of they already have their licenses
They have everything ready
Sometimes they pay politicians
Sometimes they pay their way to get into some of these you know
Some the ways to get some of these licenses and everything as well
And then they basically sell it to another entity that's gonna be willing to use it because it's gonna get too hot for them
Or they use it enough and they're like, hey, look we need to really sell this or structure it into
you know multiple different
Subholding companies and everything and then place it on as a SPAC onto the NASDAQ. I've worked with
Well, I don't know how much I can say in this subject
I've worked with someone that it was an early advisor to Sam
At FTX. So basically like I understood how his kind of like mentality of it in terms of like Sam was trying to do good
In the beginning, but it just got really really big-headed
Bannies by now everyone has known finance was one of the first investors into FTX
Played that boy for a fucking 4d chess
If you're a competitor instead of having them grow as big as enough
Be able to route route it to where they can kind of destroy it if they need to
The other side of it is that Sam was starting to push more into the u.s
Side because of his connections to a lot of political figures
Kind of like through his parents through it through his schools and everything
I actually have a friend that actually went to MIT with Sam
to kind of like see how his character is and understand how he is not able to
Really not able to kind of function to be able to move all these pieces together
So there has to be some other way or you know
Someone else that's kind of like controlling the portion
but having it to where I mean you're looking at in terms of USDT USDT can't even get into the US and
They're still doing USD USD deposits in Hong Kong and I believe they're in Hong Kong
they're doing USDT deposits in Hong Kong and everything and even now in terms of generating revenue like they're a massive powerhouse in terms of
Government government equities and everything to be able to generate yield for tether
You're also looking at if they really really wanted to have a way to shelter money
So like the corporate veil is depending on how they structure it
The corporate veil could be set up to where if everyone's coming in they're trying to create a CBDC
Circle and Coinbase are not playing ball at all, but also for that too
They're not part of the circle in terms of what a lot of the banks want to kind of create and have
Because they're also already previously privately owned
They're starting to get big and instead of just acquiring them
Just create a competitor and instead of creating a competitor with people that aren't in your circle. You just create one with it
Push into a small bank that already has the licenses you pay for it
You're able to utilize it and then start pushing out the plans now plans got unfolded
In terms of FTX liquidation side, but it was also because of Alameda Luna three arrows capital
There's the whole circle that was kind of pushing this and propping this up as a market portion
I think that that play has been played multiple times, especially with now
Well, it's probably gonna start springing up more
Reason why is because now the ETF is available for like everyone to kind of utilize as different products
which means that blockchain based companies are starting to push more towards like the
You know more towards the institutional markets the stock markets and everything
Which means that these these now kind of like proxy companies that are there waiting to get acquired
Like they're set up to get acquired, you know, these things are gonna be more valuable over time
So you're gonna start to see more pretty soon
Sorry, I was answering comments
I think it's like more about the fact that I think there was like something about them conspiring to kind of have control over everybody
through CBDCs and you know this like giant plan of the government overall trying to take control of us through internet and
You guys I can go on all day. I've been really in the dark dark rabbit holes in the past few days
Go to the patents and see which banks have patents for blockchain technology
Which ones are saying it for CBDC which ones are saying it for I mean digital identity
Wells Fargo has this for a digital identity where they're they're pushing out a pilot and they already did
some of the pilots to where they could
It's a blockchain based it was not a public
It's a private blockchain based protocol that allows it to where IDs could be scanned and kind of like
airports train stations all these things and it basically routes back to a
Validator service the validator service is kind of like the relay layers
Those could be institutions government of you know government agencies and everything and then it also has a consensus similar to polka dots
Relay chain to where the global consensus portion is actually controlled by only a set amount of parties
Which could then be the bigger three-letter characters. I don't want to say it on spaces. They're gonna freakin
Think that I'm trying to try to pull something but you know what I mean?
Like these agencies are able to use that as a product and if you look at government contracts government contracts are
Crazy in terms of the black budget portion, but you're unable to see what the budgets are because they're considered
Basically private tech that no one wants to kind of it's it's government security, right?
No one wants to know how much Boeing and all these other guys radion is as I should receiving for
The manufacturers of those contracts as well
Thank You Michael and we have dopsy up on the space
I mean you guys any kind of conspiracy theories that you have that you want to share go ahead and this is a free-flowing
Conversation as always so jumping anytime you want, but dopsy how you doing?
I have a few conspiracy theories
But we'll just start with one and then seeing how we do and how insane people think I am
We cannot kind of go from there, but it kind of jumps me dopsy
Give us a little like a one-sentence background on you. What's your what's your thing in crypto?
Yeah, so I'm a crypto trader. I've been in crypto since 2017
The best trading strategy on earth is to buy and hold
That's it. That would be my advice, but I'm not I'm saying people but now now I spend a lot of my time trading leverage trading
You know buying all coins
Big believer in Bitcoin, but also a big believer in Ethereum and Solana and a lot of various other
Oil coins not not fixated on on one thing
Cool give us the conspiracy man. Give us the best one
So conspiracy like obviously the government in America wants to regulate crypto, but they haven't really had a giant catalyst for that
So the conspiracy is that
FTX and and sandbankment grid is a government plant designed to
do well to a point get attention and
Then crumble so they can come in with harder regulation because they needed like a reason
To start regulating this stuff because it really felt like off this
Crashed that was when the government really came in and it became like all we need to do something about this now
Before they were just trying to ignore crypto
And while they were ignoring crypto for that 10 12 year period
continued to grow and thrive
And yeah, so the conspiracy is that SPF and and FTX was a complete plant
Designed to take money away from retail
Scared big investors. I mean they took over a basketball stadium, right? Which was a very public
Takeover and then also failure
In that in that kind of respect and was SPF in on it or just a useful idiot
You know, it's all it's all a theory, but I would say I would say maybe in on it
You know, no, I don't think he's smart enough
People tout him as like smartest character in the world
I mean you you're able to arb the the kimchi premium during the 2018 cycle
I mean, I mean arbing finding an arb is pretty good and he accumulated his mass on that side
but in terms of like actually
Dang it. My friend is really gonna kill me for this
It's a marketing narrative in terms of making him smart and making sure that he looks like he's the most educated person in the room
And over time that character that you know
Whenever you're doing PR you have a certain persona that you're pushing and that persona works and if that persona works
You're sticking with it. It's also how it's played in politics as well
Once this persona is perceived like this is you know, this is now you we made you what you are
This is how you're gonna talk this how you gonna act but also at the same time
You're not gonna you know, you're gonna use big words
So make it to where you your speech is a little bit slurred slow down a little bit if you have a hard question
Think about it for like 30 seconds make it really really awkward for the for the person asking the question and then look at them
Look back and then look at them again and then answer right?
It makes you look sophisticated in terms of like the individual person's eyes
But in terms of the branding narrative, I mean, I don't I don't think he had the the capability to be a part of
Beyond that dude, but yeah, Michael, let's start the interruption. I mean, you're talking about being smart enough
I don't I don't think the SPF was hard enough
There's a pussy. He wasn't ready to go to jail for
Anything or anybody? So no, I mean as far as I'm being in on it. No useful idiot
110,000% no possible way that that guy knew the full plan and was willing to take a fall
I just don't believe that for a second
Yeah, it's really interesting when you go back and watch some of the interviews like in hindsight
Obviously in hindsight, everything's very easy. But like through the lens like some of those interviews were horrendous
And yeah, I guess now that you guys I haven't really thought about whether he was in on it or not
I was kind of answered off the cuff, but it makes more sense that he wouldn't be I mean he was talking about like
Effective altruism or as I had to call it effective autism where he thought he was gonna save the world
Yeah, I mean start saving the world is great
But it's kind of like what you need to be thinking about second to running a successful business and not you know
Trading customer funds is also a solid strategy
But Michael it sounds like you have training and
Sounding like SPF was sounding like can you tell us some more about that and how you've been running that that training program?
So what you do is you got to sell your soul real quick
You could just sign on the dotted line. You gotta give me your first newborn
Don't know but Michael Michael. Are we to believe that you and Brett Harrison the
CEO of the US FTX the only people who weren't in on it
Sounds like you're pretty close with the FTX and everything going on like what's what is it? I hate Sam
Take it there's more alpha
Sam was part of Karma Dow Karma Dow was one of the ones that incubated Shiba Inu, right? So like
She but you knew it also has like multiple players Ryoshi isn't just one character
It's multiple characters and similar narratives applied like ship
Like Shiba was created by Ryoshi as the character the character was then branded and kind of molded right
To have a certain persona a certain way to talk sort of kind of like conversations with it
And how he or the group interacted with the with the public and everything now, of course
It was spearheaded by one person but Sam in the beginning phase. I mean look at
I'm not sure you can still Google this but look at how fast the contract was deployed for Shiba Inu and then how fast
FTX listed it right away like just some food for thought in terms of kind of like how
How quickly that went there was some talks of basically between me and him and a few others, but he kind of rugged me on a deal
Karma's a bitch Karma Dow
Are you worried about like being like so out there with this stuff Michael
No, no, because for me, it's like if the information that I'm placing out
Majority of it is like it's it's there to be found is just sometimes people don't look for it or find the right places to look
Mean SPF don't do anything to me. I mean you're in jail, but I'm not giving the intricacies of a lot of the details
I'm just saying some of the kind of like the overarching portions
I'm not doxing anybody in terms of like saying their names for who's part of the founders or anything like that as well
Michael you tell me if you think this
Conspiracy is true. I'll just take a minute to describe it and I want to get everybody's like opinion on the panel
I think this might be a little far fetched but a lot of big like known
You know people with big followings. I've heard them say this like I mean specifically the first time ever heard this
But I heard other people say to
Leah Halpern a popular content creator
She said this and I was like, huh, this is interesting
The conspiracy theory is now we're going back before SPF, but it's about SPF
We're going back to the days of Jeffrey Epstein. Now. There's a lot of conspiracy theories around that guy Jeffrey Epstein
The finance here from New York among other things
but uh, the conspiracy theory is you know, but the conspiracy theory around him was
Where did he get the money and there's all sorts of theories from the Victoria's Secret?
CEO, you know got it from him or from
Another conspiracy theory as he got it from Jelaine's father who was
Involved with what was the organization that Jelaine's father was involved in Seth
What was it? I love that. You call me up for that shit. Like I'm supposed to knock off the cuff
I'm supposed to be your trivia outboard brain Aaron. Come on. Yeah
Blah, no, not an envelope the the
What was who's Jelaine connected to give it to me?
All right. Anyway, this is the conspiracy theory like a British printing company. Is that what you're thinking?
No, like who did like the government agency Jelaine's father worked for
You guys is it is it three letters? Yes. Yeah, it is. I'm just yeah. So here's not it's the app
Yeah, no, it's if it is it is a fact it is a fact that Epstein and the operation were direct positively correlated to CIA
Anyway, this is the conspiracy theory that's hardly an important detail. The conspiracy theory is this that SPF
Oh, yeah, they said he made is like billions of dollars with that kimchi premium trading arbitrage from across the world
Sounds a little far-fetched, right? What's interesting is that
Jeffrey Epstein got his fortune in a serious way and then he died what happened to his fortune
Well, I don't know but in just a couple years after he died SPF pops up now
He has the fortune and that SPF made his money from Jeffrey Epstein thoughts
That sounds well, you see you've laid out so many connecting little tidbits there between those breadcrumbs. I'm struggling to disbelieve you. Yes, great
Wait what it was about the same time. So that's yours your soulproof
We're gonna have to get lay lay a helper on to talk about it. Anybody else can jump in, you know
That's what he's going on
I think some yeah, I was gonna say my only piece would be that yeah, you have another DQ here from my part red flag
I don't know. What what do you do in in sports to say this is focus?
I'm crossing my arms. It's semaphore. It means something
Maddie welcome to the stage. Do you have any hot takes for us any conspiracy theories? Good morning
Yeah, no, I still trying to figure out who Satoshi was
Wondering if you know because it was around the same time. Maybe it's maybe it's actually a Bernie Madoff. Oh
So you're saying now if we're only gonna rely on times and dates that that's a as far as we can go I
Mean, I'm like I don't like the other one
No, but but I wanted to get back on the SPF side in terms of the kimchi premium so like
That's not so far-fetched by the way. The kimchi premium was was there I saw it from
editoros at the analyst desk I try I tried to open up a Japanese account and
Got barred with like Japanese kyc, but you know had I not you know
Had a full-time job at the time or had some some major sponsors
I mean I could see that happening they the kimchi premium was consistent, and it was
You know 20% or more on per per turn. I mean there was no
There should not have been a problem for anybody with you know with connections and resources to take advantage of that
Yeah, but also for that too that that that premium didn't last really really long
I mean it lasted for like a few think was like no all of 2017 as I recall I mean at least like
Remember it was like like six months or so in terms of like the actual like profitable portions because like Korea started to dry
Up in terms of liquidity a little bit
Because you you so you have to
You have to route it through it was like an arbitrage on FX right so you'll say you take USD
You go to Japan you get Japanese yen that Japanese yen has a 20% arm on Korean won
And then you can use that or if you do the if you just do the regular USD to Korean won
You could do that portion, but it's like a little bit of a less arm like because I right and then you just basically fly
Korean bond to USD, which
I don't want to get it technicals of it
He's spoken about like his whole routing system. He's pretty sure he spelled it out on several podcasts, honestly
Yes, I I do know that he did amass you know that portion of it, but it's not like a crazy amount of number
The where it got really crazy was when FTX actually started pushing out the exchange side so like
one of the one of the strategies of FTX and how they really acquired market share was that
They would list almost anything anything that had I think was over like 10 15 mil volume for that day or something
It was the time finance. I mean finance used to list everything. Was it that different? It costs a little more to get on finance
Yeah, it costs more and then
FTX's secret sauce was SBF. There was no there was nothing else separating them. The platform was shit
It wasn't fun and it didn't like it didn't have a good tracking system. I mean, I remember trading on FTX
It was just like it was it was just BS
And the only reason anybody was ever there was because of was because of him and they you know people have this weird like
attraction to people who've made a lot of money and
well if he made a lot of money and he's successful like I'm gonna use his platform and I'm gonna I'm gonna make a million dollars to
Or a billion or whatever. They're thinking in their heads
So she's gonna owe me for saying this but because there used to be conspiracy theory where
Exchanges would trade against its users now
Of course, there was some that would trade against its users in the beginning and those usually got washed out pretty quickly
There was one exchange that offered like 500 X leverage for for everyone and they they hired a bunch of content creators paid them
and everything and and pushed for this 500 X leverage exchange and
Overnight like two people literally just killed all of the quiddity pool by having one with just buying cell pressure
Do not remember this thing died in like two weeks
All market makers and believe me. I've worked for several online brokers even before crypto all market makers by definition
trade against their clients
Well, yeah for the market maker side right but like in terms of an exchange entity trading against it
Right. So like whenever you're in a position, you're like, hey, I just placed along and then all of a sudden you're like, okay
I'm always in the wrong like this exchange is always trading against me
But the theory of it is basically like they actually don't the reason the reason why is because it's gonna be too
You know too expensive for them and the market likes to tend to go in towards a gambling type of mentality
That's why they started pushing a hundred X like exchanges made that like
Fairly close to a standard of like everything everything that you list on there was like a hundred X
People see it as like hey
I can make a hundred mil really quickly if I push this and I can get it to you know
If I just a hundred X this this position right here, but what happens is that the market makers, of course
Also due to spot positions and and also other exchanges for arbitrage for for leverage positions
Make it to where like you're probably gonna fluctuate one to two percent pretty quickly so that they don't need to stop hunt
Like the industry is like hey, I get I always get stop hunt and then it reverses back
they don't need to because like for them they're looking at the open order and the open interest and
For that portion if you're over leveraged already
You have like it's the house has like a 70% win ratio of people that are like looking at doing a hundred X
20 X, you know 20 X is still considered super high leverage as well with a lot of like industry folks and especially the
Kind of like the the regular traditional industry as well 3x 4x is like usually like
Considered like media to moderate but the exchanges didn't even need to
Do anything like traders would just wreck themselves and the funny thing was
Exchanges and how they made their money is like they're just the house
They're letting players play against each other and they're reaping the benefits of liquidations by having them to fight each other to push that
There is I do know this there is some exchanges
That do actually stop hunt like some of the smaller exchanges that do actually stop hunt
And for them, it's also not very profitable. So they would have to find a profitable ARB
that's gonna be a split second because those market makers are gonna
Aggregate your look they're gonna ARB your liquidity pretty quickly and
Some exchanges have it to where Bitcoin is off by a few dollars, right?
Back in the day other assets were off by off by a little bit
Users could find an ARB. I mean even recently if you look at Jupiter's airdrop Jupiter was selling on radium for 50 cents
But on exchanges, it was still propped up to a dollar. So you could just literally buy
Jupiter on radium deposit it onto an exchange. So it was pretty quick to be able to deposit
Take that USDT go back onto radium and and ARB that right some people made, you know
100,000 200,000 from from that ARB, but back in the day they made it to where I
Was back in days like 2018 2019 some of the assets. Let's say
Right was off by a few percentages and stuff on certain exchanges
Just because they were trying to push the price down and make it to where it's not a super profitable ARB
And in order to do that, they just make the deposit time super high
So that by the time you're looking at, you know placing that ARB as a deposit
It's already kind of gone right if they place it to where the limit is going to be
Confirmations or thirty Bitcoin, you know five Bitcoin confirmations or something or you look at some of the exchanges that have certain withdrawal periods that
That only allow you four times a day to withdraw your assets
If anyone in the audience knows which one I'm talking about, you know
I'm not saying that they arbitrage against their users or traded against their users, but I
It's a lot more common than you think than you think I would say that most
online brokers or exchanges have an a book and a b-book where the a book is
Trades that they take to the market immediately and hedge them and a b-book is like a casino
They just hook it up the platform
They pocket the money that the customer deposits in the assumption that they're just gonna lose their money
I worked at one. I'm not gonna say the name on spaces
But I worked at one for a few months and until I figured out how they operate
But they literally they just be booked their their client every single client that came in their marketing was all geared towards beginners
Anyways, there's absolutely, you know with with you know, even 50 times leverage
There was absolutely no way that anybody was ever gonna win anything
So yeah, I mean one time the the head dealer came up to me and certainly they've done the stop-loss hunting
I mean like you see like anomalies on the chart where they this the you know
the candlestick spiked like a thousand pips in the wrong direction and
The head dealer comes up to me one day say this is your client max so-and-so. Yeah, I'm like, yeah
He says he's actually making money. I'm like, is that a problem?
It's like no, that's okay. No, no, no problem
But yeah, and then yeah, so most most brokers have some level of a book and some level of b-book
Yeah, let me let me jump in real quick because I wanted I was checking out your profile
Give me how do you follow give dubs you follow give boomerang everybody follow. Is that a real prediction that you have pinned?
240,000 by end of the year
280 um, yeah, I'm pretty sure of it. I mean
Look, it's it's it's a prediction. I I've been wrong before
Yeah, for those who don't know you're like a Bitcoin og, you know, if you may if you say something, you know
People are listening. So that's pretty bold
Yeah, so what's happening what's gonna happen next I don't know if it's gonna be by the end of the year
but at least by the mid 2025
countries are gonna start to take notice of Bitcoin and they're gonna start noticing that the rate of
Fiat money that's being printed
Just like, you know when QE first started there was a big rush to gold 2009 2010 2011
Almost 2012. It wasn't until 2013 2013 when gold really topped
They just said well, we need something solid to add to our balance sheets
I'm pretty sure that you know, especially after you know, Al Salvador
You know a few African nations and very likely Argentina soon with with their new president
They start adding Bitcoin to their balance sheets
And then it becomes an arms race to for Bitcoin and it's just like Michael Saylor has this, you know thing
and I've done this before also, you know, you take out a loan from a bank is like it's borrowing fake money to buy real money and
These governments they're able to print fake money in order to buy real money
So think about that and then you know the the scares to the actual scarcity of Bitcoin
Which is the floating amount that's actually gets traded and not held in people's wallets. There's actually not that much of it. So
Yeah, I think that Samson now is not far off as far as like those Omega candles
About a million dollars in a day or whatever he's talking about like that's just it just seems pretty silly
But um, you know 2017 we easily saw days where there was like 25 30 percent
Regular basis and that was just from retail
So I mean think about nation-states acquiring it and actually holding the Bitcoin, you know in in their own multisig wallets
I mean, it's it's a no-brainer as far as I'm concerned and not see that number checks out according to Tina's
Thing that she wanted to put out here first the long-term power law me follows right within that line
So I mean to that's one two. I think we got confirmation
Now do you want to be like John McAfee and you know place your hot dog on it
Come on he's defensive he always talked about hiring a freelancer to do the job for him
He never he made it very clear. He was never gonna do that himself
He was always gonna you know, he was no that was a backtrack when he realized it wasn't gonna happen. Come on
Just so everybody, you know knows we're talking about a
McAfee antivirus everybody knows about that, you know, he was a Bitcoin
OG and he said at one point bitcoins gonna hit a million dollars by like 2020 and if it doesn't I'm gonna eat my own
I'm gonna eat my own dick on national television
That was that was but he didn't have the Kula to do it. He didn't do it. Yeah
And he's like no not doing it. Sorry
They were stop hunting him they were placing him on b-books
They're like hey everyone in the industry wants to see this happen push Bitcoin a little bit low
Just keep it down for a little bit. We want to see this happen
Also think that the industry and then they do that being themselves and in prison and somewhere in Eastern Europe
Right. He did that then talk talk talk about a conspiracy. He did what to himself
Yeah, exactly there there there's a conspiracy we all need
They I mean, I don't I don't like honestly, you know thinking about it
Like I don't think anybody wanted him gone that bad
But he did he did write a tweet once
You know, I believe it was in the wake of Epstein where he says if this ever happens to me
No that I didn't do it myself
Didn't he have a tweet saying that if that ever happened to him
There was a wallet that had all the information or a hard drive that had the information of some of those things
Yeah, he said he has a dead man switch
He said a lot of things that weren't that were blatantly and patently false
Like Virg she was gonna go into the moon
Yes, and a lot of things about whale sex, too
God I just wanted to welcome Austin. We have the other half of going daily up here
Howdy, thank you guys for having me great space. I have a conspiracy
That I'm coming to you and I'm asking the question. So this is just what I heard
I'm not saying that I think this will happen, but this is what I heard
From a developer that's developing on aetherium that the aetherium. So if anybody
Has also heard this and again, maybe it's fake. Maybe this won't happen
But if anybody has heard this in some sort, I would I would ask to do a blue heart in the chat
To see if this is totally wacko or if you've heard something confirmation that you've heard something like this truly only if you actually have
there is massive infighting slash disagreement in the aetherium alliance and
In the next few months that will be broken up
In some sort or just changed from the leadership inside there, which will obviously not affect aetherium in the long run
from fud in the short term
You outed me I was the only one on stage that did that, huh?
Yeah, he said the listeners to do it. That's why I didn't do it man. You gotta listen up
So everybody's heard this, you know, you know
No, is anybody please can anybody you got no hearts from the listeners but Seth and Michael seem to know something
Damn it. Yeah, I got set up. What have you heard? Yeah. Yes
Yeah, what I'm gonna say is I heard this is a filthy rumor and Austin shame on you
There's there's always an there's always a non-zero possibility that there's some kind of strife, right?
But especially when it comes to larger organizations like this, so I've heard things totally unsubstantiated. But yes along along that thing
That I'm glad I'm clear it up. Yeah, I mean technically it's a 50-50
You know chance it either it is or it isn't and this works every time if you guys are looking at percentages by the way
Well, let's just flip a coin and say how did kind of like a theorems first founders kind of start out, right?
They're all separated now in terms of everyone's on their own little chains and kind of like own little layers and everything
In terms of aetherium foundation side, I mean, I've heard shatters
But every organization technically has the same amount of shatters
The reason that I would say so here's my prediction
My prediction is that a lot of the large companies like large-scale's you look at that Solana aetherium mostly on the layer ones and layer
Two side is going to step away from their core roles and push into the foundation rules
Because of regulatory issues that are going to be happening if they're ever targeted
Which then a network could be then affected so to push, you know to not have a main figure be a part of it anymore
Charlie Lee saw this super early on as well. He's like, oh hell no. I see regulation coming. I see all these things
I am no longer involved with like coin
Everyone else can can take care of like when the community is now decentralized, right? The community is gonna push it
You're starting to see key players that build for a little bit and they're like, you know what?
It's getting a little too hot that the industry is now, you know, the ecosystem is now fully functioning
Everything's going in its place. It's pushing more towards decentralization. We don't have to worry about too much
We can step away from it now
Right to not take on the liability of it because the liability of it is like if something happens to Vitalik right now, dude
I'll cry because my bags gonna die
But at the same time it's like, you know having a major figurehead be the one that's gonna be
Predicting how the chain is gonna react. It's easier to step away from that role and then later on something happens
You know, it won't have too much of a major effect. But a lot of layer ones or layer twos right now are focused on
literally, just the main figureheads being the one spearheading everything and
I I need to we need to step away from the
Kind of like that the one-person portion like if you look at Elon Elon's the head of multiple brands and everything
Something happens to him same thing. It's like this whole portfolio
So just keep it more to be more scattered and it would be better as well to have everything scattered
Yeah, I love that we went into that in the last space we had actually, you know
having kind of the role of founders and web 3 and how that's kind of
Not what the whole decentralized world is about and the cult mentality that we have in the hero mentality
Especially we put them on a pedestal and obviously no human is that good enough and trustworthy enough to we will for you
Don't want to trust that much, you know
So we got to keep an eye on everybody and it's it would be nice if the power doesn't rest upon, you know
Especially in this decentralized world that we're trying to build so it would be nice if the tech, you know runs independently of
And I think actually that's actually what I like with the aetherium foundation rather than others. Maybe like maybe
like there's just one person that keeps going around talking about the product the project and everything and I feel like just so much falls
Onto that that this person could do something and it will affect the price
and I think with aetherium foundation you see kind of like less of that one head that is constantly doing things and running around on
So I feel like that's one thing that I'm usually bullish on with aetherium
But whatever it is long-term, I'm sure like Austin said short-term foot long-term would be fine
And and I did marketing with polygon FYI. So aetherium we love you
Yeah, I'm not trying to spread foot or anything, but
Think that's also one of the things that's so attractive about Bitcoin is the backstory and
I've heard it said that you know the greatest trick Satoshi Nakamoto ever did the greatest thing he did for Bitcoin
Was to get out and disappear
Let me taper off that that last
Rumor though really fast and just say it's also true that even though in crypto week
We think maybe it's a problem that there are charismatic leaders
Look at the market cap of every project that has been that has been formed around a charismatic leader
And I'm gonna include Dan Larimer in this right? So, you know, it's not as public right a figure as he once was
Not in the headlines quite often
Yep Dan Larimer of EOS, that's a four billion dollar ICO. That's nothing to sneeze at right? So really big charismatic
Leader of a movement there to raise multi-billion dollars before before the chain even goes live or before things are even launch
So so on the one hand, yeah
It's it's it's a disappointing reality of crypto that we talk about decentralization
we talk about permissionlessness and we talk about consensus models and
you know consent of the many and and and decentralized autonomous voting and various organizations and governance and
Then at the end of the day, we all rally around projects that have a really strong central leader weird
I'm gonna include Satoshi in that cult of Satoshi. I
Satoshi I think it qualifies to
Here's so I think what's his name? Joseph Lubin said Satoshi as a group a while back
but my bigger conspiracy is that
This is gonna sound really freaking crazy
Government agencies are already in play in crypto
They are already building products. They're already building some of the I don't want to say or kind of like suspect
Which ones are gonna be government agencies?
But I do feel like some of the layer twos or layer ones are like the blockchain based products are
Basically making it to where it is centralization
That is there is a lot of motives to be able to push that because what happens is that they view
Bitcoin as the overarching one that they can't kill
So in order to do that you bring as much yield and inflation or which assets from on chain
Basically from other on chain bridges or whichever to bring it to your ecosystem
you then convert that into Bitcoin and be able to accumulate that way and
Since it is a government agency
It's gonna be able to have the budget to be able to push really really hard really really effectively into the community as well
They're able to also deploy a whole wide ecosystem
To just have every single product be able to quickly launch or kind of like push more into the launching portions of it
and I think that aetherium is the I think aetherium is not a government agency kind of kind of play but I think that
potentially others that are in the
Don't want to say roll up because roll up has like 30 30 zk roll-up portions that are like releasing out right now
I mean, I'm pretty sure one of them is gonna be a government agency
Just trying to aggregate yield to get Bitcoin but a lot of these projects
Feel like a lot of these projects are going that route
From running decentralized. I've actually had government agencies reach out to me and say that they want to be able to wiretap at the conference
I'm so sorry if you're listening
I just did not view that email or see that message or however you communicated with me. I do apologize
I didn't see it. I just heard of it, you know from one of the team members that was no longer working with me anymore
There goes my but he would have if you would have seen are you saying you would have tapped us?
Is that what you're saying Michael?
No, no, no. So what I'm trying to say if you read between the lines again
Is that I did not see this message to approve anything?
I mean if they reached out to me properly, I would have you know, made sure that everything you're saying after the fact
Right. Yeah. Yeah after the fact that I've heard about this which was too late by the way, you know
And it was how they reach out. Did you did you find out how they reached out? Like was it through email or what?
Well, it was from a an employee that was no longer working with me. So, you know, I just viewed it
There there was multiple ways that
Yeah, here's on that on that vein of conspiracy theories that are not conspiracy that are not conspiracies or a theory
It's just it's just a fact right in the info sec community that the three letter agencies stopped by all the time
It's just a fact. So when you go to like for example, I
You're going to run into spooks. They love going there and then people whether the spooks or not
They're gonna try to hack everything you bring to that event
So if you don't literally carry all your stuff in a Faraday bag or you know
Double wrapped in a Faraday bag in a Faraday backpack
then someone's gonna try to take over everything you bring to that show and
There's a pretty strong likelihood that if they are not a government employee that they're at least a government contractor
So information security and cryptography and and it stands to reason there's got to be some bleed over with those same
percentages of that of the core professional group in crypto and blockchain
bare minimum in chain Alice's and in on chain security that I mean
I would I would I would imagine that those percentages are the same between information security and blockchain
So we are surrounded by spooks all the time. You're welcome. I
Can do confirm that there was a lot of government agencies in attendance at events and everything
Just cuz like from from that like some of them are just like hey, I'm from the IRS. Hey, I'm from this. I'm from that
It's like some of them are public with it, but the undercover ones
They're that you know, there's still characters in there that you have to also be a little bit careful
Yeah, well Michael, I think I think I think you were literally the first person I told we were at that after party and there were
IRS special. Yeah, the GQ. Yeah, remember I was like good grief. Is this normal kind of parties you're running your Michael
No, no, they they they were like they're like
Okay, I guess now that you made this public I
Got to talk about it. They were trying to get information on one of my speakers and I was just too drunk at the time
I was like, honestly, I was like, hey, bro. Sorry, man. It's like 8 o'clock. I'm trying to I'm just trying to enjoy my after party and
You know, I can't be coherent right now to escort you I don't even know where there are
Why would you have like tax information from one of your speakers, I mean that doesn't mean no
No, they wanted to talk to them because they couldn't reach him
So like, you know, some of the speakers fly from all around the world dough
so like they fly from all around the world and
You know unable to reach them. I I was just sorry
I was just too drunk to be able to you know
See who it was or figure out a way. I'm not gonna I
Wasn't say I'm not helping. It's just I was just drunk. You got a conference to Ron you didn't sign up for that
Yeah, but hey the politics of it is like I would be willing to help, you know
Anyone that's needing on that side, but at the same time I was just you know unable to you know to apologize
But you know make sure I'm a one-drink person. I mean I take a sip of alcohol. I'm done
I've seen why am I not surprised?
Guys that know me don't say nothing
Now you should be around Michael, yeah, yeah, Michael there's a party that we're gonna have at the like in Texas
It's gonna be a rave Mazzi's throw. Yeah, you should you should come
Yeah, him and his 87 87,000 closest friends from the IRS
We get no, it's all it's all completely legal. It's where you were doing regulation crowdfunds. So
IRS is welcome. We haven't we haven't done anything wrong while we're doing is mining Bitcoin
Now if you need girls, let me know
See, you know, you're welcome. Come on now. I mean you got to bring you got to bring their in your friends
But since one doesn't crypto need girls, you know, right? We're here for the ratio
I know we mentioned what Michael got some of the Asian conferences
They'll just make it overflow and it's like I don't even want to go to your product. It looks like it's cam
Which one which one of those so that I can avoid them Michael I
Need to know for research purposes, I just want to make sure I don't accidentally go to them
So I need to see the the dates and the times for those. Oh
My god, just just I'll say it's more predominantly in Asia
Well, I didn't clear see you guys all the next 8th, Singapore
What you were saying Tina you're saying something about a conspiracy. Oh, yeah
I was just bringing up tether, you know, that was a big conspiracy before and I know back in 2019
They came out and kind of confirmed that they weren't back to one by one one to one
But I don't know what's going on now. I think now they are claiming that they're back
Yeah, they did an interesting process where they where they started to do public attestations through a financial group based in in Italy
And then it's funny you mentioned it because it that period that they promised to do the public attestations of their holdings literally just expired
So yeah, they had this really great PR run of like check it out. We're gonna prove we have we have reserves
I mean and however that shapes up right like the the paper commercial paper holdings or whatever they were gonna do
And then but it's also kind of an open secret that that tether that their main business model is holding t-bills
It's earning interest on t-bills even with their um, but even with in the smart contract their fees they earn significant amounts
I mean don't gonna be wrong. They are in eight figures every single month tether does but they earn more from the t-bills
So so it's not like they have all that much to hide. It's how they actually make money
Do you remember early early on where on their website it says they are backed one-to-one and then once they got like a
Legal team in and everything they're like we gotta remove this real quick as is like, you know
Back to like assets or whichever and then that's when they sort of head into like t-bills
They had a really good auditor that just threw up their hands like no fuck it. We're out. We can't we can't do this
We cannot audit these people
But but as far as the market is concerned, I don't think it was the backing of
USDT that really upholds the one-to-one ratio with the US dollar
It's more market arbitrages and market psychology that it's gonna go back to a dollar the first time it ever lost the peg
It went to like 85 cents or even lower I think
And it was bought up within like five minutes. We're like, oh, it's about buying a dollar for 85 cents. Yeah, like why not?
But you know the US dollar itself isn't back to one-to-one by anything so it gives a shit it
The US dollar is not backed. It's not backed one to a hundred
There I mean the the minimum reserve ratio in 2020
I mean we all saw it right the minimum reserve ratio was effectively dropped to zero
There are no partner banks that they're required to prove shit
So yeah, I don't see any problem with with others business model personally
What was once FUD is now like hey, you've got even remotely close to a hundred percent backing god, damn
You guys like raise the bar for every financial institution, you know around the world. I
Don't know I just don't get the FUD I don't get it anymore. I think I stopped getting it a while ago
It allowed banks to literally be the money printer for quite some time
Because if you look at in terms of how banks connect with each other and stuff
Like their digital ledger whichever if you were like if you were purchasing a car and they had to have a zero requirement
Once again, you guys can remember this it's zero not even 1% zero
Which meant that they can print money out of thin air and say hey look account a is sending money to account B
We're gonna send the money from account C and account C is just gonna constantly print because it's a 0% portion
And then in the account side basically both sides is paid
Right. It shows that the car is paid for and everything because you have to pay for the full car and then you're paying an interest rate
For it. So it was effectively money printing on the maximum anyone that had a loan during that period of time
It was free money for the bank
15 or 17 minutes over our usual time
So we are coming up we're gonna wrap up soon
If you have anything left that you want to mention in the last minute go ahead. I'll leave it up for you guys
I want to have a really really controversial one because we have all coin daily both the twins here Seth action
and everyone is well Grady I
Believe there are some content creators that are
Really? Who do you think they are?
Um who are government agents? I'm just so
Clueless I just assume everybody isn't a government agent. I mean do you have a clue? Give me a clue
The clue is it's a person and
You know, I just want to hear your theories if anyone wants to place any theories out. I
Think it's one you least expect and so if a government agent they would do something really corny and ham-fisted
Like positioning themselves diametrically opposed calling themselves something like I don't know like the DJ envoy or something
I don't know. That's my guess. Oh, I thought you were gonna say like the Sultan of Solana like BitBoy
His escapades of like insanity is just like what the government thinks of us
So they've like made this character that does crazy stuff to make us look bad and we don't want to pile on
BitBoy Ben Armstrong, is that who you're talking about Michael?
I'm never gonna publicly say yes or no. I just have my
Basically like mine in the back of my mind. I'm just like I
Feel like this person is I have no idea Austin you you got anything
I've literally clueless to who could be a government agency who's a crypto influencer
The thing is I would think of it and I don't know
but I don't think it's so much that they came in as a government in a government plant, but
You know when you get to a certain height or when you start getting a lot of cachet
Then you get tapped on the shoulder. My question is do you do you participate or
Do you totally go a wall in the opposite direction? Michael is that closer to what you mean?
Cryptocacy maybe I don't know. I've never
Okay, so you just blew it. She's okay. She's a lovely woman. She's the kind and lovely person. He's great. She's great
I just don't know anybody who's met her in real life
That was a quick I do I do I do I do she stocks to my team
I do know somebody's met her in life. I was just speculating
Yeah, I don't even know what you guys really you're referring to a specific person me. What the heck?
Me and the government are good. We're homies, but I'm no government agent
Now like under the microscope everyone's like holy fuck who the fuck is it but I have a strong feeling this person is I
Have two verification sides of it. So
Who are we to say that it's only one as well, right? There could be multiple. Yeah, that's the thing
I pride myself in saying that I got an IRS agent pretty high up to quit the government enjoy crypto full-time
Like I promise not to dox them
But like I just basically could do the research and find them find out who they were and all this sounds like
Why are you a fed and like hanging out with us?
Like this doesn't sit well with me and they're like, I'm gonna quit man
I'm gonna quit and they did they eventually did or maybe they are just that secret agent now and they know everything either way
You you a little sus right there I didn't even mention you just hopped in huh, huh Michael Michael, let me ask you this
Obviously there they have brownish hair, but do they have a beard right now?
What happens is that you're gonna think you know, you're gonna associate it
It's gonna be a male right and if I say no, then it's either a male or female
So I'm not gonna say anything. So
We're thinking it I think yeah, I think you're ever thinking it Austin literally has a beard in his own photo
But everybody they all do everybody does we all been through this. Yeah, it's like it's true
Yeah to be to be it to be male and be in this space is to be bearded at all times because you have like
It's cuz I got a baby faceband
Have no clue who's my who Michaels talking about I
Yeah, I do we need to compare notes cuz of yeah
Anyway, this is a weird space. I'm gonna go back to what I said before about the the info sec space
Why would there be any fewer spooks and agents in our ecosystem? Then we have an info sec
I mean we'd have more because we're not even just handling, you know privacy and cryptography. We're handling
literal value or handling digital assets that can be used to purchase real goods in the real world, so
Yeah, I'm not shocked at all when you say that we that you've confirmed that there's at least one that you know of
I'm gonna let it fesser for everyone but well, you guys gotta remember this I did I kill myself I
Love that that was a great topic to end the space with Michael. Thank you
I have no theories, but I feel like if there is any kind of influencer
I mean there has to be that's a great theory in general, but I feel like if there is any obviously it's not queen bureau
I don't think I love guy but I feel like it would be around like that, you know, like a corporate kind of
Channel run, I don't know that kind of style
But anyway, this is a hint it would not be someone that is on a bigger scale factor
It would be more on the smaller scale factor or kind of like medium ish
That's actually that's like the plot to an old Jackie Chan movie I think
I mean, I think Michael everything you said could just like Seth could fit into mine your biz dude
I know I get that all the time. I'm like, I'm totally typecast there people are like, so are you a government agent?
Or do you work at academia?
Literally can't be anything else
Hold on. I never it never crossed my mind about Seth, but now I'm kind of questioning it. He's always asking me for alpha
He's always like hey Michael. Let's hop on a call real quick. Okay before you tear each other apart
Thank you so much everyone who came in Aaron do you have any closing thoughts
Guys the world is your oyster the world is a
Conspiracy, you know, I don't know like I began the space with you know
Sometimes just the difference between a conspiracy in truth. It's just about six to nine months guys keep stacking the quality projects
Thank you to Maddie Bitcoin OG, you know crypto Grady who didn't say much but his presence was strong
Michael, of course action Seth dubsy boomerang Austin
Guys, thank you so much. We do this every week. So
Yeah, yeah, thank you. We do this every week. So every Thursday 5 p.m. In California time. Thank you everybody you have Tina
You can give the final word
Hey, yeah, thank you for joining and thank you the audience for tuning in and leaving comments
Yeah, we'll be back again next week. So feel free to join us. Feel free to join the conversation with us
But thank you. Thank you. Thank you
Stay paranoid keep asking questions and as always trade well my friends. See you next week