Digital Social Hour - The Ugly Truth About Centralized Exchanges | Nick Nechanicky DSH #881

Episode Date: November 12, 2024

Discover "The Ugly Truth About Centralized Exchanges" with Sean Kelly on the Digital Social Hour! 🚀 This episode is packed with valuable insights as Nick from DexToro reveals the dark side of centralized crypto exchanges and the rise of decentralized solutions. 🧐 Why did Nick pivot to decentralized exchanges after the FTX collapse? What makes Dex Toro a game-changer in the world of crypto trading? Tune in now to find out! 🎧 Join the conversation and explore how blockchain technology is revolutionizing finance. Nick shares insider secrets on creating a secure, transparent, and efficient trading platform, eliminating the risks of traditional brokers. 🌐 Don't miss out on this eye-opening episode filled with expert knowledge and exciting developments in the crypto world. 📈 Watch now and subscribe for more insider secrets. 📺 Hit that subscribe button and stay tuned for more eye-opening stories on the Digital Social Hour with Sean Kelly! 🚀 Join us on Apple Podcasts, Spotify, and more for all your favorite episodes. #livetrading #ethereum #btc #bitcoin #cryptonews CHAPTERS: 00:00 - Intro 00:30 - What is DexToro 01:53 - Uniswap vs SEC Regulations 05:00 - BetterHelp Overview 09:51 - How DexToro Generates Revenue 10:51 - Understanding Layer 1, Layer 2, Layer 3 13:18 - DexToro's Ranking in DEX Market 15:16 - Flaws in MetaTrader Analysis 19:15 - DexToro's Forex Strategies 22:10 - Authenticity in Results 24:20 - Tokenizing Real World Assets 25:20 - One Chain Concept 27:10 - Insights from Crypto Twitter 32:00 - FTX Developments 34:50 - Finding DexToro Resources APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [e-mail] GUEST: Nick Nechanicky https://www.instagram.com/nicknechanicky/ https://www.instagram.com/dextoro/ https://dextoro.bio/ https://www.youtube.com/@dextoro SPONSORS: BetterHelp: https://www.betterhelp.com/DSH LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/ Learn more about your ad choices. Visit podcastchoices.com/adchoices

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Must be 19 years of age or older Ontario only please gamble responsibly gambling problem for free assistance call the Connacks Ontario helpline at 1-866-531-2600 that MGM operates pursuant to an operating agreement with iGaming Ontario put money like everything was good like there was this product that you know they they sold to investors like everything was good. Like there was this product that, you know, they sold to investors, like everything was good, but the problem was the broker. So they'd deposit funds into an account, they'd be making money,

like the owner of this algorithm was like, everything was legit. And then the owner of the broker just stole all the funds, deleted the domain, ran away, and it happened so many times. All right guys, last minute up so, but we got Nick from Dextro on the founder, right? Yes, yes.

Nice, and it's a crypto exchange. Yep, decentralized crypto exchange, derivative exchange. Nice. Powered by Ethereum blockchain. Why'd you decide to go the decentralized route? Yeah, so actually I started this immediately after FTX collapsed last year, you know. And yeah, the whole idea was essentially decentralized route? Then from there I started my own Forex broker and I kind of saw how everything operated. It was all old-school You know and we were using crypto for like deposits and withdrawals and that's how I got into this whole world and I

just saw everything was heading to be decentralized on chain and but and Yeah, then once once FTX happened I I sold that exchange and I took those proceeds and went all into Dextro because you don't want to see FTX happen again. And I think people now appreciate to decentralize exchanges, especially like Uniswap is, everyone's using Uniswap and Dextro is basically like the Uniswap but for trading derivatives.

Leveraged, Forex, you can trade everything. As long as it has the price feed on chain, you can trade it and have full custody of your funds. I love it. What happened with the Uniswap SEC stuff, are they still fighting? Yeah, they are. I mean, I think it's gonna favor Uniswap for sure,

because there's really nothing you can do, it's just smart contracts. Yeah, Ethereum beat SEC, so I feel like Uniswap has a good chance. Yeah, you would assume that. I think the SEC is just, they're just bullying any large protocol that they're trying to get their feet into the industry and take a little bit of a share and bully them around. But at the end of the day, it's just code. Dextro is fully powered by smart contracts.

Once you execute them, they live on the blockchain forever. You can't alter them, you can't change it. So you can't really do anything. You can't manipulate it. Yeah, even if you sue them or if you block their IP address or something, it doesn't matter. Anyone who has an internet connection

can use Uniswap forever. Like the smart contract lives forever. So that's why it's difficult. They can go after Binance, obviously multi-year. They already are right now. Yeah, they are. And they can go after, now they're going after Coinbase as well.

I saw that. Yeah. Crazy, because Coinbase is the number one exchange in the US. They're publicly traded. So you would assume that they're doing everything by the books. Right. Still. So you would assume that they're doing everything by the books. Right.

Still. So you can go after all of those because they hold your crypto. I mean, they have it in cold storage. They keep, I mean, I've talked to a lot of executives. They keep like ledgers in like banks and stuff across the world. Like they have a good system, but it's all centralized.

Like you need human beings that they have dedicated to access your crypto because it's not on the hot wallet. So you can control them, but with Uniswap and with decentralized protocols, I mean, the people control their funds the whole time. So you can't go after anyone. And it's distributed too. So all of our code base is distributed around the world. So we use a unique tool called Fleek, it's through the IPS, and basically we have multiple copies of the software, accessible anywhere, so if one domain goes down,

there's 100 other domains that are available to use. So that's how Uniswap would work too. That's interesting, so Dextro can't really be hacked on can't be hacked can't be shut down can't be nothing Wow Yeah, I mean they can go after me like as the founder is like obviously I mean the unit swap founder, too He's he's in New York like everyone knows who he is. Yeah, what are you gonna do? It's like do they go after him personally or did they go out there unit swap after unit swap Oh, just I think to make a big you, to make a big like headline news about it and basically show others. They always go after the biggest.

The top, yeah. Yeah, but... Is that scary to you though? Because you might be a target in the future? I don't think so. I think the difference here is that like, okay, so they go after SPF, right? Once they go after somebody, they can take the whole business and that's it. But if they like go after a founder of a DeFi protocol, okay, so you have the founder,

but the business lives on forever, unless you shut down the internet and the blockchain. Oh, so it would still go on. This episode is brought to you by BetterHelp. Give online therapy a try at betterhelp.com slash D S H and get on your way becoming your best self. My fiance Ariel plays a big role in my mental health, helping me realize my true potential.

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That's betterhelp, H-E-L-P dot com slash D-S-H. Check them out now. Even if you- Oh, it's still going. Even if something happened to you. You can't do anything. Because a lot of these smart contracts, they basically renounce the contracts.

So even if you like get a hold of like the D5 founders, like wallets and private keys and try to go into there and try to like switch it off, you can't. They renounce it. So it's like, it's immutable, it's impossible. So that whole idea of going against like SEC is that now they're dealing with code, not just centralized entities.

So that's the whole, it's a whole different ball game. And I don't think they can succeed with any of those. Yeah, it's been interesting to see how people feel about Gary, man, over the years. Like at first everyone loved him and now it's seeming like people are going at him. Yeah, I mean there's videos of him, he saw it like 10 years ago, he was teaching about crypto at universities and stuff. And then all of a sudden, he gets that job as SEC chairman, and then he changes his whole stance.

Right? So. It seems like something happened in the middle there. Yeah, it seems like he got paid to promote the other side now. Yeah, because there's a lot of big powerful people that don't want crypto to become mainstream, right? Federal Reserve, bank.

Banks. Governments. Yeah, yeah, especially when you figure out that, you're basically your own bank Yeah, some tough opponents same with forex a lot of big people don't want forex Yeah, yeah, because a lot of people can make a living off forex. Yep, exactly I've met some of the top traders and it's it's fascinating. Yeah easy they could not easy But they can make millions just you know from their phone. Yeah. Yeah, exactly. Yeah, I know a couple here

I mean I was in forex those That was how I started also here in Miami is the best best place to meet all this capital 4x capital and Yeah, and I mean I've been I know all the 4x trades listen to the Meta trader And so basically with Dexter we're building like Meta trader, but on chain what Meta trader did is you basically You can start your own like broker and obviously MetaTrader did is you basically, decentralized exchange. So they would white label Dextro, they'd use our liquidity. Same way, similar that MetaTrader works. And then it would basically be like MetaTrader,

but on the blockchain. And it's more scalable. There's no like KYC, no red tape, all this. That's huge, man. Cause selling crypto right now on a centralized platform, they limit your withdrawals. And you have to KYC. So like taxes and all that.

There's a lot of negatives to it. Yeah, KYC is the biggest thing. I mean, you know, even if like the thing with KYC is everyone thinks is, oh, you don't want to do KYC. You're definitely hiding something or your criminals. Just know some people just value their privacy. And you know, you don't need to. That was the point of crypto when it started.

Yeah, that was the point. And then obviously we've gone so far away from once a TradFi comes in and makes their move, you know, soon they're going to, I don't know, I think everything is narrative wise. They're trying to make it look bad. Obviously the CBDC is they want to, they want to like cause a problem. They want to offer a solution to CBDCs and that's how I see this industry. I feel like all the founders in DeFi are, I mean they have like, yeah, they're building their own

business and products, but at the end of the day, I think the larger vision is we all kind of work together to make sure, you know, blockchain decentralization doesn't get compromised by the trade five, by the institutions. Yeah. So how do you monetize this if everything is on the contract? Yeah.

Trading fees, swap fees. Yeah. Every interaction. So obviously like when you use Dextro, we take maker, taker fees. So same thing. You take a trade, we take a small cut. Got it. That makes sense. Okay. Yeah. So the incentives are pretty take a trade, we take a small cut. Got it. Yeah.

That makes sense. Okay. Yeah. So the incentives are pretty aligned then. Yeah. I mean, they're aligned, you know, everyone self custody of their funds and it's basically, it's like Binance. So Dextro's whole vision,

and we'll probably execute this in like the next year, is to be like Binance, but fully powered by smart contracts. So that's the best way to put it. Zexora's going to be like Binance or Coinbase, but all smart contracts and no, like, no one even needs to like, you know, there's no like HR, there's no like accountants,

there's no like people that control your funds or approve your withdrawals or decline your, okay, what, like it's just code. Like it could be run by like a team of five. That's awesome. your funds or approve your withdrawals or decline. It could be run by a team of five. Blockchain, now we have layer twos. I don't know exactly what they mean. Layer one is just Ethereum main net, so it's Ethereum base layer, that's layer one, that's where all the transactions are approved, sequencer fees are generated,

and then layer two is just scaling solutions, so it basically uses roll-ups, which bundle transactions into a roll-up, and then they execute that off-chain, and they send it to the main net, so like Arbitrum, Optimism, Coinbase's blockchain base, those are all layer two blockchains on Ethereum, so Dextro is on Optimism, coin bases blockchain base. Those are all layer two blog on is on etherium so dex torus on optimism layer two and

Still it's it's fast I mean, it's it's like cost like less than a penny to send you Wow versus etherium main nets Like could be a dollar could be ten dollars. I paid more than ten I've paid like more tend to you sometimes like 25 depends exactly. I remember during the NFC craze like sometimes even a hundred hundred Yeah, especially to swap send and but now the next the next era Dude, sometimes 25 depends on. per second, then you have other blockchains like Sui launching that are doing similar, but we're launching Toros blockchain, which is going to be a competitor to Ethereum,

Solana, Sui, and we're trying to aim for like even higher TPS and so. That's the seed around you're doing right now? No, that's going to be, that's going to be like end of next year. So kind of aiming towards a series A, but. Is that an ICO? Yeah.

Yeah. Yeah. We did ICO. We raised half a million A but. Is that an ICO? Yeah. ICO, yeah. Yeah, we did ICO, we raised half a million, like less than 24 hours. Damn. Yeah, it was pretty crazy. That's nuts. Dude, these tokens sales go crazy. Like I've seen some.

If you catch the right one too, you'd make a quick 10. Seem to generate meme coins raise like 10 million a day. I'm like. The meme coin space is a whole nother world. That's all insider trading. I'm not really a fan of it, but I'm sure you love it with the volume Yeah, I only like it when you can actually see who the team is Yeah, like if they verify themselves and this is the team you can see yeah, there's a lot of scams

So there's there's a liability is very so that so they're held accountable for yeah If it's a rug pull or whatever it is these celebrity scams are like every day I've seen you one it's like why are you fucking up your reputation for yeah, if it's a rug pull or whatever it is these celebrity scams or like every day I've seen you one it's like Why are you fucking up your reputation for? Yeah? Yeah for like what to make a hundred K exactly? What's that gonna do for you to do that and they move on to the next project and they just keep rinsing repeating And it's nasty dude. It's such a Interesting world. Yeah, we have where you rank right now in all the decentralized exchanges We are we're we're like top 10 right now and you're

Yeah, but the thing is we don't do marketing We haven't done marketing because I'm like I'm like a nutcase when it comes to product like yeah I it has to be perfect like you're like Elon Musk basically I can't leave like I even tell my CTO I'm like dude. Let me like do all the design, all the UI, and I'm like, I should be out raising capital, I should be out doing what a CEO does, but I'm like, in my office doing all the engineering, doing all that stuff.

I've been learned to code just by working with the engineers. All right, now I gotta stop and raise capital and do more, go to the events. Well, they say that's actually a good thing, because Elon believes product is the marketing. He spends zero dollars on marketing with Tesla. Yeah, yeah, I saw that interview too.

Yeah, so it's pretty mind blowing because as marketers we're taught to spend money and get eyeballs, but if you just focus all in on the product, that's a way of marketing. Markets itself, exactly. If it's so good. Yeah, yeah. But yeah, that's kind of the plan now,

is we're trying to be the MetaTrader in the Binance of on-chain, all powered by smart contracts, and then get into Tauros, Blockchain, and just basically revolutionize derivatives trading. I mean, I know MetaTrader is so outdated. A lot of sold dude, a lot of and from the app store too. Yeah, yeah, man. That was crazy.

I was in a lot of like trades too. And I went to Prague and then I had a different phone that didn't have MetaTrader on it. Yeah. And then I wanted to download MetaTrader. And I saw that even not even just in the US in Prague it wasn't available. Wow, dude what so I have to like go to my desktop like to close a trade She's and that's sketchy. I was like, yeah, I think it's time for a change. Yeah, so you're still trading Forex still trading Forex

But I'm more or less trading Forex just to See all the flaws and all the improvements on MetaTrader and just try to buy still. What flaws are you seeing? Well, to start, a lot of my friends who have brokers, they had to just recently, they had to change the address in the incorporation country of they were like in St. Vincent and Grenadines or these Seychelles and they had to change it to like different Island and they always have to change things. And MetaTrader is notorious for having scam brokers.

I have friends that put money, like everything was good. Like there was this product that, you know, they, they sold to investors, like everything was good, but the problem was the broker. So they'd deposit funds into an account. They'd be making money. Like the owner of this like algorithm was good, but the problem was the broker. So they'd deposit funds into an account, they'd be making money, like the owner of this algorithm was like, everything was legit,

and then the owner of the broker just stole all the funds, deleted the domain, ran away, and it happened so many times. It's like almost like a rug pull, but it's like they start this fraud, Forex broker with MetaTrader, and MetaTrader. And MetaTrader doesn't do KYC properly.

And you could fake the trades on there, I heard. Everything, you can fake and then when you're happy with it. Because the thing with MetaTrader is, so I had a broker, when users deposit, I have access to that million dollars. And this is the dark side of owning a Forex broker is that they won't tell you is that you could fake, you can make fake real and demo accounts and you can fake this completely. When they look the same. Exactly, and when users deposit funds, you have to manually transfer them

to your liquidity providing platform. Like we used a prime, what was it? Prime zero or I forgot what it was called, but you basically always have access to funds. And it's really scary. It's like you could start a broker and you can have access to all this funds and not have any accountability.

Wow. And it's no licensing, it's a startup broker? No licenses. So you could just start one right now. Yeah, easy, so easy. I wonder why there's no regulation about that. Nope, nothing. And then, cause Mediterranean just wanted more business.

And then they finally got to it. And then they're like, all right, all these brokers without licenses, you're done. And then so they were like trying to transition into getting licenses and they were like scurrying. And then I sold my broker and the owners of that new broker were like, Nick, what do we do? And I'm like, I sold at the right time.

Sorry, brother. Did you know it was coming? I I'm like, I sold at the right time. Sorry, brother. You know, it's common. I didn't know. Oh, I didn't know. Yeah. I think something with the FTX probably also triggered that probably they were probably getting sued on a trader side. Yeah. Cause I've lost on a couple of those Forex traders. Yeah. Yeah. I put in money into a few of those and yeah, they were scams. You could fake the trades, but the common person would never know that. Yeah. You wash trading. You can, you can say that it's a live account, but the common person would never know that. Yeah, you wash trading, you can say that it's a live account,

but it's a demo account. But yeah, I mean, I think a lot of feedback from Forex traders that we've been talking to, we have a couple, some of the biggest actually in the industry that we're talking to to try to get them on the team for Dex Toro. And yeah, they're just like, I've had this idea for so long you know like

being able to trade Forex on the blockchain without having to use MetaTrader or give my funds to some sketchy broker you know and it's like why do you use an offshore broker well it's because if you use a Forex broker based in the US they're regulated. KYC. KYC you can only trade 50X leverage. There's a rule called FIFO, which is first in first out. There's so much red tape. So they will go to offshore brokers. Those offshore brokers could take your money.

So it's like, what do you do as a trader here in the US? Do you settle for 50X leverage with, you know, like Forex.com or Oanda, like a pretty reputable broker, or do you go offshore? So my broker was offshore, but we had licenses. Got it. And SVG, but it's, I don't know, it's just, it's old, outdated, and this is-

Yeah, there needs to be a better way. So what will Dextro do with the forex stuff then? Yeah, so right now we have Euro, USD, PoundUSD, Australian, gold and silver for now. You can trade those with 25X leverage on the blockchain. And here's the difference is that when you trade it, you can see all your trades on chain. You can see your transaction hash and everything,

and you can see where you got out of, what your profit is, how much ETH gas you paid on the fees. And with MetaTrader, you can't see any of that. Even when you trade on Binance or Coinbase, you can't actually see exactly like how it was executed in the order book. And there's no transparency. They could use scam wicks, right?

They could like hit your stop losses. They can do like the craziest stuff. When I had my broker, I had the ability to do like, there's A book and B book. And they even gave me the ability to like, be able to make like wild candlesticks and take people's like money, like stop loss hunting.

And I was like, no, I don't want that. But they give you that option to like, just fuck around with everyone's money. And I was like, no idea. All the brokers, people who own brokers, they know what I'm talking about. And yeah, so dex toro is all on the blockchain transparent and like you can't scam with anyone You know you deposit you withdraw you control everything with with a smart wallet that we created On aetherium is a smart contract wallet, and that's it

I mean all the I guess a lot of forex brokers owners their their feedback was like this is awesome I love it, you know, I want to join and some of them were just like They were so like jealous and they were so like, oh I bet they're like man. I want to I want to do this myself This is crazy. But you might have to white label it like go high level did as we're doing. Yeah enterprise Building our own liquidity provisioning process. So we're basically renting out liquidity. And it's like anyone in the world like, hey, I want to start my own trading platform. But with MetaTrader, you need at least like 50 grand upfront.

And there's legal stuff, corporation. But with Dextro, you can white label it. You just have Dextro trading platform. You put your logo there. We'll get you set up. We'll make like the GitHub repo and everything. You rent liquidity, you're ready to go. Wow.

You can start making money literally from day one, as long as you have somebody to trade. Holy crap. Yeah, and then all the fees, everything is like, it gets sent to like a smart contract that everyone can see. The white labels get their own fee. Everything gets automatically distributed. Wow, super transparent. Everything is so transparent and scalable.

We can have thousands of people that have a white label. That's crazy. We can do that in like one day because it's just replicating the code. Put your logo in. This is your unique like tracking code. You can see all your volume and then you just get paid here

and you don't have to like, oh, am I going to get paid? Like, no, it's all. I love that, dude. I've always thought about starting a broker because it seems like good passive income if you get a few big traders under you. Yeah, exactly.

That's cool. I like your platform too, because you can't fake the results. Can't fake it. Because there's an app called Involio. Have you heard of them? I haven't. A guy named Cy Watson started it. He's like in the crypto space,

but it shows people's trades, but you can't fake it. And then it shows like your win rate and everything. And then people pay monthly to be part of it. Is that like my effects book? Have you heard of that? I've heard of that one, but can you fake that one? I think you can. Yeah. Yeah.

This one is connected somehow in a way where you can't really fake it. I think it's connected to your crypto wallet or something. Oh, okay. So this is for? For crypto. For crypto trading. People do stocks on it too. Yeah, that's cool. Yeah, so with Dextro, that's basically built in. Yes. But this is for crypto. For crypto trading. People do stocks on it too. Yeah, that's cool. Yeah. So with Dextro, that's basically built in.

Yes. But that's cool though. Cause people that follow people's trades on your platform, they know it's legit trade. It's not like a fake. Exactly. Plus we have like a leaderboard. So you can see all the traders on our platform. So you can see like how many traders we have in total,

registered, active. You can see we have a trader who, like $12,000 like last week on one trade. And you can literally see it on the leaderboard. You can see their trend. You can like, if you know how to do like on chain detective, like you can see everything like proof, time stance. Fire cause then you can set up a copy trader.

Copy trader. Exactly. I've seen a lot of people make money off those. Yeah. And then with, when you, with traditional Forex brokers, like you got to pay another company that has the tech for a copy trader. Exactly. I've seen a lot of people make money off those. Yeah. And then with when you with traditional Forex brokers, like you got to pay another company that has the tech for a copy trader, you got to pay them now like $3,000 a month to use their tech and you got to integrate it. Then you have to all these different, you know, licenses. And it's like with that with with blockchain, you can just build out one smart contract. You just connect your wallet and it copies or you can build out another smart contract, you just connect your wallet and it copies. Or you can build out another smart contract

and you could set it to do anything you want. So it's like, the future is smart contracts. They're gonna power real world assets, right? BlackRock always talks about that. And it's, I mean, the future of all the finance, not just trading, like everything, like tokenizing, like you own this office, right? Like the ownership is, it's held like on a specific database

where they hold like property ownerships and mortgage and everything, but soon that's all gonna be on the blockchain and it's gonna be powered by smart contracts. So that's why we have like some of the best smart contract engineers in the world. And that's why I'm like, I'm trying to find them right now. I'm still starting for talent because I know that we can build anything.

With Dextro, we can have a section where you can tokenize anything, like ownership, mortgages, auto loans, and you can just tokenize it. From there, you can even trade it and you can refinance those all permissionless. You can put all that stuff on chain. And that's- Dude, that's really cool. Because the home buying process right now is terrible if you have crypto.

You have to liquidate it and pay capital gains tax and then you have to buy it, convert it. There's a fee to convert it. Imagine if you could just buy it with crypto with a smart contract. Exactly. And on one chain. So soon with Chainlink, CCIP,

because everyone's like, oh, Ethereum, there's Binance Smart Chain. smart contract. Exactly. And on one chain. So soon like with chain links, CCIP and you know, cause like everyone's like, oh, Ethereum there's Binance smart chain. There's like all these different like chains. So I think by the end of this year, there's some big like things happening with blockchain tech and you'll be able to like kind of operate on like one chain like without bridging your assets.

Wow. Yeah. So that would be massive. Exactly. So if you're on Ethereum, you don't have to like bridge to like- Binance. Binance or something like soon there's gonna be like one like layer where it's just interoperability. That would be major.

Cause right now it's so annoying with Solana, Binance, Ethereum. Yeah. It's annoying. Like the common person can't figure that shit out to be honest. Like it's already annoying for guys like us. They can't. Yeah. That's another thing is that the reason why like for Dexter we have like 300 traders, but daily active

We only have like like 10. Oh really 10, but we still generate like 70,000 in trading fees to holy crap I'm a million in volume. No 70,000 total. Oh total. Okay, but it's like 10 traders like what do you expect, right? Yeah. Because we haven't done marketing, but yeah. So the whole thing is that it's difficult to convince people to move from centralized exchanges to use decentralized exchanges

because they have to learn how to use like MetaMask. Or they have to learn how to like, you always have to have ETH for gas, then you have to have your stable coin, then you have to connect your wallet, you have to make sure like you keep your private key and your seed phrase, you know, private, and it's so you don't get hacked.

And there's like so many steps, it's so fragmented just to use like DeFi protocols. And with like Coinbase or Binance, you just email, password, sign up to FA. Thank you, that's it FAA, thank you. That's it. They have an app. So we're doing that now is that we're implementing,

it's called account abstraction. So you won't even have to use a Metamask anymore. You just sign in with your Google account or your Apple ID with Face ID, and you can start trading on Dextro just like that. Like a centralized exchange. That's gonna make it easy. So easy.

Yeah, that's smooth, man. Yeah, there's always the risk of being hacked in crypto. You see it every day on Twitter. Someone gets wrecked. Twitter crypto is crazy. Yeah, it's so negative. I actually had to stop. You have to be on it for your job, I'm sure,

but it's so toxic, dude. Yeah, it's overwhelming. You don't know what to... If you're on there to find some new alpha like alpha some new coins or you want some news like now You're gonna get bombarded with some Some exploit some hacks some whatever and any day the markets down do not go on crypto Twitter This is not people contemplating weird things. Yeah. Yeah, I just I honestly I do you know like the newsletters I subscribe to like oh, yeah

Milk road or just a couple yeah Sean Purries, right? Yeah. Yeah, or is that Sam par one of them has a crypto on I know Yeah, so I just I don't even go on those those I just have one email that hits my inbox a day for a full coverage of all the news and that's a smart It's too. It's too overwhelming. Oh my gosh, dude. Yeah, it really puts you down. Yeah, yeah, don't Twitter man Yeah, yeah, all the NFTs are down bad. So people are just depressed and then the meme coin. Yeah, it's funny All the celebrities or did you hear the Justin Bieber? He bought that one for the board eight and now it's it's worth the 99% Down. Yeah worth like $10. Oh, yeah, and you bought it for like half a million I almost bought a board eight at the peak. Yeah for like a hundred K

It was it was like a good like flex though, you know I'm the 11 nightclub has one I know and they put it on that big Yeah, they actually probably made their money back off it. I think so. Yeah, most people lost money Yeah, the thing is is like you can't generate like you can buy it But then you can't like generate income with it's not like you can buy Ethan stake it and like generate yield like you can't Really do that with NFTs. Yeah, that's like I was a big fan of staking until Celsius happened. Yeah They made it so easy and then so we do that founder. He would go to these conferences He'd have that shirt that said banks are not your friend, right? I'm like dude

He did a phenomenal marketing campaign amazing. I can't even knock him for that. But yeah. Yeah, that was messed up man It's is he in prison or no, he should be if he's not I don't think he we got we got like 30% back but everyone else yeah lost 70% how does that work though like who determines who gets they went to core and there was a class action and yeah everyone got like 30% of their portfolio back well it was that when eat was like 2000. So it wasn't even really 30%. It's like 15, 20%. And so that was basically just Ponzi scheme, just a classic Ponzi scheme.

It's crazy that they got that far though. And they were like pretty, I thought they were regulated or something. Were they public? I think honestly, I think it's just the founder. He would always be on press. He would always be at conferences and speaking on stage. And he was so good with his words and convincing everyone.

That was the regulation there. You put your trust into him and you see him speak. And the same thing with SPF. He was like this philanthropist or... Don, half your money. Well, yeah. What's that? Like he wants to donate all of his money. Yeah, there's a word. Yeah. I know what you're talking about. He doesn't care about the money or something like that. And that's what, that's what got me. I didn't even use

FTX, but I've respected him from the videos. Yeah. Cause they would always, okay. So it was like at the time it was Binance and FTX was the top ones. And it's like the whole narrative that they kind of imposed on you is like, okay, Binance is, you know, Changpeng Zhao, this Chinese guy and like, you know, some people against like China and all this stuff about it and all this like fud they had to create,

their money laundering and then you have FTX here, like based in the US, they just, they bought that American Airlines arena and they're so, the founder is so good. And that's why FTX was a huge threat to Binance. And that was the whole success, you know, behind them is that they really use that to get users in. And obviously paying Kevin O'Leary

and paying all these like Tom Brady and paying all these athletes and celebrities out of a user's deposits. And nuts, dude. Crazy. They got away with it for a while. Yeah, and do you think those do you think they are should be held liable though? Like the celebrities. Yeah, I think they got sued. I don't know what happened, but I'm assuming they settled by now Yeah, I probably gave most if not all the money back. Yeah, they probably didn't know to be fair Yeah, so it's a tricky one. Exactly. Yeah, they probably had no idea

They were just like, oh crypto and when someone offers you like 10 million just to represent the brand They probably didn't know to be fair. Yeah. So it's a tricky one. Exactly. Yeah, they probably had no idea. They were just like, oh, crypto. I mean, when someone offers you like 10 million just to represent the brand. Yeah. You're not going to turn that back. Yeah, put yourself in their shoes because people shit on these guys,

but you would have taken that money. Yeah. 99% of people. Exactly. You know what I mean? And then you see them hate online. Yeah. What's going on with that?

Do you know anything right now? I heard they found all the money is the last thing I heard. I think the new CEO was trying to like like Re you know trying to get the brand back going and yeah, and I get it back I don't I know they had a big Solana position and then when that spiked again, yeah, the 8 billion was restored I don't know what happened, but yeah, we'll see if they can recover. It's gonna be tough. Yeah, it is I don't know their rep is so tainted. Yeah, I don't I don't think so. I think I mean yeah I think I think the future is um is is DeFi on

chain and these that's that's why Coinbase did base because is that DeFi? Yeah they have their own layer two blockchain and they have so many you know interesting projects on on base. Dex Toro we were about to go on base. Dextro, we're about to go on base, but we have our own plans with Toros. Coinbase knows it, everyone knows it, and I think it's just a matter of time. have the crypto, OKX has their own blockchain. I think whatever exchange can lock in

with a credit card company will be massive for the average consumer. But that's been such a hurdle to overcome. Yeah, I just tell it, a lot of our traders, same thing. I just use MoonPay or use something that's easy. You can't use credit card though. You only use- Too many chargebacks, right?

Yeah, only debit card MoonPay allows, but that's how I've been using- Debit card. To get into crypto, but it's- Which bank debit card allows crypto purchases? All of them. Oh, all of them? All of them, yeah.

Oh, I thought they banned them, like Chase and stuff. No, no, all of them. Yeah, because MoonPay is very regulated and every time you do that, you have to confirm a text message. Yeah, yeah, two factor. every time you do that you have to like confirm text Yeah, and when you do that, you can't say it's fraud because like they have your oh Yeah, they have your digital footprint So a lot of people would be like make like a ten thousand dollar purchase on moon pay and they'll like say it's fraud

Yeah, they get free crypto And so with adding the text message it adds that additional layer smart print and they can't yeah, they can't win that one it's like no we sent you this message and you and It's not fraud. You could say you got sim hacked. I guess but that's a tough. Yeah. Yeah, I actually did get some act once Oh you did. Yeah, they went they went after me. So what they like stole your phone Uh, no, so sim hacked is they call your phone carrier, pretend to be you, buy your social security number off the dark web

and then switch the phone to their phone, like a new phone. And then say forgot password. And then if you have two factor SMS set up on all your shit, they get a text to that phone to reset the password. Wow. Yeah, that's why I only use authenticator app. Yeah, I only use authenticator.

I use SMS. Yeah, I would use authenticator. I use SMS. Yeah, I would have been screwed if I was using text on my phone. Yeah, I think also a password manager is this changed my life. Cause I use one password is definitely the best. And I've heard of that one. Have all that credentials use like a hundred characters

for all my passwords. Geez. Yeah, a hundred characters. No one's guessing that. Crazy symbols, everything, two layers of 2FA. I mean, you have to, because my industry, you know. Yeah, you're a target for sure. Crypto, DeFi, like cryptography,

and I just love the security stuff about it. And yeah, that's why I'm so passionate about building this future, a future of everyone controls their own data, funds, everything. Just interact with that. Where can people find you and more about Dextro? Yeah, dextoro.com.

You can, you know, right now, so we do actually have a live token sale too. So it's, I think we're, we'll probably end up doing the whole two and a half million within 30 days. So, I mean, if we did the half, 24 hours earlier this year with one influencer, so I think we'll probably fill pretty quickly. And yeah, then we deploy,

we launch all of our suite of products. We get into TOROS blockchain. And I think it's gonna be massive. So, love it. We'll link it below and check it out guys. Thanks for coming on man. For sure. Yeah, thanks for watching guys.

See you next time. Thanks.