The Iced Coffee Hour - Confronting The Bitcoin Multi-Millionaire | The Next Bitcoin Crash

Episode Date: March 5, 2021

Elevate your writing with 20% off Grammarly Premium by signing up at https://grammarly.com/icedcoffee​ Explore your creativity at https://Skillshare.com/icedcoffee​ Save money on your insurance at https://www.policygenius.com​ Just a disclaimer: -This is not a recommendation or endorsement of bitboy crypto, it is just our attempt to better verse ourselves in crytpo, and learn more about a subject that we aren't too familiar with. None of this is financial advice, its just a conversation. We always recommend you do your own research when investing in something you don't have a full understanding of. Thank you for watching!- Add us on Instagram:  https://www.instagram.com/jlsselby​ https://www.instagram.com/gpstephan​ Send any voice submissions to [e-mail]  (10-15 seconds max) can be about anything- and we will respond in the next podcast! Get 2 Free Stocks on Webull when you deposit $100: https://tinyurl.com/yd9slfax​ Join the 2x weekly mentorship group: https://tinyurl.com/yaexko4o​ The Equipment used: https://tinyurl.com/y78py5g2​ Audio Equipment Used In Podcast: Rode NT1, Rodecaster Pro The YouTube Creator Academy:   Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: https://bit.ly/2STxofv​ $100 OFF WITH CODE 100OFF  For Podcast Inquiries, please contact [e-mail] *Some of the links and other products that appear on this video are from companies in which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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Saving those children is how we all go home. From binge all episodes exclusively on Paramount Plus. Welcome back to the 42nd ever episode of the iced coffee hour. My name is Ben. You guys may know me from BitBoy Crypto. The podcast right now has made $44,674,000, also known as almost one Bitcoin. Wow. That was amazing.

That was the best show yet. Wow. We're very impressed. That is your cue right now. You've got to break this down for us. Ben, thank you so much for hitting us up. And for those that aren't aware, you see me holding coffee. You showed up with a whole bunch of coffees for us. Really appreciate this. Absolutely. You can't come to the ice coffee hour without bringing the iced coffee. So this is some of the finest ice coffee from the Venetian. Wow. From Ili coffee there. It's Italian coffee. I love this. So you're here to educate us on cryptocurrency and Bitcoin. Let me ask you this. Why is it that so many people comment, you need to get educated when it comes to

crypto. That just seems like a crypto thing. You need to educate yourself. I can explain this very well, because I saw this in my own life. So to give you guys a little background of how I got into Bitcoin in cryptocurrency, so going back to 2012, this was supposed to be, I think, the year that was the end of the universe, I think, right? 2012, my encounter. But that was when I got into Bitcoin. December 21st. Yeah, it was. Actually, almost the exact day I bought Bitcoin for the first time. I thought that was hilarious because then they said they calculated it the wrong way. I was actually going to be like, I was like, oh, yeah, of course. Right.

Okay, so the end of the world. That's right. It's always a little bit further out than now, you know. So I bought Bitcoin for the first time. The way I got into it is I had started a business, an event ticket business selling concert and sports tickets basically on Craigslist. And so I had to post ads on Craigslist all the time. Well, I had a software that did that for me automatically.

Long story short, I ended up having to pay for that with Bitcoin starting in 2012. So had no idea what it was. To me, I had done online gambling before and, you know, especially like back, you know, when it was legal in the United States, you know, for everybody to do. And you would have all these like little different wallets and like currencies like net teller and all kinds of things you had to sign up for to pay to fund your account. To me, when I saw Bitcoin, I was like, oh, it's just like one of these things. You know, it's just like one of these little ways that you can pay, get around whatever the law and the regulation is. And I didn't think anything about it. Well, I spent, you know, over $10,000 that year paying for that service.

If I would add up what that would be worth now, if I wouldn't have paid for the service and just held it as an investment. I mean, we're talking a lot of money over that time. First time I bought Bitcoin is $12. So put that in perspective. I had a little bit of money left in my account between payments. Then in November of 2013, it just, that's when it rocketed. It went way up. And I looked at that account.

It was like a few thousand dollars. and I was like, holy crap, man, I can't believe this. How can I get rid of it? So I met with a guy in a McDonald's over the Wi-Fi and I sold him that Bitcoin for like two or three thousand dollars. I don't remember what it was now. Of course, worth much more now today. But that was it. That was the end of it for me. I didn't think it was anything, you know, to look at as an investment. And the whole point is this. I didn't understand Bitcoin. I just had some money in it. I was kind of forced to because of that software, but I didn't see the bigger picture of it. I was putting money into something and I was investing in something that I was not educated on.

I tried to read up a little bit about it, but it was just over my head at that time. And we didn't have all the Bitcoin education resources available then that we have now. And so because of that, I missed what probably would have been the greatest investment opportunity in my whole lifetime because I was not educated. And so when I started my channel in early 2018, it was basically in response to the fact that in 2017, I would have been a multi-millionaire if I had held on to what I sold and what I used to pay for that software. And it just punched me in the gut. Like, man, my life could be totally different right now. And so I decided to go to the course of educating people about Bitcoin, so other people don't miss that opportunity. So you really, to be invested in Bitcoin and be in for a

long time for the long haul, not just on the hype cycles, you have to understand the bigger picture of what blockchain offers, what Bitcoin offers and other currencies as well. How much do you have in Bitcoin, right? now? Right now, we, Bitcoin is not our biggest holding. We have other holdings that are much bigger in our portfolio, but we have, you know, in the millions of dollars of Bitcoin. Yeah. In the millions of dollars? Yeah. Yeah. When you say we, how many people are the we? Yeah. So for years on my channel, I did everything myself. I did all the editing, all the thumbnails. I'm sure you know how it is in the beginning. And we just got to a point where we started making enough money to kind of expand. And right now,

I've got over 10 employees that work in the office. And then we also have, you know, people that are outsourced as well or not outsource, just people that are remote that do things for us. We have people in Australia that work for us. We got research team that does stuff for us. We have 10 people in the office. So as a we, like I have a business partner now. A lot of people know him for my show. His name's T.J. He's like creeping pictures of me over there. But T.J. and I are business partners in Bit Boy Crypto. We've got a big vision for what we're doing with all this, not just cryptocurrency related, but other things as well. So the whole business is a YouTube channel that talks about Bitcoin and educates people.

That is the bridge to where we're going. So obviously, Bitcoin and cryptocurrency on my channel are very popular. We made a lot of money based on investments that we've had over the last years that are finally starting to flourish and really take off. And they have over this year, along with obviously YouTube, we do very well on YouTube, you know, with just the YouTube ads alone. And then we've got affiliate links and things like. that. So we understand that crypto is cyclical and that's probably the number one takeaway that your audience should walk away with is that crypto goes in four-year cycles. We've seen it all throughout the history since 2009. And right now we're on the hype cycle where things are going up. It will go down again at some point, much likely towards the end of this year. And because of that, we're trying to really blow up the crypto channel, get as big as possible. And then we're going to take a lot of the money that we make from that. And we're actually investing in other areas of business. We're doing real estate and

investments, you know, definitely something we're getting into. We're under contract with some houses right now. What do you think of all of these companies right now placing a small allocation of Bitcoin? But first, we have a quick word from our sponsor, PolicyGenius. Insurance companies love overcharging for their services, and PolicyGenius will help prevent that from happening to you. You can save over $1,000 a year by reshopping for insurance. And here's exactly how PolicyGenius is going to save you money. You first answer a few questions about yourself and your property. And after that, Policy Genius just takes it from there. They will compare rates from over 30 of the top insurers, from Progressive to Nationwide to find your lowest quotes.

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Yeah, it's so funny when you look at the Bitcoin cycles and how they just seem to be like self-fulfilling prophecies. You know, a lot of people say that's what charting and technical analysis is. When you look at the historical chart of Bitcoin, you just say like, where is this money going to keep coming from that's going to keep pushing the price up? I mean, I believe eventually Bitcoin will easily get to a million dollars in the next five to 10 years. But I look and I say like, how could it get even higher than that? We never expected corporations to be doing that during this cycle.

We all looked in 2018 and 2019 towards the 2020, 2020, 2021 bull run. And we expected Bitcoin to go to six figures. But everybody was like, where's the money coming from? But now you're starting to see. Michael Saylor of micro strategy. He's the CEO. Their entire business plan is Bitcoin now. We've seen what Tesla's done. Tesla made more money off their Bitcoin investment over the last, you know,

over the last, you know, month or whatever it is than they made for the entire year with their company. And Bitcoin is the best asset we've ever seen in history. I would say obviously real estate. They don't make any more real estate. They don't make more land. You know, they make more real estate, but not more land, um, other than some islands in China, I guess you could say, right? But with Bitcoin, it was designed to be the optimum asset. You know, you can compare it to gold or, you know, other kinds of investments. And it just leaves those in the dust. And because of that, you're having these businesses, these companies that are awakening to that fact.

The scarcity and rarity of Bitcoin is far beyond and far greater than anything we've ever seen. And they're saying, okay, hmm, that's weird. The M1 money supply has gone parabolic. I don't know. Have you seen that chart? Did a video on it. Well, there you go. That chart is insane when you look at it.

We call it helicopter money. And because of that, these businesses are, looking and saying, what good is our cash going to be if we hit hyperinflation? And they're looking for other assets to hedge in. And the beautiful thing is, while the retail investor, most of us, the majority of people that are, you know, like number wise, putting money in, watching our videos. For those people, they live and die on the Bitcoin cycles. When the price is going up, they're excited. When it's going down, they're sad. They come in at the top. They leave at the bottom when they should be doing it the reverse way. But you have these larger companies that are looking

they're saying, hmm, where's this going to be in 20 years? Where's this going to be in 10 to 15 to 20 years? And they're not selling in the middle. You know, they're not going to be giving up that Bitcoin that's in their treasuries. And they're seeing the long-term value and implications of what this has. And it's actually, we're seeing Bitcoin become more of a sure asset than the dollar, you know. And it's just an interesting, you know, paradigm that we're seeing kind of change right now that the smartest people in the world, the smartest people in business in America are also. waking up to that, Elon Musk, Michael Saylor, you know, among others. And don't think, you know,

Tim Cook and Apple are not looking at this. Don't think the CEO of Alphabet's not looking at this. Jeff Bezos is not looking at this. They're all seeing what's happening. The kind of estimate that Michael Saylor put out, who had a conference where he met with, I think, 1,400 different executives from around, you know, more than top Fortune 500 companies. He says, he thinks by the end of this year, you know, half of all corporations will have Bitcoin in their in their treasuries. Why is there a four-year cycle? Yeah. So this is where we get into kind of the nerdy stuff about crypto that I think is so interesting.

I like to say on my channel, like, I'm a regular guy. Like, I'm not super techie. I'm not super nerdy. I don't get into a lot of the things that, you know, I don't get into Bitcoin mining. I just was a guy that saw the opportunity and got in and was like, man, this is amazing. And I've learned about all of it. And the Bitcoin cycles are based on Bitcoin mining, right? So if people are unaware of what Bitcoin mining is, it's basically, you know, computer solving complex math problems.

And when they solve those math problems, a portion of a Bitcoin is rewarded to them. And so the way that it worked in the beginning when the creators, the pseudonymous Satoshi Nakamoto created Bitcoin, it was 50 Bitcoin per block that you received. So every time a block of transactions was sent through or, you know, a block was mine, you got 50 Bitcoin per block. And that carried for the first 210,000 blocks. We talk about a four-year cycle. Technically, it's not four years on the head. It's every 210,000 blocks, which works out to about three months, three years, 10 months on average. Of course, we just round to four years. And so every 210,000 blocks, that number of rewards that of Bitcoin, the miners receive, gets cut in half. literally in half. And these numbers, they always blow me away when I talk about it.

First cycle was 50 Bitcoin. Then it went down to 25 Bitcoin, 2012 to 2016. Then they dropped down to 12.5 Bitcoin. Is of May of 2020, May 11th, the Bitcoin halving, it's called, that's H-A-L-V-I-N-G because it gets cut in half. Miners are now earning 6.25 Bitcoin per block. Okay. A very simple, way to look at this. You know, an overview of it is every four years, the production of Bitcoin gets cut in half. Because it's not as much about the rewards. It's about how much Bitcoin's being produced. And so right now, there's 900 Bitcoin being produced per day. And four years, you know, three years now, it'll be, you know, half of that, which is 450 Bitcoin per day, on average. Where it really blows my mind is to think of the compound effect.

of this, okay? So there's 21 million Bitcoin ever going to be made. That's the max supply, 21 million. Right now in the first 13 years of Bitcoin, that's all right, 12 years of Bitcoin. Right now it's sitting at, um, uh, it's sitting at 18.6 million in the circulating supply. Meaning after 12 years, there's only 2.4 million Bitcoin or 2.5 million Bitcoin left be mined. The compound effect of that having means all those Bitcoin will not be mined until 2140. It'll be 120 years before all the Bitcoin are mined, even though the vast majority have already been mined. That just shows the value of the incoming supply when they're made. The scarcity and rarity is like nothing we've ever seen before in the history of assets.

And the last cycle, 2136 to 2140, and four years, there'll only be one half of one Bitcoin mine. So every time that gets cut in half, the supply shock that happens to the miners who have to sell their Bitcoin to become profitable, it just leads to a higher value per Bitcoin. And so supply and demand are built into the code or built into the economics of Bitcoin itself. And that's why we see the cycle. Now, one day, I don't think it'll be the next five years, it may not be the next eight years. But, you know, 20 years from now, when Bitcoin's at, you know, a $100 trillion market cap, whatever it'll top out at, I think we'll see that volatility really, really, really slowed down. Right now, with it only being, you know, a little over a trillion dollars or I don't need, it might be

under a trillion dollars today. It's around that number. Um, you know, obviously, you see a lot of volatility. But one day for Bitcoin to become, you know, what we hope it becomes, whether it's the world reserve currency or an asset that, let's say, the world reserve currencies pegged to one day, it could possibly be. We will have to see a decrease in that volatility. But for the first 12 years, every four years we've seen the exact same cycle pretty much would just, we say the four-year cycles of Bitcoin, they don't repeat, but they always rhyme. Amazon presents Jeff versus Taco Truck Salsa, whether it's Verde, Roja, or The orange one.

For Jeff, trying any salsa is like playing Russian roulette with a flamethrower. Luckily, Jeff saved with Amazon and stocked up on antacids, ginger tea, and milk. Habaniero? More like habanier, yes. Save the everyday with Amazon. But what about technology? Like, what if the computers get really, like, smart? That's what I was thinking.

Quantum computers solving algorithms? I heard of quantum computers. Did you see that? the threat on Reddit about quantum computers. No, but I know what they are. They said that that is going to endanger the entire financial system because eventually they're going to create these computers that are able to hack into anything in hours

that would normally now would take like 10,000 years because the progress they're making in these computers right now is just like you said, parabolic. Yeah. So could that potentially speed up the process or be a threat to Bitcoin? Well, it won't speed up the process of Bitcoin mining because that's based upon

hash rate difficulty, basically. So the more people to mine and the faster it goes, that's another one of the people things about Bitcoin, the difficulty adjust. So the difficulty would just get much, much harder. It doesn't matter how fast computers are. They can't mind them any faster. But when it comes to technology and quantum computing, this is what I'll tell people, is that, is this a concern? Yeah, down the road, it definitely is. Right now, is it a concern? No. And so obviously, when you look 30 years down the road, it could possibly be. But who knows? we might all be living on Mars in 30 years.

You know, we have no idea about the what-ifs. Bitcoin can become more secure. It would take the consensus of more than half of the miners, which is a, you know, the Bitcoin network's so big. That would be so difficult. But if the life of Bitcoin was on the line, I'm sure they could get consensus to increase the encryption to make it harder. Quantum computers, you know, they have to be stored in like absolutely zero.

Do you know that? No. That's one of the craziest things. They have to be, to work on the, on the, on the, on the cellular level they have to get to. They have to be stored in like absolute zero temperatures. It's not feasible. I think there's only 12 or 13 of them in the world. Wow.

And they're all at like universities. So this is not something that a hacker can just go get and make. Now, we got to get one to edit the videos. I'm down. Yeah. Second channel. Multi-cam. We need that.

Just underground. Yeah. That's cool. It'll also be really cool when like it grows a hand and. plants you into the matrix. It'll be like nuts. There we go. One day. One day. So, yeah, the quantum computing is a concern down the road. But to me right now, like you said, it's more of a concern about the future of mankind when we're starting to use all these computers and finance, you know, the entire financial system.

One of the things I hear a lot of people say a lot of novice people get into Bitcoin, they say something like, well, like, what did we get hit by an electromagnetic, magnetic pulse? And, you know, there's no power. How are you going to get to your? Bitcoin, well, the cool thing is, when you can get back to it, it will still be there. But if there's an electromagnetic pulse that hits the United States and nobody has power, your Bitcoin's not going to be your concern. You certainly won't have access to your ATM. You certainly want to have access to your money in the bank account. So it's actually, you know, that won't be guaranteed to be there when you get back,

but because a blockchain, when you'd get power back, like the Bitcoin would actually be there. The point is, we would have much larger concerns if that happened. Same thing with quantum computing. Like you said, the entire financial system could be turned on its head. Now, the dangerous thing would be of like North Korea got access to a quantum computer or, you know, at some kind of rogue state, then we might could start having some of these conversations, but we would probably know that well for it was happening. But first, we have to thank this video sponsor Grammarly.

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Bitcoin is China. And the reason, I don't get political about stuff, but what I will say on this topic is that when you look at the Bitcoin mining and you look at the hash rate and that consensus that we're talking about, the majority of the hash rate is located in China across mining farms. So over 50% of Bitcoin's hash rate, which is what it would take to attack Bitcoin would be over there. And so we know China's communist, which means there isn't technically, a such thing as a private business there. So of the Chinese government, wanted to come in and take over everything, you know, all these mining farms. I mean, it would be very difficult, but they could do it, but then there would still have to be an immense amount of coordination to make that happen.

And I'm sure we would know that was happening. Well, you know, what would they do? Let's say they took it over. Yeah. What would, what would they do with that? If you could, if you could get, um, the majority of the hash rate, you can do what's called a 51% attack. That's a hack. Now, I'm not a programmer. I'm not a coder. Like you said, I'm, I'm just a regular guy. Like, I'm not super versed on the technological side of things when it comes to, you know, how to code blockchain. Okay. But my understanding of a 51% attack, we've seen them on other cryptocurrencies that have smaller networks because it's easier to do. You would do a double spend. You would basically be able to reverse some of the transactions on the blockchain. And if you did that, everything starts getting out of control, you know, people are losing money.

And then the main thing is the network security. is in question. And the great thing about Bitcoin is that network security has never been in question. It's got the largest network of decentralized nodes of any cryptocurrency by far. That's what gives it its true power and strength over other cryptocurrencies right now. So it would basically just be a thing where the security would be questioned or transactions could be hacked and people could lose a lot of money. It would be definitely a bad deal. Do I think that's ever going to happen? No. I don't think that could happen. but if you were to ask me my only concern about the future of Bitcoin and something that could happen,

that would be it. That, you know, basically they would give the majority of the hash rate and do that kind of attack on. What about regulation? Regulation. Are you not worried about that? Not at all for Bitcoin. I mean, you can't regulate open source code. That's all it is.

Bitcoin is open source code. You can't regulate that. The only thing that regulation could do with Bitcoin, because here's what you have to understand. Michael Saylor and Michael Strategy said this. He's kind of like our folk hero these days in cryptocurrency. He was on CNBC the other day and he put it very beautiful. He said, you know, Bitcoin's not an investment. Bitcoin is not a stock.

It's not a representation of something else. It's property. You own Bitcoin. It's an asset itself. It's not like with the gold or silver market where you get like, you know, something that says, you know, a little piece of paper that says you own it. You can store it in your own wallet independent of everywhere else. So for the regulation side of things,

it's difficult to attack that. And we've seen it, right? Every time a country says they're going to ban Bitcoin, there's like panic because the novice person doesn't understand it's not possible. You cannot ban Bitcoin. The thing that they can do is they can actually regulate the fiat on and off ramps. So right now we have Coinbase. And I can make so many arguments about why this will never happen.

But if the U.S. government were to ban Coinbase, a company, by the way, that's going public. you know, this year. Yeah. If you were to ban them and say people can't put Fiat money in there to get Bitcoin, that's where you could start getting into problems. We've seen that in other countries where they restrict the way you can take money in. There was actually something in England a while back,

where they had banned a certain bank from being able to issue Coinbase withdrawals. And, you know, funny enough, I actually had my bank account closed by BB&T because of a Coinbase transaction. They said it was fraud. And so it shows like, you know, we're really up against this legacy system and they kind of know what's going on. But the only way to really regulate Bitcoin per se is the Fiat on and off ramps because once people have it, you know, there's nothing you really do about it.

You can't force them to give you access to it like you can with other stuff. What do you think about the Coinbase IPO? I heard that was going to be $60 billion as of now. Yeah. Wouldn't be surprised if the next day it's 100. That's something I want to get in that so badly. pre-IPO. Yeah.

So, be careful. Fingers crossed. Yeah. For what should I be careful? I really believe, I, it's expensive, but there aren't that many platforms right now that do what Coinbase is doing. And I think they have the first mover advantage through the biggest by far, and I use them.

So I feel like if I use them, everyone else is doing it too. If Graham uses it, you know, everybody, you know. That's been my go-to metric on so many things. It's like, well, if I like it, we'll check, chances are everyone else does too. Yeah. Well, that's how I knew I was going to come on your show one day because you showed a screenshot of my channel, use my channel. Oh, did I?

Yeah. Oh, come on. Oops. Yeah. Come on. No, there's no oops. Okay. But in all of yours is with Coinbase.

I agree. You know, a lot of people give Coinbase a lot of grief in crypto because, you know, they make all kinds of arguments of like it's got high fees and stuff. You're paying for convenience, first of all. And if you want lower fees, there's actually a version called Coinbase Pro that you can use. I am a pretty big fan of Coinbase. I have said some stuff, you know, throughout my, years on YouTube some negative things about them. I haven't agreed with every decision.

You know, the CEO, Brian Armstrong, we have the same last name. So I always got to tell people like, we're not related in any way. You can tell because he's bald and you guys, you know, got these luscious locks here. Okay. But the thing about Coinbase is it's a very beginner friendly. It's very user friendly. However, when it comes the IPO, you know, and I don't know what costs, you know, you could get in at. I don't, you know, I don't do a lot of stock investing. that's something we're going to be talking about more on my channel in the future is we've got a lot of money in crypto and we want to be able to protect it in different ways and hedge it. But Chimoth Paul Hopatia, I'm sure you're familiar with him. He recently had a thread on Twitter

that it seems like to him is what's happening right now is it really overvaluing the Coinbase IPO and it's going to list and that's going to do similar to what Facebook did and drop dramatically. So my thing is what we're looking to do is go ahead and let it. at IPO and then wait till it bottoms and then invest it. We want to be investing in Coinbase. I mean, because I agree. It is, it's far in a way the best platform for beginners. There's far better exchanges out there in reality. But for beginners, you basically can't mess Coinbase up. You can mess up other exchanges. You can accidentally like buy a bunch of the wrong price of any cryptocurrency and end up getting like totally wrecked. If you don't know what you're doing, the limit orders and

things like that. So what's the best exchange that is out there? Yeah. So, so. So, for me, you just got to break it down into different categories, right? So, the best for a beginner is Coinbase. The best for people in the United States, almost every state has access is Binance.U.S. Ku-coin is an exchange that's a little, it's had some issues in the past, but it is pretty reputable and we use it. There, you don't have to do K-Y-C, so you don't have to worry about where you live to use it. In addition to that, it's got a huge selection of coins. just got, I think, the most coins in all of cryptocurrency. And then, of course, you got the,

the deeper level of cryptocurrency, which is, what's that? Robin Hood. Well, no, not Robin Hood. I'm kidding. I'm kidding. I'm kidding. I'm kidding. And I would like to talk about that in a second, though. But then you have the deeper level of the decentralized exchanges, which, you know, we have uniswap, uh, bit swapdex.io. That's a decentralized exchange that, that we run. So that's, that's a little more on the crypto Digen level, as we like to say. A decentralized exchange in crypto is where you are trading. crypto with other people through a platform, you're not trading with the exchange. And you don't ever have to send your money to the exchange. It stays in your wallet, a third party wallet the whole time. And everything's done decentralized. So there's nobody in the middle of that

transaction. How is money made on that for the website? Um, well, there, there are like with uniswap, for instance, uh, there's a fee. There's a very small fee. It's a, it's a very small fraction of a percentage, but it's a volume play. So you're getting a lot of volume on the exchange and over time, it adds up. But Unitswap itself, which is the biggest decentralized exchange on Ethereum anyways, and it has its own coin. So basically there's a liquidity process where users can go and stake liquidity for different coins. So they're getting pegging them on that fee. That's the pool in which users are going to come and trade and they're going to pull from that liquidity pool. So you can You can make money on both sides.

So they're making money off of the fee, but then, you know, there's a fee on the liquidity pools as well. So somebody's got to be there to put the tokens in for people to come trade with. Yeah. That makes sense. One thing I want to ask you before I forget is tether. Yeah. What are your thoughts on tether? But really quick, we have a word from our sponsor, Skillshare.

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Can you explain exactly what Tether is for anybody who doesn't now, give a bit of a background. Yeah. And then we'll talk about it. It's, I find it very interesting. Okay, so Tether is what we call a stable coin. A stable coin is a coin in cryptocurrency that is pegged to the value of an asset. Okay. So in most cases, we're talking about peg to the U.S. dollar or pegged to the euro. So you have the two main ones are Tether and USDC, which is the coin-based dollar. And then most exchanges will have their own version of one or the other, you know, and they can go on different blockchains as well. Like, there's a version of Tether on the Ethereum blockchain. There's another one on the Tron blockchain.

There's a lot of different blockchains that it goes on to make it where you can trade within that ecosystem. That's a little complicated. But the thing with Tether is, is they were under investigation by the state of New York. The exchange behind Tether is actually Bitfinex. It's one of the earlier exchanges. There's a lot of conspiracies, you know, kind of surveillance. rounding that whole thing. But this is what I'll say. There's been a very popular article that has gone around for a long time about how tether was actually the whole reason for the last bull runs and the more that they print of it, they print what's called tether grants. It gives more liquidity to trading. And there's a big conspiracy about how tether was causing all the bull runs and all the

value. And now the state of New York has came out against them and did a lawsuit. Well, it was finally, after we were told for years this was going to be the end of crypto when, you know, there's always the end of crypto when Tether finally popped. Well, the state of New York was like, okay, you just can't trade Tether here in the state of New York. Bitfinex can't be here, which they were already removed, and paying an $18.5 million fine and everything's fine. Don't you think that's a red flag, though, that they paid an $18.5 million fine for refusing to get audited. Now, for my explanation of this, to add on to what you were saying is that there's nothing technically, stopping tether, the company behind it from saying, hey, you know what,

we're going to print 10 million extra tether. We're just going to release it out there. No one's going to know. And then we could buy Bitcoin with it. Yeah. And we're creating this currency that we can control and create more of and just drive up the cost. Or we could just eventually

just run away with hundreds of millions of dollars. So their issue was that they've refused an audit to prove that every one U.S. dollar you put in is backed by, by, sorry, for every one tether is backed by one dollar. Right. And so when they started getting investigated, they changed the verbiage on their website to say,

well, every, every tether is not backed by a dollar, but it's backed by a U.S. dollar or it's equivalent. Yeah. And then be like, well, what does that mean? Well, it's backed by loans and this and that. But they're refusing a third party audit, a true third party audit. So to me, it seems like a red flag that New York is like, okay, we're not going to be able to prove any of this. You're refusing this, but we're going to ban you here,

fine you $18.5 million dollars, but just stay out of New York. Yeah. Well, it's state of New York is a bad barometer for anything. That's what I'll say. Why? They're of course against cryptocurrency. Wall Street is there. That's their big cash cow in New York City, you know, everything that is, you know, traditional finance. It's the traditional finance center of the world. And so because of that, they're going to come out against crypto. They don't want Bitcoin to do well. The traditional legacy system when Bitcoin does well, you know, they start questioning. You hear Charlie Munger come out. Like, you know, I'm just going to not, you know, dice words here. Make such an idiotic statement like Bitcoin's going to go to zero or let's short it or whatever. Bill Gates was saying it.

Bill Gates several years ago said, I would short Bitcoin if I, if I could. And then, of course, you know, I came out in an interview two weeks ago, I said, well, I wouldn't really think about shorting Bitcoin. Like, they know what's coming. This is the way all these guys made this, all this money was a traditional system. Traditional system is going to die. It's all. only a matter of time. We've seen it with Wall Street bets. The way it's constructed, it's not fair. The whole entire internet is the printing press of our general, of our, you know, modern civilization. All the information for how these people have been making money with derivatives is out there. It's only a matter of time before that catches up with them. And they all know that and they all see that.

Right. So New York's a bad barometer is what I'll say. They go after everybody. You can't use so many different exchanges in New York. You can use in other places. However, I don't like Tether. I've never liked tether. I've always said that the tether story was way overblown. We call it Fudd, you know, if your uncertainty and doubt, it's when you take a story and you just pound it over and over again that gives a narrative that makes people feel a certain way. It's an overblown story. But yeah, it's sketch. It was always sketch. Do I think the entire bull run was predicated upon them printing tether grants? No, I think them printing tether grants was an indication of demand coming in. That's what we saw every single time. They would print grants. and then the demand would come in. So I think it's just kind of one of those catch-22 things.

It's really hard to isolate. And I think that's what I say New York found is the whole thing's a big catch-22. A lot of people behind, you know, behind Tether, behind the Omni blockchain, which it was originally created on, behind BitFenex, Brock Pierce, you know, some people may know him. He actually ran for president recently. He was involved in a lot of it. There's a lot of shell companies, a lot of holding companies, a lot of questions.

What some people think is this. They think that Tether did have the money at one time. and, you know, they had, I think it was $700 million, basically stolen from them by a company that they said, hey, why don't you in Costa Rica manage all our money? And then they stole all the money. Yeah. Yeah. So, so is that what actually happened? Stolen, right. Stole. Yeah. So it just disappeared. It's all conspiracy. Just disappeared. Yeah, we don't know. And we don't know. But that's why I'm a big proponent of the Coinbase dollar. And some many people may not know about cryptocurrency is that, you know, Bitcoin's number one, Ethereum's number two, right now as of today, the day that's recording,

Cardano is number three, Tether is number four. The trading volume on Tether and other stable coins is like 60% of all trading. And yet they only make up less than 5% of all coins. People use, and the reason why people use stable coins is to jump back and forth on trades. If Bitcoin goes up to $60,000, you move it all over to Tether and then the price drops back down to 40, well, hey, you just made an extra half Bitcoin if you buy back in at that point. That's the way trading with stablecoins works. Why wouldn't you just go to cash?

Why couldn't I just sell it, get the cash, buy back in? Well, because you're having to take too many steps, you know. Isn't that the same step? Just Bitcoin Cash, Bitcoin, so the Bitcoin, stablecoin, Bitcoin? It works differently on some exchanges. Like on Binance.com, you know, don't tell anyone. I still have a legacy account there.

And like, you can't do that on other exchanges. On Coinbase, they do have the USDC and then they do have the cash. But on other exchanges, they don't necessarily have that process. So you could do that. But in general, you know, I think a lot of fast trading, faster trading. And when you're trying to do a lot of swing training, especially on smaller time frame, you're just trying to do it faster. Like, why would you do the extra step?

It's also a question of getting the cash back into the asset. Some places, you know, you have to actually go. you know, there's got to be an in-between step. So what do you think would happen if something happens to tether? And they force an audit to say, and the audit can't come up with the money. Yeah. What do you think would be the result of that in terms of Bitcoin?

That's not going to happen. I would argue very strongly. Like, to answer your question, it probably wouldn't do much because this story and this narrative has already been out there for years, and it hasn't done much. but I think this state of New York, I mean, they're the number one people that go after, you know, crypto companies, and not just in crypto, we know that they go against a lot of people in different

areas and things like that. But I would say this is the nail in the coffin for that narrative. I think it's over now. I think Tether now is going to be able to run internationally, wherever they allow it. Now, look, maybe a European Union or somebody comes out against them as well. but what we're seeing is a distribution of that huge amount of trading volume split between Tether and other stable coins, primarily USDC, the Gemini dollar, you know, some other exchanges. Binance has their own coin called the Binance dollar. We like USDC. Once again, we like coin.

Why? Why do you like USDC? Yeah. We like Coinbase. They are front and on the regulation instead of the back end. Everything Coinbase does. So my people got really frustrated in 2018 when Coinbase came out and said, you know, we're not going to list XRP. That was the big rumor at the peak of the market.

I remember that. Yeah, that was a big one back. And I look back, if you were to ask me like, when was the absolute peak of the market and when do you think it literally turned? I point back to, I think it was on January 8th of 2018, somewhere around that date. Brian Armstrong. C of Coinbase comes out and says, Coinbase has not made any decisions on listing any assets. That was the exact peak of XRP. It was at $3 in some odd cents.

Went down under $2 that day, never returned. Literally has never returned to those heights since then. And so, you know. It's also BitConnect. Oh, that's a whole other story. That's a whole other issue. That was in December when that thing went south. I thought BitConnect was the first week of January.

And that was as soon as BitConnect. I'm not sure if the dropping Bitcoin price collapsed Bitcoin. I think it was that. And then BitConnect just caused everything else to. Yeah. Well, I think Bitcoin, or I think BitConnect was in the melody summer. I can't remember that timeline as clearly as I remember the XRP because I was invested in XRP. I was never invested in BitConnect.

So I didn't follow it as closely other than no, like for two months before it collapsed, the narrative was this is a scam, get your money out. I made a video five or six months before then. Like, guys, this is a. scam. I got so many dislikes. That was one of my most disliked videos. I think like 80% of people dislike that video. I'm like, it's a scam. Like how is it's it's so obvious. No, it's not Graham. This is the only video of yours. I dislike. I like your video. It's like so stupid. And then afterwards people are, oh my God, he's right. It's like it's so obvious. But they don't come back and correct

their comment. Sorry, Graham. You know, they just leave it there. People don't want to hear the truth about things that are scams. And I tell you, I see that every day with people asking me, sending me questions like, hey, this place promises me, this returns and this. And, you know, the thing is why people are more susceptible to scams in crypto is because the money's already so unbelievable. Like, it's already so unbelievable that you could have invested $100 in 2010 and taking that same investment and bought a Lamborghini with it in 2017. And yet that's what we saw.

So, so you like USDC. I've noticed BlockFi. Yeah. Pays like 8% on that. How are they able to pay so much money? And why shouldn't I take like 500 grand put it in U.S.D.C.? put it in U.S. DC and just get the interest on it. Yeah, no reason.

No reason not to. That's it. There's got to be a risk. There's got to be a risk. Well, paying 8%. There's got to be some catch. How are they able to do that? Well, it's all done through staking and controlled supply and being able to remove certain percentages of coins, you know, from, from the supply.

And, you know, staking is very complex. But generally the way that it works is, you know, you know, You know, you stake this here and you earn in a different coin. So you can take USDC and you can earn it back on different coins. The issue comes in when you're earning staking rewards on an asset that's also going down, right? So if you were to take part of your, like, let's take Celsius. You know, Celsius is a company that, you know, we worked with in the past Alex Machinsky. He's behind it. He's the guy who created a voice over IP.

And Celsius, they pay you more with their sell token, right? So you stake Bitcoin or Ethereum, whatever it is, you can take a percentage of it back in your coin, right? So you can stake Bitcoin. You can earn rewards back in Bitcoin, which you're earning 8% or whatever the number is on Celsius, but you also have to remember in a bear market, those numbers are going down. So you're, you're making 8% on a depreciating asset. What about USDC? Yeah. Wouldn't that be just equivalent to a dollar? So essentially earning 8% on a dollar? Yeah. Regardless of what the market does.

To be honest with you, when it comes to the. USD staking, that's something we're actually investigating and trying to get more interested in. We've actually not done that before. That's kind of our plan for the bear market is, you know, the optimum move would be move over to stable coins at the very top of the market and then stake that. So that's something we're investigating right now. I've not actually done that before. But, you know, I'm not sure if you're staking on USDA and then you're receiving 8% back. I would assume it has a lot to do with you just providing liquidity. Do you think that cryptocurrency is an investment or is it?

a currency slash like store of value? Depends on the coin. It depends on the coin. That's a very broad statement, right? So with Bitcoin, we believe Bitcoin is an asset. It's a hedgeable asset. It's digital gold is what it is. It's far superior to gold. Then you have other coins that are definitely more like currencies. And then you have others that, you know, aren't necessarily currencies. They're what we call utility tokens. But, you know, it just depends on on which way you're looking at it and which coin that it is. So which coin would be an investment? Don't tell Jack. Jack's going to buy it and the second he buys it, it's going down. It's true. It's been a running joke as soon as

he buys in. Very true. Yeah. So get ready for this. Can it give him one that's not in my portfolio. Yeah. So this is this is where we get into what I consider to be one of the, one of the most difficult things about being a cryptocurrency YouTuber about talking about this on a daily basis is that there's really two different tracks when it comes to crypto, right? You have your investment track and you have your use case track. And sometimes those are going in very separate things, very separate directions. So here's a good for instance, basic attention token. The tickers bat, basic attention token. It's by Brandon Ike. He's the same guy that created Mozilla Firefox. And it's, you know, trying to decentralize ads, right? So right now, Facebook, they serve you an ad.

If Zuck wants to walk in, he wants to say, you know, give me Jack's file. Let me see what this guy's into. He can pull it up and look and see every single data point they have on you. Okay. Now, with basically attention token in the Bray browser, they're still serving you ads based on your preferences, but it's stored decentralized. So there's no one person that can get access to all your data points to be able to get information about you. And it's a beautiful thing. We love basic attention token. We love the Bray browser. Okay. It's such a great use case. It's so incredible what it can do. And yet the value of the token has just never seemed to go up to match the use case.

The investment side of it can be purely speculative, right? But you have these projects that are actually have working products. The Bray browser is, you can make an argument for different ways to see use case, but there's millions of users of the Bray browser. And I would argue it's crypto's most used like product. So if no one person gets access to that data, how do marketers get access to that? Well, the access, the data is still there decentralized, like basically like, it's all done by AI.

I mean, that's the best way to say it. It's, it's your, the marketers aren't getting your personal information. They're basically saying, I've got this ad that needs to be shown to this type of person. And then the Bray browser has taken that. And you can choose to opt in. You don't have to opt into the ads program. If you opt into the ads program, it serves you ads. And not only is it serving you ads, you're actually getting paid a small fraction of a fee

and basic attention token just for watching the ads. So that would be an investment in cryptocurrency? What I'm trying to say is every coin in cryptocurrency really you could probably look at as an investment and then also as it having a use case. So I'm confused because you said that the traditional way of investing with Wall Street, and everything is doomed or it's going to end. Yeah. So once that ends, then where can we store our investments and look for better returns?

If cryptocurrency isn't necessarily investment and investment, but speculative currencies can be seen as. Well, I think it just gets down to it's a very complex question, you know, when you're really looking at the future of where all this is going. And we're projecting 10, 15 years in the future. We don't even know what's going to happen next month. I mean, we just had the SEC just came out and stopped trading on certain. certain assets because people are talking about on Reddit. You know, like, that's pretty unbelievable. I mean,

that's interesting. You would think that we have a free market, but we really don't. I mean, just because some people decide, hey, I want to invest in this together with other people, does that necessarily mean that's a bad thing? And yet the government on the other side, when they come in and restricted and manipulated on the other side, of course, we know to make sure that certain people win and certain people lose, the wrong side's been winning lately is what all boys down to. To me, that speaks of a lot of the problems of the financial censorship that that we see. So it really, cryptocurrency, like I said earlier, is so much different than anything else we've seen because you actually own it. It's not a representation of something, right?

If you have one Ethereum, you own that one Ethereum. And that's really where a lot of traditional people get confused because you're used to having a stock that's a percentage of ownership of something. You can't withdraw a stock. You can't own a stock, right? You can have it in your portfolio, but you can't go to the front door of that company and say like, hey, can you give me my percent of this company right now. Whereas with cryptocurrency, you literally can do that. You can say, hey, I've got five Bitcoin on Coinbase. And this is the difference between Coinbase and Robin Hood and PayPal is you can literally go to Coinbase and you can say, hey, I've got this hardware wallet, a USB cold storage device. Cold storage means it stored offline. And you can withdraw that Bitcoin and you own it.

And I think we're just kind of moving to a different place in investing where you don't necessarily have to have that representation. You can actually own the asset. And that's where, you know, NFTs, for instance, come in. What's the advantage? We'll talk about NFTs in a second. What's the advantage of being able to pull it off? Because I personally, as long as it's safe, I mean, I don't care if I pull a stock and hold it on like a little piece of hardware somewhere. It just doesn't make a difference to me.

Well, you know, one thing that I'll take leverage trading, for instance, as an example. I do a lot of leverage trading on my side or on my personally. I also do it a lot on my channel. And it's like when you're when you're lever trading, when you're longing in an asset and you're watching the price of that asset drop and you go in the red, the idea is you're thinking like, wow, there's no way this price could actually go to this level. And you know what it does? It goes down to the level. It's always going to do that eventually. If you keep going, it's always going to drop down to that level.

You think it won't go to. I know. I know. Yeah. Yeah. Okay. I like that. I like the sound of that.

So the world's kind of the same way. Okay. like eventually there are going to be bad things that happen. Economies collapse. Hyperinflation happens. Seems like we're kind of getting to, you know, on the verge of some of that stuff with the helicopter money. It can't keep going up forever.

It's kind of a fail safe, right? So you say like, hey, I've got these investments in the stock market. Well, if the economy collapses and they freaking have to, you know, hit the breaker and you can't get out of those investments, you're kind of in trouble, you know? But with Bitcoin and with other cryptocurrencies, like, you are the fail safe. You have that currency, you own it. And so for me, it's a truly hedgible asset where you're hedging against crisis. And that's why I tell my stepdad, for instance, he got into crypto finally, you know,

after I've been telling him for years and years and years about it, and he got into the gray scale trust, which are the Bitcoin stocks. Those are great bridges to get people from the traditional world over to our little crypto world. He asked me the same question, you know, he said, what's the difference in me investing in the stock, which the prices run a little bit different. There's a premium. But he said, what's the difference in that and then owning it? And so I explained it to them, you know, like the whole reason why you want to own Bitcoin is if there is some kind of crisis or there is some kind of terrible thing that happens,

you know, you're going to still have access to that. Whereas, you know, there's no guarantee you could get to a bank. There's no guarantee that you could call your stock broker and get that sold off. No guarantee that, you know, a merit trade will be functioning or whatever it is. So that's really the difference. You know, it's more owning assets compared to, to paper trade, not paper trading in the sense of trading with fake money, but like just trading on derivatives where you don't own any of that. Like it's great to make money on. If you invest in Bitcoin on PayPal,

you'll never be able to withdraw it, but you can make money. It's just, it's a different way of looking at things. And most people that are hardcore into cryptocurrency, we come from kind of libertarian backgrounds, you know, like there's always that. Cryptocurrency was birth out of a libertarian movement pretty much. And so it's, it's, the kind of thing of you want to have ownership of your own things, you know. And so that's kind of like making money, it doesn't make that much of a difference. But on the larger scale of what could happen, disaster, crises, things like that. I mean, certainly if you were in Venezuela, you know, you would have wanted to have Bitcoin compared to what was happening there in their total economy.

So obviously, you know, where Venezuela was at its peak, not compared to where America is at its peak, but I think you understand. NFTs, what do you think? Cryptopunks. Yeah. So we've been in an for a long time. And I was, I actually just duetted a video I made on TikTok, uh, recently. We're back in October. I was telling people to get invested in NFTs. NFTs are, it stands for non-fungible token. So just brief description of what that means. Something is fungible if you can replace anything in the supply, right? So like, I've got a dollar, you have a dollar, you have a dollar. We all take that dollar. We throw it in a pot,

mix it around. We all pull out a dollar and it spends the exact same way, right? non-fungible tokens or tokens on blockchain that are built on the same blockchain, but they can actually have different characteristics. So that's what non-fungible means. The best way to look at it, they're collectibles in general. Now, there are way further advanced use cases of NFTs. You can basically take anything physical and turn it into a digital representation with NFTs. That's what people aren't talking about now that'll be really big down the road.

But we know Logan Paul, you know, just released, his own NFTs on a cryptocurrency called Bonley that we've talked a lot about on my channel. Cryptopunks, MBA top shots. Some of these are going for hundreds of thousands of dollars. Once again, it kind of gets back to the core concept of Bitcoin, which is rarity and scarcity. And, you know, the Mona Lisa is an example I use a lot. Like the Mona Lisa, it sits, you know, wherever it sits, I guess, the Louvre or whatever, you know, art museum it's at.

I don't do art really, okay? I'm not an artsy kind of guy, okay? I like football. But it sits there and everybody can kind of, you know, walk around it. It's in a case. You can look at it. That's the Mona Lisa. But I can actually go print out something on paper that, you know, is that to scale? Put it in a similar frame and, hey, I got my own Mona Lisa. But everybody knows it's not the Mona Lisa. Okay. With NFTs, it's a way to create the scarcity and rarity of a digital collectible and have it all the blockchain so people can actually see not only who owns it, but the chain of ownership of everybody who's owned it, not by name, but by, you know, blockchain address. And so this is something a lot of people are seeing. And I think it's really the changing of generations too, right?

We're seeing a much bigger focus on creativity and uniqueness than we've ever seen before. And the NFTs really play into that. We actually have our own NFTs, uh, Rarable.com, is where Mark Cuban put his out. For a long time, BitBoy Crypto was the number one seller on Rarable. We sold, I think, 500 Eth and a weekend's worth of BitBoy cards. We've got our own deck builder game that's going to be NFTs on the wax blockchain coming out in March and April. So we're big believers in this.

We've got a whole department of our business that is focused on NFTs. We just see it as really the future. And kind of one thing I would tell people is when you see smart crypto people telling you things about what's coming, big ideas that are coming and will be big, they're most likely going to be big. You should pay attention because if people were listening to October to what we were saying, not just us. I mean, I'm saying, we're the smart people in crypto, but other crypto people as well were saying like,

hey, this is going to be the next big thing. And a lot of people miss out a lot of opportunities because they weren't listening. Do you think right now today, NFTs are in a bubble? They go in cyclical bubbles. They weren't a big bubble over the summer. Like when we got, you know, when we started selling ours, we did really well with it in the summer and the early fall, and then it kind of, you know, it kind of came and went.

But guess what? Pokemon cards go in bubbles. You know, baseball cards and collectibles. Michael Jordan stuff, for instance, during, you know, Gary Vaynerchuk talks a lot about the Michael Jordan bubble that happened when the last dance was on, you know, on ESPN and things like that. And so all collectibles go in waves. So you just want to make sure, just like investing in cryptocurrency,

that you're getting in at the beginning, not at the end. So where are we at right now in that kind of bubble cycle? I don't know, but, you know, feels to me a lot like the ICO whole thing in like 2017 where everyone was coming out with their own coin, making bank off of it. And there's only so much that we could do before it just gets saturated. I feel like that with NFTs. I started looking online. I started doing some research and I'm definitely not an expert. I probably know 10% on NFTs. But it just seems to me like 99% of the market is just going to go to worthless. I do believe that long term, like 10, 20 years from now,

there are going to be some really valuable NFTs, like incredibly valuable, like the Mona Lisa that you said, that like you got that original NFT, like it's going to be priceless at some point. But I think 99% is just going to go to nothing. Like there's nothing stopping me from going and creating my own NFT. And I could be like, guys, there's only going to be one of this bit on it.

And it would do really well. Gosh, it would do so well. Yeah, it would do so well. I see where you're coming from. And I think that all of these people with like influence, creating their own NFTs, assigning it a perceived value, not backed by any historical data,

and then selling them for exorbitant amounts to people that maybe aren't fully aware of like... That's what they did with ICOs. It just sounds like a little... There were so many YouTubers coming out with their own ICO. There was one that some car YouTuber came out with back in 2017. I forget what it was.

It was like sugar coin or like something like. It was something like so stupid. And yeah, it pumped for like a day and then dropped like 90%. And there were some big people behind that. I don't think it was called sugar coin. I can't remember what it was called. Centra? No. It was such a, that was a big scam one too.

It was such a stupid name that if I heard, I'd be like, yeah, that's it because it was so bad. But they had like athletes that were pumping up this coin. Like, God, it's coming on. a other comment, and it's just they all sold off that first day. It reminds me like creating NFTs, essentially what they're doing is selling it off the first day.

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just practical to practically family. Whatever you want, Wherever you're going, start your search at auto trader.ca, Canada's car marketplace. I would make a very strong distinction between ICOs and NFTs. I would say we're still having ICOs come out now. ICOs are the new ICOs. We're having plenty of tokens launched every single day. There's a lot of token launching platforms that are doing like a lot of sketchy stuff.

But we're also having, you know, a lot of stuff in decentralized finance. Defi is the big buzzword. I mean, I think decentralized finance is going to be the number one niche of cryptocurrency for a long time. They were just still kind of in the beginning stages of it. But everybody going and launching their own finance, staking, yield farming coin, that's the new ICO. I mean, we saw it. If you can put a dot finance after your coin, that's what it is. I think with NFTs, it blows down to audience, right?

So if Graham, if you made an NFT, a Graham, Stefan, you know, NFT, like, of course, obviously it would be a photo of this moment of you talking to me. I mean, that's obviously what it does. If you would go and sell that, I mean, you would get Buku's some money for it. Make a one-on-one, right? But if you made 20 of those, okay, and you sold those, those do very well. If you came out and you made another 20 and then another 20, and you kept watering down the value of each one or each series that you would do, I think at that point... I would agree, because you could have multiple banksies. They're going to be different. Yeah. But you could have multiple originals. So there's nothing stopping me from being like, all right, guys, here's an NFT of this moment.

Yeah. It's going to be the only one. But then the next podcast, okay, we're going to get an NFT on this one. And then maybe depending on, like, who we have on, maybe some of those are more, like the one with Kevin. Got to mention Kevin every episode. The one with Kevin might be the most valuable.

I need to get Kevin on my show. Yeah. I want to meet Kevin. Kevin would do a live stream. with you. Woody? Yeah. Let's do it. Kevin. I'm actually, I don't want to put words in his mouth, but you just did. Most likely. Well, one thing's for sure. When I, when I sick my community in the comment section, you know, I'll end up probably getting along with you. How come so many people mentioned you on the podcast? Like, I can't be, how do they find out about that? Um,

we got so many people for a week straight. Yeah. mentioning you. Well, that was my doing. Wasn't you sent them? We have a very dedicated following. You have the army. We have the army. And the reason why. Hey, Army. Make sure to hit the like button. Tell them to hit the like button. The Bits squad. The Bid Squad. The Bid Squad. Bid Squad, do us a favor. Smash that like button. You guys know how to do it. It says smash the likes way back here in the room. If you guys can see it. How we got to turn that on. But the reason is, is because they really want more people to know about cryptocurrency. And we are the largest cryptocurrency channel, right? But we're still like niche.

We're just now on this channel as we're hitting 600,000 subscribers, getting to a place where our message is reaching more than just the people. the hardcore people in our community. And when we see a channel like yours where you're talking about investing, and you've mentioned Bitcoin before, you know, we want to get on and talk about this message with your audience to bridge that gap to bring more people in. The message isn't for everybody. And if people don't like it,

they're certainly don't have to come check out any cryptocurrency channels. But we believe with Bitcoin that what we have is such a powerful censorship-free, decentralized message that everybody can benefit from here. I mean, we've got cryptocurrencies the first time in history, we can have, you know, rules without rulers, governance without governors. Everything can be, you know, automated. And we think that that's something really great that can prevent a lot of the big problems we have in the world. So our people are very passionate about wanting to see people get that message. And that's what all boils down to.

Do you worry that you can influence the market based on what you talk about? Yeah, for sure. So how do you balance that? What can I do? I mean, it's like when we talk about coins sometimes that are in the top 10 to 20 billions of dollars of market cap or hundreds of millions of dollar as a market cap, we see what happens is we bring awareness and people go buy things. It's awareness of the coins. It's a catch-22. It's like, I'm a cryptocurrency YouTuber. I'm not supposed to talk about crypto because some people might take what we say and go make actions upon it. It is one of these things that I really wore with because, you know, one of the reasons why people like our channel is because I'm real and I'm authentic

and transparent about everything we do. And, you know, when they see that and they see what we're talking about, they want to be passionate about it. We weren't planning to come out here to Las Vegas and like do a meet-up or anything. But all we mentioned is we're coming here and like, all these people want to come meet me. We talked to a lot of people last night, going to have a meet up, you know, tonight and meet more people. And that's cool. I want to do that. I want to talk to people. But that influence is like, like we see it with Elon Musk.

Like Elon Musk is being real about stuff. You know, the SEC wants to talk about him about Dogecoin tweets, which the only way they could kind of tie it together is if they said that would affect Bitcoin, which Tesla is invested in, whatever. That's a stretch, but... I mean, that's only... There's no other way they can go after him, and they said there's supposedly an SEC probe on him for saying it.

It's going to have to come back to his role at Tesla. I mean, it can't be because he talked about Dogecoin. But like, what do you want the guy to say? When he said, you know, the price of Bitcoin and Ethereum is a little overvalued, we saw the market reacted the other way. It's like, what's he supposed to do? Just not ever mention open source code, like not ever mention cryptocurrency. And we're just at a weird place in society where social media,

really is such a town hall and people have such big platforms like we've never seen before. And yes, it is money. And I know, you know, for me personally, I don't have a finance background. You know, like, it's kind of interesting to me the way my life has developed that this is what I talk about all the time because that's not what my background is in. I'm a regular guy that got into crypto by accident, saw the huge opportunity to recognize it. That's all it boils down to, right? And that's why we have a platform. but we're living in a place where anybody can say anything about makeup, you know, like, hey, if Kim Kardashian does a post about makeup, you know, we're going to see that those makeup sales go out of the roof, but then when it comes to money, it's different.

And it's, it's a weird thing to say, like, let's take this entire niche of the world and open platforms where people can say whatever they want to say and just say like, oh, this one thing is completely off limits. You can't talk about money on social media because someone out there may make a decision about it, but that's the entire way that. Everything else is set up. I'm worried. I think at some point they're going to crack down on that.

And that's been one of my biggest reservations for never talking about individual stocks. I've started opening up about like, well, I kind of like a few of these stocks, but I'm so afraid that if I say like, guys, I really love Fisker. But if something happens to that, because I'm invested in Fisker, and then it keeps going up higher and then something happens if somebody loses money. Or let's say it goes up to a price. I'm like, wow, I didn't expect it to go up to this price. Let me sell.

Yeah. And then I sell it. And then the SEC looks at that and says, well, you mentioned it here and it hit your price target and you sold it here. And now you are you. I think it's something brand new that it is going to regulate at some point. Because I think there are so many people out there who could just, who have these platforms, you could just, I'm buying the stock.

And it's going to 5X in 24 hours. Absolutely. Yeah. So I think eventually they got to find a way to, it's got to be a middle ground there. I feel like it's probably going to be a disclosure. sort of something like I'm invested in it here's how much I have something like that I don't know well I mean amounts amounts are something very interesting I mean I think if if they were to do that we would certainly comply with that we've we have never talked about anything on my channel that I was invested in

or that we uh you know that was sponsored without disclosing from the very beginning my channel when nobody was watching the first time I ever got a sponsored video you know like we would always say it was sponsored um and whenever we talk about projects especially something that like I'll get invited to private sales or pre-sales, talked about some on the channel the other day. I mentioned like, hey, I'm invested in this. We try to, we mine our piece and cues. And I think that's what it blows down to. If you look at the SEC and you look at the history in cryptocurrency,

I can't speak about the stock world. Obviously, that's a regulated environment. Cryptocurrency is not regulated at all. But when you look at the history of the SEC and digital assets and who they've gone after, it always involves dishonesty. It involves dishonesty. It involves manipulation, intentionally withholding stuff that you're invested in. and just like with tether, you know, like some shady stuff going on.

I think as long as you're trying to do your best, they're not going to come after you. That's a fair point. And there may be some regulation that you do have to comply with down the road. They came out and said, like, if you were to cover like actual ICOs, you would have to, you know, talk about how much, you know, you were paid for it. We don't really do ICOs per se on my channel. So it's not been something that we've done when they came out with that regulation.

A lot of people in crypto complied, like, look, people in crypto, They want to comply with whatever we're given, at least in the, you know, cryptocurrency space when it comes to influencing. I know basically all the other crypto YouTubers. I don't know a lot of the ones, I don't know, I don't know a lot of the ones who are, let's say, like they had a large channel and then all of a sudden they just move over and talk about Bitcoin one day or something like that. That's you, Graham. I'm talking about you.

Sorry, this was distracting. Yeah, yeah, it's okay. So, yeah, so I know there's a lot of other, like Sheldon Evans, for instance, the guy that talks about cryptocurrency, he randomly just started talking about it. I know Andre's done the same thing. I don't know when he started talking about it. But for those of us that are in the hardcore crypto community and like that's all we've done is crypto for years now. I know all those other people and we all want to comply. Nobody wants to get in trouble. We're not trying to, you know, always make this little joke, you know, or it's not a joke, but always make the reference to, at first we thought it was Batman, but then we figured out it was Uncle Ben from Spider-Man.

man, you know, with great power comes great responsibility. Right. And we always take that so seriously. We try to think of the responsibility of our actions and the responsibility of the things we talk about, but it is a fine line and we can't control everything. Like, if we cover a project, for instance, and, you know, people go out and and buy it and then someone else somewhere who's been sitting on a bunch of it, like, they sell it when people are going up and it dumps the market. Like, we can't control that. You know what I'm seeing? That's frustrating to me.

me. And whenever we've seen that happen, those are times where we kind of go back to the drawing board and say like, how can we even find this middle ground even more? You know, we know, we know, I mean, we're not idiots. We know what happens when we bring awareness to projects. But like I always say, like, am I just not supposed to talk about crypto or good projects we find as a crypto influencer because people might make decisions? We can't control what those other people do. We can only control what we do and try to harness that power to the best of our ability. Yeah. I think we should go on to. some rapid fire.

Go for it, yeah. What are the three cryptocurrencies you're most excited about? Well, I would just, I mean, the three that we are the most invested in,

number one, Ethereum, number two Cardano, number three, Bitcoin. Why Cardano? Too many people have been reaching out,

like, Graham, just a tip, just a tip by Cardano. Yeah. And so many people have said, just like, I can't tell you much more,

but bias. Everybody has been doing, why? Why? What can't they tell me much more of? It's just these very cryptic messages. They don't, know that. Buy Cardano. Just buy it, Graham. Just trust me on this one. I like your chat. I'm trying to help you

out, man. Just buy Cardinals. What is it? Why? Well, it's it's bared out to be true. I mean, basically Charles Hoskinson, he's also co-founder of Ethereum. He came out with a tweet at the beginning of this month and said some little birdies are telling me that, you know, Cardano is going to have a good month. All the stuff on the chart was looking good for it. Now, he implied that there's a large liquidity event. That probably means an exchange listing or maybe a, like a gray scale trust type listing for the stock market for Cardano or Ada is the token is or the ticker. And you know, he teased that. It's almost the end of February.

We haven't gotten it. But we've seen the prices go way up. We actually took, we actually took a half a million dollars that we made leverage trading on not. We don't trade live because we don't want people to take it as investment advice. But they saw all the trades in our account. In a few weeks, we traded up from like, you know, I think it was two Bitcoin. We traded up to like, you know, 12 or 13 Bitcoin. Then we took 10 Bitcoin. We publicly stated we were buying $500,000 for the Cardano. And that was when the price was at, I think, about 70 cents.

And so that's doing pretty good. That's 2x for us since then. What is that now? It is of right now, I think it's $1.38. It was the last time we looked. I should have done it, man. I know. So that was at 80 cents. Yeah. It was at $80. A $1.40 right now. Do you think it's still a good time to buy? So this is a great question because this is, not for you, man. I know.

Jack, do you watch my channel? No. You need to start. Okay, because I, I feel like I'm your kind of guy. Yeah. Okay,

I'm going to tell you when you need to get in, what you need to get into. It's going to ruin everything. You're going to lose so much money. You have no idea. I was going to buy it. Oh, God of it.

That was going to go from it. It only went up because you didn't buy it. Yeah, I didn't buy it because I had to get, well, I had to get like Binance or something like that. Binance.us. Yeah, so I got that. Yeah.

But then I have to like verify my identity and all this stuff and I didn't have my wallet beside me. Yeah, but you, yeah, but you could. It's a hassle. I don't like that. But, but all you had to do is that is a frustrating thing in cryptocurrency is you don't have access to every account or there's no exchange that has all the coins on it. There's, it doesn't exist.

Um, but you could have bought Bitcoin on Coinbase and you could have sent that over to your Binance. US account and you could have traded over to Cardano with that and I had to put fresh you. has dollars in it. It's just like it's so complicated and not using anything. But that's the opportunity. That's the see, that's the thing. That's the early adopter aspect of this. This is how people know that even as crazy as things are, we're still early. I mean, CNN had a poll that said, would you buy Bitcoin? 80% of people, or 86% of people said no. That's how early people still

are in this. There's still great opportunity. There will be a bear market coming. So don't, don't be so pie in the sky in a utopian that you think it goes up forever. But the reality is, those complications are where the opportunity lies because it is so difficult. So if you could divide up your net worth into different like slices of a pie, where are your allocations? Oh my gosh. That's so hard to say. We don't even know. Yeah, there's no way I know. If you were to ask me what my net worth is, I cannot tell you. I mean, why? What percent is crypto? Yeah, what percent is crypto? Oh, 90, 98 percent. Okay. And then what are you? Actually, I mean, not counting howls that we're buying and stuff. I mean, it's probably more like 90% at least. What are your three biggest holdings in crypto? My three biggest holdings are chain link Cardano or Ethereum's number one, Cardano is number two and Bitcoin's number three.

Outside of that, we like the graph. It's on Coinbase, Ave, Chainlink, synthetics. Those are ones we're also heavily investing. Why is Ethereum your number one holding? Why that? I'm an I'm an eth-ed. If you knew my story, that's kind of funny. But anyway, yeah, the thing is is that Ethereum is the first mover in what we call a smart contract space. This is the thing that will truly allow for a new decentralized internet. We need a whole new layer to the internet. Just like we've got the mobile layer, we're going to need a whole decentralized layer.

It prevents stuff like, you know, censorship. We hate censorship on my channel. I mean, just personally, I hate censorship. Like, are there certain things that don't need to be said? Obviously, there's things that don't need to be seen on the internet. but every major problem I believe that we have on the internet today can be solved, in my opinion, through blockchain. And Ethereum is the channel to get us there.

Ethereum is having some problems right now with what we call scalability. To do Ethereum transactions, there's gas fees and those are so high right now. They're out of control. It makes it very difficult for the smaller trader to come in. There are some things people may have heard of called, I won't leave one is kind of complicated, but it's going to be to reduce the gas fees. but when it comes to ETH 2.0, this is the new upgrade to Ethereum that is currently in process. It won't be completed. Some people think until 2023, it will solve some of the problems.

All the problems notwithstanding, we believe that Ethereum still will be a huge player in the entire decentralized internet. And so for us, it's something that we're big on and we won't, we have a certain amount that we absolutely will not sell. Now, what's ETH 2.0? Is that a different coin or is that just like you up? update Ethereum, like you would update an app on the phone. Yeah. Yeah. So, Bitcoin like Bitcoin Cash, Ethereum, Ethereum 2. No, no, no, no, no. It's going to be the same thing. It will be a fork similar to the Bitcoin Cash for, but it's not going to create a new separate coin. So most likely, we're actually going to be doing a video on this on the, on the token swap. We think it will, like, I haven't looked into it per se. I'm sure it will be automated. You won't even really know.

We have a lot of token swaps to go on in crypto when places do what's called launching their main net. That's where they go from being on another blockchain to their own blockchain and you do token swaps. Usually how I handle those is I'll just send the token into an exchange and then immediately withdraw it and they'll usually send you the new one back. But with Ethereum 2.0, I haven't looked into it enough to be able to tell you the exact process. But Ethereum is so mainstream, obviously not nearly mainstream.

like Bitcoin yet, it's getting there. I've always said, I think by the end of the cycle, Ethereum will be a household name. But there's so many newer investors that, you know, Ethereum is smart enough. I'm sure to make it where it's an automated process where people don't actually have to actually do anything to get their E2.0 token. So it'll just kind of be, you know, automatically in their wallet. So you said you don't know your net worth is, but 90% of your net worth is in crypto. So couldn't you just add up all of your account values? Yeah, I mean, I can. We need a number. title. We need a number for the title.

Yeah. Eight figures, definitely. So somewhere between 10 and 20. So you have over $10 million in crypto. Yeah. Yeah, yeah. And what was your net worth this time last year? And then what is it this year? Last year was, it was not seven figures. So it would probably load six figures. Yeah, yeah.

Oh, congratulations. Yeah, thank you. That's amazing. Is that through like a team or is like the company? Well, I do have a partner. Like I said, TJ. TJ is my business partner, and so we have percentages for ourselves. But we don't look at it. We're not weird about money. You know, like we look at it kind of like it's the whole pie for the business.

Our goal, if you want something crazy. Like our goal of our business is to buy the Atlanta Falcons. That's the goal. We want to eventually make enough money to buy the Falcons. How much is that? I mean, we assume by the time we would do it probably three to five billion dollars. We're looking to, you know, $10 billion. Oh, come on. You got that. Well, I mean, this bull runs not over. So, you know, and if the advice. I give to people is understand the Bitcoin cycles and try to take the top of the of the market, move our re-stable coins, like I said, let the bare market hit and then buy back in at the bottom. And now you can, you know, do what we've done and go from six figures net worth to eight figures net worth in just a year.

So can we clickbait this video, the man who has $20 million in Bitcoin or something? Is that fair enough? You got to say Deca Millionaire. Decc a millionaire. Deca millionaire? It is. Yeah, but it sounds good. Deco.

It sounds good in a title. Trust me, when you see it, you're going to be like, yeah. I would see that. I'm like, this got to be a big number because I have no idea. Deca Millionaire. 10 or more. It's called the Deca Millionaire. It's like a quintillionaire.

Millionaire, millionaire, Deca Millionaire. Yeah. Sure. Yeah. Where do you keep it all, though? Well, we have it spread out. See, that's one it's really hard for me to actually tell you how much might we have. Because when I literally tell you, I don't know, I literally don't know.

we have, you know, money over the last year that we've had sitting in wallets and sitting in certain accounts. I even forgot that I had the other day, like, we just found $60,000. Like, literally had no idea it was there. We found $60,000. And I was like, oh, T.J, look at this. He's like, that's pretty cool. Where did you find it? Like under the couch cushion?

Hilarious is a little card. Oh, yeah. So we had invested into a private sale. Yeah. We had invested into a private sale a while back and, you know, had just totally forgotten about it. And then I went and checked the wallet. And I was like, why is this not in here? And I started doing some research on how I had to withdraw the tokens.

And we went to, I had never seen this website before. I was like, oh, this is a website where my tokens are supposed to be. And I clicked on it. And I was doing the math. I saw the tokens. I like went to coin market cap. I looked at the price of the token. I was like, well, crap, that's $60,000.

So it actually happens about once every few weeks. We find, you know, crazy ones in a room. That's a nice, nice ball of your hand. Oh, yeah. Well, probably more than that. Yeah, yeah, yeah. Like, we find, probably about every two weeks, we find money we didn't know we had. So, isn't that bad? Yeah, it's very bad.

Why? Graham, Graham. We should be more organized about, like, where. Well, that's why I brought TJ on because I'm not, like, yeah. That sounds like some major cracks in the business. It does, it does. It's like all the money going unaccounted for. There is money, and I know that probably drives you crazy.

For me, it's not that worrisome. Because there's no better feeling to me than going and finding a jacket in your closet has 20 bucks in it. That's true. I actually, so when I was younger, I would hide money and purposely lose it and forget about it. So I could find out at some point later in my life and I would be like, oh my dog. Yeah, where's your closet at? Want to go electric without sacrificing fun? That's the Volkswagen ID4.

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Where's my... I want to ask this, the IRS. Yeah. If you're buying and selling, isn't a big chunk of your money taken away? Doesn't that really negate the whole, like, trying to time the market and... How do you handle taxes?

We make enough money. We consider it in our money. opportunity cost, just a cost of doing business. We don't mind paying fees. I don't look at the small minutia. We've had such a home run. Taxes could be, it's not small that. I can be 50%. We're also, we also have a corporate structure. So, I mean, all of our, all of our income is business income. We got, you know, so you're at the 21% tax bracket. Yeah. Okay. We, I have a CPA that handles that stuff. I don't look at it. To be honest with you. So we, we have a law firm that we use, uh, Gordon Law out of Chicago. And like, the life changing money that we've made over the last

you know, a few couple of years has been, you know, it's just a cost. I mean, it's just cost doing business for us. And I don't get bogged down and tax stuff like other people. We pay our taxes. We do everything transparent. A lot of people in cryptocurrency have this mindset. Like, we want to hide our taxes and we want to, we don't want to pay our gains and stuff like that. We pay all of our taxes. We're very upfront. I encourage people. We use, uh, I actually use a site called Zenledger.com. That's the site that I used in order to, you know, kind of get things going with taxes originally.

And then once this year, things got much more complicated. We added a law firm on top of that, a CPA to help us with all that stuff. So that's what I do. I just try not to worry about it. I just know the money is going to take care of itself. The place we're going to what we're doing

is so much bigger than where we're at now. We're just at the very beginning of all this. I realized, Jack, you got to stop me anytime I talk about taxes. We started recently. the millennial money channel. It's me, Andre, Kevin, and Jeremy. And we had a live stream going, and I think we had like 8,000 people on. And the second I mentioned taxes, 300 people left that minute. Wow. I realize nobody likes talking about taxes. I'm going to stop. It's not a very fun topic. It's not a fun topic. It brings people down. Then they're like, oh, crap, my taxes. So, sorry, guys,

no more taxes. Final question. How much money do you make every month from BlockFi interest? We actually, it's funny you say that, I don't do a lot of staking off interest. We're actually getting into doing more of that. Celsius, blockfied crypto.com. Those are all companies that we use. But for me over the last, well, you got to see when we're talking about where we came from last year to where we're at here. And so for us, in that process, it was more valuable for us to be liquid. just over the last four months, we've actually had certain points,

like certain amounts of crypto that we said we want to set this aside. We want to set, you know, a million Cardano aside. We want to set a thousand Ethereum aside. We want to set 100 Bitcoin aside. And so once we've now done that and we've got certain amounts of crypto

that we're happy with what we have, now we're actually looking at moving it over to those other platforms. I'm just a guy I like to move. I'm a fast mover. I'm not patient. You know, like to me, and you know, you see this. year, 8%. That's pretty good, I guess. I'll take 8%.

I'm happy with 8%. I know. I like doing like 1700%. You know, that's kind of my specialty. Yeah, so that's okay. Yeah, we swing for the fences around here. We don't play small ball. What's the biggest amount that you've lost? The biggest amount that I've lost in one trade. I've lost $200,000 before in one trade.

Yeah. I mean, it's fun stuff though. I mean, it's fun when you can, to me it's a lot like video game money. You know, like you play grand theft. or whatever the case may be. And like, you look at the numbers adding up and they don't even seem real. Like, that's kind of the point that we've gotten to. Like, it's very ridiculous. So we just take it all in stride.

And one thing people will know about me is people that know me for sure and people to watch my channel is I'm the same guy. You know, I'm the same guy. No matter if I was, you know, barely having enough money to pay my bills or whether I got enough money to buy a yacht. Like, it don't matter. I'm going to be the same guy. And so, you know, I know sometimes, like, we recently.

brought on a videographer. We have a channel hit network. Maybe I mentioned it earlier where we show behind the scene stuff what we do. We brought on Mike. He's actually back here behind my shoulder. And, you know, Mike listens to the numbers we talk about like just casually. And he's like, what? Like, what is this? You know? And it's just new generation of money. You know, that's what we're leading. And people come in and we're kind of numb to it in a sense that we're thankful. We're very thankful and very grateful for our audience. We're very thankful and grateful for the, for the fact that I stuck through cryptocurrency through bear market, stacking up crypto when it wasn't popular to do so, continue to believe in the message. We're very thankful and grateful for all that.

We really believe this is just the beginning. You know, we really believe this is just the beginning for everything that we're going to do. And so, you know, the numbers are crazy and we're very, you know, aware of that. But we're grounded. We're the same people. We treat everybody, you know, we respect and treat everybody nice. And I think that's what you, you know, you don't see that all the time with, with people that get to come up. So cool. I like it. Anything else? No, thank you so much for coming on. It was amazing meeting you.

Those numbers were crazy. And that was a great conversation. Yeah, definitely. Thanks for coming on. And thank you to the Bit Squad for making this possible. You know, going to talking to Graham and him being gracious enough to have us on. It's been a real fun time. Thank you guys so much. Really appreciate it, guys. If you've watched it all the way through, make sure to subscribe with the notification bell, hit the like button.

Links down below in the description. Thank you so much for watching. And until next time. Do that. Right there. That's what I was going to do. That's your camera. Okay.

My camera's me.