The Wolf Of All Streets - $100 Million For Eyeballs, Tether To Buy Bitcoin, Voyager Liquidation & More | Week In Review

Episode Date: May 19, 2023

Crypto week in review! Here are the topics we are going to discuss: - $100 for Worldcoin - SEC reduces LBRY fine - MICA gets approved - Ledger controversy - Tether to stash Bitcoin - CBDCs get banned in Florida - Voyager gets cleared to repay its creditors - Debt ceiling agreement ►►THE DAILY CLOSE BRAND NEW NEWSLETTER! INSTITUTIONAL GRADE INDICATORS AND DATA DELIVERED DIRECTLY TO YOUR INBOX, EVERY DAY AT THE DAILY CLOSE. TRADE LIKE THE BIG BOYS. 👉 https://www.thedailyclose.io/ ►►BITGET GET UP TO A $8,000 BONUS IN USDT AND GET MASSIVE DISCOUNTS ON TRADING FEES! 👉 https://thewolfofallstreets.info/bitget ►►NORD VPN GET EXCLUSIVE NORDVPN DEAL - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets ►►COINROUTES TRADE SPOT & DERIVATIVES ACROSS CEFI AND DEFI USING YOUR OWN ACCOUNTS WITH THIS ADVANCED ALGORITHMIC PLATFORM. SAVE TONS OF MONEY ON TRADING FEES LIKE THE PROS! 👉 http://bit.ly/3ZXeYKd ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/ Follow Scott Melker: Twitter: https://twitter.com/scottmelker Web: https://www.thewolfofallstreets.io Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #Trading The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

Ledger had a big oopsie this week, and coincidentally the news came out on the exact same day that I released an interview with Pascal Gauthier, the CEO of Ledger, talking about their new service where they would split your private keys and allow you to recover. Well, when the details of that came out only hours later, it seemed really bad. But of course, I am not an expert in hardware wallets. So I brought someone who is one of my favorite people, Ruben from Engrave, who's going to discuss why this is actually such a big deal. But it's Friday, which means also we're going to rant and rave about all the ridiculous news events of the week. And of course, going to discuss why I skipped Bitcoin Miami this year. You guys don't want to miss it. Let's go. What is up, everybody? I am Scott Melker, also known as the Wolf of Wall Street. I don't know if anyone's going to show up here on this stream because I know that everybody is in Miami for Bitcoin Miami.

Uh-oh, I heard actually it's really dead and there's kind of nobody there. And probably most of you, like me, are sitting on your couch. Well, not right now, but generally sitting on your couch at home thinking I can just watch Scott's show and probably get as much information as a four-day conference in Miami that costs well over a thousand dollars to attend. But we're going to get into that a bit later. I usually rant kind of, you know, at the beginning of these Fridays, but today I want to be respectful of my guests who I asked about nine minutes ago to show up on the show today and explain the ledger situation because

as usual, guys, I dig into this stuff and then I try to understand it and I want to have an informed opinion and then it's just way over my head. Way over my head in this case. So here we go. About to bring on Rubenen from engrave. How are you, man? Hey, Scott. It's been a while. Oh, it's been a while but always good to have you. Everybody knows I've said it 1000 times at engrave is the wallet that I actually use. For me, it was nothing against the ledger. I have actually ledger devices and treasure devices as part of my

multi sig configurations for my Bitcoin. So it is something that I use, but I've always felt more comfortable after knowing you using an N-grave. A lot of that also had to do with the ledger data leak a few years ago, right? Which had nothing to do with their hardware, but obviously it gave hackers an excuse to phish people they knew who had wallets. But let's talk about exactly what happens here. To my understanding, the very broad strokes is that basically a firmware update could, in theory, if Ledger or somebody chose to, abstract your private keys or at least part of them off of your device. That seems bad. Is it as bad as it sounds or is this a standard operating procedure? Yeah, I think it's definitely probably as bad as it sounds in the sense that

any kind of connected device just is open to attack. So when we started our own company back in 2018, we wanted to adhere by one first principle, never compromise on our use of security, and that meant that we all, from the first moment we started, already decided to sever all connectivity. So that means that if you have a Bluetooth enabled device, a USB enabled device, any kind of network connection that you use, it is indeed possible to, as a remote hacker, use it as an attack factor, but also, and obviously in the last few years,

nobody expected that, but even the manufacturer can push anything they want to a firmware update. And I think I don't like calling out the names of, let's say, the other players in the field that are also, in the end, trying to make the places, the safer space. But yeah, I mean, if you look, there is a post of November 15th, 2022, where Ledger says themselves, a firmware update cannot extract the private keys from a secure element, and then two days ago, they say, technically speaking, it is and always has been possible to write firmware that facilitates key extraction. Yeah, then you know that that kind of connection is the first thing it needs to go.

And for me, that means that a true hardware wallet, a true cold wallet, is one where you have no connection. So what we call air-gapped in this space. And on our side, the zero hardware wallet, for example, does not have any connection.

It doesn't do anything over channels like that. The only way it communicates is through QR codes. Okay. So actually in this article here, I brought it up from Cointelegraph. Yeah. Here's exactly what you said. November 22, a firmware update cannot extract the private keys from the secure element. And then technically speaking, it is and always has been possible to write firmware that facilitates crashing.

Right. And so that tweet was deleted. They said it was from someone in customer service who didn't truly understand. Clearly there's a comms thing here. Now Haseeb from Dragonfly Capital, who's widely respected, someone I know and respects, he kind of dug in and said said this isn't that big a deal this is the case with all hardware wallets but you just said that that is not true so what about when on a wallet like yours because yours isn't the only airgift wallet in the world what about when you

do a firmware update on an airgapped device where you do need to plug in or have some sort of connectivity to upgrade your device yeah exactly and I think the point actually goes beyond the possibility of doing it. It remains an important attack factor from any possible angle you can think of. And so the concept of QR codes and the air gapping, why it's so important is also because if you use a USB or Bluetooth, you're always sort of signing a black box. You don't really know what's in there. You don't really know what's going on. And the beauty about QR code based communication,

it's air gaps, but also it is completely verifiable. You can scan any QR code out there with your phone and see what is being hidden in there. And QR codes can only contain so much payload as well. So you can't just put in there like a whole bunch of codes that goes anywhere. It's really about security through transparency. You see what you sign.

The beauty about the QR code wallets today is you always have a screen that also shows you what you're about to sign. And in the end, if we would be hiding stuff in there, the community would call us out tomorrow and that's how it goes in crypto you get uh scrutinized from all directions immediately so yeah our vision is air gap is what you need to do and that doesn't necessarily mean it's slow because qr codes are actually doing they're fast i do it all the time i mean i sign transactions

every day on on it right just back and forth from your phone, scanning QR codes. It's very fast. So I guess then the question is, does this allow them to take your entire private key, in theory, off of the device? Or is it, as they said, sort of being split into shards and separated into, you know, separate locations? And it would have to be all put together to be able to use it or is that what they're saying it is now but if somebody actually wanted to at ledger right i mean we've seen yeah we've seen employees at companies do horrible things i mean sim swapping with at&t and t-mobile i've had both that was just because some employees sold my data to someone for 100 bucks and let them sim swap my phone right so? So it just takes one person with access. We saw the Twitter

hacks. I mean, crazy things can happen with one disgruntled employee or one dishonest person. Yeah, I would say security first and foremost is about risk mitigation. And so it's up to you as a user to decide which risks you accept and which ones you don't. So if you believe that communicating with your device over any kind of communication protocol, and you believe or trust the manufacturer who's doing it, that is your choice. But in the end, we believe in always questioning every single tiny detail that might impact your security.

And as I mentioned, our first principle is we will never compromise on your security. And that is why we went air gaps, because if you don't, you have all those attack factors. It's also why we went to an EAL-7 security certification, which is the highest that you can achieve in the world, or we're the only ones to have incorporated it in our technology. So it's really about a systemic thing. Security is end to end.

It starts with the supply chain, how it arrives to you. It might already be compromised in that step by the manufacturer, the third party, anybody. And it ends with smart recovery. So the idea of putting things in shards and making sort of something back-up-able, so to say, it's a very interesting idea. It's a good idea, but implementation is very important. And I don't know the details of how Ledger has done it. There are ideas on how they're doing it. They explained it a little bit,

but obviously I can't look into their implementation, at least not today. The only thing I can say is that, let's say that they notice a metric key with which you communicate the charts outside of your device. If they know that, then they can find two charts, decrypt them, and they know your key as well. So it's more about risk mitigation and understanding that and taking

precautions and say, I'm going to go completely offline, I might communicate over QR codes rather than using something that can be attacked and just taking something that cannot be attacked. Yeah. Christopher Walker here says, it sounds like a made up issue that no one will care about three weeks from now. That was my first instinct to be quite honest, because as I said, I interviewed Pascal, he explained this entire thing to me, it went right over my head.

To be quite honest, you know, we'll have one, another company will have one, you'll have control of the third. They'll be separated in thirds and you won't be able to put it together unless you sign and verify and unless you need it to be recovered and to me, it just rung, it reminded me of like Casa Multisig, which I use for my Bitcoin, right? They've got a key. I've got three of them geographically circulated, one on my phone. I need three of five, right?

So, but you know, I think that this will, I actually think he's right. I'm not, I don't think it's a made up issue, but I do think it will be forgotten three weeks from now. Yeah. I think, I think that's just the way everything goes. In the end, everything gets forgotten and this becomes a non-issue, even if it is an issue, but I hope that the one thing users retain is that you do have to think a bit for yourself and just remove all the risks that are there and I think if Engrave does

this or a few other wallets that do this as well, we just look end to end to what your security is, we turn every single stone around, we look what's underneath and we improve and innovate. And ultimately all of us together, there are other wallets, there are gold wallets, hot wallets, there are security protocols, you name it, we're all building on the same thing that we're all trying to make the future of digital assets a sustainable future. Yeah.

Yeah. And then you said Engrave, obviously trying to sell more and capitalize off the news, I just want to be clear he said, and grave, obviously trying to sell more and capitalize off the news. I just want to be clear, Christopher, I invited Ruben. Yeah. He didn't say, Hey man, can I come on your show and pitch our wallet? It's a wallet that I've been using for years for this very reason, as I said at the beginning. And I just didn't feel confident enough to discuss this accurately.

And I know that Ruben is, so I really don't feel that's the case. Also, someone said Christopher Walken was great in that Fatboy. I do wish Christopher Walker, you're amazing, but I do wish you were Christopher Walken sometimes. Yeah. And I would say on that point, I mean, I think if you look at how our security model is set up and how we do everything, you will see that we always put the user first and everything else comes second. And that is ultimately, in my eyes, the long-term game that you should play and the one that's what we do. Yeah. That's what even Jameson from

Casa kind of said the same thing. I said, you know, like, why do I need this complex? He said, well, if this, you should always consider your security as 10X, whatever you have right now. You have $100,000 worth of Bitcoin. You believe it's going to be a million. How would you secure a million dollars instead of 100,000? Or even if that's 100 and it becomes 10,000, you know, it's different for every person. But, you know, I think that that's a very serious thing. So this is not a joke, right?

I figured it was big news and then it was dismissed to some degree, but it sounds like Ledger's going to have to make some changes here to keep people happy. Yes, maybe. I think I lost you there, Ed Rubin, for a second. But thank you, man, so much for showing up. I have to move on with the show. Thanks for your perspective.

And guys, check them out. I'll tell you, I'll try to sell an engrave. You guys should buy an engrave. They're awesome. Thank you, Scott. Thank you, Scott, for having me. I've agreed. As always, I'll see you soon, hopefully in person. Sounds good. Have a good one, man. Yeah. So I wanted to obviously bring someone on who understood what was happening because we all know that I don't. And I'm not going to pretend that I do. I'll rant about a lot of things, but that's not going to be one of them.

What I will say is I keep getting the, hey, Scott, why are you not in Miami? Well, there's a few reasons. Number one, my wife had already booked a girl's trip. So it was some questionable maneuvering that were going to have to be done with the kids. Then speaking of the kids, when I went to Consensus recently, I missed something I didn't know that I was going to miss was a dad-daughter dance at my school with my eight-year-old

and she was very upset. And then I found out that today was Donuts with Dad with my four-year-old who made me this. So I chose to go to his school and watch him sing in the thing. But I got to be honest, I love my kid, but I'm a little disappointed. He's four. I mean, he just turned four, but thinks this is what I look like. Not even good at art. And he wrote this thing about my dad, and I feel like I live with the kid, and he doesn't even know me.

Like, my dad is 16 years old. Superpower is making webs and I'd be Spider-Man. Totally a Superman guy. He said my favorite, my dad loves to eat lettuce. Like lettuce is my favorite food. And, uh, yeah, my dad always says no eating dessert, which makes me sound like I'm just not that nice. This is a spitting image of me, right? So I'm very flattered, and I'm glad that I went, but it feels like, you know, you should know me better as his father. No, but seriously, that's part of it, obviously, is that at this point, I would literally rather go watch four-year-olds sing, like, God Bless America

or some song about their dads than go to another circle jerk of epic proportions about Bitcoin among a bunch of maxis arguing the benefits of ordinals and BRC20 tokens. And guys, I had David Bailey and Mike Germano both on the show in the last month to promote the Bitcoin conference. I think it's great for people, but dude, nobody cares. I just saw this video today,

like really right before I was like misha to my producer let's see this here's a guy who's at the bitcoin convention yesterday i cannot speak to whether this is like the general vibe but man this is hilarious watch this be bored on a thursday fucking night come to bitcoin miami 2023 this place sucks it's nerd bizarro here. Oh my god this is so fucking boring. Oh shit it's Michael Saylor. Where's Cathie Wood, bitch? You know he looks like shit in person. He's really old.

Oaring was a convention you ask? Say less. What the fuck. I mean get yourselves together. This is the future of fucking money over here, okay guys? Changing the world. Yeah, playing chess. That's right.

They're fucking playing chess. Huh? Nerdville. Third fucking beer and I don't even drink. This place sucks. Just like this guy. He's wearing a fucking sailor's hat taking a selfie. Oh, fuck off.

No way you're gonna ride this bull, bro. No way. I was told you could do a line knee. It never ends good. Does it get any labor than the Back to the Future car? Whoever put this convention together is stupid. Fucking thing sucks. Bored out of my mind, for Christ's sake.

This guy right here coming up. He was parked right next to to me i saw him take that off and he's portaring this guy had a ponytail hate ya all right first of all it's just fucking hilarious uh pirate expired says this guy this dude is coping but guys i can tell you i went last year and there were literally like over 30 000 people it was crowded wall to wall in a space apparently that was five times as big. They're saying they were selling 13 to 15,000 tickets this year. From what I'm hearing from people on the ground, it's more like five. Consensus was the same. I actually heard somebody say, tell me that consensus was bigger than Miami. So this obviously reflects sentiment, my opinions on these things,

my general bearishness and disgust, probably bear market copium myself, right? But guys, like when people bought a ticket to go play cornhole and chess, and that's not the conference's fault. You know why the uh isn't as good this year a everybody hates us there's that right i mean you gotta remember that this conference happened last year right when luna happened but before voyager celsius ftx all of those things so there's just nobody left in the united states who cares. A. B. Regulators have basically destroyed all funds. So nobody's spending money as companies because they don't want to be seen as advertising. If you went to these conferences in the past few years, you'd walk in consensus for sure.

And it'd be like the Binance section was the size of a fucking football field. And you go over there and do like all kinds of binance stuff and play binance games binance can't advertise in the united states anymore right i know a bunch of exchanges that a month ago thought that they were going to have booths and they were like pulled out because their lawyer said no dude no dude you can't uh do that because then you're going to get screwed by the sec for advertising to customers in the United States who aren't allowed to use your product. So there's no money. It's dried up. When I did the interviews with Mike and Dave, they both kind of admitted that, but that looks

pretty miserable. And the only other thing I've seen on social media is a bunch of influencers making fun of each other and doing influencer parties like in hotel rooms i mean i'm sure you guys saw this right and i listen i like bitboy this is not a reflection of him but like is this what's happening in miami right now the trail see that yeah i'm cool they arrived on a tuesday by the pool feeling fly it and cool jane i'll be rocking all night into the daylight when i grab the bike, I ain't never get stage fright I'ma tell you what you already know Thursday is the Web 3 comedy show

Bit boy on stage, so it gotta be dope If you wanna see a roast, you should probably go Yeah, he'll scramble them, let's see if they can handle him Take a chance like it's meme going gambling You talking cash life, you talking about a past life Web 3 money. You ain't got a ass twice. I'm about to drop a rack on a fizzy.

Probably find me in the back getting busy. I'll be floating on a track like a Brisbane. Light skinned and whizzy. Mack like a Drizzy. That got you dizzy. Yo, have you ever seen a rap video without a girl in it? I don't even blame, BitBoy was just there. Like, he's collateral damage in that.

I'm going to be honest. Damn it, man. We got meme coins and these music videos. And this is, oh, man. I mean, this is life for us right now. Wait, I want to show you something again. I was just watching this. I actually have to be honest.

I don't really know why I recorded this. I want to show you something again. I was just watching this. I actually, I'm going to be on it. Raleigh Meyer. Feel like flying in cool. Jay. This guy do a front flip that like didn't even make it. Let's see. I'll be rocking all night into the daylight. When I grab the bike, he didn't make it. He didn't make it in that front flip.

He didn't make it. He didn't make it. But the good thing is that in, when I posted that I was making fun of crypto music videos and I did a poll. I was like, what's the best, best people don't know when I'm being sarcastic. It's amazing. When I posted that video of BitBoy, I was like, I'm kind of offended. They should have asked me, I have a long career in rap music. I, you know, I should have been able to spit some hot fire. People thought I was serious, which is amazing. But I did a poll, like what's the best crypto song? And it was like that one,

Moon Lambo, Ra's al Khan, remember? The Versace beta win. The chick here, like the Bitfinex hacker. And then obviously Michael Saylor. Boo, boo, boo. You guys remember

the Michael Saylor, boo, boo, boo, Brit-fi Dance era? Brie-Fi Dance, whatever her name is? Damn. Little Bubble's cool. But then the good thing is in that process, there's some XRP dude who can like wrap his ass off and made this video. Guys, this shit is fire.

This thing is hard and this video is amazing. This is the quality we should aim for. You guys heard this? Watch the video. Gary, what the fuck? What the fuck? Homie, I prayed for peace, not for police. I was naive and thought the SEC didn't lie and deceive him and what the fuck? Billy we know your bosses, know the agenda that caused this

You gave either a pass and slowed our adoption, now we done run out of options Man, this is fucked up, see the SEC's run by corrupt dogs We say come in and talk, you can trust us, and they use what we say to obstruct us They pretend they're protecting and struck, but when we ask them for guidance they just bluff Making statements all vague so their meaning can change and it's easier for them to obstruct us, they pretend to protect and instruct But when we ask them for guidance, they just bluff Making statements all vague so the meaning can change And it's easier for them to crush us Now I say this sincerely, this ain't a conspiracy theory I hope you hear me, the SEC clearly

Has conflicts of interest, it's honestly eerie If we didn't have all of this proof We'd probably regroup and start a new chapter Instead we got him in conflict and the board came He knew it was Simpson and Thatcher Everybody seem bitter, is it because when you look at your twitter You see the people uniting together To take down a plan that you thought would come quicker Why do you keep us all confused

Without a single clue and shamelessly sue a kardashian I know why So you reach a dumb audience Who doesn't care about what's happening Here are your shady I'm telling all of my people You tell em To be appalled by the evil See they have elite connections They get more protection and we call that illegal When I brought up John Deere and your heart started beating and Jay and Bill shivered Cause everyone in this picture got richer when that fucking speech was delivered

XRP wasn't issued in a shady ICO promotion It was in fact created by three men who made it before Ripple even fucking opened Now you say it's a security but it's code and we only control 4% of notes and the tokens in escrow are sold on a schedule that any fucking body can be shown. Gary, I don't know what you thought. You and Denial are the people that we've taught. And it's so profound, Gary.

I don't know what you thought. To get from it all, let us all drown. I don't know to be such a clown, Gary. I ain't got that awful old bullshit. Has everybody else to go from it or let us all drown. Be such a clown, Gary. Think outside of your bullshit. Everybody knows it, bro. Think outside of your bullshit. And everybody knows what is coming. God, man.

Tell me that. Come on. Never get in stage. Oh, man. I hit the wrong button. I'm trying to find now exactly who this is. Hold up. His name is NFA.crypto nfa dot crypto

is the dude who made that he has a whole bunch of other ones dude that was hard bro i like that was legitimately a good song and hilarious and well written and well wrapped my man but we got this though i'm gonna tell you what you already know thursday is the web3 no no i wonder what that web3 comedy show was like though i saw people sending videos of bitboy and i guess i didn't even know there's like these guys all coin daily they're twin brothers one of them seemed like it was hilarious actually the video all these dudes doing stand-up comedy uh roasting and making fun of each other which actually looks better than the video of

nerds playing cornhole but it really does like i just didn't want to do it you know i was like you should be in miami people are calling me are you down here and it's just the same people that i see at every single conference and when when I was at Consensus, there was literally no retail. Every single person there was wearing a badge that said what company they were from, and they were all in a huge circle just pitching each other their awkward ideas. And I heard the same thing already from Miami.

It was industry day yesterday, though. It was industry day. You know, I just, I i can't what's the point why would somebody pay any money to go to any conference in crypto right now explain it to me am i just mad i don't know yeah anyways though anyways we do have a lot of news today. Well, there's news today. I haven't, I literally have not even looked at the market since I woke up today. I don't even know the price of Bitcoin right now. Sometimes I like it. We got the bubbles.

Now, apparently Banter has their own bubbles. I don't know if you saw that. Let's see. Bitcoin, 26,870. Same price as yesterday. Ish. Right? But you can like, this is pretty cool, this crypto bubbles.

I found this from Ran, and then he went and made his own bubbles where you can like this is pretty cool this crypto bubbles i found this from ran and then he went made his own bubbles where you can like talk about the coins pretty cool but not much green here humongous hex all up in your face right now but yeah seems like the market's just kind of flat a little green a little red a little unexciting. Yeah. Flat Smack would rather spend his money on weed. Also, you're married. Like, you think I would go to a crypto convention to find girls? Have you ever been to a crypto party at one of these conventions? Good. More sausage than like a Dodgers game or a Chicago Abe Froman convention. I don't know. I don't have any sausage jokes.

There's like seven girls at crypto conventions. Come on, man. That's not why you would not go to crypto unless you wanted to make out with other dudes that really liked your same coin. Community. I went down because I'm an ape and I thought that maybe another ape would make out with me.

Dude ape. There are, I'm sure there's girls in crypto. There's like Lea Halperin and Natalie Brunel, Wendy O, of course. And they don't like, you know, it's not right to be like girls versus guys in crypto, but there's just not that. Not that many. But you definitely don't go to a crypto convention to get laid married or otherwise like if that's where if you're a single dude and you're like i'm going to bitcoin miami because i want to party with chicks it's gonna be bad bad frank's like an ape yeah like bored apes are you're an ape look frank facto cad bro. You're an ape. Anyways, you know, like whatever.

It's fine. MG saying we're early. I think that's true. Yeah, maybe we're early in the next cycle. But yeah, that looks like a rough conference. Anyways, aren't we going to talk about things? We did Ledger. Boom, boom, boom.

Well, here's a story that had me kind of a scratch in my head. But we heard about this already like a year ago, right? OpenAI CEO, Sam Altman. See, when we first heard about this, AI hadn't blown up, so it didn't seem like such a big deal. But when you think about this in conjunction with AI, I don't know, but WorldCoin eyes $100 million in fresh funding. Now, I brought this up on DCA on Monday, the show I do with Ran, Ivan, CTO Larson, and James from Invest Answers. And I was like, nobody is scanning my eyeball

for free fucking shit coins, right? But apparently, then I did think, I make fun of these things all the time. It's like, nobody's scanning my eyeballs, bro. And then like, face ID on my phone, Right. And as Rand said, he's like, you're looking into your computer camera right now. You're getting your eyeballs scanned, coins. And by the way, they're saying it so you can confirm you're human. Kind of scary when you know, these are the people running the world with AI. Super centralized, lack of transparency. Company has not released any information about how plans to use the iris scans.

It's an unproven technology, but of course, Coinbase Ventures andreessen horowitz all them 100 million dollars in fresh funding to go scan our eyeballs let's let's listen let's get in the chat what would you guys do yeah winter sun i'm a girl i also have a crypto group group consisting of majority women i was yes guys i'm being hyperbolic's plenty of women here, but the ratio is still nine to one. Klaus Schwab volunteered everyone for this problem. Sir Goot. Yes. Would you guys, what would you do? Would you give up the eyeball for like 70

cents in world coins? I want to know. I want to know. Are you going to do this? Because people, guys, will do some wild things over here. They will do some wild things over here people do some wild things for money i'm not gonna put it past you guys or a rational jokes on you guys his eyes are different he had surgery yeah wear contacts to mimic someone that's not how you spell wear in this context but i'm with you

uh you will not own your eyeballs and you will like it yeah guys i don't know man doesn't sit well with me doesn't sit well next story sec relieves library of 44 million burden seeks only 111k penalty oh thanks do this a favor you're not going to charge us an amount of money that no human being could possibly pay anyways and you just want a really big number so you're going to give a number that's going to still make you give us all the money we have left after you fucked us and sued us for the last four years if you guys were not on my twitter spaces on tuesday i had jeremy kaufman the ceo of libraries showed up and just ranted about how the sec are scumbags and i'm here for it i'm here for for it. Just like I'm here for this, right? You know, like the SEC.

We're all shitting on the SEC. It's what we do here. But basically saying that, yeah, you guys have no money left. So we're going to be respectful of the fact that you have no money left and we're not going to take $44 million, right? But there's still a lot here to unpack with this library case because they have their project Odyssey that library says a million, a lot of people use subsidiary of library, right? They're saying it's a separate company.

It has nothing to do with it. The SEC is saying it's the same company and that Library, the company, can sell their coins on Odyssey and therefore blah, blah, blah, blah, blah, blah. But what I find most interesting and what has been clear is that the secondhand sales of LBC token, which is apparently and disappointing me,

is not like the LBC like Snoop Dogg, right? Which is whatever. I always thought it was, you know, Long Beach County or whatever. Long Beach City? The C? What's the C for? I'm a blanket. But anyways, is that the secondhand sales of these coins were definitely deemed not a security. So while there may be an illegal security offering with a lot of these projects, trading them, not a problem. Not a problem at all. So I find that interesting. I find that compelling.

But anyone who thinks the SEC is just like doing them a big favor here, man, rough, rough, rough news. Meanwhile, speaking of regulators who actually also suck, but everyone seems to like because it's all relative, EU finance ministers give final go ahead to Mika, right?

We've been seeing them talk about this for years, markets and crypto assets with no objections. It passed. Everyone's here for it. And all the exchanges and CEOs are coming out and be like, see, Europe is great. They've given us sensible regulation. We may not like it that much, but at least we have regulation. If you actually read into Mika, it totally sucks. But now people are like, dude, at least we have some bad clarity, which is better than no clarity at all. So I'll take this shitty regulation over the nonsense and enforcement that we're getting all over the place in the United States.

I mean, here's the key features if you guys don't know, right? It will require all crypto asset service providers, CASPs, to be licensed and regulated by national authorities. It will create a new regulatory framework for the issuance of crypto assets, including ICOs. That's fine. It will require CASPs, that's crypto asset service providers, to comply with strict anti-money laundering and terrorist financing rules. Okay, here.

It will give national authorities the power to suspend or ban the trading of crypto assets if they pose a risk to investors or the financial system. What? Pause. Isn't that just like kind of similar to the Restrict Act kind of thing we've been hearing about in the United States that we hate so much? Read that again. National authorities have the power to suspend or ban the trading of assets if they pose a risk to investors of the financial system.

Who is that determined by? But as they say, Nika is a significant step forward for the regulation of crypto assets in the EU. It's expected to find much needed clarity and certainty for the crypto industry while also protecting investors and consumers. Bottom line, right now, dude, we'll take whatever we can get because at least we know what we can do. I don't have the chart in front of me, but actually

if you look at the metrics now, VC investment in Europe is like and VC investment in America is like passing. Ships in the wind. Ships in the wind. And yes, Sam BC Investment in America is like... Passing. Ships in the wind. Ships in the wind. And yes, Sam Altman can raise $100 million from WorldCoin because he's Sam Altman.

But if you're just like a small innovator in the United States looking to launch a project, why would you ever do that? Unless you hate fun and love torture and jail. Don't drop the soap if you're trying to launch a crypto project in the United States. Because there's a non-zero chance that something you do will find you on the other side of the law.

Meanwhile, though, there's companies like this that are just crushing it right now. Tether pledges to plow 15% of profits into Bitcoin. Immediately, immediately when this was announced, crypto Twitter was ablaze with terrible takes about, we just saw this with Luna. How dare you back tether with Bitcoin? It's a volatile asset. We're all dead. You're going to zero. You're a scam. It's their profit, you dumbasses. It's unbelievable how fucking stupid people are or their inability to read or that they can read

and just choose not to. Tether is taking profits, 15% of their realized gains. They've already cashed out. That's money that's above their reserves and buying bitcoin you guys should be extremely excited about this but because we hate everything or a bunch of guys in their mom's basements who are mad about people who've touched girls before we get pissed off about literally any news, even when it's really good. This is amazing. This is amazing. They have $2.5 billion now over their reserves.

So they're fully reserved, plus $2.5 billion, and they're going to be taking 15% of their profit in the future, which, by the way, comes from high interest rates and shitty Fed policy, but okay, whatever. And they're going to buy Bitcoin with it. Isn't that a good with it isn't that a good thing isn't that a good thing why do we hate everything i'm being a hater today a little bit i was hating on bitcoin miami whatever but like guys be bored on a thursday fucking it would be hey guys oh for christ's sake you don't want to be there you don't want to be there i'm sure it's fun though i'm sure it's fun the after parties yeah but like come on man be happy when something awesome happens like there's

people who still legitimately are like tether's a scam they're terrible even if tether at some point in history was doing some like questionable shit. They've clearly become compliant. The money's in the bank and in treasuries. They made $1.5 billion last quarter. My God, man. Dragon flames at you. Bitcoin Miami is not Bitcoin. It's true, but listen, I'm sure it's whatever.

Whatever, man. Here's some more news from Florida. Ron DeS santis banned cbdc's in florida these states could be next guess that's cool i don't really like this guy's face i don't get into politics very much um yeah it bans the use of central bank digital currencies it says uh that prohibits any person or entity from issuing using using, or accepting a CBDC in Florida. It also prohibits any person or entity from advertising or promoting a CBDC in the state. All right. Fine.

Cool. But they're saying there's a bunch of other states that could do this. Louisiana, Alabama. My same four-year-old, by the way, today told me that the Great Barrier Reef is in Alabama. I love this kid. Honestly, this thing is amazing. It's just I had to mock. He thinks I'm 16 years old. It's awesome. But you know what? He did one for me a couple of weeks ago and said she was 61 years old, my wife. So I'm winning. Louisiana, Alabama, Texas, North Dakota have similar ones,

which would make it interesting if the United States actually tried to pass a central bank digital currency and shows you that maybe there's more power in the states than we think. And honestly, this could be one of those regulatory arbitrage situations where people just move to the state that treats them better as opposed to leaving the United States or the country. We're seeing it, seeing people leave a lot of the coastal states, high tax states for lower tax places, Texas and Miami booming in population. Obviously, San Francisco also like picked a fight with Disney and just lost like a trillion dollar campus that Disney was going to build here that was going to have like 2000 jobs. So I don't know if that's great. Yeah, I think there's going to be a situation here where you go to the state that you like the best and maybe that state is cool for Bitcoin mining or for trading or for certain exchanges that you can't use elsewhere.

Yeah. Matthew Moon says any politician supporting a CBDC would be career suicide. I think that is wildly untrue. Should be, Matthew. But the fact is, people are sheep. I mean, Elizabeth Warren gets elected every single year of her life. It's not career suicide to say that she has an anti-crypto army and hates fun and puppies and kills unicorns in the metaverse every day.

Yeah, Drew Spied said she would support the CBDC. I think probably most of the people in power would. By the way, a central bank digital currency that had guaranteed

privacy controls, which is not what we would get, would just be kind of cash on the blockchain. This is not how they're going to do

a central bank digital currency. I think we know that. So I'm going to talk, next story trying to have a good day. Bankrupt crypto broker Voyager cleared to

repay 1.3 billion to creditors. Oh. Right. So that's going to happen like very soon. If you're a Voyager creditor like myself and used to have money and now are not having fun staying poor, then this will be interesting to you. But basically in the coming weeks, you'll be able to get paid back approximately 36% of your assets in crypto.

Still haven't really understood or seen how that breaks down. But here's what people are probably not understanding, which sucks extra super bad. It's based on your balance when they declared bankruptcy, not now. And anecdotally, looking at my balance, which Voyager continues to update for some reason, my portfolio is worth 50% more now than it was when Bitcoin was 20,000 when they declared bankruptcy and Ethereum was 1100. So we're going to get paid back in crypto at a much higher value based on the dollar amount, much lower at 36%. So it's like you're already down. It's terrible. It's fucking terrible. You can wait 30 days and get paid out in cash.

You can do that, but we are going to start getting our money back. Now, I don't have the, I don't even want to bring it up. I could find it, but they spent basically $130 million on lawyers and advisors and are still holding back another 60 or 70 for future lawsuits. Because as you know, FTX and Alameda are suing them for hundreds of millions of dollars or trying to claw back. If Voyager wins that, we will get more assets back. That would be sweet. And if somehow Three Arrows Capital comes up with some money,

we would also get paid back in the future. But they have to hold back the lawyers' fees for those. So basically, the bottom line is they spent like a quarter billion dollars in bankruptcy to do fucking nothing but liquidate the assets. If they had liquidated the day that it was done, we would have gotten back 75 to 80% of our assets in kind and benefited from all of the future price action. Bottom line, we're getting back like 20, 25% of our money. We're going to take it, bend over, drop the soap. It's fucking miserable, man. Chapter 11 bankruptcy is a scam.

It's an absolute scam. It says it can be more than 36% if FTX has to pay. I don't know how that is possible, though. Yes, no, it's not if FTX has to pay. I don't know how that is possible, though. Yes. No, it's not if FTX has to pay, to my understanding. It's if Voyager doesn't have to claw back to FTX. Voyager actually has that money. Alameda wants it back.

Right? So they're not... Voyager actually has that money. So those hundreds of millions of dollars should go to us, assuming that they win. But God knows, man, you can't trust the court system or chapter 11, but like quarter of a billion dollars basically in fees. I mean, good God, man. And then you look at FTX and it's like the FTX people thought they were gonna get some money back. And now the IRS has moved ahead of them as creditors for back taxes.

I mean, this whole thing is a freaking scam. Meanwhile, Wall Street fears $1 trillion aftershock from debt deal. Big aftershock. Basically saying, so everyone's concerned. Everyone's concerned here. What is this tweet? Let's see a tweet here that I might have. Oh, okay.

I'll bring that up later. Everyone's concerned here that they won't get a debt ceiling deal done, right? And then we will default and we're going to be poor and everything's going to be bad and we're going to hate life. But actually if they do get the debt deal done, the U S could issue a trillion dollars of treasury bills in a very short period of time

if the debt ceilings reach, which theoretically could boil financial markets, lead to higher interest rates, again, which we've been talking about interest rates going down, right? And after debt ceiling deals reach, the treasury is going to need to rebuild the cash in the account. Got almost no cash. They're going to run out. So that will probably remove more liquidity from the market and lead to higher rates and problems. So it's kind of a fucked if you do, fucked if you don't scenario right now. Hard to be very bullish on this debt ceiling situation

on absolutely either side. I mean, pretty, pretty fucked up. This was the tweet. Speaking of Bitcoin Miami, the Bitcoin Miami fractal. Every time we have Bitcoin Miami, Bitcoin price dumps. I mean, come on, man. The only rational explanation for this is that conference goers are selling their Bitcoin for hookers and blow during the weekend.

That seems like a rational thing. So, guys, I got a couple more minutes here. Do a quick little AMA. You guys ask me questions or we can just watch this. So good. the good. So good. So good, man. I could have been an Eminem song.

Scott, next Friday, your click image needs to be your kids drawing. Oh, so here's some housekeeping, guys. Big announcement. I've been mentioning it, but this is how I actually want your feedback because we're trying to figure this out. So we're going to talk, guys. We're going to talk. I stream at 9.30 a.m. Eastern Standard Time. Banter streams at 9.15, but he's always late.

So we start at the exact same time. We're friends and we're working together on Twitter spaces now. So I'm considering, I don't know how you guys feel about it. There's only a few, few of you that have an opinion, but we're considering moving up my stream a half an hour to 9am Eastern Standard Time every day. I would go at nine. Ran will cross a little bit with his show on banter. And then right when banter is done at 10 15 we're going to do twitter spaces every single weekday to which i am the host it's a joint venture between myself ran and mario naufal who's the biggest twitter space hosts on twitter period the three of us together i'm the one who's

committed to show up every single day and be the main host with them as co-hosts driving traffic together but the idea is to be a home for citizen journalism about crypto right so there are already a lot of twitter spaces shows like Mario has one called the round table, I think that are very like degen, you know, NFTs, uh, anonymous people, meme coins, all that shit. The idea here for me is that I want to take kind of like what we do today on Fridays to some degree, but not as sarcastic because there's going to be people and Thursdays, like the round tables and make a spaces where it's like the biggest and best names in the space have a very serious and honest conversation every day about the news of that day. We'll still have the interviews like I have with the Novogratzes and sailors and all of those, but then like create a much better

like collective panel of people that we bring on who are legitimate experts so that we can actually get the opinions of people who understand these things rather than just the opinions of a bunch of us influencers or whatever you want to call us who are reporting on the news and not the ones creating it.

Jandy Teslas says, why not bin YouTube and just spaces? That's what Rand told me to do. He was like, dude, just get rid of YouTube. What's the point? You have almost 900,000 followers on Twitter. Just go there. People seem to be fine with us changing the time. With you at 9, let's go.

Yes, move to 9. That's a solid move. There's literally not a bad person here. 9 works for me. I'd move to nine with you guys. Scott, learned about your channel from DCA Monday. Your show is a bomb. Parker, see, we got a new guy. Guys, there's a new person here.

By the way, there's 420 people watching. Victoria says, I really appreciate YouTube. So the idea is to tweak our YouTube to be more YouTubie. I'm not a YouTube. I don't YouTube good. If you guys don't know that. None of this? Right? None of that.

Whatever. But we gotta do a little more of that. You know? But basically, so to tweak the YouTube content, Mondays, we'll stay macro Mondays. That's our best show, in my opinion, with Dave and Mike. We're going to do that on Monday, come hell or high water. Tuesday, we're going to figure out. What I want to do on Tuesday is find an amazing, like,

smaller name trader who is not in America, since I can't do a lot of things on my own channel to live trade, do live trading. And I don't have access to most of the assets, right? And stuff. And it's just kind of questionable. Wednesday, obviously we're building something with Chris Inks, which is great. Thursdays, I think we're going to get rid of the round tables. They've become decreasingly less popular as we've done spaces and people have favored that. So we got to figure out something on Thursday and then do this on Friday and then really do all the newsy stuff on spaces. But I'm committing guys, you know, I do the newsletter every single morning, write that in my ass, unsponsored, free, kill me, right? Do that.

Then I do the kid stuff. Then I research this and then I show up here and then I record podcasts. It's like all day. And now I'm committing to at least two more hours, five days a week plus prep. I'm never going to like have a minute of free time again. Yeah.

Yeah. What about the German guy you had on the have a minute of free time again. Yeah. Yeah. What about the German guy you had on the show a couple of times? He was from PrimeXBT and I wasn't feeling PrimeXBT. So we cut that. Yeah. Phil says, I think Twitter spaces are informative, but can get very noisy. Listen, it's good to take time to moderate them. Well, I agree.

There's not much quality control, but the idea is to gather a consistent panel of really legit big names showing their face name who are building things who will learn to be good at twitter spaces right as fibo swan he says i am 16 uh yeah jay sway says new letters fire it's free you guys can whatever yeah but i don't want a bad like i want to do spaces and my instinct at first a lot of people were like just get rid of youtube doesn't seem to make much sense for me to get rid of youtube because even if there's 40 of you guys we're having a good time right yeah yeah so justified says I'm 16 and pregnant don't burn out brother your content is top of my list I'm not gonna burn

out the problem okay I might actually the problem is like there's a way easier in a bull market it's way easier when people are having fun and are excited and that's just not the case right now so even for me it's like oh here's another idea that's being done all over the place but I had this idea where So even for me, it's like, oh, here's another idea.

It's being done all over the place. But I had this idea where did you do like a shark tank? Got something on my shirt right there. You see it? Shouldn't have pointed it out, but now I can't unsee it. Like a shark tank where people come in and pitch their amazing Web3 tokens and ideas, but then it's like the most toxic Bitcoin max list we can find as judges. It's kind of mean.

But I have been talking to Udi, if you guys know Udi, Taproot Wizard, who's fucking hilarious, about maybe doing a show like that where we allow people to pitch us, maybe some others once a week, ideas to invest in. And then we go like, dude, I'm in America. I can't invest in that.

They won't let me. Right? But yeah. Yeah, we got a lot of ideas. Why't you guys listen we're here woody wertheimer you were asking he's hilarious woody hilarious he's the guy who's basically like triggering all the bitcoin maxis by doing ordinals uh yeah emmy says why'd you do that can't not look at your right shoulder right now fucker take it take it yeah but like there's all these shark tank shows mario does one now there's a huge one gonna be on tv with like i saw wendio all coin daily bitboy mooch calvin like uh one of the broduses like snoop's kid

maybe snoop i don't know yeah is itdi and El Salvador feeding children? If you guys weren't on my spaces the other week, Udi came on with all the like, and like was like he's making ordinals, which is like starving the children of El Salvador. Guy's hilarious. Yeah. George is doing that. I guess everyone's doing it, so maybe it's not unique, but those people are doing it

seriously, and I want to make fun of all the people. That's the difference. But maybe we won't do that because maybe it's not nice. On the days you Twitter, just send the recording here for the rest of us. The recordings will always be on Spotify and Apple where all the rest of my stuff is now. Yeah. Guys, what kind of shows do you want to see? Let's do it.

TA show. Okay, so I think Tuesdays and Wednesdays at least are going to be TA shows. We're already doing that on Wednesday. To be frank, I had Cheds and Burb, which are huge guests, and we didn't even get this many people there. George is getting upset. Yeah. Okay. I don't know what that means. 353 days until next halving. Just keep holding. Guys, what do you want? Be like Shark Tank Punked mashup. Exactly.

Problem is like by their second one, nobody's going to show up. Because. See, in general, news is great. So basically like this show. That literally was what my show was every single day of the week in the past. I would show up, go through the news, and then I would do the charts of everything that we discussed, but it wasn't popular. My channel's not popular. You guys might not know that. Yeah. Acro Monday.

Yeah. I think that, yeah, guests don't know they'll get slaughtered until they like watch it once, you know, not change it Monday for anything. But I think that, you know, like my channel, I have the opportunity to do things that are a little more serious, even though I don't do that on Friday. But like if macro Monday is what everybody actually likes, that's me and two boomers like talking about serious things. Yeah. Yeah. Ever talked to Ben Cowan? He's great content. Yes, I talked to him two days ago. I want to bring him on for sure for sure uh it's popular but with smart people i'll take it emmy there you go buddy uh your show today had me in tears while making food for my kids whatever time you're on i'll watch change plan change plan i mean don't cry man

your strength is connections use those do, do interviews mostly. You do the best. Thank you. And that's why, so I feel like building daily things with great co-hosts might be the move. Dumb it down and you will grow. Look at BitBoy. I'm not going to do that. Yeah. One, just do what you want day, Scott.

I think that's Friday. I think that's what we're doing. Okay, guys. Well, you didn't give me that many great ideas. I don't watch other YouTubers to my fault. I watch banter sometimes because, you know, Iran were real cool. I'm really excited about this spaces. Like I kind of have, they're going to help with the bookings and topics and stuff, but I kind of have creative control as the main host.

And I think it could be really, really big. I ran it a little bit about Miami. What do you want me to ran about, Drew? Go ahead. Give me a topic and I'll do this about it. Drew, we'd probably be group and start a new champ. Instead, we got him in conflict and in 4K

needed with Simpson and Thatcher. Get me while you seem bitter. Is it because when you look at your Twitter, you see the people uniting together to take... That's just fire, man. No. The hostess with the mostess, who? Where's my wife? It's sad that the lowest common denominator...

You know what, though? I'm not saying their shows are low common denominator. I think you just need to play the algorithm to get people there. But I do think that the only thing that really works on YouTube is like trading content and thousand X gems

and trade this now and look at my link and use the link and get me paid. Yeah. Are you going to get Paul Barron on since you've been on his show? I would love to have him on.

Yeah, I'd love to have him on. Film your golf with commentary. It should be good. You don't want to see me play golf. It's terrible. Yeah. Chart teaching. I think we can do more of that.

I think that's kind of what we're leaning towards on Wednesday because Chris is a great sort of a mentor, you know? Chart education day. Yeah, yeah, yeah. yeah all right guys well we got some good ideas misha you're paying attention there you're listening should we bring you on and and talk about it harry says my show is already top notch thank you we never grow and that's fine like i said but be honest we had the same amount of people watching, the same people generally in here, you know?

So it would be nice to grow. I know we'll grow on Spaces. I know that if we show up every day on Spaces and the three of us are committed to be there and we offer a really good conversation, it's going to be amazing. I know that it is. I think we're going to build something absolutely huge.

Yeah. Yeah. Anyways. Anyways, guys, that's all I got for you today. Yeah, what does that say on the bottom? Hit the like button, subscribe to the channel. Here's my other one. I have a daily newsletter. Guys, if you're not subscribed to the daily newsletter, ridiculous.

And of course, I have the daily close, which to be honest, we're tweaking it to make it more valuable for you guys. We're working on that. That's all I got. I just want to deliver you guys what you're actually wanting to see. You know what I mean? And so I think that that's going to be pretty tight. All I got for you guys. I will talk to you on Monday morning, where I think we're starting spaces on Tuesday. I'll let you know. Thanks guys. See you in Miami.