The Wolf Of All Streets - Bitcoin & Ether Skyrocket, SBF Is Delusional, DCG Saga, Coinbase To Survive?

Episode Date: January 13, 2023

►► Sponsored by PRIME XBT! Sign up for a new trading account using the link below & receive up to a $7,000 deposit bonus with “wolfofallstreets” promo code. https://u.primexbt.com/WolfOfAllStreets Crypto week in review + charts! ►► JOIN THE FREE WOLF DEN NEWSLETTER https://www.getrevue.co/profile/TheWolfDen Follow Scott Melker: Twitter: https://twitter.com/scottmelker Facebook: https://www.facebook.com/wolfofallstreets Web: https://www.thewolfofallstreets.io Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #trading Timestamps: 0:00 Intro 2:40 SBF thinks he didn’t still money 6:40 FTX Former Engineering Chief Looking for Deal From Feds 8:25 FTX Has Recovered 'Over $5B' in Assets 10:40 FTX Creditor Claims Going for 13 Cents on the Dollar 12:20 Genesis Owes Creditors Over $3B 16:10 Winklevoss Calls for Barry Silbert's Ouster From DCG 20:06 Gemini Terminates Its Crypto Yield Product 21:00 Gensler vs DCG and Gemini 24:00 Ethereum skyrockets 25:25 AWS partners with Avalanche 28:00 Coinbase might survive 31:08 Instagram NFTs 32:00 BitConnect 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.

SBF once again says, I'm sorry, but I didn't do anything wrong. The little controversy we have going on between DCG's Barry Silbert and the Winklevii. That is actually grammatically how you say it, Winklevii. The Winklevii twins is heating up as the SEC also gets involved. NFT artists are selling out on Instagram. BitConnect creditors are getting some money back, but not very much. There is so much happening today. I'm also going to look at a bunch of charts and take some of your requests. And the famous words of Chris Tucker, it's Friday, you ain't got no job,

and you ain't got shit to do. Let's go. to the channel and fist bump right on that like button. It's Friday. We all know that it's my favorite day of the week. As much as I love interviewing people and talking to people and asking them questions, sometimes it's just nice to be alone. We used to do this almost every day where I would review the news, look at some charts. Yeah, it was a little bit much, but I look forward to Friday when I get to do that again and I can be myself and not have to be all buttoned up and conservative because I'm talking to super impressive and amazing people like yesterday. My gosh, did you guys watch Mark Yusko, Bill Barheit, Lou Kerner? I mean, could I have three more legendary, intelligent, rich people on the show at the same time?

If you guys did not watch that, then I don't know. Have fun staying poor. Of course, we are sponsored by PrimeXBT. You can sign up for a new trading account using the link just down below and get up to $7,000. You can trade basically everything there, but that's exactly what you should do there. I like to give you guys the disclaimer every time. Great for trading. Not a custodian, not a bank. Custody your own assets, but use PrimeXBT. Check them out if you are going to trade because yeah, yeah, yeah. But anyway, should we dive right into the news of the day.

Should we start with him? Should we start with him? SBF, this guy denies stealing FTX funds. The new online post, because that's what we do. We're still just posting stuff online in the middle of our League of Legends game. Look at his face. He's licking his lips at the opportunity

to convince you that he's not a fraudster and a criminal. I mean, I feel like he's staring deeply intoster and a criminal look he's i mean i feel like he's staring deeply into my soul and that whoever he's looking at which is not me probably he wants them real bad probably caroline probably caroline but he says that the reason they collapsed was that alameda was bad at hedging basically we traded like crap and they were targeted by binance kind of echoing the sentiments of the three AC guys who've come out of the woodwork, blaming everybody for their problems, except for themselves, of course. But nobody's buying this, guys. Literally everybody knows for a fact that

customer deposits were like going straight into Alameda and to like shadow banks and they weren't even making their way to FTX. The money was never there. This is just bullshit. The guy's buying time or he's actually this delusional. Maybe he is. Maybe he really believes he did nothing wrong and believes his own hype and thinks that it's all going to be fine. But my God, let's throw this dude into the slammer and get it done. And if you haven't seen his official apology, here's the video. It's pretty crazy. Hi. So I'm SPF, founder and CEO of FTX. My accidental theft of our customers' life savings to create a giant overleveraged Ponzi

slush fund for myself is a tragedy that should have never happened. And to all those affected, I want to say I am deeply sorry i'm sorry i'm sorry the beanbags sorry oops sorry I'm sorry. Sorry. Sorry. Sorry. I'm deeply sorry.

Sorry. Oopsie doopsie. Ladies and gentlemen. Look at CZ. We got him. Some breaking news. In the case against disgraced crypto founder Sam Bateman Freed, he was just released on $250 million bond. Sorry.

There you go. Pretty good. Pretty good. Not officially South Park, actually. It's a knockoff, but it's his official apology. That's him. He's very sorry. He's really deeply sorry.

If you guys missed it, this is where this dumb ass who thinks that he's not going to just continually incriminate himself over and over and over again because he's not listening to his lawyers, this is where on his sub stack, he decided to vomit all of this and say, it's not my fault, guys. If there's one theme, I think of 2022 and entering 2023, it's that we have a whole lot of billionaires who want to blame other people and not take accountability for their own mistakes and actions. It's literally all we're seeing from every single person who's been a piece of any collapse, right? All these guys are coming back. All of them are coming back out of the woodwork as SBF fails to blame him.

And now he's blaming and we have a circle of blame. It's the circle of blame. It's a wheel of fortune. Circle of blame. Everybody knows about that. It's the Lion King. It's the Lion King. Yeah. I mean, he just like I mean, the guy's like still saying that FTX US is solvent. Like everybody knows it's not. This guy's just out of his mind. FTX former engineering chief Nishad Singh looking for deal from feds. Report. Oh, I bet that SBF is wishing that this guy wouldn't sing.

Singh may hold information key to showing how Sam Bankman Freed violated numerous federal campaign finance laws. The crazy thing here is that as of right now, Singh is not in trouble. Guy's not in trouble, right? They haven't come after him and he like went out and basically was like, oh shit, this is my moment. Tonight is the night I'm going to sell out SBF. He's going to put his hands up like the ceiling can't hold him, right? So this guy is talking to prosecutors. He's getting himself a little, as they said, let me get the quote, limited quote. Nishant Singh, FTX's former director of engineering and housemate of Sam Bankman Freed, they've touched each other, is said to have met with prosecutors in a proffer session such meetings often include an offer of limited immunity to encourage the interviewee to speak freely sing has not been

accused of wrongdoing this guy literally is like well better get ahead of this shit do a little proffer session i bet that svf would proffer that this guy not sing you know what i'm saying but we've seen that gary huang huang huang people are saying Wong. I thought it was Wang Chung tonight and Caroline. They've both had their plea deals. They'll probably go to jail for a while, but SPF should be going away for roughly a thousand years. But literally everybody that was in this dude's inner circle is just selling him out. Right. Just like holler at these dudes. Maybe that, maybe I'm going to get in trouble. I don't know. I better get ahead of it. But I mean, everybody is selling this guy out. Sing, sing. He's singing. But there's good news. FTX has recovered over $5 billion in assets. Bankruptcy attorney says, this is huge. And I'm so happy for anybody who has money on FTX, because this is starting to look better than even the

Celsiuses and such of the world, if this is all actually true. Presumably, before, we thought that they had about $1 billion in assets that they had recovered. Well, finding $5 billion more, we don't even know the size of the hole. During their bankruptcy proceeding, they checked the little box that said between $1 and $10 billion, which seems like an absurdly large range if you're, I don't know, going to go into bankruptcy. Maybe it was $1, maybe it was $10, I don't know. It's fine. Same. It's the same. But yeah, man, they're digging up all these assets all over the place. Billion of cash, liquid cryptocurrency and

liquid investment securities that they found. So they're basically just scanning through wallets and stuff. This doesn't even include the real estate and all the things. It's starting to look a little better for all the people who are owed money by FTX. Interestingly, it says here, this does not ascribe any value to holdings of dozens of illiquid cryptocurrency tokens where our holdings are so large relative to the total supply that our positions cannot be sold without substantially affecting the market for the token. Right? So that's interesting because there's a lot more here even than the $5 billion. They're counting those as zeros. But eventually, there could be moments when they can liquidate some of that and get some of it out.

So there's a whole lot of illiquid tokens on the balance sheet. But this makes me happy, man. I think that there's a real chance now. And BitBoy said this to me on a Spaces recently. I was like, man, I think that FTX creditors are the most screwed. And he said, well, I've been doing my research. I went down to the Bahamas. I hollered at the people who talked to the friend who had lunch with the guy.

My sister, baby cousin, Tracy called up. And we think that the assets are not lost. They're just hidden and that they're going to find them. And FTX creditors will be in decent shape. And that looks to be what is playing out at the moment. I like that. I like that. Yeah, in Mandarin and Cantonese, it's pronounced wrong. I guess that I did, in fact, pronounce it wrong. Damn, I'm on fire. FTX creditor claims going for 13 cents on the dollar on bankruptcy marketplace X claims. So that's crazy. So we see this news at the same time, the 5 billion, but also now you can

go sell your claim for 13 cents on the dollar, which seems low if they really did find 5 billion in assets. But what do I know? I told you guys a story. The day that FTX went under, a guy reached out to me, and he's in this article, Thomas Brazile. Actually, Charlie Shrem reached out to me, but he introduced me to this guy. He said, this guy's buying Voyager claims. Bitcoin was like $22,000 before it crashed down for $0.60, $0.65 on the dollar. That's what's going on out here. And I was like, that shit's interesting to me. The best case scenario was like 72% if Bitcoin continued to go up and could get lower, which obviously it is. And we started talking and FTX collapsed literally like two hours later, and all of that went out the window. But plenty of people are looking to

sell their claims. But 13 cents seems really low. But interestingly, Thomas at the bottom, a managing partner at Distress Corporate Specialist 507 Capital, told CoinDesk at the time that these prices weren't realistic and $0.03 to $0.05 would be where the market has an interest. Keep in mind, this same guy, they were buying Voyager claims for $0.60, $0.65 on the dollar. However, as the case slowly progresses forward, it seems like the market has developed a bit more optimism.

I wouldn't sell it for 13 cents. I don't know. I don't know. But the market is not saying the same thing as we found $5 billion, but that could still mean there's a $5, $6, $7 billion hole. Are you guys tired of talking about SBF? Do you want to talk about some more billionaires who are triggering us on a daily basis? Because crypto lender Genesis owes creditors over $3 billion. Digital currency group Genesis parent company is reportedly looking to sell some of its venture capital portfolio worth around $500 million. When I owe $3 billion, I look to sell a little

piece of something that's only worth $500 million, you know, $3 billion, I look to sell a little piece of something that's only worth $500 million, you know, to close the gap by like 10%. What are we doing here? What are we doing here? Right? And everybody knows, obviously, that Genesis owes money to Gemini Earn customers, that Genesis had like a $2.1 billion loan to Three Arrows Capital that was under collateralized, but not entirely uncollateralized. And that basically they had money on FTX. They had loans out to Alameda. These guys did literally everything that you could possibly do wrong ever. And we're still talking about them, right? And the question now becomes how much of a separation is there between DCG, the parent group, which obviously owns Grayscale, which owns Coindesk?

This article is on Coindesk. Talk about being an honest journalist writing about the company that owns you in a negative light. Yeah, they're going to sell like, I don't know, part of the $500 million of their venture. Obviously, DCG is winding down their high net worth asset management business. A lot going on here, but my God, how do you owe people $3 billion? Genesis is screwed. The question is, at the end of the year, they already had stopped allowing withdrawals. The question is, how will they fix this problem? Well, DCG's Barry Silbert talks about Genesis in a letter to shareholders, in a letter to shareholders.

And you're going to be really surprised, but he basically cried like a little girl, blamed everyone else. I'm a billionaire. I own multi-billion dollar companies, but it's not my fault. I'm not responsible. It's not me. I've been reflecting quite a bit about the past year, the state of the industry, and where things go from here. Here's an update to address those reflections. He wrote this long-ass thing. Right?

Here he goes. He said, this past year has been the most difficult of my life. Ooh, crying in the river. Both personally and professionally, bad actors and repeated blowups have wreaked havoc on our industry with ripple effects extending far and wide. Maybe you're one of them. I'm not saying you're one of them, but maybe there's a chance that you're one of them.

How many people can blame each other for the same problems? It's really unbelievable. But we cut jobs and we're running down our asset manager, whatever. I have no idea how much contagion there is. I can just tell you that we don't want this to leak into Grayscale. I don't think it will. I can tell you that Valkyrie, of which you guys know I'm an investor, is very aggressively looking to basically take over management of GBTC, and they have much better structured

trusts and are actually, I don't know, smart people. But I don't think that we're going to have a problem with Grayscale. But that's where you would have a mass liquidation event of Bitcoin that could actually rock the price. The rest of this, to me, is baked in. I see Fiboswani is here saying, good morning, bro. Dude, what happened to your Twitter account? You got hacked, seemingly, but it's been like weeks and clearly you have not gotten it back. And every time I go to check, I do. I go to check to see if you're back and it's someone like trying to sell me an NFT scam.

Sorry, man. We got to get you your Twitter account back if you have not gotten it back. So yeah, there you go. But so yeah, he cried a lot he made excuses and whatever and since he has people to blame well obviously these guys have to blame him circle of blame gemini's cameron winklevoss calls for barry silbert's ouster from crypto conglomerate dcg we've all seen cameron's open letters which are aggressive and pleasant and whatever but i was on City Crypto yesterday and they

asked me the question, what I thought about this. And it was the first time that I really like in conversation, dug into it. This is the Winklevoss twins fault, at least 50%, right? I mean, at least half, correct? Correct. So let's go back because Gemini Earn is powered by Genesis and Genesis Gemini Earn obviously should be like regularly vetting the person who they are using as a provider of their earned project Barry Silbert said that he said this has always been arm's length you guys are looking at our books you know exactly what's going on. This is your fault, not our fault. Everybody blaming each other. That's what we do. Right? But think about this. When Three Arrow's capital went down in the summer, everybody everywhere on planet Earth

found out that Genesis had loaned over $2 billion to 3AC and that that claim was fucked, that DCG had to step in with a massive loan to Genesis, which is not due to like 2032, because when you give yourself a loan, you can literally just like washing machine that money and never pay it back. Like, oh, we'll just punt it to 2058, right? So at what point, now that I've been thinking about this,

and I like the Winklevines, great, they're great, whatever, you're great, your band is probably terrible. You got zapped. Either way, they should name the band, you got zapped. But either way, either way, don't you think that if Genesis was providing your customers with a billion dollars in assets under management with yield, that it would have been a red flag that maybe when Genesis lost $2.1 billion or partially lost, that it was time to wind down Gemini. But no, nobody in this industry reacts to red flags. They just hope that unicorns and fairies are going to come down and save their ass before

everybody finds out what went wrong. That's what Mashinsky did. That's what Ehrlich did. That's what the BlockFi guys did. That's what literally everyone here has done. Right? We were all trading the GBTC premium free yield for our customers. That disappeared. Oh, shit. We need a new way to keep yields at 9%. We better start doing the cash and carry trade. Oh, it's amazing. It's guaranteed free money. Oh, that's been arbitraged away. Now, how the hell are we going to do it? We're going to go into DeFi and we're going to park our assets on Anchor and we're going to buy UST and we're going to give

people billions of dollars in uncollateralized loans because I would hate to be embarrassed if I had to lower my yields. It was a real problem because these companies scaled on trades that no rational person thought could last forever, just assuming that maybe the next day they'd find a new trade and a new way to do it. And when you have millions of customers who are only there for the yield and all of a sudden you tell them the yield's gone, they're going to leave and your business is going to go under. And instead of going under, they fucked everyone instead. This is an orgy of assholes. They can all go have each other. I like the wake-up line.

I kind of like these guys. I don't know. I kind of like them, but this is their fault, right? You're deflecting blame and putting it on to Barry Silbert. And yes, he's also an asshole and he's also wrong, but the fiduciary responsibility is yours to your customers. They were not Genesis customers. It's your job to make sure that Genesis is solvent. And everyone knew that they had already wasted billions of dollars. They should have wound down Gemini Earn this

summer and said, listen, we're just an exchange. We're not an earned product. Gemini, same picture. CoinDesk, not getting too creative. Gemini terminates its crypto yield product. Amping up battle with Genesis. Oh, is it called terminating when you're literally insolvent? They terminate, guys. Now that there's no money there and there's no chance of getting it back

and all the customers have lost anything, guys, we've made the hard decision to terminate this product. Wasn't it like terminated on their behalf? My God. So, yeah. The move, which Gemini says requires Genesis to return all locked-up assets. Sunset Seek changes nearly two-year-old Gemini earned products. So guys, they're shutting down the already dead thing.

Thanks, guys. Thanks. That's nice of you. Well, I'll tell you who's had enough of this shit. It's GG Gary Gensler. He's entered the chat. These guys are arguing on Twitter and the SEC is like, well, all of you sold unregistered securities.

Seems like maybe they did and has charged both companies. This is big news. SEC charging both companies. And it's big news because fuck you, Gary Gensler. You know why? This helps literally nobody anywhere with anything, which has become the mandate of the SEC. If these were unregistered securities and there was a problem, maybe you should have pointed that out, allowed them to wind down and saved all the customers from losing all their money. But instead, we're going to punish a bunch of people after the money's already gone, which will recoup nothing for anyone, just so that we can show that we've got the big regulatory muscles and we're flexing in crypto bad.

It's complete crap. It's complete crap. You regulate to protect people. You don't punish people after everybody has already not been protected. It is absolutely, absolutely insane. Absolutely insane. And what waseron winklevoss's response to this super lame manufactured parking ticket so yeah they'll get a slap on the wrist much like block fi did and everything will move on and gary will get his little pr moments like he made a video about kim kardashian kim kard Kim Kardashian sold Ethereum max. Let me explain to you what a security is. Kim Kardashian. Did you guys hear the name Kim Kardashian? We got Kim Kardashian. Here's what he said. We allege that Genesis and Gemini offered unregistered securities to the public bypassing disclosure requirements designed to protect

investors. Bitch, you're designed to protect investors. We at SECGov charge Genesis and Gemini for the unregistered offer and sale of crypto asset securities through Gemini Earn. Crypto intermediaries need to comply with our securities laws. This protects investors, promotes trust in markets, not optional. It's the law. Thanks for help. Thanks for your help. Thanks for your help. Very helpful. I find it very helpful. Do you find it very helpful? Irrational says Gary is a regular accident. I like that. That's funny. Anyhow, the moral of the story today, I want to just tell you is a bunch of people deflecting blame to other people and they're all to blame collectively and they they screwed us all is what it is is what it is i didn't see if fibbo swanee over here told us what happened to his uh

twitter account but seems bad it was bad guys go there or he says 11 days it took twitter support to get to me four online support tickets for me and over 50 reports from others saying i was crap i'm finally back Thanks all for the help. Nice. Nice. Because yesterday you were not back, my friend. This is from yesterday. Ethereum, Ether, Ether, Nas.

It's two months high ahead of USCPI. Market breadth remains weak. Market doesn't feel like its breadth is so weak. Shit's been good. Stop being a hater. Stop being a hater. Right. But yeah, guys, we saw that Ethereum made it over 1400, 1.4K all day, as I would said, doing some breaking out. There's some other coins that are doing it, but the other thing is boring.

Let's take a look at the ETH chart. I mean, that's pretty damn good, guys. Look at this move. One, two, three, four, five, green, maybe six in a row with a couple of little candles. Some charts, there was nine days in a row of green, depending on where you looked. But most notably, look at Ethereum smashing the 50 MA on the daily, now smashing through the 200 MA on increased volume. If you were trading from 1221, your target was 1392, right? I had big cheds on and he said, man, if we really flip 14 convincingly, I would think about getting long. I'm assuming he's short right now though. So he told me 1430, I think like right here, maybe this low. But this holds a 200 MA. We're looking at a target of up here in the 1700s. Ethereum looking really, really good still here, but I'm going to go ahead

and go out on a limb. Look, I've got a template now with MA and RSI and say this is massively overbought. Up to 77 on the daily overbought. That's not as overbought as Bitcoin was actually, and no hint yet of bearish divergence. What I'm going to assume is that we're going to make another push up, get a bear div, and then get the retracement that everyone's looking for. But assume nothing makes an ass out of both you and me. Let's move on. We're going to get more charts later. Amazon Web Services taps Avalanche to help bring blockchain technology to enterprises and governments. Wow, dude. M and Gun Sir right there looking just pumped. Avalanche is the first blockchain to form a partnership with Amazon's cloud computing platform. I mean, AWS runs everything.

And AWS does support Ethereum and others, but this is actually going to actively help people operate to run Avalanche nodes. What else are they doing here? We got a whole list of things they're going to do. Avalanche also plans to add subnet deployment, a network within the network to the AWS marketplace, enabling both individuals and institutions to easily launch custom subnets. This is the whole pitch of Avalanche, right?

They're a layer one, but their whole business model initially when they created it was to be an enterprise blockchain where you could form a private blockchain on Avalanche using their technology, but it would be closed off and walled off. And obviously, working with AWS makes that a hell of a lot easier, a hell of a lot easier. This is just huge news, huge news. This is what Emin said. It has been a huge boon for both individual and enterprise developers to be able to spin up nodes and test networks on the fly with AWS in whatever legal jurisdiction makes the most sense for them. Pretty big. Pretty big. I haven't even, to be honest, I haven't even looked to see what's

going on with the coin. I'm going to open up a chart right now. I'm assuming that it should have pumped on this news. I haven't even checked. I'm not going to lie. Is that showing up? There we go. Oh, well, I had to check. Well, my alarm should have gone off. There's an alarm right there. You see that?

Yeah, this looks like what Bitcoin's doing. One, two, three touches. Breakout on extremely high volume. High volume retest. I mean, if I was going to trade, I'm not trading anything right now, but if I was going to do it, I would look for a retest of that or that before targeting, I don't know, $22 or something like that. So there's a big move to be made here. If you catch the retest, we certainly didn't want to buy the breakout comes back down, but that's nice volume on a clean breakout looking pretty good. Maybe you would call this a target like 20 bucks.

But if you can catch a retest of that, I'm going to go ahead and also assume that this one is overbought because everything I've looked at is overbought. Yeah, massively overbought. Got up to about 80. But yeah, man, AVAX looking pretty good. And you fundamentally have to, like, I don't know, a deal with fucking Amazon, dude.

These guys got Bezos. Bezos, Bezos. Hey, a deal with fucking Amazon, dude. These guys got Bezos. Bezos, Bezos. Hey, guys, in other news, Coinbase could be one of crypto's long-term survivors, which literally everybody knows. Right? This guy had the Oppenheimer senior analyst, though, rolls in, he's like, well, shit,

everything else is going under. Coinbase might as well win. But I agree. I mean, I think it's worth pointing out once again that Coinbase is regulated. Their books are vetted. Their assets are known. They're publicly traded. This is the best company to come out of all this regulation and all

of these things. It was even worth time. I think we put, is Coinbase to survive? Yeah, I mean, the answer is yes. Coinbase probably going to survive. Cloud Casino says Avalanche is another unregistered security. So now we have another centralized security, ran off Amazon servers. I can censor you or ban you. Great. Great. I can refute that. And I did this also on Sensitive Crypto yesterday. What I had to say was there's Bitcoin and there's everything else. And don't judge them by the same standard because that would be the same as judging gold and Amazon by the same standard. You can be a gold bug and still think Amazon's a cool company and worthwhile to invest in and complete them and keep them completely separate.

And that's how I view it. Bitcoin is a generational investment. It's hard money. And the rest of this is VC speculative tech investments. And that's fine. And guess what? Almost everything that we think is decentralized in crypto is not because it's still running on AWS. We still depend on centralized servers from huge companies to run our DeFi and decentralized platforms. So listen, I think your point is perfectly well made and fair,

but I don't know, just don't buy it. Also, huge difference. You're talking about Avalanche, the coin. I'm talking about the tech and the blockchain and adoption, which has nothing to do with the coin itself. So that's one of the problems that we have is that the coins don't necessarily need them and we can see the company be successful without the coin being successful yeah coinbase is regulated and has their financials regularly vetted says sean sounds like a real business yeah it's an actual company crazy i know flats mac agrees yep bitcoin and crypto are two different things completely and if you start to look at them through this different lens you don't need to be like an aggressive and angry maxi because you can just be dismissive of it there's a lot of companies that are publicly traded that

i think are really stupid and bad but that doesn't mean that i don't think people should be able to invest in them in a free market or do whatever they want. Free market, except for all cryptos not named Bitcoin. So dumb. Sorry. It's dumb. Top NFT artists are launching projects on Instagram and selling out in seconds. I didn't say that they were sellouts. You said that they were sellouts. Platform has facilitated the Tesla NFT drops from artists, including Michael Johnson. That's my dog.

Drifter shoots and Rafiq and it all bridging the gap between web two platforms, web three technology. This is cool because we obviously saw that meta Facebook, Instagram are interested in allowing people to connect their NFTs, but now you can sell them directly and do a drop for selected artists that will be tested out. And they're selling out very quickly because Instagram is huge. This is actual adoption, guys.

This is actual adoption. This is actual adoption. Crazy, I know. But it's all happening. It's all happening. And it's interesting because this is a nice bridge between Web 2 and Web 3, which is what we all want in the end. Anyways, and holy shit, check out this news, dude.

Remember BitConnect? I remember. You didn't lose your money. Well, all right, you lost your money. Victims of the $2.4 billion fraud, $2.4 billion to recoup, $17 million. Like, not each. Think, like like total. Total.

Crazy. This is one of the biggest scams ever and there's just nothing left. Restitution of 17 million to 800 victims from over 400 countries. What blows my mind is that 800 victims were able to put together $2.4 billion. Francine says, are people using NFTs?

Drucified says, I'm using an NFT. Cool conversation, guys. Yes, I do think that people are using NFTs. Starbucks has a full-ass reward program. They're just not calling them NFTs, which is the best possible thing. We need people to stop calling them NFTs. and we need people to stop calling it crypto. They just need to become rewards program, right? I think Starbucks is calling them stamps or rewards or something,

but just because it's based on crypto technology doesn't mean we need to call it a non-fungible token, which is the most boring thing and hardest thing to explain to anyone who doesn't know what the word fungible means. And let's be honest, none of you knew what the word fungible means until you heard about NFTs and looked it up on ChatGPT, right? Being honest. But yes, we are seeing real adoption of NFTs. I can't tell you the numbers of how many people are actually using that Starbucks reward program, but Starbucks is really big and important company and they're actually adopting this technology. So yes,

people are using it. There's your alarm. Those buttons don't trigger as well. Prime XPT, click on it. Make me look good. Click on that thing. Anyways,

guys, that's all I got for you today. I me look good. Click on that thing. Anyways, guys, that's all I got for you today. I will, of course, be back on Monday because it's what we do. And it's going to be awesome. This was fun. Crazy news. Fun charts. Good times. Love you guys. Have a wonderful weekend. See you soon. Peace.