The Wolf Of All Streets - Bitcoin Has Been Sideways For Weeks, So Shut Up With Your Narrative | Week In Review

Episode Date: April 28, 2023

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Bitcoin is effectively the same price that it's been all week and all month and for the last few weeks, yet every single day I have to dive into crypto and read about all of the bad things that are happening, good things that are happening and reasons that price is going up and reasons that price is going down. But the reality is shut up. It's sideways. Guys, it's Friday. That means that we rant. I'm in a hotel. I'm using a tiny screen. It's really challenging to review the news, but we're going to do it anyways, and we're going to have a great time here at Consensus. Let's go. What is up, everybody? I'm Scott Malker, also known as the Wolf of All Streets, and we are in the glitch.

I just noticed, at least on my end, that the music was glitching and it sounded weird, and then my face came on what seemed like the middle of the music. So, honestly, YOLO, guys. I have no idea how well the internet's going to work. The internet at this hotel is crap. And we are tethered to my phone, which has service that is crap. But it doesn't matter, guys.

It doesn't matter. I still wake up, write a newsletter, show up, try to do a YouTube stream and prep, even though I am feeling horrible. And why am I feeling horrible? The answer you would think is because, oh man, Scott was DJ and he parties too much and he probably got drunk at night. No, I don't even drink at night. I intermittent fast. The reason is because I ate so much barbecue yesterday so many times that I have a meat hangover. I feel worse when I eat too much all day than I would probably if I drank like an entire bottle of Jack through a funnel. And I'm tired, man.

Yesterday I spent the entire day at ConsenSys taking meetings, going to restaurants, taking meetings, talking, yabbering. I don't know, man. It's exhausting to be at these conferences, but really fun. But I will tell you, not as much excitement around crypto this year. We talked about it yesterday, obviously, with the guests, Katie and Seth. And I thought that perhaps that was a one-day thing. It was Wednesday. People were filing in. It was crowded yesterday, but there ain't that many retail people here excited. There ain't that many wild projects being built, but there are really cool infrastructure,

important and really basic services that are being built. But I can tell you, man, there is an air of terror over the SEC and regulation and the banks and all these things. And it's like just a very quiet and dampened underlying theme of the entire situation. It's not great. Not great. To be quite fair, honest, I think crypto is pretty screwed in the United States. All the rest of you can have a great time. You can party without us.

You can send us pictures. Wish you were here. But for now, until there's regime change or something major, Sam Bankman Freed completely screwed us. It's the reality. Say it over and over again. Mike Novogratz said it. I think he put us back two years. Everyone I ask is like four years, five years.

So you're five raised to 10. You know, our legislators, our regulators are extremely embarrassed about what happened last year. And so they're just not going to let us have any fun. So we basically just vote everybody out, go into an anarchist society, start our own countries and transact in Bitcoin and have a great time. Jeff says, when VPN? Never. If you use a VPN, you go to jail for 400 years in the United States. That was another huge conversation that I had.

I met with a lot of exchanges. I met with a lot of other people who are using exchanges. We don't talk about VPN. No, no, no. Right. You see the Restrict Act. If you use a VPN to use any site that the United States deems dangerous, you go to jail for 10 years and pay a $200,000 fine.

Terrifying. Terrifying. I would not be an influencer or a pundit or anyone in the media saying, hey, guys, you could use this stuff. Just sign on using a VPN. Don't. Don't do it. Don't do it. Because the SEC is listening.

The SEC, Gary's in my phone, right? I mean, there's no question that the SEC is paying attention to what I'm doing because I talk. I will say something. So a lot of people have come up to me here, people who watch the show, people who read the newsletter, all incredibly kind, gracious, only positive feedback. There's been one thing that people have said to me a lot that nobody was saying to me in the past. And they say, man, you have a lot of balls saying what you do about the government. We really appreciate it. We're cheering for you, but man, be careful. I've had like 10 people say that to me. I've had 10 people say that to me, mostly because I use bad words and I talk about politicians. And apparently

people think we live in China where you're not allowed to do things like that. But maybe I need to S-T-F-U, but I think you guys know me. I am unfiltered, unhinged, and wildly out of control as a human person. Let's talk about what's happening. Usually, I have multiple screens, the news over here, the thing, the comments. Now, I'm on one tiny little laptop screen, so it's very hard for me to track what's actually happening here. I can literally lose the live stream for the internet and be talking endlessly about the news, looking at another screen. But we are going to do our best right about now.

Here we go. First mover America's Bitcoin ending week on positive note. You guys may have not missed it this week because you probably read the Twitter. But Arkham, which is a company that does the things with the alerts and the cryptos, they said that a whole they saw evidence that the United States government and Mt. Gox wallets were transferring coins. We were going to get dumped on. We're dead.

The exchanges were going to kill us. And we all got HIV and herpes in our nostrils. And it's bad. And our kids hate us now. But it was all fake. Bitcoin dropped from like $30,000 to $27,000 something. And then it went back up. Then it went back up.

Look at the title. Misha, you guys know him as Mike, but he's Misha, the producer this morning. He was out, you know, he's here with me. We were like, what the hell? Last night we were sitting at dinner at Terry Black's. What the hell are we going to talk about tomorrow? And then this morning I'm like, dude, we got like an hour till the stream. We need a title.

He's like, what do you think? And I was like, Bitcoin's been sideways for weeks, So shut up with your narrative. The overwhelming thing I want to tell you is that when you zoom out even a week, but much less a year or a decade, none of this matters. And it's so hard because I want to show up and tell you guys what's happening every day. But intellectually, I know in the back of my head that it doesn't matter literally at all. Doesn't matter. Price just goes places. Look at it. Look at it. This is March. On March 19th, we hit $28,615. The price is $29,000. Who cares about this or this? We just reverted to the 50 MA and we kept going. We're chopping sideways. This is a big ass range. So shut up.

Who cares? Who cares? Right? And what's annoying for me is that a lot of people follow me because I used to trade and they don't realize that as human beings, sometimes you just kind of evolve and change your opinion on what's important and what matters. I've done like three interviews here. How much are you trading? What are you trading on daily basis? I'm not, I don't care. I don't care. Right. And the thing is, if I want to make money as a YouTuber and a newsletter and stuff,

I have to encourage you guys wildly to trade. Now, I will work with exchanges for sure. I think it's very important that we have on and off ramps, that people have access to trading and that they can do that. But I don't care. I'm not doing it every day. I'm not looking at the five-minute Pepe chart and telling you that I think you should get 100x leverage because it's just pointless right now. I've just changed. What I think is that you just need to buy some Bitcoin, invest in a few of these things that you care about, and just wait a really long time.

Trading's fun. I will do it again at times, but it's just like DJing. DJed for 20 years, and then I just didn't do it. It's how I am. Yeah. So anyways, I think Bitcoin looks completely fine. Chart, who cares, whatever. OpenSea is in big trouble completely fine. Chart, who cares? Whatever. OpenSea is in big trouble, guys. Big trouble. It's over. It's dead. They're dead. Look at that AP. He's dead. That's a dead AP. As Tiger Global cuts valuation by 76%. Turns out, guys, that cartoon animals with alliterative names like

cocky cockroaches and I don't know, dickhead dogs and extremely excited elephants and redacted rats. Turns out they don't have much value. And that when things go bad, people don't want to trade them and they don't care about them that much. That's not a bad thing.

There's some NFT projects with great communities that are very cool, but it's just like the internet bubble or any crypto bubble. You get a whole bunch of crap and then everything crashes. And then the market decides on the winner. But it's a pretty big deal when basically your lead investor, Tiger, cuts their valuation of you down this massively. Cut them down just absolutely massively. So they were at a $13 billion valuation at the top,

currently at $3 billion valuation for OpenSea. Obviously, there's also a lot of competitors. Solana, M&T is kind of blowing up. But here you go. The report shows the venture firm, which focuses on tech, has marked down its OpenSea equity from $126.8 million to $30.2 million.

Tiger Global invested in OpenSea's $300 million Series C round announced in January 2022. And they ain't the only fun doing it. It's a pretty big deal when they mark you down and say in their mind, this is now what you're worth. Apes are cool. Apes are cool. But your deranged Dalmatians are really stupid. And listen, you're probably stupid for buying them. But that's not really a criticism

of you guys, because we all know how stupid I was for buying like a hundred different altcoins. I thought we're going to change the world that I'm still holding in a dust wallet that are literally vaporware and probably don't have anybody working on them. People asking me if I am absolutely exhausted, but it's from work meetings, talking and not. I've been in Texas since Wednesday. And the entire sum consumption of alcohol that I've had is three Lone Star beers over that to 48 hours. I don't drink much. I intermittent fast.

I went to Lambert's for lunch for barbecue, then had some random barbecue in between, then went to Terry Black's, which I showed on my Twitter. You guys can see it. I didn't even eat as much, but their barbecue beef were this big. Yeah. Yeah. And you

staked on Voyager. Right. Yeah. I made a lot of huge mistakes. Guys, just a dude. You're here. I'm here learning stuff with you. I try to tell you guys that all the time, but yeah, it happens. Uh, I just don't, uh, I don't sleep that, that well when I'm in hotels and guys, it's an hour earlier where I am than at home. And I still wanted to get up and do a newsletter for it's eight 45 here in the morning. And I wrote a newsletter before that. So if I go to bed at like, you know, by the time I fell asleep, it was like 1230. And then I'm up at six every day writing. Yeah. Yeah. Wonder

says, God, I feel like I've watched you grow so much. Yeah, I have. I've matured in my young age. I'm 46. Can't believe that I had to learn lessons at this age, but it shows you that you're always just a child at heart. Meta profits set to drop is up. Zuckerberg pivots to AI. Analysts said that's what they predicted. And then the next story, stocks rally after meta earnings add to tech stock market is so yeah this is a weekend review so the story was oh shit meta screwed there the metaverse is dead and then they reported and uh they're kind of lean and mean and they did fine and tech microsoft facebook have been leading a stock rally and yeah so i could have reported the other day if we were still doing news every day i could have said oh my god guysa is screwed.

They're going to dump. All the news says earnings are going to be bad. The metaverse is dead. They're going to go into AI because that's the cool thing now. And Meta's fine. Yet another reminder that everyone's just guessing and they're bad at it because they're people and they're humans. Right. But it does speak to the sort of replacement of crypto hype with AI hype.

But the thing is, crypto hype largely in the last cycle did not deliver and AI hype is very much delivery. You know, I truly and I'm not it's not infestible necessarily in my mind, isn't about markets, but like, as I use chat GPT every single day, I use it as a final editor in my newsletter to make sure I don't make grammatical mistakes, things like that. I use it to come up with ideas. I use it for really random things, you know? And now you see auto GPT, which I have no idea how to use that like, we'll create multiple chat GPT agents that can all do cool things and work together and download the software you need onto your computer automatically.

Guys, this is a wave. It's going to really change the way fundamentally that we do everything. And you have to get on board and it will make you insanely productive. Or maybe you'll lose your job. You guys watch South Park, right? So, yeah. But that shouldn't take all of the shine off crypto. It's just that the same kind of people who do the whole, like, this new technology is the future.

I'm investing in it. People have left crypto and are moving on to AI. Just reality. Just reality, right? And as Michael says, we basically just need to launch Elon, AI, Pepe, GPT, Enu coin. He didn't say Enu. But if there's no Enu, are you even crypto-ing, bro? Yeah. As he said, Meta knows all they have to say is AI and pump 20%. Are you letting chat GPT write your newsletters?

LOL. No, chat GPT does not write my newsletters literally at all. But the thing is, it should. It should. I'm grasping at straws, but I feel like if I'm not writing the newsletter, literally, like, what's the point, right? I do have the Daily Close, which is an AI-driven newsletter with the tie. And I met with those guys for an hour yesterday

on how we could improve that. And we're going to start adding AI-created summaries in text of all of the data so you don't have to just stare at those charts and try to figure out what we mean. So that's different and it's cool. Flatsmax says, better off dead. I don't know why, but it's one of the greatest movies of all time. So that's different and it's cool. Flats Max says better off dead. I don't know why, but it's one of the greatest movies of all time. So that's

cool. Yeah. Anyways. I want my $2. Next story. Bitcoin white paper removed from Apple computers following planet discovery. My God. This is why we can't have

anything nice. You guys saw that it was in there, right? If you like went into your system files, there was a PDF of the Bitcoin white paper and Idiot Town, aka Crypto Twitter, which by the way, I think could cease to exist and it would be a net positive for the world. Sorry, I'm on it and it would probably hurt me, but let's be real. We're not getting anything good out of crypto Twitter anymore. And I think that the community there, the anonymous, angry, everyone's a scammer community is being marginalized anyways. But anyways, we were on crypto Twitter and it was like, oh, my God, the white paper is there. Apple's buying Bitcoin and wants you to know that they're going to heavily invest in Bitcoin.

And probably that Bitcoin will be the base layer of your next iPhone. Give me a break. So one of its employees basically put the white paper on there and snuck it in. And now they're like, yeah, bro, we can't have that. Cool. Cool. Glad we had fun talking about that one. It was cool, but it's gone.

All eyes on U.S. regulation. I tried to say that like Tupac. All eyes on me. All eyes on U.S. regulation as Uniswap eclipses 1.5 trillion trading volume. Yeah, guys, what's kind of interesting here is that as we see this wobble in centralized exchanges, the pain train hitting all of us straight in the face who are in America and actually want to do shit. Well, Uniswap does more volume than Coinbase now, right? And they've done a 1.5 trillion total volume. It's a lot of trading.

But that then raises the obvious question of what is going to happen to it when the regulators start regulating and mount up right was a clear black night a clear white moon warren g was on the streets trying to consume a scourge from the e so i can regulators you know i invoke regulators warren g and nate talk all the time just next stop is the east side can't see right now but yeah so are they gonna find a way to regulate away defy what do you guys think do you think that they can come after defy that's gonna be bad that we're gonna lose our monies uh uniswap absolutely pretty much killing it right now while open c goes down but the the future clearly here is more decentralization. I think everyone can cheer for that.

Warren E. That's a good comment. Elizabeth Warren, rapper name. Warren E. Warren G. You guys all know? Yeah. They're talking Warren G.

Regulate. Real Raid went all bad boys. What you do when they come for you. Cool. So I don't have the answers to this, but they is the bigger it gets, the more regulators you try to smack it down. I think we can all agree on that. There's a funny story. Finance CEO denies 28 billion wealth.

I don't have anywhere near as much. Guys, I'm poor. Just like you I only have $27.5 billion. According to Bloomberg's rich list, Binance CEO Changpeng Sizizao is supposed to be ranked in the top three financial billionaires worldwide. Listen, we used to think at the top that he was worth like a trillion and just nobody knew about it. He was like, guys, literally stop talking about my money. Like whatever. He said, numbers are all wrong. I don't have anywhere near as much. Don't know why they do this.

And used for, you know, tweet, ignore all FUD and all that stuff. God, if your biggest problem in life, I love this guy. If your problem in life is that you have to tell people you're not quite as rich as I think, pretty good to go. Pretty good to go. Now we're going to do something you're going to hate. I haven't watched it yet because I have a rule. I will only watch Gary Gensler videos one time. So I'm going to do it with you. But SEC Chairman Gensler releases another video dig at crypto industry. Guys, I have zero faith that my streaming is strong enough to actually play this video right, but we're going to try. What do the securities laws have to do with goldfish? It's not working.

Many places around the country were required to use a leash when you walk your dog. Well, let's just say you get stopped because you're walking a rover. Yeah, that's not going to happen, is it? Unleashed. Is that working for you guys? What do you think would happen

if you told the police? You know what? I can't even remove it. Rovers actually. Well, let me remove it. We can't. Were you guys able to see that or no? Because for me, it just went, it is working. Holy crap. Okay, then put it back on. Let's do it again. If it's working, I'm going to do it. Oh my God. Do the securities laws have to do with goldfish? Many places around the country were required to use a leash when you walk your dog Well, let's just say you get stopped because you're walking Rover

unleashed say you get stopped because you're walking Rover Unleashed. What do you think would happen if you told the police officer that Rover is actually a goldfish? You'd still get a citation. And that's because the law cares about what something actually is, not what you call it. Well, the same thing is true in the securities securities markets as Justice Thurgood Marshall put it so well, Congress's purpose in enacting the securities laws was to regulate investments in whatever form they are made and by whatever name they are called. That's why Congress's definition of securities includes more than 30 items, such as stocks, bonds,

notes and something called investment contracts. An investment contract exists when you invest money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others. Intermediaries for investment contracts, whether they're exchanges, brokers, dealers, clearing houses, they need to comply with the securities laws and register with the Securities and Exchange Commission. Instead, many crypto platforms are just pretending that these investment contracts that they offer are more like goldfish.

And the lack of compliance by these crypto platforms means that you don't have basic investor protections. These are things like rule books and surveillance to prevent fraud manipulation or appropriate custody and yes, segregation of customer assets so they don't get misused or abused or simply become the property of the platform, especially if it goes into bankruptcy. And you lack basic protections as customers that you aren't just trading against the house. Further, many of these crypto platforms combine the activities of an exchange, broker-dealer, and clearinghouse under the same roof.

And when a platform doesn't register these functions, that puts investors like you at risk. When a platform combines these functions, that creates conflicts of interest that undermine our time-tested investor protections. Crypto markets suffer from a lack of regulatory compliance. It's not a lack of regulatory clarity. As we alleged in a recent action, one crypto platform executive knew the law so well that he actually advised issuers to scrub specific language from their web pages in an effort to pretend that their tokens weren't investment contracts.

You could say, in other words, they tried to say that their dogs were goldfish. It doesn't matter if you call yourself onshore or offshore. If you make securities available to American investors, you must comply with American laws. The law is clear. If you're a securities exchange, clearinghouse, broker, or dealer, you must come into compliance, register with us, and deal with conflicts of interest and disclose important information. For 90 years, these laws have helped protect investors like you. You might say they're an investor's best friend. You guys enjoy that? I enjoyed that. It's good, good, good.

Got my knee up. I'm comfortable. Sitting comfortable today, you know? Here in the hotel. Fuck that dude. Is any of that true? Do you buy that? Why do they have to make cute videos about goldfish to tell us why we are losing our money in chapter 11 bankruptcy because they

failed to protect us in advance i hate them so much hey scott why don't you make videos about 100x altcoins or you can go up because this is the shit that matters we are getting completely screwed by our government officials and I can't take it. Goldfish, leash. One executive knew that he was breaking the law so much. Dude, you're allowed to edit your website. Shut up. I don't feel protected.

I don't feel protected. I feel about as protected as a little guy who's like first time in jail uh it and drops the soap super protected it's it's absurd this guy's got to go the good news is that he will go he will he'll go he's gonna go jeff says we got to vote biden out here's the thing. I don't necessarily disagree. I hate all of them, you know, but like is the best America can do to 473 year old morons as our presidential candidates? Is that what's supposed to inspire us? And by the way, as Scaramucci came on and reminded us, Trump hates crypto.

He has NFTs. He doesn't know they're crypto probably. He hates crypto more than Biden. He literally hates it. Like he actually talks about how much he hates crypto. I don't know, man. I don't know. Very, very, I don't know, man. I don't know.

Very, very, I don't even have the energy right now. Coinbase responds to Wells' notice SEC risk reputational harm with enforcement action. I mean, you guys just read everything that Brian Armstrong and Coinbase are saying because they make this argument for me. I mean, right? Brian Armstrong's like, you're going to ruin the SEC's reputation because of your petty playground battle with us. Just go fix a bank, man. Figure it out. That's not their job. SEC is not involved in the banks. But we should be worried about fixing our pigs and fixing predatory loans

and things like that things that crypto actually does to some great degree fix right here's the story they basically said yeah dude you're not gonna beat us by the way the sec i met with uh they'll be on the podcast but we had a pre-podcast meeting, which is some new shit. I met with three lawyers yesterday who are deep in the weeds in these bankruptcy proceedings, in amicus briefs against the government. And they think the SEC just keeps losing. And the SEC has been losing. I think they've lost three out of four or four out of their five last cases. The judicial system is going to crush these dudes and Coinbase is going to absolutely annihilate them guys listen i'm checking out

your comments that's really all i got i'm tired and now i have to go do an entire another day walking around on the floor at consensus it's cool it's cool why do I do it to myself? I don't know, man. I want to be on the ground. I want to see what people are building. I want to see what's happening. I want to meet with you guys. I want to shake hands with potential podcast guests, of which there are quite a lot here. So I do it. I do it. To be honest, this is not fun. Not having a good time. That's okay. That's okay. As Matthew Moon says articulately, I'm underwhelmed.

So, guys, the next coming weeks, because of a lot of family things going on and stuff, the schedule is going to be all over the damn place. I don't think we're going to have macro Monday. I know. I'm sorry. And I know I'm going to be away next Thursday and Friday. Just a lot of traveling, a lot of trying to figure this all out. But, you know, I'm generally here and I will be here. Jeff says you look miserable. I'm just tired, man. I'm tired. And this camera sucks and it's a bad angle and it's my face and whatever, man.

Appreciate you guys showing up, even though the tone's not always so positive, I'm not going to be the YouTuber who shares my excitement about everything when I'm not excited about everything. But to be very clear, nothing has changed about my core premise about crypto. Things that are wrong with the government and what we can fix. We just need to win this battle

before it happens. See you guys on Spaces on Tuesday. Peace.