The Wolf Of All Streets - Can Bitcoin Drop To $5,000 In 2023? This Bank Says Yes

Episode Date: December 9, 2022

Let's have a look at the biggest news in crypto this week! FTX Twitter drama, Maxine Waters changing her mind about SBF's subpoena, proof of Binance reserves, Ledger's new hardware wallet, GBTC discount near 50%, Gary Gensler, Coinbase's revenue dropping 50% and the push to use USDC, $5,000 Bitcoin price prediction, and incredible power of ChatGPT. ►► JOIN THE FREE WOLF DEN NEWSLETTER https://www.getrevue.co/profile/TheWolfDen  GET UP TO A $8,000 BONUS IN USDT AND TRADE ALL SPOT PAIRS ON BITGET FOR ZERO FEES! ►► https://thewolfofallstreets.info/bitget   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 1:00 FTX Twitter drama 13:05 Maxine Waters changes her mind on SBF subpoena 17:40 Binance reserves 20:30 New Ledger hardware wallet 22:16 Grayscale Bitcoin Trust discount near 50% 24:08 Gary Gensler 26:50 US crypto miners to report carbon emissions 28:50 Coinbase revenue drops 50% 30:00 Coinbase pushes USDC 31:15 ChatGPT 34:30 Bitcoin to $5,000 35:55 Playing with ChatGpt 47:43 Wrap up 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.

Breaking news, Sam Bankman Freed has finally agreed to lie before Congress. I mean, to testify before Congress. We're going to talk about the whole drama with Maxine Waters and regulators and legislators in general and their kid gloves and the way they've handled the FTX and SBF saga. Also today, I'm going to be writing out a plot for my new television show. You guys, those guys don't want to miss this. It's called The Real Housewives of Crypto Twitter. Today, I'm going to be writing out a plot for my new television show. You guys, those guys don't want to miss this. It's called The Real Housewives of Crypto Twitter.

And it includes a bunch of unhinged 30-year-old former billionaires who are bickering like schoolgirls on Twitter in a public forum rather than taking it privately as if they're a bunch of people who are having fun staying poor and don't know how to control their emotions. My God, what is wrong with these people? It's Friday, so we're going to do the week news in review. You guys don't want to miss this. Let us go. shiba inu doge oven mitt that's eating ramen had to bring it back for friday so listen i used to do these streams every single day by myself i would talk a lot of smack say some wild things quote rap lyrics i do love that we have guests almost every single day but sometimes i feel like i need

to free the beast and i can't do that with another person there because I feel like I might, I don't know, offend them, say something really weird, make a strange sexual joke or connotation and offend them and then they'll leave and they won't like me anymore and it'll be terrible. But on Fridays, I get the opportunity to review all of the news of the week rather than doing the news every single day and talk about the biggest stories and wildest things that we are seeing in the crypto industry. And not to go all TMZ on you, but it feels like it's time to go all TMZ on you. Now, we couldn't get it together in time because I had an idea like all of 15 minutes ago, where I was like, dude, we need to take this picture or a picture like it. Here you go.

It's the Real Housewives of Beverly Hills. You see these women over here. We got blonde and other blonde and other blonde. One of those names is Kyle. One of their names is Renna. One of their names is Kyle. And one of their names is Renna. I know those names.

Dorit. One of them is a Dorit, right? So I was going to take this picture right here. And I was going know, her right here. And that was going to be CZ. And this would be SBF. And this would be Doquan. And this would be Suzu. This would be, I don't know, Kyle Davies. Over here, we'd probably put Elon Musk just for the hype. Maybe Gary Gensler's face right here. And maybe like Mario Naufel, you know, the guy hosting all the spaces who's brought all of them together. It's not an insult to saying like, he's one of the housewives, like he's bringing the drama to Twitter. Right. And if you're wondering why, if you're wondering why I would, you know, paint their faces on, well, then you probably haven't been reading what's going on on Twitter. But if you have been reading, then you know that we have the same level of drama as a Bravo reality show, reality show about a bunch of bickering women who have nothing better to do

with their lives. So just imagine this picture, but with all their faces on it, right? And let's dig in a little bit to where this started. Okay. We've got a lot of bicker going on. Yeah. The Garzy says she should be Steve Ehrlich and I agree with that. They're just kind of older, you know, but anyways, CZ is not pulling punches anymore. Everybody knows, listen, I had, uh, the acting CEO of wonder fi company that, uh, Kevin O'Leary is heavily invested in, on the show yesterday. He was great. But Kevin O'Leary obviously continues to sort of beat the drum that maybe SBF's all right. Let's see the proof. I would probably invest in him again. A lot of things it takes huge cojones to come out and say after the guy is basically proven,

proven to be the largest fraudster in the history of the crypto space and one of the biggest in the history of the world. And Kevin O'Leary continues to defend him. Maybe Kevin O'Leary could be a housewife in this. But basically, CZ here says it seems 15 million not only changed Kevin O'Leary's mind about crypto, it also made him aligned with a fraudster. Is he seriously defending SBF then goes into the attacks? I'm not not gonna make any comments about Kevin O'Leary I've spoken with him multiple times I think he's very nice uh generally reasonable person I don't know what's going on here but then CZ basically goes on to highlight the saga with

FTX we exited a year and a half ago we were questioning the FTX Alamator relationship how do they name stadiums and Super Bowl commercials and F1, not to mention massive political donations, luxury real estate, oh, and reprehensible misuse of customer funds? And then basically continues to go on and say that when they backed out, Sam was so unhinged that he launched a series of offensive tirades at multiple Binance team members, including threatening to go to extraordinary lengths to make us pay we still have those text messages then he started to basically uh you know go on this uh this tear of hiring the tom brady's and and kevin o'leary's of the world to make him look good and then cc goes on to say his ethnicity was

a focus and specifies hey i'm can Canadian and Binance is not a Chinese company. And basically that it didn't smell right. It was all messed up. And Binance is awesome. OK, did that get you to the to the gist of what CZ is saying? He's saying we saw that there were major red flags at FTX. We bailed out and that's what happened. And Kevin O'Leary got paid $15

million. So of course he's beating that truck. Well, here you go. SBF responded to this. This is when he said Sam was so unhinged. SBF says you won CZ Binance. There's no need to lie now about the buyout. We initiated conversations around buying you out and we decided to do it because it was important for our business. He's talking about buying Binance out of FTX, their investment FTX. And I was, while I was frustrated with your negotiation tactics, in quotes, I chose to still do it. You threatened to walk at the last minute if we didn't kick in an extra 75 million. What's 75 million between friends, really? We did it anyway because it just made us feel more confident. We didn't want Binance on our cap table. But again, none of this is necessary.

You won. Why are you lying about this now? Right? And this is among other things. As you know, you didn't even have the rights to pull out as an investor unless we chose to buy you out. CZ then responds, Sam, not that it matters now. You also can't force us to sell if we don't want to.

Also, we have the veto right to block any further fundraising you were doing. Never used or mentioned it. It was never a competition fight. No one won. Don't try to tell your friends to focus on us. Focus on yourself. You should have learned that by now. Now listen, if this was like me and my friend and you owed me 100 bucks or something and fantasy football didn't pay up, I'd call the dude or give him a text. But no, no. And I'm not really talking about CZ here. I think CZ is literally just laying out what happened over and over and over again for transparency and for people to see. But like, everybody hates you here, SBF. What are you doing, man?

You could just leave, you know? Like, why do these guys keep coming back? Keep coming back to Twitter to fulfill their little, like, you know, cult fantasy dreams that they're these superheroes and everybody wants to follow them. So now SBF, literally, like, certainly at the detriment of his court case and everything, just keeps opening his mouth, probably lying, but opening his mouth as to what's going on. And then, of course, we had Zhu Su, who, by the way, disgraced billionaire himself. You know, we all know about the yacht much. Wow.

We've talked 3AC to death. Coming on and basically saying, whoa, whoa, whoa. Whoa, whoa, whoa. Right? Had a call yesterday with someone who asked, how come you and Doquan came right back after FTX went down? Is it just to deflect from your own issues? The answer is yes, we should have just stopped there. They said, I replied, Doquan has been building on Luna Classic and Luna 2 literally continuously and hasn't taken more than a week Twitter break. Okay.

As for myself, I firmly said we were hunted since my July Bloomberg interview. Go back and read it. Basically saying that FTX hunted their stops. They were trading on FTX. FTX knew where their trades were and liquidated 3AC and caused this whole thing, right? Then basically saying there were a couple long-form articles in August that got squashed at major publications because editors feared reprisal, loss of access to SBF. Not only were such things not reported, many publications were still busy debating it as if he was the JPM or Vanderbilt of crypto.

So in such a backdrop, all you can do is stay calm and quiet, do what needs to be done, and pray for justice. What else could anyone do? It is sad given how long crypto society and media let his charade go on, like literally while this dude's saying he didn't say anything, that many people suffering coincides with our catalyst for vindication yet life is as winding as it is windy beauty is truth

and truth is beauty that is all ye know on earth and all ye need to know maybe that was all yay like he's talking about kanye i don't know but fuck this bitch yes i shouldn't know, but fuck this bitch. Yes, I shouldn't say that, but nobody is allowing vindication of these assholes who fucked us all. This is bullshit, and I hope that nobody is buying into any of this at all. It's offensive. It makes me want to stick needles into my eyeballs and jump off of a bridge. You are not getting vindicated because you guys were also huge asshole liars who took massive loans, lied about your positions and what you had on the books to get those loans and then lost everybody's money. You, along with Voyager, Steve Ehrlich, and those complicit in giving the loan, are responsible for me losing millions of dollars and all these millions of people losing millions

of dollars themselves. And I don't give a shit about you waxing poetic about religion, yet life is as winding as it is windy. That doesn't even mean anything. Just because the word winding sounds like the word windy doesn't mean you can put him in a sentence to make yourself sound like an amateur philosopher this is the same guy who wrote a long form piece about how he was surfing and literally like watched a child die while they were swimming and the life lessons that he learned and something gained is something lost and shut the fuck up his partner kyle davies is out here literally painting. Painting. He's Picasso now. And everyone wants to blame SBF for everything. And to be frank,

maybe it's SBF's fault, but also you have to have risk management. You should never be like, just like we said yesterday, CZ said a tweet should not be able to collapse a healthy company. Yeah. Well, one trade and your hunts being stopped should not collapse a multi-billion dollar hedge fund. That means you had no risk management. This is your fault. You are at fault. It's your fault. You did it. But then of course, SPF can't stay out of it. Real Housewives, remember? That's what we were talking about here. I made a lot of big mistakes this year, but this wasn't one of it. Real housewives, remember? That's what we were talking about here. I made a lot of big mistakes this year, but this wasn't one of them. There's no evidence because it didn't happen.

Please, please focus on your own house. Okay. How about all of you go move into a house? I don't know, say on Rikers Island together. Maybe Alcatraz. Maybe together, maybe Alcatraz. Maybe they'll close Alcatraz to the public and put all of your dumb asses on there. And you can bicker like schoolgirls to each other with three followers, all being each other on Twitter. Yes, it makes for good drama for all of us to watch this play out in the court of public opinion.

But the problem is a lot of people are buying into this shit. Mashinsky's back on Twitter, I saw she's just tweeting, just tweeting, retweeting shit about GBTC and the problems there and the next blowups. All of these guys are looking for just someone to be worse so that they can come back and look a little better. I am not here for it. Do not allow it. Do not allow it. Scream from the top of the mountaintop that all of these guys are assholes and none of them deserve our respect or admiration. And speaking of people that don't deserve our respect and admiration, House Financial Services Chair Waters, that's Maxine Waters right there. That's her. Doesn't plan to subpoena Sam Bankman free to testify adhering on ftx

collapse you guys may have seen this of course he is a uh i don't get into conspiracy theories but i mean spf literally donated to her campaign to maxine waters right he donated to her her husband in the clinton era so late 90s but was the ambassador to the bahamas maybe it's just coincidence right ambassador to the bahamas her Maybe it's just a coincidence, right? Ambassador to the Bahamas, her husband. But either way, you know, there's pictures of her blowing kisses to SBF in former hearings. And listen, everybody got fooled by him. So no surprise here. But she came out and said the other day to members of Congress that she would not subpoena him, right? That was wildly reported. And then she got shit canned for it just absolutely destroyed so

of course then she came out and said lies are circulating cnbc they are not willing to subpoena sbf ftx he has been requested to testify the december 13th hearing a subpoena is definitely on the table stay tuned right she literally like asked him to testify on twitter and he went on twitter and was like nah good he went on twitter he's like i don't know that much right now so i think i'm just gonna pass and then she was like we strongly suggest that maybe you would consider showing up and she was like super respectful uh when she shouldn't have been she was like we appreciate your candor and all this other shit right oh look here's someone's got right here. Fun story about rep Maxine Waters. Her husband is former US ambassador of the Bahamas where FTX was throwing cash around, served under the Bill Clinton administration. Bill was a paid

speaker at FTX's conference in the Bahamas. How'd you like your conflicts of interest? I can't say whether that has veracity or not, but I mean, that shit's all true. That did happen. Can't say it's connected. So listen, so she said, I ain't subpoenaing him. I'm going to be real nice. I'm going to use the kid gloves like publicly, like on Twitter. I'm going to ask a criminal to if he'll maybe show up like if he has the time. And he was like, nah, I'm good. And then she was like, oh, but maybe I would subpoena. But you know what?

He said this. He said, I still do not have access to much of my data. It is just this morning, professional or personal. So there's a limit to what I will be able to say, and I won't be as helpful as I'd like. But as the committee still thinks it would be useful, I'm willing to testify on the 13th. I'll do you guys this favor.

I'll show up, but I'm going to lie. And I'm going to pull a full Ronald Reagan or Oliver North. I have no recollection of that event. Or he's going to pull a full on like Dave Chappelle. You guys have seen that skit. I plead the fifth, like, you know, the fifth F I F fifth, just plead the fifth, fifth F I F fifth. Right. So he's going to show up, but I said, listen, I don't have much to say and I'm not going to share much, but shit. I mean, I guess I'll be there. Y'all got free breakfast, right? That's what this feels like, but he will show up. Here's

what he said. I will try to be helpful during the hearing and to shed what light I can on. FTX, US's solvency and American customers, pathways that could return value to users internationally. I mean, maybe stop getting hacked. What I think led to the crash and, of course, final bullet point, my own failings. I thought of myself as a model CEO and wouldn't become lazy or disconnected, which made it that much more destructive when I did. I'm sorry. Hopefully people can learn from the differences between who I was and who I could have been. This is like that narcissistic, I'm the victim bullshit. Like

I was the model CEO while stealing $10 billion from retail. What could have been if I had them stolen your money? Fuck. How, how, how are these people surfing and painting and playing League of Legends or whatever? My God, what is happening? Wouldn't you think that the Congress, whether they got money from it or not, were like, show up or your ass is going to jail, right? And tell the truth and bring the receipts. You can show up and it's fine if you have no information. We just need to get your ass in the chair. Absolutely unbelievable. Should we go on with other news? I don't even know what this one is. What's this tweet? Oh, this is what I tweeted about it, which I said. Breaking news. SBF agrees to lie before Congress. That's what's happening here. That's what's happening here. So should we continue on with some more drama?

Oh my God. The Week in Review. Binance's Bitcoin reserves are over-collateralized, new report says. That's tight. Mazars, Mazars, performed a proof of reserves and proof of liabilities assessment

on the centralized exchange. That sounds awesome, right? It's what we've all been asking for. We want some transparency. We want some transparency. We want to know what assets they have, but not so fast, apparently. I wrote a very long newsletter intro just the other day, just the other day, that said proof of reserves is really hard because you don't necessarily have the liabilities. You don't have access to everything, whatever. So Mazars, they did this and right. So this was a quote from them. At the time of assessment, Mazars observed Binance

controlled InScope assets in excess of 100% of their total platform liabilities. Mazars said in an announcement, the exact percentage was 101%. They got 1% over, bitch. They just gave you an extra 1% when you didn't even ask for it. Cool. We're good here, right? No. However, the assessment is not an official audit, according to Francine McKenna, lecturer in financial accounting at the Wharton School at the University of Pennsylvania.

I went to the University of Pennsylvania, so she must be smart. And she said they did a comparison of balances per public key address from a list they got from management. They did not compare any balances in independent banks or custodians or depositories, Habaketa. She went on to say this is more worthless than even a Tether or USDC report. Ouch. Ouch. And then, of course, after we got that, we get the response from legend Jesse Powell, the CEO of Kraken, who's been beating the drum on this proof of reserves nonsense for quite a while here. Listen, I think going in the right direction with proof of reserves is great, but I don't think we're getting true transparency here. And I'm not saying finance is even trying to hide something. I just think it's really hard. This is what he said. Okay, I'll give you a hint. This is just the easy stuff

that says this obviously is not a traditional proof of reserves and should immediately have had actual journalists digging. Why is collateral value? Why negative balances included? No wallet signing? Who issues BTCB and BBTC? I've never even heard of BBTC. I've never even heard of BBTC. I don't know even what that is. Nobody knows, but it's provocative, right? So the bottom line here, listen, the story is that Binance is leading the charge on proof of reserves. They're doing what they see as necessary, but there's a lot of people saying that it's

all smoke and mirrors and that we're never going to truly see proof of reserves from anyone. For now, I will take anything as a step in the right direction. Step in the right direction. Anywho. Anywho, what do we got next? Ledger taps iPod creator Tony Fidel for new crypto hardware wallet. The Ledger stacks is a sleek device that features an e-ink display that can show transaction details and even NFTs on its exterior. Okay, this is pretty fucking awesome, to be honest.

Right? This looks like a really cool hardware wallet. They're stepping up their game. Stepping up their game, as it says here, the guy who created the iPod. He's also the former CEO of thermostat company Nest. And if you guys have seen those thermostats, they're slick as hell, bro slick as hell bro they're cool right and he's creating this hardware wall and you can see it right here it looks like that kind of has an iphone vibe to it that goes with your iphone and you can do things with your iphone and and your phone and and the thing right but they're charging

279 dollars for this the nano s was uh79. So clearly this is basically a luxury item and they're betting on the fact that people are going to continue to move to self-custody aggressively. And here's a little information for you that says that that might be a real trend. Indeed, Ledger said November 14th, three days after FTX filed for bankruptcy, was the best sales day ever for its devices, while the previous day was its second best sales day ever. And November was its best sales month ever. That is some pretty big news. When FTX collapsed and they had their best sales days of all time and their best sales month as a result, really means that people are taking self-custody seriously. And for us to do that, we're going to need better UX, better UI devices that can reflect that need from retail and from the mainstream.

So I am here for any improvement in hardware, wallet devices and self-custody. And I think that that's what we are seeing here right now. Who has an iPod anymore, says Crypto Golfer. I have like 15 of them. Doesn't mean I use them. Doesn't mean I've ever used them. Yeah. Anyways, let's continue on to some more bad news. Grayscale Bitcoin trust

discount widens to record high near 50%. That's pretty bad. Pretty bad, right? You guys may remember the glory days of when GBTC was trading at like a 20% or 30% premium to NAV and companies like BlockFi were taking advantage of that to make free money and hand it off to you as yield. And then they blew up when this premium went negative. Now, we can talk a lot about why this is happening, but the reality is it's just a really shitty product and there's not as much institutional demand for crypto. And DCG's had some speculation of some issues and this shit just keeps getting worse, worse, and worse. Some people would say, hey, I'm buying Bitcoin at a 50% discount. Eventually they'll close that gap and it will fit. But that seems very risky to me. Right. We know that DCG owns Genesis, Genesis lending completely blowing

up on the back of FTX, which is fucking Gemini because everybody's in bed together. Right. But the real story here that's not in this article or being told, of course, is that this 50 percent discount to NAB that's absolutely wrecking anybody who's ever bought GBTC retail who put it in their IRA. Why is this happening? Because Gary Gensler and his fuckhead friends refuse to approve a Bitcoin spot ETF. If we had an ETF, it would be heavily regulated. You would never see a 50% discount to NAB. The fees would be cheaper and it would trade very, very close to the price of spot Bitcoin. That was mean what I just said about them. I didn't mean it. It just came out. I'm sorry, Gary, don't jail me. Right. But the lack of regulation, the lack of superior products has left people only being able to buy GBTC, even as it's an inferior product with a high fees, high fees and a crappy structure. And it's garbage and it's their fault. And speaking of him, Kensler says SEC is fine going after crypto with its current authority.

As a new Congress prepares to work on uncertain crypto legislation next year, the SEC chairman says his agency needs nothing apart from more money and more reach overseas. Coincidentally, those are also the things that I need now because these assholes can't give us any clarity. We all need more money, Gary. Thanks. Thanks. Because we bought GBTC and it's down 50% more than if we had just bought spot Bitcoin, which is also down 75%. That's your fault. Your fault, Gary. Your fault. But basically in this article, he goes on to say that the SEC has all the power it could possibly need, that all these crypto companies, lawyers should be able to give them advice and that we're coming for you, bro. And it doesn't matter if we get

any more clarity from Congress. So what that means is that 2023, what we can look forward to is a hell of a lot of regulation by enforcement, which has been his mandate from the very beginning. We're not going to tell you what you can do. We're not going to offer you any better alternatives. What we're going to do is retroactively sue you for shit that you didn't know was illegal in the first place because we never told you. We're going to take your money. We're going to put you out of business. I'm going to take all the power, Mr. Smithers. All right. Excellent. Look at the guy. Look at the guy. Right? And it doesn't even stop there. Now, SEC urges crypto companies to disclose exposure to recent market collapse. U.S.-based crypto companies, God, man, man, bless your little hearts for even trying,

are expected to submit a disclosure document detailing their exposure to the FTX collapse and efforts made to protect consumers. Imagine that. Imagine you're just like humming along, really successful, nice little company operating in the United States. And now you have to answer for the sins of FTX and you have to tell the SEC specifically that you were not exposed and then prove it. Right? Does that seem fair? That seem fair? Doesn't seem fair. Doesn't seem fair. So fair so annoying so annoying so that's what's

happening now they're requiring anyone who has anything to do with crypto to prove that they were not affected by ftx and i don't even understand what if they were what cool and uh you know if that wasn't bad enough let's's talk about our legislators because Maxine Waters, she's doing a great job. U.S. pressures crypto miners to report carbon emissions to address storing energy use. I don't think that's all bad. Three U.S. lawmakers introduced a bill to combat heavy energy usage by crypto miners. Crypto mining operations with over five megawatts, megawatts, gigawatts. Back to the future.

Flux capacitor. Must report emissions. U.S. Bitcoin miners produce carbon emissions equal to 7 million gasoline-powered cars. Yeah, well, so does Elizabeth Warren's face. U.S. lawmaker. Yeah, right. So they've introduced this bill.

This is coming from Edward Markey. He's got to be 97 years old. Jared Huffman. It's called the Crypto Asset Environmental Transparency Act. They basically want the EPA to do a survey on the environmental impact of crypto mining and then have crypto mining report their exact impact. We have an entire crypto mining council that's already working on this. But yeah, it's time we pull back the curtain on crypto's harmful environmental impacts. Today, Senator Markey and I introduced a bill to get the transparency we need for oversight and accountability in this industry.

Yeah, you're gigawatts, bro. Gigawatts, 1.21 gigawatts. Get that DeLorean going. Come on, man. JJ Watts. JJ Watts. Those are football players. Anyway, so listen.

Bottom line is these dudes are coming for us, man. First they laugh at you, then they fight you, then you win, whatever. They're fighting us. They're fighting us right now. They're fighting us. Joe Bob says, SBF planted by Gensler, tinfoil time. Listen, I think SBF was working with Gensler, but I think Gensler was largely fooled by SBF as well, to be quite honest with you. I talked about this yesterday. I don't really see a reason why they would have to go

through the lengths to plant SBF and then make him pretend to collapse and a billionaire and he's fake just so they could regulate crypto. I don't know, man. We're a small industry. If they want to do it, they would just regulate crypto. Why go through the Real Housewives soap opera drama that I discussed? Doesn't make much sense. Yeah. Yeah. Anyways, let's keep going. Coinbase CEO Armstrong confirms street expectations for 50% plus decline in revenue in 2022. Analysts previously estimated Coinbase annual revenue in 22 to drop to roughly 3.3 billion this year. They'd like 7 billion last 7.8 billion. Way down, way down. So yeah, Coinbase stocks down 83% this year, getting absolutely smoked. And I see that Mike has pulled up another article for me here about Coinbase while we

are talking because guys, you don't even know, like we're doing this shit in real time. It's real. This is real, real stuff. Mizuho downgrades crypto exchange Coinbase to underperform, cuts price target to $30. The bank analysis shows that 2023, we have no estimates for the crypto exchange are overly optimistic. Well, fuck. shows that 2023 we have no estimates for the crypto exchange are overly optimistic well fuck if you know me you know that i basically have 75 oxygen tanks on my back i'm continuing deep into the abyss because i'm so underwater on my coin base holdings and the hits just keep on

coming with brian uh admitting admitting brian armstrong admitting that no uh we're not going to make as much money, but they're still solvent. They're still doing kind of well. It was just a banner year before that we're comparing it to, but yeah, man, it's not really, not really. That's great. What is going on here? And speaking of Coinbase, I've got another article here that we, that we just got pulled up. So I'm going to read it to you. Crypt crypto exchange coinbase asks users to switch usdt for usdc coinbase highlights questions about tether reserves and campaign to get users over to usdc but they're bought like i mean usdc is kind of like their thing circle and coinbase right

it's kind of their thing so kind of weird but here here's what they said the quote the events of the past few weeks have put some stable coins to the test and we've seen a flight to safety coinbase said in a blog post published Friday morning, Asia time. Believe that USD coin is a trusted and reputable stable coin. What are you saying, bro? Just last week, I had Paolo Arduino, the CTO of Bitfinex and Tether on the show. And he pointed out the fact that no matter how much FUD there is, Tether keeps on humming, keeps on redeeming, keeps on going on. So is this FUD or fact? I don't know. But clearly Coinbase is pushing people towards USDC rather than USDT. Then you get to this quote. Coinbase

is a co-founder of USDC. Not biased at all. Not biased at all. Let's talk about something non-crypto related that's kind of cool. Right? You guys seen this? I'm sure you've seen it. Google faces a serious threat from chat GPT. Answers from the AI powered chat bot are often more useful than those from the world's biggest search engine. Alphabet should be worried. Now, have you guys used chat? Have any of you guys used this yet? It's fucking awesome. You can enter anything. It will write a song for you, write a story. You can do like biggie lyrics in the tone of the Bible, but you can also ask it to literally do programming to edit and edit your code. I mean, this thing literally does everything and it's just the early iterations and it's completely free. So yeah, it gives better answers, more thorough

answers generally than Google. Although the caveat being that sometimes they're wrong, but it's also just really awesome and writes cool stories and stuff. I've been using it here. We got it here. Let's do a test with chat with GBTC. I don't know what we should do. Write a movie plot about an apocalyptic war between FTX and finance for world domination and crypto supremacy include a blow Iron Elon Musk and a plot twist about CEOs being forbidden lovers. It's been slow. Let's see what we got. In a world ravaged by a global economic collapse, two powerful corporations, FTX and Binance, rise to dominate the world of cryptocurrency. As they compete for supremacy, tensions between the two companies escalate, two powerful corporations, FTX and Binance, rise to dominate the world of cryptocurrency. As they compete for supremacy, tensions between the two companies escalate, eventually leading to all-out war. As the war rages on, both sides suffer heavy casualties and destruction. The CEO of FTX, a ruthless and ambitious woman, will stop at nothing to secure

victory. Meanwhile, the CEO of Binance, a brooding and enigmatic man, fights to defend his company's interests. As the conflict reaches a fever pitch, the two CEOs discover that they're forbidden lovers bound by a secret that could change the course of the war. In a last-ditch effort to end the conflict, the CEO of FTX hatches a desperate plan to use a blowtorch and a nine-iron to attack Binance's headquarters.

But just as she, SPF, is about to carry out her plan, a surprise twist is revealed. Elon Musk, the enigmatic founder of Tesla, has been secretly manipulating the war from behind the scenes. In a shocking turn of events, Musk reveals that he has been using the conflict between FTX and Binance to his own advantage, and that he has no intention of letting either side win. In the end, the war ends in a stalemate with both sides devastated and the world forever changed. The forbidden love between the two CEOs is forced to remain a secret

as they struggle to rebuild in a world that is now on the brink of collapse. I mean, why do we even have jobs? Why do we even have jobs? Hey, I'll let you guys here. Propose something for chat. I'm going to go on to the last stories, but I'm i'll let you guys here propose something for chat i'm gonna go on to the last stories but i'm gonna let you guys in the comments propose a story and we'll enter it next and this is the title of the entire stream if you guys bitcoin to go to five thousand dollars

this bank says so yeah standard chartered has uh listed in their2023 possible list of upsets, the Bitcoin will go to $5,000 in 2023. Basically saying that we will still be in a hawkish environment, yields will be bad, and people will fly from crypto to gold because crypto is collapsing. They don't trust anymore. Gold is going to go up. That's basically what they're saying here. Possible outcome involves a reversal in interest rate hikes as economies economy struggle at more crypto bankruptcies and a collapse in investor confidence in digital assets. Here you go. He stressed that he wasn't making predictions, but instead

adumbrating, he made up a word, scenarios that are materially outside of current market consensus. I'm not making predictions, bro, but 5,000 next year. Book it. Book it. Book it. Yeah. Basically saying that Bitcoin's ratio of gold around lowest since 2020 as token loses luster and gold will go to 2250. Then we had Saxo's 2023 outrageous predictions, the war economy. And one of theirs is that gold, where is it? Gold rockets up to $3,000 as central banks fail on inflation mandate. So guys, we've got Bitcoin going to zero. Last week, we had Bitcoin going to 10,000. We had Bitcoin going to 6,500. We had Kiyosaki saying 10,000 or 12,000. It seems that we have a media consensus that shit is going to get much, much worse, which to me means probably near the bottom, probably near the bottom.

Anyways, do any of you write me anything here? Can you guys write me anything? Nobody got creative. Come on, man. Your Biggie Tupac story was the first I saw of GBC Gold. Yeah, I did one about Biggie and Tupac. Write a plot for a television show called The Real Housewives of Crypto. Include bickering on Twitter between immature billionaires searching for vindication in the face of evidence and literally everyone beating them in their faces.

There we go. There we go. Come on. I mean got. There we got. Come on. I mean, the AI is slow. The Real Housewives of Crypto follows the drama-filled lives of six wealthy, powerful women who are all involved in the world of cryptocurrency. As they compete for dominance in the cutthroat world of crypto, the women engage in endless bickering and feuding on Twitter, all while trying to maintain their luxurious lifestyles.

At the center of the show is Amanda, a former Wall Street executive who made her fortune by investing in Bitcoin at the right time. She's always looking for the next big opportunity and will stop at nothing to get ahead. I'd watch this. Next is Brooke, a social media influencer who's always on the lookout for the next big thing

to promote on her channels. She's constantly seeking validation from her followers and will do whatever it takes to get it. Then there's Chloe, a tech entrepreneur who is always on the cutting edge of the latest crypto trends. She's fiercely competitive and will go head to head with anyone who stands in her way. Rounding out the group are Mia, a former model who's now a venture capitalist, Olivia, a fashion designer with a passion for crypto, and Samantha, a self-made millionaire who built her fortune by trading altcoins. As the women navigate the high-stakes world of crypto, they're constantly faced with challenges and obstacles,

including hostile takeovers, market crashes, and accusations of insider trading. But despite the constant drama and bickering, the women remain close friends, always there to support each other through the highs and lows of their extravagant lives. There it is. There it is. there it is there it is there it is i'm disappointed that none of you have given me a great uh plot to enter here to be quite honest yeah i mean as texas west capital chris says sitcom pilot pilots being created right now i mean it's literally so easy you can type anything into this um write the i saw this one once write the lyrics of the 10 crack commandments

in the voice of the bible maybe that'll work there's biggie obviously for i know you heard this before never get high on your own supply number five yeah maybe it'll give it to us maybe i'll give it to us see but I'll give it to us. See, but you can be like, Hey, write me an Anne Rand story about, you know, or something,

whatever. Oh, thou shalt not let thy love of money and power lead thee astray. Number two, thou shalt not put thy trust in false idols for they shall surely lead thee to destruction. Uh, but these are just like actually commandments. Remember the Sabbath day?

Nah, man, that's not never get high in your own supply. Oh, we blew it on this one. Yeah. Yeah. Yeah. Whatever, man.

That's basically all I got. Yeah. Swamp Witch says, except the bitch ass behavior is for men. That's true. Like that shouldn't have been about women. Real house husbands. Real house husbands of crypto. I mean, that's like all the news, man. It's all the news. Oh my gosh. Wait, wait. I got something for you, I think. Let me see. I'm trying to

download something. It's not downloading. Why would I download? What am I going to get? Come on. Let me see if I can do it on my phone. Hold up. Mike made me an image. Oh, here we go. Let's see if I can add a thing. Let's see if I can. Oh, my God. This is so good. This is going to be so good. Do you see it? Oh, my God. He did it. What a legend. we got to change this beverly hills to crypto by sdf cz joe quad suzu kyle davies elon musk mario daffle and gary guess oh you did it oh my god legend we just gotta change the word just cross out beverly hills and put crypto and we've got a fucking hit show we got a hit so good so good look at gary look at gary sexy. Elon Musk, pretty indifferent.

I don't even know how to go on from here. Mike, just cross out Beverly Hills and put crypto and this is ready for the world. By the way, we call Mike Misha now. He was always Misha. I was introduced to him as Mike and now I struggle with it, but he's Misha. He's always Misha. I was introduced to him as Mike and now I struggle with it, but he's Misha. He's really Misha. Yeah. Can I write a simple yo mama joke? Can it? Let's see. Write a yo mama joke.

Come on. Come on, do it. Come on, do it. Your mama's so fat, she uses a Snorlax as a yoga mat. It's kind of funny. Your mama only got one leg, that's why she wears New Balance. Your mama's so fat, her blood type is rocky road her belt size is equator get it equator man yeah lon must did have a nice dress we gotta get back to that um right so here we go jay wants to know can it write a crypto newsletter in the voice of scott melker write a crypto newsletter in the voice of scott melker i don't know i feel like the fuck is scott melker see what it's got see what it's got man it's taking a little while. Welcome to the Melker Report. Crypto market is on fire and I'm loving every minute of it. Bitcoin is breaking new all-time high.

What? All-time highs it is. And all coins are following suit. It's a great time to be a crypto enthusiast. In the news, we've seen the launch of several new projects and partnerships. Ethereum has partnered with Binance to bring decentralized finance to a wider audience. And Coinbase has announced plans to go public, which is a huge step for the crypto industry as a whole. In terms of trading, I'm currently bullish on a few select altcoins. Chainlink and Polkadot are both looking strong. And I think they have a lot of potential in the long run. As always, do your own research.

Never invest more than you can afford to lose. Thanks for joining me on the Melco Report. Until next time, happy trading. My DJ thing was the Melker Project. Oh, my God. Dude, I'm never doing it here. Write a blog post on trading with MACD. I don't know.

I don't know. Can I do it? Chris, thanks. You wrote one of these once. You wrote a whole long form on trade. It can do it. Moving average convergence divergence MACD is a popular technical analysis indicator

used by traders to identify trends and potential buy and sell signals in the market. MACD is calculated by taking the difference between two exponential moving averages, EMAs, which are a type of trend following, I mean, this shit is perfect. The MACD is typically shown as a histogram on a separate chart below the price chart. It consists of two lines, the MACD line, which is the difference

between the two MAs and the signal line, which is a moving average of the MACD line. I mean, this is ridiculous. Ridiculous. Look at it. You identify the strength of a trend. And then like, what's crazy is like, if you do that, then you can like go write a longer post and it'll include more. Or you can be like, include more information about support and resistance. And it'll write you an even longer one, adding to it.

It's insane. It's insane. Anyways, guys, I don't, I'm not going to have a job, so it's fine. But yeah,

it's still over here writing a blog post for me. You know what? I'm not letting this off. Fact. Fact. Full screen it. Yeah. Like that.

It's mesmerizing. It's gorgeous. They're gorgeous. So good. So good. Yeah. Misha, I just need you to to you know change beverly hills to crypto and this shit it's ready it's ready it's all i got for you guys today it's all i got for you guys today and i think it was enough i'm gonna be honest i think that was enough i think it was

enough i think i uh oh my god wait write a presidential speech for Kanye West. That shit is good. That's gold. Write a, I'll bring it up in a second. Speech for Kanye West. Let's see what it's got. Oh, I wrote West wrong. Hold up. Let's start again write a presidential campaign speech for kanye west good evening my fellow americans standing before you tonight is candidate for the highest office in the land i'm honored to have the opportunity to speak with you about the issues that matter the most to our country my name is kanye west and i'm running for president of the United States. I know that some of you may be skeptical about my candidacy and that it's understandable. I'm not a career politician. I've never held public office before, but I believe it is time for fresh voices and new ideas in our politics,

and I believe that I can offer both. I'm running for president because I'm passionate about the future of this country, and I believe that I have the vision and the leadership skills to help us navigate the challenges that lie ahead. Jeff Johnson for Congress. I believe in the power of the American people, and I believe that we can do great things when we come together and work towards a common goal. I believe in the importance of a strong economy,

and I will work tirelessly to create jobs and opportunities for... Okay, this is just like a canned speech. Should have been in the voice of kanye west this doesn't sound like him uh okay now let's try something else right write a presidential campaign speech in the voice of kanye west Kanye West. Genius. Voice of a generation. See what they got.

See what they got. I'm supposed to not even be here anymore, man. It's not working. Ladies and gentlemen. I'm Kanye West. I'm running for president. I say same shit. I've been preparing for this moment for my entire life. I've been a successful musician, entrepreneur, and I have the vision and leadership skills necessary to lead this country into the future. Whatever, man. It's notye enough for me we need not a lot more uh cursing and hate yeah uh anyways that's all we got guys i'm gonna be back on monday

obviously we're gonna talk about macro with mike mcglone and dave weisberger got the whole team thinking about bringing in those dudes as like co-hosts on Mondays. Yeah, yeah. I like gay and I like fish sticks. I'm a gay fish. Do you like fish sticks? Do you like fish sticks in your mouth? You're a gay fish.

If you guys have never seen that South Park with Kanye West, genius fish sticks. It's the best. It's the best. How to contact you. Got me here. Annalee, what's up? Hello. Can I ask you some questions about cryptocurrency? It appears that chat GPTZ is now in the chat. Yeah. Des says the showmage is weak. Thank you, Des. You make my week every week. So it's good. Wolfpack, have a great weekend. Chris, like you know that he loves fish sticks in his mouth. It's true. And guys, I'm out of here. I got things to do. It's been fun. That was really fun.

Final words, don't let these assholes back in. They're criminals. They blew up our entire industry. Remember that. No second chance here. Peace. Let's go.