The Wolf Of All Streets - Crypto Is Crashing | Week In Review

Episode Date: May 12, 2023

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Bitcoin has been declared dead again, reaching levels not seen since ChexCalendar, I don't know, like two months ago. We went up from over 15,000 to like 30,000 and now we go down a bit. Everybody panics, it's dead and it's over. But if we're being honest, there are some concerns, a lot of bad news and a lot of nonsense going on in the United States. I'm going to tell you all about that and the rest of the news from this week right now. Let's go. It is meme season, or is it? Seems like we had a nice little run there of coins being printed out of thin air and being pumped and dumped on retail, and that's why everybody hates us anyways. But yes, Pepe, a.k.a. PP, went up 17.1 billion percent and then dumped 75 percent from the highs,

and now there's a whole lot of bag holders and passionate community members who think just because Doge once went up now pepe has to guys just because once upon a time there were a couple dog memes that went up in value and kind of stayed there doesn't mean that you can just make a frog and all of a sudden it's worth a lot of money you know what gets me pissed off? Reading the news every Friday so that I have to do this godforsaken rant of a show that we do on Fridays because there ain't that now choose to opt out of the news as much as possible and just do it on Fridays because holy crap, it ain't so good. It ain't so good. I mean, yeah, we literally rail crypto. Money printing is bad. We created a better asset class.

DeFi. Free the people because they're going to print us away in inflation. Also, the exact same people. Bro, I just made a coin called MacPP. It has no inherent value. It's a cool cartoon, but guys, the tokenomics are sweet. We made it out of thin air. It's now worth a billion point 17 million dollars. Buy it so I can dump on you and send it to fucking zero. It's worse than the government, guys. And listen, listen. I just went on Twitter.

What did I say? I don't even remember what I said on Twitter. Said this. I have I'm going to listen. I'll just go ahead and bring it up. One second. One second. Because I've been on my shit.

I've been deeply questioning a lot of things the last few weeks here. Here's what I said. Of course, there's an Elizabeth Warren I have to see in the comments. That's you, Fibbo Swanny, if you're here. You put Elizabeth Warren's face in my face. Wonder why I'm in a bad mood. I have strong opinions loosely held. I think different about crypto now than I did in the past.

People love to bring up old tweets that conflict with my current views. I changed my mind like anyone with new evidence and facts should. That's what I said. Why? Because, listen, it was one thing to create some meme coins. It was always nonsense. I always said it was stupid. I said it was stupid when we were doing SHIB last time.

But that was kind of funny and cute when the United States government wasn't literally breathing down our necks trying to find any excuse to murder this industry. And we start doing this shit again. It's so painful. So yes, guys, you might remember 2019, 2020 Scott invested in 100 altcoins. Going to change the world. This one's going to change this. And this one's going to change that. And you know what? I'm still holding all of those bags down 99%.

As much shit as I got for dumping on retail when I sold like 5% of my positions to get my initial entry out, I'm still holding all of it in my wallets. And they're worth fucking nothing. Because you know what? They're stupid ideas and they don't need tokens. Not all of them. There's like 10 things I still think are great, but we don't need tokens and coins for any of this shit. You'll hear my interview that I just did with Anatoly from Solana.

I think it'll probably be out on Sunday. I asked him that. It's like, why does it need a token? He's like, it doesn't. Layer ones need tokens because you have to have a monetary incentive to secure the network. Obviously, Bitcoin has to have a token. Solon has to have a token, Ethereum. But like random idea that someone has, it doesn't need a fucking token. It doesn't. OpenSea doesn't need a token. It's a pretty successful crypto platform. And so what 90% of these things are, are just kind of stupid. And to be clear again, I said

this the other day here, that means everyone says it's all a scam. They're all scammers. No, that doesn't mean the people doing it are scammers. It just means that they haven't seen the light like I have. And a token can be a scam actually, kind of, without the person making it being a scammer. I think that 90% of the people making these things believe they're going to change the future. They're real companies. They think they can accrue value to the token. They genuinely whatever. It's a big fucking casino. And that's how you're going to be hearing me talk about it in the future. Right? I've told you guys, if you're on, on Monday, I went on the show DCA that I do with like Ivan on tech and CTO Larson and James and best answers and ran nooner, all those dudes. Right. And ran made me bring up

a conversation that he and I had had at dinner at consensus, which I've hinted at. I sat down to tell you this guys, do you want to hear this to tell you this story? I don't know. I was with ran and it was the last day of consensus and consensus kind of just pissed me off in general because it was a massive, well, less massive than before, but basically just a circle jerk of largely bad ideas and a bunch of industry people jerking each other in the corner, uh, and sharing their stupid ideas, you know? And so I went on DCA and Rand's like, tell them what you told me at dinner, man. So this is what happened. All of this that I'm sharing right now came to me

in a vision. And by a vision, I mean, after like five gin and tonics, after not drinking the entirety of consensus and literally getting to the point where I was like, I need a fucking drink, man. And I was sitting with Ran and his brother and his team and two of my friends. And it was basically like they had to listen to me on a soapbox for two straight hours. I'm not sure I took a breath. And I came up with all of this at that time. And that was where I was like,

why do these things need tokens and if they do need tokens why do those tokens need to be volatile and traded on a secondary market like if you need a utility token uh why not just have it be stable and be used for utility right and then we got into the NFT thing and somebody, not one of his people, we were talking about that. Somebody had said to me, well, you need NFT to be a member in a club. I haven't even gotten to the news yet. It's nine 42. I have no plan here. It's just happening live TV. So I was like, you need NFT to be a membership of the club, and I was like, you are literally redacted if you believe that, I said redacted so I don't get canceled, I have an American Express

card that I pay for, and it gives me benefits, and I don't want my American Express card to go to zero, I have a membership to a lovely golf club where I can go and play golf. And I don't need that membership to go up and down in value to get the benefits of a community. Do you really think you need an NFT picture of a fucking ape to feel like you're a part of a community? And I think board apes are cool by the way. And I think community is cool by the way. And I think NFT based communities are cool by the way. But to say that you have to have a volatile asset so that you can have community or value is the dumbest thing in the world. And I said this last year. I said this. You guys can go back during the entire

NFT craze. I kept saying, guys, guys, I am my pudgy penguin. My pudgy penguin is me. I love my turnt up turtle. He's a part of me. My lazy lion is deep in my lazy loins and I can't live without him. That is the dumbest shit I've ever fucking heard. I can't stop myself now. I need to take my meds. Because you know what? When that thing goes to zero, there is no community.

So you're fooling yourself if you're saying that you're doing these things to be a part of a community because you're passionate about it. You're doing it because you think that community is going to pump your value of your token or your NFT to a point where you can potentially make some money. And guess what, guys? That's fucking awesome if you admit that that's the reason that you're there. If the reason that you're there is to join a whole bunch of people who want to see something go up in value together and you make a bunch of money, it's going to be awesome. And you know where else I have a great time doing that? At the craps table with my friends in Vegas. Huge casino. That's what it is. Great. Great.

Great. Ten of these things, as I've said a million times, everybody loves to say crypto. It's just like the internet bubble. It's bad. Pets.com and net taxis, they all went to zero. Yeah, they did. And so will all this shit, except for like 10 of them or 20 of them. And guess what? Those will be the Amazon's, Google's, Meta, Facebook,

Meta, Facebook, FaceMeta of the future. The biggest companies in the world, I am still confident, will come out of the crypto space and will be ideas based on blockchain technology and probably AI. Let's be honest, AI has taken a lot of the shine off crypto. But the rest of it, just like the rest of those regulated stocks, are going to zero. And by the way, all of these things that don't need tokens are also unregistered securities. Right? Whatever. As a rational says here, stock market, also a casino. That's right. I can say all these things and not think it's bad. You know why? I love casinos. And now what I'm going to do,

I think the meme coin craze is probably over, but when we see these opportunities, I'm going to go back to the old Scott, the 2016, 2017 Scott, who made all of his money trading and then exiting all of this stupid shit who didn't convince himself that he was buying the technology of the future and it was a new paradigm and these investments were going to make me a billionaire. Fuck it. Fuck it. Flip this shit. Buy a bunch of it. Sell

a bunch of it. The difference is I'm not going to tell you guys about it because then the SEC is going to come to my house and say I'm pumping and dumping shit and we're going to have a bunch of people looking at my wallets and going what a scammer you're allowed to sell shit that's stupid that you made money on that's what i'm going to do in the future and guess what it's going to be fucking awesome as long as this market stays decent which guys have no i have no confidence that this market's going to stay decent it's just bad man i don't even have all the news. I don't even think we are sharing the news up here about how Coinbase, Gemini, Galaxy now leaving the United States.

Real Raid Boss says, oh, no, I want to know. No, I can't share it. My account's too big. If I tweet about a meme coin, it will literally double in value. And then if I sell it, even if I said, I could say this, I could be like, this thing is worth $1 right now. I think it's the stupidest thing in the world. It's literally a cartoon picture of a frog's dick. And I still think though that a bunch of people are going to buy it. It's going to go up in value so I can sell it for $2. And then that tweet would send it to $2. And then I would sell it for $2. And then the SEC and the internet sleuths would knock on my door and go, you pumped and dumped

this token. You sold it for $2 after telling retail to buy it. Can't do it. Pointless. No reason to do it. So I will quietly be a degenerate all by myself. And if I lose money, whatever. You can't do it. Can't do it, man. You can't do it. You're not allowed to have fun once you have more than 100,000 Twitter followers. It's a rule. Crypto bubbles, this new thing that Rand showed me. Pepe down 20%, Hex down 22.6%. Apparently, Pulse Chain is coming, which is a thing that Hexers have been super excited about for a long time that I know nothing about. Irrational. I may have to create a meme coin just to give Scott some tokens. If you literally send tokens to my wallet, I will probably, like the SEC will find a way to send me to fucking jail.

My buddy Rand does it. I love Rand. He says it's a casino and he does not live in the United States. I am in the US. I cannot, cannot do the same content that every other YouTube influencer does because I'm in the United States. I cannot show my screen trading things. I cannot use a VPN, obviously, to use these exchanges. I'm not allowed to do any of those things legally. I'm in the United States where we're not allowed to have fun and financial freedom. Cool. All right. Let's talk. Crypto bubbles. Market's super red. Bitcoin right there in the middle, 3.7%. Great. Terrific. Awesome. Let's take a look at the Bitcoin chart. Well, told you guys we had a potential head and shoulders forming, and guess what? It formed,

it confirmed, it's broken down, and the target is about $23,000. Do these things always hit their targets? No, obviously not. But we are seeing increased volume here on the breakdown. We saw increased volume in the head. We saw increased volume on that shoulder. This is a confirmed head and shoulders in my opinion, which is a meme because technical analysis is astrology for men. It's a cool way to guess at shit, but we are stopping here at the 100 MA for right now. That's that light blue line after breaking down the 50, 200 MA looming. So listen, if we do hit this target, I would imagine it's while the 200 MA comes up. So maybe it happens, you know, uh, that would be two weeks from now we get down to there, hits it right there.

But honestly, man, two 25 to 12, if you guys have listened to me at all, ever of all time, you know that I've been saying the entire time. So don't at me douche the entire time, since we broke up above this, that we should go down and retest 25,212. Have you guys heard me say it? Can anyone in the comments confirm that I said it, please? I've said it. I have said it so many times. 25,212. That was when we broke above that line. We made a higher high for the first time since 69,000. That meant bear trend of that bear trend over. So what we end up getting is this, right? You go down here and then we're like, oh, support. Yay.

But that's just a wick. And then we're back above and we go up. And that also looks like a dick. I didn't even mean it. Right? Remember when I used to draw stupid pictures on things? Be like, oh, and then you circle this part and then there's a guy and he's fucking swag surfing he's having a great time and he's also saying hey screw you man right i mean chart patterns dude

charts charting i'm charting somebody's texting me right. Go analysis. Can't say analysis without anal. I don't know. What's this chart. Okay, guys, check this out though.

I will say we kind of have bullish divergence on the four hour, although much over a longer period than I like in six hour, not there. 12 hour oversold, everything oversold, but the daily. So here's what I'm going to, here's my stupid prediction. If we're going to do stupid human things that we get that, uh, flush down to 25, 12, it sends this oversold. And then we go up and get

a bull div on the daily. You heard it here first. Now fuck off. Now let's talk about the United States government. 10 JK thinks I'm high. He doesn't know that it just, I'm literally the opposite. This is my natural state. If I don't like meditate in the morning and chill out, I'm a ADHD lunatic who goes hard 24 seven. Okay. This is from a tweet from our good friend of the show,

Tom Dunleavy, right? You guys have seen him before. Scratchy voice. Sounds like this. He's awesome. At the current rate of spending, the Treasury will run out of money to pay U.S. bills in roughly six days. What? The next meeting for negotiations

isn't until Tuesday. Here you go, guys. Here's the balance sheet bank account of the United States Treasury. The actual, like, this is Janet Yellen, like, looking at her fucking checkbook, because you know she can't use a computer. She's old as shit and shouldn't have

a job. Looks like Lloyd Christmas from Dumb and Dumber, though, with that poppin' haircut, and I respect it, to be quite honest. Puts the bowl on, snips around. This is the United States Treasury's bank account statement. They have $ bowl on, snips around. This is the United States Treasury's bank account statement. They have $184,915. $184,915. This isn't random dude who's been saving for 10 years

working at the bank. This is the United States of America Treasury that has to like pay bills, not like the electric bill. The electric bill would probably be more than they have in their account. What a fucking joke. And we're still arguing about the debt ceiling because politicians are douchebags and can't get their shit together

and just want people to see them outraged and mad and we're sticking to our guns. So what's going to happen is either they're going to come to an agreement and raise the debt ceiling for the like they have the last 70 fucking times that we've had this debate or all the postal workers are going to get furloughed and not get paid for their work for like a month while they sort this out or whoever government workers whatever i'm a postal worker because i'm going fucking postal right now 184 915 dollars you know what the good news is here the silver lining you want the silver lining the silver lining is that if this shit is right now being held in a regional bank, it's under the FDIC threshold of $250,000.

So if this is in, you know, PacWest Bank and PacWest Bank goes under, this deposit's insured, guys, because it's under the $250,000 threshold. This is just the Treasury being smart. Maybe the Treasury actually has $25 billion in their account, but they're spread over every bank in the world to make sure that they don't have over $250,000 in any bank account just to be safe. We're sitting here talking about crypto and the United States Treasury has less money in their account than it costs to buy a decent used car last year when prices were triple. Oh, Honda Accord or U.S. Department of Treasury. It only has 4,000 miles on it, and it's got some upgrades. Didn't think that I would be showing up like this today,

to be honest. I just had the news. I can't imagine what Misha, my producer, is thinking there in the background. He's like, what did Scott smoke today? I didn't even plan to do the first 15 minutes of this show. It just happened. What's next? smoke today. I didn't even plan to do the first 15 minutes of this show. It just happened.

What's next? I don't even know, man. I don't even know. This guy's so fucking old. Such an asshole. I love that we pretend it's actually him tweeting. You know what, man? I just hate these guys so much, all of them.

Whatever. I'm sure Biden was a great dude once upon a time. You know, they euthanized seven horses at the Kentucky Derby, and none of them were named Joe Biden. Seven horses at the Kentucky Derby. I saw one of them, by the way. It was sad. I was standing in the winner's circle at the Kentucky Derby,

like 15 feet from this horse, rolled up, tongue all out. They put it in the horse ambulance. All the cameras came over, and they rolled away with the ambulance, and that horse was dead like an hour later. This guy's not tweeting. Biden ties Republicans to wealthy crypto investors in budget battle. President Joe Biden wants to close tax loopholes for wealthy crypto investors, he said on Twitter,

seeking to contrast his proposed buzzer cuts with those pitched by Republicans. Dude, this is all that war, man. This is the president. Last year, the president was all, let's do an executive order on how we can regulate properly the emerging crypto industry

that's so important to our nation. Now it's like, fuck you guys, wealthy assholes. Biden has proposed changing tax treatment for so-called wash sales of digital assets in his 22-24 budget quest. By the way, they should do that. Let's be honest, like wash sales should apply to all assets, including crypto. But here's his tweet, if you guys didn't see it. We don't have to guess what MAGA House Republicans value. They're telling us. Here's the image. We think Congress should cut tax loopholes that help wealthy crypto investors, $18 billion. There's no fucking way there's $18 billion of people

using wash sales and tax loss harvesting. That's ridiculous versus food safety inspections. We're literally to the point where it's like food safety or crypto, guys. You can't have it both. Can't have it both ways. You can't, can't do it. Can't. Irrational. I'm loving your comments today. Elizabeth Warren is in his ear. Elizabeth Warren is on his nuts. Let's be honest. But that's it. Do you want, do you want safe food guys or do you want wash sales? You can't have both. But like, couldn't this have just said tax loopholes that help wealthy investors? There, I fixed it for you. Take out crypto.

Do we think that wealthy investors and all other assets on planet Earth are not getting tax loopholes. Close those. Don't actually, because I take advantage of that shit. I got literally, literally like, I would have rather literally been in prison, dropping the soap in 2021 than paying the amount of taxes that I did. And by the way, it was all on money and income that's sitting on fucking Voyager and is gone anyways. I paid taxes for interest earned that was

compounding on Voyager that's now gone on Voyager. Awesome. Awesome. Cool. Cool. So do we want to move on to another old person who shouldn't have a job and is going to piss us all off? Or should we stay with Joe Madden? Listen, dude, RFK might actually be slightly an insane person with some of his conspiracy theories and shit, but I'll vote for that dude all day to get rid of this. Oh, oh, speaking of people who say dumb things and are kind of old in our government, U.S. Rep. Brad Sherman takes shot at crypto bros, argues government can make money out of thin air. You guys want to see the clip? You guys want a good, love the new show format. This the old format in case you're wondering

yeah cloud casino i paid taxes on something i'd stolen from you that's correct okay guys here it is we're gonna watch it get ready to get shermanized those make money literally by making money and they've made over a trillion dollars out of thin air they'll accuse the u.s government of making money out of thin air maybe we do but we're the u.s government okay wait let's run that back let's see if we can catch the beginning crypto bros make money literally by making money and they've made over a trillion dollars out of thin air um they'll accuse the u.s government of making money out of thin air maybe we do but we're the u.s government run that back crypto bros make money literally by making money and they've made

over a trillion dollars out of thin air um they'll accuse the u.s government of making money out of thin air maybe we do but we're the u.. Should I run that shit back if you had enough? Money printing. Bad. Money printing. Good. Cool. So, yeah. Listen.

I'm going to go out on a limb here and say something that's going to be unpopular. 50% of that, he's right. I can't go on my diatribe at the beginning and not say that he's actually correct because crypto bros or whoever the hell we are have literally pepped their way to extreme wealth. Problem is he's characterizing everything in crypto that way. We know it's not true, but there is an element in crypto that is literally printing money out of thin air, pumping the shit out of it, making billions of dollars and leaving a wake of dead portfolios

in their path. That's true. That's true. The problem is it's literally the fucking same if the United States government does. It doesn't matter if it's just you guys. You're still hurting poor people. You're just killing them a lot slower. Right. And nobody has to use Pepe to pay their mortgage. We have to use your currency. But like the hypocrisy, the cognitive dissonance, I don't understand. Yeah, Cloud Casino says that's called a community. Yes, we are all passionate community members of the United States dollar. Yeah.

Okay, let me, I'm sorry that you have to ask this. Scott, still buying the corn for the kids, long-term outlook the same. Do not, do not let my pessimism and anger dissuade you from understanding that Bitcoin is the most important asset ever. I will not sell it. I'm saving it for my retirement, for my children's retirement, hopefully for their children's children's retirement. Although by then you never know, like third generation, your kids are usually like snorting up all of your wealth and it's gone anyways but in theory if i have cool grandkids that don't waste all of our money and i still am very passionate about eath and certain other layer ones and even certain other projects i just think it's fair to say that 99 of it is

still complete fucking bullshit okay i still deeply believe deeply believe in crypto. I just call a spade a spade. And then we get Brad Sherman here, who was just the bad guy hating. Now he's a good guy. I don't know. He's questioning the SEC about GBTC saying, why can't people redeem billions of dollars locked up? Grayscale marketed itself as a way for retail investors to invest in Bitcoin and share in its financial growth without worrying about the safety and storage difficulties that come with owning cryptocurrencies directly. Then he sent a letter and then the crypto community was on both sides. You're like, bro, you're just flooding this shit. And then the rest of the people were like, yeah,

dude, like GBTC is kind of messed up. And it is. It is. I've had, so I had sun and shine on here, CEO of Grayscale. And he was like, bro, we're good, man. It's like, fine. It's great. Right. And he said, we're not really that involved with TCG and the debt Genesis bankruptcy, no big deal. And you know what? Like I believe people generally. And so fine, that's great. But then there's a lot of other people i talked to including fucking kyle from 3ac not saying shit about drayscale by the way but saying that dcg is the ultimate final boss of scam shit i'm not saying it's true in this industry and watch out below they did some like wild criminal shit but either way gbdTC trades at a 40% discount because they're

not allowing redemptions. And there's people, if you didn't see my podcast with David Bailey recently, you should watch that because there's a lot of people, Valkyrie himself, I'm an investor in Valkyrie, who are trying to buy up enough GBTC and gather enough GBTC people to basically take an activist role to manage it better. That's all great. But like, let's be honest here. Brad Sherman is going after the SEC for the way the GBTC business exists. But if we're being totally honest, GBTC's business only exists because the SEC won't approve a Bitcoin spot ETF.

This is the regulator's fault. None of this shit would even exist if they gave any clarity or had any common sense as to the way that investors should be able to invest in Bitcoin. If you want to invest in Bitcoin and not hold it yourself, there should be a Bitcoin ETF that trades with an extremely low fee and no 40% discount. If there was an yourself, there should be a Bitcoin ETF that trades with an extremely low fee and no 40% discount. If there was an ETF, it would be squeezed right down to zero and we wouldn't have this problem. The SEC's lack of clarity,

which is the very agency that he's bitching to right now, is the reason that we have these problems with GBTC in the first place. Guys, edit these clips out. Put them on twitter i don't care fuck them all speaking of awesome stories about bankruptcy sure you guys saw this because i went apeshit about it yesterday u.s internal revenue service files claims worth 44 billion against ftX bankruptcy. Largest of the claims includes a $20.4 billion claim against Alameda Research LLC,

which details nearly $20 billion in unpaid partnership taxes. What the ever-loving fuck is this united the irs has now entered a bankruptcy process where unsecured creditors you know your average person who actually needs the money sitting their ftx account those people waiting thinking hey maybe i 50, 60% of my assets back at this point. I'll just take whatever I get. And now the FTX, the IRS is jumping ahead of them in line, saying before they get their money, we need to get $44 billion back. United States government that would spend $44 billion on a tank that doesn't work without ever even putting it on the balance sheet.

If you guys don't know, the Pentagon, the Department of Defense, has literally failed their last five audits and can't account for 70% of the money that they spend. It's the second largest line item. Historically, the military has been the number one line item on the expenses of the United States government, and they can't account for where 70% of the money goes and nobody gives a shit. But you know what's now the number one item, the number one expense for the United States government? It's no longer military spending.

It's debt service. Interest rates are so high. Our national debt is so high that the yearly interest on our United States debt is now higher than our military spending and is the number one item on the sheet. Holy crap. That is messed up, man. Interest on our debt higher than military spending. Military spending is literally going into the pockets of defense contractors and being completely unaccounted for. But the IRS needs your $44 billion that was supposed to go back into your pocket as a creditor of FTX. I've been through this with Voyager, man. I told you guys, you

never celebrate until that check is in the bank. My Voyager check still isn't in the bank. They're saying now we're going to get 36% back. It would have been 72% if they had just liquidated and given us our money back to stop protecting Steve Ehrlich's ass from day one. Chapter 11 bankruptcy is a scam. It's cost me millions of dollars and fuck them. But this is bullshit. And we should all stand up against this in any way possible. The IRS stepping ahead of you to claim their money that's actually your money. Oh, and by the way, how much money did Sam Bankman Freed and FTX give to United States government and to politicians for their campaigns that has not been clawed back either?

You know who the biggest beneficiary now of the FTX collapse is? The United States government and the politicians. It's such a crock of shit. I'm doing, remember when I told you the story about what I did with Rand, I hadn't formulated my thoughts and it all kind of came out in real time.

That's what's happening now, but on YouTube for all of you. These aren't ideas I had, but I'm having this idea right now. Politicians, IRS, United States government, they're taking all the money that's left from FTX. They didn't send it back. Biden took what, 11 million? Hear him talking about that? Bullshit. Holy shit. See this one? Bitcoin magazine. By the way, I talk like this sometimes even in front of my kids. It's bad. Justin, judge rules that BlockFi users gave up legal rights to their

Bitcoin by using the platform and all the 300 million of crypto deposits are now property of BlockFi. Take your Bitcoin off exchanges. No surprise here though, because Celsius had a similar thing, right? But yeah, man, predatory terms of service. Did you ever see the South Park episode? It was like a human centipede where you know what the human centipede is, right? But they did it with an iPad and they would keep like feeding it and torturing it until it would like read the terms of service on like iTunes or something. And it's like, why won't it read? Nobody reads the terms of service. Well, deep, of course, in the block fight terms of service was like, if you deposit

this shit, it's ours, but nobody reads it and it's predatory. And that's what it is. Right. but nobody reads it and it's predatory and that's what it is right so yeah that money the minute you deposit uh became the property of now defunct and bankrupt block fi who by the way took a bail out from ftx but then sent that money right back to alimator research which is really ftx so that was a washing machine and guys we deserve a lot of what's happening to us because this industry fucked up. And we're doing it again now with meme coins. It's indefensible.

It's indefensible. I love this asset class. I love the people building in it. But the behavior cannot be defended. And you know what? We've now given the government the ammo to do all the corrupt shit the government does. Here's what it is.

Fine print. Not your keys, not your corns. Here's what's cool. Bitcoin BRC20 tokens near 1 billion market cap as exchanges list ordi. Short for ordinal. The market cap of BRC20 tokens has surged in recent days as traders drive up the value of the Bitcoin-based Ordi meme and more. Cool.

Just when you thought Bitcoin was serious, we start printing money out of thin air, but on the Bitcoin network. Yay. I will say, watching Bitcoin maxis try to figure out if they like or don't like this has been super entertaining.

Taylor, down for ordinals. He's down for it. Use that network. But some of them are like, you're spamming our network, bro. And it's like, oh, permissionless network. I don't really need your permission, you dumbass. We like freedom and we're libertarians

and people should be able to do whatever they want to do, but they shouldn't be able to do it here. Shut the fuck up. Right? I hope none of you have kids watching this. I'm sorry. Yeah. Fibbowani says,

but the starving kids in El Salvador, he's referring to my Twitter spaces the other day where Udi, by the way, I'm talking to Udi about doing a show. I let, let me finish my thought. I'm bad at that. But Udi came on and he was like, you know, he's taproot wizards, like King of Ordinals. And he was like literally getting criticism and hate from people like Bitcoin Maxi is saying that like he was like literally getting criticism and hate from people. Like Bitcoin Maxi is saying that like he was starving the children of El Salvador because now they couldn't afford their Bitcoin transactions. And apparently there's like no other kind of money in the world in El Salvador besides Bitcoin. Like they can't just go pay for their food and dollars. That's how insane what a mental illness, the real far maximalism is.

But yesterday I tweeted an idea. Now I can go out my tangent. I tweeted an idea that said, I want to do a shark tank for crypto. And everyone was like, bro, there's already one of those, like Wendy O and BitBoy and Scaramucci. And it's coming to the hello.dick network and fuck shit, clown penis. I don't know. Right. And it was awesome, apparently penis. I don't know, right? And it was awesome, apparently.

And I was like, yeah, I know there's been them. Let me finish my thought, man. And what I said is I want to do a crypto shark tank show where companies come and pitch their tokens and their ideas to a bunch of toxic Bitcoin maxis. Like, here's my idea for an ERC-20 token that bridges to Solanaana and it's going to tokenize penises so that we can raise funds and use our penises as collateral as dick nfts

and then like literally have like max kaiser just rip that dude to shreds be the greatest show ever yeah yeah whatever 90 days says damn ran says he said a cool speech at the dinner table now this is all scott talks about i didn't even know ran was talking about on his channel so you sir can eat one but yeah because it got me thinking and if you guys have followed me long enough you know that once i think about something i go real deep on it and you guys get to see the thought process in real time. And sometimes it's complete bullshit and I reverse my thoughts. That's what happens when you think critically about things.

Yeah, I just want to do a Shark Tank show where people pitch complete fucking scams and stupid ideas to a bunch of like hardened Bitcoin maxis who think literally everything is a scam and just watch. Not because I want them to be funded because I want to see everybody fight. It's like bum fights for crypto. Crypto bum fights.

That's what it'll be called. Yeah. Yeah, I'm saying until he said it to me on that NFA, is that what it's called? DCA podcast. I didn't know that he had talked about on his show yeah whatever don't be down and sad just buy some bitcoin man come on get your shit together i'm happy i'm gonna go play golf today you know but it's fine but yeah brc20 is

ordinals clogging up the network making basically bitcoin Bitcoin. Think of it how you want. Yeah, guys, it's fine. Use lightning like anybody on the fucking planet uses the lightning network. What are we talking about here? I've been hearing about lightning mass adoption for like six years since I've been here. Lightning. I love the idea. It's cool. But nobody's using it. Like six people use it and they're really excited about it. Just like six people use Noster. Noster, the future of decentralized social media.

Nobody cares. Nobody cares. You know, whatever, man. But yeah, so now BRC20 tokens are a real thing. Ordinals are a real thing. And the Bitcoin network is going to be super clogged for a really long time. And transactions are going to be really expensive. And now you can't be like, this is the best way for, and this is me. I'm making fun of myself. Best way for people in Venezuela with a hyperinflating currency, the best way for them to transact is that they should be holding Bitcoin to store

their value. And they, you can't send $10 a Bitcoin for $40 if you're poor. You also, and you want to know, I said it the other day, nobody wants to hear this shit, but TRX, man. Send Tether on TRX for free, basically. And that's what the bulk of stable coin transactions happen on Tron. That's a fact. Don't shoot the messenger. People in Venezuela are not sending money to their cousins in Lebanon who also have a hyperinflating currency in Bitcoin and waiting 17 days in the mempool. They're sending dollars, which is what they actually want on Tron for free so they can get dollars. That's what it is. All right. Fact. Cloud casino, LOL, F you, Scott. I stack with lightning. LOL, strike is the cheapest and fastest way to get Bitcoin. See, guys? Now we found one

of you. There's five more guys. We need to get into the chat. I know people use it. I guys, I'm hyperbolic. I exaggerate. It's cool. Hyperbole. It's fun.

No big deal. Yes. There are a lot of people that use lightning, but it's very, very far from reaching any meaningful level of adoption. And your average person who is sending coins on the Bitcoin network is not now going, hmm, let me find a solution. I'm going to go download Lightning and I'm going to get a Lightning rod and it's going to be Lightning fast. Nobody wants to do it. They need to.

That was my Gollum that has not come out in a long time. Yeah, and then you get these people, Litecoin. Nobody fucking cares about Litecoin. Shut up. I like Charlie Lee. It's cool. Nobody cares. PayPal customers, crypto holdings near 1 billion, mainly Bitcoin and Ether. That's good news. PayPal has a billion dollars worth of Bitcoin. They don't. They're costing it with actual custodians. It's not like in a fucking PayPal account. Billion dollars worth that people have bought. 943 million to be exact, primarily Bitcoin and Ether. Cool. Great news. That's awesome. I'm really here for it. Mainstream

adoption. Yay, we win. Flatsmax says, Miss Teen Crypto cares about Litecoin. Hyperbole, guys. Her dad, Randy, is amazing and he loves Litecoin. I think it's cool. I'm not saying, I say nobody cares. The point is the numbers back up what I'm saying, guys. Yes, there are people who care and are using it and it's great, but like nobody meaning like the other 99.999999 with a line on top percent of the planet. Jane Street Jump, pullback crypto trading over US regulatory uncertainty. Great, good,

terrific, awesome. You're wondering why Bitcoin seems really volatile and it's dumping, but there's no volume. It's like, how can such small sell orders be sending price so low? It's because, A, the crypto industry lost banking access. Good luck depositing from a bank into a crypto exchange. Really fun. Coinbase has asked me three times in the last month to change my banking wire information for the bank that they finally found to use. That's A. But B, Jane Street, jump, put them together, you get 21 Jump Street. They should have just been one company and called it Jump Street because that shit would go viral and be really

easy to SEO. It wouldn't because there's a movie and if you searched it, you would get the movie results. But anyways, they're pulling out of the United States. We don't really know what this means. As Josh Frank yesterday pointed out on the round table, they have offices everywhere anyways. But if you don't have market makers on the exchange, you get to see how many or how few people are actually trading this that are actually humans. Market making is not a bunch of whales pushing price. I love when people tweet, the market makers are fucking us. No, that's not what a market maker does.

They're literally the opposite. Do you know what a market maker does? They place a whole bunch of sell orders and a whole bunch of buy orders. They're on both sides of the book to close that spread so that it's not like $500 between the ask and bid price. And they make a tiny bout of money on that spread by those little transactions. And they make sure that there's volume and liquidity for you to fill your orders and that the spread stays small. When those guys leave, guess what happens?

You look at the order book and you're like, the price of Bitcoin is $20,000 to buy. But it's $22,000 to sell or $19,000 to sell, whatever. Huge gap. And you go to fill that order and price moves 15% on your $27 order. So now these guys are leaving. We have no liquidity. So small moves are going to become very large moves. Awesome on the way up.

Kind of less awesome on the way down. So where are we? My precious. Fuck. Meanwhile, in things that are indisputable at this point is that Tether's fucking awesome and crushing it. Tether posts massive first quarter profits of $1.48 billion. You know who loves high interest rates? Tether. You know why? Because people send them dollars, they put them in short-term treasuries, they kill it on the interest rates and make gobs and gobs of

sweaty, dirty, disgusting, amazing American dollars. They made $1.5 billion in three months. Not only that, people say, one-to-one reserves. They're not backed. They've got Chinese commercial paper. I don't even know what that voice is. Chinese commercial paper. Guess what? Guess what? They now have $2.44 billion more than the one for one backing. You could redeem every tether on the planet and they'd still be chilling with $2.44 billion excess in their pockets. So shut up about Tether. It's over. They kill it. They're richer than you. They're richer than I am. They're richer than we'll ever be. And I'm really happy for them because I don't shit on rich people or think that greatness is bad. Yeah. Interest rates will come back down. They'll make less money and it'll be fine. Crazy. Circle refuses to hold longer dated treasuries on concern. U S government,

my default. Oopsie. Speaking of other stable coins, they're killing it too. Just not as bigly, but like pretty bold statement for Jeremy Allaire, the CEO of circle to come out and be like, dude, we're not holding treasuries that are dated past like June because if you guys default, our long-term bonds are going to be worth shit. They're literally looking at what the banks did wrong, like buying long-term bonds

and holding them to maturity and saying, we're not going to do that. So the conclusion, stable coins are better than banks. You heard it here first. Elon Musk's Twitter, Crypto's town square, found a new CEO. Remember he did a poll, said, should I not be CEO anymore? This was ages ago. And then the poll said, you should not be CEO. And then it was like, kind of disappeared. Well, found someone else. Found Linda Iaccarino. That's what the report is from the Wall Street Journal.

We don't know for sure crypto golfer said i wish scott would stop holding back and tell us how he feels yeah i've got my filter on yeah i'm not in the spaces right now if i am i don't know about it somebody's using my account anyways yeah so he got a female ce. It's awesome. He's going to step back beyond the board. Everyone's cheering or are they? Nope. Everyone's super fucking pissed because nothing can happen. By the way, the new Twitter has, I was critical of it at the beginning. It's getting better. I think it's awesome. I think it's amazing. They're obviously going to allow like TV shows and live streaming. And frankly, I said this on Twitter, you guys aren't going to want to hear

this. You're not going to want to hear this, but I'm like, I've been a hair's breadth away from abandoning YouTube altogether. I know the 400 of you that are here don't care, but we don't grow here and we don't grow here because I don't do this. And I don't go do 7 million X altcoin gem by tomorrow or kill my face. I don't do it. And you know what? I should. So I'm not hating on the people. I'm not hating on the people who do it, the influencers who do this and big green arrows and shit. If you want to grow on YouTube, you will literally have to win the algorithm or you cannot. It's not possible. I just can't. I can't. Can't do it. Yeah, you guys are saying no, but Twitter would have live streaming soon. Anyways, I'm going to stay here. I'm going to

stay here. But we don't grow, guys. I lose money. I'm a non-for-profit dedicating my time to you and my money to my employees. Don't make money. I show up because I want to because it's fun. But YouTube kind of sucks because you have to play the algorithm. And if Twitter becomes better and offers all the same things, I have a million followers almost on Twitter. I have 125,000 followers here, which is awesome, but we get 400 people watching. I've seen accounts that have 125,000 followers here, which is awesome, but we get 400 people watching. I've seen accounts that have 2000 followers on YouTube, get 400 people watching, right? Less people watch my videos than accounts with like 5,000 followers. I'm not that popular to you guys. I am, which is great. Not that popular.

You can't because you're a cuck. Thanks for coming, Edwin. It's awesome. Glad to have you. Glad to have you. Weird to call your dad a cuck publicly, though. Go back to your room, you shit. Linda Iaccarino, though, first thing on her job description, World Economic Forum. So now people are pissed because they're like, hey, this chick is the enemy and she's going to run the thing and she's NBC Universal. And to me, I'm going to give it the benefit of the doubt and say, listen, this lady ran Universal live streaming Peacock. She literally knows exactly how to do all the things that we want to see out of Twitter, right? If you want Twitter to be the X app and be everything to every creator, whatever, like you need somebody who can do this shit, but then everyone's like freedom, bro. We're like, here's the thing.

Here's the thing I'll tell you about freedom that I just said on a Twitter space earlier. Freedom's a myth. Free speech, free markets, free lunch. Myth. Myth. Not something that exists anywhere on this planet, period. Edwin, I love you. You're my son doesn't exist it's a continuum a sliding scale right kind of free kind of free free people who are like we need full free speech on twitter but like if you say like i want to kill all the people of such and such race or creed, and I'm going to do it, that's free speech. And that's restricted for a reason. And like a private platform like Twitter cannot allow every single person to say everything that they think in their mind. Right? And nobody's

allowed to do that literally anywhere on the planet. We have more freedom, but we don't have it like entirely free speech. You know, whatever, man, not gonna get into that. Apparently I'm supposed to be on a Twitter spaces just went off in my calendar with Leah Halpern and who the fuck is on this. I'm going to look now. I'm literally going to look on my phone while we're doing this. I think I'm late. She's on spaces right now. It's like, who's here? Let's see. Moon Carl, Brian Evans.

Don't know how that is. Cryptos R Us. Apparently that's this dude, George, who's like the biggest YouTuber ever. And I'd never heard of him until Ram told me about him last week because I don't watch YouTube. MM Crypto, Gideon Halpern. How many people are watching this? Should I go? 335 people. I'm going to go over there to my Twitter spaces I'm supposed to be on. Imagine me coming in with this attitude. I'm going. I'm going. I'll see you guys over there.

I'm bringing my energy to that spaces, which should be really fun. We are George. See, you guys know that's that guy. We're all George. Apparently he's amazing. So I got to start watching that. Really cool guys. That's it. All I got for you. I'll be back with macro Monday on Monday because there's Monday in the title. So if I do it on any other day, it'll be really confusing, uh, to the three of you who may have, uh, taken issue with the things that I said today. I'm sorry, but also like, I don't know, go watch someone who does this. It's probably better for you. Not going to give you what you want here, but I'm going to give you my God honest truth. And you know what guys, a lot of things I just said, I may not agree with in six months. Maybe I'm being over emotional and I'm just

pissed off. And that's made me view the thing as a huge casino. But until proven otherwise, that's what I think about 97.3% of this is. George thinks everything is great always. That's probably why he does well here because I don't do that. Chris says my language was offensive today. Yeah, I know. Sorry. Yeah. I'm a cuck. Got it. Anyways, guys, I'm sure I'll get in a whole lot of trouble and we'll be seeing all this recycled on Twitter. So until I get canceled next time, peace. Let's go.