The Wolf Of All Streets - Daily Howl: Bitcoin Is More Stable Than Stocks | Voyager Update | Another Platform Capitulates | MissTeenCrypto

Episode Date: October 24, 2022

Randi, aka Miss Teen Crypto is here to discuss what is going on with Bitcoin, the battle between BitBoy and Sam Bankman-Fried, and why she thinks that the bear market is a great opportunity to learn about crypto and prepare for the next bull market. Miss Teen Crypto: https://twitter.com/missteencrypto ►► 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 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.

This is the Wolf of All Streets podcast, and what you're listening to is an audio version of my live YouTube stream. I would love if all of you would please go on Apple or Spotify, whatever platform you're listening to, and rate the show, give it a five stars that more people will listen and find this episode. Thank you for listening and enjoy. Stocks continue to be more volatile than Bitcoin. Yes, you heard that right. Stocks are generally more volatile than Bitcoin right now as all foreign currency exchange markets seem to be completely melting down. Now you can obviously say there's no interest in Bitcoin. That would be the bearish case. I make the bullish case that it's really nice not to see Bitcoin

crashing while the world melts down around us. I'm going to discuss this and a lot more today with everyone's favorite guest, Miss Teen Crypto. You guys demanded that she come back. Well, we listened and here she is. Let's go. Let's go. your way onto the like button. I hope that all of you had a wonderful weekend. I know I did. Very relaxing. Interestingly, I had not really looked at the market. I try, at least on Saturdays and Sundays, to detach myself a bit, not obsess over the charts and my portfolio. Yesterday, I signed on to Twitter, and it seemed like it was bull tweet central. I was reading it and everyone was bullish and we're back in the bull market and altcoins are going nuts and breaking out. I checked my portfolio and it was like up 1%.

I was like, wow, we're at that point in the market cycle where if you see anything that's green, it's time to call for a bull market and to just take a deep, deep toke of that sweet, sweet hopium. But in reality, we all know that absolutely nothing is happening in this market. But that is actually worth talking about. I see you guys already here. Look, you've got I'm going to bring on Misty and Krypto right now. I'm going to bring her on right now. But I want you to see, Randy, that you've already got people who are like people who

come here talking about Zesty. Miguel here, who's here all the time, says we're going to get zesty. I love it so much. When I see people zesting out and my life is complete. Love it. Hurting everyone. Of course, Jeff is here and just being negative. He wants a refund because I was late. Jeff with the most vowels of any human being ever born in his last name. But anyways, let's get back to the topic at hand, which is Bitcoin's doing nothing. What do you make of that? I'm okay with it doing nothing, to be honest, because like I always say, I look at the macro point of view and the point that I'm here for the long run.

I'm looking like five, 10 years down the road. So if it stays at 19, drops lower looking like five, 10 years down the road. So like, you know, if it stays at 19, drops lower a little bit in 10 years, what's the difference? You know what I mean? At least you're holding you have your diamond hands now. If you're confident in Bitcoin and what we're doing here, then this shouldn't be an issue. Yeah, I mean, I agree 100 percent. And that's why I sort of laugh when I see the day to day, I guess, just bipolarity of the community and people judging these small moves. And it's not just, that's just not unique to crypto. Every day I open, the first thing I do is I open the Bloomberg markets and I look at their market wrap

and every day it's like fears of inflation send stocks to death. And then it's like the next day, it's like inflation fears being lightened and stocks are up. And it's like, literally, you're just saying the opposite thing on a day to day basis. Yeah, it's really funny what the how the media kind of spins things. It's you know what, no matter what market you're in stock market, crypto housing market, do your own research. Don't listen to what anyone tells you. It doesn't matter if it's the mainstream media. Take what everyone says with a grain of salt and do your own research. If you did your crypto research, then you know why we're here and you know we're going to be okay.

And if you believe in stocks, then cool. Then you believe in that. FPL wannabe wants to know what type of zest, lemon or orange, or is it some sort of unique zest that we don't even know about? It's honestly a unique zest. It's something that comes from within. It's like something that's in the air. You know what I mean? Like, you know, something so cool. The mood is so amazing that there's no other way to describe it but zesty. Yeah, well, that's good to know. So listen, we touched on the fact that obviously there's this just sort of bipolar and schizophrenia among seemingly the community and traders. Obviously, you just remain consistent and steady. But it is possible to sort of use sentiment to get a gauge,

I think, of where we're at in the market. And judging by crypto Twitter, I would say that this has to be the bottom or near the bottom or people are going to start killing each other. Yeah. I've been looking at Twitter spaces and even the top, I guess, influential people in this space are now fighting with each other, whether that's the CEO of an exchange to just people you watch on YouTube all the time. It's really sad to see, to be honest. And I think a lot of it is over nothing. And people are just frustrated with the way the world is, their portfolios. And we all need to go outside and touch grass and just like, remember, like, you know, we're all still alive. We have our health and that's what's most important. And I think, you know, obviously the crypto market is going to bounce back. Everything is going to

bounce back. Just like, take your time, guys, calm down a little bit. So, right. Obviously you probably don't want to say the names because we're both friendly with everybody involved, I think. But, you know, BitBoy kind of had that tirade where he, you know, went on a screaming fest about how basically he's, you know, here to save crypto and the, it was the bankless guys, Ryan, right? And he made fun of his glasses. And SBF, they're the suits and they're evil and they're trying to basically destroy crypto. Now, in my opinion, maybe crypto, but we could talk about Bitcoin. But in my opinion, the whole point of Bitcoin is that it doesn't need either side to be a white knight. Right. Bitcoin doesn't need a savior.

And I'm not I'm not dissing. I think they all are coming from a genuinely good place, which could be self or general interest. But like, do we need anyone to save us? Honestly, no. But I understand where Ben Bitboy is coming from. I know he's been on my show like quite like quite a bit. He even a few months ago, he was on my show talking about the bill and what he's trying to do. You know, I think, you know, obviously there needs to be people that are going to go to the White House and go to the gov and be

like, OK, we need to fight for crypto. And I think what SBF, what Sam and Ben were mostly talking about is DeFi and, you know, peerpeer transactions, which I think is the most important thing we have going over here is peer-to-peer transactions and DeFi. We need to solidify this. We need to protect ourselves. At the same time, I do believe that crypto, it's at the end of the day, Bitcoin, crypto, it's all code. You cannot stop code. Either way, I think no matter what regulation comes at us, we're going to evade that. we're going to succeed. It's just a weather of people actually working themselves out. And you know, what, you know, Ben is saying that boy is true, it's, it could it could be detrimental to crypto, but I'm hoping that once both bills comes out, because we haven't seen either side really yet, you know, I would like to see when everything

comes out when you know, FTX proposes their bill, Sam, and Ben proposes his what everything is really about and where this all goes from there, because that's what I'm waiting for, to be honest. It almost feels like in this case specifically, and we won't even talk about all the rest of the people fighting on crypto Twitter, but it seems like it's sort of

the good old fashioned idealism of what Bitcoin and crypto should be versus like a pragmatic approach of what it inevitably will be. So both of them at least are admitting that regulation is coming, right? I think that, so at this point, it's just how do we work with regulators to craft something that is in our best interest rather than just being victims of some sort of heavy-handed, ridiculous approach, right?

Yes. Yeah. We can't, you know, let people step all over us. I feel like, you know, sometimes with regulation, like, you know, light regulation people want, but maybe if you give them an inch, they take a mile and you, you know, we have to just take into consideration, like, you know, what we're doing. We have to be very, very careful. I think, you know, even what's going on with the XRP case, the library case, you know, just what it comes down to is almost stifling innovation in this country. And that's what I'm concerned about as well. you know, just what it comes down to is almost stifling innovation in this country.

And that's what I'm concerned about as well. You know, being a part of Gen Z, a lot of us are technologically efficient, a lot of us are coders. And we want to be able to dive into blockchain and evolutionize this space, because the space won't be the same once Gen Z comes in, just to be clear. So, you know, I think we need to stop stifling innovation. And we really need to, like the government here really needs to work on crypto and be more friendly with us. It looks to me like maybe they're just putting things off a little bit and trying to hold us back until they can really figure out what's going on. Because at the end of the day, if you look at the people like, you know, kind of making these decisions, they're not even on Facebook. They don't even know how to tweet. So like, you know, how could they know about crypto?

Not all of them, but some of them. There was a recent study. I'm trying to find it now. It was, this isn't it. But you mentioned Gen Z and obviously being coders. And we've talked about before the fact that inevitably the older people will be gone. However, that happens. And that younger people will replace them.

And those people will be crypto native. But there was some statistics. I don't have it in front of me because I just thought of it when you said it, that basically the wealthy Gen Zers, and there are billionaire Gen Zers, right? Make no mistakes about it, are not putting their money in stocks anymore. They're buying crypto. And then it's supported by fact. So I think you're 100% correct. It's extremely bullish. Speaking as a part of gen z i want something digital i want something i could truly own ever since i was little i was you know begging my dad and my family members for christmas to buy me itunes gift cards so i could be a dgen on the app store

buy games and then buy all these tokens and accessories within the game and spend all my money except that it wasn't something i owned i can't exchange all these assets that i have all these tokens have no real value everything technically technically goes to zero. So I think, you know, even with the slight elevation of Web3 and what that does in the gaming economy just shows like, you know, Gen Z, like we know what's up. And, you know, a lot of these kids are super, super smart. The internet has given us this ability to create businesses. I've seen kids like, you know, what I'm doing in crypto, but also a lot of them are in real estate all because of social media and what they were able to build with social media that

they're literally kids 19, 20 years old selling real estate and making a lot of money. Yeah. Gen Z is getting very creative in the gig economy, et cetera, about how to make money and we'll end up obviously being the mega super billionaires of the future. Someone had a question here. Christopher Walker said, confused their bills. I think a lot of people don't understand that both FTX and then BitBoy himself and his team are proposing regulation, correct? Yes. Yeah. That's what I believe so far. It's kind of crazy because what Ben was saying on Twitter spaces was that he was putting together this bill. And even he's been saying it on my show.

If you guys go at the Missing Crypto Show, look down the playlist. He's been on a few times talking about this. So he's been planning this for a while. And what he was saying on Twitter Spaces the other day is what he was looking for funding for his bill. And he believes that, you know, Sam was with him and everything like that and was looking to Sam for funding. And apparently he held it and then blah, blah, blah. And then Sam is doing his own thing now. I don't really know exactly.

I don't have all the evidence for that. This is just what I've heard. So I'm not saying anything is fact. But there is something coming from both sides. And apparently they're not the same. Yeah, but I think in the end, we'll see that they're probably more similar than they are different. And that it comes down to the nuance and details that everybody effectively wants the same things.

You mentioned the ripple case of the library case, I sat down with Jeremy Kaufman from library a few weeks ago, and he thought they were going to get an answer immediately. But I haven't seen that answer come. Have you? I haven't seen I haven't personally seen anything, you know, I've been I was actually looking the other day. But, you know, I again, that's a classic case of stifling innovation, like, you know, when I was first hearing about the case, it made no sense to me why they were even, you know, being brought up. You know, it's what I find funny is that a lot of people are taking place in like these, you know, tokens, all these like in game economies. And then maybe the gov could kind of come out later and say, oh, like that's a security. You shouldn't have bought that. You're in trouble now. And things like that. Like, how are we supposed to know?

You know, and again, this is code. You can't stop code. So you can't track everyone's wallet. You can't like stop what everyone's doing. So I really just don't understand. Yeah, we have so many examples. I'm putting things off. Yeah, so many examples of that.

I mean, even listen, Kim Kardashian, I'm not happy that she like shilled Ethereum max, obviously, but I don't understand how she can be in trouble for shilling a unregistered security that's never been defined as an unregistered security. It's just like you said, say that Ethereum Max is an unregistered security and then go after her, you know? Yeah. They won't even make that clear exactly there it's just a real gray area right now and i think even kim kardashian like you know the what was it a million like 1.26 or something that we made her pay that's nothing for her you know like that's just something that you know they worked out with her lawyers everything was like chill i i don't see that hurting chemical because at the end of the day does she know about crypto does she care about the space right now she didn't make that post like really that post her team like was like i think it was

disclosed it was disclosed so that's what i was also confused yeah they're mad she didn't disclose the amount which makes you question like is every person in the commercial supposed to say how much they got paid i don't i don't understand that because you know i'm i don't know if you're on tiktok as much as i am but like know, I'm doing social media research all day. So I'm on TikTok just watching ridiculous stuff. And all of these influencers on there, they get packages sent to their house like, oh, this PR package magically got sent to my house and things like that. Let me go talk about this product. But they don't disclose that it's an ad.

They're not telling you how much they get paid. And you know what? Maybe they could disclose it's an ad, but who cares about how much they got paid? It's none of our business. You know what I mean? Like, I don't understand. Like all the Web2 influencers, they're just fine doing whatever they're doing. But all of a sudden, it's the Web3 people they're concerned about. Yeah, it doesn't really make much sense. And I honestly, I haven't even been following the Ripple case that closely, but I know that you somewhat have. I hear a little thing about it. Yeah. I mean, I'm optimistic and people, here's my opinion. Regardless of what you think about

Ripple, you should want Ripple to win for the benefit of the space, right? The last thing we want is for the SEC to win and then everything becomes a security because of the precedent of that single case. Yeah. It's just, again, like, it's just a mess. Like, why is this even happening? Again, I don't understand. How long has this XRP case been going? Probably since I got into crypto. Two and a half years, yeah. Yeah, literally. Since I was on crypto Twitter, this is all I've been hearing about. Apparently, they were supposed to get an answer, I think. We were supposed to hear some news, but again, nothing. It's just keep putting things off. And what I find so ironic about the XRP situation is like, okay, like there's claiming it's a security yet. What XRP is trying to do is work with the banks

and the whole banking system. So at the end of the day, they're going to work with them anyway. So like, again, like a big question mark. Yeah, it makes absolutely no sense to me. So is there anything specific that you're looking at like in the coming weeks and months or any metrics, any coins, just anything that you're looking at? Or is it like building a bear market time to bear down and get educated phase now? Honestly, educate yourself like D-Y-O-R to the freaking max. That's exactly what I've been doing. The bear market has been great for me in the sense that like, I've been able to do a lot of research, jump into Twitter spaces and actually talk to the people that are still here because in the bull

market, of course, there's a lot of people in Twitter spaces talking smack. All these projects are releasing a B and C, but during the bear market, during this kind of, you know, build market, as I like to call it, you see, who's really here. You see, who's trying to do things and you get to connect with them. Um, and of course I've been, you know, build market, as I like to call it, you see who's really here, you see who's trying to do things and you get to connect with them. And of course, I've been, you know, dollar cost averaging, I think you should still be, of course, not financial advice, dollar cost average. If you're a real retail person, like I've been saying in the five to 10 years, it doesn't matter really where you bought 1719, whatever. So just like, you know, put it away, forget about it for a few years and then come back.

Yeah. I mean, if Bitcoin's a million dollars and you missed out on making 2000 extra dollars on that one Bitcoin you bought because you bought it at 19 instead of 17, you're not going to really care. It's so hard not to get, I think, obsessed with that perfect entry or consumed with buying the bottom. But it really doesn't matter if you're right. Yeah. I mean, if you want to start

learning about the charts, I had Gareth Soloway on my show. Oh my God, he's amazing. Love Gareth. And I've just been learning so much about charts lately and I wouldn't, maybe in the overall consumption of the bull market, I wouldn't be able to do that. But during the bear market, I'm really just looking at things from all angles. What does this market mean from the sentiment perspective, the chart perspective, the economic perspective, there's a lot to be taken into consideration. And I think this market is very different than four years ago with the people that are here. So I don't even know if like this four year cycle is really going to hold up anymore. Did we see the bottom? I don't know. But you know, the sentiment on Twitter makes me feel that way.

Yeah, I for me personally, and I think I have a pretty decent grip, grasp of macro, just from being around for a long time and experiencing the markets. But I think that the greatest lesson of this bear market has been studying money and inflation and all of the macro things. And I think most people in crypto literally had zero understanding of, which is fine, and didn't care about it all because you never had to, right? You could just sort of trade Bitcoin in a vacuum and whatever. And I think now we joke that everyone's becoming a macro expert, but it's actually a very good thing that everybody's caring and starting to understand because that's where you actually become a Bitcoiners by

understanding how insane all of this is. Yes. And you know, the most important thing to me is not even about the price action. It's actually having money that I own, right? So people are like worrying about trading Bitcoin in five to 10 years. Will you have access to your money in five to 10 years? There's no guarantee. Other countries, banks are closing. In my neighborhood, banks are closing, just straight up disappearing. You know, the accessibility to your funds is not the same anymore, you know, especially because apparently there might be a CBDC being rolled out by July 2023 or some sort of program by the government. So, you know, just keep an eye out and know what Bitcoin is at its truest core besides the price. Right. And it's so true. And it's it's so much more than it is acting as right now and so much more than how people view it and so much more than an argument between people on Twitter.

Yeah, please. People on Twitter go touch grass, calm down, sip a lemonade. Like, you know what I mean? Like, I don't understand why people are fighting so much. And especially, you know, people in the NFT space are beefing a little bit too, because of, you know, the NFT floor is dropping. This is like a cycle and NFTs are really new to be a part of this cycle. So in the NFT space, there's a lot of new people to crypto when a lot of them maybe joins a year or two ago during NFT summer. So yeah, absolutely. Well, I always appreciate having you on. You bring a really fresh perspective. And it's incredible. Somebody made a comment. I've got to find it. It was so funny. Somebody now I can't find it. But it was such a good comment about basically, oh, here headed and pragmatic and just you know easy going you are especially in the face of all this i can only imagine what uh bear market and losing i had no money so it didn't matter but what a bear market

and losing money at your age would have been like for me like uh you know with uh i was a spaz so i mean when i first got into crypto or when i. So I mean, when I first got into crypto, or when I first made my not even when I first came into crypto, because that was a completely different price. When I first created my Twitter account, April 2020, Bitcoin was seven grand. So am I upset at where it is now? No. Like, you know what I mean? It's so ridiculous. And, you know, the bear market has been cool for me, like literally going to hang out with the mayor in New York talking about Bitcoin and blockchain. People are the big people are looking into crypto guys. Don't forget that the big money is coming into crypto. So don't wait for them. Do your own research and decide for yourself.

I couldn't agree more. Well, thank you so much. Everybody follow Miss Teen Crypto. Oh, and let me give you the very quick opportunity to tell people about your podcast, about all the things that you have that they can go follow. Thank you so much, Scott. Again, thank you for having me. It's always great hanging out with you. Scott is the absolute best. If you guys want to check me out, misteencrypto.com. I'm at misteencrypto everywhere, TikTok, Instagram, Twitter, YouTube. At noon Eastern time, I'll be live with the Weekly Zest. This is a new podcast I have highlighting the past week in crypto. And I also have the Misteen Crypto Show that goes live anytime from one to four times a week with amazing guests in crypto.

Lately, I've had people from CNBC, Fox Business. Scott has been on my show. So if you guys want to go check that out, then definitely do that. Thank you so much, Scott. Thank you so much. You're awesome. And have a wonderful weekend. Stay avoiding the drama.

I will. Stay zesty, fam. Bye. There you go, everybody. Ladies and gentlemen, Miss Teen Crypto. I'm going to take my name back off. She's so awesome. So awesome. One of my favorite people to have on here chatting. I've seen some of you guys have some hilarious comments over here. Jeff with the vowels,

you said something about you were old enough. I'm old enough to remember when Ripple meant something entirely different. He's talking about the alcohol. And then I was going to make a Sanford and Son joke. And he said, Fred G. Sanford wants to weigh in on the Ripple meant something entirely different. He's talking about the alcohol. And then I was going to make a Sanford and Son joke. And he said, Fred G. Sanford wants to weigh in on the Ripple lawsuit. If you're of our generation, then you definitely understand all about that. Yeah, don't be a spaz. Touch grass. If you don't want to be a spaz, you probably smoke grass.

But I didn't say that because this is a family-friendly show. I've actually got quite a bit of news. So this is going to end up being a long stream today. But this definitely speaks to the point of what Missing Crypto and I were talking about, and that's the importance of Bitcoin. Fidelity continuing to just pound the pavement on our behalf with institutions. Now, this article is actually about two weeks old. I think they put it out on October 10th, but somehow I missed it. It was while I was traveling. And it talks about the rising dollar and Bitcoin, how the rising dollar could impact global currency markets and how Bitcoin could be considered portfolio insurance. Now, if I said, hey, guys, Bitcoin's

portfolio insurance two years ago, you'd have been like, yeah, dope. Bitcoin's amazing. It's the best. We're all hedging the shit out of our hedges. Right. But in 2022, October, if I said, hey, guys, buy Bitcoin as portfolio insurance, I would catch an American History X type beating on the curb. Right. Because everybody hates everything. And they would say, you're nuts. It failed. You're the worst. You're terrible. But this is fidelity. It's fidelity. Fidelity can say this shit and be taken seriously as well. They should. Right. So this is listen, they wrote a long, long paper here. Bitcoin as a portfolio insurance. Effectively, they go into the dollar milkshake theory,

which we've sort of hashed out time and time again on this show, which is that basically in times where there's tightening, like there is now, basically the dollar, you know, it's from what, there will be blood. I put my straw down and I drink your milkshake, right? Basically, the dollar goes and sucks liquidity from all around the world, effectively creating this massive short squeeze and the dollar goes up because everybody needs to buy dollars,

right? And so while you would think that tightening would weaken the dollar, what you actually see is everything else burning and the dollar pumping, and that destroys basically every asset. And that causes central banks to overreact. And as we've seen, each period the central banks have had to react and become more involved, they do more and more and things get worse and worse. And it's just not the same this time. This is one of my favorite charts. I talk about this all the time. U.S. public debt to GDP. People talk about Volcker in the 1970s, how he tamed inflation by raising rates. Well, he had 30 percent. You can see back here, 30-ish percent debt to GDP. Well, now we're over 120 percent. So anything you do, you will absolutely destroy the economy. It's not the same. You can't just aggressively raise rates the same. And it leaves them in a huge, huge dilemma. And the Fed and central banks literally have no way out. So listen, we've seen what that means for other central banks. The Bank of Japan,

we'll talk about that in a little while, intervening massively to try to prop up the yen and failing massively at doing it. We'll talk about that in a little while intervening massively to try to prop up the yen and failing massively at doing it we'll talk about that in a minute but of course the uk is the one most worth discussing right now supposed to be tightening but also buying bonds basically doing quantitative easing while tightening which is basically like punching yourself in the face right uh while you're trying to get ready for a beauty contest where you need your face not to have bruises on it, right? They're basically doing opposing things because they're so confused and jacked up that they can't figure out anything. So how is Bitcoin potential insurance this? Let's just read the final paragraph. I'm going to read it to you. We're going to read words. To summarize,

a strengthening US dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions. The Fed pivot, something that has precedent based on 1985 Plaza Accord. If you guys don't know, in 1985, the G5 came together, including the United States, to purposely weaken the dollar because the dollar was wrecking everything. Additionally, more monetary debasement may be needed to alleviate the high debt load among developed economies, while recent events in the United Kingdom have shown counterparty and liability risks in the system, making monetary intervention and doses of liquidity, is that like acid, features that are not likely to go away anytime soon. Here's the kicker, something we've been

saying forever. Comparatively, Bitcoin remains one of the few assets that does not correspond to another person's liability, has no counterparty risk, and has a supply schedule that cannot be changed. Whether those properties begin to look more attractive is ultimately up to investors and the market to decide. So to summarize, buy Bitcoin and we don't need any heroes to save us. CryptoCurious Sunak takes early lead in leadership race. I wonder what his pronouns are if he's Cryptocurious.

But yeah, we all know about this already, right? And we're going to get into the story. He basically won. In the last few hours, I've read that he has effectively already won. But yeah, he's got some crypto credentials. He was basically the equivalent, I think, of the Department of Treasury over there. The chancellor for the exchequer. We don't pronounce words like that in the United States.

Right. But anyways, he basically already has said in the past when he was working there from 2020 to 2022 that he wanted the UK to be a crypto friendly hub. He was going to put out an NFT for the Royal Mint. And basically this guy gets it. So could be massively bullish for the country and the world if he wins. And he won. He is right. It's set to become next prime minister after last rival withdraws. Got to keep up with that news. Didn't think I was going to do that, did you? Yeah. So we basically have a arguably crypto-friendly prime minister of the United Kingdom, who's also a billionaire.

Crypto Curious sounds like a Shiba owner, the actual dog or the coin. I make no judgments about this guy. I do not live in the UK. Unlike people around the world who seem to have a very strong opinion of United States politics, I don't really give a shit about politics in this country, and I certainly don't give a shit about politics in other countries. But hey, if the guy even can spell the word crypto, that's probably a win for us. Xi's power grabs Spurs historic market route as foreigners flee. Stocks still kind of flat today

last I checked. I don't know now that they've opened, I'm assuming there's the SPY. Yeah. Stocks are up today and China is like dying, right? It's basically, if you miss this, it was a power grab, which is kind of what communists do. I don't know why anyone is surprised or reacting to this, but a whole bunch of loyalists to the current communist party leadership were elected into positions all over China. And the market in China does not like it. Does not even like it a tiny little, smallish, tiny little at all a bit. Right? So this was a stark rebuke of his move to stack leadership. And we're seeing the market crash. Check out. Look, this is what it used to look like when I had dark charts. This is the last time I even checked USDCNY. This is obviously the dollar versus the Chinese yuan. You could see the dollar, as I often comment, doing things to the

Chinese yuan that are only legal in Mississippi. But yeah, I mean, this is an absolute beating. Looks like the yen chart, and that's the weekly. Of course, on the daily, I guarantee we have bearish divergence there. I mean, a lot of people think the dollar is getting ready to top. This is just a reaction to what's happening there specifically today. You can take a look at some of the bigger name Chinese tech stocks like Alibaba and oh my God, it fell off a cliff. Right, this is Alibaba Group Holdings, LTD, breaking support at 73.30 in dramatic fashion. Closed the first candle below there at the end of last week.

These are weekly candles, but obviously this is the first day of trading. Massive gap down, almost at the all-time low of $57.20, trading at 60 bucks. Listen, if you believe in any of these things, like China and Chinese stocks and tech, looking pretty dead. I don't know if that's a good thing or a bad thing. I've never owned Alibaba personally, but this should show you a very good visual representation of exactly

what this article is talking about. And that is that the people of China and global markets in general, very, very upset with the increasing power of the current party. Disgusting, ugly, a lot of macro today. Like I said, we all have to become macro experts now. After 13 trillion stock crash, signs of a turn are now mounting. Oh, here it comes, guys. Call on the bottom. We're calling the bottom. But yeah, man, a lot of people are getting long. All the metrics, and this is about stonks, all metrics are showing that there's dramatically decreased interest in push, puts, and shorting options, and that people are starting to get massively long. And that's while volatility is actually starting to drop below multi-year

highs, even though we've lost $13 trillion in value during this stock crash. Now, here's the reasons. With cash on the sidelines, some investors are warming to the idea that most of the bad news is over and favorable seasonal patterns may yet come into play. Since 1990, the three-month period starting on October 10th, that's like two weeks ago, bro, has brought the S&P 500 a median gain of 7%. Data compiled by bespoke investment groups show on a rolling basis that's the strongest three-month trading window for the entire year. Now, here's a quote from them. Perception is that while we're not there yet, maybe we're a step closer to finding the optimal bottom. We have a healthy package of unknown unknowns.

Everyone likes a healthy package. But after a 10-month route, we could be getting closer to figuring things out. Basically, the gist here, people think that the rate hikes and the worst of it is priced in. I tend to agree. We know we'll probably see a 75-point basis hike next month, maybe 50 in December, and then we'll see a bunch of 25s. And that's it because they're going to run out of ammo that you can't do it that much. Right. And things will generally improve. They talked about the seasonality. Well, I've talked to you countless times about seasonality in the fourth quarter when there's an election and it's never gone down.

The market's never gone down October, November, December in a midterm year during a tightening cycle ever, even in a hawkish, extremely hawkish tightening cycle. This would be the first time if stocks close the year lower than they are basically now or at the beginning of October. That would be a first. So if you believe in historical precedent, markets generally do exceptionally well coming into elections. And then for the next two months, the subsequent end of that quarter and the next quarter of the subsequent year. So we have a lot of precedent that is aligning with the metrics

that we're starting to see. Now, speaking of things that are catching a quick beat down, the yen slides as traders turn focus to BOJ from intervention. Japan likely intervened to drive yen sharply higher last week. Yeah, they spent like $30 billion trying to crush the dollar, and they're still catching a beatdown. That's got to feel bad. It's like buying every lottery ticket in the world and then like every number, and then you forget one, and that's the winning number. Economists see no change to BOJ policy in October meeting. Yes. Listen, if you guys didn't listen to my conversation with James

Lavish last week, I don't want to go over all this again. Just go back. Go back. We talked about the fact that the Bank of Japan is effectively buying every single long-term bond period. That's their policy. They will print money endlessly, even though they have about $1.2 trillion on the sidelines waiting to do this, to do that. They will flatten that curve no matter what they have to do, but it is not working. This is the dollar versus the yen. Yeah, there's when they tried to intervene, went from $152 down to $156. That was a big move, but now climbing right back to $150. One One of my best friends actually in Japan right now for work. And he was like texting me because he was in Japan with me actually in 2006. Things were much more expensive in Japan for Americans in 2006, even with inflation than they are now. He was like, I just went to the most expensive ramen shop, you know, in the neighborhood,

had a beer, some gyoza and ramen. It was $14, right? That was like $35 or $40 when I was there in 2006. So it is no joke. He was like, hotel rooms, $150, $200 cheaper than they were a few weeks ago. I guess if you're an American, this is a good time to go traveling in Japan, take advantage of this exchange rate, but not very good for the Japanese people and certainly not good for the global markets. Let's dive a bit into crypto. Crypto staking platform, freeway, freeway, health withdrawals, signing market volatility, which leads us all to go, what the fuck is freeway? Have you guys ever heard of this platform? Have you? I haven't. Never heard of it. But of course, the first time you're going to hear about it is in the news when they cite market

volatility and have to go offline. Same exact shit we saw from Celsius and Vault and Voyager. Great, right? Totally what we're all looking for here. But yeah, they were offering up to 43% in annual awards. Probably not that great. But the token's down roughly 80%. Freeway was not a significant or well-known project. So they went for a market cap of 70 to 10 million. Claimed they had 160 million in total value locked. Come on.

Come on, bro. blocked come on come on bro anyways once again we have another platform cutting out their customers freezing their funds you can't withdraw my favorite freeway was philly freeway you know we rip crowds pull a lot of volume in a little bit of bass is all it takes to make the place get wild you know philly freeway. Flip side. We all know about freeway, right? Anyways, moving on with the news. The block, Binance stable coin clops in market share, all-time high supply tops 20 billion. That's pretty cool for Binance and BUSD holders and believers, right? They now have 15.48% of the total market cap of stablecoins in BUSD. Why?

Well, A, Binance is the largest exchange in the world. But of course, if you guys were paying attention to recent news, they basically eliminated USDC from their platform and are converting other stablecoins people are using on Binance into BUSD, whether that is a lashing out or fighting back against power of USDC, or whether it's just something that's pragmatic for them because it's easier for them to effectively trade in a single stable coin pair. I cannot speak to you, but that obviously has to be contributing to the massive growth of Binance USD at the moment. Do any of you guys use BUSD? Do you guys use it? I'm not on Binance because America. Because America. Yeah, freeway taking the exit,

freeway to hell, freeway. Yeah, nobody knows about it. Nobody knows about it. Nobody's ever heard about it. Oh, wow. Gary Gensler's here. What's up, Gary Gensler? It's nice to have you. I've never said anything mean about you. Never, ever have I said anything even slightly negative about you. Now, I'm just reading comments right now. Just reading comments. It's fun. We're fun to... Oh, dime333, I can't take this channel seriously anymore. I make dick and fart jokes and draw lines. I can't believe you ever took it seriously. But if you have a problem with it, don't let the door hit your ass on the way out. I've got a very strong hinge on the door on this channel. Final.

I have to talk about it, right? Voyager. No name triggers me. You guys are right. Like my background is supposed to be blue, but it kind of looks like Voyager's blue too. It's not really purple. I don't know. I'm kind of colorblind.

Here we go, though. Basically, we all saw that FTX.US, not specifically FTX, but FTX.US won the auction for Voyager's assets. We had the dog and pony show. I talked to people. I wrote an entire newsletter thing about the stocking horse offer and the reason that they went into Chapter 11 bankruptcy and that Chapter 11 is for restructuring, not for liquidation.

And then they went ahead and fucking liquidated anyways. Liquidated in my face, on your face, in our collective faces, we were liquidated upon. So basically, FTX US bought the fair value of all the crypto assets remaining, not including VGX and not including, of course, the Three Arrows bankruptcy, which we could see something out of in the end. They bought all the assets and added like $111 million on top. Well, what's meaningful here is that the court has now approved that, meaning that now the customers get to vote on it. Obviously, everyone's going to vote yes, because we don't see another plan and we might get nothing.

But they're talking about how much value will be returned. And this is where it gets kind of confusing. And we're going to see what happens. First of all, there's a spreadsheet you can enter and you can see how much you're going to get back based on what you hold. Looks like you'll get between 60 and 70% of your assets back. Could be in kind, could be USDC, could be USD. And that's going to be based on a 20-day moving average, but they haven't said what 20 days yet of the value of those assets. And yeah, it seems like you have no idea. Basically. And VGX doesn't count. So

have fun staying poor. And if you're on FTX.us, you open an account there, maybe you get some crypto back. Maybe it's a mix. It's bullshit, man. If it goes up 10% in the next 20 days, we get 70%. If it goes down 10%, we might get 60%. If I'm getting paid in kind, that doesn't sound like it should be the case. So it seems like while they're saying you might get paid in kind, that might be the case. But man, this is an epic and massive shit show. And honestly, probably way better than what's happening at Celsius.

Yeah. The restructuring was just to buy time. It also gave them more room to maneuver. Yeah, maneuver in the wrong direction. Yeah, a fucking epic fail. We're doing what's best for our customers, liquidating their assets and making them customers of a completely other exchange.

Anyways, that is the update on what's happening with Voyager, which I have nothing good to say about. It will be a seven-figure loss for me, and I'm supposed to be like, awesome, you guys did the best for me. Maybe don't give unsecured loans to a bunch of degenerates who owe people billions of dollars.

I still can't mentally get to, we're just going to give you guys 700 mil. It's fine. Borrow it. We don't need anything. You have a down payment on the yacht. We're not going to take the yacht as collateral. Nothing. Nothing. Anyways. Anyways. Here's what it is. Oh, we didn't look at the Bitcoin chart. Let me tell you. Oh, and this is funny because when, like I said, I went on crypto Twitter yesterday and it was all, we're bullish, bro. We're breaking out.

The 50MA, dude, like the daily 50MA and 19,666 sign of the devil, the all-time high of 2017, both acting as resistance. Like there's not, like this is nothing, guys. Yeah, we went from 18.6 to 19.6, great, in three days when the market was basically closed and there was literally no volume. Literally like a slight little tap of the 50MA and ran away like a scared little bitch. Yeah. Yeah, as Chris says, complete shit show with all those lending platforms it's a disaster

and honestly like i said i mean we'll see what happens with vault but voyager seemingly had the smallest hole relative to their assets i mean celsius has like 2.1 billion dollar yeah with nothing more than a handshake so celsius did the same thing for 1 billion in assets it came out last week in their finance yeah everyone just uh you, you'll pay me back that $700 million, right? Oh, here's my counterparty. His name is Suzu. Hey, Suzu, you look like a very serious person. Well, I mean, Genesis gave you like $2 billion and BlockFi gave you a billion.

Those were partly collateralized. But I mean, if they're doing it, we and BlockFi gave you a billion. Those were partly collateralized. But I mean, if they're doing it, we should be doing it right. Let me see. Here, let me shower you with $700 million. You're going to pay me back, right? Right. Yeah.

Fuck that. That's how I imagine that transaction went down. Almost as serious as that. Fuck my life. Anyways, guys, you guys should go watch chris uh texas west capital of course uh his streams because he still continues to dig into these charts and give great insight while i just go holy god we're sideways i have nothing to say he's who i learned from anyways you're not going to see me say anything that he doesn't already

know yeah i should be following him, Texas West Capitol, and obviously watching his streams. So, yeah. Yeah, it's almost like I was there. That was basically it, right? I mean, that... Cool. Anyways, guys, that's all I got for today.

Tomorrow, I got big cheds. The biggest of cheds. Huge cheds. Massive cheds. Yeah, tomorrow, I got big cheds, the biggest of cheds, huge cheds, massive cheds. Yeah, tomorrow I got big cheds. And working on right now a new, very, like, more predictable schedule of how this content's going to be. Maybe, like, you know, a macro day, a trading day, a roundtable day, a news day.

You get it. So be on the lookout for that. Otherwise, I got nothing left. Got nothing left, man. It's all. Talking about Voyager sucks the air out of the room and out of my interest. So until tomorrow.

Peace. Let's go.