The Wolf Of All Streets - Daily Howl: The White House Attacks Crypto, Crypto Is Sinking | Dave Weisberger

Episode Date: September 16, 2022

Ethereum has successfully merged, but crypto is down following the traditional markets. Why is this happening and when will we see the bull market? Also, important updates from Voyager, and more! Special guest: Dave Weisberger, CEO and co-founder of CoinRoutes. Dave Weisberger https://twitter.com/daveweisberger1 ►► Get 20% off on your ticket to W3BX. Use my code: WOLF20. Register here: http://web3expo.live/  ►► 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    TRADE ON THE WORLD’S BEST DEX, BULLISH: ►► https://thewolfofallstreets.info/bullish/youtube  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.

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The White House just released their fact sheet, the first ever comprehensive framework for responsible development of digital assets, just six months after Biden's executive order, telling all of his own agencies to, quote unquote, get their shit together and come up with some ideas. They didn't really say that. And it's even more of a hack job than I expected. And I expected very little. I searched through the entire thing. I've been reading it over and over again for the last 45 minutes and fail to be able to find anything that I can skin as good news. I have Dave Weisberger today, the other angriest old guy that we have in the business,

to discuss this and all the other seemingly bad news that's dropped all at once since, coincidentally, the Ethereum merge went through successfully. You guys definitely do not want to miss it today. My God, I am so pissed. Let's go. I don't even want you to like this video because I don't like what we have to talk about today. I don't like it. I don't like it. Listen, Biden dropped the executive order six months ago telling government agencies, everyone with two to five letters noting their name, to come up with a plan for what to do

about crypto, right? And I think there was some hope after seeing, you know, Lummis and Gillibrand proposed some reasonable legislation that there could be some positivity around the asset class. Of course, it starts with some positivity. Yeah, digital assets have grown significantly. 16% of adult Americans have bought it, yada, yada, yada. It seemed like maybe there was going to be some good stuff. And then they just dropped the hammer

repeatedly. I mean, just banging the hammer on our heads. Listen, I'm just going to go ahead and bring on Dave right now, because why do this myself when I have him? Hey, Dave, I assume you've read this amazing document from the United States government. I mean, I guess the difference between you and I is the curse of low expectations. You know, look, the reality is that it is the market doesn't give a shit about it. As you can tell by the market action, we're still tracking almost exactly with the Russell and the NASDAQ. Risk assets are selling off. And I want to talk about that because I had a theory I hatched overnight that I think you'll find interesting. But the absolute reality is this White House and this administration, and it's not just this one, actually, quite a few of them do

this. They engage in a very interesting behavior. They yell a lot about the things that people that they think people care about but what they actually do is often quite different the reality is they're trying to walk a fine line a lot of people got hurt this summer public uh uh interest in crypto and and a lot of and what we deal with is kind of at a low ebb. I mean, you can see that. And the reality of the situation is they need to be seen to be saying something about what happened. So what are the two big things that have happened? People lost a fuck ton of money. Excuse my language. You may have to bleep that out, I guess.

You don't. You don't. Good. People lost a fuck ton of money that they had no idea was at risk. And that is an actual serious problem. And the second thing that happened is we have the world going into a crackdown sanctioned deglobalization phase. Now, what is crypto at its core? It is a globalizing influence. At its core, Bitcoin is a non-sovereign store of value. Non-sovereign, what does that mean?

Non-government, what does that mean? That means global and the governments aren't involved. So they are never going to like that. Janet Yellen has spent her entire life, her entire adult life, as a steward of the fiat regime, doing everything she can, like the little Dutch girl, putting fingers in the dike of what's breaking. Just like a perpetual motion machine, the fke of what's breaking. Just like a perpetual motion machine, the fiat regime cannot last forever. It just can't. You can't continue to print money to paper over problems. And the Fed, as we've said a million times, is trapped.

We know it. What are they doing? They're raising short rates. They are trying to make the yield curve inverted. They have to, because they can't allow the long end of the curve to go up, or governments cannot pay their debts back. So why would we expect them to say, oh, yeah, these digital assets, man, this is incredible. We want to embrace this. But what else do they say in the fact sheet? They also admit that the U.S. is generally a leader in technology, that this is a technology that's important, and the U.S. doesn't want to lose its leadership. So what are they saying? They're saying stuff which is complete fantasy. They say we're going to take the lead in using our power and regulatory agencies around the world to kind of force this.

The rest of the world is going to do basically this. Yeah, they didn't just say we're going to take the lead, by the way. I wish I had the quote in front of me, but they basically said we're going to leverage our power and influence to force them under our regulatory regime, right? They did it in a way that was very clear that they were saying, whatever we decide right here, we're going to go push on everybody else, which of course, that's the American way. But the last word in bold is leverage cross-government technical expertise and share information with partners. The real question is, is will the U.S. be able to push a narrative that that stops, you know, other governments from going along with this? Now, the reality is, is it's funny because what are the big reasons that

people care about? And they identified three things. There are three issues. And the issues are really simple. They identify sanctions. And the crypto industry is more or less cooperating, arguably too much. Too much. What's going on with that. But, you know, the industry is cooperating. They're really not getting anywhere. And I personally, it was three years ago, but I talked with the section head of the FBI at a conference. And he basically said they love it when the bad guys use of course they can track it come on man so they're not going the fbi is not supporting you know the whole sanctions narrative is really a bunch of crap anyway but the truth is is on the edges the small fish the minnows might be able to use crypto to avoid

something but then again do we really want to catch the minnows? And the answer is no. The second narrative, which is extremely important and frankly, they're right about is individual investors were harmed by a combination and of bad actors, Do Kwon, who, you know, I actually cheered when I saw that he had an arrest warrant in South Korea, because I can't tell you what angry it makes me when someone who's an obvious, obvious charlatan uses his social media presence to bully critics and push that his scheme. And probably the last 25% of the $60 billion that people say was lost. Now, $60 billion being lost is an interesting point. How many people actually bought in at the tippy-tippy top? Very, very little.

They love to quote the top-to-bottom, the peak-to-trough numbers to make them. Probably more like 20 or 30, but it's still a significant loss. Nobody's diminishing the impact of that. It's still a big, big loss that he effectively created by having an exposed system where people didn't understand risk. And that is the second thing that happened, the second piece of this, which is people who invested in Voyager, in Celsius, in a lot of the others that went bad, had no freaking clue what risks they were taking. I mean, I have nothing but the utmost disdain for the management of Voyager, for sure, because we know what happened there. We know Steve Ehrlich got greedy. We know he did an unsecured loan against anybody. I don't care who the unsecured loan is. That unsecured loan could have been against Citigroup. It wouldn't

have mattered to me. You don't do an unsecured loan with your client assets without disclosing that fact, period. That's just awful. And so that awful fact, and it wasn't just him, is going to prompt people in the federal government to say, no, no, no, no, no. If you look what happened in 29 and where we got all the laws that we currently are living with, and make no mistake, most of the securities laws and laws that came out of the Great Depression. And yeah, there have been some tinkering since then, but it really came out of that. What happened in the Great Depression that people were really pissed about? Well, they were pissed about basically three things. There are three things that happened in the Great Depression people cared about. One, enormous amounts of leverage that people didn't really understand what was going on. Read Revenants as a stock operator, we talked about 98% leverage.

When you're leveraged and you don't know it. Market manipulation, bull and bear syndicates, people pushing things and pushing narratives and everyone comes along on top of it. And three, no protections for banks and banks had no capital rules and runs on the banks could happen. So the FDIC stepped in and did a bunch of other stuff. Well, what happened this summer?

Undisclosed risk was taken. Stable coins were marketed as stable that really weren't. Right. And obviously, we still have an issue with manipulation in the crypto market, although I would argue it's dramatically lower than it used to be, mostly because of self-policing. But clearly, people are concerned about it. So what do we expect regulators to do? they're going to regulate in in every jurisdiction about full disclosure of risks and if they don't they're stupid they're going to push you know against manipulation and they almost certainly are going to regulate stable coins and say listen if you call it a stable coin it has to be fully backed does okay how many people don't care about that?

I don't mean to interrupt you, but OK. So I think we have two issues. And you're 100% right. Everybody expects regulators to regulate and crack down. I don't think anyone anticipated that it would be generally positive, although we have seen some reasonable proposals as to how to do this. Listen, I'm going to bring this fact sheet up. Nobody's going to read it.

But this is not what's happening. Like, even what we're discussing is not really what's happening here, right? This is an utter hack job. There's not a positive word in the entire thing. And when you look at through the highlights and then how it concludes, it's very, very clear exactly what is happening here. And it is astounding. Okay. Which is the astounding part, Scott, because we may have read different things and I have it up

on my screen. Yeah. Protecting consumers, investors, and businesses. Okay. Right. And then they go through how, what the CFTC and SEC need to become more aggressive, right? The FTC and CFPB need to double down, right? And then they keep going through every agency, right? The Financial Literacy Education Committee will lead public awareness efforts to help consumers understand the risks involved with digital assets. At no point in this document do they say, let's educate people on digital assets. They say we are going to outline ways to educate people on the risks of digital assets, promoting access to safe, affordable financial services. This is a advertisement for Fed now.

There's no mention of crypto in this. They're saying we're going to make fast cross-border payments available to everyone in the world. This is the expectations problem. Why would you expect them to say anything different? I don't expect them to say anything different. But still, when you actually dive into it, advancing responsible innovation is the part that you talked about, right? None of it even talks about crypto. They're talking about big companies in the United States who are leading the world in technology and basically how if you tiptoe and get in line and come in and file and are a regulatorily already compliant agency, maybe maybe will help you moving forward

saying nothing about new innovation expect anything different i don't i don't but i still think people need to see it reinforcing our global financial leadership and competitiveness everybody get in fucking line right and listen i'm going to go through the whole thing but here we are at the very end exploring a u.s central bank digital currency. Here it is. This is it. Why do you expect statists who are pushing an outdated agenda in every single vertical to be different here? The only thing that's different about crypto then is the energy industry or, you know, I didn't get to that policy or, you know, the bio research and what they're doing with prescription drug prices, which could kill a lot of people, by the way, by decreasing the ability for

innovation. Why would we expect this administration to do anything different? Their playbook, and it's very well worn, is government control everything. That's their playbook. The difference between crypto and those is that crypto is weighted in who actually uses it by people who aren't their normal supporters. Crypto is is overrepresented in poor and minority communities. Crypto is overrepresented in people who don't have access to the financial system, who are not vested in the financial system. In point of fact, the thing that's interesting about this is this fact sheet should become campaign fodder for candidates, which unfortunately, I hate the fact that this

isn't bipartisan, but it isn't. This is campaign fodder for smart Republicans who say, yes, they want to control you via central bank digital currency. They want to push innovation offshore. And they're lying to you that the U.S. can somehow stop Switzerland and stop the Bahamas and stop Europe and stop the U.K. You do realize that at the same time our administration said this, the prime minister and her cabinet in the U.K. have come out in the last two weeks in favor of crypto innovation this is not this story is interesting now remember something also what is the i mentioned that there were narratives against crypto they were using there are three that have

been big narratives against crypto one is sanctions we know it's garbage. One is risk, which is absolutely real. And what they said is true. Now, of course, this SEC isn't focusing on risk. They're focusing on power. And there's a big power grab between them and the SEC, which is interesting. I mean, if anything, this document should kick Gensler up the ass and say, listen, instead of worrying about Coinbase's, you know, what coins they've listed listed let's worry about getting proper disclosures let's understand what's real let's go after real fraud i don't think he'll listen but you know interestingly enough we'll see uh you know interesting enough we'll see but the third narrative is the environment and you might notice that and that that was a big thing the executive order you might notice they don't spend a lot of time on it here. Oh, they didn't spend a lot of time on it, but can I read it really quick before you go on? Because I mean, my God, I

literally just blew it up in advance of this. This is the kicker, one little bullet point. The Department of Energy, the Environmental Protection Agency, and other agencies will consider further tracking digital assets' environmental impacts, developing performance standards as appropriate, and providing local authorities with the tools, resources, and expertise to mitigate environmental harms. Here it comes. Powering crypto assets can take a large amount of electricity, which can emit greenhouse gases, strain electricity grids, and harm some local communities with noise and water pollution. Opportunities exist to align the development of digital assets with transitioning to a net zero emissions economy and improving environmental justice. Translate that into English for me. Yeah, the boilerplate is we want to use

what our conception of the environment to control every single industry in the United States. Full stop. That's what they're doing. And you will see that boilerplate in every single industry in the United States. Full stop. That's what they're doing. And you will see that boilerplate in every single statement about every industry. It doesn't matter what it is. It could be transportation. It could be home building. It could be financial services. It could be medical care. It doesn't matter. They care about it everywhere. But the problem with their narrative and the reason they didn't go very far with it is Ethereum transmitting to proof of work is interesting. And Bitcoin stabilizing grids and the more academic studies that come out and the more

that people in various grids talk about stabilizing grids and the more that they raise in terms of flared gas, there's all sorts of stuff going on. The more that narrative starts to fail, they know that it's a loser at this point and it's hard. So that's why it's not the major one there. I mean, actually, in some respects, I'm impressed that they were smart enough to realize that it's a loser. And so just to put the boilerplate in there, because that boilerplate, all you have to do is read the ESG rule. Yeah, they stole it.

But what the fuck is economic justice? I mean, environmental justice. Environmental justice is another way of saying we want to control everything. I'm sorry that I'm getting very political here, but you're pushing me. The fact that you have people who want to say things and want to control your lives, every single totalitarian dictator throughout history couches it in terms like environmental justice or social justice or scapegoating evil. They always do it. Nobody says, I'm bad and I'm going to go kill 6 million people. He says, I'm going to restore Germany to power. I am going to make sure.

And Hitler was an environmentalist, by the way. So a very inconvenient fact for people. But it's true. You can go read it. There's lots of books on the subject. I mean, do I think that that makes him a good person? No. But the reality is that, you know, and he liked dogs, too. I mean, look, the reality is, you know, one of the most

evil human beings to ever walk the planet still uses words like that to justify it. So I'm not saying that the people who wrote this are the most evil human beings on the planet. Not at all. I'm just saying it's boilerplate. It's the way they justify it. But I read this and I know that it's boilerplate. But listen, and I'm not saying that it's like coordinated with the merge. I think this is just six months after the executive order when they said it would come out. But this is a clear attack on proof of work. Well, I mean, clear attack, of course, but they've been doing that anyway. Why would you expect the people in this administration to say anything other than that the only in fact the fact that they said less than i expected in the fact

sheet at least is is somewhat surprising i mean this is a you know you know we always talk about buy the you know buy the rumors sell the news we haven't talked about the merch yet but i do want to talk about that a bit but the fact of is, honestly, all the fact sheet is basically saying is we need to get to the bottom of it. And helping people to do that is interesting. Talk to localities in Texas in terms of their grid stabilization. And you'll get a very different answer than New York, where New York hasn't even looked at it. Right. No, because because we're busy boiling one of the biggest lakes in the world with a single miner in New York? Oh, well, I've swam in that lake. It's the middle of summer at 68 fucking degrees. And I swam three feet away from GreenEdge's mining facility.

But yes, it's of course ridiculous. But we know that it's ridiculous. The fact is the biggest single difference here is this fact sheet. Look, I love the fact that you're angry. I hope Ryan Selkis gets angry. I hope everyone in thekis gets angry. I hope everyone in the crypto community gets angry and people vote with their feet because they realize what issues are really going to affect us. It is really, really important for the CFTC

to ultimately get authority. And one of the things that heartened me the most over it, maybe why I'm not so angry, is watching Christian Gillibrand talk the other day, she actually made a lot of sense. I don't get the idea that it is a uniform position in the Democrat Party that crypto is evil. I think it's a uniform position in the Democrat Party. We need to protect people who didn't know what was happening. Right. I think that disclosures about what risks are being taken. I think that understanding what products are and having a framework for those is a very different problem than saying evil, evil, go away, stop. But there is a faction in that party, Yellen has been very, very outspoken about it,

as has several others, Elizabeth Warren, et cetera, that they want the system to continue the way it is. They like the fiat system. They like central banks as an oligopoly that they can put their thumb on when they need to. They like that, just like they like big tech being in control of information because it centralizes control. We understand what's happening there. Crypto is the antithesis of that. And that is why it concerns them. But they're not dumb. They saw over the, you know, not so long ago, just on one on the infrastructure bill on one clause that will probably get rewritten. 40,000 calls within the span of a day to senators and people getting really juiced up about it is

something they don't want to have happen so my guess is there were fights about how to mitigate this language but my guess is it originally started off worse than this and they said you know what we need to detune it and we need to be more this is our recommendation we're going to share information rather than we're going to go boom look as far as the central bank digital currency goes i mean they there are people out there i am not the only one and there are major political leaders who know what i said to be true that a central bank digital currency as programmable money is the ultimate means of social control and that is something that really really really a big mystery that china is leading the uh charge on a central bank digital currency and adoption.

It's a huge coincidence. Couldn't have anything to do with what you're saying. It is a political loser if framed in any way to allow them to do that. If people knew what they were voting for and who they were voting for. If you stood up and said, I want the central bank to have a digital currency. That's what you're going to spend. We're going to have complete programmable control over it. Anyone who said that loses immediately. I don't think even in New York and San Francisco, I don't think you could gin up the votes for having complete social control over everybody. Maybe you could there, but you certainly can't throughout the rest of the country.

So they're going to always soft pedal it and try to get it in and try to start. Sort of like the income tax started with really microscopic rates, and then eventually they raise it to being what it is. If they start with the central bank digital currency, they're going to try to frame it as, well, we're not programming it. It's just what we're doing. Don't worry. We can't do anything to you with it. And of course, obviously, we all know that you can't give that kind of power without getting used. Hey, you want some worse news than the stuff we've been discussing? Because I got another story for you that's blowing my mind at the moment. Yeah, that one is bad. SEC's crypto guidance pushes U.S. banks to rethink custody projects. Report, the regulator suggests that customers' crypto assets should be treated as liabilities

by lenders, which could be prohibitively costly for banks. For anyone who doesn't understand what this means, right? We see some of the biggest custodians in the world, the State Streets, the BNY, Melons, all of them talking about custodying crypto assets. It's been one of the most bullish narratives that they were willing to do so. That, of course, leads to eventually people being able to borrow and lend against their assets, et cetera. They're saying that they should not be listed as assets on the balance sheet, but rather as liabilities, meaning that for the bank to custody those crypto assets, they would have to have cash equivalents also in the bank to offset those liabilities. This completely would crush the idea of any, any mainstream bank custodying crypto assets, period. Yep. Right. It sounds, it's sort of like what they had with Basel III with why the interdealer

swap market was a problem because they said there, they said, if you were long a billion in Bitcoin swaps and short a billion in Bitcoin swaps, that rather than some haircut of like, you know, a couple hundred million in capital reserves, you had to hold $2 billion in capital reserves. It's the same sort of accounting prestidigitation to basically try to destroy an industry. That's actually the more scary piece of all the stories. Now, we'll see. There's a long way that goes from guidance to whatever. That's actually a very scary story. That basically pushes crypto into self-custody.

And it will almost certainly end up in the courts as well. I mean, it would be very interesting to know how gold is treated on the balance sheets of banks when it's coming into fault. You know, and I don't know the answer to that. Maybe what some of your listeners do. Well, central banks view it as assets, but I'm not actually sure how they view it. But a customer who holds gold in a safe deposit box or the Perth Bank or someone who like the ETF, I don't know the gold ETF assets. Are they liabilities or are they you know, how is it treated? I'm not sure, but I can tell you that State Street and BNY Mellon, when they were intending to start cussing crypto assets, were not viewing them as liabilities.

Oh, of course not. So my feeling is that they had precedent to believe that these would be assets on the balance sheet. But we can thank the collapse and the disaster of Celsius and Voyager probably partially for this. Right. But now when rules actually get debated, they get proposed. They end up end up the rules can end up in court. A lot of things happen. The reality is there's a middle ground. Right. Which is which is very simple. If you're running a staking note or if you're using the money and you're lending out those security, those that crypto securities, you're lending out those those those tokens to try to get something with it. Yeah, they should be liabilities. I actually believe that that's true. That is not the same thing as you stick it

in a vault or you stick it in cold storage. You're holding onto it for people. And there, should there be a haircut because of potential theft risk or whatever? Yeah, probably a potential haircut. Not 100%, obviously. And what you'll end up with, Scott, is probably some sort of compromise. But I don't know. I mean, look, if they do push it that way, then effectively they're forcing the entire crypto economy to go to self-custody. Right. And I want to clarify, just to be clear, Dave is correct. I want to be clear when I report something, we read it. This isn't happening. This is guidance from the SEC, but it's certainly going to give banks major pause. And it's tipping the hat as to the direction that the SEC wants to go with custody. Well, this SEC wants to go. They also want every company. They

want a company the size of mine to report an environmental impact statement. So we decide to move people's servers from Amazon East because they're trading more with FTX and Binance. We would decide to move them to Tokyo. We're supposed to do a study to determine that the new server in Tokyo, what its carbon footprint is compared to the carbon footprint of servers in northern Virginia. Obviously, that rule, which is going to go to court, that's the ESG rule that they have out there, is absurd. I mean, this SEC literally is absurd. I mean, they're going to end up in court on so many rules, it's going to break and shatter

every single record. So who knows what they're going to actually say? I don't know what they have the power to do or don't do. Obviously, if you're sitting in Nathan's shoes at Anchorage, you're like, he probably has steam coming out of his head. And I don't blame him either because, you know, it's crazy. But look, let's face it. There was always going to be pushback to millions of dollars lost from millions of clients who had no idea they were taking risks.

At some point, you end up on both sides of this. But if you're in the industry and these sorts of things happen bad stuff will happen and the question is is how to de-mitigate that and so we're in a situation now where you know we're all saying that doom is gloom but let's understand what's happened over the last four months over the last four months and i don't have good data on this but i've seen people who have some It would have to come from some of the analytics providers. But the percentage of volume that is now pure speculators crypto native versus the average client has gone way up, i.e. public interest in crypto. There's nobody here.

There's a washing machine. This is a washing machine. Well, but it's a very big deal, because what does that mean? If you wonder why the correlation of all these things to risk assets is so high, it's because the people trading it are people who are trading it as a risk asset. And the ones who are holding it and still holding it are like still holding it. But on the margin, new people, they're all like oh crap i just lost all this money i i don't know what happened please explain it to me this doesn't make sense try explaining to the average person in the street that when you had when you deposit bitcoin with

celsius and get a get an interest rate on it that you no longer own that bitcoin you we could say people could say not your keys not your coins until you're blue in the face. But the average human being who doesn't know crypto, is not in the community, doesn't understand that and won't. And as a result, when you put money in Voyager

and it is no longer there, you have a real problem. And that problem is one that is both in terms of confidence bad for the industry and it needs to be solved. And the reality is we may not like it, but the only way to solve for things like that is for people to believe that the industry and the thing they're investing in has changed. And there's only really two ways for that to happen. One is private solutions with insurance and proof that people

believe in. That's really hard and that takes a lot of time. And the other is a regulator steps in and says, okay, we're going to give you civic treatment for your assets. And if these people do something wrong, we're going to send them to jail. And that's how people got, you know, people have to forget how absolutely routed the stock market got. Not once, but twice in our lifetime. In the, you know, in the 70s, it was routed, not because of the lack of trust in the system, but because people didn't care. I was explaining to someone on my staff, they were saying, oh, well, you know, the PEs, the PE might drop to the teens on these growth companies from the 30 or whatever the hell it's trading at now. And I said, teens, I said, do you know what happened the last time people decided we had a major rate cycle that looked like this? The average P.E. in the S&P, I think, bottomed somewhere between five and seven.

I'd say it was five. Yeah. So, you know, people can learn to hate the market in crypto. People by now, the fact that they don't hate the market that much, the fact that Bitcoin is still double where it was before the bull or triple where it was, where the bull runs, the last bull run started is actually quite meaningful. And the reason is because of all the macro factors and what goes into it. But that's important. So, you know, while all these words make me mad because of where this administration is leaning, there is still a very real probability that when they start putting their heads together, especially if we have a gridlocked political system, i.e. non-uniform one party control of legislature and the administration, there is still a chance that you'll end up with some compromises and something actually getting done. Stable coin regulation is virtually certain, but no one wants to talk about it before the election. Could we get something in terms of risk disclosures and a middle ground with regard to custody of assets and how individuals are treated? It's possible. Is it probable? I don't't know i mean our i don't trust our politicians farther than i can well i don't trust them and so i don't know what will happen but it's it's not

it's not worth getting incredibly yelling about because the reality is it's just words on a paper right now and it's and it's par for the course and expected i mean i know you want you said you had thoughts on the merge you want to talk about it obviously the easiest segue into that is sec's gensler signals extra scrutiny for proof of stake cryptocurrencies, effectively hinting, tipping his hat once again, that he believes that now that we've made a move to proof of stake, he can finally live his wet dream that he's been waiting for to deem Ethereum also a security. Yeah, I mean, look, let's face it, that was as predictable as mushrooms after a spring rain. I mean, you know, it's like, you know, Gary Gensler is the basic hinged hammer.

The only thing he can do is hit a nail that's put straight in front of him. And so he's going to keep doing that. The reality is, and I thought, and John Deaton, who I've never met, but I follow him on Twitter and he has some brilliant legal analysis from time to time on the XRP case, made the point that the Howey test did not judge the oranges to be securities. They judged the contract. And that's a big deal. ETH tokens are the oranges. Yes. Is it possible that a staking pool, which takes in, you know, which takes in investor Ethereum and gives an interest rate is a security under Howie. I mean, I'm not a lawyer, but that's like, that could be a good

argument. Sure. But if you buy Ethereum because you need to pay gas to transact and you never stake it in the smart contract, that shit has utility. That's right. And so it seems extremely clear that what he just said was just actually one of the more ignorant statements that he's that he's uttered. He's uttered a few, you know, but but that one is funny. I think that Ethereum is the oranges. But what's interesting about this is I have this theory about the merge that's that's fascinating. I think that people know in the community and I bet you Vitalik knows full well that the proof of work environmental narrative is a bunch of crap, that the marginal benefit from having no proof of work and having crypto go poof to the environment is literally zero.

It's certainly statistically indistinguishable from zero. But if you think about what does he want to do and what is the difference between Bitcoin and Ethereum, I don't think he's dumb at all. I think he's playing chess and everybody else is playing checkers. And put it this way, Ethereum to succeed and grow up, and I like to make it clear, all of these things are in their infancy or at least toddlers, not more than that. For Ethereum to be successful as the platform underlying all securities financing, all artist representation, for it to be the representation of value, representation of value. And the base layer for all transactions, of course. For a transactional base layer, it is really important to have, it has to change. It has to have lots of changes, whether it's sharding or all the other stuff we know about. The fact is, who do you want making decisions about how it changes?

Owners or mercenary miners? And the answer is, is it's a hell of a lot easier to marshal support among owners of a token to make the token more useful than it is among miners of that token. So if you think about it, a transmission from proof of work to proof of stake makes it dramatically easier to align the incentives of the owners of Ethereum with the ultimate vision of it being this infrastructure play, which is very different than Bitcoin, where its ultimate vision is to be a store of value and to be a digital peer-to-peer cash.

And Bitcoiners should be celebrating the merge. It's like a further differentiation. Have fun over there. We're going to stay over here. In my opinion, but hey. But that's the point. And the point is that it's far, I think you use the environmental FUD to justify it and make everybody want to go along with it.

And then you get what you want, is a a way of of making future decisions dramatically easier to get done and i think that that's so it's long-term bullish for both ethereum and bitcoin is my thesis i mean at the end of the day long term is long term though scott i mean the fact is is right now traders are looking at both of these as risk assets so we all say oh my god ethereum's down after the merge. And, you know, I told you I thought it would be worth selling. The merge is nothing. But the reality is, in the same time that Bitcoin has slipped below 20,000 and Ether is slipping below 1,500, you know, the Nasdaq and the Russell have been getting monkey hammered.

FedEx came out with horrible guidance last night. Horrible. That's the story of the day. getting monkey hammered fedex came out with horrible guidance last night horrible that was that's the story of the day that is the story of the day and and so to expect yet yet another day where the russell you know 2000 is down over two percent to expect these assets to perform when you consider that most of the people investing in these assets are now speculators and the long-term holders are not selling but but not buying either. And we're not getting new ones because people have lost a lot of confidence and the momentum is decreased. This is where we're at. Now, this stuff can change on a dime.

Confidence and understanding is something that can happen and change pretty quickly. But but this story is really big because it's telling it basically tells you that what the Fed is doing is crushing the consumer economy at the same time that that according. And I haven't done the research, but but crypto Hayes, Arthur Hayes in his in his media posts, he basically went and tracked it at the same time. They've actually been basically stealth adding liquidity on the long end. So it's really fascinating. I think it's playing out as I thought it would, which is that the Fed is trying to manage the curve to be inverted, create a recession to basically stop any chance from a wage spiral, you know, taking root from what they're hoping is transitory inflationary pressures. That's a topic for another day. But this is telling you that they're winning in that. For people who can't read it, they had extremely weak quarterly results

and basically completely withdrew their full year financial guidance, saying that they're getting crashed. And we can talk about this another day because, Dave, I want to share something with you that if this doesn't get you going, I got nothing left. I got nothing left, okay? We're going to watch a video. All right, everybody? We're going to have a video time here. It's our favorite person, Nassim Taleb. Oh, yeah, that'll be fun. Having a big debate at this table, and Barry's been a huge part of it,

about what the Fed should or should not be doing and where we really are in this economic cycle, whether we effectively are already in a recession or not and whether the Fed is doing too much or too little very curious where you land on this I think that we've had 15 years 14 and a half years of Disneyland that basically has destroyed the economic structure think about it no interest rates is right by the way anyone who's today 40 years old realize like 40 years old with no experience in markets right with

zero they don't know what time value of money is okay so the fed overshot by lowering interest rate too much the first hundred basis points work the second much less at zero interest rate now OVERSHOT BY LOWERING INTEREST RATES TOO MUCH. THE FIRST 100 BASIS POINTS WORK, THE SECOND MUCH LESS. AT ZERO INTEREST RATE NOW, OF COURSE, FOR A LONG PERIOD OF TIME, YOU ARE HURTING THE ECONOMY, YOU'RE CREATING BUBBLES, CREATING TUMORS LIKE BITCOIN, CREATING... TUMORS LIKE BITCOIN? YEAH, OR HEDGE FUND THAT SHOULD NOT EXIST BUT HAVE EXISTED FOR 15 YEARS.

WE'RE GOING TO DIG INTO THAT IN JUST A SECOND, BUT KEEP GOING. SO NOW WE NEED TO GO BACK TO NORMAL ECONOMIC LIFE. Yeah, or hedge fund that should not exist but have existed for 15 years. We're going to dig into that in just a second, but keep going. So now we need to go back to normal economic life. Here I see people are experienced. And, you know, people with experience remember that there was at some point such a thing as a discount rate. So we had interest rate rate time value of money that your investment had to earn cash flow all these notions escape the new generation okay so he's not an idiot no let's be really clear everything he said except for his his is irrelevant point about bitcoin is true but what he's missing is bitcoin is a response to disneyland he wrote the he wrote the forward to the bitcoin standard which has now

been replaced by sailor by the way but he wrote the forward to the boat the fact is is that his comment if if basically if you are what is the what is the thing that disrupts a system call? Yeah. You know, cancer disrupts the human system and call it a tumor. If the system you're disrupting is bankrupt and needs to be changed, then you could call it whatever you want to call it. I mean, tumor has such a negative connotation because obviously cancer kills human beings and we don't like that. But the fact is, is Bitcoin a thing that has the potential to disrupt banks ability to print money out of thin air, to engineer and centrally control money, which is an experiment that is on a 70 year old experiment? Was gold a tumor to those banks before those hands? No, it was too big to be called a tumor. But that's not what he's saying. I agree. I agree with you. Yes, it's a tumor to those banks before those hands no it was too big to be called a tumor

but that's not what he's saying i agree with i agree with you yes it's a tumor to fiat it's to our to the government he's saying it's a fucking tumor like it's good at the end of the day if you are out of touch if you don't understand and mark yusko and i on your show we had this conversation if you don't understand that things that are digital have actual value, there are people on this planet. He is one of them who doesn't understand that when you play a game and you buy gems in that game for real dollars because you want to play that game, that that thing has real value to you. If you don't understand an entire generation of people who will be controlling the economy in 20 years understand that digital things have value. Understand money is going to move digitally. Everything is going to be digital. If you don't understand that something that's digital can have value, then you're going to

look at digital assets as being fundamentally having no intrinsic value. Is that a stupid way of looking at the world? Well, it's ignorant. I don't know about stupid, but you're ignoring something. Now, he has at times said different things. If his commentary is based on and obviously I didn't see the rest of the interview, so I don't know what he said. But if he's saying that the world that has grown up around where Shiba coin could have value that's in the millions much less hundreds of millions much less billions if he's saying that that makes no sense and that's cancer as to what really should be happening in crypto i kind of agree with him right yeah his implication is that bitcoin is a tumor that uh it needs to die i mean that that if you've obviously in context of the things he's saying but i agree like listen he's right that the this generation has grown up in a Disneyland of zero interest rates and free money and believing that up only and never experiencing any bear market because it's been artificially inflated.

Let me ask you a question because we're running. I know you can tell me we're running out of time. If you need to stop, if you say that it's Disneyland and centrally planned money, whether it's centrally planned economies like, you know, like the Mao plan, which killed a few people, or the five-year plans in the old Soviet Union under Stalin that killed a few people. And, you know, central planning we know doesn't work economically. And centrally controlled money isn't going to work forever either. Do you believe that politicians who use money as a source of central planning of money as a source of power are going to ever voluntarily let that system go? No, there's only two ways that can end. Only two. Right. Yeah. He's out there. He thinks I'm an idiot. Great. I can't watch these idiots. I was just saying goodbye. Whether you believe in the fourth turning, whether you believe it, there's really only two ways it can end. Way one is ugly. The system falls apart and we have mass problems, right?

You know what? I don't want to go into which ways that could go, but politicians are all voted out, generally not peacefully, et cetera. Or two, the monetary system gets replaced gradually by something that forces it in, back in. You know, can we get back into a gold standard? Is there any political way to think that in a digital world we could get back to a gold standard? Probably not. So if you look at what we have as a system that is guaranteed to fail at some point, now that that failure could be in 100 years. I am not saying it happens tomorrow. But if we know that printing money consistently cannot be left, politicians are never going to stop.

So the only answer is that measuring sticks, something has to develop alongside it to start creating discipline. Discipline always needs to be imposed. The gold standard, the reason that it worked for a thousand years is because it imposed discipline upon those politicians, sometimes brutally. Right. But the reality of the situation is there is a need for that. Now, whether or not Bitcoin will become that or not, obviously, the market's placing it less than a five percent chance of that happening, or at least for it becoming at least gold's kind of value, you know, a 10 percent kind of measuring stick that's sort of benign to policymakers. It's placing 5% of that and

probably 0% that it's going to replace it or pretty close to zero. The reality is I don't know what will happen, but something needs to happen. Maybe not in my lifetime, maybe in my lifetime, depending on how lucky I am. But the reality is, is there are lots of very strong vested interests that understand what I understand and will do what they can at moments of weakness. Every time we get moments of weakness, the FUD cycle increases dramatically. FUD, fear, uncertainty, and doubt. So whether it's, you know, because of the environment or because of sanctions or because of losses, they're going to all get leveraged in a direction make no mistake this is a marathon not a sprint and so that's the way I have to look at it and you know our industry has inflicted many self-inflicted wounds whether it's the you know

whether it was the ICO boom with the idea of non-dilutive capital being Fantasyland for founders or whether it was nfts you know pictures of rocks being worth millions of dollars or whether it's it's now uh you know individual investors losing money that they thought was safe these are all self-inflicted wounds I wish I could tell you that the next bull run we won't have self oh come on man humans don't learn that's why we have my market cycles we'll repeat every single one of these things and worse. Right. I mean, Bitcoin, listen, crypto, I'm not talking about Bitcoin specifically, but the crypto industry, whatever, we were supposed to be a better version, a way to opt out of legacy systems. And we went ahead and took every bad lesson we'd learned there and

built a worse version of it. Well, I would. We went ahead and built unregulated banks that were behaving like hedge funds and lost everyone's money. I don't want to go through what I'm going to talk about at Masari Mainnet next week. Yeah, I'll let you have it there. I'm quite literally going back through starting in the 80s with a history of financial crises and making the point more or less that there are things that crypto needs to learn from traditional finance and there are things that crypto can teach traditional finance to end up in a better world. And I think both are true. And it is disingenuous

of all of us to think that either are false. By the way, the person who I just wanted to clarify, the guy who said he had to leave because we were idiots was triggered because you disparaged Shib. You said, go Shib, don't be ignorant, do your own research. Shib has excellent projects and plans. We can't help everyone, Dave.

Can't save them all. At the end of the day, communities are a fascinating thing. If his point is that there will be online communities of like-minded users who want to use a token to exchange value about what they're trying to do, I mean, I suppose it's possible. He's right. I've not really done huge amounts of research. I mean, the same could be said with, you know, ApeCoin and what they're trying to do in the metaverse. Anything is

possible. The reality is we are transitioning to a digital, you know, probably too much so. I think too many people spend too much time in front of screens instead of enjoying the beautiful view that we have here in sunny Miami. Ah, yes. Ah, yes. Yes. Yes. You know, the reality is that people need to understand where the value proposition, and if you really believe that billions of dollars in value is being created in a community, hey, who am I to say that you're wrong if it feels wrong? I agree, man. Listen, I've kept

you way longer than I was supposed to. You're coming to Vegas, right? I would be in Vegas on the 12th. Yes, guys. Listen, I've told you that I'm hosting a stage at WebEx, but we convinced Dave to come. So we're going to play some poker.

Well, God knows I want to, whether I can find the time to justify it or not. We're going to make that. There's always the middle of the night, Dave. Yeah, guys, so listen, it's scrolling on the thing, but come hang out with us in Vegas. We're going to be there. And the list of people that we now have coming, it's getting larger. It's going to be a hell of a lot of fun. But man, thank you so much, everyone. Please follow Dave. You're the best. I don't know what else to say. Thank you again for coming out here. You actually calmed me down a little bit, which I did not anticipate. You know, age has some benefits. It has a lot of detractions, as I can tell you.

My recovery time from working out is not what it used to be. But, you know, you have to learn perspective. You know, people who lived through the 70s thought that the economy would never get better. The fact is, is we are onto something in this industry that is going to be world changing, but it needs to be done intelligently. It needs to be done thoughtfully. And there are going to be people who are going to fight us. And we're in the, you know, first they laugh at you, then they fight you. We are clearly in the fight you stage right now. And people who think that's going to end immediately, it's not going to end immediately. It won't. So we just have to understand that there are lessons that need to be learned and things that need to happen.

And, you know, I wish I could be more sanguine about this. I wish I were more rampagingly bullish. The reality is I am long term just as bullish as I've ever been. But we see the issues and we see what's going on. And I guess, you know, we'll have to find out. You know, the future will be interesting. Awesome. Dude, thank you.

I'll see you next week in New York, and then I'll see you two weeks later in Vegas. Take care, Scott. Thanks for having me on. See you, Perseverance. Thank you. Guys, I'm going to go through a few last things that I had here that I didn't need to burden Dave with for extra hours of his life because he has an actual job that's not just talking into screens on YouTube and clients and customers to be concerned with. But what a legend. And I agree with effectively 99, probably 100% of everything that he said and his takes.

I'm going to be frank, man. I woke up today, started researching for the newsletter, looking at the news, and everything pissed me off. Maybe it's my time of month. I don't know. But and everything pissed me off. Maybe it's my time of month. I don't know, but everything absolutely pissed me off. We're going to go through a couple more news stories really quickly, and then I'm going to let you guys go because it's Friday. It's Friday. Big firms dominate post-merge Ethereum validation. Well, this wasn't the news that everyone was looking for. Basically, Lido Finance and Coinbase are controlling like two thirds, top seven entities, controlling two thirds of the stake.

Right. So this was an argument we were talking about yesterday that immediately, even though the goal is decentralization, perhaps the Ethereum merge is going to make Ethereum more centralized. But I think we're going to have to see what happens with time, how many more people stake and how this shakes out. But this is not so different from a couple of huge mining pools controlling the majority of the Bitcoin hash rate. It's going to take a lot of time for any of it to be truly decentralized. Cloud Casino says we need a Voyager update soon. I have one coming momentarily, but it's hearsay. So that's all I got. But Vitalik Buterin says, a theory emerged, cut global energy usage by 0.2%, one of the biggest decarbonization events ever. Overnight, reducing the carbon footprint 0.2%

of the entire freaking planet. Entire planet, right? This is a study. Now I can't remember. Done by CCRI, right? And it's a major, probably the biggest single overnight reduction in history in global energy usage.

Whether that matters or not is up to you to decide. My friend Sandeep here is saying, Ethereum's merge could bring a billion users to Web3, Polygon co-founder says. This is on CoinDesk with First Mover. He said the software update could lead to further upgrades that would increase scalability for Layer 2 networks. Of course, he's the CEO of Polygon.

Popularly, the coin, of course, is Matic. And the merge is really allowing huge opportunities for scalability for the Layer 2s that operate on Ethereum. Right? And listen, really quickly, this is interesting. Dollar is only placed to hide this year as risk assets crumble. I hate to admit it. This is actually arguably correct.

This is from Citibank. Strategist there is saying this. Dunleavy from Masari was on not long ago and pointed out that for the first time in history, a few months ago, every market was down, gold was down, Bitcoin was down, and the dollar was inflating. Therefore, there was no place to hide, earn yield, see anything go up, right? Your dollar purchasing power with inflation was going down, and so were all of your assets. Basically, there was nowhere to hide. So the argument here, the dollar is the only place to hide, is only true because it's the best of the worst, right? Yeah, if you're holding dollars right now, you're losing purchasing power,

but you're gaining purchasing power of hard assets in the future and of other currencies and of basically everything. Because when the dollar or DXY goes up relative to everything else, remember, it's measured relative to other things, not vacuum, then your purchasing power increases. And that's why they say in a bear market that cash is king. And in this case, although I know that no Bitcoiner who believes that we're going to hyperinflate and die, which by the way, might happen eventually, I'm not arguing that. But at this moment, it's hard to argue when you see DXY raging and all assets going down that the best place to be, even though it still really sucks, is the dollar. Is the dollar.

You can see it right here on the chart, right? I mean, DXY has just raged, right? I mean, this is the dollar. And by the way, I had been a huge dollar bear, if you've been following the newsletter or whatever, until this breakout here, right? And it's gone nothing but up since then. Interestingly, investors add $74 million to Crypto Focus Valkyrie Trusts. You guys know that I'm an investor very early in Valkyrie. I also have coins and money in the trust themselves. New SEC filings showed additional sales for the investment firms Tron and Avalanche Trust. So what's interesting here is that it came in through their new trust

for Tron and Avalanche, showing that there's still a major appetite for risk and for altcoins, even from institutional investors who are buying into those trusts. And finally, the moment you guys have been waiting for. But once again, this is hearsay, and I've been digging in very deep to try to find some facts here, and it's very hard. FTX is in the lead to buy crypto lender Voyager Digital's assets out of bankruptcy. This was reported originally from what I saw by Unusual Whales. Voyager's collapse shocked crypto markets earlier this year. It's close to finding a buyer for its assets. So they started the auction about three days ago. It's a private auction, so this should not be public knowledge, even if it is true, right? They contend here that there are two companies, Wave Financial and FTX, that are left, but it says the auction was held this week,

and that at the final stage, it was a battle between Sam Baker-Fried's FTX and Wave Financial. FTX bid was higher. It's unclear how much FTX agreed to pay. Now, to my understanding, and I'm in touch with the unsecured creditor representatives, the auction reopened today and was ongoing. So the language here that it's finalized, that could be true for all I know, but those who are close and participate in the auction have said that the auction continues today. There were originally about 80 suitors interested and apparently up to over 20 that were actually showing up for the auction and involved. What this means, I don't know. Honestly, I don't know.

Right? Because Chapter 11 is not supposed to be a liquidation. Right? It's supposed to be a restructuring. So in theory, Voyager is supposed to be restructuring with the hope of continuing their business, retaining their customers, filling the hole left by Three Asses Capital. Fuck those guys. My God. Filling the void from Three Arrows Capital and hopefully making everyone whole and continuing on with their business. But the way that this sounds when you're reading about it is that basically the assets themselves are going to the highest bidder. Like if FTX buys the assets and doesn't buy the

company, that obviously means we all become customers of FTX and take our pittance. Not what I want. So yeah. But the understanding that I have is that the auction is ongoing. So I believe that this is incorrect reporting from Coindesk, but I cannot confirm that 100%. I mean, meanwhile, I haven't even looked at the charts, honestly, but Bitcoin trading $19,684. Ethereum trading $14.45. No surprises to anyone because I circled this shit on a live stream with Big Cheds and CryptoBurb. And in advance of that myself, thinking $12.84 was a really likely place, if you think that's where it would bounce, to buy some Ethereum. I did buy some Bitcoin this morning, $19,700.

But yeah, the merge, important fundamental event long term, but I did not expect any upside in the short term. And we're not seeing it at the moment. Oh, by the way, ETH proof of work, $11. When it opened here, I believe this is the BitMEX futures contract because it opened earlier than others. So that's the chart that I use. There was a moment when you could have sold ETH POW at least through perpetual swaps at $96. It's currently at $11. Overnight was $8, right? This is the hard fork coin that everybody was super excited to earn. And yeah, here we are. Look at what Michael Otis, Michael, by the way, I saw your question earlier about the CBDC. We addressed it at the very beginning that

the entire White House report at the end was clear that they're hyping the CBDC. But yeah, to your question here, what about the large head and shoulders which just broke the neckline? I see it, right? We originally had, let me find, I'll just use the spine, I'll use the brush, right? We originally had this head and shoulders that I had pointed out to you guys.

You can see it on the four hour chart right here, right? That one, that's not the exact line, but we saw it break down. I'd showed you guys that. I believe what he's talking about right here is a very clear and much bigger one, although it's a complex head and shoulders on both the left and the right. So I personally would not trade this as a head and shoulders, but I can see what he's talking about. And I will point it out here. Assuming you're using the Wix, here it is right

now. And it also hasn't broken down. It's actually testing support at the moment, right? And you would take, obviously, your shoulders would be, you know, this, this, and this, as opposed to these little three ones up here. I don't love the shoulders. And the problem here, of course, and this is on Binance, so it should be the highest. You should see a major spike in volume in the left shoulder. We don't have that, really. I mean, this left shoulder,

maybe this left shoulder slightly, you should see a major volume spike at the head. And we actually have a huge dip in volume at the top. You have to have the correct volume profile to confirm a head and shoulders or otherwise it does not count. Right. And we should see major volume on the actual breakdown, which is yet to be seen. Now we do have major volume coming a spike here coming into support but whether that will actually break i don't know so i don't know if we see a huge spike in volume here maybe but it really is missing the volume profile on either of these parts for me the pattern is there but i don't know this is two shoulders here two shoulders here it's kind of weird i just don't really see it. Listen, the concept is there and that's why patterns kind of work. It's showing you that, you know, where the volume was and where things happen. I just, for me, if I was following

closely to the rules of the tech, I don't see it. I don't see it. That's all I got. Guys, we just did an hour and five minutes. A lot longer than I was planning on Friday. I actually just messed up some of my day plans. Sorry to those counting on me. Yeah. I wonder what VGX token holders will be left with. I think VGX will probably keep trading. I don't know what's going to happen there.

Yeah. Yeah, Twitter accounts keep posting this story, but the volume spikes don't line up. Yeah, I mean, technically, you need the volume to confirm right there. And right now it is not broken down. You know why it wants to know where Stink Stonks is. I think his name was Stonky Stonks. If you guys saw Justin Case, who's here sometimes, posted a hilarious image on my Twitter of me with a sock puppet as my co-host. Dave was a much better sock puppet. Much better sock puppet.

Yeah. So, guys, listen. Sorry. Listen, I cursed a lot today. People who listen to this potentially as an audio recording might not like that. We have a more conservative audience probably on Spotify and Apple. But, yeah, man, I don't like it. I don't like it. I don't like it.

You know, to Dave's point, like, what do you expect? It's exactly what you should expect. But, you know, forgive me for being an idealist and thinking that maybe at some point somebody will get it and say something reasonable. And instead, it's just an absolute beating. Yeah. Absolute beating. Anyways, guys, yeah, you can't always be warm and fuzzy. I'll go on with my life. Life is, as architect Jeff just said, go enjoy your weekend when life is still great. Listen,

guys, if losing millions of dollars potentially on Voyager didn't fundamentally affect my mood or destroy my life on a day-to-day basis, then Joe Biden's old ass certainly isn't going to fuck up my weekend. Right? I'll be over this in about 30 minutes. But when I'm forced to sit here and talk about it and review it with you guys, of course I'm going to be mad because I'm passionate about this. We care about it. We think it matters, right? It does matter. So just means it's going to be a harder fight. Just means it's going to be a harder fight. Once again, guys, that the WebEx, listen, can I show you, instead of concluding with the music today, we're going to conclude with the little ad we have for Vegas because I I really want you guys to come in.

I know it's Vegas. It's expensive. It's far, but like, we're going to literally be there and accessible myself, Dave, dude, tons of other people. We're going to release our list of our stage guests soon,

but it's awesome. And I had to get every one of them, convince them to fly their ass out to Vegas just to hang out with me for an hour. Right. So we're still working on it, but it's going to be amazing. And yes,

it should be. Our intention is to live, live broadcast the entire thing on this channel for free. You don't have to come to Vegas. You will see it. And then we're going to record it and take the best parts and turn it into masterclasses and videos. It's going to be awesome.

How about Cheds? I'm working on him. Herb is coming from Poland, flying out to Vegas. He'll be there. A lot of people are going to be here. Be there. It's going to be awesome, man. It's going to be awesome.

It's going to be awesome. Anyways, that's all I got for you guys. Please, if you can, if you have the means, come have a drink with me in Vegas. I would love to put some faces to some YouTube and Twitter names. Be super fun. Maybe I'm going to talk to them. Maybe we can get a giveaway going where I can give away on the channel a few free tickets. That'd be awesome. That'd be awesome. But for now, this is all I have for you guys. Let me play a little ad and then I'm out of here. Peace, everyone. Have a wonderful

weekend. What's better than listening to the Wolf of Wall Street's podcast? Listening and watching the Wolf of Wall Street's podcast live. Well, they say what happens in Vegas stays in Vegas, but this time that's not the case because I'm hosting a stage at a conference from October 10th to 13th. That's the WebEx conference. I'm going to be bringing you live podcasts, live panels, masterclasses from the leading minds in the industry. This is going to be absolutely epic. It's going to be live streamed, recorded, and presented to you live. You can come have a happy hour with me, eat dinner, potentially play golf, and watch all of your favorite content being recorded in real time. Guys, the link for this is web3expo.live. That's web3expo.live.

Use code WOLF20 to get 20% off your ticket. WOLF20 for 20% off your ticket. Guys, let's hang out in Vegas, October 10th through 13th.