The Wolf Of All Streets - Eyeballs For Sale | Is Worldcoin The Next Big Thing In Crypto? | Seth For Privacy & Big Cheds

Episode Date: July 25, 2023

The Worldcoin token has begun trading on various exchanges, causing a stir with its potential to redefine digital identity. Today, we will delve into understanding what Worldcoin is and how it may impact your privacy. Joining me is a foremost privacy expert - Seth For Privacy, along with renowned market analyst, Big Cheds, to discuss the financial implications. Seth For Privacy: https://twitter.com/sethforprivacy Big Cheds: https://twitter.com/BigCheds ►►MELD MELD will bring to bear the full power of decentralized financial instruments to the masses. Banks are at the heart of the economy, MELD will become a new set of banking tools that are by the people and for the people. 👉 https://www.meld.fi/early-access-apply?source=crypto_banter ►►OKX Sign up for an OKX Trading Account then deposit & trade to unlock mystery box rewards of up to $60,000!  👉 https://www.okx.com/join/SCOTTMELKER  ►►THE DAILY CLOSE BRAND NEW NEWSLETTER! INSTITUTIONAL GRADE INDICATORS AND DATA DELIVERED DIRECTLY TO YOUR INBOX, EVERY DAY AT THE DAILY CLOSE. TRADE LIKE THE BIG BOYS. 👉 https://www.thedailyclose.io/   ►►NORD VPN  GET EXCLUSIVE NORDVPN DEAL - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets   ►►COINROUTES TRADE SPOT & DERIVATIVES ACROSS CEFI AND DEFI USING YOUR OWN ACCOUNTS WITH THIS ADVANCED ALGORITHMIC PLATFORM. SAVE TONS OF MONEY ON TRADING FEES LIKE THE PROS! 👉 http://bit.ly/3ZXeYKd  ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/   Follow Scott Melker: Twitter: https://twitter.com/scottmelker   Web: https://www.thewolfofallstreets.io   Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Worldcoin 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.

After months of conjecture as to when it would launch and what it would look like, WorldCoin is finally here. Of course, that is the coin where they scan your eyeballs to prove that you're human and then drop you some free shitcoins that, as of now, I can't find the actual use case for, very vague on the website as to what they're for, but proves that you're human, trying to get these into the hands of everyone in the world. This is from Sam Alpen, the man behind OpenAI and ChatGPT, also a man who's in a major battle at the moment with Elon Musk, seemingly over the future of finance and privacy in the world. There's a lot to unpack here, but it did launch yesterday with a fully diluted valuation of $21 billion. We're going

to talk WorldCoin today, how it affects our future and privacy with Seth for privacy, who I recently had on the podcast. You guys definitely have to listen to this episode. And then at the back end, Big Sheds and I are going to talk about the actual market, look at charts and trades. Let's go what is up everybody i'm scott melker also known as the wolf of all streets before we get started please subscribe to the channel and hit that like button hope you guys are having a wonderful day just a bit of housekeeping here. I just wanted to tell you guys, since it is officially happening tomorrow,

this tweet from Robert F. Kennedy, of course, Spaces is glitching as usual on desktop. So it just says details not available. But if you could see that or looked at it on your mobile, it would tell you that I'm hosting a Twitter Spaces tomorrow at 2 p.m. Eastern Standard Time with Robert F. Kennedy, Marty Bent, Natalie Brunel, Mark Moss, and Robert Breedlove. The five of us effectively each taking 15 minutes to talk to him about Bitcoin, privacy, freedom.

We will not be hopefully delving into the other areas of contentious campaigning that have been going on surrounding Robert F. Kennedy, the idea here is to dig in specifically on his policy for Bitcoin, his thoughts on monetary policy, his thoughts on the Fed, etc. So we're going to focus on money and Bitcoin, see what his plans are there. That's the idea. 2 p.m. Eastern Standard Time tomorrow. Put that on your calendar because, I mean, it's pretty huge. And actually, next Monday, hosting another presidential hopeful, Francis Suarez, the mayor of Miami. We're going to have him on Twitter spaces at 10, 15 a.m. next Monday. So try to run through all of them. I have a feeling I will not get to Biden and Trump. And that's fine because I don't really want to talk to any of those old bastards anyways.

Let's be honest. Anyways, though, what you guys are here to talk about today, we're going to hear to talk about WorldCoin. I'm going to just go ahead and bring on Seth right now because why do this by myself? How are you doing, man? Doing pretty good, Scott. Thank you so much for for having me back looking forward to talking about of course so listen as an advocate for privacy world coin has to be massively on your radar here right and to give people the context right there literally there's this orb which i'm sure i have a picture of it here in one of these articles uh i'll find the orb but it's an orb and it scans your eyeballs the goal here is to scan the eyeball of every human being in the world and airdrop them some world quite. So let's go to Adair. Yeah.

Yeah. I mean, I think that the ultimate goals that they've stated are to use this as a way to have kind of proof of personhood is the name that they put around that. You can think of it kind of like proof of work, but with the goal being that each person is uniquely verified. And it's not necessarily a terrible goal. It certainly can have some implications for anonymity and pseudonymity, depending on how you actually approach it. But the goal itself has some benefits, especially if you do things in a privacy-preserving way, which to get the good out of the way, when you actually verify your world ID once you've gone through the eye scanning

and you've gotten your world coin, when you do actually verify that to log into a service or something, they do it in a way that doesn't reveal anything about who you are. It just reveals that you have successfully verified using a technique called zero-knowledge proof. So there are some unique things about it

that can be interesting, but I think a lot of the approach that's been taken is probably naive i i hate to turn people malicious uh that's good without knowing more about there is the benefit of the doubt for sure yeah that may be giving too much of a benefit of a doubt but um yeah the the concept of having people all across the globe scan in their iris and essentially what the orb supposedly does, it is partially the actual schematics for how it works are partially open source, but no one can verify how it works. So it can verify the software, the hardware. In theory, it scans your iris, creates a unique hash that can only apply to your actual eyeball and then sends that off to WorldCoin's server. And then when you do that, they authenticate your WorldCoin wallet and say, yeah, this person's real.

We're going to drop them some WorldCoin. So obviously the incentive initially is to get that WorldCoin and you sacrifice your eyeball scan as a part of right and so it effectively proves a that you're human and not ai because an ai wouldn't be able to do it and obviously i think everybody can understand the implications of being able to prove that you're human and not ai moving forward as agents and bots sort of start to replace or become a regular part of our lives and and performing functions that humans are generally doing so you walk for example, if an AI is going to send a transaction in your name or something, you might want to have proof that you're behind it as a human. And it also makes sure that there's no double stand, right?

You can't claim it twice because you're Iris. But none of that answers why everybody in the world needs WorldCoin. Yeah, and I don't think there is an answer for that. I think the only reason that has been kind of stated behind it is that the world coin token itself is to incentivize people to all this stuff. We're not going to dig into it specifically, but as you dig into exactly what you said, basically everything that's been released went to market makers, a very small percentage to the public. Of course, that will increase. And it's like, I mean, here, first of all, it's at a fully diluted valuation of $21 billion. All the VCs invested at a billion.

They're up 21x on the launch uh without anything happening but that's you know part part of the course but the market cap right now is only 228 million so you're talking about like less than you know 10 percent less than 10 percent of the coins one percent of the coins being out that means 99 will eventually come to market i don't know it's about supply and demand but that seems like a lot of supply. They will require a ton of demand for it to not go only down. And that issuance is centrally controlled.

It's not like Bitcoin, where we have a steady proof-of-work algorithm that makes sure that this issuance that was set from day one continues. I mean, even just the change from 20% being held for insiders to 25% secretly, no one knew that until just recently, goes to show that there's not, just like pretty much anything that claims to be for pure financial good but is run by a central party, there's actually people who stand to benefit greatly from this, who have kind of held some of it to themselves and then pushed some of these orbs out there and are giving some world coin to people. So we know that VCs make a ton of money on these things, whether they're successful or not. I mean, literally these VCs,

whoever is getting coins on the, whenever the first tranche launches, if it was now, they'd be up 21x, right? So they're going to sell their first tranche. It's 5 or 10%. This has been sort of the structure of VC profiting in crypto. Ari Paul has a great thread on it for anyone who wants to see it. It's right here. Ari David has a great thread on it for anyone who wants to see it right here.

Ari David Paul, basic crypto market manipulation model. How they get these huge valuations without doing anything. You guys can read into that, but that's less of the issue for me. When they scan your iris, it's going to this centralized service, right? So WorldCoin, you have to trust that they're going to be benevolent and only use it for good, or is there some way here that they don't actually have access to your information? Have you dug into that at all?

Because it was very vague when I tried to look. Yeah, yeah, definitely. That's been a big point of interest for me, is how this actually works. Like I said at the beginning, the theory is that it scans your eyeball into the orb itself, and on the orb, it computes a unique hash that can't be reversed. So you can't take the hash and figure out the person's iris from it, but it's a way that if anyone scans their eye again,

you can verify that it is the same person. In theory, that happens on the orb, and then the orb only sends that unique hash off to world coin server but that's really just theory because we can't verify the way that any of this works uh it's how you're going to trust the source no it's it's not fully open source uh and the actual manufacturer of the orbs is is just one centralized manufacturer right now they say they have a lot of grand plans to decentralize a lot of this and and a lot of promises for that in the future but when you when you think about this closed hardware, that we have some idea of how it works, they publish some

schematics. When you think of this being responsible for collecting, storing, and transmitting the biometric data of every citizen in the world, you have to think about what the interest here is from parties who could actually put backdoors into this hardware. Whether that's WorldCoin themselves, even though they have some incentive not to backdoor their own hardware because they want to make money off of WorldCoin and whatever other aims they have. Or if that's nation states who say, I would love to have an iris scan of every person in every country that I don't have jurisdiction over, they can backdoor this hardware at the manufacturer and then have it easily transmit the iris scans off to them and And then they have a biometric catalog of every

single person. I mean, this is something that I'm sure the US would love. The NSA is famous for backdooring hardware against manufacturer's consent and putting in things that collected and transmitted data that it wasn't supposed to. I mean, China would love to do this. Russia would love to do this. Who wouldn't love to have the biometric data of every citizen in the world from a dictatorial or authoritarian perspective? So there's a lot of risks even just from that perspective. And that doesn't get into any of kind of the issues with tying unique, unchangeable biometric data to your finances, where you can't just get a new Bitcoin wallet. You can't just get a new WorldCoin wallet. Your unique iris scan is tied to your public key in WorldCoin. And so the activity that you do in WorldCoin, the company behind it knows everything that you do financially and ties that directly to that unique iris. And if your government knows, and for some reason wants to punish you with a social credit system or something, you can't open

anything because you need your biometrics and they know it's you and you're being punished and therefore you can't do it, right? I mean, this slides down the slippery slope of the same fears that a lot of people have about a central bank digital currency or something similar, where all of a sudden you have zero privacy in your transactions, but also have zero control over your actual wallet, meaning that the government can, you know, drop things in, you said the UBI side of it, or take things out or remove your access altogether. Right? It's funny, I mean, it just feels and maybe this is the way the world is going. Like I can't, I don't know, but it's interesting that these people claim altruistic motives behind this. But I use the word naive to open it because you'd think even if you had these altruistic motives, you'd be concerned with this concept of the biometric data of every single person in the world being collected and stored by a central entity, even if there are claims that that doesn't't happen it's just this unique hash um so you you'd hope that it would be a non-starter when you think it through and go no this is going to open up more risk that it does reward for this chance for theoretical financial kind of evenness throughout the world those kinds of things um so it's it's pretty crazy to see and there are definitely

serious privacy concerns with this and just just like almost everything else out there outside of Bitcoin, it relies on trust. Trust in a central party, trust for privacy, trust for all of these things. And it's not a system that removes that trust or pulls that away. It's something that you're just putting more trust in someone that now you're including not only your financial data, but your biometric data as well into a trusted centralized party,

you can easily be incentivized or coerced into collecting more data, storing that data or selling that data. Two interesting points. I had written about this in May, and I just happened to bring it up right before, but this is from WorldCoin site. What can I do with WorldCoin tokens? Why would I want them? The WorldCoin token, WLD, is best understood as providing utility and giving users a say over

the direction of the WorldCoin protocol. Ownership of WLD paired with a verified WorldID provides access, ownership, and participation in the protocol. Following the mainnet launch, the community of users will determine the token's uses, but a few use cases are expected to emerge. First, governance. WLD will give its holders the ability to shape the future of the protocol. Second, users may use the WLD token to pay for certain actions in the world app. Last, some users may also use WLD tokens as a store of value or to make payments, remittances, tip artists, etc. Okay, so as I said here, the plan is to distribute tokens that govern more tokens and potentially enable purchases, but maybe just within the ecosystem. They don't even know.

I get that this is the, okay, we're going to make it decentralized and you'll decide, but why do I want a token with undetermined utility and that maybe will never have utility and could effectively never be even used as payments? I mean, you get the token so that you can have governance of the token

to determine what the token so that you can have governance of the token to determine what the token might be used for. Wouldn't people just rather do El Salvador this, right? Give me $30 in Bitcoin for scanning my iris if I have to do it. Still terrifying, still problematic, but at least without the Bitcoin. Yeah, at least not the 2017 ICO vibes. I mean, when you look into these things, it should become apparent that the only reason for the token is to enrich the founders and to provide the funding for this project.

Like there's no need for a new token here. But the easy way to mint new money for yourself is to create a new token, hold a large percentage of it, and then hype it up as being something that's important, even though like you just showed, there's no, they're literally asking to determine what what's the use of this coin that we're giving you you figure it out and then you're trusting that they'll implement whatever kind of governance proposals you put in place because there's no decentralized mechanism for that you're just trusting that they'll they'll follow whatever votes happen down the line when if you go against their financial incentives are they actually going to follow that also i mean it says world coin presents itself as quote accessible to everyone

irrespective of their country background or economic economic status then you dig into their terms of service wltg tokens are not intended to be available for use purchase or access by u.s persons inclusive u.s citizens so there's a you know, a few hundred million people right there that can't use it. You also can't use it in Syria. In Syria, the Crimea, Donetsk, Luhansk, Kherson, the Beretsia regions of Ukraine, North Korea, Iran, Cuba, or any other country or region

within the United States, European Union, or any other country or jurisdiction has restricted trade in goods or services. So outright right there, at least a third of the world is out even for their mission, right? I guess, can you give over your eyeball for nothing?

Yeah, I guess so. We know that's right. They're going to want the eyeball scan, but not the, but you don't even get the shit. We'll keep the tokens, but you give us your eyeball. Well, hold on.

We'll just pass those off to the VCs. I mean, when you start looking at the people that are sharing about this, whatever, no judgment. Kyle from 3AC, obviously. If my thesis holds correct, the 3AC venture portfolio will be the best performer of 2023. They were a massive investor in WorldCoin.

Guess who else? Sam Baconfried. WorldCoin has launched with an FTV of $28 billion and Mr. Altruism, SBF, invested in WorldCoin at a $1 billion valuation in 2021. And then you go in and you see the uh and listen that these guys do their job right but here's all the people big names that invested at a billion and now they're calling it coin genco says 21 that guy said 28 billion but either way 21 x 28 x coinbase multi-coin andreessen horowitz dcg you know, I mean, it's the same, the usual suspects.

Listen, I don't begrudge the fact that they would want access to this. Invest in Sam Altman, who's had massive success with ChatGPT. I get it from the VC perspective. It's just kind of funny to see. I mean, literally like SBF. Yeah, yeah. And I think like there are good use cases for VC funding, but pouring money into a project like this that is privacy invasive

and has a new currency for no reason is painful and is problematic. And I hope that people will push back on that with those VC funds. And if they work with those VC funds, talk to them about this because it's pretty crazy that people could get behind this and see it without worrying about the long-term implications of this. And the

token is really not even the long-term implication. I know that that is something that is easy to focus on, and we've talked about that a bit, but that concept of an ID that is centrally controlled by one party across the globe that's tied to an eye that you cannot change is one that has massive, massive implications, like you mentioned, for control and surveillance beyond just the token itself. Okay, so let's put a world point aside. The idea of digital ID has quite a few proponents. And as you even mentioned, if done correctly, could be a massive, I think, improvement for humanity, right? I mean, we talked about ZK, obviously. First time I heard about that, I think it was when I interviewed Evan Shapiro from MENA,

and he was talking about ZK snarks. But effectively, the idea that you can provide proof of your identity or proof of your finances or proof of quite a few things without giving over anything but that specific information. So basically you can get a yes, no answer. Let's say I'm applying for a credit card without giving them all of my data, my address, all of that. That could basically be bundled into a ZK proof, zero knowledge proof. And then it can just send the answer to the credit company saying yes or no, I qualify without having to give that. That's very compelling if it was done in a decentralized manner. I know that companies like my friend Justin Rezvani at Zion is doing this with Bitcoin. I know the guys at Unstoppable Domains are working very, very hard on digital identity. So let's

imagine that in a world where you can safely have a digital identity, I can sign into every social media platform. I can sign into my bank. I can make transactions. Is there, I mean, are we going in the right direction if this is done correctly? Yeah, I think that's the hard thing because there is a lot of promise from the concept of digital identities, DIDs, and just this ability to have your identity in an actual digital format that you can prove freely without revealing that info. And that, in theory, that is actually something that WorldCoin offers. And their approach isn't the worst possible. There's a really good article that Vitalik wrote yesterday that walked through a lot of this because he's very optimistic on the idea

of decentralized identities. And he wrote a very good, very well thought out article that addresses a lot of the security and privacy concerns of this. The hard part with digital identities is how do you actually issue and verify the person for the first time? And that's really the struggle for all of these systems. I mean, WorldCoin obviously does that by scanning your eye, taking the hash of your iris, and then sending that off to a central server using that for that verification. And then like I mentioned at the beginning, they actually do the verification. Like if I wanted to log into YouTube with my WorldCon ID, they actually do the verification in a unique way that does use zero-knowledge proofs to prove that I am a valid person without revealing any information about me, without revealing which IR scan I was

or which public key I am within the WorldCoin ecosystem. So that approach is actually pretty interesting, but that problem always comes with that initial issuance and verification. And doing that in a decentralized way is really difficult. And for as much hate as Vitalik gets, for those who want to learn more about this, his article was actually really eye-opening and looks at a lot of other approaches that have been taken within the ecosystem to try and do decentralized identity. And it was very

informative for me because it's not a topic I've dug into too deeply in the past. But my concern is always that when we do digital identity, there will be some key restrictions that cause problems for the ability for you to be anonymous or pseudonymous moving forward. The nice thing right now with identity being pretty physical is that, yes, I have to turn over a lot of information when I want to use it. Even when I go to a bar, if I want to want to get in and they check my ID, they can view all this information about me. They can view my full name, see a picture of me, see my home address, all of this stuff, which is absolutely unnecessary. All they need to do is verify my age. So something like a decentralized identity using zero knowledge proofs would allow you to prove, hey, I'm over 21

without revealing all that info. But it's difficult in the initial issuance and verification piece. Vitalik talked about some approaches where a group of people come together and prove their identity to each other, one where they use social graph to do that. There's a lot of different approaches that are interesting, but all have pretty major flaws. And he actually posits that WorldCoin has some unique advantages over some of the other approaches taken to just the concept proof that I am unique, because that is a system that we know the Bitcoin blockchain is going to be around for a very long time or forever. It's something where we don't need to trust a central party to store that data, and we can have it distributed. But again, it has to be done in a unique, privacy-preserving way.

And honestly, I don't have the answers for how you do that, because that's really kind of the probably trillion dollar question with a nation state, are collecting this data and storing it for other use cases. And I think that's the real problem. If you ignore the identity and you just look at WorldCoin from the concept of the WorldID, if there was a fully open source software and hardware solution, if there was the ability for you to verify it, maybe even if there was the ability for you to build your own and build it from scratch, build it from the components that they give you and let you do it in a way where you can be sure that there was no backdoor put in there. That would be really interesting. I mean, kind of like the concept of hardware wallets where you can buy from a provider, maybe they're free and open source, free and open source software and hardware um or you can build your own do something do something where you get to verify every step of it as well and kind of give that that approach um but that also gets tricky because then what

happens in like sub-saharan africa they're not gonna they're not gonna be able to build their own orb like this from scratch it sounds like with uh the by the way, guys, this is the Vitalik post over here. It's vitalik.eth.limo. You can find it there. Very, very long and well thought out, as Seth said, and he really gave us

a lot of thought. But of course, the conclusion, like everything in crypto and with privacy, comes down to a push and shove of what it's worth and if it's worth trying it. And sort of,

it very much actually reminds me of when OpenAI launched and guys like Elon Musk came out came out and said whoa whoa whoa like slow down you know and it we're now at the point it feels like in the evolution of technology where every single technology has this massive question mark as to whether it's worth it or not yeah yeah and it comes down to this basic concept of technology itself is morally neutral. Like the concept of decentralized IDs, I don't think is necessarily an evil or a good concept, but it comes down to the implementation and how in the world do we do decentralized identity the right way, maybe we continue to lean away from it. We lean towards not requiring identity for as much as possible. We lean away from relying on governments, lean away from relying on central banks and all of these entities who need ID to be able to verify those things. And we lean into systems like Bitcoin. We lean

into systems like the circular economies that are developing around Bitcoin, where identity is not a key part of that. It doesn't need to be. We can build reputation systems that don't rely on that. And that's more of the kind of cypherpunk future that I hope that we end up in, where we are able to live well, to have communities, to buy and sell what we need without having do maybe decentralized reputation rather than decentralized identity so that we can still have anonymity and pseudonymity. Let people choose the level of comfort with how much they want to reveal and then have other ways to verify if someone's a good or bad actor. Okay, one final question before I let you go. How different how different is a standing my eyeball with the orb from using my face to open my iPhone or staring right now into this camera and letting YouTube

scan my iris all day. Thankfully, I think your, your webcam probably isn't good enough for you to have to get an iris scan off of you. So you're probably safe there. Just don't get too close. My iPhone is the iPhone is.

Yeah. iPhone's interesting because it has a lot of the same problems as WorldCoin. In theory, on your iPhone, when you use your face for Face ID, all of that stays local, stays within a secure enclave on the device and is never transmitted anywhere. That is one big difference and that WorldCoin does explicitly say we transmit the hash of your iris to our server and we store that. Whereas Apple is very explicit and clear that the goal of Face ID and of all biometric unlock, and this is true of Android as well, is that it's done on the device, stored on the device, verified on the device. And it never leaves.

It never even goes outside of that secure enclave, which is a uniquely built hardware piece within your phone that verifies that. But unfortunately, on iOS side, it's closed source. So we can't verify. I mean, there's massive incentive for Apple to actually be doing the things that they say that they're doing, especially as a lot of their brand now is built on privacy, and they've made a big push and that being a marketing angle. But you still have the potential concerns of backdoors, of the NSA, et cetera, backdooring and finding a way to exfiltrate that data. So it certainly is a

possibility. I will say as a privacy advocate and someone who's a big fan of going a little bit more hardcore, I personally don't see problems with like face ID and those types of solutions. But I know, again, it's- That's the standard of approval I needed. I will continue to scan my face. I do do fingerprint unlock on all my devices. So there you go. Perfect. All right, we're good to go.

All right, Seth, thank you so much. I really love your perspective. Always really measured and insightful. And thank you. And hopefully have you back anytime we have a similar conversation. Hope, I want to have you back a lot, but on the flip side, I don't want to because it means that somebody is doing something really stupid that we

have to talk about. Hey, we can have we can have positive conversations around privacy. We did it last time. We did it last time. All right, guys, check out that conversation. Of course, you're at Seth for privacy on Twitter, right? So follow Seth for privacy on Twitter. Really, really great. Thank you, Seth. Appreciate it. Thank you so much for having me, Scott. Great chatting again. Have a good one. Kind of look like long lost brothers, someone said, I think, in the comments on our last,

on the last podcast. I can't remember who said it, but I was like, yeah, I guess. Seth, Scott, whatever. Anyways, yeah, guys. So I would love to see your thoughts in the comments on WorldCoin, Mike. There are some people

who are massively supporting this who are not the VCs that are profiting from it who truly believe in the comments on WorldCoin, Mike, there are some people who are massively supporting this who are not the VCs that are profiting from it who truly believe in the model. I mean, I think it's just with everything in this world right now, I'm just going to stay skeptical and reserve judgment and see what they do. I'm in the United States, so they're not coming after my eyeballs.

Anyways, listen, I'm going to go on. We're going to bring on Big Cheds. We brought Big Cheds. He's going no camera today, but we're going to look at your black screen. What's up, man? You there? Yeah, I'm hanging, man.

Can you hear me all right? Did you turn off your camera because you heard us talking about scanning your eyeballs? Yeah. No, actually, I got injured. I was scanning my eyeball on the orb, and it just cut my eyes. I'm healing, so i had like an

eyeball injury from getting my terrible he he was double orbiting actually which they tell you not to do scott what was that like uh it's um the talk wrote like a paper i thought it was like something something dot lmao was that the url it's limo but lM-O, but L-M-A-O would be better. Like limo, like the one you drive in. Not laugh my ass off at privacy, but yeah. That's what I heard. Sorry. I heard L-M-A-O. All right.

So listen, Bitcoin's finally a little less boring. A little. Yeah. As it broke down. Let's bring up your screen and let's talk about it. What do you got? Yeah, it's kind of boring, but it's a little bit less boring.

It broke down this local range. Yes, yes. We can kind of do this. Let's do this and let's look at this series of 30 candles. And that's the thing. You can zoom in really, really close if you're bored and come up with something interesting and say, that's a massive move.

We have this kind of local range and we broke the range lows in it you know that changes everything right but you know they don't really change too much when you kind of zoom out you kind of zoom out and you see it's still priced above kind of the high time frame you know reverse um reversal breakout level we still have the price more or less. Let's go to the weekly. It's a little bit, a little bit more out. Weekly bands right now are the tightest they've ever been in history.

I know we're at weekly bands are the tightest in history. That's that's according to yes. I've seen it like three or four times that I tried to look, I didn't calculate the percent of it, but it's pretty, they're there. Yeah. They're pinching as much as they ever have.

Yeah. No volatility. Bollinger Band width. Yeah, that's interesting. And you know what, though? We've traded a lot of markets for a long time. This isn't that tight. Wait, what was that Bollinger Band width?

What was that? That was a locator? Yeah, go to Indicator, go to Technicals i don't yeah indicator go to um technicals training view you go to block band width i know today you're adding that right now yeah yeah let's see if it is hitting the it is hitting the all-time low from 2016 it's right there but it's funny though like this isn't a real pinch though i mean it's just starting to tighten you know but point i was making that's true but um it can it can from experience and trading a lot of markets you'd involve using bollinger bands you can get a lot tighter i mean yeah but look at that look at that there's the 2016 line yeah it's peaking below without the weekly close so what does that mean let's deconstruct that for people who aren't like

nerdy like like trend analysts like you and i you You know, you have a secular uptrend like Bitcoin that's just been rising. What that means is it hasn't really paused and just gone sideways for a long period of time. It just means that Bitcoin's been strongly accelerating over time. So the fact that this is the tightest it's ever been just is reflective of the fact that it's never really paused for a long period of time, right? Do you see what I'm saying? Yeah, it's basically saying they've never actually been tight.

Bitcoin, because it's so volatile, has never been tight and sideways at any point. Yeah. This is like a pinch. I mean, we've seen you know on the glial order the four hour yeah you see this long yeah look at that like that that was ridiculous it's the old dick and balls dick and balls pattern let's be honest yeah i mean yeah they haven't had the dick on the weekly yet just balls well you gotta have one of the two

you know you gotta have something you got nothing you're nothing but um look i mean it's still weekly uptrend it's still bullish i you know what i've been saying and probably a lot of people is that you know it's by the dip mode it's a question of where do you get you know where do you buy the dip are we gonna get the 28 fives throwback or you got maybe a tag of the daily you know ma200 i'll look kind of wait and see it was meant to pause here right overhead supply line yeah yeah and that's it's healthy it's okay it was a beautiful move and we've been doing the kind of stair stepping stair stepping let's just keep doing that you know and i think that's healthy i think when you have um any kind of a chart that just shoots up um too fast and doesn't pause and consolidate

along the way right you you go straight down rather pause and consolidate along the way, right? You go straight down rather than hitting support on the way down and pausing and giving yourself a better chance to continue. It's healthy. What it's doing is it's healthy. It's boring, which is unfortunate. I put out a tweet. Oh, no. I put out a Z or an X or whatever

they call it. Yeah, I'm calling them skeets. Skeets? I know that's not what but i just want to i think that's something else okay oh anyway but i put out i mean i would pronounce it zeet if i was looking at it to be honest like you know i think you're good the bill i mean there will be no next kid but my theoretical next child zeed zeed ze z they got two beautiful kids but um i put out two ads like i wish bitcoin would do something worth seeding about or worth tweeting about and yeah it's boring they're really doing much and um i start it's tapping that 50 ma right there yeah okay there's

that touch there's that the first touch first touch in a month that's true so what does that mean though? To me it doesn't mean it's a buy spot. It means it's a representation of the weakening bull trend, the weakening move here, right? With the first 34 tag, now the 50 tag, probably get a 200 tag. It probably does need to come back to the demand zone. It probably needs to drop back a little bit to support, in my opinion. I don't think the 50 is like, I'm going to go ahead and buy it.

The 50, not a lot, a ton of history there. 200 weekly is at 27.1 also, by the way. 200 weekly. Yeah, the 200 weekly. You think we could all the way down there? No, I don't know. I mean, I'm looking at 28.6 still, but who is it? Yeah, for sure. It would make sense. It would be healthy. I think a I mean, I'm looking at 28.6 still, but who is it? Yeah. I don't know. And that's for sure.

It would make sense. It would be healthy. I think a lot of people would be buying there. But it's a question of, as always, as you know, you're very strong technically. It's not necessarily the price. It's how we get there. And if we're going to do a throwback to that 28.5 level, ideally would be a sharp, quick drop, right? We don't want to slow bleed into this level right

what does that mean we're probably going to just drift and break through it right so it's not just you know it's not an important point it's not always the price it's how it gets there that's true so listen having looked at Bitcoin here yeah you're still you said so this

I mean I can I guess this was kind of the range I was talking about just for reference, right? You had a bearish, you had building bearish divergence areas at the high. I think RSI still gets to oversold here. Yeah. price only went it topped at 31 right and i mean only a two thousand dollar drop has dropped rsi from 75 to 40 so i mean yeah to go another 10 it could be a 500 move depending on how it gets there right but this doesn't like you're not i hear a lot of people you know the more bearish people would be looking for this move right right? To short the range levels. Very reasonable. I think that's a good way to do it.

I think, you know, there's a million different methods and one of the more simple ones, which is a way to cleanly... I'm not looking for shorts. So, yeah, I'm just asking if you're looking for shorts. Well, it's still pretty warm outside, but no. Look, the point I want to make is that if you were, and just kind of defending that thesis, if you're going to, like a method of just simple horizontal strategy makes sense.

Because if you have a breakdown and you get a bounce, that's reasonable. And the reason why is you know you're wrong if the price gets back up above whatever, like 29.7 or even 30K. So you want to short there, that's fine. For me, though, and I try to orient with the trend, right, trend following trade strategy, I'm looking to buy dips. It's in an uptrend. It's a buy to dip moment. You know, if I flip it, you know, any kind of a downtrend that bounces. Yeah, that's where I'm looking to short. I'm not necessarily looking at too cute, too fancy and short necessarily Bitcoin here. I'd be shorting up here on the up thrust. I'd want to short more strength. Given the overall trend, I think this is maybe not the best trade orientation, but I can at least defend it in terms of trade technique. So you're like me or just kind of sitting with theoretical bids lower? Yeah. I mean, I'm watching right around 28K. I mean, I've still got from 18K. I grabbed some here in that hammer. Well, the MA21, I haven't really added you in between, but I've just had, cause I've

had a nice long position and I've been, you know, been in and out dipping and dabbing and trading and doing all that. But, um, you know, it gets you out of that. What would get you out of that? There's the better question for me. It'd be the below those below that, uh, those 25 is 24. Oh yeah. I mean, I'm going to go, I'm gonna go uber mega a giga short

below 25k i mean i'm just that would be a that would be a big bad sign for the trend um especially given that we did hold here on the initial throwback so that would get me out of it and i don't mean i don't know that i am free riding i'm like i'm free riding some position core so i don't know that i would like preemptively sell it, but I would open up another position. I would be going strongly short below 25 K. I know some people, I see all these targets and I want to buy a 23 or 24.

That's weird to me. Cause if it gets down there now and you should be there. You should have, you should, you should, and you might as well just set them at the 17 and 16. Yeah. And just see what happens.

So, yeah, you know, we got to be patient. We got to be patient. We got to be patient. Let's just kind of zoom out a little bit. It's a beautiful weekly chart. We have the massive blow off. Call it blow off or not. We set our low.

Maybe we set a lower high here somewhere at some point. Maybe it takes us a while to get up there. But at some point, we're going to do that. We're just going to sideways churn for a couple years. And you and I keep getting gray hair while that happens. And then eventually we'll continue with the trend, which is up.

But you have to manage your risk. He said years. He said years. I'm out. I know, right? Not here. I'm gone. Go trade on rate sheets. Go trade pink sheets. I used to trade pink sheets back in the day and there's just no liquidity there i mean you get you had to go where the liquidity is slippage is bananas yeah yeah um yeah it's it's absolutely

nuts um so let's do it all right yeah yeah i want to see what you got i mean there's none that i'm like super specifically looking at right now. Let me just drift through my list and see if anything kind of jumps out. So we're watching Ethereum and Bitcoin, of course. We want to see. Which continues to look not terrible on this drop, which is a bit surprising. If we break up above this level here, I'm going to get a little more cautious in Bitcoin, right? So we'll kind of keep an eye on that, that six four oh six five level and this general proxy for for altcoins is ethereum versus

bitcoin uh let's a little bit messy we'll clean that up ethereum itself is still it's still an uptrend i'm still waiting to buy on the daily ma200 kind of range peak 2050 nothing's really changed inj i do like it's probably one of the better charts and it's actually an area of interest for me. Nice, clean, beautiful throwback. I like that. I liked it higher. I liked it a dollar higher too, and it was sort of breaking towards the highs, but yeah. For me, when it came up here, when it came up here, I'm thinking we're going to do some type of an ascending triangle. Even though it was really bullish, I expected a projection and I said, I'm going to look to buy a dip at a lower high, maybe here, some over the rising demand

trend, maybe on the 200. But just like Bitcoin, it's in buy the dip mode. And now we're at a spot, an area of interest. What do you do at an area of interest? You drop to lower timeframe, look for some type of a price structure in order to formulate a trade idea. So I like INJ. Litecoin's just kind of chilling, not really much going on, holding the 200 lower Bollinger. Generally, I give a slight edge to bulls. What do you think about Litecoin?

Yeah, I think slight edge to bulls too. But take it exactly as you are. Look, it's sitting right there on support. BCH is still bullish, is doing kind of a corrective channel. I can't either, but I've held my nose on a lot of stuff, and it's worked out well for me.

I just believe that they can't have it so bad that I'm going to get it wrong. And I can respect that, because you might even... You may trade poorly if you have a bad vibe about something, so I think that's part of mindfulness and emotional management with trading, so I think that's reasonable. I think if you're long bad vibe about something. So I think that's part of mindfulness and emotional management with trading.

So I think that's reasonable. I think if you're long below 225, you can start to get cautious. But I think this is a re-inventor spot potentially on BCH. I do like Render as well. And the reason I like it, it's all look like they're at support right now.

Everything looks like it's at support on this little down move from Bitcoin. And they're not suffering badly. I mean, they're only proportional. Supporting uptrends and supporting downtrends. Render is an uptrend tagging the daily MA200. And I like the fact that people will see this and say head and shoulders, not understanding most head and shoulders fail, most reversal patterns fail. You want to actually buy here at the neck baseline because very easily defined risk. You know when you're wrong or you wait for the right shoulder to invalidate.

Either way, it's a consolidated uptrend back to supply zone. I like it. I like it here. That's interesting. Beyond that, there's not too many. We should talk about the rest of these are kind of okay. I mean, XRP and Doge. Can you look at those just because they're the top of the town?

I want to see your opinion. The toast of the town. Yeah, I kind of wait for above $0.RP and Doge, can you look at those just because they're the top of the town? I want to see your opinion. The toast of the town. Yeah, I'm kind of waiting for above $0.08 on Doge to kind of get it for me. You've got a kind of descending, you know, people call it a trend line. I don't even call it a trend line. I call it a descending supply trend. It's a trend of descending supply or falling resistance. Sorry.

Yeah, supply, falling resistance, right? If you have a general trend of falling resistance let's clean it up though general trend of falling resistance and your price in essentially a trendless environment here in the daily chart over a year time frame um you have to in a choppy kind of chart like this you have to draw some line in the sand for me it's got to be again right around eight eight cents so i'm really kind of below 8 cents not touching above 8 cents I might go for it but you got to be careful with Doge

is it going to be the new XE payment system is it going to be the whatever who cares chart is not great better charts to play but above 8 cents I give a little mojo what do you think you know if you pronounce it in Chinese it's Xi right I mean Xi isn't that one Xi is Xi no I just realized You know, if you pronounce it in Chinese, it's sheet.

Right? I mean, it's a sheet. It isn't really that one. X-I is sheet. No, I just realized. That's on the fly. That's not bad. Sheet. I mean, I saw it already going around, but it feels like Chinese.

No, there's a sheet. There's like a gas station chain in Pennsylvania called Sheets. Sheets. Yeah. Yeah. I live in that area. Yeah. Yeah.

I don't give a sheet. I don't give a sheet. By the way, if you drove the Doge descending line like that. Yeah. Yeah. I don't give a shit. By the way, if you drone the descending line like that, and those 15-set highs, I mean, you're there. Yeah. But is it a lie or is it a trend? Trends. Yeah. Well, if you buy the breakout of that line, you'll just get the, you know.

We always fake out on the descending. You'll shoot the bet. You'll shoot the bet. XRP, hashtag the standard. I You'll shoot the bet. You'll shoot the bet. XRP, hashtag the standard. I always say it that way. You got to give respect. Like, what are we doing? I don't know.

I mean, you've got kind of a local support zone. You can identify that. You have price above most of the moving averages. That's bullish. There's a lot of air, though, down to this bottom zone, right? You see how it moved up so quickly so it's kind of a precarious type of environment i think you have to kind of look at it as zone one and zone two and you kind of not trade in between um you know but in the meantime

this might need more time to cook it's in the oven is still baking type of thing what do you think about that yeah i think i dude i don't know man i think i agree i mean i agree why about the bells were literally people were like it's going straight to five dollars yes well let's zoom out we can i don't know that that i don't get but yeah i look at that charted i mean you know it's just got that massive move but those whiffs man well it's red light it's the red light turned orange, maybe turning green. You have the lower high break. You've got to kind of stare.

Now you have a throwback. Yeah, I think it goes back to 58 cents. I would buy this. Between 54 and 58. Yeah. And so now it's a question of examining the structure of the consolidation. Yeah, the upper Wix. But are we just going to do a bull flag in the weekly?

That's bullish, right? So maybe it does that. Maybe it does some kind of a falling corrective channel back towards supply and then you would go long but i don't think you touch it here in between as um with much of trading it's about um most most of the time there's nothing to do with the one the price is at a key level you know that's when you strike so i think that's generally the way to do it i'll just talk about link to a lot of people were super bullish in this maybe just the algos on Seed or Twitter.

Stop doing that. Keep putting this in front of me, but it's just kind of sheets in between the sheets. It's still a bad chart to me. I know a lot of people love it. Kind of rejected at range highs. You got range lows here. A little deviation back to range peaks. Still needs time to cook, but generally, I am bearish on it.

Anyway, Chaz, I'm going to go ahead and say this. Last time you brought up back to range peaks still needs time to cook but generally i am bearish on it this one anyway chad chad i'm gonna go ahead and say this yeah last time you brought up uh the word lynch like i got i got annihilated on twitter remember that um someone made a weird and someone made a weird video that i shared with you of like dancing linkies yes yeah yeah yeah so i would like to go on record saying i disagree wholeheartedly with anything that Chet says about Link. I'm a huge Link bull. I am a Link Marine, and I think it's the future.

What regiment? Surf Fallen? I was in the 17th platoon of the Link Marines. I was a Ranger. I don't know. Those are Army, I guess. I guess you'd be a Ranger in the XRP Army. But thank you. Yeah, I think Link ranger. I don't know. Those are army, I guess. I guess he'd be a ranger in the XRP army. But thank you.

Yeah, I think Link looks amazing. Everything about it. He's being sarcastic. I'm very serious here. No, honestly, actually, I will say I do think it looks pretty good back around $7. I had the range kind of this bigger range. But if you do zoom out, I mean, this does look like accumulation after all that drop. So, like, I think that this eventually does break up and head back towards the highs.

So, I just, maybe I don't see, like, the case after this move from five bucks to eight bucks but like you know that two that 50 weekly uh retest there like seven bucks 680 that does look kind of sexy to me to be honest yeah i think that's a really good possible i mean if it's going to stair step i mean you'd want to see it to uh continue to hold off of like daily i made 200 daily i made uh 20 middle bollinger you're pretty well identified what would be kind of a support resistance flipping level support turning to resistance resistance broken kind of throwback so yeah that's reasonable

there's a lot of better stuff out there if you go into the chart alone but you know disagreement is what makes a market yeah I just think it looks I do think it looks like if you're going to buy something obviously we kind of talked about older like I think that in the next bull market that looks like if you're going to buy something, obviously, we kind of talked about older. I think that in the next bull

market, that looks like a major accumulation phase to me. I do think that as we've talked about, there'll be some new shiny things that everybody will be trading by then. There will be something we've never heard of, but I don't know. Actually, it's got that feel. It's just got

the chart. It's got the look where it's kind of new enough and you know are we gonna you know we're gonna be like 18 20 50 bucks one day i mean i'm not saying that right now but like it's got above all the ones that could be a new one that's got that beautiful accelerating chart oh it always you know there's always listen there's a lot of there's a lot of bag holders on any coin uh non-specific to link from previous cycles. And that's why even when you get that massive move on XRP, there's a lot of people who are like, oh shit, I can finally get out of some of my XRP.

They saw that 93 cents and they're like, oh, I'm out. That feeling of bouncing back to break even when you've been losing sleep over a trade, it's break even, I'm out. Sometimes that feels like a huge victory. It does when you've been losing sleep over a trade, it's a break-even amount. Sometimes that feels like a huge victory. It does, but you've been underwater for so long. I've learned how to breathe so well from being underwater so much.

I can hold my breath now for several minutes. All right, man. Any final thoughts before I let you go and move on to Twitter spaces, talking about Loincoin again? Please, no books it's books. No, if you're into video games, I'm streaming on Twitch.

Big underscore Cheds. I'm just having fun with life. If you're into video games, I'm streaming on Age of Empires 4. It is a brilliant strategy game. I'm kind of okay at it, but I love it. It's like chess. It's like everything. It's a real tough strategy game. It is amazing.

So check me out on Twitch. Watch me play video games poorly. You'll enjoy it. I would do that. Awesome, man. Alright, brother. I appreciate it. Thank you very much. Peace out.

Alright, guys. That's it. Robert F. Kennedy tomorrow in the afternoon. I'll be back to you again tomorrow, obviously, at 9 a.m. Eastern Standard Time, talking about all these same things. So join me and check out Meld while you're at it. Meld, Meld's in the description. Check them out.

Guys, that's all I got for you today. I got to run. Talk to you soon. Hey. to you soon. Eh?