The Wolf Of All Streets - From Financial Freedom To Financial Ruin | CryptoWeek In Review

Episode Date: January 6, 2023

►► Sponsored by PRIME XBT! Sign up for a new trading account using the link below & receive up to a $7,000 deposit bonus with “wolfofallstreets” promo code. https://u.primexbt.com/WolfOfAllStreets ►► JOIN THE FREE WOLF DEN NEWSLETTER https://www.getrevue.co/profile/TheWolfDen Follow Scott Melker: Twitter: https://twitter.com/scottmelker Facebook: https://www.facebook.com/wolfofallstreets Web: https://www.thewolfofallstreets.io Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #trading Timestamps: 0:00 Intro 4:54 Gemini vs DCG 10:55 SBF pleads not guilty 14:58 Silvergate tanking 17:57 Mashinsky sued for fraud 19:50 Bonk 24:00 Huobi 27:30 Crypto taxes in India 29:16 Indonesia to launch national crypto exchange 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.

It's only the first week of January, but that hasn't stopped the crypto market from having all kinds of insane news, as well as the macro market. Basically, we had a hell of a week. I'm going to review all of the news from this week, including the spat between the Winklevii and, of course, Barry Silbert, what's going on with Genesis, SBF's plea deal, and a whole lot of other things. Friday, it's just me. I get to be completely unhinged.

We'll see if that happens. Let's go. What is up, everybody? Let's see. I'm going to find it. I wasn't planning to talk about this. I wasn't planning to, but now this is how I want you to pound the like button if I can find it. It was the guy setting a world record for coconuts smashed in one minute. I'm going to find it. I'm going to find it. I'm going to share it.

Here. One second. One second. This is important stuff. This is important. This is when you get me alone talking some dumb. Here we go. Let's see.

Look at this guy. You see him? Look at him, one hand. I wonder if it's faster one hand or if the rule is that you can only use one hand. Watch how exhausted this guy gets at the end. He's so tired. Watch.

Oh, can't do it. Oh, yeah. Probably hurt your hand. Probably hurt your hand. That guy smashed a lot of coconuts. That's how I want you to go ahead and absolutely destroy the like button. Like button. It's hard to want to hit the like button about crypto of late. But before we get started, of course, PrimeXBT, now our sponsor for two weeks. Hope you guys have bothered to make me look good. Make me look good. Just click the link down below, check them out, see what they got. Maybe you'll get like up to $7,000 if you deposit.

But more than anything, I mean, just like it, you know, hit it, hit it. Reverend Scott, Reverend flashback. Jeez, Scott, did you get some sleep? I don't know if that's saying that I look like I haven't slept or if you're saying that I seem well rested. I don't even know which it is. Loon Mambo wants to know where's the Iron Maiden hat. That hat, he's referring to a picture. I don't know, 10, 15 years ago,

I DJed New Year's Eve at a club in New York City with Steve Aoki, who at the time was DJ Kid Millionaire. It must have been like 2007. I was wearing an Iron Maiden hat. Yeah. So yeah, that's what we got going on here. I hope that all of you are doing well, that you have survived this first week of 2023. Like every year now we're like, man, 2022 is terrible. I can't wait to get that over. I guess 2021 was good, but now you're like 2022 is terrible. Let's get that over with. Maybe the world is just in a bad place and the news cycle is just terrible.

You know, like you can look at united states politics i don't really follow it but this dude you can't miss it this dude kevin mccarthy has lost like 10 votes to be the speaker of the house like nobody can do anything the government's completely broken but they can manage to pass a 1.7.7 trillion. Excuse me. Oh, I said billion like it's 10 years ago. $1.7 trillion omnibus bill to make sure that eventually we're going to have to print some money somewhere. Yeah. Gregory Russell says more meh this week. Matt A. says today is awesome.

Loon Mambo wants to know if anybody bought Bonk. I didn't, but that's a thing. It's a thing bought Bonk. I didn't, but that's a thing. It's a thing. Bonk. Free airdrop on Solana that went up like 3,300% and then dropped 50% immediately afterwards. Something like that. I thought we were going to talk about Bonk today. Eventually, we'll get there.

I think that is on the list. It's kind of like Solano's Doge. Let's go. Let's go. First, I'm going to take off this pomp news right now, and we can dive right in. If I can find the link here, we go. The first story of the week, which has to be the biggest, of course,

Gemini co-founder, that's Cameron, of the Winklevii, you can choose whichever one, it doesn't matter. It could be this one, it could be that one, it could be that one. Accuses DCG's Silbert of bad faith stalling in $900 million locked funds dispute. Silbert responded saying his firm submitted a proposal to Genesis and Gemini's advisors

last Thursday. Twice lost? Yeah. Santiago Chile? That's from Something About Mary for anyone who doesn't understand awesome movie references. But the story here isn't necessarily that there's beef between Barry Silbert and the Winklevii twins. Maybe the story isn't even that Gemini Earn has basically been completely shut down as a result of their trust in Genesis with 900 million in user deposits. The real story is the manner in which our beloved crypto billionaires continue to have embarrassing public spats with one another all over Twitter.

Listen, I sort of at first applauded Cameron writing the letter. Maybe it was a last resort. Man, we can't get this guy to call us back if we blast him in public. Well, obviously, he's going to have to respond and help us. But like, I don't know, at this point, all these guys maybe just like text each other. You know? Go over to his house. Bring a Bundt cake or a fruit cake or any other kind of

cake that people used to bring their neighbors in the 1950s. I don't know, man. I understand that Cameron and Tyler want to look good in the eyes of Gemini Earn. They obviously want to make it very clear that they are not to blame. Of course, they're to blame and it's their product, but they're not to blame and that Genesis is and whatever. But you lent the money to them. Your thing, you know, but we've now seen this repeated pattern. Of crypto billionaires. Basically having these immature public spats on Twitter that make us all look like children.

Yeah. Makes it look like there's not a single serious individual. You guys may have remembered last time we talked about this. It wasn't with the Winklevoss twins or Barry Silbert. I was going to say the Silberts. I'm sure he has a lovely family, the Silberts. It was when we were talking about how SBF and CZ were having a spat, SBF and Three Arrows Capital were having a spat, SBF and who knows?

All of them. Do you remember this? And we made this in real time, the Real Housewives of Crypto. SBF, there's CZ, Doquan, Zuzuzu, Zuzuzuuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, Zuzu, which are dudes that are having emotional arguments, looking like a bunch of rich women on Twitter. Yeah. Yeah. Whatever.

It's what it is. What did you say? Wanklevoss. Wanklevoss. Yeah, the Wanklevoss twins. That's a good name. Right? So it is what it is.

You guys saw the letter, right? This is the letter that he sent, and it was very scathing. I actually read it the other day, I think, with Dave Weisberger on Monday, so no reason to get deeper into that. But the fact is that there are problems afoot, problems afoot at DCG, specifically with Genesis, and everyone wants to know if that's going to affect Grayscale, if it's going to affect any other of DCG's businesses. Shit, don't they own

Coindesk? Yeah. So we don't know how much contagion there's going to be. We don't know if Genesis is truly a separate arm or if everything is commingled as Cameron Winklevoss claims, but it's time to be very, very skeptical of any of these people at this point. I think we've learned that. And as this is happening, Digital Currency Group closes wealth division amid trouble. Okay. DCG has been battling issues in its Genesis subsidiary. I just said that, Bloomberg. Genesis eliminated more than 60 positions or 30% of workforce. They got rid of reverse cowgirl, missionary, dog. But yeah, this is their wealth management division called HQ, and they're shutting it down. If your business was healthy, you probably wouldn't be publicly shutting down divisions at a time like this.

So yeah, I mean, not looking great over at DCG. But personally, I would hope that they have half a brain in their head and that will have nothing to do with Grayscale. You guys may have seen that actually there's a lot of sort of activist investing going on to take over Grayscale. One of those offers effectively being from Valkyrie, of which I am a early investor. Basically, Valkyrie obviously launched the Bitcoin futures ETF. They have a number of trusts that are similar to GBTC that are way better structured,

and they want to go in and basically take over GBTC. A lot happening here. Jay says his child is watching. Therefore, I guess I need to get it together. I'm sorry. I don't know how old your child is, but hopefully those references. Although now like seven year olds know about the things that I said. Now I don't know what I'm allowed to say. You made it weird. You made it weird. Okay. So listen, I mean, we're living the real housewives, right? And it's happening on Twitter and the entire world is watching and they're just making us look immature. And maybe we are, man. Maybe we really

are. I did just go through all those positions as a joke. I am complicit. As you guys know, this week, Sam Bankman freed everybody's other favorite crypto billionaire. Oh, wait, that was two months ago and he was everyone's favorite. Now everyone hates it. Everybody's least favorite crypto billionaire licking his chops over here in the picture. Thinking about those vegan turkey sandwiches is going to have like, you know, the fake turkey tofurkey. Nobody eats tofurkey by choice. I'm sorry. But he went to court. You guys saw the videos. Everybody crowded around, kind of looked like he was a Kardashian, right? Rolling into court, looking a little more svelte, to be quite honest. I guess the stress of running an exchange got him fat and the stress of not

running an exchange got him skinny. But yeah, he pled not guilty. And everybody's like, what the flip? You're guilty, dude. Everybody knows you are guilty. So why did he do this? Why? Why would he do that? Nobody knows. There are a lot of conspiracy theories going around. A lot of people saying, because, bro, he's got Biden and Elizabeth Warren and politicians, and he's part of the Illuminati and the international cabal of people who want to kill the cryptos, right? And so he's going to pull some strings in high places, like whatever, right? And the next one is that maybe he'll get an improved plea deal. He can, you know, show confidence. And as I say here, can buttress public and investor faith in him

or be enough to convince juries of his innocence. Like, bro, I said I'm not guilty. Are you guys even listening? Right? So there's that. And then third, and equally likely, according to this article by Coindesk, and yeah, maybe it's true, is that Bankman freed and his allies are in a deep cocoon of delusion about the substance of the case.

Regardless, he's exceedingly unlikely to win a verdict of innocence if things proceed to trial. Okay. Maybe he really thinks he's innocent. I mean, he's certainlyingly unlikely to win a verdict of innocence if things proceed to trial okay maybe he really thinks he's innocent i mean he's certainly tweeted enough times i'm sorry guys but like yeah carry the one didn't see the extra zero my spreadsheet you guys know right not his fault so maybe he's literally delusional enough and narcissistic enough and crazy enough to believe that he's innocent. Personally, I have another obvious theory that I've proposed here.

The dude just really likes League of Legends and now he gets to go home for at least 10 months to play it. Right. The trial's in October. And that's before they inevitably get it delayed and appeal and appeal the delay and delay the appeal and all the things that rich people do when they want to stay at home and play League of Legends and not get into nearly as much trouble. I think that's what he's doing. And Dave Weisberger, my effective co-host on Mondays of Macro Monday, had something not so undifferent to say on his LinkedIn. And I liked this post. Let me see if I can blow this out. There you go. Sam did start his career as an arbitrage trader before he became a con artist and thief. It looks like he remembered how to make a smart trade by submitting a not guilty plea. Go away. He gets

almost 10 months of freedom as he awaits the trial scheduled to begin in october he gets to do so while his parents are alive and he is still a young man had he pled guilty he would have gone into custody almost immediately likely for a very long time he ultimately decides to plead guilty for a reduced sentence he can do so right before the trial but he will have had most of 2023 with his family this is one arbitrage he seems to be doing right. Isn't that basically it right there, guys? Exactly what I said. Look at him. Look at him. He's looking deep into your soul. Very mischievous. Very mischievous. Yeah, he's just gonna take as much guaranteed free time as he can get before maybe he doesn't get

any free time anymore. Did you guys see this story? Crypto bank Silvergate shares plunge 46% after 8.1 billion withdrawal in Q4 prompts 200 job cuts. Everything in that headline sucks for them. The company also said it is writing off its investment in former Facebook stablecoin project Diem. You might remember that there was Libra, the proposed Facebook stablecoin project, Diem. You might remember that there was Libra, the proposed Facebook stablecoin project, which then became Diem. And then Diem basically died and Silvergate Bank, because they were so cash flush with crypto billionaire money, had it all. They're like, we'll buy all the intellectual property and technology that was being built for Diem and eventually probably launch our own stablecoin and do that. Well, they wrote that down to zero as part of this.

They basically lost over $700 million having to get liquid to make sure that this bank run that was happening was able to happen without them not being able to give people back their money. Nothing good here. The stock plunged 46% in a day. I've got that chart here somewhere. Let's go see.

Right? I mean, I have to pull this up for you to even see the volume. But yeah, man, Silvergate was kind of bouncing off the bottom here, having this nice little run up to $22. And then, oof, opened yesterday at $13, traded as low then as $11.20. And that's where we are now in trading. Silvergate getting absolutely smoked. Yeah, man. It's very crazy. And I get it. But how unprepared the bull market darlings were for the bear market.

Same for all of us, I think. I didn't see Bitcoin coming down, trading in the 15,000s after trading at 69,000. But I'm solvent. And even with losing so much money on Voyager, these companies scaled to a level that even a small crypto winter seemingly would have been problematic for them, much less a crypto ice age and just absolutely destructive bear market that we've been living in right now. But the good news is, is they were actually able to redeem everyone's

withdrawals. $8.1 billion worth of withdrawals, right? I mean, that is really, really a crazy, crazy number. And so of course the stock is trading according to that. Yeah, they had to sell 5.2 billion of debt securities incurring a loss of $718 million just to be solvent. Deposits from customers declined to 3.8 billion in the fourth quarter from 11.9 billion in the third quarter. Man. Man. It's rough out there. Rough out there in these streets.

And speaking of rough out there in these streets, look at this guy. A face you've seen on this channel countless times, both in the news and in the flesh. She can see was on here a lot. New York Attorney General sues ex Celsius boss Alex Mashinsky reeling in Chapter 11 bankruptcy with Celsius, taking nonstop hits left and right. Well, now he's getting sued by the New York attorney general. That sounds bad for him. That seems bad.

As Celsius lost hundreds of millions of dollars of assets and risky investments, Mashinsky misrepresented and concealed Celsius's deteriorating financial condition. The statement says, she also said that Mashinsky promised to lead investors to financial freedom, but led them down a path of financial ruin. They even included the specific case of a disabled veteran. This one gets your tears jerking.

Who spent nearly a decade saving and lost his investment of $36,000. But that does remind us that everyday people lost basically everything on Celsius, Voyager, Vault, BlockFi, and then, of course of course later FTX, which was not CeFi. But we saw a wholesale dismantling and collapse of the CeFi system. Nexo is still out there. There's a couple others, but the majority of them and the ones with the most customers obviously all failed this year. But now he's getting sued by the New York Attorney General, completely unrelated to all those other things. So he could totally lose this even if he won those. Here's the bonk, guys.

Solana's, and I don't know, I didn't know what bonk was until like yesterday. I'm a boomer. Solana's Doge-themed bonk drops 50% after bonkers, 3,300% gain. I haven't even looked at the chart let me see if i can find one really quick uh now play the jeopardy music while i try to find bonk here we go found a bonk chart oh my god first of all i want to show you this is the monthly chart which is hilarious if you look at it like this look at it it's one candle. Big old Zorro sword kind of thing going on.

You go to the weekly. Same. Daily. Okay. We've had three days. Maybe this is just on Hobie. Four-hour chart. I don't know, man.

Hourly chart. Wow. Okay. That's not accurate, though. Maybe it is. It's just the scale. Let's not accurate, though. Maybe it is. It's just the scale. Let's get in log scale. Whatever.

Anyways, I mean, that looks like a, I don't know. Let's see. Put a little star on top. I'm going to make it a diamond top star some lights coming off of it and we got some ornaments it's christmas tree it's the old christmas tree pattern of death and want to know where people who probably heard about bonk bought it here maybe here and maybe a little bit here, right? Bonk apparently was an airdrop, right?

Just some free money sent to people on Solana. But this has sort of led the recovery of Solana to being the only thing that people have been trading. There's one thing I've learned is you got to be the first one into the meme coin craze. You certainly do not want to be the last. Yodoya accurately points out that it looks like a dick. But, oh, God, there's kids here.

There's kids here, man. And I shouldn't have read your comment. And now I'm going to feel bad about it for a while. But speaking of that, let's real quick, just totally unrelated. Let's check in quickly on the Bollinger Bands. What does that look like to you, buddy? Hmm? Hmm? What do you see?

I see the same thing that you saw on that other chart. Dicks everywhere. Yeah, so I don't really know what the hell Bonk is or why we're all talking about it, but it is good to know that we can still get completely irrationally exuberant and have insane pumps on a coin like this. As they say here, meme coins and tokens are famously volatile, surging and falling based on things like social media sentiment, as seen in many past occasions with Elon Musk and Dogecoin. Now Bonk, a Solana-based dog-themed coin, is experiencing that same kind of turbulent momentum.

Thing's a joke. It was an airdrop. Hopefully some of you that are here got insanely rich on this, but my feeling is that probably most people bought it the wrong time. Yeah, I don't know. Jay's bringing his kids in for therapy. Sorry. Sorry.

I don't know what to say. What to say. That's what we got. Bonk has gone absolutely bonkers in this market. I like that four-hour kind of whatever. Yeah, I don't know how you trade this at this point unless you're just degenerate gambling and trying to have a little bit of fun. Right? That's the chart there on Huobi.

And that leads us right in. Perfect segue. Coincidental segue into crypto exchange. Huobi experiences heavy token outflows. Nansen. Nansen Drew. On-chain data show more than 60 million in tokens fled the exchange in the past 24 hours. Doesn't feel like a big number, but probably a big number for them. While stable coin reserves have dropped 9.5% in a week. Okay, that's quite

a bit. That's quite a bit. It's been $100 million basically this week that's gone down. Yeah, $22 million, it says here in the article at Rival Kraken, if that's any indication. Now, I guess the question is, and maybe you guys can answer this better than me, is this just like mistrust in centralized exchanges? Is there something specifically happening there that we don't know about, a lack of trust in Justin Sun because he keeps showing up everywhere? Or is this just sort of this natural trend we're seeing for now in the bear market of people moving to self-custody? What do you guys think? What do you guys think?

I'm curious as to your actual thoughts, and I'm now looking at the comments and nobody is sharing their thoughts. Daniel says that Hobi looks as bad as Bonk. Hobi probably S in the bed, says Loon Mambo, still a great name. Yeah, I don't know. All I know is that right now, it's totally cool to keep your coins on an exchange when you're trading because trading is awesome for like 5% of people. But all your other coins need to be off exchanges, all of them. That's how it is.

It's just how it is, guys. Yeah. CryptoMuscle says, I think self-custody is finally getting a little more tolerated. I agree that it's getting more tolerated. I just think that right now it's only for people who really, really understand crypto and your average person is still going to use centralized exchanges. Matt A. makes the important comment that I think this Bloody Mary is tasting like a great Friday morning.

That's good for you. Yeah. Yeah. Mohammed says, bear markets show how much fake crypto companies are out there. I wouldn't say that they're fake. I would say it goes back to the old Warren Buffett quote. It's not until the tide goes out that you can see who's swimming naked. Well, everybody thought that the bull market was going to last forever and it did it. King Kwasi says, who will be one? That's a good comment. I like that.

I like that. What else do we got here? Well, there is. Tron price sinks 8%. Okay. We were just talking about Tron the other day. USDD depegs amid drama at Justin Sun-related Hobie crypto exchange. Well, there's obviously a lot more going on here. Now we get the Justin Sun-Tron contag, where anything he touches can all go down because

people are concerned. It's crazy. Yeah, he just sits on Hobie's advisory board. He doesn't own it, by the way. And they had to cut 20% of their people. And so people are rightfully concerned. And now we see the bank run that we just talked about. But now that's affecting Tron and USDD and all these things. And oh, my God, man, why do we need algorithmic stable coins? Can anyone answer that for me? Francine Cook says Ivy League is teaching how to fleece people. I don't know, Francine, but I believe Justin went to the University of Pennsylvania, which is also where I went to school. So it can't possibly be that.

I didn't learn that there. I didn't learn that there. Very cheerful show today. This comment. Well, yeah, man, you know, it's where we are right now. Where we are right now. Yeah, a lot going on here. I don't think that we should be doing the algorithmic stable point thing anymore. Maybe go like paper trade it and do it as an

experiment, but certainly not with actual money by actual people. Got a couple other here. Indians move over 3.8 billion to foreign exchanges since crypto tax rules. Indians love crypto, but not as much as they love gold. A study from the Asia Center, but you say that's Centre, C-E-N-T-R-E, provides the first monetary estimate of what effect the country's crypto taxes has had on domestic trading platforms, right? Does that mean that they're trying to hide their assets elsewhere and not try to pay taxes on. Yeah, it's basically what it means. But if you guys had missed it, the 30% tax that was on all crypto gains went into

effect on April 1st and the 1% TDS on July 1st. That's a fee basically that has to be paid for transactions and trading. When the taxes were announced, the industry was unable to back up its predictions that the levies would, quote, kill liquidity. The SDS Center report found that domestic exchanges lost 81% of their trading volume in four months after the imposition of the much-debated 1% TDS rule. Huge. Huge. The good news is that Indians were like,

I don't know, just go trade on Binance and shit, right? And maybe not tell anyone. That seems like a bad idea. Always report your gains and pay your taxes. But they are still participating. They're just not participating on shore. As FPL wannabe accurately points out, crypto gains, ha, ha, ha, ha. Yeah. What are these gains and where can I find them? And then the final piece of news I have

here, which I like, maybe, I don't know. Maybe it's terrible. It's good. Indonesia to launch national crypto exchange in 2023. The platform comes as a part of the plan to shift the regulatory oversight from the commodities agency to the securities authority. That I don't love. We don't want precedent of crypto becoming securities when they were previously viewed as commodities. We want to go the other way. But still, I'll take it that Indonesia sees enough of a future in the crypto space that

they're going to launch their own national exchange. Not exactly the decentralization that we're looking for, but hell, we'll take literally anything that we can get at this point. So yes, in this year, 2023, we are going to see a national exchange in Indonesia. And they're even doing this in the depths of the bear market, because this feels like one of those things you would have seen like the news and the height of the bull market, and then you'd forget about it and it would never happen. I don't really want governments in charge of exchanges, but at least it is a signal that Indonesia is taking crypto seriously. As Jay says, as long as Bitcoin stays a commodity. Yeah, I agree.

Sounds like they are going to go broke soon. Speaking of a government running an exchange. Yeah, well, you know, the problem is these exchanges shouldn't have gone broke. It blows my mind that SBF blew it, right? How does FTX go broke? They offered 100X leverage on shit coins, which is like being the house at the casino. The house always wins.

The house times 100. They had massive deposits. They had the spread. I mean, just guaranteed ways to make money if they didn't fuck around and they just fucked around, man. It's really, really crazy. Daniel asks, Scott, did you see the leading candidate for Argentina's next president is pro-Bitcoin? I did see that. And the new Fijian president person is also very pro-Bitcoin. A lot of good things happening here. A lot of good things happening here. As architect Jeff says, I give Indio respect.

At least their government understands the importance of crypto. There you go. There you go, guys. That's it. That's all the news that I had for the week. A lot of it. We cooked through that in about 36 minutes. And now I encourage you all to enjoy your Friday, man. It's the first full weekend of the new year. want to do with your life that are going to be super fun that do not involve staring at your phone or at the charts. I still don't even have a portfolio tracking app since FTX Blockfolio went down. At no given point can I give you an accurate appraisal of the state of my portfolio, and it's been amazing because it doesn't matter. I'm not selling any of it.

So I'd rather not even know what it's worth right now. Play some sounds. I forget these exist. Let's see what else is in here. I can't play. So I got a copyright strike putting my account at risk because I played the Pump It Up song the other day. What else do we got in here right now? Bye, Felicia. Bye, Felicia.

I need to reload some new sounds. I want my two dollars! Let's go. Let's go. Oh, no! We suck again! That one's kind of quiet. And then I can't play Benny Hill.

I can't play music. If I play music, I literally could, like, lose my channel. Yeah. Yeah, you guys want Pump It Up. I gave that to you last time and i was like you have received a copyright strike for the from universal music for pump it up if you believe that this is in fault and you own the copyright to pump it up i'm like no i don't

want the copyright i didn't make that song yeah that's all i got for you guys today of course like i said prime xbt you see them scrolling just check it out click on it do something do something you guys been amazing it's been a good week on to the next one which will begin on january 9th actually next week might be a bit strange. Sadly, I have to travel cross-country for a funeral, and I have not confirmed when that's going to be, but I'm going to try to be continuing to stream on the road and figuring those things out. On a somber note, not how I wanted to end it, but I was just thinking that, hey, the beginning of next week

might kind of be best up for the schedule. Love you guys. I will see you next week. Peace out. Let's go.