The Wolf Of All Streets - Hexicans Convince Me Hex Is Not A Scam l Bitcoin To $55K? Here's How.

Episode Date: August 2, 2023

I am joined by two Hexicans: Rags to Riches and Gary Woods aka FundingGym who will try to persuade me HEX is not a SCAM! Join the show! In the second part Chris Inks will join me to explain his views on Bitcoin and how he thinks Bitcoin can make it $55,000! Rags to Riches: https://twitter.com/Rags2RichesFAM Gary Woods: https://twitter.com/FundingGym Chris Inks: https://twitter.com/TXWestCapital ►►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://bit.ly/meld-early-access  ►►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 #HEX 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.

In a week filled with some pretty crazy news, I think maybe the biggest story is that Richard Hart, the founder of HEX, the very controversial founder of HEX, is being sued by the SEC with some pretty wide-ranging claims. First, obviously, the unregistered security offering. I think everyone in crypto is pretty exhausted with that narrative, especially after Ripple. And I think most people, in fact, are against the SEC and would be cheering for Richard Hart in that claim. But the other claims are a bit more serious,

that he used some of the user's funds, up to $12 million, to buy things like the largest black diamond in the world, cars, clothes, which he obviously does very publicly on Twitter, on YouTube, and basically anywhere anybody will watch. And of course, the claim that they were basically pumping up interest by sending and recycling tokens back into the contract to make it look like more people were interested in Hex. I cannot make any statement to those claims. I have no idea what the evidence is, but that's what's out there. So listen, I decided to invite two hexagons. I guess they will call themselves Brandon and Gary to the show. We had a discussion on spaces. They were very respectful. I believe that I was as respectful as I could possibly be

as well. And I wanted to continue the conversation here in a more closed and controlled, I'll say, environment. You guys definitely don't want to miss this one. They're going to convince me why I should be more interested in hacks. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of Wall Street. Before we get Let's go. Before we get started, I think that in crypto, tribalism is very common. I would say it can be largely problematic, but I think that that's also true in life. My team, my country, my religion, my political party, I think we all get wrapped up in that and we're all guilty of it. And what we're all guilty of as a result of that is being dismissive of things that are not our own tribe or our own community and lashing out or jumping on the bandwagon to dismiss those things, be critical of them or say negative things.

I think we've all largely been guilty of this in crypto. Bitcoiners saying everything's a scam. People seeing Hex outright say it's a scam, saying that Richard Hart is a scammer. And I'm not sure that that's fair. I've been guilty of these things, obviously, in the past. And I think that all of us in past markets have largely been humbled and should avoid that behavior. It's no secret that I was a huge fan of CeFi. I thought Mashinsky. I thought SPF. I thought that Steve Ehrlich. I thought all these guys were amazing. They were banking the unbanked. I promoted it. I lost millions of my own dollars doing it. So I can't really be that critical of anyone who follows a very energetic leader,

whether for the right or wrong reasons. Now I'm going to bring on Brandon and Gary right now. I'm looking forward to having a very respectful conversation on what HETS is all about and why we should all care and pay attention. Brandon, Gary, thank you guys so much for joining. Brandon, I know this is also streaming on your channels, which is a new feature here. That's pretty awesome. really appreciate you bringing us on because I understand that you kind of take a reputational risk for doing things like that and it's obvious you don't really give a damn. I will however say that I am a better DJ than you and that's not debatable. Thanks man. If there's one thing that we could debate, I'll take

that. There's literally not a person on the planet I would take that challenge from, to be honest. I don't get very egotistical about a lot of things, but I was pretty good at DJing for about 20 years. Maybe we'll have some big stages. Let's do it. Let's do it. I'm down for it.

And Gary's over there getting ready to be putting the game. He's pinch hitting, apparently, at a baseball stadium. Yes, I do apologize about song quality. I'll come on and off mic, but I am traveling right now. I'm on my way to Miami for the premiere of the Highest of Stakes documentary. I do want to highlight that it was two and a half years of unbiased, uninitiated, non-crypto directors and their five-time Emmy Award winners in other genres altogether. So I am invited to that event and I'm in transit right now. I actually have an airport I need to be at in 45 minutes or so. So I'll be here for a little bit and I really appreciate you giving the platform to both Brandon and myself to speak on these topics. All right, we'll get you there. So obviously you talked about the movie that gives us a good chance to at least briefly discuss how

controversial Richard is, right? And so I think a lot of people didn't understand the concept of outrage marketing, which you guys explained to me yesterday, that's very purposeful is antics. Is that correct? Like, this is not really who he is. And he did that because either he felt that he wasn't getting enough attention or it was a good marketing tool. But I think that that has probably alienated a lot of people who didn't understand that it was somewhat performance art. Is that a fair statement? Yeah, I think that's fair, Scott. I think it's fair to say that if he hadn't done those things, Scott, you and I probably wouldn't be having this conversation, quite frankly. And the other thing that I think is important and we'll probably get into this is to separate kind of those antics from what

the actual code is and what it does and also the implications on the broader crypto community moving forward with these charges from the SEC. Yeah, Gary, I mean, do you think it's a fair sentiment? I know you've actually been critical of Richard when we were talking privately, so I don't think any surprises here. support, the man, the founder. And often I find myself in the middle because what I care about mostly is what I think I've done over my career. I'm ex-special forces military. I cared about a cause back then. I went into medicine for 20 something years in cardiology. So I cared about academics at a different chapter of my life. Later, I became a speculator in real estate and startups and

software. So now I find myself over the past few years in this community. And what I care about most is, can people do math on the internet? Can people speak out loud in a public setting, public square? If it's rejected or accepted by a community, then maybe that has value. And sometimes that has value in the pocketbook. So I'm a speculator, and I've speculated over the past four years to support this community, mostly because of the values that they learned from the narratives Bitcoiners shared, Ethereans shared. I am a Bitcoiner, I am an Etherean, and I am supporting this ability to do math on the internet. My question is, you say it's the ability to do math on the internet.

Then what differentiates Hex or Pulse or Pulse Chain or any of these from any of the other protocols? Because in my mind, you can still make that argument with the existing protocols. So what's the differentiator here? Why should people care? Why is X special? Go ahead, Brandon. Yeah. So, yeah, Scott. So here's what I would say about that. I would say that the first thing, I need to paint this picture. The title of this YouTube stream had something to do of, it convinced me this isn't a scam or something to that effect. Yep. I'm extremely excited. And here's why.

For the first time, for the first time in crypto history, we have had the most powerful financial enforcement regulatory agency on earth take a deep dive and take a deep look at HEx and PulseChain and PulseX, specifically Hex, for example, and nowhere in the documentation did they mention the words Ponzi scheme. And nowhere in the documentation did they mention the word pyramid scheme. Nowhere in the documentation did they mention the word scam. Wow, that's huge. That is massive. And to also provide a little bit more context, if you go to scc.gov slash press releases, and you go to the search bar, and you type the word scam, you will see all sorts of things. I've got it pulled up here. So for example, January 5,

2022, SEC charges additional defendant and phony certificates of deposit scam. SEC charges promoter with conducting cryptocurrency investment scams. So this is something that they do. This is something that they do regularly for the first time in history. We have clarity on that. So that's important. So if HEX from the SEC, directly from the SEC, if it is not a scam, then what are we actually dealing with here? We are dealing with a direct attack on decentralized finance, and we are dealing

with direct attack on cryptocurrency. And there are massive implications, not only for HEX, PulseChain, and PulseX, but the broader crypto community at large. And I really think, Scott, that is what's important to us right now. And I'd be interested to see kind of what your thoughts are actually, Scott, on that. Well, listen, like I said, I'm no fan of the SEC. I don't know if any human being has tweeted the words fire Gary Gensler more times than myself. I'm a very passionate proponent for decentralization and freedom. It still comes back to the question that I asked before, which is what differentiates Hex, I guess, in this case. Because if you're passionate about decentralization, there's obviously the argument that Richard holds the keys to the majority of the coins.

Right. And so like to me, that means you're putting, and maybe he's trustworthy. That to me means you're putting a tremendous amount of trust in him to maintain the protocol, which is not the ethos, obviously, of Bitcoin and is more a proof of stake versus proof of work issue. So even taking aside that Richard himself could be a good actor, which I will, for myself and for this conversation, I will assume on your behalf. But what if he literally, this turns into a a doj case whether you agree that he's guilty or not and they take his keys like he even lets let's see what he does before he dies and falls off a cliff right what happens to him yeah yeah well yes gary can talk about that let's unpack that so we make

assumptions and i make assumptions too. Part of my assumption is that why would you build a rocket and then blow it up on the launch pad? Why would you do that? Why would Elon Musk create companies and then destruct its value because of weight in the system, influence in the system, whether it's public speak or whether it's shares? So these alignments of value, I think that Richard has done fairly well in educating anyone over the past four years about the crypto space as a whole, about narratives, about influence, about things like that. So again, he began, you know, I'm not defending Richard. I'm not even defending the product of

Hex or PulseChain. What I'm defending are these values that we place dollar terms on or currency terms on. The way to make noise in an attention deficit kind of society is what Richard did with his outrage marketing, right? All of the things that he proposed and said was outrage marketing. To be listed on a coin ranking site that is called CoinMarketCap is part of, I think, the design of the OA or Richard controlling or an entity, like all of the things that we have heard for years that are provable on blockchain. So again, I want to just say that we do not know who or what foundation has the majority of supply in these ecosystems. We do not. Whether it's Bitcoin having a high percentage distributed or not. I agree with that. But that's no offense. That's whataboutism, right? Because we do know who holds them in this case.

Right. And so we don't have Satoshi isn't buying Lambos and twerking. It's anonymous. It could be a group. And even if those Satoshi coins moved in the case of Bitcoin, we know exactly how much of the supply it is of what exists. And even if it was dumped all at once, we know that there's buyers of last resort. I'm not saying it's necessarily a false equivalency, but I don't like any argument about any protocol that everyone else is doing it. So it's fine. It doesn't stay. It has to stand on its own merits. And what I'm still asking here is, what does Hex do that something else does not do? What is different about the tech? And how come every time I ask someone that question, I get answers about Richard Harp and not about how it stands alone on its own? So that's what I want to know. Yeah. Yeah.

So I think that the reason that you don't get the answers that you seek when that happens is because it's been answered so many times and people absolutely seem to reject it. So it could be in part our PTSD. So we don't want to drop the ball there for you. So what's very interesting about Hex is actually it's twofold, really. There is the ability for people to take their HEX if they choose. They are not required. There is a staking mechanism, okay? So this staking mechanism, it's referred to as mining now. The staking mechanism allows you to lock your tokens up at the time period that you might choose, and it will allow you to receive portions of inflation directly from the contract

that is not controlled by a centralized entity. Okay, so I think that in terms of all of crypto at large, that's a really interesting mechanism. Why is that interesting? Well, when you look at the stats, there's probably only about 10% or so of people that actually participate in that staking. What's interesting about that is if you do participate in that staking. What's interesting about that is if you do participate in that staking, what does it actually do from a psychological standpoint? And I understand that some of these, this is Richard Hart's talking point, but it's just the truth on this. If you're forced to lock your stuff up and there's a penalty, there's something attached to it, just like in traditional finance, so certificate deposit, you're going to get- Or an IRA.

Yeah. Right. Of course, you can get your retirement funds out until you're 65 without paying a penalty. We all understand that. So imagine if you're a brand new person to cryptocurrency, okay? What are you probably going to do when you first get in and the chart starts getting crazy? You're going to dump all your stuff. However, if you look at a Bitcoin chart, if you look at Ethereum chart, if you look at any of these, if you hadn't dumped it and you had just held it, okay, you'd held it through that bear market, then you would be okay. You would be way more than okay. And that has played out so many times. I know you hear about the guys that forget they have Bitcoin and they log into their wallets and then they're all suddenly, you know, five years. Then it's famous that the best

fidelity accounts in history are dead people who never had anyone close their account. It's a known fact that being dead is the best way to invest if you want to make money over time. Yeah. So from a psychological standpoint, Scott, I think that's a very objective and a very strong way to set hacks apart from much of crypto at large, 99% of crypto. Okay. But most of these protocols you can stake and then there's a penalty or there's something else. So yet again, listen, and I'm not saying that these other proof of stakes are differentiated from one another either, but that is not a differentiator. The only differentiator I see there is that the yield is much higher. And so being a skeptic, I chased high yields and lost millions of dollars myself.

So when I see something, and I think a lot of people at this point, if they say 38% yield, it's a bit triggering or gives you pause. Sure. But the question then becomes, how do we reach that 38% yield? And that's as far as the conversation ever goes. So the 38% yield is this way. There's a couple mechanisms of the hex that are pretty interesting. If you put in longer pays better and bigger pays better. Okay. So that's one thing. So the longer that you stake out, the more of the portion of the up to 3.69% inflation is paid out to you. So if you, if you do a max stake, okay, 15 years is the max stake. Don't go from one day to 15 years. If you go that long and you take the total amount divided by that 15 year period,

it ends up being about 38%. Now, if you do five years, it's not going to be 38%. And I'm very thankful that you asked that question because like I said, that's where most conversations stop. So from a mathematical standpoint, from the way the inflation is divvied out, that is exactly mathematically, it's provable, it's on chain, it's in the code. It happens every single time the same way. And I know it sounds like a scam, but it's important to say this. It is not USD value. It is extra. It's the quantity of HEX tokens that is received compared to the original. So that's very important to differentiate as well. Right. You obviously are getting paid interest in HEX as opposed to in dollars to your wallet. Okay. I understand that. I'm still not understanding yet. I'm sorry. I've not tried to. Oh to your own wallet. Okay, I understand that. I'm still not understanding yet.

I'm sorry, I've not tried to. No, it's okay. Ask a clarifying question. Ask a clarifying question. This was launched by Richard Hart as a sacrifice, right? And that was the term. I'm not making that term. These people were not investors.

Before you get too far, there's different products. So when you say the word sacrifice, they think of a blockchain itself, whereas Hex is a separate product that was not a sacrifice. So just clarify that. Maybe Brandon can. Go ahead, Brandon. Yeah. So here's what's important with that in terms of the word sacrifice. It's extremely important because all of the people don't want to talk about the Howey test, but it's so important in this.

If you go out and you tell people, hey, this is a sacrifice and hey, have no expectations about anything that's going to happen. What if they did the opposite? So what if they gave people expectations? What if they said from the start or the beginning that this is going to go a million X, for example, before anybody got involved? Is that a problem? Yes. Is it much less of a problem, probably according to anybody in the SEC? If from the start they were to say, have no expectations whatsoever, this is a sacrifice and you're sacrificing for freedom of speech, for example. So people say this is corny. People say this is stupid. But I would

posit that if you are a lawyer or you are somebody that takes a look at this stuff, words definitely matter. I mean, we heard it in the Twitter space yesterday by what Steve is his name, I think. Words do matter. And it's all part of that process. The larger question here is, why do cryptocurrency projects have to go through all of this rigmarole? Is it because they're trying to be shady? I don't think so. I think it's because from iteration to iteration, from SEC chair to the next SEC chair that's sworn in, there is no consistency. So Hex was created before Gary Gensler. And I said this on Twitter. So it was the Red Bull case. Yeah, exactly. And so it's not really fair to the cryptocurrency industry at large, everybody. I

said this on the Twitter post. I said that I go through an intersection. Six months later, they put in a stoplight. And then they give me a ticket for the intersection that I ran through with a stoplight that didn't exist yet. And that's exactly what's happening here with cryptocurrency. time when we have 10 to 50 more minutes topic litigating the ridiculousness of the SEC because anyone who watches my channel knows that I'm deep down that raggle hole. I think the issue I have is I've talked to quite a lot of lawyers about this over the last two days. The SEC doesn't give a shit about terminology or semantics. They don't. They're going to come after you. Investors. And you guys

saw yesterday when you get some of the more passionate members of your community, they come on and say, we don't give a shit. We're in it for the money. So you can't make the claim that everybody, I'm not saying you are, but nobody can make the claim that the sacrifice was just people donated. I'm sure there were people who were sacrificing, expected nothing, but the bulk of people who send money to anything are expecting profits. So that doesn't matter. That's not a judgment of hex, but if we're talking about the actual court case, right, there's some very clear laws with the SEC, regardless of the terminology that you use. Right. I mean, the 34 and the 440 acts of the foundational principles of those from the regulators is that nobody can market a financial asset with the expectation of profit without it being security richard is i mean there's recordings of the guy saying it's going to a million dollars and he said yeah but it's

important i i and i know these are these are good speculative talking points i get that i do the same thing it is on my stream but i'm going to say that you have to take that comment in context and he said based on things that this was built on, Hex was built on, and based on previous performance of other things, is it possible? Yeah, I totally get that. But the point is, the SEC is not going to parse that. Right. Once again, I don't necessarily agree with the SEC, but, you know. Well, that's up for the lawyers. It's an argument going to take place. Okay, so outside of the, and obviously, guys, to me, and I'm going to tell you from the outside, and I listened to the spaces yesterday, I heard people talk about sacrifice. I heard that Richard was martyring himself. terminology doesn't seem like a mistake. And I would say it's damaging to those of you who are clearly very reasonable and understand this because from the outside, it looks cultish. And I'm not saying you guys are a cult. I know people are going to take that out of context, but you can understand how people would say our fearless leader is going to martyr himself for

the cause. And we sacrificed to a guy who was a purported billionaire and we're sending him money for the cause right if only we had laser eyes or a halo uh tonight this is a bigger problem with laser yeah you're you're preaching to the converted converted here but okay so listen let's say that um and i don't everyone seems to say he's going to jail, all these things. There's no criminal charges. Right. To anyone who understands the SEC, this is civil. The most likely outcome, unless you see a criminal charge in any SEC enforcement, is that he pays a big fine and moves on. And it's a speeding ticket to use your own sort of analogy. But let's go down the path of conjecture. If Richard is proven to have taken money out, investor, sacrificer, whatever money, if he took that out and bought things for himself,

would that change your opinion on any of this? But better question to frame it, at what point would there be some evidence or proof for the hex community? It may never come to be clear where they would turn their head. I talked about my fault with Celsius, with Voyager, right? All those. But there came a time when I realized those guys, and I'm not saying Richard is, those guys were fucking scammers. And I went 180 degrees because, as I said, I have strong opinions loosely held. And when I'm presented with new evidence that

proves me wrong, I'm the first to admit I fucked up and I change and I move on. Right? So is there anything do you think, not necessarily for YouTube, that would change the community's opinion? Because it sounds like to me, when I listen to it and when I see my comments, which could be bots for all I know, that nobody is saying, they're saying no matter what Richard's done, he's a martyr and it's great. Yeah, Gary, go ahead. Well, again, I don't want to make this whataboutisms. What I've seen over the past five, six years in cryptocurrency

has been different iterations of math on the internet. Some might have a marketing to say to the general public, participate in this protocol and there might be a future token airdropped. That was a marketing pitch, right? And what gives those things value is people trying to price into the marketplace and undervaluing or overvaluing the thing, right?

A piece of code on the internet. So is Richard a martyr? No no i don't i i think that he's done everything to be loud uh in in a space that has a lot of noise and uh you know i think he's he has chosen this path for himself uh to come to a head you know i think i do believe that this will go you know uh to court i think that there's definition needed in the crypto space. And if you're against Richard, then you're against all entrepreneurism and all people that want to do math on the Internet or speak a language. So, like, I care more about his representation of the broader space, just like I care about the hexagons representing the broader space of speculation. Sure. Speculation about the future that you want to hold.

So, yeah, I think it will go to I think it will go the distance. I think Richard is the best person to represent the values that Bitcoiners and Ethereans care about. Right. Yeah. Scott, you know, to answer your question, because I want to get into that, all right? So you asked, is there anything, maybe not my opinion, but the community's opinion, that could be uncovered that would cause them to jump ship, so to speak? Am I correct in summarizing that? Yeah, that's effectively it. If you found out that you all sent a bunch of sacrifice and he bought himself shit with it, would that in any way shake your faith in the purpose of the project or in being a part of the community? Yeah. So to be quite honest with you, if we're looking at maybe a billion dollars that were put into this, and if we're looking at $12 billion of that $1 billion being used. And primarily, I will point out that just about

everything that he purchased, it wasn't like he was trying to hide it. No, I've heard- Yeah, specifically said on many occasions, like, guys, he wasn't like this before. He isn't like this now, but he was in that period. Now, the question is why? And he's told us why. He said this was for the purposes of cutting through the noise. And that, again, that's- I asked you, I understand the outrage marketing, but he's also said he was cutting through the noise because he was personally offended that other people were bigger than him. And listen, I think we know that he believes he should have the largest following, be the

most listened to. He's said it over and over. It was- Well, yeah. So do you think he did those things for Hex, so do you think he did those things for Hex or do you think he did those things for Richard Hart? It's a legitimate question. No, no, it's a very legitimate question. And here's how to answer that. The context to him saying that was he was saying,

look at all of these people who have more followers than me that had screwed so, so many out there in crypto. So that's the text leading up to that point. And so the question is, is he buying all these things to get attention, to make it all about me, me, me, me, me? I don't know, man. I've seen a whole lot of things that have been done in this ecosystem that he's actually not all about him. And he actually really cares about the people that are involved in this. I have the ability, and I would surely say that some people don't, I have the ability to separate Richard Hart from the actual code. And what got me into this, and mind you, I was a Bitcoin miner,

for example. I got into this. I didn't trust Richard at first. I saw the top hat. I said, who is this guy? And it took me a long time really studying and actually taking the time to understand that to get into this. So I was able to separate the man from what the code was, but it served its purpose. And I do think that he does care and he has made a lot of people a lot of money. Now, a lot of people are down a lot of money right now. And I think that's also a symptom of the- I hate that argument, though. I'm not saying on your behalf.

No, no, go ahead. I'm on the other side of that argument, and I made it yesterday. So listen, having nothing to do with Hex, BlockFi, Voyager, FTI, Celsius, your money's gone, right? You might get some of it back in bankruptcy. We got 36% back of the value of what it was last year, which is 24% of the value now. That money is gone. It's very disingenuous to attack any project. I don't care if you like them or not, because the chart is down, right? Everything's down 85%. Bitcoin went down 85%. And unless you sold, you didn't lose money so i don't think anyone was stolen from here like in those cases that money is still there and god i

have no idea what's going to happen in the future hex could 100x from here for all i know and so could literally a cartoon of a frog humping a dog right so right i have no idea i think we will those things well that probably has a better chance than any real asset of going up. Right. But so, Scott, I want to say the argument that like everyone lost their money in any of these things is bullshit. I've been attacked for that. Right. Because we all your ability in front of your audience to say what you just said is what needs to be very contagious amongst all the people that are talking about crypto. Because I think that we are coming out of a period where it's just super tribalism, no matter what cryptocurrency that you're in. And we all want to punch each other in the face. But those comments, Scott, represent leadership. And I personally really appreciate that, man. So thank you. Yeah, you're welcome. I mean, I would have said that on the stream.

It was, you know, not that any people do. But yeah, it is what it is. And if you've been in this space long enough, you're, you know, hindsight is 2020, but it's embarrassing all the things. Listen, I thought Bitcoin was going to 100 grand when it was at 65, right? Of course I did. And then now, you know,

every day in my tweets, you're an idiot. You're pumping Bitcoin. Right. You're just being real, man. That's what it's all about. I think the thing that I just can't get past here is how much control Richard still has over the protocol in theory.

You did a decent job of explaining that, but I can't think of another protocol where people are this passionate about it and have that much trust in a single private key. Many protocols have this guy. I'm going to give you an example. I think actually, I think the real delineation here is the fact that the SEC doesn't like the fact that Richard doesn't have a centralized company. And I'm going to go into that because in the court documents, it kind of led onto this. They have to find a way to tie Richard to these entities, PulseChain and PulseX, but there is no VCs involved with this. There is no company involved

with this. So when you look at an actual company, when you look at a major layer one blockchain, look at their distribution models. Okay. So for example, we'll take like Uniswap, for example, I think, you know, you can go to the Uniswap foundation and see this or any of these V3 forks or any project, really, you have 40% that goes to liquidity mining. Who's that controlled by? That's controlled by centralized keys, people who hold the daggone thing. You have 40% that goes to liquidity mining. Who's that controlled by? That's controlled by centralized keys people who hold the daggone thing. You have 20% that go to the team. Now we're up to 60%. You have 5% for marketing. Okay. So now you have 80 or 85, or sometimes in some cases more of the supply controlled by a very small group of people. Now it's on the up and up and people say that's okay because they put it in a pie chart on their website. But because we don't have a pie chart on our website and all we can do is look on chain and see that the OA has

X amount. Now that becomes like a really big issue. And I know that that's not going to be an argument that is going to resonate in many of your viewers' heads. But I do want to point out that that actually is the reality. And you can go to defilama.com and you can look at these distributions for project after project after project. The VC model is highly problematic. I think I just go back to the fact that whenever I Project after project after project. of crypto probably goes to zero. But if anyone listens to me, I believe then you get the Amazons and the Googles and the biggest companies in the world coming out of that.

I don't think that that's necessarily a bad thing. I just like, I'm concerned that, you know, and by the way, people are saying, why does Scott think Richard has the only keys? That's not what I'm saying. Maybe I used the wrong vernacular for it. Well, there's...

I'm not saying control. To give you some... Hey, hey, hey, look, look, let me hear you. I'm so sorry. Yeah. So's any control to give you some. Hey, let me, you know, I'm so sorry. Yeah. So I did want to plug again. The highest of stakes movie is releasing this weekend.

It's been held over in other theaters. I think it's distributing across 40 theaters in the United States through Regal Cinema. So I'll be going to that. And then I'll also fly

from Miami to Austin to see the show a second time. You know, I really appreciate you allowing us to be on the platform. The most important thing is, as far as Hex or Richard is, I think that he has been as transparent of any founder or of any basically organizer of IT.

He said that. You know, that's what he said. He said that yesterday. He said, listen, he said it all. Yeah. Can't argue with that. He's been the most engaging of any founder of any crypto that I've ever been aware of.

So again, I appreciate you giving the platform. If you want to continue with that, Brandon, I definitely will listen in. And yeah, we got to move on in about two minutes. Anyways, I do want to say one other thing is that I heard someone on the Twitter spaces know, I heard someone on the Twitter spaces, Brandon, I think you were actually defending it,

but somebody, was it Eric? Somebody called you guys all trailer trash. Yep. Something to that opinion. I think you guys have made it clear if anyone was doubting that, but that goes back to the tribalism

and stupidity that I mentioned before to even like sweepingly make those generalizations. And I want to encourage people just never do that. Like, listen to the people in these communities. There are passionate, intelligent people in every one of these communities who we can argue with or have constructive conversations. But saying things like that is more damaging than anything any of these other people could do. Now, Scott, I came, I had to put glasses on and I wore a polo, but watch this.

You're like, yeah. Do a transformation into the trailer park trash. You ready? One, let me pop my collar here. Ready for it. Take my glasses off. And like I said, we're going to go in, guys. Oh, yeah, you both have them, don't you?

I'm ready to park some drywall right now, folks. Let's go. Yeah, dude. I'll go get a mesh hat. I live in the, I live in the i live in the south we can we can do this man all right guys listen we can we can continue this conversation i'm gonna be honest like i really like you guys yeah and i i understand now um why people are passionate about it but i still personally just can't get past the like single character and

maybe if i was involved in it before i saw his antics that would change and maybe i't get past the single character. And maybe if I was involved in it before I saw his antics, that would change. And maybe I can get past that. But I do understand why you guys are passionate about this and why others are as well. Scott, thanks for letting us in. And guys, it's so important. This is not the SEC versus

Richard Hart. This is the SEC versus DeFi in general. And I think it's only going to get worse. So if you're sitting back and watching pole chain burn up right now and you're eating popcorn, just know that if that goes that far, they're coming for your chain next. So they're coming for your next and coming for yours next. That's important. Scott, thank you so much, man. Thank you guys. We're going to move on. I appreciate your time. Gary, let me know how the movie was. All right, all right guys listen i'm glad that we had that conversation as i said and i promised i

would do it and i didn't do it in the past and i should have you know i actually had the opportunity a few times to uh talk with richard it was in the heat of all this and i just kind of punted it because uh i you know i didn't feel like i had enough information to refute claims or have the conversation, but very good that we did that here today. Guys, as you know, the back half of every Wednesday show, one of the best parts of the week, I got Christopher Inks, my mentor, who taught my trailer trash,

you guys want to talk to me, the trailer trash over here, how to actually trade and interact with the markets. Well, I got christopher ain't man uh i know you're listening in the wings probably not the uh the conversation you necessarily expected on a wednesday based on precedent but i i thought it was important for us to to have it in context of what's happening well for sure man um you know i don't know you know i'm you don't mean me i'm a trader right yeah we look at the chart look at the chart i don't I don't know. You know me, man. I'm a trader, right? Yeah, look at the chart.

Look at the chart. I don't know. I don't know who's doing what or whatever. I just kind of look at the charts and what's going on there. And usually, you know, you can get pretty close to what's actually happening before the news actually comes out. So, you know, it is what it is. We'll see if it rebounds.

The SEC is on a tear. I just pulled up the chart as we were talking. I haven't looked at this forever, but it doesn't look so different from other crypto charts to be quite honest. It doesn't, man. It doesn't. There's liquidity down there where you've got your line drawn, that wick down there. There's a demand up in that. It's just about that kind of area.

We'll see what happens i mean your time to see you're talking about this yeah yeah right there below that they wick all down there to the bottom yeah yeah yeah so i mean you know uh it's getting pretty close there but you know the the rsi and whatnot even on the weekday is a little bit further to go so we could potentially see it go a bit further um you know it's knee-jerk reaction to to news that comes out this happens all the time and uh i'm personally you know i'm not willing to risk it uh uh just because of what's going on but you know i think you put it out there you know everybody's like oh yeah he's going to jail he's going to jail but you know it's it's

not a doj case you know it's uh you is a lawyer, guys, like he's an actual lawyer. He has 75 degrees. People don't know. No, no, no. I'm not a lawyer. I have a law degree. I have a law degree. I'm not a lawyer. Don't call him a lawyer. Yeah. I'm in Congress, but I'm not a politician. So, yeah. So, I mean, you know,

it is what it is. We'll see how it all turns out. You know, if I saw some favorable movement off that bottom there, maybe might be interested in getting in. But for now, I'd rather wait and see how things kind of play out on that. All right. Let's see what you got, what you're looking at right now. We obviously had, we've actually, even though it's been in a tight range, we've had some really interesting price action on Bitcoin in the last day. Yeah. Yeah. So, I mean, overall, you know, nothing's really changed overall you know

uh we're kind of we got rejected right here at the 100 ma uh pulled down we we've uh retested this um 20 ma and that's when we got that big move yesterday like almost 1500 on that rally um and so you know i mean this is still the big picture you know we're still above the weekly pivot still above you know the uh the 20 and the 50 ma um you know uh it just you know we've got the 100 we just gotta go with the 100 if you're if you're into ma so i mean um and all we did honestly here if we just draw a line real quick here all we really did horizontally is this so i mean you know again it's it's this resistance to support here we broke out and this is something i teach often uh when you have a resistance level or a support level and uh you know you test it and then you break out impulsively big candle spread big volume you usually come back and retest it before continuing on it doesn't mean you can't follow

through but usually that's the way to happen. So, you know, nothing surprising about any movement here. We'll see if it does get that continuation now. But that's the big picture. Yeah. Like zooming in though, what are you seeing? I mean, yours looks the same as mine. You have that obvious range breakdown, right? And the sweep below, which made it look like a deviation, and now trying to hold the range. Especially if you go in on the four hour, which made it look like a deviation, and now trying to hold the range. Especially if you go in on the four-hour, you had like a really nice bottom candle and then a super top candle at the four hours.

Yeah, yeah, I don't want to look at four-hour, no. Yeah, both on volume. I got to bring it. I got to find it. It's, yeah, sorry, just really quick. I mean, it's really funny, right? So you had the range lows, which you have the exact same thing. You had volume coming in here, clear like bottoming candle here, same thing that volume coming in here clear like bottoming

candle here right with volume coming in but then more volume in this kind of shooting star up top and now are we in the range or not so i find it like this is uh you know somebody's playing games yeah so i mean basically at the end of the day um you know when you look at the volume of the price action on this range right here uh you know let's be real we we got very little movement out of this large range you know everybody's like oh my god it's got to go down it's got to go down to 15 000 12 000 whatever and i mean we hit what this was the daily pivot right here uh for last month or the monthly pivot you know on the daily shows up on the daily there and then we did this sideways a bunch of dojis here volume drops off all the way through we get this spring down here that just fires up.

And so, you know, this is our jump across the creek here. This, you know, if this is legit here, then this is just what we call a back of the edge of the creek, just a pullback to test resistance as support. And we should look for it to get up. But what do we have to do? Let's keep this simple. What do we need to do? We need an impulsive breakout above the daily pivot here. So we can even say yesterday or this current swing high here on this Bitcoin USD chart on Coinbase, that's $30,033. We need an impulsive breakout. Now, what do I mean by an impulsive breakout? I mean, again, you know, you want a large candle spread, you know, something like this or, you know, whatever, just these larger candle spreads, right? You want that through that and you want to see

a spike of volume come with it and you want to see it close above that if we can do that the odds are we take out the eq here of this range and if we do that we should have a pretty easy move up to the top of the range and if we get back to the top of the range then we should break out head higher and once we're heading higher, all of a sudden, you know, our targets are up here. You know, again, I've still got the same counter, right? 1, 2, 1, 2, kind of a 1. And that's, you know, Bitcoin to 55K. Here's how, guys. Here's how.

Yeah, I mean, you know, based on this count here, this gets us minimum expected wave parentheses 3 target here at 39,330. And then we have wave circle 3 target, which is just the next degree larger, the next wave up 43, 295. And then the next degree up right there around 47, 557. And that gets us up there around 54,000 potentially. Now, you know, so what, what, what if it only gets to 44? What if it only gets to 50? I mean, are we really going to complain about it? Yeah. I mean, 55, 45, anything up is good to me at this point. So listen, let's talk about if it loses the range here. Obviously, that's the bullish case. I think we've both made it pretty clear that unless we start trading below 25-ish, the 24, 8, 9, before the black rock pump,

effectively, that it kind of just looks like higher lows and not problematic but what would sort of i guess constructively change your opinion and make you more bearish we'll see this is a bit harder a lot of people are gonna like this because realistically as i pointed out multiple times um you know since we've made this kind of uh this this this swing high up here the idea is maybe this could even be a leading diagonal, right? So instead of one, two, one, two, and then we're heading up here on a three, it's just a one, two, three, four, five, right?

Everybody's got this kind of a wedge thing or whatever. So it could be. It could be. I don't like the structure really. So, you know, it's going to have to show. Oh, yeah, the five is obviously barely higher. Yeah, yeah. But if it is, I mean mean here's the reality of it

all i mean if this is five up just get the reality yeah you know 23 677 is 50 and it's just getting you right here to this previous kind of this this support you know resistance area right you know in this area right here so i mean in 61.8 is down here 21 745 61.8 is you know the golden pocket seven eight and a half institutional level 20,318 so see it's hard to get really bearish it's a pullback now if we're getting down here toward this area toward this wave two you know at that point i'll really start going okay well maybe there might be something here but you know when we look at this this is quite clearly accumulation here this is a jump across the creek uh this is a back at the edge of the creek i mean so you know default has got to be up until it shows otherwise but yeah coming down you know i i can't even imagine being

really bearish on a larger picture until we break down decisively below it. Not just a little wick, but like some, you know, impulsive, large candle spread, large volume close below. I can't even imagine thinking, you know, down here at 15 or 12 or whatever before that even happens. There's so much price action that we have to get through, you know, before that, before we even get just there, much less, you know, down closer to this area. So, yeah, thanks, John. You're concerned. Yeah. I mean, as you can see, look at the high volume note down there.

This is huge. Lows again. It's going to be usually a lot of pike. I mean, I think the world has to literally go to hell in a handbasket for us to be talking about 17, 18, 15 again. Well, I mean, the fact that we've still got all this stuff going. I mean, think about it, man. We've got all this SEC crap, all this Hacks curve, all that kind of stuff. You know, I mean, Richard Arden, all this.

I mean, and what's going on with Price? It's barely moving. And during the rest of it, it's continued up. I mean, when you're rallying on bad news you can't break down decisively i mean you know that kind of tells you what's going on with the charts usually the dollar is pumping yeah dollar you look to txy i mean it is yeah let me see here and hard yeah so here's i mean so here's my thing on this one. So I've been talking about this being a triangle here, so, you know, A, B, C, D, E.

So realistically, I mean, this could be a short wave 5, you know, a thrust out of a triangle, it could be, but it has to break out above that triangle resistance, which is up here around 103 and, you know, 0.57 area here. It has to break out above that to say okay that's maybe wave five but that's just wave five well realistically if that happens we're probably just going you know into this area here and probably just that right there can't even do it so you know you might be hitting 105 i mean you know again it's that idea that you know the minute

something changed all of a sudden it's like oh it's the end of the world it's gonna go you know again it's that idea that you know the minute something changed also everybody's like oh it's the end of the world it's gonna go you know in this case new all I may just take down that running shoulders and fake out that uh that uh support you have there I haven't listened I haven't drawn exactly the same way right I had the big head and shoulders and uh you know it's gotta just right through and this is obviously clearly uh support now but I yeah we'll see I mean my bias is exactly the same as yours i think we go up a little more and then boom way down yeah yeah but then you know worst case scenario again we're five waves down i mean shoot you know it's not the end of the world right so we kind of get up here we say well okay so what's that rally the same thing we did on on bitcoin there and

you've got 50 right here in this area right here which is really significant and you've got 50% right here in this area right here, which is really significant, right? You've got a resistance support on the way up. You've got resistance support right here. I mean, so, you know, one Oh seven big whoop, you know? Um, and so, you know, again, I think everybody, I think a lot of the, the amateur traders, when they get out there, um, you know, they think that, Oh my God, my trade right now is the big thing and my entry, if I said that's all that matters. And really the most important thing about a trade about trading is just understanding when to actually enter just because, you know, there might be a trade there doesn't mean that you should attempt to take it. Right. We're managing risk. Everybody

thinks risk is just that trade itself. Risk is what are you trading? What, what, you know, what asset are you trading? What exchange or broker are you using? Um, you know, I mean, it's just so many things out there. And so the biggest part of all that as well, okay, should I even trade this at the moment? Yeah. It looks like maybe there's a good trade there. Yeah. Maybe there's a chance, but should I be trading at this moment? How much extra risk outside of that am I actually taking on? And I don't think a lot of people, you know, a lot of the traders out, these amateur traders out there really understanding that. Um, and, and hopefully now that I'm saying this, hopefully they're going to be at least interested in thinking about it because, uh, it's going to

save you guys so much lost money. You know, it may look like a great trade, but if the situation you're in at the moment there says, man, uh, you man, there's a lot of iffiness here, whatever, then you're probably better off not trading it. But then people get bored and then they're like, oh my God, I'm going to miss out. And it just becomes this whole emotional trading thing, unfortunately. So what are you looking at outside of these? Do you have any specific ideas that you're liking? Yeah. So here's everybody's favorite, WorldC favorite world coin right we're all going to get

our irises scanned right that chart looks good man uh i get i get a lot of our uh questions about this there's really not a lot of price action to kind of get enough data but right now it does look like we have uh you know higher lows up into resistance here um so if we can break this out again impulsively, right? Now we could pull back and print another higher low before we do, but if we can kind of get through this supply right here, right prior to that pivot, that's this wick way over here from July 23rd or July 25th. Based on the height of this structure, I mean, that gets us up there, you know, it gives us a pattern target about three, you know, 3.528. And then secondary target up there, you know, it gives us a pattern target about 3.528.

And then secondary target up there around 3.773 if we can get this. But it's got to be an impulsive breakout again, you know. This looks significant. So if it's significant, you want large candle spread with large spike of volume close above it. That's what you need to kind of say, okay, well, it looks like it's probably out of there. you know if people are interested in the uh excuse me in that world coin there there you go it's about the best i can do though there was really no other thing going on um at the moment we're just kind of sideways yeah i'm not seeing i'm not seeing much in the market to be honest if you're watching yeah i mean really we're kind of topping out with a lot of these things. I do like Maker. I've been talking about Maker for a bit here.

It's got this double bottom going off. We might get rejection here. And if we do, I'd be looking for maybe to come down, you know, at least toward this kind of thing here. Oh, this one. I didn't realize how high it is, Jan, since you called that here. Yeah, well, you know, we got this daily pivot here. So maybe 11, whatever that is know, we got this daily pivot here, so maybe 11, whatever that is there, 1130 or so. If it drops on through that, I'm looking at about 1048.

But ultimately, I mean, I think we get up here around 1576 or even up there around 1912, you know, especially if we get that pullback first. But, you know, I mean, we look like we're good to go potentially on this somewhat of a double bottom looking thing here. But I do think we're probably, you know, like you said, there's not a whole lot going on. There's a lot of, you know, the charts are just not, you know, they're looking more, most of the way like they're done probably than not. Flow maybe?

Flow might be one that might take off here. We've got this pullback to his previous. Nice flip. Yeah. Just look there, yeah. I want to see a breakout above 0.674 here. If we can do that, though, I'm looking up here at around $1.31, $1.32. So this is looking pretty good right here,

but I definitely want to see that breakout up through this area. And then that would get me looking much higher up there, $1.31, $1.32 kind of, you know, much higher up there. One 30, one 31, one 32 kind of area. I literally don't even have, yeah. It's very rarely that I go over here to like launch to launch a chart and I don't have it. I've never charted or looked at flow. Yeah. Yeah.

I mean, so, you know, XTC is that right? Mine defaults to the weekly, by the way, without my colors. And when you see these on the weeklylies, it's just astounding. Yeah, yeah. It's just all down there. Right. Exactly. But yeah, I mean, I don't think it's necessarily the overall the best time of the market.

You know, things are looking a lot of times topped out. I think you zoom out to the weekly and you kind of look and go, OK, so if we are, let's look for some fullback. And then we want to be interested. We want to get back to the fullback level. We want to say, okay, show me a reason to be bullish at this point. And then we look for it. But like I said, you know, flow here is looking potentially interesting. You know, and there's a few other charts out there.

But for the most of them, they seem like they're getting toward the top of their runs with that. So, yeah. Yeah, for sure i mean it's an important note is like if the market's not giving you anything just go i don't know touch some grass or jump in a lake or something you don't have exactly don't don't try and force something don't because you're bored or because you know you think you have to make money today don't don't let that be a reason to get in because most of the time you're going to lose on that um yeah so yeah other than that maybe zil maybe uh you know resistance right here if we can get that impulsively uh but really i'd want to see a breakout above this um 0.02372 this swing high almost at that r1 daily pivot if we can do that then okay i'm looking up here at

0.02837 and then even up here at 0.03862 but you know it's this one's kind of iffy if we break down further i'd be looking to find a rejection here at the s1 pivot so right around 0.0186 if you can find a reason to you know if it drops it you find a reason to be bullish you can buy that initial target the pivot if you can get that impulsive breakout above there then likely you're heading up so but yeah I like it listen I think that you know

we always have kind of boring summers in crypto it's interesting that we've had anything going I expected though with Bitcoin this sideways to see a lot more movement in the alt market we just haven't really seen it yeah you know I mean you, what are we going to do, right? We just kind of go in there. We have expectations and we come in and sometimes the expectations do what you expect. And sometimes your expectations make you look like what the hell were you thinking? But at the end of the day, you just

go in with the charts and don't trade everything out there god you know let me just do this listen guys i mean a lot of you guys are out there you're looking at freaking 50 000 charts right stop choose five one thing one thing especially if you're not consistently profitable yet pick one thing and get good at that one thing whether it's a sector or whether it's a specific chart, even just Bitcoin or even just Ethereum. Learn how it moves. Get in there. Watch it for hours and hours and hours. Get the feeling for it.

And once you can do that and you get good at that one chart, then you can branch out. Stop going over 50,000 charts. To be successful in trading is about focus. You got to be focused. Absolutely agree. All right, man. Well, actually, I don't know if they told you. You got to be focused. Absolutely agree. All right, man. Well, actually, I don't know if they told you, I'm off next week. It's our yearly step away from the chart last week

of August, last week before the kids go back to school in August. But we'll get back at it in about two weeks, man. Thank you very much, Chris. Sounds good, man. Take care. All right, everyone. Listen, you can't please everyone i can see that some of the people who are here quite often fpl wannabe what's up buddy scott painful first 40 minutes infinitely better when chris came on then of course we have the other people say uh wow this is boring go back to talking about x guys i was trying something different and i'm glad we did it and i appreciate that uh those of you who are new here subscribe to the channel do the like whatever uh coming and checking it out and listening to that conversation and i

appreciate those of you who are used to being here who listen to something different whether it was uh what you wanted to hear or not frankly man at this point i just am a little exhausted by the crypto news cycle as you guys know i mean guys we talked about richard hart today the guy who founded curve took out a 65 million dollar loan with 300 million dollars worth of his own token curve which should never be used as collateral because it's volatile and bought two mansions and then curve got hacked. This space is absolutely ridiculous. We had fake news about Coinbase and the SEC. And we have SBF people saying that him or somebody from Alameda pumped and dumped a coin,

balled on the base protocol, which you can't even bridge out of. It's so dumb, right? And so I think it's important right now that we all come together engage with this stuff try to put behind us the things that are nonsense at least have a conversation and then move on to what's important right yeah yeah see tenacious says come back anytime hexagons you guys are wild yeah you guys are willing to join anytime. We won't be talking about Hex that often, just like we don't talk about any other specific thing that often.

We talk about what is relevant on any given day. I'll tell you, man, the last couple of days, I've sort of wanted to puke when I wake up and read the news. Like, time to go back to bed, man. But that said, we get to go do it on Twitter Spaces again in 15 minutes. So join us, Twitter Spaces. See you there. Oh, yeah, Robert, people in. Yeah, man. Everybody, everything's a scam. Everyone's a scammer. We're all scamming each other. We've all made mistakes in the past guys. Um, I think what I want to get to the bottom

of, and I didn't quite get there was, um, if it's so inexplicably tied to Richard, which they obviously made a good argument that maybe it isn't, if he actually did anything wrong, and I'm not saying he did, would that sort of change the very passionate community members' feelings about it? But I don't think so. I think that everybody's pretty entrenched in their view on Hex. I'm a little more open-minded about it.

Guys, that's all I got for you today. I got to go to Twitter spaces. See you all there. 15 minutes, 10, 15 a.m. Eastern Standard Time. Peace.