The Wolf Of All Streets - How BitBoy Predicted The Collapse Of FTX | Live With Ben Armstrong, Bitboy Crypto

Episode Date: November 16, 2022

Live With Ben Armstrong, Bitboy Crypto.  Bitboy Crypto: https://www.youtube.com/channel/UCjemQfjaXAzA-95RKoy9n_g ►► JOIN THE FREE WOLF DEN NEWSLETTER https://www.getrevue.co/profile/TheWolfDen  GET UP TO A $8,000 BONUS IN USDT AND TRADE ALL SPOT PAIRS ON BITGET FOR ZERO FEES! ►► https://thewolfofallstreets.info/bitget   Follow Scott Melker: Twitter: https://twitter.com/scottmelker  Facebook: https://www.facebook.com/wolfofallstreets   Web: https://www.thewolfofallstreets.io  Spotify: https://spoti.fi/30N5FDe  Apple podcast: https://apple.co/3FASB2c  #BitBoy #FTX #sbf  Timestamps: 0:00 Intro 1:20 FTX saga 4:50 How it all started with SBF: DeFi bill 11:00 Dumping the projects 18:00 $50 billion hole 21:50 SBF should go to prison 24:20 Gensler is #1 responsible person for what has happened to FTX 26:30 SBF family has a lot of political connections 30:00 Mainstream media bias 34:00 Sam is a puppet master 35:30 FTX involvement with 3AC and Luna 45:50 How to protect your funds 52:00 What’s comes next 54:00 The bottom is in 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.

While the entire world was seemingly shocked by the FTX collapse and SBF's antics behind the scenes, there are a few people who were way ahead of the curve, warning everyone and telling us that SBF was not exactly what he seemed to be. Of course, perhaps the most vocal of those was Ben Armstrong, also known as BitBoyCrypto, who I have on the show today. Many of you have been asking me to bring him on and to talk to him. And I'm very interested to hear what evidence he has, what he believes happened here, and what we can look forward to in the future.

That's a bit of sarcasm. Nobody's really looking forward to any of it at this point as we see the contagion spread. You guys do not want to miss this one today. And this is my last stream for about eight days. So let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of All Streets. Before we get started, please subscribe to the channel and gently tap that like button.

Yeah, guys, we are deep, deep, deep into this FTX saga. There's endless speculation as to what is going on. There's theories about political ties and Ukraine and the Democratic Party. And man, I can't even imagine how deep this potentially goes. But what we're going to try to do today is separate some of the fact from fiction, see what evidence there is out there and what's likely to happen in the future. If you guys missed it, we're already seeing further contagion today. Unfortunately, Genesis, who last week said, hey, we only lost $7 million with FTX,

then a day later said we had $175 million parked on FTX, well now seemingly has halted withdrawals for their customers or they're not generating any more loans, no more loan origination. And of course, if you've been following, you know that Gemini, one of the most reputable regulated exchanges, their earned product who is their partner, of course, it's Genesis. So now we are seeing that Gemini earned, unable to meet customer redemptions as Genesis unit pauses withdrawals. We're only a week into this, guys. Every day it's someone else. And if you think about the fact that we started with this entire saga, really, since it's obviously interconnected almost five, six months

ago with the Luna collapse and 3AC, and it's just now taking this long to see some of those ripple effects, I would imagine that the contagion is going to continue. But I have someone who has a lot more insight, has been digging in a lot deeper than me onto this. I'm going to go ahead and just bring him on right now. Without further ado, Ben Armstrong, BitBoy, how are you, man? I'm doing as well as you can in the situation that we're all facing. You know, I mean, you kind of feel like you're just waiting for the next shoe to drop at all times. And even though we keep getting another shoe drop, you know, the price of Bitcoin just doesn't seem to be really paying attention yet. I think maybe that's because a lot of this Bitcoin

is locked up on these exchanges. Yeah, I was talking about that yesterday. It's, I guess, we call it a silver lining, although it's somewhat horrible, but it can't be sold at least until it's in Chapter 11 or sold in bankruptcy. But for now, it's just basically a whole lot of supply, arguably, off the market. I want to say something just personally. You and I actually met at or sold in bankruptcy. But for now, it's just basically a whole lot of supply, arguably off the market. And I want to say something just personally, you and I actually met at ConsenSys in Austin. And the first thing that you said to me, which I have to say, I highly respect was, hey, man, I've been critical about you in the past. I've said some things. And since then, you know, my opinion has changed. But I want to tell you that in advance of us even talking,

right. And I said what I always say to everybody you that in advance of us even talking, right? And I said what I always say to everybody who's been critical of me. It's cool, man. It's the internet. Well, you know how it goes. You see stuff out there and, man, I'm guilty of it just like I always accuse everybody being guilty of doing it towards me. It's like you see the stuff and it's there and you just kind of believe it without getting the side of the story

from the person behind it. And, you know, that's kind of what I had done at some points with you. And I'd seen some people put some tweets out. And I got to talk to you about those things and ask you direct. And I was satisfied with the answers. And, you know, that's really the way this should go. You know, we shouldn't be pushing out memes and tweets from people that don't have vested interest in, you know, our personal lives or how people see us.

And, you know, just what we we're gonna do today, you know, just get down to the truth of what, what really matters. Yeah. And I think at this point, uh, a lot of the bickering in the community is in, in the past, especially because we have such bigger fish to fry at this point. So I just give us the TLDR. How did this all start with Sam? Because you've been really, I would say, on this crusade now for weeks,

if not months, but certainly publicly for about two months. Obviously, more talking about the DeFi bill and not an FTX collapse at that time. But talk about how this started. Yeah, well, talking about the DeFi bill is really where things started unfolding to another level to where I did get wind of what FTX was doing on the backside. And we had already been working with reporters to tell this story. But then in the midst of it, you know, CZ hits the red button, you know, from the meme, you know,

he hits the red button, the trigger button, and everything, you know, went much quicker than we were expecting. So basically, I have a bill. I'm the author of the bill. We're still trying to get funding. We have an event in Dubai. You know, it's $3.6 million to raise the money for this bill. It's not a cheap bill.

And so at the end of the month in Dubai, we're having a big event, and hopefully, we're going to get most of the funding for it at that time. You know, I think the government's going to get involved and stuff like that. So we're very passionate about what we're doing. What we're doing is we're creating a mechanism for crypto regulation. We're not actually, we're creating a body that will be in charge of crypto regulation. It's what we're focused on. Sam is focused on wanting to, or he was actually wanting to singularly himself independently shape the regulation,

which now we know is no good. So I didn't know if Sam was a good guy or bad guy. You know, I've always been kind of, and if people watch my channel, certainly, you know, people know I've made fun of his hair a lot. The bad-haired billionaire, I say. And, you know, which ironically might have actually prevented FTX from ever wanting to sponsor me,

which is probably why, you know, I was able to talk about this so freely. But I didn't know if he was a good guy or bad guy. And I've always said that on the show. Like, I can't quite put my finger on who this guy is. And so what happens is we go to FTX for funding for our bill through a third party, through one of my good friends, who also is an intermediary between Sam and Tim Harrison, who is the president of FTX US.

So this person contacts Sam and Tim Harrison and says, Hey, we've got this bill. I think you mean Brett Harrison, I assume. What did I say? Tim. Yeah, Brett Harrison. Oh, Brett Harrison. Yeah, Brett Harrison. Who's Tim Harrison? I don't even know who that is.

Brett Harrison, of course. Yeah, Brett Harrison. So, anyways, the point is, is we went to them and we're asking them for funding for the bill. Tim Harrison responds and says, Oh, you know what? We'd really like to take a look at this. And so we sent him the bill, so we know for a fact FTX has our bill. They also, I believe, had a copy of one of our other bills, which they stole language from in their, you know, crypto manifesto that SBF did,

but that's another story. And they forwarded it to the former CFTC Commissioner, Wetjin. And he was, he just closed his Twitter account here recently. And people probably know that. He was their head of policy. And so they sit on it for three weeks. And if you're a person who's ever tried to do crypto regular or any regulation, you know, a policy head sitting on something for three weeks doesn't make any sense.

They're either going to make a quick decision about it or they're going to move on. And so what he did is he contacted, he contacted, he contacted, he didn't contact. It was three weeks and nothing happened. So we had our main political backer. We have a major political backer on the Republican side and a major one on the Democratic side.

And so one of those two people got Wetjen's number personally and called him and said that, let me, I'm on my Wi-Fi. Let me turn my Wi-Fi off here. Am I lagging a little bit? Yeah, you seem all right on my end, but. Okay. All right. So, anyway, so we,

this person contacts Wetjen and says, hey, listen, what's going on with this bill? Are you guys going to support it or not? And Wetjen tells this person that, no, not only were you not going to be supporting your bill, but additionally, like, we're having trouble with your specific party supporting what we're doing, which is a federal BitLicense. We want to make it where all exchanges in the US are licensed.

And we want you to come join our team. And this person was like, no. Like, I'm not doing that. It was very loyal to us. And we certainly appreciate that because we know in the game of politics, it can be very dirty. And so this person comes and tells us exactly what happened, right? And so at that moment, I'm like, wait a second.

You're telling me SPF is trying to create a federal BitLicense? Like the worst piece of crypto regulation in history? He wants to reproduce that across the board? And what does that mean? Well, that means peer-to-peer transactions and decentralization. Completely dead. And so it took mean? Well, that means peer-to-peer transactions and decentralization completely dead. And so it took me about two weeks after that. That was September 18th, the day I got that information.

So it took about two weeks for me to finally put out the full story because I kind of wanted to protect our source, and I wanted to move into it slowly. I didn't want to just the next day come out and say everything. I started teasing a little bit on the channel. And so about two weeks later, I came out, and I made a video on this Federal Bit License and what they were trying to do. And everybody thought I was crazy. They made fun of me.

Sam even specifically said, that's not what we're doing. Blah, blah, blah, blah, blah. And so, you know, I make a full video on exactly what it is. Well, the next day after I made the video, Brett Harrison steps down from FTX, right? The very next day. So he's the person who ultimately connected us that got all this information out.

So I think he was fired personally. And I think it was probably a good move for him to move away before everything unfolded. And so about two weeks go by, and people are still laughing. They're saying, why are you saying this? I'm telling people, close your accounts. Get off FTX. You don't understand. Like, this is a bad organization.

They're not doing good stuff for crypto. And it was really from that perspective. It wasn't from their insolvent perspective. But something happened. When SPF put out his manifesto, and one of the last tweets about it was he said, Oh, and by the way, we're definitely not going after decentralization. We're definitely not going after, you know, peer-to-peer transactions.

That was direct. That was a direct response to what I've been telling people for weeks that he's going after. But yet, when you went in and you actually started reading what he put on the website, you're saying he is going after that. Like, you can't say you're not going after it and then be specifically talking about licensure and whitelist and blocklist and all this stuff, which, you know, I would argue the whitelist and blocklist came from the Tornado Cash debacle that I also think Sam was behind.

And we know Sam used Tornado Cash a lot. So the fact he used that is just so laughable. But that's, once again, that's another rabbit hole. That's another story. So what happens is people come out and they realize, especially when he did his debate with Eric where he's looked like such an idiot, and he started talking about, for the first time, he started literally using the word licensure. He used it several times.

He even said, well, you know, the BitLicense didn't work because it was on a state level. Like, okay. And people are like, oh my gosh, like, Ben has actually been right about this for a month now. He's been telling us that this is going on, and he's right. He must really know something. So something magical happened. Every single one of SPF's enemies,

every single, well, not every single one. We're reminded there's a lot more. But a lot of the projects that he screwed the very, very most, they all started reaching out to me. And they all started breaking down from the project side what he has done to ruin projects. If you look at ICP, the way that they did the perpetual futures contracts four days before the spot trading, which made absolutely no sense.

Ronan was the same thing, I remember, with Axie Infinity. Right. Can't get in touch with the Axie Infinity team or the Ronan team. I don't know if they speak English or whatever, but we've tried to reach out to them as well. We haven't heard anything back from them. But, yeah, Ronan was one that was obviously very much, you know, in the same vein of ICP, but there's a ton of other projects.

And there's other projects that have been sitting and waiting for something like this to happen to take their swing at Sam. And it all just came across in a very magical way. And one guy who's going to be on my show, his name is Hussein Faraj. He's going to be on my show actually today at 12 Eastern. My show is at 1130 Eastern every day, but at 12 o'clock, he's going to come on. And he's going to be exposing like a lot of the hard evidence. I mean, he has audio recordings, video recordings, emails, texts.

He's been saving this stuff up for a long time. His project is called New Genesis Network. Nobody's ever heard of New Genesis. You want to know why? Because FTX destroyed it when it launched on Liquid, actually. They did it through the exchange Liquid, not even through FTX destroyed it when it launched on Liquid, actually. They did it through the exchange Liquid, not even through FTX itself,

but it's all the same people. Alameda, it's all the same people doing this. And you're going to find there's project after project that were absolutely decimated, and many didn't have the funding to get back off the mat after what Sam did to them, which we'll get into a little bit how the scam actually works. But they also contacted me and gave me this information, and I was like, oh, crap!

And the further we went down this rabbit hole, the more I started getting information about, oh, they're actually like borrowing money, customer funds from FTX, and using it for Alameda. Oh, no, there's a good chance this thing is going insolvent. And this was not out yet. Nobody knew about this. But our plan was, like I said earlier, or maybe I said off-air, we were actually talking with Gretchen Morganson,

a reporter from NBC, a week before CZ pulled the trigger on the entire thing and sold all his FTT. And so we had been working on a story. We were trying to do this in a way that wasn't going to take crypto down overnight. You know, we wanted people to start understanding the fraud of the market making in this industry, the fraud of the listings upon FTX, the fraud of the 95% of volume that's fake. We wanted to slowly but surely bring that out. But then, of course, CZ did it overnight,

which I don't disagree with why he did it. He came across all the same information that we have. And, of course, he's known about some of this, but some of it is so damning, you know, and once again, why did they say they were going to acquire FTX? They were never going to acquire it. I said that from the very beginning. They can't. Too many lawsuits were coming on the backside for them to expect liability,

but they just wanted to see the books, and they got all the books open, and they saw everything they needed to see, and they confirmed everything that we've already known for weeks now, which is this is a straight fraudulent company. And so that's kind of the genesis, no pun intended, you know, on how things went from like, I'm just a random guy that knows nothing about FTX,

you know, makes fun of Sam's haircut, haven't really used FTX, we thought the FTT token was going to be really great because we thought American derivatives trading was going to come and maybe some utility was going to be applied to it. So we certainly, it was one of our top coins of the year. And, of course, about a month ago on the channel, we said, reverse that. Get Absalon and get FTT.

We were wrong about this. And, you know, there are, on October 29, there was a tweet that we put out to where I said, basically, if you don't close your account at FTX, it was a little harsh. It's like, if you don't close your account at FTX, it was a little harsh. It's like, if you don't close your account at FTX, you are low IQ and you deserve what's coming. Well, certainly, I don't want people to feel like we wanted people to feel pain and to lose money.

But if you listen to the warnings and you are listening to the things that we said, and you didn't close your account and remove your money, then it's on you. But we know that thousands of accounts and millions of dollars, and I've had at least 50 people send me messages saying, we literally saved their life savings by, you know, putting these warning bells out. So that's kind of the genesis of how I got just kind of thrown into the right spot at the right time and have just a big enough mouth and I'm hard-headed enough to think that

I could go after a billionaire and not have to worry about the repercussions of going after a billionaire, which I don't now because he's not a billionaire. I was certainly duped by Sam, right? I've had him on the show multiple times. I was a fan. I thought that he was doing right. I definitely had my eyes open for the first time in that very debate with Eric Voorhees that you're talking about, because Sam really did seem like he was giving 10 minutes a word salad that meant very little, that he didn't have great answers and that Eric would just come back with sort of a one sentence zinger that would put it all into context. So it was very clear at that point that Sam had a motive. Now I can't speak to whether that was, you know, negative to everyone, if it was just about protecting FTX as the CEO. But it implies

that there was something going on with regulators that he was trying to do specifically. Obviously, CZ was very unhappy about. What do you think was going on there? Do you think that he was trying to create a moat for FTX basically by going through the BitLicense and making sure they were the ones who were approved that FTX would be the only store in town for retail investors? Or was there something else going on there? No, that's what he's trying to do for sure. He was trying to position himself. And this is what people have to understand is that there's a lot,

and we'll probably talk about some of the conspiracies here in a little bit, but you have to understand like this blew up overnight on accident, right? Sam thought he had a lot more time. They all thought they had a lot more time on this. So what he was trying to do was build an empire so big. He was talking about buying Circle. Now, I tell you, you know, I'm really proud of Brian Armstrong for coming out yesterday and saying criminal,

using that word with Sam Bankman-Fried. That was very strong language from him, and I appreciate that from Uncle Brian, as we call him on the channel. But the fact is, is that he sent a warning shot at Coinbase saying, hey, we might buy Coinbase. We might buy Circle, you know? And who's Coinbase all in bed with? Circle, right?

We might buy Goldman Sachs. Remember that one? Yeah. Exactly. Exactly, right? And then, of course, you look at USDC, which I believe is going to become the digital dollar, and then it's right in the between Coinbase and Circle, obviously. So, you know, he was sending shots out to everybody.

He was trying to buy every single company he could. And one of the reasons why is because when you have a, like, if you look at the hole on FTX, it's $8 billion, right? Well, now, we look across all the companies that FTX touched, and the hole is $8 billion, right? Well, now we look across all the companies that FTX touched, and the whole is $50 billion. But we only know that because we know that a whole exists. He was trying to continue to buy companies to be able to continue to filter out kind of their own personal books

and to be able to bring in more total money so they could hide those holes easier is what he was trying to do on one side of it. So on one side, it was functional trying to protect FTX, trying to protect Alameda, really. You know, Alameda is really the ghost in the machine here. But when you look at also what he was trying to do, he was trying to basically build an empire by putting things under the FTX banner when this BitLicense goes through so that all of a sudden, he has every market cornered.

He has the earn industry cornered. He has the Earn industry cornered. He has the VC industry cornered. He has the exchange industry cornered. He's got LedgerX, which is not Ledger Nano, which is not Ledger Wallet. People have to understand that it's a different thing. But LedgerX was a derivatives platform. They were going to be able to be the only company in the United States that was going to be able to offer regulated derivatives trading

for American citizens. And people can't really discount how big that is. When you look at all the exchanges that have gone down, with the exception, I believe, AAX, none of the top 10 leverage trading platforms have gone down, right? It's only your spot exchanges. And so I don't really know what that says, but that tells you how much money is in the

leverage trading game, I believe, because they're all still solvent. They don't need to borrow customer funds. The better their customers do on those platforms, the more trading fees they make and the better off they are, which is a little bit different model than the spot model, which is people buy things here, there's a little trading fee, and then they, as long as the assets sit on our exchange, we are nothing. It's no benefit at all to the exchanges for you to sit your money on there and just let it sit. And actually, No. 1, it's tempting for them to steal,

but No. 2, you know, it kind of drains resources and server capacity and things like that. So, ultimately, that's what they were trying to do is build this banner underneath FTX to be the conglomerate in the United States. Now, I think personally what happened is I think he tried to sell CZ up the river with the SEC is what I believe is happening. I believe when you, when, we may never know, but whatever was said in those meetings between Gary Gensler and SPF, I am pretty sure that it was pushing them towards Binance because if you look at the model of FTX, if you look at the model of Sam Bankman Freed,

he's always done one thing, destroyed his competitors. You know, how do you become the biggest, tallest building in town? Of course, you can build the tallest building, but just break all the other ones down. Just knock them down, and that's what he would do. And you look at a lot of the competitors like ICP to Solana, that's he destroyed them because they're a competitor to Solana.

You look at a lot of the other exchanges in the United States, and he went after them as well. You know, Coinbase was next on the list. Well, after he takes out Coinbase, who does he have? He's his only competitor, finance. He was always trying to get ahead and front run. And I think that somebody either has some audio recordings or some memos, some minutes from some of those meetings

that basically directly implicated Sam on trying to get Binance and CZ in trouble. I don't think CZ makes that move overnight without hard evidence. He's not going off of hearsay, right? There has to be something that he saw that immediately flipped a switch. It was like, Oh, God, I got to stop this guy now. And so, look, if you go toe-to-toe with the champ and you take a swing, you better connect.

And unfortunately for Sam, he didn't connect, and he's been paying the piper ever since. It's incredible how powerful a single tweet from CZ is in this industry. I mean, literally, I think every single person is following him. And I think, honestly, it's a balance between maybe he did have the intent to crush Sam with that tweet, but also an effort to be transparent as people have demanded of him. If he was going to do it, then he had to put it out there. So I think that that's probably a hard needle to thread.

But we obviously talk about the meetings between SBF and Gary Gensler. I've seen you been going. I've had my share of them as well, but going on a bit of a aggressive tear against Gensler as well. What do you think? And I guess we can stick to whatever facts, you know, but what's going on with Gary Gensler and FTX? How complicit do you think it is?

Or do you think that he was basically like everyone else, just listening to this golden boy who is promoting the industry? Well, I would say first and foremost, like I'm comfortable going down these roads, but I want everybody to understand one thing before we do this, which is we need to focus primarily on SBF going to prison. Like, the media narrative that's being painted right now,

if you look at Kevin O'Leary, for instance, like, I'm so disappointed with him. If you look at Kevin O'Leary, what he said yesterday when he was on Rand's show, he said, Oh, yeah, I would probably give him that money again. Why? Because he's the 0.01%. That's a media narrative. And here's how you know that.

He was just on a stage a month ago saying, If there's one place I would trust with my money, it's the safest place where I know nothing will happen to it. It's FTX. That's why I'll put my money there. So you're saying on one hand, you're only going to put your money there. So you're saying on one hand, you're only going to put your money on the safest place possible, but then yesterday, you come out and you say,

oh, yeah, whatever Sam does, I'll just put money in. Like, those are mutually exclusive thoughts. You can't think those same things. You look at the New York Times puff piece that was written yesterday. They're trying to portray SBF as a freak, as a dumb guy with autism, as someone who isn't capable of pulling these strings and being this puppet master.

On the architecture side, Dan Friedberg, their general counsel, is responsible for a lot of that stuff. But we can't get the message mixed here when we start getting into this. Sam Bankman Fried was evil. He was evil from the very beginning. He's always been evil. He's never had good intentions at heart. And he needs to face what he's done. Face these crimes.

He stole your money, and he used it to pay donations to the Democratic Party. He stole your money to do that. And he's a fraud, and he's got to go to prison. So before we get down these rabbit trails, we've got to refocus on that is the main thing, and people need to understand that. So that being said, a little disclaimer, we've got to refocus on that is the main thing, and people need to understand that. So, that being said, a little disclaimer, we move towards Gary Gensler. Yes, Gary Gensler is complicit in all of this.

Gary Gensler is the No. 1 most responsible person for everyone losing their money. And this is why people should be outraged. Why did everybody lose their money on FTX? Why were they able to do what they do, what they did, where they built in a backdoor where Alameda could just take your customer funds at any point and then kind of put it back, just like somebody that works at a cash register and, you know,

as long as I get the money in my paycheck this week and I can put it back in the cash register, it'll be fine. That's the scheme that they were doing. As they were doing this, the reason is because they're offshore. They wouldn't have been regulated anyways.

Why? Because there's no regulation in the United States. Because Gary Gensler, dereliction of duty, this is the phrase I keep using over and over and over again, his job is to create clarity, not to retroactively enforce based on fairy tales, unicorns, and Tinkerbell, right?

Which is what he's been doing. We have no regulation to go off of, and so he can just go off of anything he wants. He can just make it up. And so this man not creating regulation pushes all these companies offshore. Of course, Coinbase already kind of grandfathered in. They've been around since 2014. We look at new exchanges.

They're not going to open up in the United States. They're going to open up offshore. We've been around since 2014. We look at new exchanges, they're not going to open up in the United States. They're going to open up offshore. We've been working with a, we have a large project that we've been working on, basically, an OpenSea competitor. That's not ever going to be registered in the United States. There's no way that people would understand how to register something here to be a long, a crypto company of longevity. So, because of that, Gary Gensler is responsible.

Now, why has he not created this regulation? No. 1, because the SEC is a speed trap. You know, I always compare it to Dothan, Alabama. I love saying that because in Atlanta, when you go to Panama City, you drive through Dothan, Alabama. It's easy. Slow down because their single source of revenue is your speeding tickets. We have those all over Florida too.

Exactly. 100%. So that's what the SEC is. They're a speed trap. They're just sitting waiting for people to come by and saying, Oh, you know, by the way, we changed the speed limit. You didn't even know it, but here you go. Take this ticket so you can fund our business. And that is what the SEC is.

And that's why they have intentionally not done this. But then you dig a little bit deeper and you start looking into these meetings. No. 1, of course, everyone knows at this point, hopefully, anybody who's done any research into this, Caroline Ellison, the CEO of Alameda Research, her dad was Gary Gensler's direct boss at MIT. Literally direct boss. Then you look at, you know, Elizabeth Warren, her daughter interned for Gary Gensler.

Guess what else? Sam McMinfree's dad helped Elizabeth Warren with tax legislation in 2016. You start digging a little bit deeper, you start seeing all of these connections. Of course, we know that his mom was a lobbyist. Look into his aunt as well. Look into his aunt and his brother as well, and you'll see even more political connections that tie back to the Democratic Party and tie back to the SEC.

I don't want to make this political. I want people to understand that, but these are the connections that do exist. And so, Gary Gensler meets with SBF several times, right? He doesn't really meet with people. You don't just go get a meeting with Gary Gensler, right? Joseph Lubin of ConsenSys, he's able to get a meeting with Gary Gensler whenever he wants. SBF is able to. The word on the street here is SBF was seen as the adult in the room, right?

So funny. He was seen as the adult in the room when it came to crypto regulation. Why? Because he was willing to give them everything. He was willing to give them everything as long as his centralized empire could thrive. And the more concessions for what makes up crypto he would give, the better off he personally and his business in Alameda would be. And then keep in mind, in the back of his head swirling,

he knows about this $8 billion hole. He knows about all this. And so he's in there trying to get this regulation away where all of a sudden, he gets a big swell of money to his exchange in his empire. And maybe through this regulation, he's even able to, you know, fill that hole that he has. So he's telling Gary Gensler all this stuff. And Gary Gensler is sitting there.

He's salivating at the mouth. He's like, oh, my God. That's good. Federal bit license. Yeah, I like that. We can license everything. Oh, my gosh. That's good. Federal BIT license. Yeah, I like that. We can license everything. Oh, my gosh. We can sue every exchange if we get this through.

We can stomp out all our competitors. Man, let me make sure, and it makes sense now. Let me make sure I send out as many letters to as many people possible right now before this gets going so we can sue everybody before this federal regulation comes. That's why you saw this giant swell of, you know, all these letters that went out to all these exchanges and influencers and projects and the like. So, I think, No. 1, they were trying to close regulatory loopholes to make it easier for the SEC to be able to come down on these companies. But No. 2, think about this. Sam understands exactly how the exchange world works.

He knows who all the actors are. He knows about all the fake exchange volume in the wash trading, which they made projects sign contracts to be a part of, right? So he knows about all this. He knows everything about every project that's ever listed on there. You don't think he was selling all these people up the river to Gary Gensler? And Gary Gensler's just sitting there just taking it in. I am positive that that is what happened. And the spin coming out of Washington, of course, with Gary Gensler, the No. 1 person responsible for all this,

is that, no, no, no, we were actually telling them what we expect out of an exchange. You think that's what was going on? Why do you not give that to any other exchange? Why do you give that to SPF? It's really a dirty business. Gary Gensler's got to go. And I hope that the Congress, now that it's in the Republican Party's hands, I hope they hold him accountable. What really blew my mind was the New York Times article yesterday. I wrote about it in my newsletter this morning, but it painted Sam as an unlucky altruist who was trying to do his best and all shups. It just somewhat failed. It's really eye-opening that they refuse to use words like criminal. They didn't talk about the locked

funds. They didn't talk about customers' money being used. It basically was a puff piece. And I don't really get it. I don't pander in too deep of conspiracy theory to think that like they got a call from the government and were told to do that. I think that that's just really how a lot of people still view SPF, a guy who was smart and made a mistake and is now trying to fix it.

And I just can't get there. Nobody thinks that. I think there's a lot of people who respond to my tweets and stuff who seem to still believe that. I'm not saying in positions of power. I know for a fact that SBF uses bot farms. We've tested this out. We've looked.

Look, I'm very involved in the political world at this point. All the political people use bots. People don't think that that's a real thing. That's a real thing. And both parties use it. It's not party exclusive. For a fact, SBF has bots out there. We did several tests when he was,

when all this stuff started going up, where we would actually go into different live chats, and we would get the exact same comment from a different random avatar. And by avatar, it was always like the same kind of NFT avatar, a different name, the same exact comment in chat after chat after chat. That's a way you can test and figure out what they're doing with this. So they've been trying to shape the narrative for a while.

No one in crypto who had their money on FTX thinks this was a mistake. I can't imagine what, who's an SBF fanboy? Who's, who are the Solana fanboys? Like, have you met them in real life? Because I haven't imagine what, who's an SBF fanboy? Who's, who are the Solana fanboys? Like, have you met them in real life? Because I haven't, right? So, so here's what you have to understand about the New York Times. It's not that, it's not that the president called the New York Times and said,

you need to do this piece. It was Sam himself. Look at what happened with ICP. This is so interesting. If you go back and look at the launch of ICP, every person who was in crypto at the time, we all have extremely negative feelings towards ICP. Like, that was a Ponzi.

That was a candidate. Look at the founders. They rug pulled. That was all stuff that we regurgitated because you look at the chart, and you look at the launch, and you look at the news at the time, and it all seemed to fit.

It all seemed to line up, which find out is that was 100% SPF. There's a company, I believe, Arkham Intelligence, that leaked a bunch of information to the New York Times, which I would argue, guess what? As soon as I started coming out with all this stuff about Sam, you know who reached out to me on Twitter?

Arkham Intelligence, right? Wanted to be my friend on Twitter. Guys, Sam has his hooks in so many narrative-driving pieces of our crypto world that it's insane. That's how he was able to build all this. So, there's no doubt in my mind, Sam put the call into the New York Times. He's given them so much money before.

He's leaked stuff to them before that there's, look, they don't want to, we know which side of the political lines the New York Times falls on. So we know they want to protect one side over the other. I mean, nobody would disagree with that. I can't imagine anybody would. And so I'm pretty sure it was Sam himself that put it because look, look at what he's been doing on Twitter. He's been trying to massage and shape his own narrative on who he is over the last month. Autism Capital. You guys go look at Autism Capital on Twitter.

I have been told by multiple sources that that is a combination of Sam and employees at FTX that have access to that account. Go look at it. And they try to throw you off because they'll try to put stuff on there that's super negative towards Sam. That's part of the game. That's part of the plan. Go look at all the stuff Autism Capital posted about Aptos the day that Aptos launched, right?

It's a scam. It's a scam. It's a scam. What's going on? SBF and FTX now made it all shorting it to zero the day of the launch, right? So you see how interconnected all this is. And it is downright scary. Sam is a puppet master himself. He's trying to use this narrative of him just being a guy, you know, a guy who's autistic that loves altruism

to be able to win people back over so he can win money, so he can raise money again. It's really sad. And when you look at what Kevin O'Leary said, Kevin O'Leary is probably worried about being named in the $10 billion class action lawsuit that's coming against FTX and against SPF. So I'm sure he's working on the back end to try to make change people's minds as well. And who knows? Who knows how far SPF has his hooks into Kevin O'Leary?

We still don't know. I want to think Kevin O'Leary is a good guy. But with him saying this yesterday, I mean, nobody thinks, you know, it's like Altcoin Daily. I love Altcoin Daily. They're great. I don't think they have any problems. But when they said, yeah, we would like to see an SBF redemption arc. No, no, no, no, no, no. There's, you know, there's no path to heaven for Lucifer, right? And that's what people are trying to give him right now. I keep saying,

Put O'Yeller down while you have the chance. Someone's got to put this man down to where he can't get back up. And there's rumors that today he's being extradited to the United States by the FBI. We'll see if it actually happens. But, you know, I can tell you after the evidence we come out with today, there,

there's going to be no, you know, there's no gray area for Sam Bateman free. You talk about the most important thing being that Sam goes to jail, right? Obviously we haven't seen anyone from 2008 financial crisis really go to jail. One patsy here and there. Doquan is showing up now on Twitter and on podcasts. Suzu is on a beach surfing, talking about now coming out that it was all FTX's fault.

Everybody seems to... Kyle Davies, I think was on MSNBC this morning. The host literally asked him if he was in Bali because they have no extradition. I mean, the guys who we viewed as sort of the enemies and criminals are now on their own redemption arc trying to use Sam as their fall boy. Do you think, or do you have evidence, I should say, that Sam was actually behind the collapse of Luna,

Three Hours Capital, all these things, and that those guys maybe were victims. I don't believe that for a second, to be quite frank. I'm not saying that Sam wasn't shorting them or utilizing the market, but I don't believe that they are free of responsibility. That's what I'm saying I don't believe because clearly they didn't get $2.1 billion from Genesis

and $700 million from Voyager and a billion from BlockFi by telling them the truth. Yeah. But do you think that Sam was involved in all of that or FTX? Yeah, FTX caused every single thing we've seen this entire year. There's no question about it. There is a hard time proving that through the chain analysis right now. We are working on it.

We've got a lot of people, a lot of bloodhounds on a lot of different things right now. I know we built up this conglomerate of investigators, which has been pretty fun, but we're working on that. I was told this a month ago that he was behind every single crash. Now, I want to talk about Do Kwon specifically. I'm not going to talk about Suzu because I don't really know the guy from Atom. I never liked Three Heroes Capital.

I thought they were scamming from the very beginning. They were part of the Solana, you know, pump. All of a sudden, Three Heroes Capital has a $300 million, you know, blockchain fund at the peak of Solana. It's like, guys, open your eyes to what's happening here, right? So I don't think they're good people. I think Do Kwon is, I think he's been misportrayed is not the right word. I don't think he's the same kind of criminal that Sam Bankman Freed is. And I think for him, it was hubris and ego. He was backed by the biggest money,

and he really bought into his own bullshit, to be quite frank, and didn't believe. I don't think he did it intentionally at all. Yeah, that's exactly my viewpoint on it. And this is the comparison I've used on my show, right? If you are, let's say you're driving your car, and you've got some coffee, right? And you go to take a sip of your coffee, and the lid is not on good, and it spills all over you and it's super hot, and you miss a stop sign or a red light, and you run it,

and you hit a car, and, unfortunately, someone dies, right? That's vehicular manslaughter, right? It doesn't matter if it was your fault or not. It does not matter if the coffee caused you to do it. What mattered is someone's life was taken because of your actions, willful or not, and you're getting held responsible for that.

And that's where I believe Do Kwon comes in. I think it's something very similar to where I think his hubris, I think he bought into his own stuff. I think he was warned of these vulnerabilities and he didn't listen because he thought he had it all figured out. But ultimately now, people have gotten hurt, and he needs to be held responsible in some way, form, or fashion. So whether that's getting arrested, whether that's facing SEC charges,

whatever that might be, I do believe that he has to pay the piper at some point for what he did. But ultimately, he's not the same kind of criminal. And I don't think Suzu is either. You know, the same kind of criminal as Sam Bankman-Fried. And I do believe it is going to come out. I mean, look. Look at the sell token.

You know, like, he's been shorting the sell token to zero forever now. Why? Trying to bring down the value of the company because he knew he was going to buy it. He knew it was going to go insolvent. He'll give Voyager the same thing. And we actually got a special report on Voyager coming here pretty soon where we actually have some of the first reporting to financial authorities that there was something wrong with Voyager, and they totally ignored it. So we're going to be showing you guys that in the next week or so.

We got some exclusives on that. But ultimately, that's how I feel about it. I think that Sam is a fraud. He is a criminal. There's evidence of that. Just look at the fact that Dan Friedberg is their general counsel. You know, Dan Friedberg was in charge of, was behind the Ultimate Bet scandal, the worst scandal in poker history,

millions and millions and millions of dollars because they created something called God Mode where they could see the other players' cards and they could cheat. Well, that's the same thing FTX has been doing, right? They're seeing your stop losses. They're seeing your sell orders. They're seeing your buy orders. They're seeing your liquidation points.

They're using that to basically trade against you into liquidation hunt. Look at what they did at 3Heroes Capital. Does nobody think it's weird that basically the price of Bitcoin went right down to their liquidation point and right back up? Like, open your eyes. They were liquidation-hunted. And I know from talking to somebody who knows this person personally, now, I don't have the guy's name. I'm not going to share the name. But early on on FTX,

their No. 1 overall trader, it was not a company. It was not a hedge fund. It was a person. This person was trading at like nine figures worth of volume per day. They liquidation hunted. They got, they took all that guy's money and got him off the site. Their No. 1 trader. Their No. 1 trader that was pushing FTX. They've been heartless and shown no mercy from the beginning. And when people find out what they've done to these projects,

like, this, this is where people are really going to start to get pissed. When they understand that they were supporting a project that had a lot of promise, and FTX intentionally and willfully sabotaged that project in all the years that went into work to get those off the ground, people are going to be beyond pissed. What blows my mind is that the casino always wins, right? We all know that the house always wins. And in Vegas, they have maybe a 51,

49% edge. This casino has that edge plus 100X leverage or whatever the top leverage is, plus knowledge of their customers' orders. As you said, they're looking at the cards and still blew up. And not only did Alameda blow up with all of this, Alameda blew up and then basically took $8 billion out of FTX and lost all of that. Yeah. How can you be the house, have such an incredible edge,

and still explode on this level? And adding to that, SPF could have let Alameda fail and maintained a multi-billion dollar successful business in FTX. Well, Alameda is the key to the whole thing. They're the ones that have their hooks in FTX. They're the ones that made FTX successful in the beginning. When you look at, you know, Corey Klimstein, you know, Bitcoin maximalist, he's been going after POMP and going after, you know, Andreessen Horowitz in the last couple of days, which I got a kick out of both of those.

But, you know, the idea is that these VC companies are really the ones pulling the strings behind the curtain. And, you know, people are looking for who to blame for all this. Well, FTX actually wasn't the problem. Like, FTX was a fine exchange, and it ran well. The problem was Alameda had the backdoor in. Alameda was able to see all the trades. Alameda was able to borrowdoor in. Alameda was able to see all the trades. Alameda was able to borrow the money.

Alameda was able to steal your funds, your customer funds, and move them around and shift them around and things like that. So I think when you look at these VC companies, you know, and it even goes higher than that, the hedge funds, when you look at, you know, BlackRock, Citadel, Vanguard, obviously, you know, people are like,

this mainstream media narrative is changing. Well, yeah, BlackRock and Citadel, Vanguard, obviously. You know, people are like, this mainstream media narrative is changing. Well, yeah, BlackRock and Vanguard are on every single, you know, they're on every single board that exists for mainstream media. No. 1 holder in the company, you know, whatever company is behind CNBC or NBC. So we know they have their hooks into a lot of places. But these VC companies and the hedge funds, they're the ones that we really have to watch. Like, they're the ones that actually stole your money

and lost it trying to pad their own pockets. And it's just like we see with anything with leverage, right? And look, I'm not against leverage trading. I turned $80,000 into a million on the channel last year in about two months from January to February. It was a very bullish time. And people say, well, anybody could do that.

No, anybody just can't do that. You know, you got to really understand what you're doing even when you have a bullish bias. There were a bunch of times I almost got liquidated during that run, and, you know, we made it through. But I don't do a lot of leverage trading now because I made a lot of money with it. I don't want to give it back. There always comes a point when you're making money on leverage to where you have a decision of, okay, I can either go a little bit deeper into this and I can risk what I've done,

or I can pull back and pull profits and kind of maybe start back over at a low level. And what you'll find is that's a successful way to do it if you are a good trader, but when you are a hedge fund or a VC company, you're always thinking, let me just go a little bit further in because it's not my money. It's not my money. It's the customer's money.

It's not my money. If we lose it, we'll make it back and we'll replace it. And I think Sam was showing that they had done like anywhere from, you know, 0.8, like not even 1X, like 0.8X leverage all the way to like 1.5X leverage. Like, that's very low leverage. Yeah. But at some point, even that will get you.

And so I think that eventually, they just got to the point where they just kept thinking they could replace the money just like Alex Mashinsky. Alex Mashinsky, the gambler at the blackjack table at 5.30 AM in the morning who is down to his last $100 and think he's going to ride all the way back up to a million dollars. You know? He's got a cigarette in his hand, and, you know, he's ride all the way back up to a million dollars. You know? He's got a cigarette in his hand, and, you know, he's just one-handed. He's betting like this, you know? You know the guy?

You've seen him there. That was Alex Mashinsky. That was all these VC companies. And that's how they managed to lose all the money. They just kept pushing further and further because they're never happy with what they have. Now, the hedge funds, hedge funds are a little bit different because the hedge funds really are trying to operate with small profit margins

over a gigantic amount of assets, which adds up to a gigantic amount of money. But think about this. Even BlackRock last year, the biggest hedge fund in the world, all the other hedge funds hate BlackRock, by the way, lost $2 trillion, the biggest loss in the history of the world. They lost $2 trillion. Well, three times bigger than the Bitcoin, than the crypto market cap right now.

That's what they lost. So even the hedge funds do have propensity and downtimes to lose money. But overall, they just keep coming to the well too many times and trying to win. And eventually, they're going to come up short. And that's what happened here. Let's now focus with 10 minutes left on what comes next and how your followers, my followers,

your average crypto enthusiast retail can now protect themselves from anything else that may come because I think there's going to be a lot more contagion. We're seeing it literally every single day. And you want to get out of this, out of the way of this, you know, speeding train. Yeah. Well, number one, not your keys, not your crypto.

And guys, it's more than just a phrase. It's a way of life. And, look, I'm as guilty as anybody when it comes to being lazy and not just wanting to pull your money off. Right? We've all been there. We've all done it. And I was talking to my wife the other day, and I was like, you know, I don't have that much. I didn't have that much money on Crypto.com. You know, it was, you know, not six figures that I had on there. It was much lower than that. It's money that I had been dollar-cost averaging in for a portfolio on the channel

and then just some other money that I had over there from doing different things. And, you know, I pulled it all off. And I was talking to my wife about it. I was like, yeah, you know, like, because my wife, she's been watching what's been going on Twitter. I protected her from Twitter for years, and she finally is down on Twitter in a secret account.

No one will ever find her. Just so she can watch all the fireworks that have been going on the last month. And I was like, yeah, you know, I got some money on crypto.com. Like, I think it's probably fine. I don't think it's connected to all this. And, you know, I really just don't want to pull it off. I sound just like y'all. I sound just like the audience. You know what I mean? You're like, you know, the money's on FTX. BitBoy's telling me to get it off, but it seems like a lot of work, and I could create a new address. And she said, pull the money off. And I was like,

okay, if you're telling me this, you don't even really know anything about crypto. Like, this should be a warning sign to me that, like, I can get just into this just like everybody else. So I went to my crypto.com account, and I withdrew all my money. I had some Ethereum and Bitcoin and Cardano on there. I took the Ethereum and the Bitcoin, and I sent it to a Coinbase wallet that I have.

Not to be confused with Coinbase app. It's a different wallet. You own your private keys. And then I made a trust wallet to send the Cardano over. Of course, I could have got a native Cardano wallet and done it that way, but I'm just looking for speed. I'm trying to get it off as quick as possible because you know how it is. Like, I know people that are trying to pull their money off from FTX

the moment it got frozen. And so I was like, let me pull it off real quick. So I created a trust wallet, moved the Cardano over there. It's still sitting there today. And afterwards, I feel like, and I'm sure you feel this way too, Scott, like I feel responsible for the moves that I make.

So I go on Twitter, and I need to tell everybody like, listen, just so you guys understand, I don't think there's a huge problem with Crypto.com. This is before we found out, you know, that night later, we found out, I think, that they moved $400 million to the wrong address at Gate.io, but that's another story. And so I went on and I told people, well, of course, they come after me.

You know, like, oh, you're flooding Crypto.com. No! Not your keys. Not your crypto. Get your money off the exchanges. Please do that. You can't. Well, we've been telling our audiences,

you cannot look at an exchange as your bank account. And that's the way people look at it. It's not set it and forget it. You need to get your money. Look, at this point in crypto, centralized exchanges, especially if you're a derivatives trader or you are a day trader, you have to have the liquidity of a centralized exchange.

The decentralized exchanges just cannot offer you the same kind of liquidity today. Hopefully, we're going to make a big movement towards decentralized exchanges just cannot offer you the same kind of liquidity today. Hopefully, we're going to make a big movement towards decentralized exchanges in the next four years, I believe. I mean, we're going to be responsible. We're creating an alliance to push it. So more people are using it. They have more functionality. They have more liquidity. That's something that we're really looking at. But today, if you're going to be, if you're going to trade on leverage and you're a day trader, it's a necessary evil.

When you make profits, pull them off. If you're not in that category, you have no business to have your money on exchange. You know, everybody thought Michael Saylor was crazy last year. I mean, people always think Michael Saylor is crazy. He is a little crazy. I will say that. But Michael Saylor was on my show, and he said, you know,

a question my audience wanted to ask him was, hey, why don't you take your Bitcoin and you put it on BlockFi? And he said, it's not worth the risk. And everybody's like, oh, the risk? BlockFi is fine. Why are you, you know, you'd be making so much more Bitcoin. Well, who looks like the genius now? It's not worth the risk. You know, kind of like I did with some yield farming in 2020, you know,

we were really into yield farming and DeFi and stuff like that. You can't make a return on a depreciating asset. If you make 50% on your money, but the asset is going down 60% every day, you're losing money, right? Same thing. You're not appreciating gains on an asset that you can't actually pull out. And that's what a lot of people have found the hard truth of

with BlockFi and Celsius. I mean, certainly, we learned that lesson with Celsius for sure. We had way too much money on there. And you can't have so much money on one exchange, whether it's for earn or whether it's to sit, whether it's to trade, that if that exchange goes down,

you're sunk in crypto. If you, that's the question everybody needs to ask yourself. If my money on whatever exchange that it's on, if it goes down today, if that exchange is insolvent today, how will I survive in crypto? If the answer to that question is barely or you won't, you're doing it wrong.

You need to get cold storage. You need to get a Trezor or a Ledger. You need to get Trust Wallet. You need to get a Hot Wallet where you can move stuff one or the other. I suggest buying a Ledger ASAP and in the meantime, moving it to a hot wallet and then learning the process of getting it on cold storage. I think the moral of the story is that our wives are the real heroes.

But it is funny. I always liken it to when your best friend's in a bad relationship and comes to you for advice and it's so clear what you tell them they need to do and they never listen and then you get in a relationship yourself and you would never take the exact same advice. I think it really is that way. But if there's one lesson, it's the one that you just made. And I want to just make that crystal

clear for people. If you're trading, keep those coins on exchange, but everything else, this is the ethos of Bitcoin. This is the entire point. You can be your own bank, self-custody, and take the responsibility and protect your assets because it's very clear that even those with the best intentions can't do that for you. I believe a lot of these companies that are getting caught in the crossfire here or victim of the contagion have the best intentions in mind and probably relatively exceptional risk management and just nobody thought that this was going to happen. So we have five more minutes. What do you think comes next in this entire saga with the contagion?

What does it mean for the market itself? Do you think we're going to see more platforms collapse? Do you think we're going to see more just absolutely insane stories and conspiracies coming out? Well, yeah, we're going to definitely see. Look, after Sam goes to jail, like, after he's arrested, and, of course, you know, then we got trial, the whole thing, right?

Once he's arrested, I feel like I can really start bringing down some of these conspiracies a little bit more because there's a lot of truth to them. I am on the scent of this Ukrainian money, and it's provable. And that's what people are going to be astounded at when we're really going down this rabbit trail of Kuna exchange is the Bitcoin exchange and the works with the government there

and how the money went through Kuna back to FTX and back to donations. And it's all on the blockchain. People are going to be able to see it. It's going to be very concerning, and people are going to hate it. After Sam's arrested, we can start going down that route. As far as fallout from this, we'll talk about the fallout, and then I'll talk about the market. As far as the fallout goes,

we don't know yet. And this is why we told people we do a portfolio video every Friday where we have several, we have a $1,000 portfolio we created, a $10,000, a $25,000, an ISO 20022 portfolio, dollar cost average portfolio. We've created all those. And we walk people through how we're thinking about things

and how we're making decisions. Bitcoin was at a low last Friday and or relatively close to a low last Friday, and we made the video and I said, don't do anything. Nobody needs to do anything right now. We do not know the fallout yet. And we're still waiting to see Genesis, Gemini, Silvergate.

We don't know how many of these companies are going to fall, what's rumors. There have been all kinds of rumors about CRO and yet, or about crypto.com, and yet, it's still held. They did some stupid stuff for sure. Minimum, they did some stupid stuff. You know, maximum, they did some criminal stuff. But as far as the actual,

as far as the actual exchange goes itself, it seems to be solvent and fine at this point. But which one of these dominoes that falls is going to be the thing that affects the exchange that you're on? You know what I mean? So the further this goes, the wreckage is going to get wider. There's going to be a big story coming out in the next month that's going to show a lot more about the fakeness in crypto and the fakeness of the volume and the wash trading.

When that comes out, that's going to shock a lot of people. So on the sentiment side, it's not going to be great. So that's kind of what we're looking at with Fallout. Now, as far as the wash trading, when that comes out, that's going to shock a lot of people. So on the sentiment side, it's not going to be great. So that's kind of what we're looking at with Fallout. Now, as far as the market goes, you know, we said since April, the very beginning of April, I officially called this a bear market. I said this is definitely a bear market that we're not going back up again. We had our last little pump as we went to the, you know, the Bitcoin Miami conference.

Same thing that happened last year. You got a pump leading up to it, and the price went down. 2019, same thing happened. And so we officially called it a bear market in April, and we started putting out when we think things will bottom, what we think is going to happen. Well, we've been saying since April, the bottom of the market should be the end of November,

middle of the month by December at the latest. And so really what we're seeing right now, it all aligns with that. There were tons of people, tons of smart people that were saying, bottom was in, bottom was in, bottom was in. And people were saying, well, you couldn't have anticipated this black swan. Well, every bear market, we have a black swan, right?

That's usually what the hash wars in 2018. Like, that's what sent things down to the bottom. Nobody expected that. Nobody expected the love relationship between Roger Ver and Craig Wright to go wrong, you know? So that's what happened back then. Today, it's all of these exchanges being insolvent. So what we're expecting for the market is

I'm expecting Bitcoin to still do the same thing that Bitcoin has always done, which is bottom around this time, we're looking still in the $10,000 to $14,000 range, maybe more on the bottom of that range at the top based on events. There's going to be a domino that's going to fall in the next couple of weeks. And whatever that is, it's going to trigger a panicino that's going to fall in the next couple of weeks, and whatever that is is going to trigger a panic. The price is going to drop to that range everybody's expecting it to drop, and then it's going to do one of two things.

Either you're going to bounce back slowly, and then we accumulate for all next year, 2024, head into halving, things go back up, or the domino that falls is going to be so bad, it's going to send us out of the Bitcoin 4-year cycle and into, you know, $4,000 or $5,000 Bitcoin in multiple years of this.

Yeah. But until the four-year cycle model breaks, I'm a strict four-year cycle fundamentalist is what I call myself. Until that breaks, which is not broken, and we're right on track right now, I think there's no reason to really be in panic, though. Pretty much aligns with everything. I mean, for the halving cycle,

November, December makes sense. Even if you just look back at when the historical lows came, I know that we're out of time here. I said that our wives are the real heroes. I happen to see mine in the chat. And she says, can we all say three things we're grateful for? LOL. I can't handle the negativity. Listen, I think as bad as things are, it's important to put it in perspective. And I constantly say this. First of all, I mean, I'm grateful for all that I have, of course, and for my incredible family, wife, for everyone who's here listening. But I'm also still grateful that I found this incredible asset class, this market.

It's a shame that it's been polluted so badly by bad actors. But I hope people can see the forest through the trees and realize it has nothing to do with Bitcoin or Ethereum or any of these assets or the promise of what they can offer to people all over the world. And potentially even in places like the United States, as things continue to get worse, I don't know if you have three things you're grateful for. I know that you've,

I know you've come through, you've gone through a lot, but it's a good time to share it. I never do this, but hey, why not? Yeah, for sure. I mean, obviously grateful for my family, right? My family is what drives everything I do. They're the ones that drove me to want to start this channel

and create a better life for my family and for myself. And we've done that. I'm thankful for all the opportunities, you know, that we've been given. I'm thankful that I was in the right place at the right time. I'm thankful that I was positioned in a place to where I could get wind of some of this and get people's money off that exchange. Every person that messages me that says we saved them money, like, I'm grateful for that opportunity. And, of course, yeah, I'm grateful for crypto and blockchain because it's the only chance that we got to avoid a great reset.

You know, I've been saying that for a long time. It may not work. Maybe we all get great reset and we're all, you know, we're all slaves and working for Klaus Schwab in the next five years. I don't think that's going to happen. I think blockchain transparency, like the fact that we actually have something to fight, you know, I always compare it. You go back to the Catholic Church, most, you know, corrupt organization that ever existed, you know, in the dark ages, 1400s, the printing press is created. That's the internet.

And then what was thought to be impossible, the tumbling of a gigantic organization and a system that held people down through the printing press, it was able to happen. Well, through the internet and through blockchain, I think this is the revolution that, you know, we need that's going to be able to stop the elites from wanting to basically take over the world. Yeah. Well, I love it, man. And I'm really enjoying watching the BitBoy Redemption arc as well. Thank you. But keep doing what you're doing and putting out as much information as you can. I know you mentioned at 1130 a.m. that's in one hour your show and that you're going to have that guest on at noon. Happy birthday. Happy birthday.

Oh, I didn't even I didn't put that up. I guess my producer did. Tomorrow is my birthday. Friday is Emmys. That's why I'm going to be off for the next two days. We're going to be celebrating. Yeah, we're 17th and 18th. We're team Scorpio. You're Scorpio as well? October 27th. Oh, you're, you're the early Scorpios. We're like the mid to late, mid to late Scorpios.

And then everyone, so I will be taking off. And then obviously next week is Thanksgiving week. We'll have the kiddos at home and we'll be doing that. So this is a, it happens to be good timing probably for my mental health with everything that's going on, but it was a plan for a very long time. So everyone, once again, thank you to Ben Armstrong, BitBoy. You can follow him literally everywhere. I think you arguably outside of maybe CZ and Vitalik have the largest audience in crypto, certainly the largest on YouTube. And I will be tuning in to see what you got there today. I wish we could have shared it earlier on the show,

but it gives us a good reason to tune in. Thank you very much. Thanks for having me on. Thank you very much, everyone. And I will see, I'll still be around, but I will see you on YouTube in about a week. Peace, guys.