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Study Hall: Bitcoin & Cryptocurrency with Fritz Charles · Earn Your Leisure

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Speaker 3: My graduates from my school being forced.
1:05
Speaker 4: Back and drop drop Mike, drop back, drop drop. All right, guys,
1:21
Speaker 4: welcome back. Before we start, we gotta let you know
1:25
Speaker 4: you know. We got a lot, a lot of requests
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Speaker 4: got five days, all right, So now we're going to
2:35
Speaker 4: go into what everybody's been waiting for. We're gonna break
2:38
Speaker 4: down cryptocurrency. Before we go into cryptocurrency, we gotta tell
2:42
Speaker 4: a story. We tell our own personal story about crypto.
2:45
Speaker 2: We're all involved.
2:47
Speaker 4: Yeah, so if you know, if you if you listen
2:49
Speaker 4: to the podcast, you know that a our theme is transparency.
2:53
Speaker 4: We tell you know, our real stories in real life,
2:56
Speaker 4: and our guests tell their reil stories. And we also
2:58
Speaker 4: have the slogan of oney in shout out to nip
3:01
Speaker 4: Rest in peace. But it's real because we really tried
3:05
Speaker 4: everything at one point in time. We literally tried everything.
3:10
Speaker 2: Exactly.
3:11
Speaker 4: He tried everything.
3:13
Speaker 2: Listen.
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Speaker 4: So all right, so here's the story you on crypto currency. Right,
3:17
Speaker 4: So two thousand and seventeen, right the draft, we got
3:25
Speaker 4: to take it back to the draft of twenty seventeen.
3:27
Speaker 4: So Donovan Mitchell shout out to Donovan Mitchell, right, hometown hero.
3:31
Speaker 4: And we were at the Barclay Center because we're good
3:34
Speaker 4: friends with his family and they invited us, and we
3:37
Speaker 4: were at the sweep when he got drafted into the mess. Yeah,
3:42
Speaker 4: once again, the Knicks screwed that up and didn't draft.
3:44
Speaker 2: Yeah, we were sitting there, like you know, the Knicks
3:47
Speaker 2: had a chance to do it. He worked out for him.
3:49
Speaker 2: Dad was like, I think he got a chance and Noe.
3:52
Speaker 4: Yeah, Frank, it didn't draft him, but he got drafted
3:56
Speaker 4: buy Utah. But anyway, we were still with his family
3:58
Speaker 4: and one of our good friends. Uh so, her kid
4:04
Speaker 4: went to a private school and one of his friends.
4:06
Speaker 4: This is why networking is so important, right, people that
4:08
Speaker 4: you meet. His friend was like a twenty year old kid, right,
4:12
Speaker 4: And I just met him and we was just talking randomly,
4:14
Speaker 4: like what do you do for living? My financial advisors,
4:16
Speaker 4: So we just started talking. Mind you, he's twenty years
4:18
Speaker 4: old at this time. I think he's like a freshman
4:19
Speaker 4: sophomore in college or something like that. And he's telling me,
4:22
Speaker 4: He's like, you know, I just bought this Ethereum. He's like,
4:25
Speaker 4: I put twenty thousand into ethereum. You know, I put
4:27
Speaker 4: ten thousand to ethereum like five months ago and it
4:32
Speaker 4: went to one hundred thousand. I cashed out. He said,
4:34
Speaker 4: my friend put one hundred thousand into Ethereum. It went
4:37
Speaker 4: to a million. He cashed out. He started a hedge
4:39
Speaker 4: funt twenty years.
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Speaker 2: I don't even think here he might have been twenty
4:44
Speaker 2: I think he was eighteen nineteen. I think something like
4:46
Speaker 2: that as a graduation gift.
4:48
Speaker 4: Yeah, well you know that. And that's the power of family,
4:51
Speaker 4: of course, right he wasn't from our community, that's for them.
4:53
Speaker 2: Sure.
4:57
Speaker 4: So when he told me that, told Jamal, I'm like,
5:01
Speaker 4: well we got it, Like what's this? Like this because
5:03
Speaker 4: I heard about cryptocurrency. I heard about bitcoin, but I
5:05
Speaker 4: ain't really hit by Ethereum. I'm like hold up, wait,
5:09
Speaker 4: like what's going on here? And that's when I started
5:11
Speaker 4: studying it, but I still was kind of apprehensive. I
5:13
Speaker 4: ain't really sure. And then I see bitcoin. I'm just
5:16
Speaker 4: studying it. I'm just a student of the game, and
5:19
Speaker 4: like October, I see bitcoin just start climbing. It went
5:22
Speaker 4: from like six thousand to seven thousand. No, it went
5:25
Speaker 4: from like three thousand. It like four thousand to like
5:28
Speaker 4: five thousand. So then I called my man shout to
5:30
Speaker 4: Jason Lewis. I called him and he's a bitcoin expert,
5:34
Speaker 4: and I'm like, okay, tell me everything I need to
5:37
Speaker 4: know about cryptocurrency. He educated me for two and a
5:39
Speaker 4: half hours, and I asked every single question that I
5:41
Speaker 4: could have asked, like a thousand questions. Every question I
5:43
Speaker 4: had educated on me on it, and that was like
5:46
Speaker 4: around November.
5:48
Speaker 2: Yeah, that was like November.
5:50
Speaker 4: Actually late October. It was late October. No, it was
5:53
Speaker 4: like November November. It was November. So I'm like, all right, cool.
5:57
Speaker 4: So I found out this app called coin bay where
6:00
Speaker 4: you can buy cryptocurrency. Right, So he educated me and
6:02
Speaker 4: he was telling me about like the three biggest currencies
6:04
Speaker 4: at that time, which is light coin, Bigcoin, and Ethereum.
6:09
Speaker 4: So he's telling me about it. So I'm like, all right,
6:12
Speaker 4: you know what I'm gonna put my money in. I
6:13
Speaker 4: put six thousand dollars and I told the group. I
6:15
Speaker 4: told the guys. I'm like, look, I put six thousand
6:17
Speaker 4: dollars and I spread it across the three coins. I'm like,
6:20
Speaker 4: I'm not telling y'all to do this. This is money
6:22
Speaker 4: that I feel comfortable losing because it's a risk. Like
6:26
Speaker 4: I feel comfortable losing it if I lose it. But
6:28
Speaker 4: I don't know what's gonna happen. So then me and
6:31
Speaker 4: Jamaal we go to Asia for a month.
6:34
Speaker 2: Right, this is now December. Yeah, we went to Asia.
6:37
Speaker 4: For twenty days in December. First we left for twenty days.
6:41
Speaker 2: Don't let that go over your heads. Twenty days.
6:44
Speaker 4: Now, I let a life you can write a book on.
6:46
Speaker 4: I'm gonna write a book down a life done. But
6:49
Speaker 4: we went to Asia with a return ticket. We went
6:54
Speaker 4: with a ticket there and a ticket back and two
6:57
Speaker 4: nights in bang Kak. That's it for twenty days. Were
6:59
Speaker 4: gonna figure as we went. We just winged it. We
7:01
Speaker 4: went to five different countries. Was just winging it as
7:03
Speaker 4: we were literally winging it, like we were buying hotels
7:06
Speaker 4: at the airport. He was just figuring it out day
7:08
Speaker 4: to day. So I'm in Asia and it's just so
7:11
Speaker 4: happened as fate would have it. I brought into the
7:14
Speaker 4: crypto space like one week before it started the skyrocket.
7:17
Speaker 4: But if anybody's not familiar, No, December of twenty seventeen
7:22
Speaker 4: is legendary in crypto world. Like everything went up like
7:25
Speaker 4: a thousand percent one hundred like it was crazy. So
7:28
Speaker 4: long story short, I'm in Asia and I had six
7:31
Speaker 4: thousand dollars invested. Every single day I'm waking up and
7:33
Speaker 4: I'm just getting five hundred, six hundred more dollars is
7:36
Speaker 4: going up seven thousand and eight thousand.
7:38
Speaker 2: That it's just doping.
7:39
Speaker 4: Mean, yeah, yeah, I'm out and I'm out in Thailand,
7:45
Speaker 4: and I'm more focused on that than anything. I'm like,
7:48
Speaker 4: this is crazy. I'm like, I'm about to make a
7:49
Speaker 4: million dollars before summer. So Troy starts so I'm like,
7:53
Speaker 4: I'm telling the guys. I'm like, I'm sending them screenshots
7:55
Speaker 4: like I don't know what y'all doing. I'm getting money
7:59
Speaker 4: out here. So troys like he starts studying it, like
8:03
Speaker 4: he's start one thing about toys good with research. So
8:05
Speaker 4: he starts studying it like he's up all night and
8:07
Speaker 4: no sleep, and he starts telling me about all these
8:09
Speaker 4: other coins, Tron and all of these different things. And
8:13
Speaker 4: by meanwhile, I'm thinking I'm doing good because I'm going
8:16
Speaker 4: up like one hundred percent, three hundred percent, four hundred.
8:18
Speaker 4: He's like that's not enough. He's like, yeah, you earn him,
8:20
Speaker 4: but that's not enough. These other coins going up one
8:21
Speaker 4: thousand percent, three thousand percent. He's like, you got to
8:25
Speaker 4: come home, Like I've never forgot. I was in Hong Kong.
8:28
Speaker 4: I was in Hong Kong, and he called me.
8:30
Speaker 2: Like come home. This is this is like fact, right,
8:34
Speaker 2: So I heard about bitcoin prior to all this, right,
8:37
Speaker 2: because I was in the music downloading the services. Right,
8:42
Speaker 2: So at that time, the US has said early two thousand,
8:45
Speaker 2: they were like, yo, they're going to prohibit illegal downloads. Right,
8:48
Speaker 2: So that people started coming up with web sharing sites
8:51
Speaker 2: like mega upload, rapid shit, if anybody downloaded music, you
8:54
Speaker 2: know those sites. And one of the things as far
8:57
Speaker 2: as payment was bitcoin, right, and there's no way that
9:00
Speaker 2: the government can track you. So I'm like, all right,
9:02
Speaker 2: that sounds pretty cool. And then I never heard about
9:04
Speaker 2: it again. Right, people were using it. I kept seeing it.
9:06
Speaker 2: I never heard about it until like November, and I
9:09
Speaker 2: was like, yo, I'm putting money in. Like he's like
9:11
Speaker 2: two weeks from leaving. I'm like, hey, whatever, And then
9:14
Speaker 2: like he said, he started texting us. I'm like, yo,
9:15
Speaker 2: just he actually made some money. So now it's like, nah,
9:17
Speaker 2: I gotta figure this out. So he leaves and I'm
9:21
Speaker 2: like still trying to figure this out. I'm studying it
9:23
Speaker 2: and studying it, and like I never forget. I read
9:24
Speaker 2: the artist this article on this dude, Justin's son who
9:27
Speaker 2: created trying t rex, and so I'm like, wow, this
9:31
Speaker 2: guy has a vision for currency, Like he's going to
9:35
Speaker 2: do it through video games, right, I'm thinking, like, wow,
9:38
Speaker 2: like Guys of War, like these are these games where
9:40
Speaker 2: it's like it's not real money anymore, like people are
9:42
Speaker 2: actually using currency inside of games. It's like how before Fortnite,
9:46
Speaker 2: it was like, yo, we'll give you a game for free,
9:48
Speaker 2: but you'll buy things in it. And I'm like, all right, well,
9:50
Speaker 2: how do I get this? Right? So after I start
9:53
Speaker 2: studying it, right, I knew Coinbase and I'm like, this
9:55
Speaker 2: gotta be more to this because I can't even find
9:57
Speaker 2: t rex on Coinbase, and so I still and then
10:00
Speaker 2: I hear this this this company called Binance, And when
10:03
Speaker 2: I went to but I'm telling you, it was like
10:05
Speaker 2: three in the morning, I had to wait because they
10:07
Speaker 2: were on like yeah, twelve hours ahead.
10:09
Speaker 4: I was like twelve hours.
10:11
Speaker 2: I waited. I said, listen, get you on, y'all gotta
10:14
Speaker 2: come home. I was like, yo, book a flight back.
10:17
Speaker 2: I found something. I said, that's a fact. We found something.
10:21
Speaker 4: He kept talking about trying. He was like this, trying,
10:23
Speaker 4: like I.
10:24
Speaker 2: Don't know, man, about tron I was like, less than
10:26
Speaker 2: a cent.
10:27
Speaker 3: You know, it's funny, literally, you know you were like
10:29
Speaker 3: in the Homer Tronk.
10:30
Speaker 2: Yeah, exactly.
10:31
Speaker 3: I was right spot he just had to find that community.
10:34
Speaker 4: Yeah, it was crazy.
10:35
Speaker 2: I remember it was it was Hong Kong. Was Hong
10:38
Speaker 2: Kong because I remember in the background was all these lights.
10:40
Speaker 4: I was Hong Kong. I was like, Yo, Jamal almost
10:42
Speaker 4: died story first story, but a different days he almost died.
10:46
Speaker 4: But I was a Hong Kong by myself, and I
10:49
Speaker 4: had all these lights in the background. You like, come home.
10:51
Speaker 4: I'm like, I'm in Asian. I'm having the time of
10:53
Speaker 4: my life.
10:53
Speaker 2: Come home right now.
10:54
Speaker 4: So so we came home, and when I got home,
10:58
Speaker 4: the first thing I did, I came his house and
11:00
Speaker 4: he educated me on how to like buy buy coin.
11:03
Speaker 4: It's a whole process. We're gonna talk about that, but
11:05
Speaker 4: how to buy coins, how to put the money in.
11:08
Speaker 2: All that stuff, right, markets, all that.
11:09
Speaker 4: So then I sow. So anybody that knows me know
11:11
Speaker 4: that I kind of have an addictive personality. I've never
11:14
Speaker 4: done any drugs in my life, and I'm a light drinker,
11:18
Speaker 4: but I'm very compulsive. It's worked out a lot of times.
11:23
Speaker 4: It's been very bad for me a lot of times
11:24
Speaker 4: as well. But I make very compulsive decisions. So when
11:28
Speaker 4: I started, I started making money and I'm like, okay,
11:30
Speaker 4: so now educated myself on what we call all coins.
11:32
Speaker 4: We'll explain that later too. So then I just started,
11:35
Speaker 4: I'm like, you know what, I just started rolling the dice.
11:36
Speaker 4: I started like buying coins and doing on and hours.
11:39
Speaker 4: It was crazy. So by like the first week in January,
11:44
Speaker 4: my six thousand grew to twenty eight thousand, yep, twenty
11:47
Speaker 4: eight thousand dollars in a month, six thousand and twenty
11:50
Speaker 4: eight in a month. And I'm feeling like Warren Buffett.
11:54
Speaker 2: We said it to ourselves, We're like, yo, if we
11:55
Speaker 2: don't make one hundred thousand by June, we did something.
11:59
Speaker 4: Now that I was feeling out, I told you I
12:02
Speaker 4: was planning on making eight hundred thousand yea in crypto
12:05
Speaker 4: for that year. We calculated, calculations, did the whole thing.
12:10
Speaker 4: So everything wait, everything fell apart, not yet, no.
12:15
Speaker 2: No, no, early January it went, it went down, but
12:18
Speaker 2: then it came back like late January, like all right,
12:20
Speaker 2: we're back, we're back, right.
12:22
Speaker 4: I fell apart, I put more money in, I'm buy
12:26
Speaker 4: the dip, and then it fell apart again, and I
12:29
Speaker 4: put more money in. I said, I'm buying this dip.
12:31
Speaker 4: And then it just completely collapsed and.
12:35
Speaker 2: He gave up on the space.
12:36
Speaker 4: Yeah.
12:36
Speaker 2: So but I said this, I said this. I said, look,
12:40
Speaker 2: if it was gonna die, would them right? And one
12:43
Speaker 2: of the things I heard that was powerful to me
12:45
Speaker 2: is the CEO of Ripples said this. He was like,
12:49
Speaker 2: the reason that this is gonna work is because if
12:51
Speaker 2: you think about money, right, what's the fastest way to
12:54
Speaker 2: get one hundred thousand dollars from San Francisco to London?
12:58
Speaker 2: What do you think this is? It's crypto? He was like,
13:02
Speaker 2: the fastest way in today's society, right, twenty and eighteenth
13:06
Speaker 2: is to get on a plane and fly with that
13:08
Speaker 2: money to London. How is that work in the world
13:10
Speaker 2: of technology? Right, That's why Ripple and all these other
13:13
Speaker 2: old coins and bitcoin, that's why it's gonna work. And
13:16
Speaker 2: when he said that, I'm like, nah, I don't care.
13:18
Speaker 2: This is gonna go down. This is not going anywhere.
13:20
Speaker 2: And so like one of the things we did too,
13:22
Speaker 2: and for sure it was like we were like, look,
13:25
Speaker 2: we're not letting anybody get daft on the boat. Like
13:28
Speaker 2: if they missed the cyber bubble right in the nineties, right,
13:31
Speaker 2: if that is this, we got to make sure that
13:33
Speaker 2: we get to Google. We got to make sure that
13:35
Speaker 2: we get Amazon and we don't get stuck with Excite
13:38
Speaker 2: dot com. But we're not leaving anybody. So I was like, Yo,
13:41
Speaker 2: call everybody you know, Like we're gonna call everybody we
13:43
Speaker 2: know so we can tell them how this works and
13:45
Speaker 2: teach them. And like we made mad phone calls and
13:47
Speaker 2: it was like, Yo, nobody wants to learn. People ain't
13:51
Speaker 2: ain't players Like nah, I'm good.
13:52
Speaker 4: All right, So now we gave you my story. It's
13:55
Speaker 4: a tragic story.
13:57
Speaker 2: It's a learning Yeah.
13:59
Speaker 4: So all right, So can we talk about crypto leistart
14:01
Speaker 4: one on one? Right? What is cryptocurrency?
14:04
Speaker 3: So cryptocurrency is uh digital asset that lives on the
14:09
Speaker 3: Internet that has value and where does the vit come from?
14:15
Speaker 3: It comes from people saying it has value? Right, And
14:18
Speaker 3: it's that simple and so and it's that simple, but
14:21
Speaker 3: was also that fickle based on what you just said, right?
14:24
Speaker 3: And the question is like a lot of people say
14:26
Speaker 3: or houses the currency? How's inking occurrency? Anything is the currency?
14:30
Speaker 3: Because currency back by anything is a belief, right, and
14:35
Speaker 3: it's a belief that it's if more people believe that
14:37
Speaker 3: it's going to go up in the future, then more
14:39
Speaker 3: people buy. It's a supplying the main thing, and that's
14:41
Speaker 3: what kind of moves it. But yes, it's a digital
14:44
Speaker 3: asset that lives on the Internet and there's you could
14:49
Speaker 3: transfer it without any middle man, so you don't need
14:54
Speaker 3: the experience. Is similar to like a Venmo experience or
14:56
Speaker 3: zell experience or whatever cash experience. If you don't have cash,
15:00
Speaker 3: you don't have cash up in the middle. What's in
15:02
Speaker 3: the middle is actually a community people that validate every transaction.
15:06
Speaker 2: And it's so right, So that's the definition of the blockchain. Yes,
15:10
Speaker 2: it is validated by the blockchain exactly.
15:12
Speaker 4: So yeah, so crypto current. But the name is little
15:13
Speaker 4: deceiving because it's not really being used as currency right now.
15:16
Speaker 4: It's more of an investment, right right, So.
15:20
Speaker 3: It's an investment because due to people, due to the
15:25
Speaker 3: way it's moved and bigcoin being the first cryptocurrency, it's
15:28
Speaker 3: moving up and down based on the story you just said.
15:31
Speaker 3: People don't want to use it as a currency. So
15:33
Speaker 3: it's made to be a currency. It's made to allow
15:36
Speaker 3: people to move money back and forth. But because of
15:40
Speaker 3: the way it's structured. So bitcoin is structure in a
15:42
Speaker 3: way where there's a limited supply, right, it was a
15:45
Speaker 3: seventeen million, it's seventeen million now, but the max is
15:48
Speaker 3: twenty one million. So people are anticipating at that point
15:51
Speaker 3: that it's going to be worth a lot, and so
15:54
Speaker 3: it's kind of transferred from a currency to more of
15:56
Speaker 3: a digital goal.
15:57
Speaker 2: So it's like it's being viewed as a commodity.
16:00
Speaker 4: Value exactly, right. So that's what Jason told me. Yeah,
16:02
Speaker 4: so all right, because this is something that's interesting. So
16:05
Speaker 4: people say, like, well, cryptocurrency is in thin air, it's
16:09
Speaker 4: not physical, it's not backed by anything, and I say,
16:13
Speaker 4: neither is the American dollar. American dollar used to be
16:16
Speaker 4: backed by gold, but I think in Nixon he changed it.
16:19
Speaker 4: He removed the gold standard. So now the American dollar,
16:23
Speaker 4: like most all dollars all over the world, there's only
16:26
Speaker 4: back by the faith when in Americas, told by American
16:28
Speaker 4: American dollars only back by the faith of the people
16:32
Speaker 4: people think that it's worth what it's worth. So at
16:35
Speaker 4: any point in time, when the vast majority of people
16:37
Speaker 4: think the American dollar isn't worth anything, it's not worth
16:40
Speaker 4: anything any.
16:41
Speaker 2: Right, Because I mean it's like you said, with bitcoin,
16:43
Speaker 2: there's a limited supplied. Once it gets to twenty one million,
16:45
Speaker 2: there's no more, right, so that the value of that
16:47
Speaker 2: will go up obviously, right. So that's why you get
16:49
Speaker 2: those projections like bitcoin will be worth five hundred thousand
16:52
Speaker 2: dollars for one coin, whereas a dollar. They can make
16:55
Speaker 2: a million of those every second, exactly day. So like,
16:58
Speaker 2: what's the real value?
17:00
Speaker 4: Okay, so we have okay, So so bitcoin, that's what
17:03
Speaker 4: most people have heard about bitcoin. Bitcoin is the first crypto,
17:07
Speaker 4: the granddaddy of crypto currency, started by Shadoshi na Kamoto.
17:13
Speaker 2: Anybody found them in there's a lot of people.
17:17
Speaker 4: Nobody knows Satoshi Knockamoto. Did I say that correctly?
17:23
Speaker 2: That was good, bro, I got that was good.
17:27
Speaker 4: Anybody's not. The whole crypto thing is crazy. Anybody's not
17:30
Speaker 4: familiar to Guy's a legend. Nobody even knows that he's
17:32
Speaker 4: if he a actually ever really existed, or if he's
17:35
Speaker 4: a group of people, or if he's one person, or
17:37
Speaker 4: if he's still living, who knows. But he's the founder
17:40
Speaker 4: of crypto because he made bitcoin. Right then, from Bitcoin,
17:46
Speaker 4: you have thousands of cryptocurrencies, over two thousands. You have
17:49
Speaker 4: a whole bunch of different Ethereum to Ripple, and they
17:52
Speaker 4: all kind of serve different purposes. So you have some
17:54
Speaker 4: that are like for just music, you have it's like
17:56
Speaker 4: all kinds of differences like websites now, like you have
17:59
Speaker 4: a web site for everything, and you have a cryptocurrency
18:02
Speaker 4: for everything.
18:02
Speaker 2: Well, and then you have so like from those right,
18:04
Speaker 2: the top three you named Bitcoin, Ethereum, those are like platforms,
18:09
Speaker 2: so people build on those platforms. So like Ethereum like
18:13
Speaker 2: a bunch of platforms that get built on. There is
18:15
Speaker 2: like a digital computer, right right, you can build on
18:18
Speaker 2: top of it. You could the Ethereum introduce the concept
18:21
Speaker 2: of a smart contract, right. A smart contract is basically
18:26
Speaker 2: a digital contract that says if then if this happens,
18:29
Speaker 2: then this happens. Right, and uh, the way I like
18:33
Speaker 2: to illustrated is a vending machine is a smart contract, right,
18:38
Speaker 2: Like I don't need like I go to corner store
18:40
Speaker 2: and get a Twizzlers. If I go to vendom machine,
18:43
Speaker 2: I put a dollar in, there's code inside a venom
18:46
Speaker 2: machine that gives me the Twizzlers immediately. And Ethereum takes
18:51
Speaker 2: that and makes it a whole other level.
18:53
Speaker 3: Right. If you think about the Internet, most of the
18:55
Speaker 3: like any website anything. The way it works is if
18:59
Speaker 3: then if this and that. If I like going to
19:01
Speaker 3: Gmail dot com and I put in my password, if
19:04
Speaker 3: the pastor was good, then it gives me access. If
19:06
Speaker 3: the past was not good, then it tells me you
19:09
Speaker 3: got the gown pass. So the theorem was the first
19:13
Speaker 3: time to take that that cold and put it on
19:17
Speaker 3: the blockchain makes it, makes it decentralized because like what
19:21
Speaker 3: I did the Spain.
19:21
Speaker 2: That's a key word too, decentralized it right.
19:24
Speaker 3: So Google centralized, like it lives like the way that
19:27
Speaker 3: the code works lives on Google servers in Mountain View, California,
19:30
Speaker 3: obviously throughout the world, but like that is where the
19:33
Speaker 3: hub is, that vending machine, Like that code is in
19:35
Speaker 3: that vendom machine. But the way that blockchain and crypto
19:39
Speaker 3: is done, it actually distributes the code around the whole
19:42
Speaker 3: world or whoever wants to be a validator and then
19:46
Speaker 3: that's it. And so it decentralizes it. It makes it democratic,
19:50
Speaker 3: and it makes it limitless as well as borderless.
19:53
Speaker 2: That was one of those those key words in that
19:55
Speaker 2: space is decentralized. And it was like if you think
19:58
Speaker 2: about it like a company, like right, like a lot
20:01
Speaker 2: of times, and it's coming up in the news now
20:03
Speaker 2: that that you know, the federal government is looking into them.
20:05
Speaker 2: But that data that's being sold, right, they're like the
20:08
Speaker 2: middle man selling it right, right. That's one of the
20:10
Speaker 2: things with this space is like there is no middle guy,
20:14
Speaker 2: you know what I mean, So it makes it.
20:15
Speaker 4: Everybody right, Well, the one thing and that's one thing
20:18
Speaker 4: that I said. So when I first my first reservation
20:22
Speaker 4: before I started investing in cryptocurrency, I made a video
20:25
Speaker 4: on Instagram and it was my reservations on bitcoin, right,
20:29
Speaker 4: because everybody kept asking me my feelings about bitcoin, and
20:32
Speaker 4: I said this. What I said was, I think it's
20:34
Speaker 4: a good idea in theory, and I think that it's dope.
20:39
Speaker 4: But my biggest fear is that governments control currency, and
20:44
Speaker 4: at any point in time, when governments feel that they
20:46
Speaker 4: don't have full control of the currency or it's not
20:48
Speaker 4: benefiting them, then they'll stop it. One of the reasons
20:52
Speaker 4: why cryptocurrencies really fell in twenty eighteen is because governments
20:57
Speaker 4: across the world cracked down on them.
20:58
Speaker 2: Are China, South Korea, they just said what not, you
21:04
Speaker 2: can't trade and then like if you were in the
21:06
Speaker 2: United States, like this was we ran into this problem too.
21:08
Speaker 2: It was like we couldn't buy on certain exchanges. So
21:11
Speaker 2: like one of those things like you said, like as
21:13
Speaker 2: far as like stocks, you can go to different exchanges.
21:16
Speaker 2: Same thing with this space right there was like finance
21:19
Speaker 2: was the number one, but we had Cryptotopia, metadox, all
21:24
Speaker 2: these others. Some of them we couldn't buy. This episode
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23:18
Speaker 5: Coach, the energy out there felt different. What changed for
23:21
Speaker 5: the team today?
23:22
Speaker 2: It was the new game day scratches from the California
23:24
Speaker 2: Lottery players.
23:25
Speaker 4: Everything those games sent the team's energy through the roof.
23:28
Speaker 5: Are you saying it was the off field play that
23:30
Speaker 5: made the difference on the field.
23:31
Speaker 4: Hey, little play makes your day, and today it made
23:34
Speaker 4: the game.
23:35
Speaker 5: That's all for now, Coach one more question play than
23:37
Speaker 5: New Los Angeles Chargers, San Francisco forty nine ers and
23:40
Speaker 5: Los Angeles Rams scratchers from the California Lottery. A little
23:43
Speaker 5: play can make your day. Peacely, responsibly. Must be eighteen
23:47
Speaker 5: years or older to purchase plate or claim because we were.
23:49
Speaker 2: US citizens, right, so we had to drive you Icos, right,
23:53
Speaker 2: that was yeah, that was yeah, I lost somebody and
23:56
Speaker 2: that yeah. So ICOS initial episode. So ice Heil was
23:59
Speaker 2: the equivalent of an IPL. So like that's an initial
24:02
Speaker 2: coin offering. So when these companies are coming up with ideas, right,
24:05
Speaker 2: they need funding for it, they make an ic I.
24:08
Speaker 3: Think it's important to illustrate why so many coins could exist.
24:11
Speaker 3: So it's over two thousand cryptocurrencies right now us. You
24:15
Speaker 3: could actually create an ey L token tomorrow. The reason
24:18
Speaker 3: why is because the currency is cold and the code
24:22
Speaker 3: is open source. So I could go and actually see
24:24
Speaker 3: how big cooin works, and I could actually create big
24:27
Speaker 3: I could change the B to F and make it
24:31
Speaker 3: fit coin and fritz coin is that that's the white paper.
24:34
Speaker 3: That's the white paper, right, So that's how it starts.
24:36
Speaker 3: That's how social Malkamoto, the group or whoever this individual
24:40
Speaker 3: is bigcoin was introduced through the introduction of a white
24:43
Speaker 3: paper and the white paper basic it was like this
24:46
Speaker 3: cold slash business plan that said how it works, how
24:49
Speaker 3: the code works, and everybody can see everybody can see
24:52
Speaker 3: exactly how it works, so anybody can pick it up
24:54
Speaker 3: and copy it. Right, But just because you pick it
24:57
Speaker 3: up and copy it doesn't mean that people are going
24:59
Speaker 3: to follow.
24:59
Speaker 2: You need a community behind it too. Yeah. So like that,
25:02
Speaker 2: that's how you get these other coins. Like if you
25:04
Speaker 2: look now on the on like coin market cap, you'll
25:07
Speaker 2: see like a bitcoin gold or a big city like
25:11
Speaker 2: they'll say like, hey, we got that cold from that
25:13
Speaker 2: white paper, but we're gonna make it even better. Yeah,
25:15
Speaker 2: tweak it.
25:16
Speaker 4: That's why it's like different. And another thing that was
25:19
Speaker 4: she did was he he made it open sourced, so
25:22
Speaker 4: anybody can change the cold It's an ongoing process of bitcoin.
25:27
Speaker 4: It's changing. Anybody can really, you could change it, right,
25:29
Speaker 4: It's not something that's set in stone. He did that
25:33
Speaker 4: So his vision and how I see it is that
25:37
Speaker 4: his vision was to eliminate the world banks and government
25:41
Speaker 4: from like he wanted to make it peer to peer
25:43
Speaker 4: and also open source, evolving where it's for the people.
25:47
Speaker 3: It was actually funny enough. It goes back to my story.
25:50
Speaker 3: Like Leam Brothers, he's great. In two thousand and eight,
25:53
Speaker 3: he was these It derives out of the community of
25:57
Speaker 3: libertarians and archists, so people that didn't trust the government
26:01
Speaker 3: and there was level of high distrust amongst people from
26:06
Speaker 3: the financial system in general. Just because Villas went down
26:10
Speaker 3: and he had a community, he said, listen, I'm gonna
26:12
Speaker 3: create this thing that doesn't need banks. Like we could
26:15
Speaker 3: actually work without banks. We can work without the government,
26:18
Speaker 3: and we could transact with each other trustless. And that's
26:22
Speaker 3: that's kind of what where the fervor came from.
26:24
Speaker 2: Yeah, it's crazy, all right. So we read a lot
26:29
Speaker 2: of white peoples, man, we read a lot of white people.
26:32
Speaker 4: So all right, so tax, right, because that's what you're
26:37
Speaker 4: doing now with the tax. So that's another issue because
26:41
Speaker 4: everything is so new that the government's trying to like
26:45
Speaker 4: catch up to it. Right, So we know how like
26:47
Speaker 4: real estate is tax a certain way stocks a tax
26:50
Speaker 4: a certain way. It's called capital gains tax. So can
26:53
Speaker 4: you explain the taxes on that, because that's that's what
26:56
Speaker 4: you're working with now, right.
26:57
Speaker 3: Right, right, So I'll work with a company goo token
26:59
Speaker 3: tax and so the easy explanation is like TurboTax of
27:03
Speaker 3: crypto and so crypto, if you trade crypto, it's very
27:07
Speaker 3: hard to calculate your taxes because the assumption is that,
27:11
Speaker 3: all right, I go from let's say you're from the US,
27:13
Speaker 3: I go from dollar to crypto, and then I go
27:17
Speaker 3: from back to crypto back to dollar.
27:19
Speaker 2: That's when I have to pay taxes.
27:21
Speaker 3: But actually, when you're in the crypto world, like we
27:23
Speaker 3: said as about two thousand cryptos, you could trade from
27:25
Speaker 3: crypto to crypto and you actually have to All those
27:29
Speaker 3: things are taxical transactions. It's as if you when you
27:33
Speaker 3: sell one for the other, the government actually looks at
27:35
Speaker 3: that as a sell and a buy. And also there's
27:39
Speaker 3: other things like you could actually work for crypto and
27:41
Speaker 3: get paid in crypto. That's taxable. You also buy things
27:43
Speaker 3: in crypto and you that's also a taxable transaction. So
27:46
Speaker 3: all of that is pretty is complex to calculate. And
27:50
Speaker 3: so the company I work with. This software basically hooks
27:52
Speaker 3: into all the all the wallets, all the exchanges and
27:56
Speaker 3: pullsing your transactions and converts the dollar equipment. So an
28:00
Speaker 3: example is, all right, I go from dollar to bitcoin,
28:03
Speaker 3: and I trade bigcoin to ethereum. Then I trade from
28:06
Speaker 3: ethereum back to maybe ripple.
28:08
Speaker 2: Right, I didn't go back to dollars.
28:09
Speaker 3: But all those three transactions are tactical because when I
28:13
Speaker 3: went from bitcoin to bitcoin to ether, there I have
28:17
Speaker 3: to actually look at the USD value of bitcoins from
28:21
Speaker 3: each time and convert it back, even though I didn't
28:24
Speaker 3: go into dallars. So we allow that calculation.
28:27
Speaker 2: And the government, I mean, they just put out an
28:29
Speaker 2: article last week where they're going to start taxing. They
28:31
Speaker 2: sent out ten thousand letters.
28:33
Speaker 3: To people who So going back to how crypto started,
28:36
Speaker 3: obviously with UH there's a lot of anarchists, libertarians, and
28:39
Speaker 3: a lot of these people are like anti taxes because they.
28:41
Speaker 2: Don't trust the government.
28:42
Speaker 3: They the government is doing the right thing, and people
28:45
Speaker 3: were under the false belief that you don't have to
28:47
Speaker 3: pay taxes on crypto. But one of the things, one
28:50
Speaker 3: of the one of the things that they created was
28:52
Speaker 3: transparency in the blockchain, and so yes, the transparence, but
28:56
Speaker 3: arrests also see that those transactions too, right, So you
29:00
Speaker 3: actually are exposing yourself, so you actually have to pay
29:03
Speaker 3: taxes on that.
29:04
Speaker 4: Yeah, And what's what's coin coin Gamma?
29:06
Speaker 3: So coin Gamma is my own media platform. So it
29:10
Speaker 3: started with an app that I built as a side
29:12
Speaker 3: project in twenty fifteen. Twenty seventeen, I expanded it to
29:15
Speaker 3: a blog as well as a podcast where I interview
29:18
Speaker 3: leaders in the space and just provide education. And so
29:24
Speaker 3: what we do is we write about the space, we
29:26
Speaker 3: offer educational content, we interview leaders in the space, and
29:31
Speaker 3: we're actually going to start coming up with digital courses
29:33
Speaker 3: where people could kind of teach teaching. Yeah, so I've
29:36
Speaker 3: taught some some in person classes. So I've taught in
29:39
Speaker 3: person classes in New York City and also I've taught
29:43
Speaker 3: at my alma Motors. So I've lectured at Warton as
29:46
Speaker 3: well as through college around crypto blockchain. But I'll be
29:49
Speaker 3: doing some online courses over the next few weeks.
29:51
Speaker 2: I got a question, so in terms of like we
29:54
Speaker 2: said that crypto is kind of like the wild wild
29:55
Speaker 2: West a little bit, right, So like want to exchange
29:58
Speaker 2: and We've seen this happen a bunch of times. Want
29:59
Speaker 2: to exchange completely disappears, Right, how does someone even recoup
30:04
Speaker 2: a try to figure out the taxes on that?
30:06
Speaker 3: Yeah, so the IRS hasn't given clear guidance around there.
30:12
Speaker 3: So this is a disclaimer. Does not tax device. Confirm
30:16
Speaker 3: this with your tax account tax expert. But you could
30:21
Speaker 3: either if it's an exchange, if it's a coin that
30:24
Speaker 3: because it was only an exchange, it doesn't exist anymore.
30:27
Speaker 2: You could.
30:28
Speaker 3: Basically what we've had people do is they've actually written
30:30
Speaker 3: enough at zero and basically it's like I lost everything
30:33
Speaker 3: on it, right, But if it's something like bigcoin that
30:35
Speaker 3: exists but the exchange just went out, you you just
30:40
Speaker 3: lost it, like you can't really write it off, right,
30:42
Speaker 3: That's I guess we jumped a little levels. We could
30:45
Speaker 3: talk about the risks like there's market risk, but actually
30:49
Speaker 3: just like operational risks in this space, that makes it very.
30:52
Speaker 4: Hard to I was going to ask you, like, okay,
30:56
Speaker 4: one on one, Right, if somebody wants to start investing
30:58
Speaker 4: in cryptocurrency, right, they have a thousand dollars and they
31:01
Speaker 4: want they want to do it because it's not it's easy. Well,
31:06
Speaker 4: all right, how do you invest in cryptocurrency?
31:08
Speaker 3: All right? I mean it depends where you are, but
31:10
Speaker 3: if you're in the US, you take it. You have
31:12
Speaker 3: to take your dollars, you have to be you have
31:15
Speaker 3: to transact on exchange that actually takes fiat, which is
31:19
Speaker 3: dollars and converts to crypto. Not most exchanges actually do
31:23
Speaker 3: not do that. So you mentioned Finance earlier. Finance doesn't
31:27
Speaker 3: take dollars, right, most, but there are some major exchanges
31:31
Speaker 3: in the US that take dollars and converted for you.
31:33
Speaker 3: And it's similar to like buying something on PayPal. Right,
31:36
Speaker 3: so Coinbase is the most popular. Another one is rott
31:40
Speaker 3: is robbin robber, Right, that just happened in New York, Right,
31:43
Speaker 3: we just got that. Another one is the cash app, Right,
31:47
Speaker 3: So if you use you used the cash app to
31:49
Speaker 3: pay friends or family for you know, dinner or something
31:52
Speaker 3: like that. You actually could buy big cooin in the
31:54
Speaker 3: same way. But if you wanted to buy another cryptocurrency,
31:58
Speaker 3: so if it's if it's a crypt currency. So not
32:01
Speaker 3: all cryptocurrencies on every change. So if there's a crypt
32:03
Speaker 3: if so, Coinbase has a limited supply of cryptos. Same
32:08
Speaker 3: thing as as same thing with the other apps I mentioned,
32:10
Speaker 3: so the cash app as well as the robbin of app.
32:13
Speaker 3: But if you want to do some of the other cryptos,
32:16
Speaker 3: you actually have to basically buy the bigcoin or ethereum
32:20
Speaker 3: or on coin base, then move it to the other
32:22
Speaker 3: exchange right and then you could transact on the change.
32:26
Speaker 2: And that's how people get caught up here. It's extremely
32:28
Speaker 2: complicated toorius.
32:29
Speaker 4: Big had a legendary line, he said, shiokly for live man,
32:33
Speaker 4: not for fresh cryptocurrency. Don't play around with it if
32:37
Speaker 4: you don't understand what you're doing.
32:39
Speaker 2: Because there's been plenty of days where we got calls
32:41
Speaker 2: like yo, not money, didn't go through. What happened? What happened.
32:45
Speaker 4: Actually, it's probably gotten more user friendly now. I don't
32:48
Speaker 4: even look at it anymore. I have my money invested,
32:51
Speaker 4: but I don't look at it. But at one point
32:52
Speaker 4: I was looking at it every day. But it was
32:54
Speaker 4: extremely complicated when we first got in because you had to,
32:57
Speaker 4: like you said, you can't buy crypto currency with American dollars.
33:02
Speaker 4: You can trade dollars for bitcoin or ethereum or ethereum
33:06
Speaker 4: or light coin and coin base at that time that time,
33:09
Speaker 4: and then you can buy the other coins. It was
33:14
Speaker 4: mainly Bitcoin or ethereum. Some of them you can buy
33:17
Speaker 4: a light coin, but must of them. So you had
33:18
Speaker 4: so let's say you wanted to buy tron, right, you
33:21
Speaker 4: had to exchange American money for bitcoin on coin Base.
33:26
Speaker 4: From coin Base, you had to send your bigcoin to
33:31
Speaker 4: Finance Exchange and it went now it's in Finance, then
33:35
Speaker 4: now it's in binance.
33:36
Speaker 2: Now don't skip the step because that that the transaction
33:39
Speaker 2: speed was so slow, which is one of the things
33:41
Speaker 2: about bitcoin. So you had to So let's say you
33:43
Speaker 2: sent a thousand or five thousand dollars right, it would
33:46
Speaker 2: take maybe a half hour before it even.
33:48
Speaker 4: Got Bitcoin was oh d I remember one kind Bitcoin
33:50
Speaker 4: took me five hours. I'm like, where's the customer service? Like,
33:53
Speaker 4: I'm like, going on, it's crazy. But the crazy thing
33:59
Speaker 4: I mean if you.
34:00
Speaker 3: If I was to if I was on the Venmo
34:03
Speaker 3: or cash app and I sent it to the wrong person,
34:05
Speaker 3: I could hit up cash at and say, yo, I
34:07
Speaker 3: sent it, Ye, you made mistake, give me a charge back.
34:10
Speaker 3: If I said, if I Big America and I put
34:13
Speaker 3: that wire the money the wrong person, I can call
34:15
Speaker 3: them Big America. It may a mistake because this thing
34:20
Speaker 3: is decentralized, is owned by you, and it's owned you
34:23
Speaker 3: also mistakes.
34:25
Speaker 4: It's in the black hole now so so then all right,
34:27
Speaker 4: so now it's in binance, and then from now you
34:30
Speaker 4: have to buy tron with the bitcoin and binance. So
34:34
Speaker 4: it's like a three part process. What happens is that
34:36
Speaker 4: and then you had so when you send it, they
34:38
Speaker 4: send you a code. It's a code that you have
34:40
Speaker 4: to put in to send it to one place to another.
34:42
Speaker 4: This is something that is extremely important. This happened to me.
34:45
Speaker 4: Happened to me on my birthday two years ago. I
34:47
Speaker 4: was I sent five hundred dollars. I was trying to
34:49
Speaker 4: buy bigcoin gold or was it bitcoin cash. There's another bitcoin,
34:53
Speaker 4: whether bitcoin cash, bitcoin case. I was trying to buy
34:56
Speaker 4: bitcoin cash, but I put the hold for bitcoin. Long
35:01
Speaker 4: story short, I sent the wrong code. After I said,
35:03
Speaker 4: I'm like, damn, so I go back. I'm like, I said,
35:07
Speaker 4: five hundred dollars, but I sent it to the wrong address.
35:10
Speaker 4: I'm going. Now it's going. It's it's nobody to track it.
35:15
Speaker 4: It's just it's in the universe.
35:18
Speaker 2: Somebody else gone.
35:19
Speaker 4: Somebody lost like twenty one bitcoins like that, they lost
35:24
Speaker 4: twenty one bitcoins because they sent it to the wrong
35:27
Speaker 4: address or something and just gone.
35:30
Speaker 2: It's crazy, man. But like even like that, it was
35:33
Speaker 2: like there's so many steps to it, like this is
35:35
Speaker 2: not like we weren't sleeping like legit were sleeping. It
35:38
Speaker 2: was like, you know what, I'm not eve gonna do
35:39
Speaker 2: this transaction to the morning, but by the time you
35:41
Speaker 2: wake up, the value could have gone up by like
35:44
Speaker 2: a thousand.
35:45
Speaker 3: So because of that, you probably do moving so fast
35:48
Speaker 3: and frantic because you I gotta buy this, gotta bother this,
35:50
Speaker 3: and that leaves you open to making that mistakes even
35:53
Speaker 3: if you are sho now it's moving like a fiend.
35:55
Speaker 3: I was moving now.
35:56
Speaker 4: I was moving like a fiend, like because it was like,
35:59
Speaker 4: we gotta do this right now. Oh they just so
36:01
Speaker 4: I'm like halfway like a week trying to do this
36:04
Speaker 4: on my phone and it's like damn, like I didn't
36:06
Speaker 4: really have time to really think about it. But you
36:07
Speaker 4: become addicted. You can. It's very addictive, especially at that
36:11
Speaker 4: time because there was so much money being made and
36:13
Speaker 4: it was moving so fast, and anything with crypto is
36:14
Speaker 4: that it's twenty four hours. It's like the stock market
36:16
Speaker 4: on steroids, stock market, they close. They you know, it's
36:20
Speaker 4: way more structure. Cryptos like the wild wild West. It's
36:23
Speaker 4: twenty four hours a day, and you have with these
36:25
Speaker 4: called whales, and these whales are like these are like
36:29
Speaker 4: the big dogs, like the cryptos. Really it's really controlled.
36:32
Speaker 4: It's like all things. Even though it was made for
36:34
Speaker 4: the people, it's only controlled by like a handful of
36:37
Speaker 4: people that have millions, billions of dollars and they move it.
36:42
Speaker 4: They move the market so crazy and.
36:44
Speaker 2: They sellcoin's gonna drop exactly right now.
36:47
Speaker 4: They know they know what they're doing. So it's like
36:49
Speaker 4: it's hard to day trade in that space because you
36:52
Speaker 4: get eating up. You get eating up.
36:54
Speaker 2: That's what I saying. Like even if you're sitting in
36:56
Speaker 2: front of your computer, it's like you can't watch them
36:57
Speaker 2: all like it. I mean, this was like no sleep
37:00
Speaker 2: for like two months. Like you'll get text message like
37:03
Speaker 2: a group chat. It would be like I remember what
37:05
Speaker 2: tron went from less than a penny to like fifteen cents.
37:09
Speaker 2: I was like to thank you text for just coming in.
37:11
Speaker 2: I'm like I woke up, like yo, what happened? Like
37:14
Speaker 2: I missed it?
37:15
Speaker 4: You know what I'm saying now because I brought Tron
37:17
Speaker 4: at two cents and it went to thirty eight cents.
37:21
Speaker 4: I think the highest that it got to it thirty
37:23
Speaker 4: eight cents. So that's why, like I said, when I
37:25
Speaker 4: went to swim from six thousand to twenty eight thousand,
37:28
Speaker 4: I had a couple I brought Ripple at like ninety
37:32
Speaker 4: cents and I sold Ripple at like three dollars and
37:36
Speaker 4: fifteen cents. So it was like the good Times was rolling.
37:41
Speaker 4: Good Times was rolling. The good Times is rolling. But
37:45
Speaker 4: all right, so can we talk about like you said, okay,
37:48
Speaker 4: so now we got established of how to actually buy it,
37:51
Speaker 4: how do you evaluate coins? Like, how do you know
37:53
Speaker 4: which coin to buy?
37:55
Speaker 3: Like?
37:56
Speaker 4: How did somebody do that?
37:58
Speaker 3: Yeah, that's a hard one. I think the space is early.
38:04
Speaker 3: None of a lot of these things are moving. A
38:07
Speaker 3: lot of these things are actually pre products, right, So
38:09
Speaker 3: people a lot of these coins out there are raising
38:13
Speaker 3: money on a hope.
38:15
Speaker 2: Right. They're going out there and they're.
38:17
Speaker 3: Pitching like a white paper, which is like their business plan,
38:20
Speaker 3: and they're saying, all right, well if you give us
38:22
Speaker 3: the money, and you'll get a coin and you will
38:25
Speaker 3: be able to use it for X, Y and z,
38:27
Speaker 3: and you have to study that. You have to look
38:31
Speaker 3: at their technology, right, because sometimes a lot of these
38:33
Speaker 3: coins actually are like you said, you took a bigcoin goal,
38:36
Speaker 3: bigcoin cash, there's like a bunch of big coins. There's
38:38
Speaker 3: light coin. There's a bunch of coins that actually are
38:40
Speaker 3: trying to do exactly what the major ones are doing.
38:43
Speaker 3: And what they're doing is tweaking it and say all right,
38:45
Speaker 3: we're going to be faster, we're going more secure, all
38:47
Speaker 3: that kind of stuff. And so you have to figure
38:49
Speaker 3: out whether that story resonates with you, right, So you
38:52
Speaker 3: have to study that. But most importantly, you could believe that,
38:57
Speaker 3: but because of supply demand is actually you need other
39:00
Speaker 3: people believe it too, right, Like you could believe in
39:03
Speaker 3: that new Christian Islamic religion or that new whatever religion. Right,
39:10
Speaker 3: but you may be the only person at church or
39:12
Speaker 3: a mosque or the or whatever by yourself, right unless
39:16
Speaker 3: you bring it. So it is very religious in certain
39:19
Speaker 3: spects because it's their community aspects. Because of the value
39:22
Speaker 3: of these of these assets are them going up, so
39:26
Speaker 3: you need more people to buy it, or they're able
39:29
Speaker 3: to be used amongst the community between each other. So
39:32
Speaker 3: if you're the only person that if you get into
39:35
Speaker 3: it and then people don't follow you, or a community
39:37
Speaker 3: doesn't follow you, then they're not gonna go up, no
39:40
Speaker 3: matter how strong you believe it to be. So you
39:43
Speaker 3: not only have to analyze the fundamentals of it, you
39:46
Speaker 3: also have to read what other people think about. So
39:50
Speaker 3: a lot of research is actually spending time on Twitter,
39:53
Speaker 3: spending time on Reddit, spending time on these apps like
39:57
Speaker 3: Telegram and discord where people are talking and seeing what
40:01
Speaker 3: the energy is like. And so it makes no sense
40:03
Speaker 3: to have to make your investment decisions based on what
40:06
Speaker 3: other people think. But in this space is just the
40:08
Speaker 3: way it is now.
40:09
Speaker 4: They got they got the whole terminology like hold total
40:12
Speaker 4: total h O L D h O d L hold
40:15
Speaker 4: on for their life.
40:16
Speaker 2: Yeah.
40:16
Speaker 4: Yeah, to the moon was like rocket. It was like
40:20
Speaker 4: when something was going up to the moon. That when
40:23
Speaker 4: they called those all coins shit coins, it's.
40:28
Speaker 2: Old coins with just any coin outside of the top three.
40:31
Speaker 2: Really basically, you know.
40:33
Speaker 4: It's a whole culture. Cryptocurrency was a whole culture.
40:35
Speaker 2: I mean, we studied it down to the t right
40:37
Speaker 2: when we started. I know, Shoddy when he's amazing with numbers,
40:40
Speaker 2: So he started studying the market caps for each one,
40:43
Speaker 2: and then after we saw the market caps, we saw
40:45
Speaker 2: the coin supply. Right, like when you said that they
40:47
Speaker 2: have twenty one million, that means like, yo, in this space,
40:49
Speaker 2: that's pretty limited. But then you get a coin that
40:51
Speaker 2: that will come out as like there's only two thousand
40:53
Speaker 2: of it, right, whereas like Ripple was like something like
40:58
Speaker 2: crazy billion or something like that. It's crazy, you know
41:00
Speaker 2: what I'm saying. So like you can see like, hey,
41:02
Speaker 2: what's the growth on that. It's sixty five billion, and
41:04
Speaker 2: it's only at like right now, it's probably like fifty
41:07
Speaker 2: one cent. It's like, well, how high can this really go?
41:09
Speaker 2: This ain't gonna be a twenty dollars, you know what
41:11
Speaker 2: I'm saying. It's too many of them.
41:12
Speaker 3: But here's the problem with show. You know, we talked
41:14
Speaker 3: about the Fiat currencies like the dollar, year, et cetera,
41:18
Speaker 3: and how there's each they have like a federal reserve
41:21
Speaker 3: that could create unlimited supply. A big coin doesn't have
41:25
Speaker 3: like a group of people. All these other coins actually
41:28
Speaker 3: are centralized, so they're actually a little bit more like
41:31
Speaker 3: Fiat money. So yes, they could go out with the
41:33
Speaker 3: white people says that we're gonna limit it, but there's
41:35
Speaker 3: been coins that like they were out and like the
41:39
Speaker 3: they just the people that were behind it or the
41:40
Speaker 3: company behind it decided to.
41:42
Speaker 2: Just change the call we're gonna do more. Yeah, we're
41:43
Speaker 2: gonna do more.
41:44
Speaker 3: Right, And there's no you know that it's it's a
41:47
Speaker 3: wild West because there's no sec to like stop them.
41:50
Speaker 3: There's like there's a lot of coin you know, in
41:52
Speaker 3: twenty seventeen, a lot of coins you know, raise all
41:55
Speaker 3: that money and they were supposed to come out with
41:58
Speaker 3: things and they bounced.
42:00
Speaker 2: Right, feel took my money.
42:01
Speaker 3: Yeah, it's scary, but like I think one thing that
42:04
Speaker 3: you know ra Sean talked about earlier is like you
42:06
Speaker 3: put six ks like that was that was what you
42:08
Speaker 3: could lose, Like even to this day, like I don't
42:12
Speaker 3: put money you could lose, like do not. At that time,
42:15
Speaker 3: I would get text with people like hey, like my
42:16
Speaker 3: retirement's not right, like putting money in retirement.
42:21
Speaker 2: And like nah, only play with what you could lose.
42:25
Speaker 4: Now, I don't don't play with the big boys if
42:26
Speaker 4: you're not if you're not ready, man, because like I said,
42:28
Speaker 4: now it's real talk. We don't have control over this.
42:32
Speaker 4: It's very and we have control over anything but especially
42:35
Speaker 4: crypto because it's very thin. It's very thin, and that's
42:38
Speaker 4: one of the things that actually got me involved. Once
42:40
Speaker 4: I saw the market cap. I saw the market cap,
42:42
Speaker 4: it was like one hundred what's the market cap.
42:44
Speaker 2: Now, it's probably like two hundred and the two hundred.
42:47
Speaker 4: Million, right, no, no billion?
42:50
Speaker 2: Yeah, so we got a pretty hot to like nine
42:52
Speaker 2: hundred a trillion.
42:54
Speaker 4: Yeah, it was supposed hit a trillion by the time.
42:55
Speaker 4: I don't think it was even at a billion at
42:57
Speaker 4: that time. I think it was like nine hundred million
42:58
Speaker 4: something like that Bone Story show. Even where it's at
43:01
Speaker 4: now a couple hundred billion, that's not a lot of money.
43:03
Speaker 4: That sounds like a lot of money, but that's really
43:04
Speaker 4: not a lot of It's really not.
43:05
Speaker 3: A lot because if you look at traditional assets. I
43:08
Speaker 3: tell people all the time, Yeah, the whole crypto market
43:11
Speaker 3: is two hundred and fifty billion dollars, but guess what,
43:14
Speaker 3: Fidelity one investment shop has seven trillion of assets. That's
43:18
Speaker 3: the fact for themselves, seven trillion, right, So like this
43:21
Speaker 3: is this is a spectam.
43:25
Speaker 4: When I first got into it, I'm like, look, it's
43:26
Speaker 4: a lot more room for it to grow because the
43:28
Speaker 4: market value is so low, and that's one of the
43:31
Speaker 4: things that made me get into and that's one of
43:33
Speaker 4: the reasons why I still actually hold out hope because
43:35
Speaker 4: I feel like.
43:36
Speaker 3: That's why I said, if it was going to die now,
43:40
Speaker 3: I would have died over the last year.
43:42
Speaker 2: Exactly right.
43:43
Speaker 3: It's like people people gave it the bigcoin went down,
43:46
Speaker 3: people like it's over, like it's a wrap, and it
43:48
Speaker 3: came back up, and it's trading, kind of trading, and
43:51
Speaker 3: we never know why.
43:51
Speaker 2: It's just people to belief, you said, right, it's the belief.
43:56
Speaker 4: My graduates from my school being forced back. Drop bags drop,
44:02
Speaker 4: oh my drop beg drops.
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